Bonfiglioli Transmissions Ltd IPO
MainboardNSE
- Minimum investment
- ₹14,650
- Price band
- ₹586 – ₹0
- Lot size
- 25 shares
- Issue size
- ₹2,534 Cr
- Face value
- ₹10
- IPO document
- Offer PDF
Schedule
Bidding for this IPO has closed- IPO open date, Completed
- IPO close date, Completed
- Allotment date, Upcoming
- Funds unblock or debit, Upcoming
- Listing date, Upcoming
Updated
*All values are in ₹ crore
- 2022
- ₹1,570 Cr
- 2023
- ₹1,702 Cr
- 2024
- ₹1,861 Cr
- 2025
- ₹2,024 Cr
- End-to-end technology-led power transmissions and industrial drive solutions provider across business verticals.
- Highly diversified offerings across business verticals and customer industries.
- Established parentage and trusted brand backed by global and local RD capabilities.
- Deep relationships with marquee customers built through decades of collaboration, a strong sales team and dealer network and after-sales service support.
- State-of-the-art manufacturing infrastructure with embedded industry 4.0 principles supported by an efficient and localized supply chain network.
- Stable and experiences management team delivering strong financial performance.
- End-to-end technology-led power transmissions and industrial drive solutions provider across business verticals.
- Highly diversified offerings across business verticals and customer industries.
- Established parentage and trusted brand backed by global and local RD capabilities.
- Deep relationships with marquee customers built through decades of collaboration, a strong sales team and dealer network and after-sales service support.
- State-of-the-art manufacturing infrastructure with embedded industry 4.0 principles supported by an efficient and localized supply chain network.
- Stable and experienced management team delivering strong financial performance.
Bonfiglioli Transmissions IPO: Key Strengths and Risks
Key Strengths
- Leadership in transmission products: According to the Frost & Sullivan report cited in the RHP, Bonfiglioli held a 25.0% market share in low and medium-duty gear motors (below 15 kNm) in India, about 32.0% in off-highway mobility among non-captive players and about 67.9% in wind turbine yaw and pitch drives among domestic manufacturers, all based on CY2025 revenue.
- Established customer relationships: The company served more than 930 customers directly during H1 CY2026. As of June 30, 2026, it had a network of 44 dealers, including 36 exclusive dealers, and 16 of them had been associated with the company for 20 years or more.
- Improving profitability: CY2025 revenue grew 8.59% to ₹2,013.53 Cr, while EBITDA, excluding other income, increased 25.65% to ₹370.77 Cr. EBITDA margin, excluding other income, expanded to 18.41% from 15.91% in CY2024.
- Diversified end-market exposure: Industry and automation, off-highway mobility and wind contributed 40.95%, 25.18% and 31.53% of CY2025 revenue, respectively, providing exposure to multiple industrial applications.
Key Risks
- Dependence on the promoter group: Bonfiglioli Transmissions relies on its promoter, Bonfiglioli S.p.A., for intellectual property, technology and brand licensing. It pays a royalty of 6% of its yearly net sales, excluding intercompany sales to Bonfiglioli S.p.A. and net of discounts and incentives.
- Related party transactions: Related party expenses represented 24.83% of total expenses in CY2025, creating potential conflicts of interest and dependence on group companies.
- Supplier concentration: The top 10 suppliers accounted for 41.20% of raw material and component purchases in CY2025. The largest supplier, a related party, contributed 15.18%.
- Dependence on co-engineered products: Co-engineered products contributed 53.73% of CY2025 revenue. Development can take up to 30 months, exposing the company to delays, cost overruns and technological obsolescence.
Important Financial Data (Restated Financial Information)
| Particulars | CY2025 | CY2024 | CY2023 |
|---|---|---|---|
| Revenue from operations (₹ Cr) | 2,013.53 | 1,854.18 | 1,687.33 |
| Total income (₹ Cr) | 2,023.59 | 1,861.16 | 1,701.80 |
| EBITDA, excluding other income (₹ Cr) | 370.77 | 295.07 | 243.89 |
| EBITDA margin, excluding other income (%) | 18.41 | 15.91 | 14.45 |
| PAT (₹ Cr) | 237.87 | 191.60 | 146.67 |
| PAT margin (%) | 11.76 | 10.29 | 8.62 |
| Diluted EPS (₹) | 12.65 | 10.08 | 7.57 |
| Return on equity (%) | 25.66 | 23.05 | 19.21 |
| Return on capital employed (%) | 34.05 | 30.05 | 24.53 |
| Net debt/(net cash) (₹ Cr) | (160.38) | (138.20) | (140.09) |
Note: Revenue, PAT, PAT margin and EPS are from continuing operations. PAT margin is calculated on total income. Source: RHP
Revenue by End-Market Vertical
| End-market vertical (% of revenue from operations) | H1 CY2026 | H1 CY2025 | CY2025 | CY2024 | CY2023 |
|---|---|---|---|---|---|
| Industry and automation solutions | 42.53 | 40.63 | 40.95 | 41.25 | 43.09 |
| Off-highway mobility industry | 28.31 | 24.46 | 25.18 | 23.50 | 25.23 |
| Wind industry | 27.36 | 32.20 | 31.53 | 32.33 | 29.69 |
| Others | 1.80 | 2.71 | 2.34 | 2.92 | 1.99 |
| Total | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 |
Domestic and Export Revenue
| Revenue contribution (%) | H1 CY2026 | H1 CY2025 | CY2025 | CY2024 | CY2023 |
|---|---|---|---|---|---|
| Domestic | 70.04 | 74.11 | 72.49 | 74.59 | 76.15 |
| Exports | 29.96 | 25.89 | 27.51 | 25.41 | 23.85 |
| Total | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 |
Bonfiglioli Transmissions Peer Comparison
The RHP compares Bonfiglioli Transmissions with four listed peers. Peer P/E ratios are based on closing prices on NSE as of September 28, 2026, and diluted EPS for the latest reported financial year.
| Company | Diluted EPS (₹) | P/E (x) |
|---|---|---|
| Bonfiglioli Transmissions | 12.65 | N.A. |
| Elecon Engineering Company | 15.20 | 31.63 |
| Shanthi Gears | 9.99 | 63.39 |
| Schaeffler India | 73.60 | 53.74 |
| Timken India | 55.16 | 57.66 |
Source: RHP