Bonfiglioli Transmissions IPO Analysis: GMP, Financials, Valuation & Risks

Summary

Bonfiglioli Transmissions’ mainboard IPO is open from October 15 to October 19, 2026, with a price band of ₹558 to ₹586 per share. The issue size is approximately ₹1,774.54 crore and consists of an offer for sale of approximately 4,69,98,959 equity shares.

The company makes industrial gearboxes and transmission solutions. Its reported financials show revenue and profit across the periods listed below; the offer also has supplier, input-cost, operating and compliance risks to consider.

IPO snapshot

Business

Bonfiglioli Transmissions Limited makes industrial gearboxes and transmission solutions. Its activities span Industry & Automation, Off-Highway Mobility and Wind.

The company has related-party revenue and cost links with the Bonfiglioli group. This is a structural feature of its operations and is relevant when assessing its business relationships.

Financials

The reported financial table does not state a unit, so we have left amounts without one.

Valuation

The available valuation metrics include return on equity of 23.05%, return on capital employed of 30.28% and a price-to-book value of 11.09. Basic EPS is 10.06 and NAV is 45.38. The P/E ratio is listed as N/A.

GMP

The unofficial grey market premium was ₹180 at 11:05 am IST on October 15, 2026. This is an unofficial quote, not an exchange figure. GMP is not a listing price, and the eventual listing may differ from it.

Strengths

• A Frost & Sullivan report cited in the offer documents claims a leadership position in India as of 6M FY2026.
• Revenue is spread across Industry & Automation, Off-Highway Mobility and Wind.
• The company reported an EBITDA margin of 19.78% and PAT margin of 13.04% in 6M FY2026.
• Operating cash flow was ₹1,298.96 million in 6M FY2026.
• Net debt was reported as negative, indicating a net cash position.
• Export-linked benefits cited include RoDTEP, duty drawback, EPCG and GST export mechanisms.

Risks

• Dependence on a limited supplier base, including related-party purchases, may disrupt supply or weaken bargaining power.
• Raw material and component costs are exposed to commodity swings, import duties, tariffs and foreign exchange movement.
• Equipment failure, labour issues, utility shortages, regulatory action or disasters may interrupt manufacturing and affect output and cash flows.
• Product or after-sales defects may lead to recalls, replacements and warranty costs.
• Disclosed control and compliance concerns include delayed statutory payments, missing audit trail features and non-India server backup concerns.
• Pending legal and tax matters may require future provisions or payments.
• Financial reporting relies on Indian Ind AS, pooling accounting and significant estimates, which may affect comparability and earnings quality.

Important dates

Promoters

The promoters are Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi, Bon-FI S.R.L and Bonfiglioli S.P.A.

FAQs

What is the Bonfiglioli Transmissions IPO price band?

The price band is ₹558 to ₹586 per share.

What is the retail minimum application?

The retail minimum is 1 lot of 25 shares, amounting to ₹14,650.

When does the IPO close?

The IPO closes on October 19, 2026.

What is the latest GMP?

The unofficial grey market premium was ₹180 at 11:05 am IST on October 15, 2026. GMP is an unofficial quote and may not match the listing price.

When is the expected listing date?

The scheduled listing date is October 23, 2026.

Sources

• Draft Red Herring Prospectus (DRHP)
• NSE: public issues
• BSE: public issues
• ipowatch: IPO details and unofficial GMP
• ipowatch: IPO GMP table (unofficial)