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
Read from the 516-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 301 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
we depend on BSPA, one of our Corporate Promoters, for certain aspects of our operations, including the license to manufacture and sell products under its intellectual property including the "Bonfiglioli" trade name and trademark for which we pay a consideration of 6% of our annual sales of the specified products
After the completion of the Offer, one of our Corporate Promoters, Bonfiglioli S.p.A will continue to hold substantial shareholding in our Company... BSPA holds 100% of the share capital of our Company including shares held by six nominees
The Offer consists of an Offer for Sale... our Company will not receive any proceeds from the Offer for Sale and will not benefit financially from the proceeds of the Equity Shares sold by the Selling Shareholder in the Offer.
Our Company has filed a civil writ petition... challenging the SCN dated August 25, 2026... alleging excess and ineligible availing of input tax credit ("ITC") amounting to ₹316.85 million, including in respect of the suppliers charging 28% of GST instead of 18%
the daily back-up of the books of account and other relevant books and papers, maintained in electronic mode, has not been kept on servers physically located in India... the audit trail (edit log) feature was not enabled for certain relevant transactions
Our EBITDA (excluding Other Income) Margin and PAT Margin were the lowest among our listed industry peers, namely, Elecon Engineering Company Limited, Shanthi Gears Limited, Schaeffler India Limited and Timken India Limited, in Fiscals 2024 and 2023.
Yaw and pitch drives 27.36%... Low to medium duty gear motors 37.75%... we derive a significant portion of our revenue from operations from sale of yaw and pitch drives to our customers under the Wind Industry vertical and sale of low to medium duty gear motors
The arithmetic aggregate absolute total of income from related parties represented 19.91%... of our total income... while the arithmetic aggregate absolute total of expenses from related parties represented 32.71%... of our total expenses
revenue from our top 10 OEM customers represented 31.72%, 37.83%, 36.60%, 34.38% and 32.82% of our total revenue from operations... certain of our top 10 customers are our Group Companies, including Bonfiglioli Riduttori S.p.A., Bonfiglioli USA Inc., Bonfiglioli Deutschland GmbH and Bonfiglioli Trading (Shanghai)
We co-engineer products with customers under our Off-Highway Mobility and Wind Industries verticals, where the intellectual property for the products remains with the Bonfiglioli Group. We have historically derived a majority of our revenue from operations from such products... Co-engineering products involves multiple stages and can take up-to 30 months to complete
Our largest supplier is Bonfiglioli Riduttori S.p.A, a related party... purchases from our top 10 suppliers represented 40.84%, 41.74%, 41.20%, 45.62% and 47.52% of our total purchases... As we do not have definitive agreements with our suppliers
downward transfer pricing adjustments relating to certain corporate support charges for AY 15-16, 17-18, 18-19, 20-21 and 23-24 amounting to... December 31, 2024 - ₹54.13 million
any significant changes to global trade policies, particularly in respect of tariffs that may be imposed for imports into the United States from India, may materially impact our business
Our Company is unable to trace certain corporate records and regulatory filings made by us... Form 1 and challan, Form 2 and challan... Board resolution for secondary transfer of shares on November 24, 2000
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹43 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 8 | 6 | 1 | ₹40 Cr |
| Directors | 1 | 0 | 0 | ₹0.0 Cr |
| Promoters | 0 | 4 | 0 | ₹3.6 Cr |
| Group companies | 0 | 0 | 0 | — |
Tax proceedings against Company: 3 direct tax claims (₹34.74M) and 3 indirect tax claims (₹319.61M); total ₹354.35 million, paid under protest
Company filed writ petition before Madras HC challenging GST SCN alleging excess/ineligible ITC of ₹316.85 million (incl. 28% vs 18% GST dispute); stay sought
Company initiated 8 Section 138 NI Act recovery proceedings against customers for cheque dishonour; aggregate ₹43.11 million
Criminal case against Director Ravindra Pisharody (as 'Occupier') under Factories Act, 1948 re 2016 incident at Tata Motors Pune plant; ₹0.08 million penalty paid April 23, 2026
Company filed adjudication application under Section 454 of Companies Act for 194-day unintentional delay (May 17–Nov 26, 2024) in appointing Company Secretary; seeks nominal/no penalty
Amounts stated in ₹ million in prospectus; converted to ₹ crore at 1 crore = 10 million. Group Companies stated as not party to any material-impact litigation ([p413]). Subsidiaries not separately enumerated. KMP/Senior Management all Nil (not a schema party category). No SEBI/Stock Exchange disciplinary actions against promoters in last 5 years ([p407]). Promoters' tax figure includes ~€0.34M converted at RBI rate 1€ = ₹109.20 ([p408]). Company tax indirect figure includes the ₹316.85M GST SCN matter. Total of ₹43.39 crore is a sum of stated bucket amounts; no explicit grand total stated in the text.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
