Tonbo Imaging India IPO

Last updated: October 14, 2026 at 7:35 pm IST

Tonbo Imaging India IPO Price Range is ₹665 - ₹700, with a minimum investment of ₹14,700 for 21 shares per lot.

Minimum Investment

₹14,700

/ 21 shares

IPO Status

Pre-application open

Price Band

₹665 - ₹700

Bidding Dates

Oct 15, 2026 - Oct 19, 2026

Issue Size

₹852.18 Cr

Lot Size

21 shares

Min Investment

₹14,700

Listing Exchange

BSE

IPO Doc

RHP PDF

Tonbo Imaging India IPO Application Timeline

Open Date15 Oct 2026

Close Date19 Oct 2026

Allotment Date21 Oct 2026

Listing Date23 Oct 2026

Objectives of IPO

Tonbo Imaging India Limited is launching an initial public offering (IPO) of up to 12,174,046 equity shares, each with a face value of ₹2. The entire issue is an Offer for Sale (OFS) by existing shareholders, with no fresh issue of shares. This means the company is not issuing new shares to raise money for itself. Instead, existing shareholders will sell some of their holdings, and the proceeds will go to those selling shareholders after applicable offer expenses and taxes. According to the company, the IPO has two main objectives.
The first objective is to list the company's equity shares on the BSE and NSE. A stock market listing can improve Tonbo Imaging's visibility and brand recognition among customers, defence organisations, and industry partners. It also creates a public market where existing shareholders can buy or sell shares more easily. However, since the company is not raising fresh capital through this IPO, the listing itself will not directly increase its cash balance or provide additional funds for working capital, debt repayment, or expansion. Its main benefit under this objective is to establish a presence in the public markets and make its shares available for trading.
The second objective is to complete the Offer for Sale of up to 12,174,046 equity shares held by the promoter and investor selling shareholders. Through this offer, existing shareholders can sell part of their holdings and receive the proceeds from the shares they sell, after deducting their share of the offer expenses and applicable taxes. In simple terms, this part of the IPO provides an opportunity for existing investors to realise some of the value of their investments. It does not bring fresh money into the company. As stated in the IPO objectives, the proceeds will not be available to fund business operations, reduce debt, meet working capital requirements, or support future expansion.

Financial Performance of Tonbo Imaging India

*Value in ₹ crore

Details	FY24	FY25	FY26
Total Revenue	₹428.19	₹469.08	₹362.65
Total Assets	₹574.68	₹726.36	₹782.50
Total Profit	₹68.54	₹72.76	₹50.88

Tonbo Imaging India Limited reported operational revenue of ₹428.19 crore in FY24, followed by growth of 9.55% to ₹469.08 crore in FY25. The increase was supported by the execution of export orders. However, revenue fell by 22.69% to ₹362.65 crore in FY26 as conflicts in West Asia delayed shipments and pushed some orders into later periods. The trend highlights an important feature of the business: Tonbo can receive demand from international defence customers, but the timing of deliveries and revenue can still be affected by geopolitical developments and defence procurement schedules.

The company maintained healthy EBITDA (earnings before interest, taxes, depreciation, and amortisation) margins during this period. EBITDA stood at ₹112.32 crore in FY24, with a margin of 26.23%, before increasing to ₹139.06 crore and a 29.65% margin in FY25. In FY26, EBITDA declined to ₹104.62 crore, although the margin remained at 28.85%. Net profit followed a similar trend, coming in at ₹68.54 crore in FY24, or a 15.87% margin, and rising to ₹72.76 crore in FY25, with a 15.34% margin. In FY26, net profit declined to ₹50.88 crore, while the margin fell to 13.75%. The company also benefited from a net write-back of warranty provisions worth ₹14.23 crore in FY26. A write-back happens when an earlier provision made for an expected expense is reduced or reversed. Even with this benefit, lower revenue and relatively fixed employee and R&D costs put pressure on overall profit.

Tonbo Imaging's net worth increased from ₹230.13 crore in FY24 to ₹490.14 crore in FY25 and ₹553.16 crore in FY26. Net worth represents the value left for shareholders after liabilities are deducted from assets. Total debt, meanwhile, declined from ₹96.36 crore in FY24 to ₹78.14 crore in FY25 before rising to ₹116.06 crore in FY26. However, cash generation from operations weakened considerably. Net operating cash flow was positive at ₹78.33 crore in FY24 but turned negative at ₹136.12 crore in FY25 and ₹63.22 crore in FY26. One key reason was the amount of money tied up in inventory, which reached ₹219.49 crore in FY26. In simple terms, the company had to spend money on components and products before completing deliveries and collecting payments from customers, leaving less cash available in the meantime.

The company's return ratios also moderated as profitability changed. Return on Equity (ROE), which measures how effectively a company generates profit from shareholders' funds, fell from 52.72% in FY24 to 20.20% in FY25 and 9.75% in FY26. Return on Capital Employed (ROCE), which measures the profit generated from the capital used in the business, declined from 67.76% to 27.41% and then 14.54% over the same period. Operating efficiency was affected by a longer working capital cycle, with working capital days rising from 152 days in FY24 to 280 days in FY25 and 517 days in FY26. This included 212 receivable days, reflecting the time taken to collect payments, and 340 inventory days, reflecting the time inventory remained tied up in the business. Together, these figures suggest that the company's ability to turn its investments and working capital into revenue and cash has weakened as order execution and payment collection have taken longer.

Strengths and Risks

Strengths

Tonbo Imaging owns its entire intellectual property portfolio and does not depend on foreign technology partners for its core technology. The company acquired its core technologies for ₹183.19 crore in FY24. This ownership gives it greater control over its software, algorithms, and optical designs, allowing it to decide how its products develop over time. It also reduces dependence on external technology providers, avoids recurring licensing fees, and lowers the risk of losing access to critical technology because of restrictions imposed by foreign partners.
The company follows an asset-light business model, focusing on in-house research and product design while outsourcing physical manufacturing to contract manufacturers such as Kaynes and Avalon. This approach reduces the need for heavy investment in factories and helps keep capital requirements relatively low. It can also give the company more flexibility to increase production when large defence orders arrive, without having to build manufacturing facilities from scratch. How well this model works, however, also depends on the capacity and reliability of its manufacturing partners.
A strong focus on in-house research and development supports Tonbo Imaging's efforts to improve its products and introduce new technology. Its work covers areas such as thermal imaging, artificial intelligence, and sensor fusion, which combines information from different sensors to create a clearer picture of the surroundings. The company had 130 specialised engineers in Bengaluru as of June 30, 2026, accounting for 38.35% of its workforce. During FY26, it invested ₹25.86 crore in R&D, representing 8.62% of total expenses. This technical team and continued investment could help the company develop lighter, smarter, and more cost-effective defence equipment for future orders and competitive tenders.
With more than 28,000 systems deployed across 24 countries, Tonbo Imaging has built an international presence in the defence imaging market. The company accounted for 94% of India's thermal imaging export volume between FY24 and FY26, according to the information provided. Its products are also free from US ITAR export controls. This can simplify certain export-related requirements and reduce dependence on US export approvals, potentially making it easier to supply its imaging equipment to defence customers in other countries, subject to applicable regulations in the destination markets.
Tonbo Imaging offers products for several defence applications rather than relying on just one type of equipment. Its portfolio includes sights for infantry soldiers, stabilised imaging systems for vehicles, aircraft, and naval ships, as well as high-power microwave systems designed to counter drones. This range allows the company to serve different parts of the defence sector, from ground operations to surveillance and counter-drone activities. It may also create opportunities to participate in broader defence modernisation programmes, although actual revenue will depend on winning contracts and completing deliveries.
The company is led by promoters and key managerial personnel with more than 21 years of individual experience in defence technology, optics, and artificial intelligence. The leadership team has worked on global military programmes over an extended period, giving it an understanding of specialised customer requirements and complex defence procurement processes. Its technical experience and established customer relationships may support business development and contract execution, particularly in a sector where sales cycles can be long and customer requirements are highly specific.

Risks

Tonbo Imaging operates in a defence market where revenue can change sharply depending on geopolitical events and the timing of large orders. In FY26, conflicts in West Asia delayed international shipments, including a ₹51.44 crore order that was pushed into FY27. As a result, export revenue fell to ₹20.21 crore, or 5.57% of operational revenue, compared with ₹307.34 crore, or 65.52%, in FY25. These delays show how events outside the company's direct control can affect deliveries, revenue recognition, and financial planning. Even when customer demand exists, delayed execution can make it difficult to predict exactly when revenue will come in.
The company also depends on a relatively small group of suppliers for a significant share of its purchases. Its top ten suppliers accounted for 68.77% of total expenses in FY26, compared with 35.46% in FY25. Tonbo procures components through short-term purchase orders rather than binding long-term supply agreements. If a key supplier cannot deliver components on time, changes its commercial terms, or stops supplying a critical part, the company could face production delays. This may affect order fulfilment, increase costs, and put pressure on earnings.
Tonbo's advanced thermal imaging products require specialised materials, including Germanium, which is used in certain optical components. Supplies of such materials can be affected by export restrictions in producing countries, including China. The company has previously faced component shortages that delayed order execution and resulted in liquidated damages, or penalties for late delivery, of ₹21.82 crore in FY24 and ₹18.93 crore in FY25. Further shortages, export restrictions, or sharp increases in material prices could delay deliveries and raise production costs, potentially reducing operating margins.
The company's order-to-cash cycle, which is the time between starting work on an order and collecting payment from the customer, can extend from six to 24 months. This creates a substantial need for working capital, or money tied up in day-to-day business operations. Working capital days increased from 152 days in FY24 to 280 days in FY25 and 517 days in FY26. At the same time, operating cash flow remained negative at ₹136.12 crore in FY25 and ₹63.22 crore in FY26. In other words, the business used more cash in its operations than it generated during these periods. Long payment cycles and the need to hold inventory can increase reliance on short-term bank borrowings, raise interest expenses, and put pressure on liquidity.
Although Tonbo follows an asset-light model, its physical production depends on third-party contract manufacturers, including Kaynes and Avalon. The company therefore has limited direct control over factory operations and depends on these partners to maintain production schedules and quality standards. Any factory downtime, manufacturing defect, capacity shortage, or disruption in the relationship with a key partner could delay deliveries to defence customers. Such delays may affect customer relationships, contract performance, and profitability.
Tactical systems remain the largest contributor to Tonbo Imaging's operational revenue. They accounted for 58.37% of revenue in FY26, 77.24% in FY25, and 83.90% in FY24. The company also depends on competitive defence tenders, where winning new contracts is important for maintaining future sales. Since these contracts may not generate regular repeat orders, revenue visibility can be limited. If Tonbo fails to win new tenders, or if demand shifts away from infantry imaging products, the company could find it difficult to maintain order book growth and revenue levels.

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Listed Competitors of Tonbo Imaging India

Company	Revenue (₹ Cr)	Revenue Growth (%)	EBITDA Margin (%)	PAT (₹ Cr)	PAT Margin (%)	P/E Ratio (x)
Tonbo Imaging India	₹362.65 Cr	-22.69%	28.85%	₹50.88 Cr	13.75%	NM
Paras Defence and Space Tech.	₹476.57 Cr	30.69%	26.00%	₹89.46 Cr	18.16%	117.74x
Data Patterns (India)	₹924.77 Cr	30.55%	40.12%	₹271.40 Cr	28.48%	87.29x
Astra Microwave Products	₹1,162.80 Cr	10.62%	28.70%	₹193.00 Cr	16.60%	83.92x
Zen Technologies	₹687.69 Cr	-29.37%	48.37%	₹217.93 Cr	28.19%	73.44x
Bharat Electronics (BEL)	₹27,610.11 Cr	16.16%	29.00%	₹6,062.26 Cr	21.52%	45.70x

Tonbo Imaging India Shareholding Pattern

Promoters & Promoter Group		18.57%
Name	Role	Stakeholding
Ankit Kumar	Promoter	5.3%
Cecilia D’Souza	Promoter	3.45%
Arvind Kondangi Lakshmikumar	Promoter	8.67%
Vinimaya Advisory LLP	Promoter Group	1.15%
CEAQ Singapore	Public	25.47%
HBL Engineering Limited	Public	14.25%
CEAQ India	Public	8.73%
Florintree Flowtech LLP	Public	5.17%
Amansa Investments Ltd.	Public	4.25%
Yali Deeptech Fund I	Public	4.19%
SSV Advisory Services LL	Public	1.42%
Meghaa Karnani	Public	1.13%
Tenacity Ventures Fund - I	Public	1.12%
Tiruvidaimarudhur Srivatsan Sivashankar and Meera Sivashankar	Public	1.05%
Others	Public	14.65%

About Tonbo Imaging India

Tonbo Imaging India Limited develops advanced imaging equipment that helps soldiers see clearly in difficult conditions, including complete darkness, smoke, and fog. Think of it as a company that builds specialised night-vision goggles and thermal cameras for defence use. Its products include optical sensors, weapon sights, and automated targeting systems used by soldiers, military vehicles, drones, and naval ships. The company earns revenue from two main product categories: tactical systems, designed for infantry soldiers on the ground, and platform systems, fitted onto vehicles, drones, and ships. In FY26, tactical systems contributed ₹211.68 crore, or 58.37% of total operational revenue of ₹362.65 crore, while platform systems generated ₹144.81 crore, or 39.93%. This represents a noticeable shift towards equipment used on vehicles and other platforms compared with FY25, when tactical systems contributed ₹362.30 crore (77.24%) and platform systems accounted for ₹101.05 crore (21.54%) of total operational revenue of ₹469.08 crore.

The company supplies its imaging products to armed forces, police organisations, and defence manufacturers across 24 countries, including India, the United States, Israel, Armenia, and Spain. Exports played a major role in its business during FY24 and FY25, generating ₹208.15 crore, or 48.61% of operational revenue, in FY24 and ₹307.34 crore, or 65.52%, in FY25. The strong export contribution in FY25 was supported by a major European defence order. However, the picture changed in FY26, when export revenue fell to ₹20.21 crore, or 5.57% of operational revenue, as conflicts in West Asia delayed shipments. Meanwhile, domestic revenue from India increased to ₹337.47 crore, accounting for 93.06% of the total. These changes show that although Tonbo has an international customer base, its yearly revenue can fluctuate considerably depending on global conflicts, shipment schedules, and defence procurement cycles in different countries.

One of Tonbo Imaging's key strengths is that it owns its core technology. The company acquired its core technology designs for ₹183.19 crore in FY24 and now owns 100% of its intellectual property, which includes the technology, software, and designs behind its products. Unlike defence companies that depend on technology licensed from foreign firms, Tonbo can develop and update its software independently. Its products are also free from United States International Traffic in Arms Regulations (ITAR), a set of US rules governing the export of certain defence-related products and technologies.

ITAR (International Traffic in Arms Regulations) is a set of US rules that controls the export of defence equipment and military technology. These rules can require companies to get US government approval before selling certain products to other countries. Tonbo Imaging’s products are ITAR-free, which reduces its dependence on these US export approvals. This can make it easier for the company to supply its products to international defence customers, subject to other applicable export rules.

Tonbo Imaging follows an asset-light business model, meaning it focuses on research and product design rather than investing heavily in its own manufacturing facilities. It outsources physical manufacturing to electronics contract manufacturers such as Kaynes and Avalon. This approach helps the company avoid the high cost of building and maintaining factories while giving it flexibility to adjust production according to demand. Research and development (R&D), which involves creating new products and improving existing technology, remains an important part of the business. As of June 30, 2026, Tonbo had 130 engineers working in Bengaluru, representing 38.35% of its total workforce. In FY26, it spent ₹25.86 crore on R&D, equal to 8.62% of its total expenses, to support further developments in thermal imaging and artificial intelligence.

For more details, visit here: https://tonboimaging.com/main/

The People Behind the Company: Leadership and Expertise

The Promoter Tonbo Imaging India Limited is promoted by Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D'Souza. Together, the promoter group holds 9,982,600 equity shares, representing 17.43% of the pre-IPO equity share capital. Individually, Arvind Kondangi Lakshmikumar holds 4,968,400 equity shares (8.67%), Ankit Kumar holds 3,036,700 equity shares (5.30%), and Cecilia D'Souza holds 1,977,500 equity shares (3.45%). The promoters bring over 21 years of individual domain experience in defense technology, electro-optics, and artificial intelligence. The business was originally incorporated as an R&D unit before evolving into a full-fledged defense equipment manufacturer focused on advanced thermal imaging and electro-optical systems.

Key Leadership and Management

Arvind Kondangi Lakshmikumar - Managing Director and Chief Executive Officer

Background: Arvind Kondangi Lakshmikumar, aged 50, is the co-founder, Managing Director, and Chief Executive Officer of the company and has been associated as a Director since April 11, 2005. He holds 4,968,400 equity shares (8.67%) directly. In FY26, he received ₹1.00 crore (₹10.04 million) in total remuneration. Related-party transactions include leasing office space to the company for ₹21.00 lakh (₹2.10 million) annually and providing personal guarantees for key credit facilities of the company.
Qualification: He holds a Master's degree in Engineering (Software Systems) from Birla Institute of Technology and Science (BITS), Pilani.
Contribution: With over 21 years of industry experience, he provides overall strategic direction, oversees global product engineering, drives capital allocation, and leads government and enterprise defense sales.
Legal / Regulatory Matters: He is a named party in a civil suit in the High Court of Singapore filed by a minority shareholder of CEAQ Singapore regarding historic preference share subscription rights.

Ankit Kumar - Executive Director and Chief Business and Revenue Officer

Background: Ankit Kumar, aged 44, is the co-founder, Executive Director, and Chief Business and Revenue Officer of the company and has been associated as a Director since June 13, 2005. He holds 3,036,700 equity shares (5.30%) directly. In FY26, he received ₹2.81 crore (₹28.14 million) in total remuneration. Related-party transactions include issuing personal guarantees for credit facilities of the company.
Qualification: He holds a Bachelor of Technology (Honours) degree in Computer Science and Engineering from the International Institute of Information Technology (IIIT), Hyderabad.
Contribution: He leads global revenue expansion, drives international defense sales across NATO and allied partner nations, and directs R&D initiatives in computer vision, thermal optics, and machine learning.
Legal / Regulatory Matters: No active material legal, regulatory, criminal, or tax proceedings exist against him.

Cecilia D'Souza - Executive Director and Chief Commercial Officer

Background: Cecilia D'Souza, aged 52, is the co-founder, Executive Director, and Chief Commercial Officer of the company and has been associated as a Director since June 15, 2005. She holds 1,977,500 equity shares (3.45%) directly. In FY26, she received ₹1.39 crore (₹13.89 million) in total remuneration. Related-party transactions include issuing personal guarantees for credit facilities of the company.
Qualification: She holds a Bachelor of Science degree from Bangalore University and is an Associate Member of the Institute of Chartered Accountants of India (ICAI).
Contribution: She manages long-term commercial planning, international accounting, procurement, supply chain logistics, and cross-border corporate structure operations.
Legal / Regulatory Matters: No active material legal, regulatory, criminal, or tax proceedings exist against her.

Tiruvidaimarudhur Srivatsan Sivashankar - Chief Financial Officer

Background: Tiruvidaimarudhur Srivatsan Sivashankar, aged 52, is the Chief Financial Officer of the company and was appointed on October 3, 2023. He holds 603,400 equity shares (1.05%) directly. In FY26, he received ₹7.07 crore (₹70.74 million) in gross compensation, which includes stock option realizations.
Qualification: He holds a Bachelor of Technology degree in Electrical Engineering from the Indian Institute of Technology (IIT), Madras, and a Post Graduate Diploma in Management from the Indian Institute of Management (IIM), Lucknow.
Contribution: He manages corporate finance, banking relationships, capital budgeting, accounting, financial risk controls, and investor relations.
Legal / Regulatory Matters: No active material legal, regulatory, criminal, or tax proceedings exist against him.

Ankita Agarwalla - Company Secretary and Compliance Officer

Background: Ankita Agarwalla, aged 32, is the Company Secretary and Compliance Officer of the company and was appointed on January 18, 2024. She holds nil equity shares (0.00%) directly. In FY26, she received ₹29.30 lakh (₹2.93 million) in total remuneration.
Qualification: She holds a Bachelor of Commerce and a Bachelor of Law from Osmania University, and is an Associate Member of the Institute of Company Secretaries of India (ICSI).
Contribution: She is responsible for secretarial compliance, statutory filings, legal disclosures, and maintaining corporate governance standards under SEBI and Companies Act regulations.
Legal / Regulatory Matters: No active material legal, regulatory, criminal, or tax proceedings exist against her.

Industry Overview

India's defense electronics market is forecast to expand from USD 3.21 billion in CY2020 to USD 17.64 billion by CY2030, growing at an 18.6% CAGR. Within this rapidly expanding market, Tonbo Imaging India Limited operates as a specialized original equipment manufacturer, with operating revenue of ₹362.65 crore in FY26.
State-owned public sector undertakings dominate India's defense equipment market, capturing the majority of government procurement. As an independent private defense electronics OEM, Tonbo Imaging has carved out a leading position, holding a 94% market share of India's thermal imaging export volume by units shipped between FY24 and FY26 and deploying over 28,000 systems across 24 countries.
India's Electro-Optical and Infrared (EO/IR) market is projected to grow at a 10.5% CAGR to reach USD 1.40 billion by CY2030. Tonbo Imaging has actively benefited from this domain demand, with tactical systems generating ₹211.68 crore (58.37% of operational revenue) and platform systems contributing ₹144.81 crore (39.93%) in FY26.
India has earmarked 75% of its defense capital acquisition budget for domestic procurement while national defense exports surged to ₹38,424 crore in FY26. Tonbo Imaging maintains a strong alignment with these market trends, with Indian domestic sales contributing 93.06% (₹337.47 crore) of its operational revenue in FY26 alongside an active global presence across 24 countries.

Tonbo Imaging India IPO GMP

As per InvestorGain, the Tonbo Imaging India IPO GMP is ₹500, or 71.43%, as of October 14, 2026. The Grey Market Premium (GMP) is the unofficial premium at which IPO shares may trade before listing compared with their issue price. With an upper issue price of ₹700, the current GMP indicates an estimated listing price of ₹1,200. However, GMP only reflects unofficial market sentiment and does not guarantee the actual listing price or any profit. Investors should not rely on GMP alone when evaluating an IPO. The company's financial performance, valuation, business prospects, and risks are also important considerations.

Read our detailed guide on IPO GMP to understand how it works and its limitations.

Frequently Asked Questions of Tonbo Imaging India IPO

What is the size of the Tonbo Imaging India IPO?

The size of the Tonbo Imaging India IPO is ₹852.18 Cr.

What is the allotment date of the Tonbo Imaging India IPO?

Tonbo Imaging India IPO allotment date is Oct 21, 2026 (tentative).

What are the open and close dates of the Tonbo Imaging India IPO?

The Tonbo Imaging India IPO will open on Oct 15, 2026 and close on Oct 19, 2026

What is the lot size of Tonbo Imaging India IPO?

The lot size for the Tonbo Imaging India IPO is 21.

When will my Tonbo Imaging India IPO order be placed?

Your Tonbo Imaging India IPO order will be placed on Oct 15, 2026

Can we invest in Tonbo Imaging India IPO?

Yes, once Tonbo Imaging India IPO opens, you can invest in the shares of the company.

What would be the listing gains on the Tonbo Imaging India IPO?

The potential listing gains on the Tonbo Imaging India IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for Tonbo Imaging India IPO?

'Pre-apply' for Tonbo Imaging India IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of Tonbo Imaging?

Tonbo Imaging India Limited is promoted by Ankit Kumar, Arvind Kondangi Lakshmikumar, and Cecilia D'Souza. Together, they hold 17.43% of the company's pre-IPO equity share capital, representing 9,982,600 equity shares. Arvind Kondangi Lakshmikumar holds 4,968,400 shares, or 8.67%; Ankit Kumar holds 3,036,700 shares, or 5.30%; and Cecilia D'Souza holds 1,977,500 shares, or 3.45%.

Who are the competitors of Tonbo Imaging?

Tonbo Imaging India Limited's key competitors include Paras Defence and Space Technologies Limited, Data Patterns (India) Limited, Astra Microwave Products Limited, Zen Technologies Limited, and Bharat Electronics Limited. These companies operate in the same or related defence and electronics markets, with overlapping products, technologies, or customer segments.

How does Tonbo Imaging make money?

Tonbo Imaging India Limited earns revenue by designing and supplying advanced electro-optical sensors, night-vision sights, and automated targeting systems for defence applications. Its products fall into two main categories. Tactical systems include sights used by infantry soldiers, while platform systems are imaging solutions installed on vehicles, drones, aircraft, and naval ships. The company earns money by supplying these products to armed forces, police organisations, and defence equipment manufacturers across 24 countries. It focuses on research and design while outsourcing physical manufacturing to contract manufacturers.

What is the GMP of Tonbo Imaging IPO?

According to InvestorGain, the Grey Market Premium (GMP) of Tonbo Imaging IPO has increased to ₹500 per share as of October 14, 2026. Based on the upper IPO price of ₹700, this suggests an estimated listing price of ₹1,200, or a potential premium of 71.43%. The GMP has risen from ₹468 on October 13, indicating stronger demand ahead of the IPO opening on October 15. However, GMP is an unofficial indicator of investor sentiment and can change quickly. It does not guarantee the actual listing price or any listing gains.

Should I Apply for Tonbo Imaging IPO?

Whether to apply for Tonbo Imaging IPO depends on an investor's risk tolerance and expectations about the company's valuation. Its strengths include proprietary technology, products free from US ITAR export controls, an asset-light business model, and a strong focus on research and development. At the same time, investors need to consider the absence of fresh capital from the IPO, negative operating cash flows in FY25 and FY26, revenue fluctuations caused by geopolitical events, and high working capital requirements. Looking at these factors together can help investors assess whether the company's business opportunities and financial risks fit their expectations.