Tonbo Imaging India IPO: Date, Price, Allotment, GMP & Review | Finowings

Tonbo Imaging India IPO- Complete Overview 

Tonbo Imaging India IPO is a Mainboard IPO with an issue size of Rs. 852.18 Cr Shares by Tonbo Imaging India Limited, which is a global defence electronics original equipment manufacturer (OEM) engaged in the design, development, and manufacturing of advanced electro-optic, infrared (EO/IR), embedded vision, communication, guidance, and surveillance systems for defence and security applications. 

The company offers a diversified portfolio of battlefield solutions, including thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems, and handheld thermal imaging devices.

Products:

Tactical systems: These systems are focused on the functions of imaging, surveillance, reconnaissance, and targeting.

Platform systems: Two kinds of platform systems – (a) subsystems that can provide observation and fire control capabilities to a range of aerial, ground, and weapon platforms and (b) end platforms that actually perform the task of threat neutralization.

Directed energy systems: To counter the threat of drone swarms, they have designed a portfolio of technology components that are being assembled into a high-power microwave (“HPM”) platform with the brand name- WaveStrike.

This new IPO is to be launched on 15 October 2026, and its ‘initial public offering’ will end on 19 October 2026.

Tonbo Imaging India IPO Details

This Mainline IPO comprises a wholly an offer for sale (OFS) of 1.22 crore shares (Rs. 852.18 Cr). The Tonbo Imaging India IPO listing date (expected) might be Friday, Oct 23, 2026, and the listing on the BSE and NSE. 

The Tonbo Imaging India IPO price band is Rs. 665 to Rs. 700.

IPO Timetable (Tentative)

The Tonbo Imaging India IPO date is from Oct 15 to Oct 19, with IPO allotment on Oct 21, refund initiation on Oct 22, and listing on Oct 23, 2026.

If you want to apply for the IPO, click to open a Demat Account.

Industry Overview & Outlook

The Homeland Security and Public Safety segment, including fixed and mobile Electro-Optical/Infrared platforms for perimeter security, base defence, border surveillance, critical infrastructure monitoring, and disaster response, is projected to grow from $839 million in CY2020 to $1.95 billion by CY2030, with a CAGR of 8.8%.

Tonbo Imaging India Company Financial Performance

Tonbo Imaging India- Profit & Loss

(Amount in Cr)

Tonbo Imaging India- Balance Sheet

(Amount in Cr)

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Tonbo Imaging India IPO- Business Model 

Tonbo Imaging India Limited earns money primarily by designing, developing, and selling advanced defence electronics products - specifically electro-optics and infrared (EO/IR) systems used for surveillance, reconnaissance, targeting, and guidance.

Almost all revenue comes from the sale of products and solutions. A small portion comes from other operating income (technical/post-sales support, component sales, and foreign-exchange gains).

Revenue is split into two main product categories:

Tactical Systems (historically the largest share)

• Hand-held thermal binoculars and imagers

• Thermal weapon sights

• Helmet-mounted and weapon-mounted sights

• Targeting systems and situational-awareness devices

• Used mainly by infantry, special forces, and border/security units for observation, target acquisition, and engagement in all weather/light conditions.

Platform Systems (growing share)

• Stabilized multi-sensor gimbals and EO/IR payloads for vehicles, UAVs, aircraft, naval platforms, and remote weapon stations

• Fire-control systems

• Missile seekers and guidance systems

• These are usually sold to system integrators or platform manufacturers who integrate them into larger systems (tanks, drones, missiles, etc.).

Directed-energy systems (e.g., high-power microwave systems for counter-drone use) are under development and have not yet generated revenue.

Revenue Bifurcation

(Source: RHP)

The Objective of the Issue

The offer is 100% OFS; hence, the company shall not receive any proceeds from the issue.

Peers of Tonbo Imaging India

Evaluation of P/E Ratio

Considering the period ended on FY26 with an EPS of Rs. 9.19 from the last year, the resulting P/E ratio is 76.16x. 

Tonbo Imaging India IPO Valuation

IPO's Strengths 

• 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.
  
  

IPO's Weaknesses

• The company's business is cyclical due to government budget cycles and tender-based procurement, resulting in poor revenue visibility; revenue from operations declined 22.69% in Fiscal 2026 due to delays in execution of international orders arising from the West Asia conflict.

• Despite short-term, non-recurring tender-based contracts, top 5 customers contributed 53.03% of revenue from operations in Fiscal 2026, and loss of key customers or non-renewal of orders could adversely affect business and financial condition.

• The company's top ten suppliers contributed 164.00%, 68.77%, 35.46% and 67.49% of total expenses in the three months ended June 30, 2026 and Fiscal 2026, 2025 and 2024 respectively, with no long-term contracts in place with these suppliers.
  
  

Tonbo Imaging India IPO GMP Today

Tonbo Imaging India IPO GMP is Rs. 470 as of October 13, 2026, when this information was written.

IPO Other Details

IPO Grey Market Premium

The current IPO GMP is available on our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.

Tonbo Imaging India IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (21 Shares) amounting to Rs. 14700 and 13 Lots (273 Shares) for Rs. 1,91,100, respectively, while for HNI investors, the minimum Lot is 14 (294 Shares) amounting to Rs. 2,05,800.

Tonbo Imaging India IPO Reservation

Promoters and Management of Tonbo Imaging India Ltd. 

• Ankit Kumar

• Arvind Kondangi Lakshmikumar 

• Cecilia D’Souza.

IPO Lead Managers

JM Financial Ltd.

Dividend Policy

The company has not paid a dividend during the last three FYs.

Tanbo Imaging India IPO Review: Subscribe or Avoid?

Tonbo Imaging India Limited IPO is entirely an Offer for Sale (OFS) of up to 1.22 crore shares aggregating to approximately ₹852 crore. The price band is ₹665–700 per share, with bidding open from 15 to 19 October 2026 and expected listing on BSE and NSE around 23 October 2026.  

The company is a defence electronics OEM specialising in electro-optic and infrared systems (tactical, platform and directed-energy products) used for surveillance, targeting and guidance. Since the issue is pure OFS, the company will not receive any proceeds..

Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor. 

Tonbo Imaging India IPO News

Tonbo Imaging India DRHP

Tonbo Imaging India RHP

Tonbo Imaging India IPO Allotment Status

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Finowings IPO Analysis

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