{"id":53695,"date":"2026-10-14T17:39:58","date_gmt":"2026-10-14T12:09:58","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=53695"},"modified":"2026-10-14T17:41:40","modified_gmt":"2026-10-14T12:11:40","slug":"tonbo-imaging-india-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/tonbo-imaging-india-ipo\/","title":{"rendered":"Tonbo Imaging India IPO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"53695\" class=\"elementor elementor-53695\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6f2b59a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6f2b59a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5e5a2f1\" 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class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Issue Dates<\/div>\n      <div class=\"cmr-g-value\">Oct 15 \u2013 19<\/div>\n      <div class=\"cmr-g-sub\">Year: 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lot Size<\/div>\n      <div class=\"cmr-g-value\">21 Shares<\/div>\n      <div class=\"cmr-g-sub\">Min: \u20b914,700<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Total Issue Size<\/div>\n      <div class=\"cmr-g-value\">\u20b9852.18 Cr<\/div>\n      <div class=\"cmr-g-sub\">100% OFS<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Listing At<\/div>\n      <div class=\"cmr-g-value\">BSE &amp; NSE<\/div>\n      <div class=\"cmr-g-sub\">Tentative: Oct 23<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lead Managers<\/div>\n      <div class=\"cmr-g-value\" style=\"font-size: 13px;\">JM Financial \/ IIFL Capital<\/div>\n      <div class=\"cmr-g-sub\">Reg: KFin Technologies<\/div>\n    <\/div>\n  <\/div>\n\n  <div class=\"glance-badge\">\n    Bookbuilt Issue &nbsp;|&nbsp; Offer for Sale (OFS): \u20b9852.18 Cr (1,21,74,046 Shares) &nbsp;|&nbsp; Fresh Issue: Nil\n  <\/div>\n\n  <!-- \u2500\u2500 ABOUT THE COMPANY \u2500\u2500 -->\n  <h2 class=\"section-heading\">About the Business<\/h2>\n  <p>\n    Incorporated in <strong>December 2003<\/strong>, Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) engaged in the design, development, and manufacturing of advanced electro-optic, infrared (EO\/IR), embedded vision, communication, guidance, and surveillance systems for defence and security applications. Its portfolio encompasses thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, and handheld thermal imaging devices.\n  <\/p>\n  <p>\n    The company structures its solutions across three primary operational categories: <strong>Tactical systems<\/strong> (focused on imaging, reconnaissance, and targeting), <strong>Platform systems<\/strong> (providing observation, fire control, and threat neutralization subsystems for aerial, ground, and weapon platforms), and <strong>Directed energy systems<\/strong> (including the <em>WaveStrike<\/em> high-power microwave platform designed to counter drone swarms).\n  <\/p>\n\n  <ul class=\"cmr-feature-list\">\n    <li><strong>Market Leadership &amp; Scale:<\/strong> Recognized as India&#8217;s largest manufacturer of thermal imaging systems for government and defence agencies (FY24\u2013FY26) and the country&#8217;s largest exporter of thermal imaging systems by volume.<\/li>\n    <li><strong>Extensive Global Deployment:<\/strong> Deployed over 28,000 field-proven systems across 24 countries worldwide.<\/li>\n    <li><strong>Proprietary IP Moat:<\/strong> Fully owned intellectual property and complete freedom from ITAR (International Traffic in Arms Regulations) restrictions, allowing exports globally without geopolitical dependency.<\/li>\n    <li><strong>Approved Defence Supplier:<\/strong> Qualified supplier under India&#8217;s IDDM (Indigenously Designed, Developed and Manufactured) framework, directly supporting &#8216;Make in India&#8217; and &#8216;Atmanirbhar Bharat&#8217; mandates.<\/li>\n    <li><strong>Skilled Technical Workforce:<\/strong> Supported by 339 permanent employees across R&amp;D, manufacturing, product design, and project management as of June 30, 2026.<\/li>\n  <\/ul>\n\n  <p>\n    The company&#8217;s promoters are <strong>Ankit Kumar, Arvind Kondangi Lakshmikumar, and Cecilia D\u2019Souza<\/strong>.\n  <\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 FINANCIAL OVERVIEW \u2500\u2500 -->\n  <h2 class=\"section-heading\">Company Financials (Restated Consolidated)<\/h2>\n  <p>\n    Tonbo Imaging India Ltd.&#8217;s revenue decreased by 22% and profit after tax (PAT) dropped by 30% between the financial year ending with March 31, 2026 and March 31, 2025. For the quarter ended June 30, 2026, the company posted a total income of \u20b937.32 Cr and a net loss of -\u20b917.74 Cr.\n  <\/p>\n\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Period Ended<\/th>\n          <th>30 Jun 2026<\/th>\n          <th>31 Mar 2026<\/th>\n          <th>31 Mar 2025<\/th>\n          <th>31 Mar 2024<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Assets<\/td>\n          <td>782.87<\/td>\n          <td>782.50<\/td>\n          <td>726.36<\/td>\n          <td>574.68<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Income<\/td>\n          <td>37.32<\/td>\n          <td>369.94<\/td>\n          <td>474.39<\/td>\n          <td>431.90<\/td>\n        <\/tr>\n        <tr>\n          <td>Profit After Tax<\/td>\n          <td>-17.74<\/td>\n          <td>50.88<\/td>\n          <td>72.76<\/td>\n          <td>68.54<\/td>\n        <\/tr>\n        <tr>\n          <td>EBITDA<\/td>\n          <td>-13.04<\/td>\n          <td>104.62<\/td>\n          <td>139.06<\/td>\n          <td>112.32<\/td>\n        <\/tr>\n        <tr>\n          <td>NET Worth<\/td>\n          <td>538.54<\/td>\n          <td>553.16<\/td>\n          <td>490.14<\/td>\n          <td>230.13<\/td>\n        <\/tr>\n        <tr>\n          <td>Reserves and Surplus<\/td>\n          <td>527.08<\/td>\n          <td>541.70<\/td>\n          <td>489.41<\/td>\n          <td>168.99<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Borrowing<\/td>\n          <td>129.72<\/td>\n          <td>116.06<\/td>\n          <td>78.14<\/td>\n          <td>96.36<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"fin-note\">Amount in \u20b9 Crore<\/p>\n\n  <!-- \u2500\u2500 KPIS (MOST RECENT: JUNE 30, 2026) \u2500\u2500 -->\n  <h2 class=\"section-heading\">Key Performance Indicators (KPI)<\/h2>\n\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>KPI Metric<\/th>\n          <th>Jun 30, 2026 (Recent)<\/th>\n          <th>Mar 31, 2026<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>ROE (%)<\/td>\n          <td>-3.25%<\/td>\n          <td>9.75%<\/td>\n        <\/tr>\n        <tr>\n          <td>ROCE (%)<\/td>\n          <td>-4.31%<\/td>\n          <td>14.54%<\/td>\n        <\/tr>\n        <tr>\n          <td>RoNW (%)<\/td>\n          <td>-3.25%<\/td>\n          <td>9.75%<\/td>\n        <\/tr>\n        <tr>\n          <td>PAT Margin (%)<\/td>\n          <td>-47.52%<\/td>\n          <td>13.75%<\/td>\n        <\/tr>\n        <tr>\n          <td>EBITDA Margin (%)<\/td>\n          <td>-36.21%<\/td>\n          <td>28.85%<\/td>\n        <\/tr>\n        <tr>\n          <td>Net Asset Value (NAV) (\u20b9)<\/td>\n          <td>94.01<\/td>\n          <td>96.57<\/td>\n        <\/tr>\n        <tr>\n          <td>Price to Book Value (P\/B) (x)<\/td>\n          <td>&#8211;<\/td>\n          <td>7.25<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  \n  <hr class=\"divider\" \/>\n\n \n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 ISSUE RESERVATION \u2500\u2500 -->\n  <h2 class=\"section-heading\">Issue Reservation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Investor Category<\/th>\n          <th>Allocation Share<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>QIB Shares Offered<\/td><td>Not more than 50.00% of the Offer<\/td><\/tr>\n        <tr><td>Retail Shares Offered<\/td><td>Not less than 35.00% of the Offer<\/td><\/tr>\n        <tr><td>NII (HNI) Shares Offered<\/td><td>Not less than 15.00% of the Offer<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 SHAREHOLDING STRUCTURE \u2500\u2500 -->\n  <h2 class=\"section-heading\">Shareholding Structure<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Category<\/th>\n          <th>Pre IPO<\/th>\n          <th>Post IPO<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Promoter and Promoter Group<\/td>\n          <td>18.58%<\/td>\n          <td>15.72%<\/td>\n        <\/tr>\n        <tr>\n          <td>Public &amp; Institutional Investors<\/td>\n          <td>81.42%<\/td>\n          <td>84.28%<\/td>\n        <\/tr>\n        <tr>\n          <td><strong>Total<\/strong><\/td>\n          <td><strong>100%<\/strong><\/td>\n          <td><strong>100%<\/strong><\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  \n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 OBJECTS OF ISSUE \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Objects of the Issue<\/h2>\n  <p>\n    The Tonbo Imaging India Ltd. IPO is a <strong>100% Offer for Sale (OFS)<\/strong>. The company will not receive any capital proceeds from the public offer, and the entire amount of \u20b9852.18 Cr will go directly to the selling shareholders.\n  <\/p>\n\n  <!-- \u2500\u2500 VERDICT CARD \u2500\u2500 -->\n  <div class=\"cmr-verdict-card\">\n    <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n    <p>\n      Tonbo Imaging India Limited commands a specialized competitive niche in the defence and aerospace electronics ecosystem. With proprietary electro-optic and infrared technologies, complete IP ownership, and zero ITAR dependencies, the company has established global export capabilities across 24 countries with over 28,000 deployed platforms. Its qualification under India&#8217;s IDDM framework provides clear alignment with national indigenisation initiatives.\n    <\/p>\n    <p style=\"margin-top: 10px;\">\n      However, the financial profile reflects operational volatility and valuation strain. Total revenue declined 22% in FY26 to \u20b9369.94 Cr, while PAT contracted 30% to \u20b950.88 Cr. Performance dipped further in the first quarter of FY27 (ended June 30, 2026), with a quarterly loss of -\u20b917.74 Cr on total income of \u20b937.32 Cr. Crucially, the issue is a 100% Offer for Sale (\u20b9852.18 Cr) providing no growth capital to the company. At the upper price band of \u20b9700, the issue commands a trailing P\/E of 78.83x on FY26 earnings against a market capitalisation of \u20b94,009.75 Cr, while turning negative on annualized Q1 FY27 figures. Given the cyclicality of defence procurement and demanding valuation multiples, investors should approach the issue with caution, keeping a strictly long-term view on indigenous defence modernization.\n    <\/p>\n  <\/div>\n\n  <!-- \u2500\u2500 CTA BUTTON \u2500\u2500 -->\n  <div class=\"cta-wrap\">\n    <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n      Apply for Tonbo Imaging India IPO on Flattrade &rarr;\n    <\/a>\n  <\/div>\n\n  <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/div>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-34b27c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"34b27c8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div 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