Tonbo Imaging India IPO 2026: Date, Price Band, GMP, Lot Size, Financials & Review

The Tonbo Imaging India IPO is a book-built issue worth ₹852.18 crore, comprising entirely an Offer for Sale (OFS). The IPO is scheduled to open for subscription on October 15, 2026, and close on October 19, 2026. The company operates in the aerospace and defence sector, specialising in electro-optic and infrared (EO/IR) technologies, thermal imaging systems, surveillance equipment and defence electronics.

The IPO price band is fixed at ₹665–₹700 per share, with a lot size of 21 shares. Retail investors need a minimum investment of ₹14,700 at the upper price band. The tentative listing date on BSE and NSE is October 23, 2026.

Tonbo Imaging India has an established presence in defence technology, serving customers across 24 countries. However, its latest reported financial performance shows a loss for the June 2026 quarter, making profitability and valuation important factors for investors to assess.

Tonbo Imaging India IPO Details

Note: The dates are tentative and subject to change. The issue details should be checked against the final offer documents before making an investment decision.

Tonbo Imaging India IPO Timeline

Investors can check their allotment status after the basis of allotment is finalised. The registrar is Kfin Technologies Ltd.

Tonbo Imaging India IPO GMP Today

As of October 12, 2026, the latest reported grey market premium (GMP) for the Tonbo Imaging India IPO is ₹295 per share.
 

Based on the reported GMP of ₹295 and the upper issue price of ₹700, the indicative listing price works out to ₹995 per share.

For a lot of 21 shares, a GMP of ₹295 represents an indicative gain of ₹6,195 over the upper-band application value. This is only a calculation based on unofficial market indications, not a guaranteed return.

GMP disclaimer: Grey market premiums are unofficial, unregulated and can change rapidly. They do not guarantee the listing price or actual returns. Investors should not make an IPO decision solely on the basis of GMP.

Tonbo Imaging India IPO Subscription Status

The Tonbo Imaging India IPO is scheduled to open on October 15, 2026. Therefore, live subscription figures are not available yet.

Subscription figures should be reviewed during the bidding period and after the IPO closes. High subscription demand can indicate investor interest, but it does not by itself establish whether an IPO is fairly valued.

Tonbo Imaging India IPO Day-Wise Subscription Trend

The IPO bidding period runs from October 15 to October 19, 2026. The subscription trend will become available once bidding begins.
 

October 17 and 18 fall on a weekend, so the schedule above lists the three expected bidding days. Investors can use the daily figures to track demand across retail, NII and QIB categories.

Tonbo Imaging India IPO Current Subscription Data

Live subscription data is currently unavailable because the issue has not opened. Once bidding starts, this section can be updated with category-wise applications and the overall subscription multiple.

Subscription data is dynamic and may change throughout the bidding period.

Tonbo Imaging India IPO Lot Size

The minimum application is 21 shares, and bids must be placed in multiples of the lot size. The following amounts are calculated at the upper price band of ₹700 per share.
 

These amounts represent the application value at the upper end of the price band. Investors should confirm the applicable investor-category limits and bid requirements before applying.

Tonbo Imaging India IPO Reservation

The reported reservation structure for the IPO is as follows:
 

The final allocation details should be verified in the Red Herring Prospectus (RHP). Actual allotment depends on valid bids and the applicable allocation rules.

About Tonbo Imaging India Limited

Tonbo Imaging India Limited was incorporated in 2003 and operates in the aerospace and defence sector. It designs, develops and manufactures defence electronics and advanced imaging technologies for defence and security applications.

Its product portfolio includes electro-optic and infrared technologies, embedded vision solutions, communication systems, guidance equipment and surveillance technologies. These systems are designed to support battlefield awareness, target acquisition, weapon control and other specialised defence requirements.
The company serves defence and security organisations across 24 countries, with more than 28,000 systems deployed in the field. According to the supplied company information, between FY2024 and FY2026, Tonbo was India's largest manufacturer of thermal imaging systems for government and defence agencies and the country's largest exporter of these systems by volume.

Tonbo's products are based on proprietary intellectual property. Its technologies are described as free from International Traffic in Arms Regulations (ITAR) restrictions, which can support access to international markets without certain export constraints associated with ITAR-controlled technology.

The company also participates in India's domestic defence manufacturing ecosystem. Its approved-supplier status under the Indigenously Designed, Developed and Manufactured (IDDM) framework aligns with the government's Make in India and Atmanirbhar Bharat initiatives.

As of June 30, 2026, Tonbo Imaging India had 339 permanent employees across product design, development, manufacturing, project management, sales, finance, human resources and management.

Key Business Verticals

1. Tactical Systems

Tonbo's tactical solutions support imaging, surveillance, reconnaissance and target acquisition. These systems help defence personnel improve situational awareness and identify potential threats in operational environments.

2. Platform Systems

The company develops subsystems for observation and fire-control functions across aerial, ground and weapon platforms. Its platform offerings also include systems designed for threat-neutralisation operations.

3. Directed Energy Systems

Tonbo is developing technology components intended to address emerging threats, including drone swarms. These components are being integrated into a high-power microwave platform marketed under the brand name WaveStrike.

The company's specialised product portfolio places it in a technology-intensive segment where research, engineering capabilities, manufacturing execution and defence procurement relationships can influence long-term performance.

Tonbo Imaging India IPO Objectives

The Tonbo Imaging India IPO consists entirely of an Offer for Sale.
 

Since the issue is entirely an OFS, the proceeds from the shares sold through the IPO will go to the selling shareholders, after applicable expenses and charges. The company will not receive fresh equity capital from the offer itself.
This distinction matters because an OFS does not directly add new funds to the company's balance sheet for expansion, debt repayment or research and development. Investors should review the offer documents for details about the selling shareholders and the purpose of their stake sale.

Tonbo Imaging India IPO Financial Performance

The following figures are the supplied restated consolidated financials. Amounts are in ₹ crore.

Financial Performance Analysis

• Revenue and income: Total income declined from ₹474.39 crore in FY2025 to ₹369.94 crore in FY2026, a decrease of approximately 22%. This indicates that the company experienced a weaker year in terms of reported income. Investors should examine order execution, customer concentration and the timing of defence contracts to understand the reasons behind the decline.
• Profitability: PAT fell from ₹72.76 crore in FY2025 to ₹50.88 crore in FY2026, a decline of around 30%. EBITDA also decreased from ₹139.06 crore to ₹104.62 crore. These figures point to lower earnings in FY2026 compared with the previous year.
• June 2026 quarter: For the period ended June 30, 2026, the company reported total income of ₹37.32 crore, a PAT loss of ₹17.74 crore and negative EBITDA of ₹13.04 crore. These results contrast with the positive full-year FY2026 figures. Investors should consider whether this reflects project timing, seasonality, order execution or other operating factors.
• Borrowings: Total borrowings increased from ₹78.14 crore in FY2025 to ₹116.06 crore in FY2026. Higher borrowings can increase financing costs and make cash-flow management more important.

The financial trend highlights both the company's established business base and the need to monitor revenue growth, profitability and debt levels. The latest quarterly loss is particularly relevant when evaluating the IPO valuation.

Tonbo Imaging India IPO Key Financial Ratios

The June 2026 figures show negative returns and margins, consistent with the reported quarterly loss. In contrast, the FY2026 figures show positive returns and margins.
The difference between the quarter and full-year performance makes it important to assess the company's earnings visibility and order pipeline rather than relying on a single period. The reported price-to-book value of 7.25x should also be considered alongside the company's return ratios and the valuation of comparable companies.

Tonbo Imaging India IPO Valuation

At the upper price band of ₹700, the supplied pre-IPO P/E ratio is 78.83x. This represents a relatively demanding earnings multiple and makes future earnings growth important to the investment case.

A conventional P/E ratio becomes less meaningful when earnings are negative. Investors should therefore consider the company's profitability trend, business prospects, cash flows and valuation against peers rather than relying on a single ratio.

The reported promoter holding is expected to decline from 18.58% before the IPO to 15.72% after the IPO. As the issue is entirely an OFS, the offer represents a sale of existing shares rather than a fresh capital raise for the company.

Data note: The supplied figures report FY2026 EPS of ₹8.88 in the valuation table and diluted EPS of ₹8.88 in the peer-comparison data. Investors should confirm the final EPS, post-issue capitalisation and valuation metrics from the RHP.

Tonbo Imaging India IPO Promoter Holding

The promoters listed in the supplied IPO information are:

• Ankit Kumar
• Arvind Kondangi Lakshmikumar
• Cecilia D’Souza

The reported decline in promoter holding reflects dilution through the sale of existing shares. Since the issue is entirely an OFS, investors should review the selling shareholders, the number of shares offered by each and the post-issue ownership structure in the offer documents.

Tonbo Imaging India IPO Peer Comparison

The supplied peer data includes listed companies operating in defence electronics, aerospace systems and related technology segments.

Peer metrics are reproduced from the supplied information and may use different reporting periods or calculation methods. Confirm comparable financial periods and valuation dates before making direct comparisons.

Tonbo Imaging India IPO: Competitive Strengths

1. Specialised defence technology portfolio

Tonbo develops electro-optic, infrared, thermal imaging, surveillance and targeting systems. These specialised products serve defence applications that require engineering expertise and reliable performance.

2. Proprietary intellectual property

The company's proprietary technologies and in-house research and development capabilities may support product differentiation and help it build specialised solutions for defence customers.

3. International presence

Tonbo serves defence and security organisations across 24 countries and reports more than 28,000 deployed systems. This international presence provides exposure to markets beyond India.

4. Alignment with domestic defence manufacturing

Its participation in India's IDDM framework aligns with the government's emphasis on domestic design, development and manufacturing of defence equipment.

5. Broad product applications

The company's tactical, platform and directed-energy systems address multiple operational requirements, including surveillance, target acquisition and emerging threats such as drone swarms.

Risks Investors Should Consider

1. Declining annual income and profit

Total income declined from ₹474.39 crore in FY2025 to ₹369.94 crore in FY2026, while PAT fell from ₹72.76 crore to ₹50.88 crore. Continued weakness could affect valuation and investor confidence.

2. Recent quarterly loss

The June 2026 quarter recorded a PAT loss of ₹17.74 crore and negative EBITDA of ₹13.04 crore. Investors should understand the reasons behind the loss and assess whether the company's performance is likely to recover.

3. Valuation risk

The supplied pre-IPO P/E of 78.83x indicates that investors may be paying a substantial multiple of reported earnings. If growth or profitability falls short of expectations, the share price could face pressure.

4. Defence procurement and project execution

Defence programmes can involve long procurement cycles, technical approvals, delivery milestones and customer-specific requirements. Delays in orders or execution may affect revenue recognition and cash flows.

5. Export and geopolitical exposure

International defence business can be influenced by export regulations, geopolitical developments and country-specific procurement policies. These factors can affect market access and contract timing.

6. OFS structure

The IPO is entirely an Offer for Sale. The company will not receive the issue proceeds as fresh equity capital, so the offer does not itself provide additional funding for expansion or debt repayment.

7. Borrowings and cash-flow requirements

Borrowings increased to ₹116.06 crore in FY2026 from ₹78.14 crore in FY2025. Investors should monitor debt levels, working-capital requirements and the conversion of reported profits into cash.

Should You Consider the Tonbo Imaging India IPO?

The Tonbo Imaging India IPO offers exposure to a specialised defence technology business with an international customer base, proprietary imaging technologies and products used in surveillance, targeting and other defence applications.

However, the investment case also has important considerations. FY2026 total income and PAT declined compared with FY2025, and the June 2026 quarter reported a loss. The supplied pre-IPO valuation is also relatively high, making future earnings performance an important factor.

Before applying, investors should review the final RHP, understand the reasons behind the latest quarterly loss, assess the company's order pipeline and cash-flow position, and compare its valuation with relevant listed peers. The reported GMP should not be treated as a reliable forecast of listing gains.

Whether the IPO suits an investor depends on their risk tolerance, investment horizon and assessment of the company's long-term profitability and valuation.

Based on the reported GMP of ₹295 and the upper issue price of ₹700, the indicative listing price works out to ₹995 per share.

Tonbo Imaging India IPO Allotment Status

The tentative basis-of-allotment date is October 21, 2026.

Investors can check their allotment status through the registrar's official IPO-status portal once the data becomes available.

Registrar: Kfin Technologies Ltd.

Allotment website: https://ipostatus.kfintech.com/

Investors will generally need their PAN, application number or demat details to check the result. Refunds and demat credit are tentatively scheduled for October 22, 2026.

Tonbo Imaging India IPO Registrar

• Kfin Technologies Ltd. is the registrar listed for the Tonbo Imaging India IPO.
• Address: Plot No. 31 & 32, Financial District, Nanakramguda, Serilingampally.
• Website: https://ipostatus.kfintech.com/
• Phone: 040-79615565
• Email: tonbo.ipo@kfintech.com

The registrar is responsible for processing IPO applications, finalising the basis of allotment and handling related investor queries.

Tonbo Imaging India IPO Lead Managers

The supplied IPO information lists the following book-running lead managers:

• JM Financial Ltd.
• IIFL Capital Services Ltd.

Investors can refer to the final offer documents for the complete issue-management details.

Tonbo Imaging India Company Details

Tonbo Imaging India IPO Summary

The Tonbo Imaging India IPO is a ₹852.18 crore book-built issue consisting entirely of an Offer for Sale. The IPO opens on October 15 and closes on October 19, 2026, with a price band of ₹665–₹700 per share and a lot size of 21 shares. 

The tentative listing date is October 23, 2026, on BSE and NSE. Tonbo operates in defence electronics and advanced imaging technologies, serving customers in 24 countries with more than 28,000 systems deployed. 

Its proprietary technology and specialised product portfolio provide exposure to the defence sector, but investors should carefully assess the decline in FY2026 income and profit, the June 2026 quarterly loss and the reported valuation before making an investment decision.

Based on the reported GMP of ₹295 and the upper issue price of ₹700, the indicative listing price works out to ₹995 per share.

Frequently Asked Questions (FAQs)

1. What is the Tonbo Imaging India IPO issue size?

The total issue size is ₹852.18 crore, comprising entirely an Offer for Sale.

2. What are the Tonbo Imaging India IPO dates?

The IPO is scheduled to open on October 15, 2026, and close on October 19, 2026.

3. What is the Tonbo Imaging India IPO price band?

The price band is ₹665–₹700 per equity share.

4. What is the minimum investment for the Tonbo Imaging India IPO?

The minimum lot is 21 shares. At the upper price band of ₹700, the minimum investment is ₹14,700.

5. What is the Tonbo Imaging India IPO GMP today?

The supplied GMP is ₹295 as of October 12, 2026. GMP is unofficial and can change before listing.

6. What is the expected listing price of Tonbo Imaging India shares?

Based on the reported GMP of ₹295 and the upper issue price of ₹700, the indicative listing price is ₹995. This is not a guaranteed listing price.

7. When will the Tonbo Imaging India IPO allotment be finalised?

The tentative basis-of-allotment date is October 21, 2026.

8. When is the Tonbo Imaging India IPO listing date?

The tentative listing date on BSE and NSE is October 23, 2026.

9. Who is the registrar of the Tonbo Imaging India IPO?

Kfin Technologies Ltd. is the listed registrar.

10. Will Tonbo Imaging India receive money from the IPO?

No fresh issue is included in the supplied details. The entire ₹852.18 crore issue is an OFS, meaning the proceeds go to the selling shareholders rather than being raised as fresh equity capital by the company.

Disclaimer

This article is for informational and educational purposes only and should not be considered investment advice or a recommendation to apply for the IPO. IPO details, financial figures, dates, valuation metrics and GMP data are based on the information supplied and should be independently verified against the company's official offer documents and exchange disclosures. Grey market premiums are unofficial and do not guarantee listing gains. Investors should evaluate their financial goals, risk tolerance and the company's fundamentals before making investment decisions.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.