IPO Analysis
Tonbo Imaging IPO Analysis: GMP, Financials, Valuation & Risks
Tonbo Imaging’s IPO is open from October 15 to October 19, 2026. Review its price band, financials, valuation, unofficial GMP and key risks.
By Vraj Shah
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Tonbo Imaging’s mainboard IPO is open from October 15 to October 19, 2026, with a price band of ₹665 to ₹700 per share. The issue size is approximately ₹596.82 crore, and the minimum retail application is 21 shares for ₹14,700.
The company has reported full-year profits in the financial figures provided, alongside a revenue decline in Fiscal 2026. Its defence business faces tender-driven demand, supplier concentration, working capital pressure and borrowing-related risks.
IPO snapshot
| Detail | Information |
|---|---|
| IPO type | Mainboard |
| Issue type | Book building issue |
| Price band | ₹665 to ₹700 per share |
| Face value | ₹2 per equity share |
| Minimum retail lot | 21 shares, 1 lot, ₹14,700 |
| Issue size | Approximately ₹596.82 crore |
| Offer for sale | Approximately 1,80,85,246 equity shares |
| Fresh issue | Not available |
| Open date | October 15, 2026 |
| Close date | October 19, 2026 |
| Exchanges | BSE, NSE |
Tonbo Imaging has a retail maximum application of 273 shares, or 13 lots, for ₹1,91,100. The minimum S-HNI application is 294 shares for ₹2,05,800, while the minimum B-HNI application is 1,449 shares for ₹10,14,300.
Business
Tonbo Imaging operates in imaging and technology, with defence-focused products and systems. It reports 100% ownership of its intellectual property since Fiscal 2024 through assignment agreements dated March 11, 2024, and more than 28,000 systems deployed across 24 countries as of June 30, 2026.
Its EO/IR portfolio is stated to be free from ITAR export restrictions. The company uses outsourced manufacturing at scale and in-house prototyping, and has ISO 9001:2015 certification with 40 quality control personnel as of June 30, 2026.
Financials
The financial figures below are reported without a unit specified here. We haven't assigned a currency or scale to them.
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 431.90 | 336.94 | 68.54 | 574.68 |
| 2025 | 474.39 | 374.35 | 72.76 | 726.36 |
| 2026 | 369.94 | 299.98 | 50.88 | 782.50 |
The IPO analysis reports a 22.69% revenue fall in Fiscal 2026. It also describes negative EBITDA and negative basic EPS in the latest quarter, after profitable full years in FY25 and FY26.
Valuation
| Measure | Reported figure |
|---|---|
| Basic EPS | 9.19 |
| ROE | 9.75% |
| RONW | 9.75% |
| ROCE | 14.54% |
| EBITDA margin | 28.85% |
| PAT margin | 13.75% |
| NAV | 96.57 |
| Price-to-book value | 7.25 |
The P/E ratio is listed as N/A. The supplied debt-to-equity entry is a placeholder, so we haven't treated it as a ratio. These figures offer valuation and return measures, but should be read alongside the reported revenue decline and the company's operating and liquidity risks.
GMP
Tonbo Imaging’s unofficial grey market premium (GMP) was ₹500 at 11:05 am IST on October 15, 2026. This is an unofficial quote, not an exchange figure. GMP can change, and the listing price may differ from it.
Strengths
- The company reports 100% ownership of its intellectual property since Fiscal 2024.
- More than 28,000 systems had been deployed across 24 countries as of June 30, 2026.
- Its EO/IR portfolio is stated to be free from ITAR export restrictions.
- It has Tier-2 AEO certification and uses advance authorisations for trade benefits.
- ISO 9001:2015 certification and 40 quality control personnel support its quality processes.
Risks
- Defence procurement is cyclical and can be affected by geopolitical conditions. Customer contracts are tender-based and short term, which can make order flow uneven.
- The top ten suppliers accounted for 68.77% of expenses in Fiscal 2025 and 164.00% in the June 2026 quarter, indicating supplier concentration.
- Operating cash flows have been negative, and cash and cash equivalents declined in each reported period.
- Inventory rose from ₹2,194.85 million to ₹3,196.33 million in three months, increasing working capital pressure and the risk of obsolescence.
- Borrowings of ₹2,462.53 million and restrictive covenants create refinancing and default risks if performance weakens.
- Delayed statutory dues and lease-related title, renewal, registration or relocation issues may lead to penalties, disruption or added costs.
Important dates
| IPO event | Date |
|---|---|
| Issue opens | October 15, 2026 |
| Issue closes | October 19, 2026 |
| Allotment | 2026 |
| Refunds | 2026 |
| Credit to demat | 2026 |
| Listing | 2026 |
Promoters
The promoters are Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia DSouza.
FAQs
What is the Tonbo Imaging IPO price band?
The price band is ₹665 to ₹700 per share.
What is the minimum retail application?
The minimum retail application is 21 shares, costing ₹14,700.
When does the IPO close?
The issue closes on October 19, 2026.
What is the latest reported GMP?
The unofficial grey market premium was ₹500 at 11:05 am IST on October 15, 2026. It is not an exchange figure and may change.
Who are the promoters of Tonbo Imaging?
The promoters are Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia DSouza.