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Tonbo Imaging India IPO: price band, dates, financials, valuation and risks
Tonbo Imaging India Limited, a defence electronics and optronics company, is selling shares worth about ₹852 cr in a 100% Offer for Sale by 13 shareholders at a price band of ₹665 to ₹700. The company gets no money from the issue.
Last updated 23 Oct 2026. Sources: RHP and broker notes.
IPO means initial public offering. RHP is the Red Herring Prospectus, the offer document filed before the issue opens. UPI is the Unified Payments Interface. BSE is BSE Limited and NSE is the National Stock Exchange of India. FY26 means the financial year ended 31 March 2026.
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 (expected) |
| Refunds and credit of shares to demat accounts | Thu, 22 Oct 2026 (expected) |
| Listing | Fri, 23 Oct 2026 on BSE and NSE (expected) |
Issue details and application size
| Price band | ₹665 to ₹700 per share (face value ₹2) |
|---|---|
| Lot size | 21 shares |
| Minimum application at upper band | 21 × ₹700 = ₹14,700 |
| Total issue size | about ₹852 cr (1,21,74,046 shares) |
| Fresh issue | Nil |
| Offer for Sale | 100%, by 13 selling shareholders. CEAQ Technologies Private Limited and CEAQ Technologies Pte. Ltd. sell 91,53,196 shares (about 75%); promoters Arvind Kondangi Lakshmikumar (11,50,000), Ankit Kumar (5,80,000) and Cecilia D’Souza (2,30,000) and promoter group member Vinimaya Advisory LLP (3,39,700) also sell |
| Anchor portion | ₹255 cr (36,48,013 shares at ₹700) |
| Quota of the net offer | Qualified institutional buyers up to 50% (about 60,80,023 shares), non-institutional investors at least 15% (about 18,24,007), retail investors at least 35% (about 42,56,016); 14,000 shares reserved for eligible employees |
| Book running lead managers | JM Financial, IIFL Capital Services |
| Registrar | KFin Technologies Limited |
About the company
Incorporated on 18 December 2003 at Bengaluru as Sarnoff Innovative Technologies Private Limited, the company was later renamed Serial Innovations India (2008) and Tonbo Imaging India (2016), and became a public limited company in September 2025. It designs electro-optical and infrared systems for armed forces, security agencies and defence manufacturers: weapon sights, thermal imagers, targeting and fire-control systems, stabilised multi-sensor platforms and missile seekers. Design and integration are in-house and mass production is outsourced to electronics manufacturing partners. Over 28,000 systems have been deployed across 24 countries, and the order book was ₹314 cr at 30 June 2026.
According to the industry report cited in the RHP, it was the largest manufacturer by sales value of thermal imaging systems to Indian government and defence agencies between April 2024 and March 2026, and held 94% of India’s thermal imaging exports by units in FY24 to FY26. The company owns 100% of its intellectual property and says its products are free of United States export-control restrictions.
Financial snapshot (year ended 31 March 2026)
| Revenue | ₹363 cr (₹469 cr in FY25, down 22.7%) |
|---|---|
| Profit after tax | ₹51 cr (₹73 cr in FY25, down 30.1%); about 14.0% of revenue |
| EBITDA margin | 28.9% in FY26 (29.7% in FY25), operating EBITDA excluding other income |
| Debt to equity | 0.21 times (borrowings ₹116 cr over net worth ₹553 cr at 31 March 2026) |
| April to June 2026 quarter | Revenue of about ₹36 cr and a loss of about ₹18 cr |
EBITDA is earnings before interest, tax, depreciation and amortisation, a measure of operating profit. Analysts note FY26 EBITDA included a ₹18.84 cr warranty write-back. FY26 means the financial year ended 31 March 2026.
Valuation versus peers
At the upper band of ₹700 the market capitalisation is about ₹4,010 cr on 5,72,82,100 shares, which is 78.8 times FY26 diluted earnings per share of ₹8.88 (price to earnings, or P/E, is the share price divided by earnings per share). The share count is the same before and after the issue because it is a pure Offer for Sale. The peer median P/E in the RHP peer table is 83.9 times, so the issue is priced below that median, at about 7.2 times book value.
The peer table lists Paras Defence and Space Technologies (117.9 times), Data Patterns (India) (87.3), Astra Microwave Products (83.9), Zen Technologies (73.4) and Bharat Electronics (45.7).
Strengths
Owns 100% of its intellectual property, with products free of United States export-control restrictions; largest supplier of thermal imaging systems to Indian defence agencies and 94% of India’s thermal imaging exports by units (industry report in the RHP); more than 28,000 systems deployed in 24 countries and a firm order book of ₹314 cr (domestic ₹232 cr, overseas ₹82 cr); an asset-light model with a gross margin of about 51% and an EBITDA margin of 28.9%; the largest customer fell to 13.8% of FY26 revenue from 57.1% in FY25; new programmes in counter-drone high-power microwave systems, missile seekers and loitering munitions are still in development.
Key risks
The whole issue is an Offer for Sale, so the company receives nothing. Revenue is lumpy and tender-driven: FY26 revenue fell 22.7% and profit 30.1% as exports dropped from 65.5% to 5.6% of revenue, and the April to June 2026 quarter was a loss. Working-capital days rose from 152 in FY24 to 517 in FY26, and operating cash flow was negative in FY25 and FY26. The top 10 customers were 77.8% of FY26 revenue. The RHP discloses allegations made to the Securities and Exchange Board of India on the earlier draft offer document, which the company denies, and the company depends on a limited set of global suppliers for critical components. The issue is priced at about 78.8 times FY26 earnings while earnings fell.
Use of proceeds
The company receives no proceeds. The stated objects are to carry out the Offer for Sale, obtain the benefits of listing and provide liquidity to existing shareholders. The selling shareholders receive the money.
Anchor investors
Anchors put in ₹255 cr at the upper band of ₹700 on 14 Oct 2026. Reported participants include the SBI, HDFC, ICICI Prudential, Kotak, Nippon India, Aditya Birla Sun Life, Axis, Mirae Asset and Helios mutual funds, HDFC Life, Kotak Mahindra Life, BlackRock, Goldman Sachs, Temasek, Prudential Assurance and Allianz Global Investors.
Frequently asked questions
What is the Tonbo Imaging India IPO price band and lot size?
The price band is ₹665 to ₹700 per share and one lot is 21 shares, so the minimum application at the upper band is ₹14,700.
Is the Tonbo Imaging India IPO a fresh issue or an Offer for Sale?
It is a 100% Offer for Sale of 1,21,74,046 shares worth about ₹852 cr by 13 selling shareholders, led by the CEAQ Technologies entities. The company does not receive any proceeds.
When does the Tonbo Imaging India 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 JM Financial and IIFL Capital Services. The registrar is KFin Technologies Limited.
What is the valuation compared with peers?
At the upper band the market capitalisation is about ₹4,010 cr, or 78.8 times FY26 earnings, against a peer median of 83.9 times in the RHP peer table.
How much will the promoters hold after the IPO?
The promoters and promoter group hold about 18.6% before the issue and about 14.6% after it, as the promoters and a promoter group member sell about 23,00,000 shares through the Offer for Sale.
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