Tonbo Imaging India IPO
Tonbo Imaging India LtdMainboard
This IPO opens on 15 Oct 2026.
- Open date
- 15 Oct 2026
- Close date
- 19 Oct 2026
- Min. Investment
- ₹14,700
- 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 Tonbo Imaging India Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Arvind Kondangi Lakshmikumar | 49,68,400 | 8.67% | 38,18,400 | 6.67% |
| Ankit Kumar | 30,36,700 | 5.30% | 24,56,700 | 4.29% |
| Cecilia D'Souza | 19,77,500 | 3.45% | 17,47,500 | 3.05% |
Financials of Tonbo Imaging India IPO
| Key Performance Indicators | Mar 2025 |
|---|---|
| Operating Revenue | - |
| Other Income | - |
| Total Income | 469.08 |
| Total Expenses | 375.12 |
| Profit Before Tax | - |
| Total Profit | 72.76 |
Tonbo Imaging India IPO Strengths & Risks
- Leading defence technology solutions provider with pioneering proprietary technologies.
- Driving innovation in defence electronics through in-house R&D with an asset light business model.
- Among the few defence electronics OEMs with a wide acceptability across the globe.
- Diversified defence product portfolio with deployability across all domains.
- Sound financials with healthy performance.
- Experienced and dedicated promoters and key managerial personnel with extensive domain knowledge.
- Risks Relating to the Business: The company's business is cyclical in nature on account of it being geopolitically driven and subject to government budget cycles. Further, tender-based procurement cycle results in poor revenue visibility, which may have an adverse impact on the company's business, financial stability, results of operations, investor confidence, and the ability to secure financing for growth or innovation.
- Risks Relating to the Business: While the company is not dependent on a single customer and its typically have short term, non recurring contracts with a majority of the company's customers which are based on tenders, some of its customers have contributed significantly to the company's revenue from operations in the three months ended June 30, 2026 and the last three Fiscals. If its customers choose not to source their requirements from the company or to terminate its contracts or purchase orders or tenders, the company's business, cash flows, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The company's top ten suppliers contributed to a significant portion of its total expenses; 164.00%, 68.77 %, 35.46%, and 67.49% of the company's total expenses in the three months ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, respectively. The company is dependent on its top ten suppliers and failures to maintain the company's relationship with its suppliers could adversely affect the company's business, financial condition, results of operations and prospects.
- Risks Relating to the Business: The company is dependent on limited global suppliers for critical components and other raw materials. The scarcity and cost of such critical components and raw materials could adversely affect its business, financial condition, results of operations and prospects.
- Risks Relating to the Business: As a global defence electronics OEM, our business is dependent on exports and the performance of geographies where we supply our products. In Fiscal 2025 and 2024, 65.52% and 48.61% of our revenue from operations was from exports and in particular from exports to Europe. Any adverse changes in the geographies where we supply our products could have an adverse impact on our business, cash flows, results of operations and financial condition.
- Risks Relating to the Business: We operate in an industry which is highly regulated and are subject to stringent government regulations. If we fail to comply with the applicable regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies or fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required for our business, our results of operations and cash flows may be adversely affected.
- Risks Relating to the Business: We are measured against high quality standards and stringent performance requirements by our customers. Any failure by us to comply with these standards or performance requirements may lead to the cancellation of existing and future orders, recalls, liquidated damages or warranty and indemnity or liability claims, which could adversely affect our reputation, business, results from operations, financial conditions and cash flows.
- Risks Relating to the Business: We may be required to issue performance bank guarantees for quality defects or delay in delivery, which could adversely affect our reputation, business, results from operations, financial conditions and cash flows.
- Risks Relating to the Business: Any failure to protect or enforce our rights to own or use trademarks and brand name and identity could have an adverse effect on our business, goodwill and competitive position.
- Risks Relating to the Business: We derive a significant portion of our revenues from the sale of tactical systems, which represented 59.55%, 58.37, 77.24%, 83.90%of our revenue from operations for the three months ended June 30, 2026 and Fiscals 2026, 2025, 2024, respectively. Any decline in the demand for our tactical systems would have an adverse effect on our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: We have in the past entered into related party transactions, inter alia, sale of goods, purchase of project materials, technical support services - payables, remuneration paid to directors, reimbursement of expenses, etc and may continue to do so in the future.
- Risks Relating to the Business: We have a history of negative cash flows from operating activities and decrease in cash and cash equivalents. We had negative net cash flow (used in) operating activities of Rs.(146.83) million, Rs.(632.16) million and Rs.(1,361.19) million and net decrease in cash and cash equivalents of Rs.(98.59) million, Rs.(632.91) million and Rs.(137.49) million in the three months ended June 30, 2026 and Fiscals 2026 and 2025, respectively. If we are unable to generate adequate revenue and manage our cash flows and expenses, it may have an impact on our results of operations, business and cash flows.
- Risks Relating to the Business: Our operations are dependent on research and development ("R&D"), thus our inability to introduce new products and respond to changing customer preferences in a timely and effective manner, may have an adverse effect on our business, results of operations and financial condition.
- Risks Relating to the Business: Any shutdown of our existing research centre or other production problems caused by unforeseen events may reduce sales and adversely affect our business, cash flows, results of operations and financial condition.
- Risks Relating to the Business: Post the filing of the Previous DRHP, certain complaints have been made against our Company by certain persons including anonymous person/ person using pseudonym to, inter alia, SEBI, the BRLMs, Stock Exchanges, the Ministry of Defence, Government of India and the Department for Promotion of Industry and Internal Trade, as applicable. Such complaints may adversely affect our reputation, business and if they result in legal claims against us, it could require us to incur expenditure and management attention in defending such legal claims. There is no assurance that there will not be further complaints against our Company which might divert the time, attention and resources of our management.
- Risks Relating to the Business: Our business works on a longer gestation period wherein, there is considerable time gap between the receipt of order and the payment, thereby affecting our working capital requirements and profitability of the business. Any failure in arranging adequate working capital for our operations or furnishing performance bank guarantees may adversely affect our business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: We are dependent on our contract manufacturers for the large scale manufacturing of most of our products and this subjects us to risk which, if realized, could materially and adversely affect our business, results of operations and financial condition. Further, any delays, quality issues, or disruptions can adversely impact our business.
- Risks Relating to the Business: We may not qualify for or win bids to further expand our business, which may have an adverse effect on our business, financial condition, results of operations and prospects. Further, the number of orders we have received in the past, our current order book and our growth rate may not be indicative of the number of orders we will receive in future. Any delays in execution of our orders expose us to revenue volatilities adversely impacting our revenue from operations, cash flows and financial conditions.
- Risks Relating to the Business: We have delayed in making certain regulatory filings required to be made with the RoC under applicable law in the three months ended June 30, 2026 and Fiscals 2026, 2025 and 2024. Any delay in regulatory filings by us in the future, may result in the imposition of penalties and in turn may have an adverse effect on our business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: Certain rights granted to our investors under the Shareholders' Agreement may affect our operations post-listing, and certain provisions of the Shareholders' Agreement will continue to survive the listing of the Equity Shares.
- Risks Relating to the Business: We depend on our Promoters, Key Managerial Personnel, and other senior management and skilled and qualified personnel with technical expertise, and if we are unable to recruit and retain them, our business and our ability to operate or grow our business may be adversely affected.
- Risks Relating to the Business: Failure to compete effectively against our competitors and new entrants to the industry may adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Our products are complex and technologically advanced and could have unknown defects or errors which could lead to accidents and injury of other aerial or ground objects, including living beings, which in turn may have an adverse effect on our business, financial condition and results of operations.
- Risks Relating to the Business: We could incur losses under our fixed price contracts as a result of cost overruns, delays in delivery or failures to meet contract specifications which may have an adverse effect on our business, financial condition and results of operations.
- Risks Relating to the Business: If we are unable to maintain our relationships with our system integrators or if any of them change the terms of their arrangements with us, our business could be adversely affected.
- Risks Relating to the Business: We have significant employee benefit expenses, such as salaries and bonus, gratuity, staff welfare expenses, expense on ESOP and contribution to provident and other funds. In case we face an increase in employee benefit expenses that we are unable to pass on to our customers, we may be prevented from maintaining our competitive advantage and our profitability may be impacted.
- Risks Relating to the Business: Our Company will not receive any proceeds from the Offer for Sale. Our Selling Shareholders will receive the proceeds from the Offer for Sale.
- Risks Relating to the Business: Security breach in classified government systems could adversely affect our business.
- Risks Relating to the Business: Our operations involve activities and materials which are hazardous in nature and could result in a suspension of operations, injury to our personnel, emission of pollutants and/or the imposition of civil or criminal liabilities which could adversely affect our business, results of operations, cash flow and financial condition.
- Risks Relating to the Business: An inability to effectively manage our growth, implement our strategies and expansion plan may have an adverse effect on our business prospects and future financial performance.
- Risks Relating to the Business: We are dependent on third party transportation and logistics service providers. Any increase in the charges of these entities or any defect, damage or destruction caused to our products during the process of delivery could adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Our Company is involved in certain outstanding legal and regulatory proceedings. Further, one of our Directors is involved in certain outstanding legal proceedings. Any adverse decision in such proceedings may have an adverse effect on our business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: We have incurred indebtedness and an inability to obtain further financing or to comply with repayment and other covenants in our financing agreements could adversely affect our business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The industry in which we operate is subject to significant technical, competitive, operational and regulatory challenges globally and in India, which could adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Our Registered Office (which is also our research centre) and Corporate Office 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 and results of operations may be adversely affected.
- Risks Relating to the Business: Our Corporate Office has been leased to us by one of our Promoters. We cannot assure you that we could not have achieved more favorable terms had such transactions been entered into with unrelated parties and that such transactions, will not have an adverse effect on our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: If we are unable to establish and maintain an effective internal controls and compliance system, our business and reputation could be adversely affected.
- 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: There have been certain instances of delays in payment of statutory dues by us in the past. Any delay in payment of statutory dues by us in future, may result in the imposition of penalties and in turn may have an adverse effect on our business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: The loss of certain independent certification and accreditation of our products and the manufacturing practices that we have adopted could harm our business.
- Risks Relating to the Business: Exchange rate fluctuations may adversely affect our business, financial conditions, cash flows and results of operations.
- Risks Relating to the Business: We have certain contingent liabilities that have been disclosed in our financial statements, which if they materialize, may adversely affect our results of operations, cash flows and financial condition.
- Risks Relating to the Business: We may be unable to detect, deter and prevent all instances of fraud or negligence or other misconduct committed by our employees, customers or other third parties, which may have a material adverse effect on our business, results of operations and financial condition.
- Risks Relating to the Business: Our insurance coverage may not be adequate or we may incur uninsured losses or losses in excess of our insurance coverage which may impact our financial condition, cash flows and results in operations.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from the industry report titled "Assessment of Global and Indian Defence Electronics and Technology Industry" which is a paid report and commissioned and paid for by us exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: Our Promoters, our Directors and, certain Key Managerial Personnel and Senior Management may have interests in our Company in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: Most of our Directors do not have prior experience of holding a directorship in a company listed on the Stock Exchanges which may subject us to adverse regulatory actions if we are not able to comply with applicable laws, resulting in an impact on the price of our Equity Shares.
- Risks Relating to the Business: Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance have been included in this Red Herring Prospectus. These non- GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- Risks Relating to the Business: Any downgrade in our credit rating may restrict our access to capital and thereby adversely affect our business, financial conditions, cash flows and results of operations.
- Risks Relating to the Business: Our Company has recently undertaken a bonus issue and a sub-division of the face value of the Equity Shares. There may be historical per-share financial metrics not adjusted for these corporate actions, which will not be comparable with the data presented in this RHP and should not be relied upon.
