Tonbo Imaging India IPO
Closes Mon 19 Oct15–19 Oct 2026
Our IPO analysis
What stands out in the offer document
The five questions
-
1How it makes money₹58 of every ₹100 of sales comes from its "Tactical systems" segment.
-
2Is it growing, and is profit turning into cash?Sales fell 15% from FY24 to FY26 (₹428 cr → ₹363 cr).
-
3How much cushion does it have?Our first read of the document missed this. We are reading it again.
-
4What you pay, and who gets the moneyOur first read of the document missed this. We are reading it again.
-
5Who controls it, and what is on record?Promoters own 17% before the IPO.
What the document doesn't lead with
Each line pairs what the document leads with and what it also prints, with both pages.
From the draft document. The final prospectus may change it.
Every check we run on an offer document, and how often each one fires →
Tonbo Imaging India GMP history
| When | GMP | Trackers |
|---|---|---|
| 15 Oct, 06:59 IST | ₹500 (+71.4%) | 2 |
| 14 Oct, 23:04 IST | ₹500 (+71.4%) | 2 |
| 14 Oct, 19:56 IST | ₹500 (+71.4%) | 2 |
| 14 Oct, 19:19 IST | ₹500 (+71.4%) | 2 |
| 14 Oct, 17:50 IST | ₹500 (+71.4%) | 2 |
| 14 Oct, 16:06 IST | ₹500 (+71.4%) | 2 |
| 14 Oct, 15:36 IST | ₹500 (+71.4%) | 2 |
| 14 Oct, 14:42 IST | ₹500 (+71.4%) | 2 |
| 14 Oct, 13:49 IST | ₹500 (+71.4%) | 2 |
| 14 Oct, 07:25 IST | ₹480 (+68.6%) | 2 |
| 14 Oct, 04:02 IST | ₹470 (+67.1%) | 2 |
| 14 Oct, 01:00 IST | ₹470 (+67.1%) | 2 |
Showing the latest 12 of 21 readings.
Grey-market premium is unregulated and self-reported: a sentiment read, not a promise. Today's GMP for every IPO · How often GMP has been right
Never miss an IPO like this
One free email when each IPO opens: subscription, GMP and the DRHP breakdown.
Latest update:
GMP +71.4% (₹500) · Price band ₹665–₹700 · Closes 19 Oct 2026 · Allotment 21 Oct 2026 (Confirmed) · Lists 23 Oct 2026 (Expected)
GMP is a compass, not a ruler: across the 60 IPOs we followed to listing it pointed the right way 80% of the time. The record
What Tonbo Imaging India does
Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) that designs, develops, and manufactures sensing, processing, communication, and guidance systems for surveillance, reconnaissance, targeting, and control to enable battlefield autonomy.
Tonbo Imaging India financials
Rs crore · Annual| FY24 | FY25 | FY26 | ||
|---|---|---|---|---|
| Sales | 428 | 469 | 363 | |
| Operating Profit | — | — | — | |
| OPM % | — | — | — | |
| Net Profit | — | — | — | |
| Total Debt | 96 | 78 | 116 |
Tonbo Imaging India IPO offer structure
Offer for sale: ₹852 cr
The offer for sale alone, not the total raise: the document we read does not state the fresh-issue part.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Tonbo Imaging India promoters and holding
- Arvind Kondangi Lakshmikumar: Managing Director and Chief Executive Officer
- Ankit Kumar: Executive Director and Chief Business and Revenue Officer
- Cecilia D’Souza: Executive Director and Chief Commercial Officer
Tonbo Imaging India risks and strengths
- We are measured against high quality standards and stringent performance requirements by our customers. (p.281)
- We depend on our Promoters, Key Managerial Personnel, and skilled personnel with technical expertise. (p.282)
- Our Registered Office and Corporate Office are not located on land owned by us and we have only leasehold rights. (p.285)
Tonbo Imaging India peer comparison
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Paras Defence and Space Technologies Limited | Rs 1,287.05 -0.5% | 108.1x | 28.2% | 18.7% | live |
| Data Patterns (India) Limited | Rs 4,139.9 +1.3% | — | 33.3% | 19.9% | live |
| Astra Microwave Products Limited | Rs 1,674.3 -0.8% | 84.1x | 20.2% | 17.8% | live |
| Zen Technologies Limited | Rs 1,652.65 +2.6% | 75.9x | 44.4% | 8.8% | live |
| Bharat Electronics Limited | Rs 379.9 +1.7% | 45.2x | 28.1% | 35.2% | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Tonbo Imaging India market and competition
Over the period from April 2024 to March 2026, the company is the largest manufacturer in terms of sales value of thermal imaging systems to government and defence agencies in India. In addition, the company held a 94% market share of thermal imaging exports from India by units shipped between FY24 and FY26.
Tonbo Imaging India outlook, as the document states it
The company intends to increase product-centric R&D in short-range canister-launched loitering munitions, jet turbine-enabled long-range reconnaissance platforms, remote weapon stations for autonomous sentries, and high-altitude balloon platforms. It also plans to expand geographical presence and pursue strategic partnerships with global defence OEMs.
Tonbo Imaging India IPO: common questions
What is the Tonbo Imaging India IPO GMP (grey-market premium) today?
As of 15 Oct 2026 the indicative grey-market premium (GMP) for the Tonbo Imaging India IPO is +71.4% across 2 independent grey-market sources. GMP is unregulated and self-reported, so treat it as a sentiment signal, never a guarantee. For context, across the 60 IPOs we have tracked from a pre-listing GMP quote through to the actual listing, grey-market premium pointed the right way 80% of the time. Never decide on GMP alone. Today's GMP for every live IPO →
When does the Tonbo Imaging India IPO open and close?
The Tonbo Imaging India IPO is open for bidding from 15 Oct 2026 to 19 Oct 2026. You can bid on any working day in that window through a broker app or net banking, and a UPI mandate has to be approved by the cut-off time on the closing day. Allotment is fixed on the working day after the close. Open, allotment and listing dates for every IPO →
What is the Tonbo Imaging India IPO price band?
The Tonbo Imaging India IPO price band is ₹665–₹700 per share. You can bid at any price inside the band, and a retail investor can bid at cut-off, which accepts the final issue price, usually the top of the band. The minimum investment is always worked out at that upper end. How book building sets the price →
What is the lot size and minimum investment for the Tonbo Imaging India IPO?
One lot is 21 shares, and a retail application must be at least one lot. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category. Lot size and minimum investment, explained →
When are the Tonbo Imaging India IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 21 Oct 2026, refund/unblock around 22 Oct 2026 and listing around 23 Oct 2026. Treat these as estimates until the exchange confirms them. Allotment and listing dates for every IPO →
How do I apply for the Tonbo Imaging India IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
How often do these actually open above the issue price?
Of the 538 mainboard IPOs that have listed on the NSE since 2003, 381 (71%) opened above their issue price, at a median of +10%. That is the segment's own record, not a forecast for this issue.
Check it at the source: The offer document · NSE issues · SEBI offer documents
Cite or reuse this data
You're welcome to quote these figures in an article, newsletter or report. Please credit us with a link to this page:
Source: Tonbo Imaging India IPO data, IPO agent by Kredfit, updated 15 Oct 2026. https://ipoagent.kredfit.com/ipo/tonbo-imaging-india-limited-508800.htmlSource: <a href="https://ipoagent.kredfit.com/ipo/tonbo-imaging-india-limited-508800.html">Tonbo Imaging India IPO data – IPO agent by Kredfit</a> (updated 15 Oct 2026)