About the Business
Bonfiglioli Transmissions Limited is one of India’s leading technology-driven companies providing mechanical and electro-mechanical power transmission and industrial drive solutions. The company designs and manufactures high-precision, mission-critical gearboxes, gear motors, and drive assemblies used across a comprehensive range of industrial applications.
Its product portfolio includes low, medium, and heavy-duty gear motors and gearboxes with torque capacities ranging from 13 Nm to 1,400 kNm, encompassing helical, bevel, planetary, and worm gearboxes, electric motors, variable frequency drives (VFDs), servo motors, and precision robotic drives. The company serves three key market verticals: Industry and Automation Solutions (ranking among India’s largest drive and gearbox manufacturers), Off-Highway Mobility, and the Wind Industry.
- Integrated Manufacturing Footprint: Operates three advanced manufacturing facilities in India—two in Tamil Nadu (Thirumudivakkam and Mannur) and one in Maharashtra (Talegaon)—which collectively manufactured over 341,133 gear motors and gearboxes in FY25.
- Extensive Sales & Service Touchpoints: Maintained 71 customer touchpoints across India as of June 30, 2026, comprising 3 manufacturing plants, 13 sales offices, 13 authorized third-party service facilities, and 44 authorized dealers with 54 retail outlets.
- Robust Global Supply Ecosystem: Supported by a network of 285 approved suppliers (215 based in India and 70 overseas across Italy, China, the US, and Germany) as of June 30, 2026.
- Global Parentage & Engineering Backing: Backed by the Italy-based Bonfiglioli Group, combining global R&D with specialized local manufacturing infrastructure.
- Skilled Operational Workforce: Employed 1,032 personnel across operations, engineering, and service delivery as of June 30, 2026.
The company’s promoters are Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi, Bon-FI S.R.L, and Bonfiglioli S.P.A.
Company Financials (Restated)
Bonfiglioli Transmissions Ltd. reports on a calendar-year basis. For the six-month period ended June 30, 2026, the company generated total income of ₹1,139.17 Cr and a profit after tax (PAT) of ₹148.58 Cr.
| Period Ended | 30 Jun 2026 | 31 Dec 2025 | 30 Jun 2025 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|---|
| Assets | 1,495.82 | 1,439.46 | 1,387.94 | 1,299.08 | 1,414.72 |
| Total Income | 1,139.17 | 2,023.59 | 966.50 | 1,861.16 | 1,701.80 |
| Profit After Tax | 148.58 | 237.87 | 114.97 | 195.16 | 148.49 |
| EBITDA | 223.87 | 370.77 | 176.43 | 295.07 | 243.89 |
| NET Worth | 1,034.27 | 992.99 | 875.45 | 860.95 | 801.36 |
| Reserves and Surplus | 846.27 | 867.66 | 750.12 | 735.62 | 670.24 |
| Total Borrowing | — | — | — | — | 110.79 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI Metric | Dec 31, 2025 | Jun 30, 2026 (Recent) |
|---|---|---|
| ROE (%) | 13.24% | 14.66% |
| ROCE (%) | 18.62% | 20.03% |
| RoNW (%) | 23.96% | 14.37% |
| PAT Margin (%) | 11.90% | 13.04% |
| EBITDA Margin (%) | 18.37% | 19.78% |
| Net Asset Value (NAV) (₹) | 52.82 | 55.02 |
| Price to Book Value (P/B) (x) | 11.09 | 10.65 |
Pre-IPO based on CY25 earnings; Post-IPO annualized from H1 CY26 earnings at upper band of ₹586
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 100.00% | 77.00% |
| Public | 0.00% | 23.00% |
| Total | 100% | 100% |
IPO Objects of the Issue
The Bonfiglioli Transmissions Ltd. IPO is a 100% Offer for Sale (OFS). The company will not receive any proceeds from the offer, and the entire capital raised (₹2,533.66 Cr) will be paid directly to the promoter selling shareholder, Bonfiglioli SPA, after deducting issue expenses.
Bonfiglioli Transmissions Limited represents a premier mechanical power transmission and precision industrial drive manufacturer with a formidable market presence across India’s industrial automation, off-highway mobility, and wind energy sectors. Leveraging decades of Italian engineering heritage alongside three specialized manufacturing plants in Tamil Nadu and Maharashtra, the company commands strong moats in custom-engineered drive systems and high-torque gear motors.
Financially, the company operates with a pristine balance sheet carrying virtually zero debt and generating steady cash flows. In the latest half-year ended June 30, 2026, total income reached ₹1,139.17 Cr with an operating EBITDA margin of 19.78% and a PAT of ₹148.58 Cr (13.04% margin). Recent return metrics remain solid with an ROE of 14.66% and an ROCE of 20.03%. Investors should note that the entire issue is an Offer for Sale of ₹2,533.66 Cr, meaning no capital will be infused into the company. At the upper price band of ₹586, the stock commands a post-issue P/E multiple of 37.07x on annualized H1 CY26 earnings against a market capitalization of ₹11,016.56 Cr, comparing favorably to premium industrial engineering peers like Indo-MIM (44.01x) and Omnitech Engineering (54.47x). Long-term investors seeking high-quality exposure to industrial automation, renewable wind drives, and capital expenditure growth cycles may consider this issue favorably.
