Tonbo Imaging IPO: GMP, Price Band, Order Book, Financials & Review

Tonbo Imaging India Ltd., a Bengaluru-based maker of thermal imaging and electro-optic systems for defence and security forces, ran a ₹852 crore IPO that was open from 15 October to 19 October 2026 at a price band of ₹665 to ₹700 per share. The issue is entirely an offer for sale (OFS), so the company itself receives no money; all the proceeds go to the selling shareholders. Allotment is scheduled for 21 October 2026 and the shares are expected to list on NSE and BSE on 23 October 2026.

Tonbo Imaging IPO Details

The net offer is split 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail individual investors. Shares outstanding stay at 5,72,82,100 because no new shares are created.

About Tonbo Imaging

Tonbo was incorporated in December 2003. It designs and builds the "eyes" of military equipment: thermal and night-vision cameras, weapon sights, and surveillance and targeting systems. Its two main lines are tactical systems (soldier- and vehicle-level imaging and targeting products) and platform systems (observation and fire-control subsystems fitted into larger defence platforms). The company is also developing a high-power microwave system, branded WaveStrike, aimed at countering drone swarms.

Key facts from the offer documents:

• Products sold to defence and security agencies in 24 countries, with more than 28,000 systems in the field
• Products are ITAR-free, meaning they are not subject to US export-control rules, and the company is an approved supplier under India's IDDM (Indigenously Designed, Developed and Manufactured) procurement category
• Citing an industry report it commissioned, the company says it was India's largest maker of thermal imaging systems for government and defence buyers between FY24 and FY26
• 339 permanent employees (30 June 2026)

Order book, customers and exports

For a defence supplier, a few large contracts drive revenue, so these numbers matter as much as past profits.

• Order book: confirmed orders stood at ₹279.02 crore on 31 March 2026 and ₹314.24 crore on 30 June 2026. The June figure was spread over 36 orders: 30 domestic orders worth ₹231.87 crore and 6 overseas orders worth ₹82.37 crore. The company received a further ₹118.15 crore of orders between July and September 2026.
• Government dependence: Indian government bodies accounted for about 71% of FY26 revenue from operations.
• Customer concentration: the top five customers contributed 72.19% of revenue in FY24, 86.36% in FY25, 53.03% in FY26 and 92.06% in the quarter ended 30 June 2026.
• Exports: export revenue was ₹208.15 crore (48.61% of revenue from operations) in FY24 and ₹307.34 crore (65.52%) in FY25, then fell to ₹20.21 crore (5.57%) in FY26 and just 0.25% in the June 2026 quarter. Almost all of the FY25 export revenue came from Europe; in FY26 India made up about 93% of revenue.

Financial Performance

Figures in ₹ crore (restated consolidated):

• Revenue from operations fell about 23% in FY26 and PAT fell about 30%. The drop lines up with the export collapse: export revenue shrank by about ₹287 crore while India revenue rose sharply, but not by enough to make up the gap.
• The June 2026 quarter was loss-making on revenue of about ₹36 crore. Revenue recognition is concentrated in the second half of the year, so one quarter is a weak guide, but it shows how lumpy the business is.
• Borrowings rose from ₹78.14 crore in FY25 to ₹129.72 crore by June 2026.

Key Ratios & Valuation

What the valuation implies: because no new shares are issued, the market capitalisation is the same before and after the IPO. Chittorgarh's "post-issue" P/E shows as negative only because it annualises the loss-making June quarter. The more useful number is the 78.83x multiple of FY26 earnings, a year in which profit had already fallen by about 30%. Put another way, the price needs FY26 earnings to roughly double just to bring the multiple near 40x. The confirmed order book at June 2026 was about 0.87 times FY26 revenue from operations, so a lot depends on new orders, including the ₹118.15 crore received after June.

Objects of the Issue

There are no objects in the usual sense. The whole ₹852 crore is an offer for sale, so none of it goes to the company for capacity, debt repayment or working capital. The break-up of sellers is the more telling detail:

The offer equals about 21% of the company's equity. See fresh issue vs offer for sale for why this structure matters.

Shareholding & Promoters

The promoters are Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D'Souza. Promoter and promoter group holding falls from 18.58% before the issue to 15.72% after it. Institutional and other shareholders therefore own most of the company. Half of the anchor shares are locked in until 20 November 2026 and the rest until 19 January 2027; see anchor investor lock-in expiry for why those dates can matter.

Subscription Status

Bidding closed on 19 October 2026. NSE and BSE publish final category-wise figures after the close; they were not available when this review was prepared, so none are quoted here. You can check the final numbers on our Tonbo Imaging IPO page.

Tonbo Imaging IPO GMP Today

Our tracker showed a grey market premium of ₹516 on 17 October 2026, about 73.7% above the ₹700 upper band. It was ₹275 on 11 October 2026, the first day we recorded it. GMP is an unofficial, unregulated number from an informal market. It moves quickly and is often wrong about listing prices. Read how accurate IPO GMP is before relying on it.

Strengths (as stated by the company)

• Proprietary electro-optic and thermal imaging technology, with in-house R&D and ownership of core IP
• A range of surveillance, targeting, guidance and imaging products
• Systems deployed with agencies in 24 countries
• Experienced management in defence technology

Risks to Consider

• Falling earnings: revenue from operations fell about 23% and PAT about 30% in FY26; the June 2026 quarter lost ₹17.74 crore.
• Export swing: exports went from 65.52% of revenue in FY25 to 5.57% in FY26. Earlier growth leaned on European orders that did not repeat.
• Customer concentration: the top five customers made up 92.06% of revenue in the June 2026 quarter, and Indian government bodies about 71% of FY26 revenue. A delay or cancellation of one large tender can move the whole year.
• Rising debt: borrowings increased to ₹129.72 crore at June 2026 from ₹78.14 crore at March 2025.
• No money for the company: the entire issue is an exit for existing holders, led by the CEAQ entities, and the promoters own only about 15.72% after the issue.
• Valuation: 78.83x FY26 earnings and about 7.25x book value leave little room if order inflows disappoint.

How to Check Allotment Status

The basis of allotment is expected on 21 October 2026, with refunds and demat credit on 22 October 2026. KFin Technologies is the registrar. You can check your status on our Tonbo Imaging allotment page or follow our step-by-step guide to checking allotment by registrar. If you were not allotted shares and the blocked amount has not been released by 22 October 2026, see what to do if your IPO refund is not received.

Disclaimer: This article is for educational purposes only and is not investment advice. GMP is unofficial and can change quickly. Read the RHP and consult a SEBI-registered adviser before investing.