Bonfiglioli Transmissions IPO closed its first day of bidding with an overall subscription of 0.17x. The employee quota emerged as the strongest performer, attracting bids worth 0.54x of the allocated portion, while institutional interest remained absent.

Subscription Status

As of the final snapshot on October 15, 2026, the issue was subscribed 0.17 times. Demand was driven primarily by the employee category and small non-institutional investors (sHNI). Retail investors participated moderately, reaching 0.23x, whereas Qualified Institutional Buyers (QIBs) had not placed any bids by the end of the first day.

Subscription Progression

Intra-day Timeline — 15 October 2026

Category-wise Breakdown

The subscription pattern indicates cautious participation from retail and high-net-worth individuals, with no institutional backing visible in the early stages. The employee quota's robust response suggests strong internal confidence in the company's valuation and prospects.

Offer Details

About the Company

Bonfiglioli Transmissions Limited is one of India's largest technology-led mechanical and electro-mechanical power transmission and industrial drive solutions providers. Founded in 1998, the company manufactures precision-engineered gear motors, gearboxes, and drive systems across three verticals: Industry & Automation, Off-Highway Mobility, and Wind Industry. It holds market shares of 25%, 32%, and 67.9% respectively in these verticals (as per F&S Report). The company operates three manufacturing facilities in Tamil Nadu and Maharashtra, serves 930+ customers including JCB, Suzlon, and Schwing Stetter, and is backed by its Italian parent, Bonfiglioli S.p.A.

Financial Highlights

For the six months ended June 30, 2026, the company reported revenue from operations of ₹1,131.86 crore, profit before tax of ₹199.91 crore, and total profit of ₹148.58 crore. EBITDA margin stood at 19.78% and ROCE at 20.03% for the same period.

Objects of the Issue

• The IPO is entirely an Offer for Sale of equity shares by the Promoter Selling Shareholder.
• The company will not receive any proceeds from the offer; all offer proceeds will go to the Promoter Selling Shareholder after deduction of offer-related expenses and applicable taxes.
• The listing aims to enhance the company's visibility, brand image, and provide liquidity and a public market for its equity shares in India.

Risk Factors

• Supplier concentration: The top 10 suppliers accounted for 40.84%–47.52% of total raw material purchases, with the largest supplier (a related party) contributing up to 19.98%. No long-term binding supply agreements are in place.
• IP license dependency: The company operates under a non-exclusive, annually renewable license from Bonfiglioli S.p.A. to manufacture and sell products under the 'Bonfiglioli' brand, paying 6% of annual sales of specified products. Termination could severely disrupt operations.
• Customer concentration: Revenue from the top 10 OEM customers represented 31.72%–37.83% of total revenue from continuing operations, with no guaranteed minimum purchase volumes.
• Raw material price volatility: Cost of raw materials and components consumed represented approximately 61.53%–64.77% of revenue from operations, with ~29%–35% sourced from outside India, exposing the company to commodity price swings and foreign exchange risk.
• Lower margins vs peers: The company's EBITDA and PAT margins were the lowest among listed industry peers — including Elecon Engineering, Shanthi Gears, Schaeffler India, and Timken India — in Fiscals 2023 and 2024.

What's Next

The IPO remains open until October 19, 2026. Allotment is scheduled for October 21, 2026, and shares are expected to list on October 23, 2026.