Incorporated in December 2003, Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) engaged in the design, development, and manufacturing of advanced electro-optic, infrared (EO/IR), embedded vision, communication, guidance, and surveillance systems for defence and security applications. The company offers a diversified portfolio of battlefield solutions, including thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems, and handheld thermal imaging devices.
Products:
- Tactical systems: These systems are focused on the functions of imaging, surveillance, reconnaissance and targeting.
- Platform systems: Two kinds of platform systems – (a) subsystems that can provide observation and fire control capabilities to a range of aerial, ground and weapon platforms and (b) end platforms that actually perform the task of threat neutralization.
- Directed energy systems: To counter the threat of drone swarms, they have designed a portfolio of technology components that are being assembled into a high power microwave (“HPM”) platform with the brand name - WaveStrike.
Tonbo serves defence and security organizations across 24 countries with over 28,000 field-deployed systems. The company is India's largest manufacturer of thermal imaging systems for government and defence agencies (FY24–FY26) and the country's largest exporter of thermal imaging systems by volume. Its products are developed using fully owned intellectual property and are free from ITAR (International Traffic in Arms Regulations) restrictions, enabling exports to global markets without geopolitical limitations.
The company operates an innovation-driven business model backed by strong in-house R&D, proprietary technologies, and advanced manufacturing capabilities. As an approved supplier under India's IDDM (Indigenously Designed, Developed and Manufactured) defence procurement framework, Tonbo supports the Government's 'Make in India' and 'Atmanirbhar Bharat' initiatives.
As of June 30, 2026, the company employed 339 permanent employees across product design & development, manufacturing, project management, sales, finance, HR, and management functions.
Key Strengths
- Leading defence electronics OEM with proprietary electro-optic and thermal imaging technologies.
- Strong in-house R&D capabilities with complete ownership of core intellectual property.
- Diversified portfolio of battlefield surveillance, targeting, guidance, and imaging solutions.
- Global presence with 28,000+ deployed systems across 24 countries and ITAR-free export capability.
- Asset-light, innovation-driven business model supported by healthy financial performance.
- Experienced management team with deep expertise in defence technology and product development.
| Purpose | Amount (₹ Cr) |
|---|---|
| — |
| Metric | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|---|
| Total Assets | 783 | 783 | 726 |
| Revenue | 37 | 370 | 474 |
| PAT | -18 | 51 | 73 |
| EBITDA | -13 | 105 | 139 |
| Net Worth | 539 | 553 | 490 |
| Reserves | 527 | 542 | 489 |
| Total Borrowing | 130 | 116 | 78 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 3.92 | 2,432,010 | 9,543,324 |
| NII / HNI | 5.96 | 1,824,007 | 10,873,380 |
| Retail (RII) | 3.21 | 4,256,016 | 13,668,207 |
| Employee | — | 14,000 | — |
| Total | 4.01 | 8,526,033 | 34,176,156 |
* Amount calculated at upper price band (₹700) · ** Total includes all investor categories
- 1 Initiation of Refund 22 Oct 2026
- 2 Credit of Shares to Demat 22 Oct 2026
- 3 Lock-in Period (30%) Fri, Nov 20, 2026
- 4 Lock-in Period (50%) Tue, Jan 19, 2027
- The IPO P/E of 79x reflects a weak valuation relative to typical market ranges.
- Pre-issue EPS of ₹9.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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