Tonbo Imaging
Tonbo Imaging
IPO Size: Rs. 852 cr, entirely Offer for Sale (OFS)
- 75% OFS by early investor CEAQ having negligible cost of acquisition (34.2% stake to drop to 18.2%)
- 19% of OFS by promoter (18.6% stake to shrink to 14.6% post IPO)
- Balance by 4 other investors
Price band: Rs. 665-700 per share
- Rs. 413 cr pre-IPO secondary by investors in Sep 2026 at Rs. 700 per share
M cap: Rs. 4,010 cr (IPO is 21% of m cap)
IPO Date: Thu 15th Oct to Mon 19th Oct 2026, Listing Fri 23rd Oct 2026
Grey Market Premium (GMP): We are strongly against ‘grey market premium’ as it is an unofficial figure, against SEBI guidelines.
IP-owning Defence Optics Technology Company
Tonbo Imaging is a 22-year-old Bengaluru based defence company with design capabilities across electro optics and infrared systems (EO/IR) and embedded vision systems. Tonbo, meaning dragonfly in Tamil and Japanese, is promoted by a BITS Pilani, Ohio University, US and Carnegie Mellon alumnus. It operates an asset-light business model with a focus on product design and development, in-house ownership of the IP (intellectual property), while manufacturing is outsourced to EMS such as Kaynes and Avalon.
India’s largest defence thermal imaging Exporter
It caters to both government and private defence companies. While FY26 exports were impacted by Middle East war and change in delivery schedule, FY25 exports were Rs. 307 cr, on Rs. 469 cr topline.
With over 28,000 systems field-deployed across 24 countries (Armenia, Morocco, UAE, US, South Korea, Singapore, Taiwan, Philippines, Australia, Romania, Slovenia, North Macedonia), Tonbo provides a diverse suite of electro-optic products free from export restrictions under International Traffic in Arms Regulations (ITAR covers US, EU and Israeli systems, which restricts access and supplies to 80% of the global market).
Profitable Company, even on this scale
FY26 revenue of Rs. 363 cr divided into tactical systems (58%) and platform systems (40%), with directed energy systems (to counter drones, with domestic opportunity size being Rs. 28,000 cr as each system is for Rs. 200 cr) is yet to contribute to revenue (expected from FY30E onwards).
Despite exports down in FY26, company maintained margins, with EBITDA of Rs. 112 cr (30% EBITDA margin) and PAT at Rs. 51 cr (14% net margin), with EPS of Rs. 9 for FY26. For Q1FY27, revenue was Rs. 36 cr with net loss of Rs. 18 cr.
Profit Guidance for FY27E
Company guides to be profitable for full year FY27E, as H2 is generally 80% of revenue, with major chunk in Q4. In anticipation of future deliveries, its inventory increased by nearly Rs. 100 cr in Q1FY27 to Rs. 320 cr. Even the order book provides healthy growth visibility. As of 30.6.26, order book was Rs.314 cr and company has received orders worth Rs. 118 cr in Q2FY26, taking outstanding order book to Rs. 432 cr presently.