Tonbo Imaging India IPO Details, Dates & Prospectus Guide (2026)
· 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Tonbo Imaging India Limited brings its mainboard IPO offering 12,174,046 equity shares. Examine key financial metrics, issue dates, strengths, and risk factors from the RHP.
Direct answer: The Tonbo Imaging India IPO is a mainboard issue opening on 15 Oct 2026 and closing on 19 Oct 2026, comprising an offer for sale of 12,174,046 equity shares. For comprehensive prospectus analysis, track details via Tonbo Imaging India on BuyUnlistedShares, brought to you by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
About Tonbo Imaging India Limited
Incorporated in December 2003, Tonbo Imaging India Limited operates as a global defence electronics original equipment manufacturer (OEM). The company specialises 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 worldwide.
Its product portfolio includes battlefield solutions such as thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems, and handheld thermal imaging devices. As of 30 Jun 2026, Tonbo Imaging has delivered over 28,000 field-deployed systems across 24 countries. Per the offer document, the company is India's largest manufacturer of thermal imaging systems for government and defence agencies between FY24 and FY26, as well as the country's largest exporter of thermal imaging systems by volume.
Tonbo Imaging develops its offerings using fully owned intellectual property. Because its core technologies are developed in India and free from United States International Traffic in Arms Regulations (ITAR) restrictions, the company can export products to global markets without geopolitical constraints. Operating as an approved supplier under India's Indigenously Designed, Developed and Manufactured (IDDM) framework, Tonbo aligns with national 'Make in India' and 'Atmanirbhar Bharat' initiatives. As of 30 Jun 2026, the company employed 339 permanent personnel across its design, manufacturing, and administrative divisions.
Tonbo Imaging India IPO Structure and Issue Timeline
The mainboard issue opens for bidding on 15 Oct 2026 and closes on 19 Oct 2026. The allotment of equity shares is expected to be finalized on 21 Oct 2026, followed by the initiation of refunds and credit of shares to demat accounts on 22 Oct 2026. Listing is scheduled for 23 Oct 2026 on both the National Stock Exchange (NSE) and BSE Limited.
The offering consists entirely of an Offer for Sale (OFS) of up to 12,174,046 equity shares of face value ₹2 per share by selling shareholders. Consequently, all proceeds from the offer will be received by the selling shareholders, and the company will not receive capital from the issue. To monitor ongoing public issues and upcoming listings, investors can consult the IPO calendar maintained by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
The share reservation is structured with not more than 50% allocated to Qualified Institutional Buyers (QIBs), not less than 15% to Non-Institutional Investors (NIIs), and not less than 35% to Retail Individual Investors. The book running lead managers for the issue are JM Financial Ltd. and IIFL Capital Services Ltd., with Kfin Technologies Ltd. acting as the registrar. In the unlisted market, the grey market premium (GMP) was reported at an unofficial and indicative level of ₹280 as of 11 Oct 2026.
Financial Performance and Operational Metrics
Tonbo Imaging India has demonstrated substantial revenue and asset growth over recent fiscal years, as presented in its restated consolidated financial statements.
Looking at the financial chart, total income expanded from ₹431.90 Cr in FY24 to a peak of ₹474.39 Cr in FY25 before moderating to ₹369.94 Cr in FY26, alongside net profit rising to ₹72.76 Cr in FY25 and recording ₹50.88 Cr in FY26.
For the three months ended 30 Jun 2026 (Q1 FY27), total income stood at ₹37.32 Cr with a restated net loss of ₹17.74 Cr. Total assets rose from ₹574.68 Cr as of 31 Mar 2024 to ₹782.50 Cr as of 31 Mar 2026 and ₹782.87 Cr as of 30 Jun 2026. Total borrowings reached ₹129.72 Cr as of 30 Jun 2026, up from ₹116.06 Cr as of 31 Mar 2026 and ₹78.14 Cr as of 31 Mar 2025.
Key key performance indicators (KPIs) as of 31 Mar 2026 show an EBITDA margin of 28.85%, a Profit After Tax (PAT) margin of 13.75%, and a Return on Net Worth (RoNW) of 9.75%. Net Asset Value (NAV) per equity share stood at ₹96.57 as of 31 Mar 2026.
Strengths and Key Risk Factors
Prospective investors should weigh the business strengths and risk factors detailed in the offer document before reaching any decision.
Competitive Strengths
- Diversified Product Suite: Broad domain range covering electro-optical and infrared systems, target acquisition, and guided solutions across land, air, and naval platforms.
- Proprietary Intellectual Property: Full IP ownership free from ITAR restrictions, permitting international sales to export-sensitive markets without export control limitations.
- Domestic Framework Recognition: Alignment with the IDDM defence procurement guidelines, establishing eligibility for Indian defence modernization programmes.
Key Risk Factors
- Customer Concentration & Short Contracts: While not reliant on a single buyer, customer arrangements are frequently short-term, exposing operations to market volatility.
- Supplier Dependency: A significant portion of raw material and component costs is concentrated among the top ten suppliers.
- Component Availability: Reliance on a narrow global supplier base for critical components, including uncooled/cooled infrared focal plane arrays and high-performance optics.
- Export Sensitivity: Operations are subject to international regulatory, trade, and economic conditions across the 24 export destinations served.
- Performance Guarantees: Delivery and quality terms may require bank guarantees that could be enforced in case of product defects or delivery delays.
Listed Peer Comparison
The Red Herring Prospectus compares Tonbo Imaging India Limited against key listed defence electronics and technology players in India as of 31 Mar 2026:
Company Name | Basic EPS (₹) | Diluted EPS (₹) | NAV (₹/share) | P/E (x) | RoNW (%) |
|---|---|---|---|---|---|
Tonbo Imaging India Ltd. | 9.19 | 8.88 | 96.57 | — | 9.75 |
Paras Defence And Space Technologies Ltd | 10.93 | 10.93 | 90.02 | 117.88 | 14.29 |
Data Patterns (India) Ltd | 48.47 | 48.47 | 310.08 | 87.29 | 17.00 |
Astra Microwave Products Ltd | 20.32 | 20.27 | 138.46 | 83.92 | 12.33 |
Zen Technologies Ltd | 21.52 | 21.52 | 209.22 | 73.44 | 7.56 |
Bharat Electronics Ltd | 8.29 | 8.29 | 32.82 | 45.70 | 11.81 |
As certified by the statutory auditor, the listed peer set reflects an average P/E ratio of 81.62x, ranging from 45.70x (Bharat Electronics Ltd) to 117.88x (Paras Defence). Investors interested in exploring broader equity opportunities can review the Unlisted shares screener for comparative market metrics. You can also read recent analysis on other mainboard and SME issues like Fusion CX IPO Details, Dates, Price Band & Financials (2026) and Vaibhav Vyapaar IPO Opens: SME Issue Details, Dates & Financials (2026).
Investors seeking additional market research on pre-IPO companies and public offerings can visit our enquiry page. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 delivers trusted data and prospectus insights across primary market issues.
| Item | Value | As of |
|---|---|---|
| Price band | ₹665 – ₹700 | 12 Oct 2026 |
| Lot size | 21 shares | 12 Oct 2026 |
| Issue size | ₹852.18 Cr | 12 Oct 2026 |
| Offer for sale | ₹852.18 Cr | 12 Oct 2026 |
| Exchange | NSE, BSE | 12 Oct 2026 |
| Issue type | MAINBOARD | 12 Oct 2026 |
| Face value | ₹2 | 12 Oct 2026 |
| Opens | 15 Oct 2026 | 12 Oct 2026 |
| Closes | 19 Oct 2026 | 12 Oct 2026 |
| Allotment | 21 Oct 2026 | 12 Oct 2026 |
| Listing | 23 Oct 2026 | 12 Oct 2026 |
| Registrar | Kfin Technologies Ltd. | 12 Oct 2026 |
| GMP | ₹343 (unofficial, indicative) | 12 Oct 2026 |
Frequently Asked Questions
When does the Tonbo Imaging India IPO open and close?
The Tonbo Imaging India IPO opens for subscription on 15 Oct 2026 and closes on 19 Oct 2026.
What is the total issue size of the Tonbo Imaging India IPO?
The offer comprises an Offer for Sale of 12,174,046 equity shares of face value ₹2 each by existing shareholders.
Should I subscribe to or avoid the Tonbo Imaging India IPO?
We do not provide investment advice, ratings, or recommendations to buy or avoid any issue. Investors must conduct independent research and evaluate their risk parameters prior to participating in an offer.
Who are the promoters of Tonbo Imaging India Limited?
The promoters of the company are Ankit Kumar, Arvind Kondangi Lakshmikumar, and Cecilia D’Souza, who collectively hold 18.58% pre-issue equity, expected to adjust to 15.72% post-issue.
On which stock exchanges will the equity shares be listed?
The equity shares of Tonbo Imaging India Limited are proposed to be listed on both the National Stock Exchange of India (NSE) and BSE Limited, with a tentative listing date of 23 Oct 2026.
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.
