Bonfiglioli Transmissions IPO
Bonfiglioli Transmissions IPO — date, price band, lot size & details
Bonfiglioli Transmissions IPO dates are not announced yet. Price band not announced yet.
Bonfiglioli Transmissions makes gearboxes and drive systems for industry, off-highway vehicles and wind turbines at plants in Tamil Nadu and Maharashtra. Revenue from operations grew from Rs 1,558.80 crore in 2022 to Rs 1,864.08 crore in 2024.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Timetable
Key dates from opening to listing. Today is 11 October.
- Open TBA
- Close TBA
- Allotment TBA
- Refund/credit TBA
- Listing TBA
Issue summary
The terms of the offer, as filed.
| Price Band | TBA |
|---|---|
| Face Value | ₹10 |
| Lot Size | TBA Shares |
| Issue Size | TBA |
| Sale Type | Offer for sale only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | TBA |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 7
- 01Revenue from operations rose from Rs 1,558.80 crore in 2022 to Rs 1,864.08 crore in 2024, and was Rs 1,460.17 crore in the nine months to 30 September 2025.
- 02EBITDA (excluding other income) margin was 15.72% in 2024 and 17.36% in the nine months to 30 September 2025, against 14.47% in 2023.
- 03The company had no borrowings at 31 December 2024 and 30 September 2025, against Rs 143.74 crore at 31 December 2022 and Rs 110.79 crore at 31 December 2023.
- 04Return on capital employed was 30.28% and return on equity was 23.05% in 2024.
- 05Net cash inflow from operating activities was Rs 161.83 crore in 2024, close to the Rs 194.69 crore restated profit after tax.
- 06Revenue is spread over three verticals: 41.56% from Industry and Automation, 32.16% from Wind and 23.38% from Off-Highway Mobility in 2024.
- 07The cash conversion cycle was 79 days in 2024, against 81 days in 2022.
Risks · 10
- 01The top 10 customers gave 43.27% of revenue from customers in 2024 and 46.85% in the nine months to 30 September 2025. The largest customer alone gave 12.09% in that period.
- 02Transactions with related parties are large. Income from them was 18.11% of total income in 2024, and expenses with them were 25.89% of total expenses (30.35% in the nine months to 30 September 2025).
- 03The company depends on Bonfiglioli S.p.A. and the Bonfiglioli Group for certain operations, including royalty for intellectual property and sales to group companies.
- 04The top 10 suppliers gave 44.64% of raw material and component purchases in 2024, and the company has no definitive agreements with its suppliers.
- 05The offer is 100% offer for sale of up to 4,69,98,959 shares by Bonfiglioli S.p.A. The company receives no money from it.
- 06The selling shareholder's weighted average cost of acquisition is Rs 6.77 per share against a face value of Rs 10, and it holds 100.00% before the offer.
- 07The Wind Industry gave 32.16% of revenue in 2024, so the company is exposed to demand for wind turbines.
- 08Trade receivables were Rs 478.73 crore at 30 September 2025 against Rs 409.56 crore at 31 December 2024, and receivables absorbed Rs 64.58 crore of cash in the nine months.
- 09Capacity use is uneven. The Thirumudivakkam assembly unit ran at 56.10% of available hours in the nine months to 30 September 2025. The Talegaon expansion needs a lease transfer from a group company.
- 10Disputed income-tax demands pending before various forums were Rs 79.92 million at 30 September 2025.
Three years of numbers
All figures in ₹ crore, as reported in the Bonfiglioli Transmissions offer document.
| Metric | 30 Sep 2025 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 |
|---|---|---|---|---|
| Revenue from Operations | 1460.17 | 1864.08 | 1687.51 | 1558.80 |
| Total Income | 1467.95 | 1871.05 | 1701.98 | 1570.33 |
| EBITDA (excluding other income) | 253.48 | 293.06 | 244.12 | 254.44 |
| Profit After Tax | 165.19 | 191.12 | 147.70 | 168.75 |
| Net Worth | 925.30 | 853.09 | 805.34 | 725.37 |
| Total Borrowing | 0.00 | 0.00 | 110.79 | 143.74 |
| Total Assets | 1379.08 | 1269.75 | 1395.87 | 1221.75 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Bonfiglioli Transmissions DRHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Bonfiglioli Transmissions IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹10.06 |
Pre-issue figures use the shareholding reported in the DRHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
About the company
The company sells to three business verticals. Industry and Automation Solutions gave 41.56% of revenue from operations in 2024. The Wind Industry gave 32.16% and the Off-Highway Mobility Industry gave 23.38%. Other sales such as components gave 2.90%. In the nine months ended 30 September 2025, customers in India gave 72.94% of revenue and customers outside India gave 27.06%.
The company manufactures at Thirumudivakkam and Mannur in Tamil Nadu and at Talegaon in Maharashtra. Thirumudivakkam has a machine shop and an assembly unit, and its machine shop ran at 79.53% of available hours in 2024. Mannur started making electric motors in October 2025. The company plans a new heavy-duty gearbox plant at Talegaon, on land now held by a group company, subject to MIDC approval.
The company belongs to the Bonfiglioli Group of Italy, whose brand has a worldwide presence of nearly 70 years. Bonfiglioli S.p.A. holds 100.00% of the shares through itself and six nominees. As of 30 September 2025, the company had 975 personnel, of whom 590 were on-roll employees and 385 were contract labourers. The company produced 11,517 SKUs of gearboxes and gearmotors in 2024.
The reporting year is the calendar year, ending 31 December. The latest period in the draft is the nine months ended 30 September 2025. The company allotted bonus shares in the ratio of 1 for every 2 held on 25 January 2026.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
+91 63858 63934
The bankers & the filings
Who is running the book, and the documents this page is built from.
Bonfiglioli Transmissions IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
29 issues handledBest listing: Moneyview (+61.8%). Weakest: Clean Max Enviro Energy Solutions (-8.8%).
ICICI Securities
24 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Jefferies India Private Limited
9 issues handledBest listing: Dhoot Transmission (+37.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Bonfiglioli Transmissions?
The current Grey Market Premium is ₹140.
What is the Bonfiglioli Transmissions IPO price band?
TBA, on a face value of ₹10.
When is the allotment?
The basis of allotment is TBA.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
