Tonbo Imaging India Ltd IPO
MainboardNSE
- Minimum investment
- ₹14,700
- Price band
- ₹700 – ₹0
- Lot size
- 21 shares
- Issue size
- ₹852 Cr
- Face value
- ₹2
- 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
- 2025
- ₹474 Cr
- 2026
- ₹370 Cr
- Leading defence technology solutions provider with pioneering proprietary technologies.
- Driving innovation in defence electronics through in-house RD with an asset light business model.
- Among the few defence electronics OEMs with a wide acceptability across the globe.
- Diversified defence product portfolio with deployability across all domains.
- Sound financials with healthy performance.
- Experienced and dedicated promoters and key managerial personnel with extensive domain knowledge.
Tonbo Imaging IPO: Key Strengths, Risks
Key strengths
- Defence technology and global reach: Tonbo has deployed over 28,000 tactical systems across 24 countries. Its portfolio includes thermal imaging cores, weapon sights, targeting systems, missile seekers and fire-control systems.
- Strong industry position: A company-commissioned Frost & Sullivan report identifies Tonbo as India's largest thermal-imaging exporter by units, with a 94% share of exports between FY2024 and FY2026.
- Growing platform products: Platform revenue increased from ₹12.70 crore in FY2024 to ₹144.81 crore in FY2026. The June 2026 order book stood at ₹314.24 crore, followed by ₹118.15 crore in orders received during July–September 2026.
Key risks
- Declining revenue: FY2026 revenue fell 22.69% to ₹362.65 crore, mainly due to delayed international orders and deferred demand.
- Export volatility: Export revenue fell from ₹307.34 crore in FY2025 to ₹20.21 crore in FY2026, reducing export contribution from 65.52% to 5.57%.
- Customer concentration: Major customers contributed 27.46% of FY2026 revenue and 88.13% in Q1 FY2027. Revenue depends on a limited number of large defence customers.
- Working-capital pressure: Working-capital days increased to 517 in FY2026, while operating cash flow remained negative. The business is also exposed to tender delays and geopolitical disruptions.
Tonbo Imaging Financials
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 362.65 | 469.08 | 428.19 |
| EBITDA (₹ crore) | 104.62 | 139.06 | 112.32 |
| EBITDA margin (%) | 28.85 | 29.65 | 26.23 |
| PAT (₹ crore) | 50.88 | 72.76 | 68.54 |
| PAT margin (%) | 13.75 | 15.34 | 15.87 |
| ROE (%) | 9.75 | 20.20 | 52.72 |
| ROCE (%) | 14.54 | 27.41 | 67.76 |
Customer Base and Order Book
| Particulars | Q1 FY27 / June 2026 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Confirmed order book (₹ crore) | 314.24 | 279.02 | 218.61 | 563.14 |
| Domestic order book (₹ crore) | 231.87 | 197.11 | 212.71 | 259.59 |
| International order book (₹ crore) | 82.37 | 81.91 | 5.90 | 303.55 |
| Export share of revenue (%) | 0.25 | 5.57 | 65.52 | 48.61 |
Revenue by Product Category
| Product category (% of revenue from operations) | Q1 FY27 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Tactical systems | 59.55 | 58.37 | 77.24 | 83.90 |
| Platform systems | 39.21 | 39.93 | 21.54 | 2.97 |
| Others | 0.00 | 0.33 | 0.22 | 2.58 |
Tonbo Imaging IPO Peer Comparison
| Company | Diluted EPS (₹) | P/E |
|---|---|---|
| Tonbo Imaging | 8.88 | NA |
| Paras Defence | 10.93 | 117.74x |
| Data Patterns | 48.47 | 87.29x |
| Astra Microwave | 20.27 | 83.92x |
| Zen Technologies | 21.52 | 73.44x |
| Bharat Electronics | 8.29 | 45.70x |
Note: Peer P/E ratios are based on October 7, 2026 closing prices disclosed in the RHP.