Tonbo Imaging IPO
Tonbo Imaging shares listed on BSE and NSE on 23 October 2026 after an IPO priced at ₹700, an issue of ₹852.18 crore.
- Minimum investment
- ₹14,7001 lot of 21 shares, at the issue price
- Issue price
- ₹700
- Lot size
- 21 shares
- Issue size
- ₹852.18 croreOffer for sale only
- Bidding
- 15 Oct to 19 Oct
- Listing
- 23 OctBSE, NSE
Dates
Tonbo Imaging IPO dates
RHP cover page and Terms of the Offer- 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
Tonbo Imaging IPO review: read before you apply
Worth checking
- SeriousRevenue fell and Q1 was a loss
Revenue fell 22.69% in FY26 to ₹362.65 crore. In April to June 2026 revenue was ₹36.01 crore with a loss of ₹17.74 crore.
- SeriousExports collapsed
Exports were 65.52% of revenue in FY25, 5.57% in FY26 and 0.25% in April to June 2026 (KPIs). The largest customer gave 57.07% of FY25 revenue.
- One customer, lumpy orders
The largest customer gave 54.74% of April to June 2026 revenue and the top 10 gave 98.17%. Defence orders come through tenders and depend on government budgets (Risk factors 1 and 2).
- Cash from operations negative
Operating cash flow was negative in FY25, FY26 and April to June 2026, while inventory nearly tripled to ₹319.63 crore (Risk factor 12).
- Valuation vs earnings
At ₹700, the P/E on FY26 diluted EPS of ₹8.88 is 78.8x (our calculation). The RHP's peer average is 81.62x.
- The company gets no money
All shares are sold by existing holders. CEAQ Technologies of Singapore and India sells over 91 lakh shares.
- Complaints and a Singapore suit
Anonymous complaints were sent to SEBI and the Ministry of Defence after the earlier draft prospectus, and a CEAQ shareholder has sued in Singapore naming the company and its MD (Risk factors 15 and 32).
Strengths
- Market position
An industry report paid for by the company calls it India's largest maker of thermal imaging systems for government and defence buyers.
- Order book is rising again
Confirmed orders were ₹314.24 crore in June 2026, up from ₹218.61 crore in March 2025.
- High gross margins
Gross margin was 51.05% in FY26 and 56.38% in FY25.
- Products in many countries
Over 28,000 systems deployed across 24 countries as of June 2026.
What Tonbo Imaging does
Tonbo Imaging designs and makes defence electronics: thermal imaging cores, weapon sights, hand-held thermal binoculars, targeting systems, missile seekers and fire control systems. Most manufacturing is done by contract manufacturers.
It sells to armed forces, police and defence companies in India and abroad. Its promoters are Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza. Its largest shareholders are CEAQ Technologies and HBL Engineering.
Listing and subscription
Tonbo Imaging IPO subscription status
NSE issue details (year archive), final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹700
- Listing price
- ₹1160
- Gain at open
- +65.7%
- Day close
- ₹1133.8
Subscription
- Total
- 135.90x
- Retail
- 31.07x
- Updated
- 19 Oct 2026, 5:00 pm IST
- QIB50% of offer293.56x
- NII15% of offer170.94x
- Big NII184.73x
- Small NII143.38x
- Retail35% of offer31.07x
- Employee54.33x
- Total135.90x
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
Tonbo Imaging IPO price band, lot size and issue size
RHP cover page and The Offer. Offer size in rupees is our calculation at ₹700.| Issue price | ₹700 |
| Lot size | 21 shares |
| Issue size | ₹852.18 crore, 1,21,74,046 shares |
| Offer for sale | ₹852.18 crore by CEAQ Technologies (India and Singapore), the three promoters, Vinimaya Advisory and other investors |
| Face value | ₹2 per share |
| Employee discount | ₹65 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| Object of the issue | ₹ crore |
|---|---|
| Offer for sale by selling shareholders. The company receives none of the money | 852.18 |
Minimum and maximum investment
Our calculation: at ₹700 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 21 | ₹14,700 |
| Retail (max) | 13 | 273 | ₹1,91,100 |
| Small NII (min) | 14 | 294 | ₹2,05,800 |
| Small NII (max) | 68 | 1,428 | ₹9,99,600 |
| Big NII (min) | 69 | 1,449 | ₹10,14,300 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer Price (p. 138)Set to the issue price, ₹700. Change it to see what you would be paying for.
- Market cap
- ₹4,010 cr
- P/E (FY26, diluted)
- 78.8x
- Price to book
- 7.4x
- Market cap to sales
- 11.1x
- Peer average P/E
- 81.62x
Based on FY26, diluted EPS of ₹8.88, 5.73 crore shares, net worth of ₹538.54 crore (June 2026) and revenue of ₹362.65 crore. No new shares are issued, so the share count does not change after the IPO.
Financials
Tonbo Imaging financials
RHP, Restated Consolidated Financial Information and KPIs, ₹ croreRevenue and profit
Inventory build-up
Revenue fell 22.69% in FY26 after growing 9.55% in FY25 (RHP KPIs).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 428.19 | 469.08+9.5% | 362.65−22.7% | 36.01 |
| EBITDA margin | 26.23% | 29.65% | 28.85% | -36.21% |
| Profit after tax | 68.54 | 72.76+6.2% | 50.88−30.1% | -17.74 |
| Diluted EPS (₹) | 13.63 | 12.70 | 8.88 | -3.20 |
| Total equity | 230.13 | 490.14 | 553.16 | 538.54 |
| Borrowings | 96.36 | 78.14 | 116.06 | 129.72 |
| Inventories | 111.69 | 111.14 | 219.49 | 319.63 |
| Trade receivables | 93.64 | 210.31 | 211.66 | 96.85 |
| Cash from operations | 78.33 | -136.12 | -63.22 | -14.68 |
Q1 FY27 is April to June 2026 and is not annualised. Borrowings add long and short term amounts (our calculation).
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. 138)| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | NAV per share (₹) |
|---|---|---|---|---|
| Tonbo Imaging | 362.65 | 8.88 | 78.8x at ₹700 (ours) | 96.57 |
| Paras Defence | 476.57 | 10.93 | 117.74x | 90.02 |
| Data Patterns | 924.77 | 48.47 | 87.29x | 310.08 |
| Astra Microwave | 1,162.80 | 20.27 | 83.92x | 138.46 |
| Zen Technologies | 687.69 | 21.52 | 73.44x | 209.22 |
| Bharat Electronics | 27,610.11 | 8.29 | 45.70x | 32.82 |
The peer average P/E of 81.62x is from the RHP (p. 138), across five listed defence electronics companies.
Key performance indicatorsRevenue growth, Gross margin, Export share of revenue and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue growth | 342.22% | 9.55% | -22.69% | NA |
| Gross margin | 48.64% | 56.38% | 51.05% | 37.71% |
| Export share of revenue | 48.61% | 65.52% | 5.57% | 0.25% |
| Confirmed order book (₹ crore) | 563.14 | 218.61 | 279.02 | 314.24 |
| Tactical share of revenue | 83.90% | 77.24% | 58.37% | 59.55% |
RHP, Basis for Offer Price, KPIs
Company
About Tonbo Imaging
Business
RHP, Basis for Offer Price, KPIs and Risk factor 10Tactical systems like weapon sights are the main product line, but platform systems for vehicles and missiles have grown from ₹12.70 crore in FY24 to ₹144.81 crore in FY26. The customer list changes a lot from year to year because sales come from large one-off tenders.
Revenue by product, FY26
- Order book, Jun 2026
- ₹314.24 crore
- Exports share, FY26
- 5.57%
- Systems deployed
- 28,000+
- Countries
- 24
Key risks
RHP, Risk Factors (p. 21)- Cyclical demandDefence orders depend on geopolitics, budgets and tender timing.
- Customer concentrationA few customers give most revenue in any period.
- Supplier dependenceCritical components come from a few global suppliers.
- Export dependenceExports need government licences and depend on foreign buyers.
- Tactical systemsMost revenue comes from one product line.
- Negative cash flowOperating cash flow has been negative in recent periods.
- ComplaintsComplaints were made to regulators after the earlier draft prospectus.
- Contract manufacturersMost large-scale manufacturing is outsourced.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingCEAQ Technologies of Singapore and India together own 34.20%, and HBL Engineering owns 14.25%.
The three promoters own 17.42% before the IPO. CEAQ Technologies of Singapore and India together own 34.20%, and HBL Engineering owns 14.25%.
| Shareholder | Shares | Before IPO | Selling |
|---|---|---|---|
| CEAQ Technologies Pte. Ltd. (Singapore) | 1,45,90,200 | 25.47% | 41,55,096 |
| HBL Engineering | 81,63,000 | 14.25% | Nil |
| CEAQ Technologies Pvt. Ltd. (India) | 49,98,100 | 8.73% | 49,98,100 |
| Arvind Kondangi Lakshmikumar (promoter) | 49,68,400 | 8.67% | 11,50,000 |
| Ankit Kumar (promoter) | 30,36,700 | 5.30% | 5,80,000 |
| Florintree Flowtech LLP | 29,60,000 | 5.17% | Nil |
| Amansa Investments | 24,32,000 | 4.25% | Nil |
| Yali Deeptech Fund I | 24,00,000 | 4.19% | Nil |
| Cecilia D'Souza (promoter) | 19,77,500 | 3.45% | 2,30,000 |
RHP, Capital Structure
IndustryIndia electro-optical and infrared market CY2020: USD 522 million
- India electro-optical and infrared market CY2020
- USD 522 million
- Expected by CY2030
- USD 1.4 billion (10.5% a year)
- India defence spending FY2026
- USD 96.0 billion
- Defence spending expected by FY2030
- USD 113.6 billion (4.3% a year)
Frost & Sullivan report 'Assessment of Global and Indian Defence Electronics and Technology Industry' in the RHP, commissioned and paid for by the company (p. 181 and p. 205)
LitigationAgainst the company: tax: 6 · Against the company: civil (Singapore suit): 1 · Against directors: criminal and civil: 2
| Type | Cases | Amount |
|---|---|---|
| Against the company: tax | 6 | ₹3.56 crore |
| Against the company: civil (Singapore suit) | 1 | |
| Against directors: criminal and civil | 2 |
The Singapore suit, filed by a minority shareholder of CEAQ Singapore, also names the MD Arvind Kondangi Lakshmikumar and nominee director Amit Dilip Shah. The company denies the claims.
RHP, Risk Factor 32 (p. 57) and Outstanding Litigation (p. 447)
Company detailsLegal name, registered office, CIN and website
| Legal name | Tonbo Imaging India Limited |
| Former names | Sarnoff Innovative Technologies, Serial Innovations India |
| Promoters | Arvind Kondangi Lakshmikumar, Ankit Kumar, Cecilia D'Souza |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Tonbo Imaging IPO allotment status
Out from 21 Oct 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Tonbo Imaging India 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
Tonbo Imaging IPO FAQs
When does the Tonbo Imaging IPO open and close?
The Tonbo Imaging 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 Tonbo Imaging IPO price band and lot size?
The price is ₹700 per share. The lot size is 21 shares, so the minimum bid is 21 shares, or ₹14,700 at the upper price.
What is the Tonbo Imaging IPO size?
The Tonbo Imaging IPO is of ₹852.18 crore. It is an offer for sale only by CEAQ Technologies (India and Singapore), the three promoters, Vinimaya Advisory and other investors.
What is the Tonbo Imaging IPO allotment date?
Allotment is on Wednesday, 21 October 2026. Refunds and demat credit are expected on 22 October 2026.
What is the Tonbo Imaging IPO listing date?
Tonbo Imaging shares are due to list on BSE and NSE on Friday, 23 October 2026.
Who is the registrar of the Tonbo Imaging IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Tonbo Imaging do?
Tonbo Imaging is a Bengaluru-based defence electronics company that makes thermal imaging, targeting and guidance systems for armed forces in India and abroad.
Does Tonbo Imaging get money from the IPO?
No. It is an offer for sale only, so the money goes to the selling shareholders.
Why did Tonbo Imaging's revenue fall in FY26?
Exports dropped from 65.52% of revenue in FY25 to 5.57% in FY26. The RHP says its largest customer of FY24 and FY25 was not its largest in FY26.
What was the Tonbo Imaging IPO price?
The final issue price is ₹700 a share.
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