A Bengaluru-based defence-imaging company opens its Rs 852.18 crore mainboard issue on October 15
Tonbo Imaging India Ltd, a Bengaluru-based defence-technology company, opens for subscription on October 15 with the issue closing on October 19.
Tonbo Imaging designs, develops and manufactures advanced imaging and sensor systems for defence, security and tactical applications — spanning tactical systems (sold directly to militaries) and platform systems (components/sub-systems for larger manufacturers and global brands).
It operates in a high-barrier “defence-tech” niche where qualification and programme wins drive revenue.
The business is undergoing a sharp mix shift: tactical-system revenue fell from Rs 359.27 crore (FY24) to Rs 211.68 crore (FY26), while platform-system revenue rose from Rs 12.70 crore to Rs 144.81 crore. Geographically, exports collapsed from 65.52% of revenue in FY25 to just 5.57% in FY26, with domestic sales (Rs 337.47 crore) becoming the dominant source.
Revenue and order book remain concentrated among a limited set of defence customers.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 15, 2026 |
| Issue Closes | October 19, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Price Band | Rs 665 – Rs 700 per share |
| Face Value | Rs 2 |
| Issue Size | Rs 852.18 crore |
| Issue Type | 100% Offer for Sale (~1.21 crore shares) |
| Fresh Issue | NIL |
| Lot Size | 21 shares / Rs 14,700 |
| QIB / HNI / Retail | 50% / 15% / 35% |
The issue is a pure OFS — the company receives no proceeds; the entire amount goes to selling shareholders.
Price Band Analysis
At the upper band of Rs 700, on FY26 earnings the issue is valued at a steep P/E of around 76–79x (on FY26 EPS of roughly Rs 8.88–9.19), pre- and post-issue identical (no fresh shares). With a declining FY26 earnings base, the valuation demands a strong earnings recovery.
GMP Watch
The Tonbo Imaging IPO GMP has been strong, ranging around Rs 270–310 (~40%) on October 11–12, implying an estimated listing near Rs 970–1,010 over the Rs 700 upper band. GMP is unofficial, unregulated and SEBI-unendorsed, and can move before listing.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Revenue | 431.90 | 474.39 | 369.94 |
| EBITDA | 112.32 | 139.06 | 104.62 |
| EBITDA Margin (%) | — | — | 28.85 |
| PAT | 68.54 | 72.76 | 50.88 |
| PAT Margin (%) | — | — | 13.75 |
Revenue rose to FY25 then declined ~22.7% in FY26; PAT fell ~30% to Rs 50.88 crore. Margins remain healthy (gross ~51%, EBITDA ~28.85%), and net worth grew to Rs 553.16 crore.
But the Q1-FY27 quarter recorded a net loss (around Rs 17.74 crore) with an EBITDA loss, operating cash flow was negative in FY25 and FY26, working-capital days rose to 517 in FY26, and borrowings increased to Rs 129.72 crore.
Tonbo Imaging brings a high-margin, high-barrier defence-imaging franchise to the mainboard, with ~25%-plus EBITDA margins and a platform-systems growth leg — set against a pure-OFS structure (no company proceeds), declining FY26 revenue and profit, a loss-making June quarter, negative operating cash flow, stretched working capital, heavy customer concentration, and a demanding ~76–79x valuation.
