Tonbo Imaging IPO
Open Date
15 Oct 2026
Close Date
19 Oct 2026
Open Date
15 Oct 2026
Close Date
19 Oct 2026
Min Investment
Lot Size
Issue Size
Price Range
Subscribed

Founded In
2003
Director
Sonal Shrivastava
Financials of Tonbo Imaging India IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | 428.19 | 469.08 | 362.64 |
| Other Income | 3.70 | 5.31 | 7.29 |
Total Income | 431.89 | 474.39 | 369.94 |
Total Expenses | 336.94 | 374.34 | 299.98 |
| Profit Before Tax | 94.55 | 99.26 | 69.96 |
Total Profit | 68.54 | 72.75 | 50.88 |
All figures are in crores (₹)

Utilisation of Proceeds
All figures are in crores (₹)
| Purpose | Amount |
|---|---|
| The IPO involves an Offer for Sale of Equity Shares, is aimed at achieving the benefits of listing the Equity Shares on the Stock Exchanges. | - |
| The proposed listing of Equity Shares is intended to enhance the company's visibility and brand image, provide liquidity to existing Shareholders, and create a public market for the Equity Shares in India. | - |
| The company will not receive any proceeds from the Offer; all Offer Proceeds will be received by the Selling Shareholders in proportion to their respective Offered Shares, after deducting their portion of Offer-related expenses and relevant taxes. | - |
| The Offer expenses, estimated at an approximate amount in millions, cover listing fees, selling commission, brokerage, fees to intermediaries, printing, advertising, and all other incidental expenses for listing the Equity Shares on the Stock Exchanges. | - |

- Leading Defence Technology Solutions Provider with Pioneering Proprietary Technologies: The company owns 100% of its intellectual property since Fiscal 2024, with proprietary technology ranging from optics to embedded software, AI-accelerated image processing, and sub-5 �rad multi-axis gimbal stabilization, enabling full control over its technology roadmap with no material licensing dependencies.
- Driving Innovation in Defence Electronics through In-house R&D with an Asset Light Business Model: The company operates an asset-light model with 130 R&D engineers (~38% of workforce) and R&D costs of ₹258.56 million in Fiscal 2026; manufacturing is outsourced to certified EMS partners (Kaynes and Avalon), enabling capital efficiency and focus on core design competence.
- Among the Few Defence Electronics OEMs with Wide Global Acceptability: The company has deployed over 28,000 systems across 24 countries as of June 30, 2026, and holds a 94% market share of thermal imaging exports from India by units (FY24–FY26), being the largest manufacturer of thermal imaging systems to Indian government and defence agencies by sales value.
- Diversified Defence Product Portfolio with Deployability Across All Domains: The company offers a broad portfolio spanning tactical systems, platform systems, and directed energy systems across ground, air, naval, and missile domains, with modular and scalable designs; its thermal weapon sight Spartan-S is benchmarked as superior in size, weight, and power versus Indian competition per the F&S Report.
- Sound Financials with Healthy Performance: The company reported Revenue from Operations of ₹4,690.80 million in Fiscal 2025 and ₹3,626.48 million in Fiscal 2026, with EBITDA margins of 29.65% and 28.85% respectively, and a Net Worth of ₹5,531.59 million as of March 31, 2026, supported by an asset-light model that minimizes capex.
- Experienced and Dedicated Promoters and Key Managerial Personnel with Extensive Domain Knowledge: The company is led by three Promoters each with over 21 years of experience in defence engineering, R&D, and international finance; the 339-member team includes engineers with deep expertise in infrared imaging, AI, and sensor fusion, providing stability and competitive advantage in global defence markets.

