| Quarterly Financials | Yearly 2025 | Yearly 2025 | Yearly 2026 |
| Revenue | 960.35 | 2013.52 | 1131.86 |
| Expenses | 810.98 | 1698.35 | 939.25 |
| Other Income | 6.14 | 10.06 | 7.29 |
| Total Revenue | 966.49 | 2023.58 | 1139.16 |
| Profit Before Tax | 155.51 | 325.23 | 199.91 |
| Net Profit | 114.96 | 237.87 | 148.58 |
Bonfiglioli Transmissions
Bonfiglioli Transmissions IPO
₹13,950
0.24 xOver-subscribedBidding Dates 15 Oct, 26 -19 Oct, 26
Min Investment ₹13,950
Lot Size25
Price Range ₹558 – ₹586
Issue Size ₹2,533.81 Cr.
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IPO Subscription Details
Retail Subscription Details
0.32 x
Non-Institutional Buyers (sHNI)
0.52 x
Non-Institutional Buyers (bHNI)
0.29 x
Qualified Institutional Buyers (QIB)
0 x
Employees
0.75 x
Total0.24 x
0.24 x IPO Timeline
IPO Offer Start
15 Oct,26
IPO Offer Ends
19 Oct,26
Allotment Finalisation
21 Oct,26
Refund Initiation
22 Oct,26
Listing of Shares
23 Oct,26
IPO Analysis
Strengths
The company is recognized as the largest manufacturer of gearboxes and drives for OEMs and end-users in Industry & Automation, Off-Highway Mobility, and Wind sectors in India as of June 30, 2026 (Source: F&S Report), with capabilities spanning designing, manufacturing, and supplying products from motion control to power drives including gearboxes, gear motors, inverter controls, servo motors, and accessories.
The company has manufactured and supplied more than 11,800 SKUs as of December 31, 2025, and is recognized as the only major gearbox supplier with a comprehensive portfolio serving Industry & Automation, Off-Highway Mobility, and Wind end-markets (Source: F&S Report), with no single end-user industry contributing more than 10% of Industry & Automation revenue.
The company benefits from the Bonfiglioli Group's global brand equity and R&D infrastructure, with the India R&D Centre in Chennai housing 119 engineers as of June 30, 2026, being the only test laboratory in India equipped to test yaw and pitch drives for wind turbines (Source: F&S Report); revenue from new products introduced in the preceding three years reached 29.72% in the six months period ended June 30, 2026.
Risks
The company depends on a limited number of suppliers with no long-term binding agreements; purchases from the top 10 suppliers represented 40.84%–47.52% of total raw material purchases across reported periods, with the largest supplier (a related party) accounting for up to 19.98%. Any disruption, breakdown, or refusal to supply by key vendors could materially impact manufacturing schedules, costs, and financial performance.
The company operates under a non-exclusive, annually renewable license from BSPA to manufacture and sell products under the 'Bonfiglioli' brand, for which it pays 6% of annual sales of specified products. Termination of the License Agreement or the Intercompany Service Agreement (terminable with 30 days' notice) could prevent the company from manufacturing and selling its core products, severely disrupting operations and financial results.
Revenue from the top 10 OEM customers represented 31.72%–37.83% of total revenue from continuing operations across reported periods, with no guaranteed minimum purchase volumes. Loss of any major customer due to competitive pressures, in-house manufacturing, or financial difficulties could materially and adversely affect revenue, profitability, and cash flows.
Objectives
The company intends to carry out an Offer for Sale of up to millions of Equity Shares of face value of Rs. each by the Promoter Selling Shareholder, aggregating to a specified amount in millions.
The company aims to achieve the benefits of listing its Equity Shares on the Stock Exchanges to enhance visibility, brand image, and provide liquidity and a public market for the Equity Shares in India.
The company will not receive any proceeds from the Offer; all Offer Proceeds will be received by the Promoter Selling Shareholder after deduction of Offer-related expenses and relevant taxes.
The Offer expenses, estimated in millions, include listing fees, selling commission, brokerage, fees payable to BRLMs, legal counsel, Registrar, printing, advertising, and other incidental expenses for listing the Equity Shares.
Quarterly Financial Results
Balance Sheet
| Balance Sheet | Yearly 2025 | Yearly 2025 | Yearly 2026 |
| Total Assets | 1387.94 | 1439.45 | 1495.82 |
| Fixed Assets | 350.94 | 349.13 | 355.92 |
| Total Equity & Liabilities | 1387.94 | 1439.45 | 1495.82 |
| Total Liabilities | 512.49 | 446.46 | 461.55 |
| Current Liabilities | 500.91 | 431.73 | 447.19 |
| Non Current Liabilities | 11.57 | 14.72 | 14.35 |
| Total Equity | 875.44 | 992.99 | 1034.26 |
Cash Flow
| Cash Flow | Yearly 2025 | Yearly 2025 | Yearly 2026 |
| Net Cash Flow | -119.58 | 8.51 | -13.01 |
| Investing Activities | -182.79 | -52.37 | -26.05 |
| Operating Activities | 68.65 | 187.68 | 129.89 |
| Financing Activities | -5.44 | -126.78 | -116.84 |
About Bonfiglioli Transmissions
Bonfiglioli Transmissions Limited is one of India's largest technology-led mechanical and electro-mechanical power transmission and industrial drive solutions providers, manufacturing precision-engineered gear motors, gearboxes, and drive systems across three verticals: Industry & Automation, Off-Highway Mobility, and Wind Industry. The company holds leading market shares of 25%, 32%, and 67.9% respectively...more
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Managing DirectorKennady V Kaippally
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