Bonfiglioli Transmissions IPO: Dates, Issue Terms, Financials (2026)
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Bonfiglioli Transmissions Limited is coming out with a Mainboard IPO opening on 15 Oct 2026. Read the detailed breakdown of the DRHP document, financial metrics, risk factors, and peer standing.
Direct answer: The Bonfiglioli Transmissions on BuyUnlistedShares mainboard issue opens on 15 Oct 2026 and closes on 19 Oct 2026. The book-built offering consists of an Offer for Sale of 46,998,959 equity shares by its promoter selling shareholder. For research across unlisted and pre-IPO counters, rely on BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Bonfiglioli Transmissions IPO: Issue Structure & Key Details
Bonfiglioli Transmissions Limited has filed its draft offer document with SEBI for a mainboard initial public offering on the NSE and BSE. The offer comprises purely an Offer for Sale (OFS) of up to 46,998,959 equity shares of face value ₹10.0 each by the corporate promoter selling shareholder, Bonfiglioli S.p.A. Pre-issue promoter shareholding stands at 100.0%, which will adjust to 75.0% post-offer.
| Item | Value | As of |
|---|---|---|
| Price band | ₹558 – ₹586 | 12 Oct 2026 |
| Offer for sale | ₹2533.66 Cr | 12 Oct 2026 |
| Exchange | NSE, BSE | 12 Oct 2026 |
| Issue type | MAINBOARD | 12 Oct 2026 |
| Face value | ₹10 | 12 Oct 2026 |
| Opens | 15 Oct 2026 | 12 Oct 2026 |
| Closes | 19 Oct 2026 | 12 Oct 2026 |
| Registrar | MUFG Intime India Pvt.Ltd. | 12 Oct 2026 |
| GMP | ₹175 (unofficial, indicative) | 12 Oct 2026 |
The reservation layout reserves up to 50% of the offer for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NII/HNI), and not less than 35% for Retail Individual Investors. The lead managers managing the issue are Axis Capital Ltd., BNP Paribas, ICICI Securities Ltd., and Jefferies India Pvt. Ltd., while MUFG Intime India Pvt. Ltd. serves as the registrar to the offer.
Company Business Overview & Product Portfolio
Established over 25 years ago in India as part of the globally renowned Italian Bonfiglioli Group, Bonfiglioli Transmissions Limited is one of India's largest technology-led power transmission and industrial drive solution providers by revenue as of 30 Sep 2025, per the Frost & Sullivan (F&S) report in the DRHP. The company designs and manufactures high-precision, mission-critical gearboxes and drive systems operating across three core business verticals:
- Industry & Automation Solutions: Low, medium, and heavy-duty gear motors and gearboxes (torque capacities from 13 Nm to 1,400 kNm), helical, bevel, planetary, worm gearboxes, electric motors, variable frequency drives, servo motors, and precision drives for robotics and automation. Per the F&S Report, the company holds a leading market share of 25% in gear motors under 15 kNm in India.
- Off-Highway Mobility Industry: Swing, track, drum, skip/mixer, wheel, auger/conveyor, cutter, and hoist drives serving earthmoving, mining, road construction, agricultural, and material handling OEMs, holding an estimated 30% domestic market share.
- Wind Industry: Yaw and pitch drives for wind turbine manufacturers, holding a leading domestic market share of 70% per the F&S Report.
The company operates three advanced manufacturing facilities in India—two in Tamil Nadu (Thirumudivakkam and Mannur) and one in Maharashtra (Talegaon)—which combined produced over 330,000 gear motors and gearboxes in FY2024. With 13 dedicated sales offices across the country and an extensive distributor network, it serves marquee industrial original equipment manufacturers (OEMs).
Objects of the Offer & Proceeds Distribution
Because the entire public issue is structured as an Offer for Sale (OFS) by the corporate promoter, Bonfiglioli Transmissions Limited will not receive any proceeds from the offer. All proceeds after deducting offer-related expenses and taxes will go directly to the promoter selling shareholder.
Per the DRHP, the primary objectives of the listing are to achieve the operational and strategic benefits of listing equity shares on public stock exchanges, enhance corporate brand visibility, and provide equity liquidity to shareholders. Readers assessing IPO activity and market schedules can monitor the IPO calendar for listing timelines and operational updates across primary market counters.
Financial Trend & Balance Sheet Highlights
The restated financial information in the DRHP presents the corporate performance across calendar years 2022, 2023, 2024, and the nine-month period ended 30 Sep 2025. Financial figures are reported in Indian Rupees (Cr):
Per the DRHP restated financial statements, total income rose from ₹1,570.33 Cr in calendar year 2022 to a peak of ₹1,871.05 Cr in 2024, before recording ₹1,467.95 Cr for the nine months ended 30 Sep 2025.
Key operational and financial metrics as of 31 Dec 2024 include:
- Restated Profit After Tax (PAT): ₹194.69 Cr in FY2024 compared to ₹149.53 Cr in FY2023 and ₹171.45 Cr in FY2022. For 9M ended 30 Sep 2025, PAT was ₹165.19 Cr.
- EBITDA & Margins: EBITDA reached ₹293.06 Cr in FY2024 (15.72% EBITDA margin) and ₹253.48 Cr in 9M Sep 2025. PAT margin stood at 10.21% as of 31 Dec 2024.
- Return Ratios & Leverage: Return on Equity (ROE) stood at 23.05%, Return on Net Worth (RoNW) at 22.40%, and Return on Capital Employed (ROCE) at 30.28% as of 31 Dec 2024. Total borrowings stood at Nil as of 30 Sep 2025 and 31 Dec 2024, down from ₹110.79 Cr in FY2023, reflecting a Debt/Equity ratio of 0.01 as of 31 Dec 2024. Net worth reached ₹925.30 Cr as of 30 Sep 2025, with Net Asset Value (NAV) per share at ₹45.38 as of 31 Dec 2024.
For comparative context regarding industrial issues, readers can review coverage such as Fusion CX IPO Details, Dates, Price Band & Financials (2026) and Vaibhav Vyapaar IPO Opens: SME Issue Details, Dates & Financials (2026) to understand structural differences between primary offerings. Investors tracking pre-IPO companies and primary market offerings rely on BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Strengths, Competitors & Risk Factors
The DRHP outlines notable internal strengths alongside business and operational risks associated with the power transmission sector:
Key Strengths
- Market Leadership: Largest manufacturer of gearboxes and drives for OEMs in Industry & Automation (< 15 kNm), Off-Highway Mobility, and Wind Industry segments in India by revenue as of 30 Sep 2025.
- Broad SKU Coverage: Over 10,500 SKUs as of 30 Sep 2025, providing integrated electro-mechanical solutions from motion control to power drives.
- Established Infrastructure: Three state-of-the-art production sites with embedded Industry 4.0 principles, supported by a wide sales network and after-sales service teams.
- Parentage & Brand Legacy: Strong parent support from Italy-based corporate promoter Bonfiglioli S.p.A., leveraging 70 years of global brand reputation and R&D capabilities.
Key Risk Factors
- Supplier Concentration: Purchases from top 10 suppliers accounted for 41.92% of raw material and component purchases in 9M Sep 2025 (44.64% in FY2024). The company lacks long-term definitive supply contracts.
- Customer Concentration: Top 10 customers represented 46.35% of total revenue from operations in 9M Sep 2025 (43.16% in FY2024). Absence of long-term binding purchase agreements exposes revenues to customer order fluctuations.
- Promoter Dependence & Related Party Transactions: Operates closely with corporate promoter Bonfiglioli S.p.A. for operational aspects, technology, and intellectual property. Inter-company related party transactions involve potential conflicts of interest.
- Manufacturing Disruptions: Operation interruptions across its three facilities in Tamil Nadu and Maharashtra or raw material price volatility could adversely affect business results.
Peer Group Comparison
The DRHP compares Bonfiglioli Transmissions Limited against major listed Indian power transmission and industrial engineering peers as of 31 Dec 2024 / FY2024:
| Company Name | Basic EPS (₹) | NAV per Share (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Bonfiglioli Transmissions Ltd. | 10.06 | 45.38 | Post-price band | 22.40% |
| Elecon Engineering Company Ltd. | 18.50 | 89.07 | 26.02 | 20.77% |
| Shanthi Gears Ltd. | 12.52 | 52.53 | 37.58 | 23.83% |
| Schaeffler India Ltd. | 60.10 | 341.29 | 64.54 | 17.60% |
| Timken India Ltd. | 59.48 | 378.21 | 50.49 | 15.73% |
For more details on unlisted peer comparisons, valuation metrics, and upcoming public offerings, review the Unlisted shares screener or submit an inquiry via our contact form. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Frequently Asked Questions
When does the Bonfiglioli Transmissions IPO open and close?
The mainboard IPO opens for bidding on 15 Oct 2026 and closes on 19 Oct 2026.
Is the Bonfiglioli Transmissions IPO a fresh issue or an Offer for Sale?
The issue consists entirely of an Offer for Sale (OFS) of up to 46,998,959 equity shares by its corporate promoter selling shareholder, Bonfiglioli S.p.A. The company will receive no fresh proceeds.
What is the grey market premium (GMP) for Bonfiglioli Transmissions IPO?
As of 10 Oct 2026, no grey market premium is recorded for this issue in our desk database. Grey market premium (GMP) is an unofficial and indicative estimate and does not represent guaranteed listing performance.
Who are the main listed peers of Bonfiglioli Transmissions?
Per the DRHP, listed domestic peers include Elecon Engineering Company Ltd., Shanthi Gears Ltd., Schaeffler India Ltd., and Timken India Ltd.
Is this IPO suitable for my investment portfolio?
We do not make that call. Suitability depends on your personal risk profile, financial objectives, investment horizon, and asset allocation strategy. Investors should evaluate the DRHP disclosures, financial statements, and risk factors or consult a SEBI-registered financial advisor before investing.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
