Overview
Updated 2 hr agoTonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) specializing in electro-optics and infrared systems. The company designs and develops advanced imaging, processing, and communication systems for surveillance, reconnaissance, targeting, and control, with products deployed across 24 countries.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 21 | ₹14,700 |
| Retail (max) | 13 | 273 | ₹1,91,100 |
| sNII (min) | 14 | 294 | ₹2,05,800 |
| bNII (min) | 69 | 1,449 | ₹10,14,300 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Price band | ₹665–700 |
| Final issue price | ₹700.00 |
| Face value | ₹2 per share |
| Lot size | 21 shares |
| Minimum investment | ₹14,700 |
| Issue size | ₹852 Cr |
| Market cap at upper band | ₹4,010 Cr |
| P/E at upper band | 76.2x |
| Registrar | KFin Technologies Limited |
| Lead managers | JM Financial Limited, IIFL Capital Services Limited |
| NSE symbol | TONBO |
| ISIN | INE0LDG01026 |
Shareholder quota and promoter holding
Company & business
Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) that designs, develops, and manufactures sensing, processing, communication, and guidance systems for surveillance, reconnaissance, targeting, and control. The company's product portfolio includes thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, and fire control systems. Tonbo Imaging operates an asset-light business model, focusing on in-house design and intellectual property, while outsourcing manufacturing to certified electronics manufacturing services (EMS) partners. The company's products are used by global militaries, system integrators, law enforcement, and homeland security agencies.
Objects of the issue — how the money will be used
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges
- Offer for Sale of up to 12,174,046 Equity Shares by the Selling Shareholders
Key strengths
- Leading defence technology solutions provider with pioneering proprietary technologies
- Asset-light business model with a focus on product design and development
- Global presence with products sold in over 24 countries
- Diversified product portfolio with deployability across all domains
- Experienced and dedicated promoters and key managerial personnel with extensive domain knowledge
Key risks
- Business is cyclical and geopolitically driven, leading to revenue volatility
- Significant concentration of revenue among a few large customers
- Heavy dependence on a limited number of suppliers for critical components
- Dependent on exports and performance of international geographies
- Highly regulated industry subject to stringent government policies and approvals
- Measured against high quality standards; failure to comply could lead to order cancellations
- Dependent on contract manufacturers for large-scale production
- History of negative cash flows from operating activities
Promoters
Ankit Kumar, Arvind Kondangi Lakshmikumar, Cecilia D’Souza
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 428.19 | -- | 68.54 | 574.68 | 230.13 | 96.36 |
| FY25 | 469.08 | -- | 72.76 | 726.36 | 490.14 | 78.14 |
| FY26 | 362.65 | -- | 50.88 | 782.50 | 553.16 | 116.06 |
| Q1 FY27 | 36.01 | -- | −17.74 | 782.87 | 538.54 | 129.72 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Tonbo Imaging India this issue | 362.7 | 9.19 | 76.2x | 9.75 | 96.57 |
| Paras Defence and Space Technologies Limited | 476.6 | 10.93 | 117.7 | -- | 90.02 |
| Data Patterns (India) Limited | 924.8 | 48.47 | 87.3 | 17.00 | 310.08 |
| Astra Microwave Products Limited | 1,162.8 | 20.32 | 83.9 | -- | 138.46 |
| Zen Technologies Limited | 687.7 | 21.52 | 73.4 | -- | 209.22 |
| Bharat Electronics Limited | 27,610.1 | 8.29 | 45.7 | -- | 32.82 |
This issue is priced at 76.2x P/E against a peer median of 83.9x: a discount of 9%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.