Bonfiglioli Transmissions IPO
Bonfiglioli Transmissions LtdMainboard
This IPO opens on 15 Oct 2026.
- Open date
- 15 Oct 2026
- Close date
- 19 Oct 2026
- Min. Investment
- ₹14,650
- Lot Size
- -
- Fresh Issue
- ₹-
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Current step: IPO open date15 Oct 2026
- Upcoming: IPO close date19 Oct 2026
- Upcoming: Allotment date21 Oct 2026
- Upcoming: Funds unblock or debit22 Oct 2026
- Upcoming: Tentative listing date23 Oct 2026
About
Promoter shareholding in Bonfiglioli Transmissions Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Bonfiglioli S.p.A. | 18,79,95,834 | 100.00% | 14,47,56,792 | 77.00% |
Bonfiglioli Transmissions IPO Strengths & Risks
- End-to-end technology-led power transmissions and industrial drive solutions provider across business verticals.
- Highly diversified offerings across business verticals and customer industries.
- Established parentage and trusted brand backed by global and local R&D capabilities.
- Deep relationships with marquee customers built through decades of collaboration, a strong sales team and dealer network and after-sales service support.
- State-of-the-art manufacturing infrastructure with embedded industry 4.0 principles supported by an efficient and localized supply chain network.
- Stable and experienced management team delivering strong financial performance.
- Risks Relating to the Business: We depend on a limited number of suppliers for procurement of raw materials and components required for our manufacturing operations. Our largest supplier is Bonfiglioli Riduttori S.p.A, a related party. Purchases from our related parties represented 15.53%, 16.75%, 15.18%, 17.00% and 19.98%, and purchases from our top 10 suppliers represented 40.84%, 41.74%, 41.20%, 45.62% and 47.52% of our total purchases of raw materials and components in the six months periods ended June 30, 2026 and 2025 and in Fiscals 2025, 2024 and 2023, respectively. As we do not have definitive agreements with our suppliers, any interruption in the availability of raw materials and components on account of any disruption, breakdown or shutdown of our suppliers' operations could adversely impact our operations.
- Risks Relating to the Business: Any increase in the prices of raw materials and components required for our operations or levy of duties on the materials we import for our operations, could adversely affect our business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: Any unscheduled, unplanned or prolonged disruption of operations at our manufacturing facilities could materially and adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Any actual or perceived defects in our gearboxes and drive systems or the sales and after-sale services provided through dealers or third parties may adversely impact our brand, reputation, and ability to sell our products, which could have an adverse impact on our operations.
- Risks Relating to the Business: We depend on BSPA, one of our Corporate Promoters, for certain aspects of our operations, including the license to manufacture and sell products under its intellectual property including the "Bonfiglioli" trade name and trademark for which we pay a consideration of 6% of our annual sales of the specified products (excluding sales to BSPA and net of discounts and allowances). Any adverse change in our relationship with BSPA could have an adverse impact on our business, financial condition, results of operations, cash flows and reputation.
- Risks Relating to the Business: We depend on BSPA, one of our Corporate Promoters, and other companies in the Bonfiglioli Group for certain aspects of our operations including administrative and corporate services. Any adverse change in our relationship with BSPA and the companies in the Bonfiglioli Group could have an adverse impact on our business, financial condition, results of operations, cash flows and reputation.
- Risks Relating to the Business: We have entered into and will continue to enter into related party transactions with BSPA and companies within the Bonfiglioli Group that may involve conflicts of interest, which could adversely impact our business. The arithmetic aggregate absolute total of income from related parties represented 19.91%, 14.29%, 15.59%, 17.66% and 17.70% of our total income in the six months periods ended June 30, 2026 and 2025 and in Fiscals 2025, 2024 and 2023, respectively, while the arithmetic aggregate absolute total of expenses from related parties represented 32.71%, 32.38%, 24.83%, 25.20% and 28.66% of our total expenses in the six months periods ended June 30, 2026 and 2025 and in Fiscals 2025, 2024 and 2023, respectively.
- Risks Relating to the Business: We depend on a limited number of customers for our sales, and revenue from our top 10 OEM customers represented 31.72%, 37.83%, 36.60%, 34.38% and 32.82% of our total revenue from operations (continuing operations) in the six months periods ended June 30, 2026 and 2025 and in Fiscals 2025, 2024 and 2023, respectively. As we do not have long-term binding agreements with all our customers, any reduction in orders from, or loss of, any of our major customers could adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Failure to successfully commercialise co-engineered products could adversely affect our business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: Certain corporate records and forms filed by us with the RoC, are not traceable. While we have conducted a search with the RoC, in respect of the unavailability of such forms and other records, we cannot assure you that such forms or records will be available at all or any time in the future.
- Risks Relating to the Business: We may not be able to compete successfully in the highly competitive, price sensitive, and fast evolving market for gearboxes and drive systems which could have an adverse impact on our operations.
- Risks Relating to the Business: Our inability to accurately forecast order volumes or optimally schedule production, may lead to under or over capacity utilisation, which could adversely affect our manufacturing schedules and related costs.
- Risks Relating to the Business: Our ongoing and proposed capacity addition plans are subject to the risk of unanticipated delays in implementation and cost overruns.
- Risks Relating to the Business: We partly depend on our dealer network for the sale of our gearboxes and the provision of services, including after-sale services to customers under our Industry & Automation Solutions ("I&A") vertical. Any disruption in this network could adversely affect our business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: Our manufacturing facilities at Talegaon (Maharashtra) and Mannur (Tamil Nadu) are not located on land owned by us and we have only leasehold rights. In the event we lose or are unable to renew such leasehold rights, our business, financial condition, results of operations and cash flows may be adversely affected.
- Risks Relating to the Business: Our global sales involve challenges and risks including in relation to inflation, exposure to foreign exchange fluctuations, trade restrictions, geopolitical developments and compliance with international laws, that could increase our costs, adversely affect our business, financial condition, results of operations, cash flows and require increased time and attention from our management.
- Risks Relating to the Business: There are outstanding legal proceedings involving our Company, directors and promoters. Any adverse outcome in such proceedings may have an adverse impact on our reputation, business, financial condition, results of operations and cash flows
- Risks Relating to the Business: Our Statutory Auditor's examination report on our restated financial statements discloses certain modifications and certain matters specified in the Companies (Audit and Auditors) Rules, 2014 and Companies Auditor's Report Order, 2020, that were included in the reports for the audited financial statements for the six months periods ended June 30, 2026 and June 30, 2025, and Fiscals 2025, 2024 and 2023.
- Risks Relating to the Business: There have been delays in payment of statutory dues by our Company. Inability to make timely payment of our statutory dues could result us into paying interest on the delay in payment of statutory dues which could adversely affect our business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: After the completion of the Offer, one of our Corporate Promoters, Bonfiglioli S.p.A will continue to hold substantial shareholding in our Company.
- Risks Relating to the Business: We or BSPA may not succeed in continuing to establish, maintain and strengthen the "Bonfiglioli" brand and the brand could be harmed by complaints and negative publicity, in India and globally, which could have an adverse impact on our reputation, business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: We substantially depend on the sales of yaw and pitch drives to the Wind Industry, and low to medium duty gear motors to customers in the Industry & Automation vertical. Any decrease in the demand for or disruption in the manufacture of these products, could adversely impact our operations.
- Risks Relating to the Business: We require certain approvals and licences in the ordinary course of business, and the failure to obtain or retain them in a timely manner may adversely affect our operations.
- Risks Relating to the Business: Non-compliance with, and changes in, safety, health and environmental laws and various labour, workplace and related laws and regulations may increase our compliance costs and as such adversely affect our business, financial condition, results of operations, cash flows, and prospects.
- Risks Relating to the Business: We have not been able to obtain certain records of educational qualifications of one of our Individual Promoters.
- Risks Relating to the Business: Our business depends substantially on the continued efforts of our management including members of our Senior Management and other qualified personnel, and our operations may be disrupted if we lose their services.
- Risks Relating to the Business: We use heavy machinery at our manufacturing facilities which could cause bodily harm and accidents, which in turn could adversely impact our operations.
- Risks Relating to the Business: Our warranty reserves may be insufficient to cover future warranty claims, which could adversely affect our business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: We may be negatively impacted by any early obsolescence of our manufacturing equipment and the spare parts or software used in such equipment.
- Risks Relating to the Business: Disruptions of transportation network and transportation infrastructure or deficiencies in service provided by our logistic service providers may have an adverse effect on our business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: Our manufacturing operations may be subject to strikes, work stoppages or increased wage demands by our employees or the employees of our sub-contractors.
- Risks Relating to the Business: Our EBITDA (excluding Other Income) Margin and PAT Margin were the lowest among our listed industry peers in Fiscals 2024 and 2023, and lower than certain of our listed industry peers in Fiscal 2025. Our inability to improve our operating and profitability margins in the future may adversely affect our business, financial condition, results of operations and cash flows, and our ability to compete effectively with our listed peers.
- Risks Relating to the Business: We may be unable to adequately protect our intellectual property rights and those of the Bonfiglioli Group and an infringement of such intellectual property may substantially harm our business.
- Risks Relating to the Business: We require power, fuel and water for our operations and any disruption to the supply of power, fuel or water could disrupt our manufacturing operations and increase our production costs, which could adversely affect our results of operations.
- Risks Relating to the Business: We rely primarily on third-party insurance policies to insure our operations-related risks. If our insurance coverage is inadequate, it may have an adverse effect on our business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: We have certain contingent liabilities as per Ind AS-37 "Provisions, Contingent Liabilities and Contingent Assets", and our business, financial condition, results of operations, and cash flows could be adversely affected if any of these contingent liabilities materialise.
- Risks Relating to the Business: Our inability to collect receivables and default in payment from our customers could adversely affect our cash flows.
- Risks Relating to the Business: If we are unable to establish and maintain effective internal controls and a compliance system, our business and reputation could be adversely affected.
- Risks Relating to the Business: We have used information from the F&S Report which has been commissioned and paid for by our Company for industry related data in this Red Herring Prospectus and any reliance on such information is subject to inherent risks.
- Risks Relating to the Business: Two of our manufacturing facilities are located in the Kancheepuram district of Tamil Nadu and any adverse development affecting such region may have an adverse effect on our business, prospects, financial condition and results of operations.
- Risks Relating to the Business: Internal or external fraud or misconduct by our employees could adversely affect our reputation, business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: Technology failures could disrupt our operations and adversely affect our business operations and financial performance.
- Risks Relating to the Business: A majority of our Directors do not have prior experience of holding a directorship in a company listed on the Stock Exchanges.
- Risks Relating to the Business: The withdrawal, cessation, reversal of benefits and exemptions availed by our Company could have a material adverse effect on our business, operations, prospects or financial results.
- Risks Relating to the Business: Information relating to the available capacity and capacity utilization of our manufacturing facilities included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- Risks Relating to the Business: Our Promoters may have interest other than reimbursement of expenses incurred and normal remuneration or benefits.
- Risks Relating to the Business: Certain of our Promoters and Directors may be involved with ventures which are in the same line of business as our Company. This may involve conflict of interests, which could adversely impact our business.
- Risks Relating to the Business: We depend on contractors and sub-contractors for the timely and successful completion of construction works, and their failure to complete the project on time or at all may adversely affect our business and profitability.
- Risks Relating to the Business: We have in this Red Herring Prospectus included certain non-generally accepted accounting principle ("Non-GAAP") financial measures related to our operations and financial performance. These Non- GAAP measures may vary from any standard methodology that is applicable across the industry in which we operate, and therefore may not be comparable with financial or statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by our Promoter may be less than the Offer Price.
- Risks Relating to the Business: The Offer Price, enterprise-value to revenue multiple and enterprise-value-to-EBITDA ratio based on the Offer Price of our Company, may not be indicative of the market price of our Company on listing or thereafter.
- Risks Relating to the Business: The requirements of being a listed company may strain our resources which may have a material adverse impact on our operations.
