Tonbo Imaging India IPO

Strengths · 6

• 01The company reported an EBITDA margin of 28.85% in FY2026 and 29.65% in FY2025, on revenue of Rs 362.65 crore and Rs 469.08 crore.
• 02Net worth rose from Rs 230.13 crore in FY2024 to Rs 553.16 crore in FY2026.
• 03The confirmed order book was Rs 279.02 crore at the end of FY2026, up from Rs 218.61 crore a year earlier.
• 04Platform product revenue grew from Rs 12.70 crore in FY2024 to Rs 144.81 crore in FY2026.
• 05The asset light model outsources large-scale manufacturing, and gross profit margin was 51.05% in FY2026.
• 06Domestic revenue grew from Rs 174.86 crore in FY2024 to Rs 337.47 crore in FY2026, which is 93.06% of revenue from operations.

Risks · 10

• 01Revenue from operations fell 22.69% in FY2026, from Rs 469.08 crore to Rs 362.65 crore, and restated profit fell from Rs 72.76 crore to Rs 50.88 crore.
• 02The top 5 customers gave 53.03% of revenue in FY2026, 86.36% in FY2025 and 72.19% in FY2024.
• 03The whole issue is an offer for sale of up to 1,80,85,246 shares. The company receives no money from the IPO.
• 04Working capital days rose from 152 in FY2024 to 280 in FY2025 and 517 in FY2026.
• 05Return on capital employed fell from 67.76% in FY2024 to 14.54% in FY2026, and return on equity fell from 52.72% to 9.75%.
• 06Export share of revenue was 65.52% in FY2025 and 5.57% in FY2026, so geography mix has shifted sharply, and Europe alone was 65.34% of FY2025 revenue.
• 07Top ten suppliers made up 68.77% of total expenses in FY2026, and the company depends on limited global suppliers for critical components.
• 08Business depends on government budget cycles and tender-based, short-term and non-recurring contracts, which the document says gives poor revenue visibility.
• 09Total borrowings rose from Rs 78.14 crore in FY2025 to Rs 116.06 crore in FY2026.
• 10Five tax proceedings are pending against the company, with Rs 3.55 crore involved, and the company has had related party transactions.

Tonbo Imaging India Limited works in the EO/IR systems segment of defence electronics. It designs, develops and manufactures sensing, processing, communication and guidance systems used for surveillance, reconnaissance, targeting and control. The company is based in Bengaluru, Karnataka.

The products fall in two main groups. Tactical systems cover imaging, surveillance, reconnaissance and targeting, for example hand-held multi-sensor imaging systems (Bloodhound, Gazehound), driver vision systems (Minion), 360 degree situational awareness systems (WolfPack) and thermal weapon sights (Spartan, Arjun). Platform systems include subsystems such as Avenger S50, the Hummingbird gimbals, AGS30/ELPEOS fire control systems and TRAP missile seekers. The company is also investing in end platforms such as a loitering munition, and has designed a high power microwave platform called WaveStrike to counter drone swarms.

Customers include NATO forces, US Special Operations Command, law enforcement and homeland security agencies and other global defence OEMs. The company also serves the armed forces, police and paramilitary forces. It reports a single segment. In FY2026, 93.06% of revenue from operations came from India. In FY2025, Europe gave 65.34% of revenue and India gave 33.49%.

The business is asset light. The company makes pilot engineering units at its R&D centre in Bengaluru and outsources large-scale manufacturing to electronic manufacturing service partners under non-exclusive agreements. It currently works with Kaynes Technology India Limited and Avalon Technology and Services Private Limited.

The three promoters, Arvind Kondangi Lakshmikumar (Managing Director and CEO), Ankit Kumar (Executive Director and Chief Business and Revenue Officer) and Cecilia D'Souza (Executive Director and Chief Commercial Officer), each have over 21 years of experience. In FY2026 the company split revenue between tactical products (Rs 211.68 crore), platform products (Rs 144.81 crore) and others (Rs 1.20 crore).

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