Tonbo Imaging India Ltd.
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Overview
Tonbo Imaging India Limited is a defence electronics OEM that designs and supplies electro‑optical/infrared (EO/IR) sensing, processing, communication, and guidance systems used for surveillance, reconnaissance, targeting, and control across soldier, land, naval, aerial, and missile platforms. The company runs a horizontally integrated, asset-light model—owning core design and IP while scaling production via certified EMS partners—backed by in-house R&D in Bengaluru covering areas such as thermal imaging cores, weapon sights, stabilized gimbals, missile seekers, and emerging directed-energy/counter‑UAS solutions.
Opening Date
Oct 15, 2026
Closing Date
Oct 19, 2026
Listing Date
Oct 23, 2026
IPO Type
Mainboard
IPO Status
Upcoming
Issue Size
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Fresh Issue
0 Cr
Offer for Sale
0 Cr
Price Band
—
Lot Size
—
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
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EPS
8.88
ROE
9.75%
ROCE
14.54%
RONW
9.75%
Debt to Equity Ratio
0.21
PAT Margin
13.75%
EBITDA Margin
28.85%
P/B
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Bull vs Bear
Bull case
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Owns core IP and builds key subsystems in-house, so differentiation can last longer and isn’t easily copied by rivals or blocked by technology partners.
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Asset-light manufacturing lets it spend more on R&D and scale output without building big factories, which matters in a project-driven defence business.
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Global demand for defence electronics is rising, so a capable EO/IR player has a large runway if it keeps winning tenders and executing orders.
Bear case
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Revenue depends on government budgets and tender timing, so order delays can hit cash flows and make results swing year to year.
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Customer concentration is high, so losing a few large tenders or a major buyer can quickly reduce revenue and weaken planning visibility.
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Supplier dependence is heavy without long-term contracts, so component shortages or price changes can raise costs, delay deliveries, and hurt margins.
Subscription Rate
Subscription data will be available once the IPO opens.
