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Bonfiglioli Transmissions IPO: price band, dates, financials, valuation and risks
Bonfiglioli Transmissions Limited, the Indian arm of Italy’s Bonfiglioli Group, is selling shares worth about ₹2,534 cr in a 100% Offer for Sale at a price band of ₹558 to ₹586. The company gets no money from the issue.
Last updated 23 Oct 2026. Sources: RHP and broker notes.
Key dates
| Anchor investor bidding | Wed, 14 Oct 2026 |
|---|---|
| Issue opens | Thu, 15 Oct 2026 |
| Issue closes | Mon, 19 Oct 2026 (UPI mandate cut-off 5:00 pm) |
| Basis of allotment | Wed, 21 Oct 2026 |
| Refunds and credit of shares to demat accounts | Thu, 22 Oct 2026 |
| Listing | Fri, 23 Oct 2026 on BSE and NSE |
Issue details and application size
| Price band | ₹558 to ₹586 per share (face value ₹10) |
|---|---|
| Lot size | 25 shares |
| Minimum application at upper band | 25 × ₹586 = ₹14,650 |
| Total issue size | about ₹2,534 cr (4,32,39,042 shares) |
| Fresh issue | Nil |
| Offer for Sale | 100%, by promoter Bonfiglioli S.p.A. |
| Anchor portion | ₹759 cr (1,29,56,712 shares at ₹586) |
| Quota of the net offer | Qualified institutional buyers 50%, non-institutional investors 15%, retail investors 35%; 50,000 shares reserved for eligible employees |
| Book running lead managers | Axis Capital, BNP Paribas, ICICI Securities, Jefferies India |
| Registrar | MUFG Intime India Private Limited |
About the company
Incorporated on 23 June 1998 at Chennai as Bonfiglioli Deepak Private Limited, the company makes mechanical and electro-mechanical power transmission and industrial drive products: gearboxes, gear motors, electric motors, variable frequency drives and servo drives. It serves industry and automation, off-highway mobility and wind industry customers from three plants in Tamil Nadu and Maharashtra, and is a subsidiary of Bonfiglioli S.p.A. of Italy.
According to the industry report cited in the RHP, it leads the Indian market with a 25% share in low and medium duty gear motors, 32% in non-captive off-highway drives and 67.9% in domestic yaw and pitch drives for wind turbines (calendar year 2025).
Financial snapshot (calendar year 2025)
| Revenue | ₹2,014 cr |
|---|---|
| Profit after tax | ₹238 cr (about 11.8% of revenue) |
| EBITDA margin | 18.4% for calendar year 2025; 14.5% in calendar year 2023 and 19.8% in the first half of calendar year 2026 |
| Debt to equity | 0 times (no borrowings since Dec 2024) |
| Revenue growth, first half of calendar year 2026 | 17.9% over the same period a year earlier |
EBITDA is earnings before interest, tax, depreciation and amortisation, a measure of operating profit. The financial year ends on 31 December.
Valuation versus peers
At the upper band of ₹586 the market capitalisation is about ₹11,017 cr, which is 46.3 times calendar year 2025 earnings (price to earnings, or P/E, is the share price divided by earnings per share). The peer median P/E in the RHP peer table is 55.7 times, so the issue is priced below that median. Broker notes also value it at about 37 times annualised first half of calendar year 2026 earnings (analyst estimate) and about 11 times book value.
Strengths
Market leader in Indian gear motors and drives with parent-backed technology; debt-free balance sheet with improving margins; return on capital employed of about 33% and return on equity of about 24%, above listed peers (broker notes); high switching costs because its drives are engineered into customers’ products from the design stage.
Key risks
The whole issue is an Offer for Sale, so the company receives nothing. It depends on Bonfiglioli S.p.A. for technology and brand under a one-year, auto-renewing licence with a 6% royalty, and related parties supply its largest purchases (related-party expenses were 32.7% of total expenses in the first half of calendar year 2026). The top 10 customers make up 31.7% of revenue, wind and industrial capital spending cycles drive demand, wind revenue was flat in the first half of calendar year 2026, and the USA is about 14% to 16% of sales (tariff and currency risk).
Use of proceeds
The company receives no proceeds. The selling promoter, Bonfiglioli S.p.A., receives the money from the sale of its shares. Its weighted average cost of acquisition is ₹6.77 per share.
Anchor investors
Anchors put in ₹759 cr at the upper band of ₹586 on 14 Oct 2026. Reported participants include SBI, HDFC, ICICI Prudential, Nippon India, Axis, Aditya Birla Sun Life and Mirae Asset mutual funds, along with BlackRock, Goldman Sachs Asset Management, Allianz Global Investors, Amundi, Abu Dhabi Investment Authority and PSP Investments.
Frequently asked questions
What is the Bonfiglioli Transmissions IPO price band and lot size?
The price band is ₹558 to ₹586 per share and one lot is 25 shares, so the minimum application at the upper band is ₹14,650.
Is the Bonfiglioli Transmissions IPO a fresh issue or an Offer for Sale?
It is a 100% Offer for Sale of up to 4,32,39,042 shares worth about ₹2,534 cr by the promoter Bonfiglioli S.p.A. The company does not receive any proceeds; the money goes to the selling promoter.
When does the Bonfiglioli Transmissions IPO open, close and list?
Anchor bidding is on 14 Oct 2026, the issue is open from 15 Oct to 19 Oct 2026, allotment is expected on 21 Oct, refunds and credit of shares on 22 Oct, and listing on BSE and NSE on 23 Oct 2026.
Who are the lead managers and registrar?
The book running lead managers are Axis Capital, BNP Paribas, ICICI Securities and Jefferies India. The registrar is MUFG Intime India Private Limited.
What is the valuation compared with peers?
At the upper band the market capitalisation is about ₹11,017 cr, or 46.3 times calendar year 2025 earnings, against a peer median of 55.7 times in the RHP peer table.
How much will the promoter hold after the IPO?
The promoters hold 100% before the issue and about 77% after it, as the promoter sells about 23% through the Offer for Sale.
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