Bonfiglioli Transmissions IPO
Bonfiglioli Transmissions IPO is a mainboard IPO raising ₹2,534 Cr at ₹558 – ₹586 a share. It listed on 23 Oct 2026 at ₹586, 0.0% against its issue price of ₹586, and trades at ₹614 today (+4.8% since issue). It was subscribed 46× in total.
46.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Bonfiglioli Transmissions Limited manufactures gear motors, gearboxes and drive systems (including yaw/pitch drives for wind turbines and swing/track/drum drives for heavy equipment) in India. It sells these mission-critical, precision-engineered components to OEMs across three verticals: Industry & Automation (material handling, chemicals, food processing, etc.), Off-Highway Mobility (excavators, concrete, mining, road construction, agriculture equipment) and Wind Industry. The company has operated in India for 25 years as the Indian arm of Italy-headquartered Bonfiglioli S.p.A.
How it earns
Primarily by selling manufactured gear motors, gearboxes and drive systems directly to OEMs (about 60% of revenue), through a dealer network (about 19%), via inter-company sales to related parties in the Bonfiglioli Group (about 15-20%), and a small residual from component/scrap sales.
Who buys
Top 10 OEM customers accounted for less than 31.72% of revenue from operations in each of the last five periods, indicating low concentration. Named key customers: Industry & Automation – ElectroMech Material Handling Systems, GMM Pfaudler, Milltec Machinery, Terex India, Uzzala Bio Energy Solutions, Ammann India; Off-Highway Mobility – Action Construction Equipment, Ajax Engineering, CNH Industrial (India), Hyundai Construction Equipment India, JCB India, Schwing Stetter (India), Wirtgen India; Wind – Nordex India, Senvion Wind Technology, Suzlon Energy. As of June 30, 2026, 7 of the top 10 OEM customers (by Fiscal 2025 revenue) had been engaged with the company for more than 10 years.
Scale
Three manufacturing plants in India (Thirumudivakkam and Mannur in Tamil Nadu, Talegaon in Maharashtra); 341,133 units of gear motors and gearboxes produced in Fiscal 2025; 13 sales offices with 64 sales employees, 44 dealers (36 exclusive) across 31 cities and 54 dealer outlets; supplier base of 285 with average ~12-year relationship; more than 930 OEM customers served directly in H1 FY2026; consolidated FY2025 revenue from operations ₹2,013.53 crore (20,135.26 million × 0.1).
What it says sets it apart
- Largest manufacturer of gearboxes (gear motors below 15 kNm) and drives in India across Industry & Automation, Off-Highway Mobility and Wind verticals by revenue, with market shares of 25.0% in low/medium-duty gear motors, 32.0% in off-highway mobility (non-captive), and 67.9% in domestic yaw and pitch drives, per F&S Report.
- Only major gearbox supplier in India with a comprehensive portfolio serving all three end-markets (Industry & Automation, Off-Highway Mobility and Wind), with more than 11,800 SKUs as of December 31, 2025.
- Only test laboratory in India equipped to test yaw and pitch drives for wind turbines, located at the in-house R&D centre in Chennai (119 engineers as of June 30, 2026), with 5MW turbine pitch drives among firsts in India.
- End-to-end Industry 4.0 manufacturing across three plants (Thirumudivakkam and Mannur in Tamil Nadu, Talegaon in Maharashtra) with in-house bevel-gear grinding to Class 4 accuracy, machining accuracy up to 2µm, and aggregate capacity utilisation rising from 64.22% in Fiscal 2023 to 75.04% in H1 FY2026.
- Localized supply chain with 68.32% of raw material/component purchases sourced from 215 domestic suppliers (vs. 64.12% in Fiscal 2023), reducing FX exposure and lead times, and lowest single-supplier share under 20% in each of the last five periods.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs586 / stated EPS Rs12.65 (FY2025 (year ended December 31, 2025) diluted EPS from continuing operations, restated consolidated, weight 3). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Year ended December 31, 2025 | ₹2,014 Cr | ₹238 Cr | 11.8% | ₹993 Cr | ₹0 Cr |
| Year ended December 31, 2024 | ₹1,854 Cr | ₹195 Cr | 10.5% | ₹861 Cr | ₹0 Cr |
| Year ended December 31, 2023 | ₹1,687 Cr | ₹148 Cr | 8.8% | ₹801 Cr | ₹111 Cr |
| Six months ended June 30, 2026 | ₹1,132 Cr | ₹149 Cr | 13.1% | ₹1,034 Cr | ₹0 Cr |
| Six months ended June 30, 2025 | ₹960 Cr | ₹115 Cr | 12.0% | ₹875 Cr | ₹0 Cr |
Where the money goes
The offer →100% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 121× their allocation. Retail: 5.91×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Axis Capital Limited — median +18.1% across the 114 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 30 Nov 2026.
What to watch
- 100% of the issue is offer for sale — only ₹0 Cr of new money reaches the company.
- Priced at 46.3× earnings — 17% below the median of the peers the issuer itself names.
- The register's top risk: IP and trademark license from 100% owner BSPA at 6% royalty (prospectus page 29).
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
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