Tonbo Imaging India IPO
Tonbo Imaging India IPO is a mainboard IPO raising ₹852 Cr at ₹665 – ₹700 a share. It listed on 23 Oct 2026 at ₹1,160, +65.7% against its issue price of ₹700, and trades at ₹1,213 today (+73.3% since issue). It was subscribed 136× in total.
135.9 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.
Tonbo Imaging India Limited is a Bengaluru-based global defence electronics OEM that designs, develops and manufactures electro-optic/infrared (EO/IR) sensing, processing, communication and guidance systems — thermal imaging cores, weapon sights, handheld thermal binoculars, targeting systems, missile seekers, fire control and missile guidance systems — for militaries, law enforcement and homeland security agencies. Manufacturing is outsourced to EMS partners; in-house R&D sits in Bengaluru.
How it earns
Revenue comes mainly from sale of two product lines — Tactical systems (sold directly to end-users such as armies/forces) and Platform systems (sold to systems integrators and OEMs for integration into vehicles, aircraft, naval and missile platforms). A small slice is OEM component sales and ancillary services like post-sales support.
Who buys
Sells to global militaries, law enforcement/homeland security agencies and global defence OEMs. In Fiscal 2026 (₹ in million; 1 crore = 10 million), Indian Government was 71.19% of revenue from operations (₹2,581.52 million ≈ ₹258.15 crore), Private System Integrators (Indian + foreign) were 24.10% (₹874.12 million ≈ ₹87.41 crore) and Foreign Governments 3.34% (₹121.14 million ≈ ₹12.11 crore). Overseas end-user countries named include Armenia, Romania, Slovenia, USA, Morocco, South Korea, UAE, Philippines, Singapore, North Macedonia, Australia and Taiwan. Order book as of June 30, 2026 was ₹3,142.40 million (≈ ₹314.24 crore) — 30 domestic orders worth ₹2,318.72 million and 6 overseas orders worth ₹823.68 million.
Scale
339-member team total, of which 130 R&D engineers in Bengaluru; over 28,000 systems deployed across 24 countries as of June 30, 2026; order book of ₹3,142.40 million (≈ ₹314.24 crore) as of June 30, 2026; eligible IDDM supplier under India's DAP 2020.
What it says sets it apart
- Owns 100% of its IP since Fiscal 2024 (bought from CEAQ Singapore in March 2024) — no dependence on external technology partners; technology spans optics, embedded software, video engines, AI image processing and sub-5 µrad gimbal stabilization.
- Per Frost & Sullivan, largest manufacturer of thermal imaging systems to government and defence agencies in India by sales value (April 2024–March 2026).
- 94% share of thermal imaging exports from India by units between FY24 and FY26 — largest exporter of thermal imaging systems from India by units shipped (F&S Report).
- ITAR-free EO/IR product line designed and built in India, positioning it among the few global OEMs able to supply advanced defence optics without US ITAR export constraints (relevant to non-aligned and export-sensitive buyers).
- Asset-light horizontal model: in-house core design and IP, manufacturing outsourced to certified EMS partners including Kaynes Technology India and Avalon Technology; R&D centre in Bengaluru with 130 engineers (~38% of workforce) holding ISO 9001, 14001, 27001 and 28000 certifications.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs700 / stated EPS Rs8.88 (FY2026 (March 31, 2026) diluted EPS, restated consolidated; weighted average diluted EPS for the three reported FYs is 10.95). 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.
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: 294× their allocation. Retail: 31×.
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.
Led by JM Financial Limited — median +15.5% across the 107 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 78.8× earnings — 6% below the median of the peers the issuer itself names.
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track TONBO IMAGING INDIA LTD
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