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Tonbo Imaging India IPO
Price Band
₹665.0–700.0
Issue Size
₹852.18 Cr
Lot Size
21 shares
Min Investment
₹14,700
GMP
+₹450.0 (64.29%)
Issue Price
₹700.0
Subject to Sauda
₹7200
Paid only if allotted
Tonbo Imaging India IPO AI Summary
- Tonbo Imaging India IPO is listed on BSE, NSE in the Aerospace & Defense sector.
- Price band: ₹665.0–₹700.0 per share, lot size 21 shares (min. investment ₹14,700).
- Subscription window: 15 Oct–19 Oct 2026, listing on 23 Oct 2026.
- Current GMP is +₹450.0 (64.29%), an estimated listing price of ₹1150 — unofficial and can change daily.
Tonbo Imaging India Limited is a prominent player in the defence electronics sector, specializing in advanced imaging and surveillance systems. Despite recent financial challenges, the company maintains a strong market presence with a diverse product portfolio and significant international operations.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Tonbo Imaging India IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 19 Oct 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
132.81x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
293.56x
|
294x 🔥 |
| NII (HNI) |
156.36x
|
156x 🔥 |
| ↳ bNII (>₹10L) |
184.73x
|
185x 🔥 |
| ↳ sNII (<₹10L) |
143.37x
|
143x 🔥 |
| Retail (RII) |
31.11x
|
31x ✓ |
| Employee |
54.31x
|
54x ✓ |
| Total | 132.81x | 132.81x |
Auto-updated every 5 min · As of 19th Oct 2026 17:44
Tonbo Imaging India IPO Grey Market Premium (GMP) Today
GMP
+₹450.0
GMP %
+64.29%
Est. Listing
₹1150.0
Updated: 23 Oct 2026 06:00
GMP Trend (Last 11 Days)
About the Company
Incorporated in December 2003, Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) engaged 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. The company offers a diversified portfolio of battlefield solutions, including thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems, and handheld thermal imaging devices. Products: Tactical systems: These systems are focused on the functions of imaging, surveillance, reconnaissance and targeting. Platform systems: Two kinds of platform systems – (a) subsystems that can provide observation and fire control capabilities to a range of aerial, ground and weapon platforms and (b) end platforms that actually perform the task of threat neutralization. Directed energy systems: To counter the threat of drone swarms, they have designed a portfolio of technology components that are being assembled into a high power microwave (“HPM”) platform with the brand name - WaveStrike. Tonbo serves defence and security organizations across 24 countries with over 28,000 field-deployed systems. The company is India's largest manufacturer of thermal imaging systems for government and defence agencies (FY24–FY26) and the country's largest exporter of thermal imaging systems by volume. Its products are developed using fully owned intellectual property and are free from ITAR (International Traffic in Arms Regulations) restrictions, enabling exports to global markets without geopolitical limitations. The company operates an innovation-driven business model backed by strong in-house R&D, proprietary technologies, and advanced manufacturing capabilities. As an approved supplier under India's IDDM (Indigenously Designed, Developed and Manufactured) defence procurement framework, Tonbo supports the Government's 'Make in India' and 'Atmanirbhar Bharat' initiatives. As of June 30, 2026, the company employed 339 permanent employees across product design & development, manufacturing, project management, sales, finance, HR, and management functions. Key Strengths Leading defence electronics OEM with proprietary electro-optic and thermal imaging technologies. Strong in-house R&D capabilities with complete ownership of core intellectual property. Diversified portfolio of battlefield surveillance, targeting, guidance, and imaging solutions. Global presence with 28,000+ deployed systems across 24 countries and ITAR-free export capability. Asset-light, innovation-driven business model supported by healthy financial performance. Experienced management team with deep expertise in defence technology and product development.
Company Financials (₹ Cr)
As of 2026-06-30
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 782.87 | 782.50 | 726.36 | 574.68 |
| Total Income | 37.32 | 369.94 | 474.39 | 431.90 |
| Profit After Tax | -17.74 | 50.88 | 72.76 | 68.54 |
| EBITDA | -13.04 | 104.62 | 139.06 | 112.32 |
| NET Worth | 538.54 | 553.16 | 490.14 | 230.13 |
| Reserves and Surplus | 527.08 | 541.70 | 489.41 | 168.99 |
| Total Borrowing | 129.72 | 116.06 | 78.14 | 96.36 |
Key Ratios
EPS
₹8.88
NAV
₹96.57
ROE
9.75%
ROCE
14.54%
RoNW
9.75%
P/B Value
7.25
P/E Ratio
78.83
Market Cap
₹4009.75 Cr
PAT Margin
13.75%
Peer Comparison
| Company | NAV | P/E (x) | EPS Basic | EPS Diluted | RoNW |
|---|---|---|---|---|---|
| Bharat Electronics Ltd | 32.82 | 45.7 | 8.29 | 8.29 | — |
| Zen Technologies Ltd | 209.22 | 73.44 | 21.52 | 21.52 | — |
| Astra Microwave Products Ltd | 138.46 | 83.92 | 20.32 | 20.27 | — |
| Data Patterns (india) Ltd | 310.08 | 87.29 | 48.47 | 48.47 | 17% |
| Paras Defence And Space Technologies Ltd | 90.02 | 117.88 | 10.93 | 10.93 | — |
| Tonbo Imaging India Ltd. This IPO | 96.57 | — | 9.19 | 8.88 | 9.75% |
Promoters
Ankit Kumar, Arvind Kondangi Lakshmikumar, Cecilia D’Souza
IPO Evaluation
Generated 24 Oct 2026Revenue Trend
Total income was ₹431.90 Cr in FY24, slightly increasing to ₹474.39 Cr by FY25. However, it then decreased to ₹369.94 Cr in FY26, followed by a decline to ₹37.32 Cr by June 30, 2026. This last figure represents a 9-month period, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹68.54 Cr in FY24, rising to ₹72.76 Cr in FY25. This was followed by a significant drop to ₹50.88 Cr in FY26 and a further decline to -₹17.74 Cr by June 30, 2026. Again, this last figure is from a 9-month period, making it not directly comparable to the prior full fiscal years.
Valuation
At the issue price of ₹700, Tonbo Imaging is priced at a P/E ratio of approximately 78.83 based on its earnings per share (EPS) of ₹8.88. This is compared to its peers, which have P/E ratios ranging from 45.7 to 117.88.
Key Risks
Investors should consider potential risks such as market volatility, reliance on government contracts, and competition within the defence sector. Additionally, the recent decline in financial performance could be a concern for potential investors.
Grey Market Premium, Explained
The grey market premium (GMP) indicates the expected listing price of an IPO based on unofficial trading before it officially lists on the stock exchange. A positive GMP suggests that investors are optimistic about the stock's performance on listing day.
Subscription Demand
The IPO has seen significant interest, with the overall subscription at 132.81 times as of October 19, 2026. The institutional category (QIB) was subscribed 293.56 times, while retail investors (RII) saw a subscription of 31.11 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment strategy. It's essential to consider the company's financial health and market position before making any investment decisions.
Who May Want to Wait
Those who prefer stable investments with consistent financial performance may want to avoid this IPO, especially given the recent financial declines and uncertainties in the defence sector.
IPO Timeline, Explained
The IPO opens on October 15, 2026, and closes on October 19, 2026. Allotment of shares will be announced on October 21, 2026, with the listing date set for October 23, 2026.
Listing Gains — The Risk
Listing-day gains can be unpredictable and depend on various factors, including market conditions and investor sentiment. While a positive GMP may indicate potential gains, there is no guarantee that the stock will perform well once listed.
This evaluation is generated from Tonbo Imaging India's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Tonbo Imaging India IPO GMP today?
Tonbo Imaging India IPO GMP today is +₹450.0 (64.29%), indicating an estimated listing price of ₹1150. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Tonbo Imaging India IPO?
The price band of Tonbo Imaging India IPO is ₹665.0–₹700.0 per share.
When does Tonbo Imaging India IPO open and close?
Tonbo Imaging India IPO opens on 15 October 2026 and closes on 19 October 2026.
When does Tonbo Imaging India IPO list on the stock exchange?
Tonbo Imaging India IPO listed on 23 October 2026 at ₹1150.0.
What is the lot size for Tonbo Imaging India IPO?
The lot size for Tonbo Imaging India IPO is 21 shares, requiring a minimum investment of ₹14,700.
What is the price band for the IPO?
The price band for the IPO is ₹665 to ₹700.
What is the minimum investment required?
The minimum investment required is ₹14,700.
What is the lot size for this IPO?
The lot size for this IPO is 21 shares.
When is the listing date?
The listing date is October 23, 2026.
What does GMP mean?
GMP stands for grey market premium, indicating the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
15 Oct 2026
Close
19 Oct 2026
Allotment
21 Oct 2026
Listing
23 Oct 2026
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