Tonbo Imaging India IPO: Defence Company to Open Subscription Tomorrow; Check GMP and Key Details
Tonbo Imaging India Limited is launching its Initial Public Offering (IPO) to raise funds through a 100 percent book-built offer. The IPO comprises a pure offer for the sale of 1.22 crore equity shares aggregating up to Rs. 852.18 crore. There is no fresh issue component in this IPO.
The price band for the Tonbo Imaging India Limited IPO is fixed at Rs. 665 to Rs. 700 per share. The IPO will open for subscription on October 15, 2026, and close on October 19, 2026. The shares are proposed to be listed on the NSE and BSE on Friday, October 23, 2026.
GMP of Tonbo Imaging India Limited IPO
As of October 14th, 2025, the shares of Tonbo Imaging India Limited in the grey market were trading at a 71.43 percent premium. The shares in the Grey Market traded at Rs. 1,200. This gives it a premium of Rs. 500 per share over the cap price of Rs. 700.
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Overview of Tonbo Imaging India Limited
Tonbo Imaging India Limited was incorporated in December 2003 as Sarnoff Innovative Technologies Private Limited. It subsequently operated as Serial Innovations India Private Limited and Tonbo Imaging India Private Limited before becoming Tonbo Imaging India Limited in September 2025.
Headquartered in Bengaluru, the company develops defence electronics and electro-optical and infrared (EO/IR) technologies. Its product portfolio includes thermal imaging cores, thermal weapon sights, handheld thermal binoculars, targeting systems, missile seekers, fire-control systems and missile-guidance systems. These products are designed for surveillance, reconnaissance, target acquisition and other military applications.
Tonbo combines optics, infrared imaging, embedded computing and AI-enabled technologies to develop systems for ground, air, naval and missile platforms. Its business model focuses on design, research and development, and intellectual property, while outsourcing manufacturing to external partners. This asset-light approach can reduce investment in manufacturing facilities, although it also makes execution and supplier management important.
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According to the company’s report, Tonbo had deployed more than 28,000 systems across 24 countries as of June 30, 2026. The RHP also states that the company owned 100 percent of its intellectual property from Fiscal 2024, following the acquisition of intellectual property from CEAQ Singapore
Promoters of Tonbo Imaging India
The promoters of Tonbo Imaging India Limited are Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D’Souza. Arvind Kondangi Lakshmikumar serves as the Managing Director and Chief Executive Officer of the company, while Ankit Kumar and Cecilia D’Souza are also identified as promoters and directors.
As of June 30, 2026, Arvind Kondangi Lakshmikumar held 8.67 percent of the company’s equity shares, Ankit Kumar held 5.30 percent, and Cecilia D’Souza held 3.45 percent. Together, the three promoters held approximately 17.42 percent of the company’s equity.
Selling Shareholders of Tonbo Imaging India Limited
In the Tonbo Imaging India Limited IPO, several promoter and investor shareholders are selling shares through the Offer for Sale (OFS). Arvind Kondangi Lakshmikumar will sell up to 11.50 lakh equity shares, while Ankit Kumar will sell up to 5.80 lakh equity shares. Cecilia D’Souza will sell up to 2.30 lakh equity shares, and Vinimaya Advisory LLP, a promoter-group selling shareholder, will sell up to 3.40 lakh equity shares.
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Among the investor shareholders, CEAQ Technologies Private Limited will sell up to 49.98 lakh equity shares, while CEAQ Technologies Pte. Ltd. will sell up to 41.55 lakh equity shares. Timothy Guy Mitchell will sell up to 2.09 lakh equity shares, and Artiman Partners LLC will sell up to 1.97 lakh equity shares. Amit Dilip Shah will sell up to 84,600 equity shares, while Ramesh Radhakrishnan will sell up to 80,000 equity shares.
Together, the selling shareholders are offering up to 1,21,74,046 equity shares (approximately 1.22 crore shares) of face value Rs. 2 each through the Offer for Sale. The IPO is entirely an OFS, so the proceeds from the sale will go to the selling shareholders rather than to Tonbo Imaging India Limited.
Lead Managers of Tonbo Imaging India IPO
The IPO is managed by JM Financial Limited and IIFL Capital Services Limited, which are the book-running lead managers. KFin Technologies Limited is the registrar to the offer and will handle activities related to the IPO application and allotment process.
Objectives of the IPO Offer:
Since the Tonbo Imaging India IPO is entirely an offer for sale, the company will not receive any funds from the issue. The proceeds will be paid to the shareholders selling their existing equity shares. Therefore, the IPO does not provide fresh capital to Tonbo Imaging for debt repayment, capital expenditure, research and development, or business expansion.
Investors should keep this distinction in mind when evaluating the issue, as the company’s future growth and investment requirements will need to be assessed separately from the proceeds generated by the public offering.
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Financial Analysis of Tonbo Imaging India Limited
Tonbo Imaging India Limited reported revenue from operations of Rs. 469.08 crore in FY25, compared with Rs. 362.65 crore in FY26. Total income declined from Rs. 474.39 crore in FY25 to Rs. 369.94 crore in FY26.
Profit after tax declined from Rs. 72.76 crore in FY25 to Rs. 50.88 crore in FY26. Diluted earnings per share also decreased from Rs. 12.70 in FY25 to Rs. 8.88 in FY26. These figures indicate a decline in revenue and profitability during FY26, making future order execution and earnings recovery important factors for investors to monitor.
For the three months ended June 30, 2026, the company reported revenue from operations of Rs. 36.01 crore and a loss after tax of Rs. 17.74 crore. Diluted EPS for the quarter was negative Rs. 3.20. The quarterly performance highlights the variability in the company’s financial results.
The company operates in the defence electronics industry, supplying products to domestic and international customers. In FY26, India accounted for 93.06 percent of revenue from operations, while Europe contributed 0.13 percent, Asia-Pacific 0.91 percent, the United States 0.09 percent, and the rest of the world 4.44 percent. This represents a significant shift from FY25, when Europe accounted for 65.34 percent and India for 33.49 percent of revenue from operations.
Tonbo Imaging India Vs Peers
Tonbo Imaging India Limited reported revenue from operations of Rs. 362.65 crore, with basic EPS of Rs. 9.19 and diluted EPS of Rs. 8.88. Its RoNW stood at 9.75 percent, while NAV per share was Rs. 96.57.
In comparison, Paras Defence and Space Technologies Limited reported revenue from operations of Rs. 476.57 crore, with basic and diluted EPS of Rs. 10.93. Its P/E ratio stood at 117.74, while NAV per share was Rs. 90.02. Data Patterns (India) Limited reported revenue from operations of Rs. 924.77 crore, with basic and diluted EPS of Rs. 48.47, a RoNW of 17 percent and NAV per share of Rs. 310.08. Its P/E ratio stood at 87.29.
Astra Microwave Products Limited reported revenue from operations of Rs. 1,162.80 crore, with basic EPS of Rs. 20.32 and diluted EPS of Rs. 20.27. Its NAV per share stood at Rs. 138.46, while its P/E ratio was 83.92. Zen Technologies Limited reported revenue from operations of Rs. 687.69 crore, with basic and diluted EPS of Rs. 21.52. Its P/E ratio stood at 73.44, and NAV per share was Rs. 209.22.
Bharat Electronics Limited reported revenue from operations of Rs. 27,610.11 crore, with basic and diluted EPS of Rs. 8.29. Its P/E ratio stood at 45.70, while NAV per share was Rs. 32.82.
The comparison shows that Tonbo Imaging India is smaller than all the selected listed peers in terms of revenue from operations. Its RoNW of 9.75 percent is lower than Data Patterns’ 17 percent. Tonbo Imaging’s NAV per share of Rs. 96.57 is higher than that of Paras Defence and Bharat Electronics, but lower than that of Data Patterns, Astra Microwave and Zen Technologies.
Strengths of Tonbo Imaging India Limited
Specialised portfolio of defence electronics, thermal imaging and electro-optical systems.
More than 28,000 systems deployed across 24 countries as of June 30, 2026.
Proprietary intellectual property covering optics, embedded software, and electronics.
Asset-light business model allows greater focus on design and research and development.
International customer reach and experience supplying products to developed and emerging markets.
Reported position in India’s thermal imaging market and exports, according to the industry report cited in the RHP.
Increased research and development spending, reaching Rs. 25.86 crore in FY26 compared with Rs. 9.10 crore in FY25.
Weaknesses of Tonbo Imaging India Limited
IPO is entirely an Offer for Sale, providing no fresh capital to the company.
Revenue from operations declined from Rs. 469.08 crore in FY25 to Rs. 362.65 crore in FY26.
Profit after tax declined from Rs. 72.76 crore in FY25 to Rs. 50.88 crore in FY26.
Reported a loss after tax of Rs. 17.74 crore in the quarter ended June 30, 2026.
Long working-capital cycle, with reported working-capital days increasing to 517 in FY26 from 280 in FY25.
Defence procurement and project delivery timelines can lead to fluctuations in revenue and earnings.
Continued investment in research and development is important to maintain technological competitiveness.
Conclusion
Tonbo Imaging India offers exposure to a specialised segment of the defence technology market, with products spanning thermal imaging, electro-optics, targeting and guidance systems. Its reported international deployments, proprietary technology and asset-light operating model are key strengths. The company’s stated position in thermal imaging also provides a potential opportunity to benefit from demand for indigenous defence technologies and surveillance capabilities.
However, the IPO needs to be evaluated against its financial performance and offer structure. Revenue and profit declined in FY26, the June 2026 quarter recorded a loss, and the OFS will not bring fresh funds into the business. At the upper price band of Rs. 700 per share, investors should examine the implied valuation, future order execution, and earnings recovery prospects rather than relying on GMP alone. A final investment decision should be based on the prospectus, valuation, and individual risk tolerance.