Bonbloc Technologies IPO

Strengths · 6

• 01Revenue from operations rose from Rs 19.81 crore in FY2023 to Rs 103.37 crore in FY2025, a CAGR of 128.42%.
• 02Profit after tax rose from Rs 2.11 crore in FY2023 to Rs 33.49 crore in FY2025, and EBITDA margin rose from 16.51% to 43.59%.
• 03Operating cash flow was Rs 17.29 crore in FY2025 against Rs 8.19 crore in FY2024, and debt to equity was 0.01 times.
• 04ROE was 68.17% and ROCE was 118.82% in FY2025.
• 05The product and platform development team grew from 17 people in March 2023 to 81 in August 2025, and the company has 2 new products onboarding customers and 7 under development.
• 06The company reports two recent project awards, Rs 184 crore from a Mini-Ratna PSU and Rs 75 crore from a private company, in India.

Risks · 10

• 01More than 98% of revenue in each of the last three years came from customers in the United States, and 75% to 99% of it came from a single customer.
• 02Sale of services to the promoter Bonbloc Inc. was 23.95% of FY2025 revenue and 98.74% of FY2024 revenue.
• 03Food and grocery customers gave 95.83% of FY2025 revenue, so a downturn in one sector would hit the company directly.
• 04Trade receivables jumped from Rs 0.04 crore in March 2024 to Rs 20.64 crore in March 2025, and other expenses rose from Rs 2.18 crore to Rs 29.20 crore in FY2025.
• 05The Onelign AI, IoT and blockchain offerings gave 30.87% of FY2025 revenue and the company says it does not own the trademark for its name or the Onelign platform.
• 06One material subsidiary gave 79.12% of FY2025 revenue.
• 07The company has a short record: PAT grew 518.18% in FY2025, and it may not repeat this growth.
• 08The promoter Bonbloc Inc. sells up to 3,00,00,000 shares in the offer and its weighted average cost of acquisition is negligible, so the OFS money goes to the seller.
• 09Part of the fresh issue is for unidentified acquisitions and general corporate purposes, capped at 35% of gross proceeds, and the amount is not yet specified.
• 10The promoters are citizens of the United States and the holding company Bonbloc Inc. is incorporated there, and more than 98% of revenue comes from outside India, which brings currency risk.

Bonbloc Technologies Limited was incorporated in Chennai on 11 August 2020 and became a public company in June 2025. It describes itself as an AI native enterprise technology company that builds AI-powered SaaS products and AI-powered IoT products. It serves businesses and government bodies.

Its flagship platform is Onelign. The suite has modules for traceability, cold chain monitoring, ESG compliance dashboards and Status Bot. It also has two regulated-industry products, Onelign DSCSA and Onelign FSMA, built for pharmaceutical and food supply chains. The platforms join blockchain, AI and IoT devices so that a customer can track goods and check compliance in real time.

The revenue base is narrow. In FY2025, Rs 99.06 crore of the Rs 103.37 crore revenue came from food and grocery customers, which is 95.83%. More than 98% of revenue came from customers in the United States in each of the last three years, and 75% to 99% of it came from a single customer. Bonbloc Inc., the corporate promoter, was also a related-party customer: sale of services to it was Rs 24.75 crore in FY2025 and Rs 36.76 crore in FY2024.

The Onelign AI and analytics, IoT and blockchain offerings together earned Rs 31.91 crore in FY2025, which is 30.87% of revenue. The rest comes from services and other products. The company says it has won two recent projects, one worth Rs 184 crore from a Mini-Ratna public sector undertaking and one worth Rs 75 crore from a private sector company, both for the Indian market.

The team grew from 167 people on 31 March 2023 to 222 on 31 March 2025 and 315 on 31 August 2025. The product and platform development team grew from 17 to 81 people over the same dates. Spending on product and platform development was Rs 15.80 crore in FY2025 against Rs 3.47 crore in FY2023. The company has one material subsidiary, which gave 79.12% of FY2025 revenue.

The industry

The company quotes a Frost and Sullivan report. The USA artificial intelligence market is put at USD 78 billion in 2025 and is expected to reach USD 431 billion by 2030, a CAGR of 41%. India's AI market is put at USD 10.9 billion in 2025 and USD 43.5 billion by 2030, a CAGR of 32%. The global IoT connections base is projected to reach 105.0 billion units by 2030 from 26.5 billion in 2020, a CAGR of 13.2%.

Customer concentration: More than 98% of revenue came from customers in the USA in each of the last three years, with 75% to 99% from a single customer.