| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 428.19 | 469.08 | 362.64 |
| Expenses | 336.94 | 374.34 | 299.98 |
| Other Income | 3.70 | 5.31 | 7.29 |
| Total Revenue | 431.89 | 474.39 | 369.94 |
| Profit Before Tax | 94.55 | 99.26 | 69.96 |
| Net Profit | 68.54 | 72.75 | 50.88 |
Tonbo Imaging
Tonbo Imaging IPO
₹13,965
2.63 xOver-subscribedBidding Dates 15 Oct, 26 -19 Oct, 26
Min Investment ₹13,965
Lot Size21
Price Range ₹665 – ₹700
Issue Size ₹852.18 Cr.
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IPO Subscription Details
Retail Subscription Details
2.24 x
Non-Institutional Buyers (sHNI)
5.8 x
Non-Institutional Buyers (bHNI)
3.37 x
Qualified Institutional Buyers (QIB)
2.15 x
Employees
5.15 x
Total2.63 x
2.63 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 owns 100% of its intellectual property since Fiscal 2024, with proprietary technology ranging from optics to embedded software, AI-accelerated image processing, and sub-5 �rad multi-axis gimbal stabilization, enabling full control over its technology roadmap with no material licensing dependencies.
The company operates an asset-light model with 130 R&D engineers (~38% of workforce) and R&D costs of ₹258.56 million in Fiscal 2026; manufacturing is outsourced to certified EMS partners (Kaynes and Avalon), enabling capital efficiency and focus on core design competence.
The company has deployed over 28,000 systems across 24 countries as of June 30, 2026, and holds a 94% market share of thermal imaging exports from India by units (FY24–FY26), being the largest manufacturer of thermal imaging systems to Indian government and defence agencies by sales value.
Risks
The company operates in a geopolitically driven defence electronics sector subject to government budget cycles and episodic emergency procurement, resulting in significant revenue volatility. Revenue from operations declined from ₹4,690.80 million in Fiscal 2025 to ₹3,626.48 million in Fiscal 2026, partly due to delays in international orders arising from the West Asia conflict and deferment of anticipated orders.
The company relies on a narrow global supplier base for critical components such as infrared focal plane arrays, OLED micro displays, and specialized optics, with key raw materials like Germanium sourced primarily from China and Russia, which are subject to export restrictions and price volatility. Supply chain disruptions in Fiscal 2023 led to liquidated damages of ₹218.20 million and ₹189.27 million paid to customers in Fiscals 2024 and 2025, respectively.
The company's top 5 customers contributed 92.06%, 53.03%, 86.36%, and 72.19% of revenue from operations in the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. As contracts are short-term and non-recurring, the loss of any major customer or failure to win new tenders could materially impact revenue and financial stability.
Objectives
The IPO involves an Offer for Sale of Equity Shares, is aimed at achieving the benefits of listing the Equity Shares on the Stock Exchanges.
The proposed listing of Equity Shares is intended to enhance the company's visibility and brand image, provide liquidity to existing Shareholders, and create 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 Selling Shareholders in proportion to their respective Offered Shares, after deducting their portion of Offer-related expenses and relevant taxes.
The Offer expenses, estimated at an approximate amount in millions, cover listing fees, selling commission, brokerage, fees to intermediaries, printing, advertising, and all other incidental expenses for listing the Equity Shares on the Stock Exchanges.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 574.68 | 726.36 | 782.50 |
| Fixed Assets | 211.56 | 280.56 | 270.95 |
| Total Equity & Liabilities | 574.68 | 726.36 | 782.50 |
| Total Liabilities | 344.55 | 236.22 | 229.33 |
| Current Liabilities | 287.41 | 185.51 | 193.71 |
| Non Current Liabilities | 57.14 | 50.70 | 35.62 |
| Total Equity | 230.10 | 490.13 | 553.15 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 75.97 | -13.74 | -63.29 |
| Investing Activities | -190.16 | -24.69 | -32.26 |
| Operating Activities | 78.33 | -136.11 | -63.21 |
| Financing Activities | 187.81 | 147.05 | 32.19 |
About Tonbo Imaging
Tonbo Imaging India Limited is a global defence electronics OEM incorporated in 2003, designing, developing, and manufacturing sensing, processing, communication, and guidance systems including thermal imaging cores, weapon sights, missile seekers, and fire control systems. The company owns 100% of its intellectual property since Fiscal 2024 and operates an asset-light...more
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Managing DirectorArvind Kondangi Lakshmikumar
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