Tonbo Imaging India Limited is a Bengaluru-based defence electronics company engaged in designing and developing advanced electro-optical and infrared (EO/IR) imaging systems, surveillance equipment, targeting solutions and intelligent defence technologies. Incorporated in December 2003, the company combines thermal imaging, artificial intelligence (AI), sensor fusion and embedded computing to develop solutions for military and security applications.
The company’s product portfolio is divided into three major categories:
- Tactical Systems: Includes thermal weapon sights, handheld thermal imagers, night-vision devices and surveillance equipment used for reconnaissance, target detection and battlefield monitoring.
- Platform Systems: Provides electro-optical surveillance, fire control, targeting and guidance systems for armoured vehicles, aircraft, drones, remote weapon stations and missile platforms. It also develops integrated autonomous defence platforms.
- Directed Energy Systems: Focuses on counter-drone technologies, including WaveStrike, a high-power microwave system designed to neutralise hostile drones and electronic threats. This segment had not generated revenue as of June 30, 2026.
Tonbo Imaging was India’s largest manufacturer of thermal imaging systems for government and defence agencies by sales value during FY2024–FY2026. The company also accounted for approximately 94% of India’s thermal imaging system exports by volume during this period.
As of June 30, 2026, the company had deployed over 28,000 tactical systems and served customers across 24 countries, including the US, Armenia, Romania, South Korea, the UAE and Australia. Exports contributed approximately 44.45% of total product and solution sales during FY2024–FY2026.
The company follows an asset-light business model, focusing on in-house R&D, proprietary technology and product development while outsourcing manufacturing activities. Its EO/IR products are free from US ITAR restrictions, supporting international exports. The company spent ₹25.86 crore on R&D in FY2026.
As of June 30, 2026, Tonbo Imaging employed 339 permanent employees, including 130 R&D professionals, and operated through wholly owned subsidiaries in Armenia and Australia.
Tonbo Imaging India IPO – Details
| IPO Opening Date | 15 October 2026 |
| IPO Closing Date | 19 October 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,21,74,046 Shares Worth ₹852.18 Crore Offer For Sale: 1,21,74,046 Shares Worth ₹852.18 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹665 – ₹700 per share |
| Market Lot | 21 Shares |
| Min Order | 21 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Tonbo Imaging India IPO – Date Schedule
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Basis of Allotment | 21 October 2026 |
| Initiation of Refund | 22 October 2026 |
| Credit of Shares to Demat Account | 22 October 2026 |
| IPO Listing Date | 23 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 19, 2026 |
Tonbo Imaging India IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 21 | ₹14,700 |
| Retail (Max) | 13 | 273 | ₹1,91,100 |
| S-HNI (Min) | 14 | 294 | ₹2,05,800 |
| S-HNI (Max) | 68 | 1428 | ₹9,99,600 |
| B-HNI (Min) | 69 | 1449 | ₹10,14,300 |
Competitive Strength
- 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 Promoters
- Ankit Kumar
- Arvind Kondangi Lakshmikumar
- Cecilia D’Souza
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹431.90 Cr | ₹336.94 Cr | ₹68.54 Cr | ₹96.36 Cr |
| 31 March 2025 | ₹474.39 Cr | ₹374.35 Cr | ₹72.76 Cr | ₹78.14 Cr |
| 31 March 2026 | ₹369.94 Cr | ₹299.98 Cr | ₹50.88 Cr | ₹116.06 Cr |
| 30 June 2026 | ₹37.32 Cr | ₹61.07 Cr | – ₹17.74 Cr | ₹129.72 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) | Values (June 30, 2026) |
|---|---|---|
| ROE | 9.75% | -3.25% |
| ROCE | 14.54% | -4.31% |
| RoNW | 9.75% | -3.25% |
| PAT Margin | 13.75% | -47.52% |
| EBITDA Margin | 28.85% | -36.21% |
| NAV | 96.57 | 94.01 |
| Pre IPO | Post IPO | |
| EPS (₹) | 8.88 | 8.88 |
| P/E (x) | – | – |
Object Of The Issue
- The Tonbo Imaging India Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
Tonbo Imaging India IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 5 | Paras Defence and Space Technologies Limited | 117.74 |
| 2 | 2 | Data Patterns (India) Limited | 87.29 |
| 3 | 2 | Astra Microwave Products Limited | 83.92 |
| 4 | 1 | Zen Technologies Limited | 73.44 |
| 5 | 1 | Bharat Electronics Limited | 45.70 |
✅Strengths
- Market Leadership in India’s thermal imaging segment.
- Export Strength with 94% share of thermal imaging exports by units.
- Proprietary Technology with in-house intellectual property.
- Global Reach across 24 countries.
- Defence Opportunities in advanced imaging and counter-drone systems.
⚠️Risks
- Order Dependency on government defence procurement.
- Customer Concentration in major defence customers.
- Revenue Volatility due to changing domestic and export contributions.
- Outsourced Manufacturing creates third-party dependency.
- Execution Risks in securing future defence contracts.
Tonbo Imaging India IPO Promoter Holding
| Pre Issue Share Holding | 18.58% |
| Post Issue Share Holding | 14.56% |
Tonbo Imaging India IPO Prospectus
Company Contact Information
| Tonbo Imaging India Ltd. No.3 Chikkayellappa Tower-II,1st C Main, Sarjapur Main Road, Jakkasandra Extension, Chikkayellappa Industrial Layout, Bengaluru, Karnataka, 560034 Phone: 63 64 926 273 Email: compliance@tonboimaging.com Website: https://tonboimaging.com/main/ |
Tonbo Imaging India IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: tonbo.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Tonbo Imaging India IPO Lead Manager(s)
| 1. JM Financial Limited 2. IIFL Capital Services Limited |
Tonbo Imaging India IPO FAQs
| What is the Tonbo Imaging India IPO? Tonbo Imaging India IPO is a main-board IPO. The issue is priced at ₹665 to ₹700 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Tonbo Imaging India IPO open? The IPO is to open on 15 October 2026 for QIB, NII, and Retail Investors. |
| What is Tonbo Imaging India IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Tonbo Imaging India IPO Size? Tonbo Imaging India IPO size is ₹852.18 Crore. |
| What are the Tonbo Imaging India IPO Minimum and maximum lot sizes for Retail? The minimum bid is 21 Shares with ₹14,700, while the maximum bid is 273 Shares with ₹1,91,100. |
| What is the Tonbo Imaging India IPO Allotment Date? Tonbo Imaging India IPO allotment date is 21 October 2026. |
| What is the Tonbo Imaging India IPO Listing Date? Tonbo Imaging India IPO listing date is 23 October 2026. The IPO is to be listed on the BSE and the NSE. |
