Bonfiglioli Transmissions IPO
Bonfiglioli Transmissions shares listed on BSE and NSE on 23 October 2026 after an IPO priced at ₹586, an issue of ₹2,533.66 crore.
- Minimum investment
- ₹14,6501 lot of 25 shares, at the issue price
- Issue price
- ₹586
- Lot size
- 25 shares
- Issue size
- ₹2,533.66 croreOffer for sale only
- Bidding
- 15 Oct to 19 Oct
- Listing
- 23 OctBSE, NSE
Dates
Bonfiglioli Transmissions IPO dates
RHP cover page and Terms of the Offer (p. 432)- 14 OctAnchor bidding
- 15 OctBidding opens
- 19 OctBidding closes, UPI by 5 pm
- 21 OctAllotment
- 22 OctRefunds and demat credit
- 23 OctListing
- Today7 Nov
Read before you apply
Bonfiglioli Transmissions IPO review: read before you apply
Worth checking
- SeriousThe company gets no money
All 4.32 crore shares are sold by the parent, Bonfiglioli S.p.A., whose average cost is ₹6.77 a share (RHP cover page). The company says the aim is to get the benefits of listing.
- Royalty and dealings with the parent
It pays the parent a royalty of 6% of sales of specified products for the brand and technology. Related party dealings were 32.71% of its expenses in January to June 2026 (Risk factors 5 and 7).
- Depends on the parent's technology
The parent owns the technology and trade secrets for most of its products and will keep about 77% after the IPO (our calculation from the RHP share counts).
- Wind industry exposure
About 27% of revenue in January to June 2026 came from yaw and pitch drives for wind turbines (KPIs, p. 114).
- Tax cases
Six tax cases against the company involve ₹35.44 crore (Risk factor 17).
Strengths
- No debt
The company has had no borrowings since December 2024 and held ₹140 crore in cash in June 2026.
- Profit has grown every year
Profit after tax rose from ₹146.67 crore in 2023 to ₹237.87 crore in 2025.
- Margins are rising
EBITDA margin rose from 14.45% in 2023 to 18.41% in 2025 and 19.78% in January to June 2026.
- Cash from operations is positive
Operating cash flow was ₹187.68 crore in 2025 and positive in every period shown.
- Large market share
An industry report paid for by the company puts its share at 67.9% in wind gear drives and 25.0% in industry and automation.
What Bonfiglioli Transmissions does
Bonfiglioli Transmissions makes gear motors, gearboxes and drive systems in India. Its products go into factory automation, mining and material handling, excavators and other off-highway machines, and wind turbines.
It has been in India for over 25 years, with plants at Mannur in Tamil Nadu and Talegaon in Maharashtra. Its parent, Bonfiglioli S.p.A. of Italy, owns 100% before the IPO. About 30% of revenue now comes from exports.
Listing and subscription
Bonfiglioli Transmissions IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹586
- Listing price
- ₹586
- Gain at open
- 0.0%
- Day close
- ₹574.5
Subscription
- Total
- 46.06x
- Retail
- 5.91x
- Updated
- 19 Oct 2026, 5:00 pm IST
- QIB50% of offer120.78x
- NII15% of offer40.40x
- Big NII46.44x
- Small NII28.31x
- Retail35% of offer5.91x
- Employee7.43x
- Total46.06x
As of 19 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Bonfiglioli Transmissions IPO price band, lot size and issue size
RHP cover page and The Offer (p. 63)| Issue price | ₹586 |
| Lot size | 25 shares |
| Issue size | ₹2,533.66 crore, 4,32,39,042 shares |
| Offer for sale | ₹2,533.66 crore by Bonfiglioli S.p.A., the Italian parent and promoter (average cost ₹6.77 a share) |
| Face value | ₹10 per share |
| Employee quota | Up to 50,000 shares for eligible employees |
| Employee discount | ₹29 per share |
| Issue type | Book built, offer for sale only |
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 106)| Object of the issue | ₹ crore |
|---|---|
| Offer for sale by Bonfiglioli S.p.A. The company receives none of the money | 2,533.66 |
Minimum and maximum investment
Our calculation: at ₹586 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 25 | ₹14,650 |
| Retail (max) | 13 | 325 | ₹1,90,450 |
| Small NII (min) | 14 | 350 | ₹2,05,100 |
| Small NII (max) | 68 | 1,700 | ₹9,96,200 |
| Big NII (min) | 69 | 1,725 | ₹10,10,850 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Information and Basis for Offer Price (p. 112)Set to the issue price, ₹586. Change it to see what you would be paying for.
- Market cap
- ₹11,017 cr
- P/E (Year to Dec 2025)
- 46.3x
- Price to book
- 10.7x
- Market cap to sales
- 5.5x
- Peer average P/E
- 51.61x
Based on Year to Dec 2025 EPS of ₹12.65, 18.80 crore shares, net worth of ₹1,034.27 crore (June 2026) and revenue of ₹2,013.53 crore. No new shares are issued, so the share count is the same before and after the IPO.
Financials
Bonfiglioli Transmissions financials
RHP, Summary of Financial Information (p. 66) and KPIs (p. 114), ₹ croreRevenue and profit
Revenue grew 9.2% a year from 2023 to 2025 (our calculation), and profit grew faster.
| ₹ crore | 2023 | 2024 | 2025 | H1 2026 |
|---|---|---|---|---|
| Revenue from operations | 1,687.33 | 1,854.18+9.9% | 2,013.53+8.6% | 1,131.87 |
| EBITDA (excluding other income) | 243.89 | 295.07 | 370.77 | 223.87 |
| EBITDA margin | 14.45% | 15.91% | 18.41% | 19.78% |
| Profit after tax | 146.67 | 191.60+30.6% | 237.87+24.1% | 148.58 |
| EPS (₹) | 7.57 | 10.08 | 12.65 | 7.90 |
| Total equity | 801.36 | 860.95 | 992.99 | 1,034.27 |
| Borrowings | 110.79 | 0 | 0 | 0 |
| Trade receivables | 410.14 | 406.19 | 517.74 | 532.51 |
| Cash from operations | 198.23 | 188.35 | 187.68 | 129.90 |
Years end on 31 December. H1 2026 is January to June 2026 and is not annualised. Profit is from continuing operations. EPS is adjusted for the 1 for 2 bonus issue of January 2026.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 112). Peer prices as of 28 Sep 2026.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Bonfiglioli Transmissions | 2,013.53 | 12.65 | 46.32x at ₹586 (ours) | 23.96% |
| Elecon Engineering | 2,366.05 | 15.20 | 31.63x | 14.81% |
| Shanthi Gears | 518.72 | 9.99 | 63.39x | 17.42% |
| Schaeffler India | 9,685.85 | 73.60 | 53.74x | 19.02% |
| Timken India | 3,478.03 | 55.16 | 57.66x | 13.68% |
The peer average P/E of 51.61x is our calculation from the four peers in the RHP (p. 112), at prices of 28 Sep 2026.
Key performance indicatorsRevenue from outside India, Return on equity, Return on capital employed and more
| Metric | 2023 | 2024 | 2025 | H1 2026 |
|---|---|---|---|---|
| Revenue from outside India | 23.85% | 25.41% | 27.51% | 29.96% |
| Return on equity | 19.21% | 23.05% | 25.66% | 14.66% |
| Return on capital employed | 24.53% | 30.05% | 34.05% | 20.03% |
| Cash conversion cycle (days) | 80 | 83 | 90 | 94 |
| Receivable days | 89 | 80 | 94 | 85 |
H1 2026 returns are for six months and are not annualised.
RHP, Basis for Offer Price, KPIs (p. 114)
Company
About Bonfiglioli Transmissions
Business
RHP, Basis for Offer Price, KPIs (p. 114)Industry and automation is the biggest vertical. The wind share has fallen from 32.33% in 2024 to 27.36% in January to June 2026, while off-highway mobility has risen. The top 10 OEM customers gave 31.72% of revenue.
Revenue by vertical, January to June 2026
- Revenue from exports
- 29.96%
- Top 10 OEM customers
- 31.72%
- Plants in India
- 2
- Royalty to parent
- 6% of specified sales
Key risks
RHP, Risk Factors (p. 20)- Supplier concentrationTop 10 suppliers gave 40.84% of purchases in January to June 2026.
- Raw material pricesHigher prices of steel, castings and components could hurt margins.
- Parent dependenceIt relies on the parent for technology, brand and some sales, and pays a royalty.
- Related party dealingsA large share of income and expenses is with group companies.
- Customer concentrationTop 10 OEM customers gave 31.72% of revenue.
- Missing company recordsSome old filings with the Registrar of Companies cannot be traced.
- Wind industryYaw and pitch drives for wind turbines are a big part of sales.
- Late statutory duesThere were some delays in paying statutory dues in past periods.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingIt sells 23.0% in the IPO and keeps about 77.0% (our calculation).
Bonfiglioli S.p.A. of Italy owns 100% before the IPO (some shares through nominees). It sells 23.0% in the IPO and keeps about 77.0% (our calculation).
| Shareholder | Before IPO | Selling | After IPO (ours) |
|---|---|---|---|
| Bonfiglioli S.p.A. (promoter) | 100.00% | 4,32,39,042 shares | 77.00% |
| Public | 23.00% |
RHP, Capital Structure (p. 102)
IndustryIndian industrial gearbox market: ₹4,040 crore
- Indian industrial gearbox market
- ₹4,040 crore
- Global industrial gearbox market 2024
- USD 9.1 billion
- Global market expected by 2031
- USD 12.1 billion (about 4.9% a year)
The report gives the India figure as ₹40,400 million without a year; ₹ crore is our conversion. It says demand is concentrated in cement, steel and sugar.
Frost & Sullivan report in the RHP, paid for by the company (p. 139 and p. 151)
LitigationAgainst the company: tax: 6 · By the company: criminal: 8 · Against directors: criminal: 1
| Type | Cases | Amount |
|---|---|---|
| Against the company: tax | 6 | ₹35.44 crore |
| By the company: criminal | 8 | ₹4.31 crore |
| Against directors: criminal | 1 | Under ₹1 lakh |
RHP, Risk Factor 17 and Outstanding Litigation (p. 400)
Company detailsLegal name, registered office, CIN and website
| Legal name | Bonfiglioli Transmissions Limited |
| Incorporated | 23 June 1998, as Bonfiglioli Deepak Private Limited, Chennai |
| Promoters | Bonfiglioli S.p.A., Bon-Fi S.r.l., Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi |
| Plants | Mannur (Tamil Nadu), Talegaon (Maharashtra) |
| Year end | 31 December |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Bonfiglioli Transmissions IPO allotment status
Out from 21 Oct 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select Bonfiglioli Transmissions LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Bonfiglioli Transmissions IPO FAQs
When does the Bonfiglioli Transmissions IPO open and close?
The Bonfiglioli Transmissions IPO opens on Thursday, 15 October 2026 and closes on Monday, 19 October 2026. Anchor bidding is on 14 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Bonfiglioli Transmissions IPO price band and lot size?
The price is ₹586 per share. The lot size is 25 shares, so the minimum bid is 25 shares, or ₹14,650 at the upper price.
What is the Bonfiglioli Transmissions IPO size?
The Bonfiglioli Transmissions IPO is of ₹2,533.66 crore. It is an offer for sale only by Bonfiglioli S.p.A., the Italian parent and promoter (average cost ₹6.77 a share).
What is the Bonfiglioli Transmissions IPO allotment date?
Allotment is on Wednesday, 21 October 2026. Refunds and demat credit are expected on 22 October 2026.
What is the Bonfiglioli Transmissions IPO listing date?
Bonfiglioli Transmissions shares are due to list on BSE and NSE on Friday, 23 October 2026.
Who is the registrar of the Bonfiglioli Transmissions IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Bonfiglioli Transmissions do?
Bonfiglioli Transmissions makes gear motors, gearboxes and drives for industry, off-highway machines and wind turbines. It is the Indian subsidiary of Bonfiglioli S.p.A. of Italy.
Does Bonfiglioli Transmissions get money from the IPO?
No. It is an offer for sale only. All the money goes to the selling shareholder, Bonfiglioli S.p.A.
What was the Bonfiglioli Transmissions IPO price?
The final issue price is ₹586 a share.
Why do Bonfiglioli's financial years end in December?
The company follows a calendar year, like its Italian parent. So "2025" in the RHP means January to December 2025.
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