Tonbo Imaging IPO
IPO GMP
+₹500
+71% expected gain
Price Band
₹700
Lot Size
—
Min Investment
₹-
Listing Date
2026
About Tonbo Imaging
Company overview, business, and key facts.
Headquarters
Bengaluru, Karnataka
Promoters
Ankit Kumar, Arvind Kondangi Lakshmikumar
Website
https://tonboimaging.com/
IPO Details
Strengths & Risks
Strengths
- Proprietary Defence Technologies: The company controls 100 percent of its intellectual property from Fiscal Year 2024, which includes optical, embedded software and electronics, including proprietary video engine, AI enabled image processing and sub-5 µrad multiple axis gimbal stabilization, giving it complete control over its technology road map.
- Asset Light R&D Driven Business Model: The company follows an asset light business model with in-house core design and IP development while manufacturing is outsourced through certified EMS partners, having 130 engineers working at its Bengaluru R&D facility as of June 30, 2026.
- Global Acceptability as Defence OEM: The company is a global defence electronics OEM, having products deployed across EU, US and Israel, and being the largest manufacturer by sales value of thermal imaging systems to the Indian government and defence authorities during April 2024 to March 2026.
Risks
- Revenue Cyclicality and Tender-Based: The business of the company is cyclic in nature because of government budget cycle and tender-based procurement, hence poor revenue visibility; revenue from operations has been reduced by 22.69% in Fiscal 2026 because of delayed execution of international orders due to the West Asia conflict.
- Risk of Customer Concentration: Even though the short-term tender-based contract is non-recurring, the top five customers have accounted for 53.03% of revenue from operations in Fiscal 2026, and loss of key customers or non-renewal of orders may harm the business and financial position of the company.
- Supplier Concentration Risk: The top ten suppliers of the company have accounted for 164.00%, 68.77%, 35.46% and 67.49% of total expenses for the three months ended June 30, 2026 and Fiscals 2026, 2025 and 2024 respectively, without any long-term contract with these suppliers.
Financials
Restated summary financials for the most recent periods.
Figures are indicative and restated for presentation.
Tonbo Imaging IPO Key Numbers
Calculated by IPOLyst from the published offer-document data. These are figures, not buy or sell calls.
Revenue growth, 2026
-22%
-7.5% a year over the period
Profit growth, 2026
-30.1%
-13.8% a year over the period
Profit margin (PAT)
13.8%
EBITDA margin 28.85%
ROE / ROCE
9.75% / 14.54%
As published in the offer document
What stands out
- GMP has been rising over the last three readings.
Watch-outs
- Revenue fell 22% in 2026.
- Profit fell 30.1% in 2026.
Scenarios apply today's grey market premium figures to the upper price band. They are illustrations, not predictions. GMP is unofficial and can be wrong.
Not yet available for this IPO: issue size, post-IPO share count (market cap and P/E not computable), use of proceeds, business description.
IPO Analysis SummaryAI-generated
A plain-language review of Tonbo Imaging's financials, valuation and demand, based only on the verified figures above. For information only. It does not recommend whether to apply.
Tonbo Imaging IPO Review
Analysis based on live GMP, subscription, and issue details.
As of today, Tonbo Imaging IPO is trading at a grey market premium (GMP) of +₹500 (+71% estimated listing gain), indicating positive market sentiment.
Tonbo Imaging IPO is currently upcoming. Investors can apply once the subscription window opens on 2026.
Key strengths include: Proprietary Defence Technologies: The company controls 100 percent of its intellectual property from Fiscal Year 2024, which includes optical, embedded software and electronics, including proprietary video engine, AI enabled image processing and sub-5 µrad multiple axis gimbal stabilization, giving it complete control over its technology road map.; Asset Light R&D Driven Business Model: The company follows an asset light business model with in-house core design and IP development while manufacturing is outsourced through certified EMS partners, having 130 engineers working at its Bengaluru R&D facility as of June 30, 2026.. Investors should note the following risks: Revenue Cyclicality and Tender-Based: The business of the company is cyclic in nature because of government budget cycle and tender-based procurement, hence poor revenue visibility; revenue from operations has been reduced by 22.69% in Fiscal 2026 because of delayed execution of international orders due to the West Asia conflict.; Risk of Customer Concentration: Even though the short-term tender-based contract is non-recurring, the top five customers have accounted for 53.03% of revenue from operations in Fiscal 2026, and loss of key customers or non-renewal of orders may harm the business and financial position of the company..
Disclaimer: IPO GMP is indicative and sourced from the grey market. This is not investment advice. Please consult a SEBI-registered advisor before investing.
Tonbo Imaging IPO — Frequently Asked Questions
What is Tonbo Imaging IPO GMP today?
Tonbo Imaging IPO GMP (grey market premium) today is +₹500, suggesting an estimated listing gain of +71%. GMP is indicative and subject to change.
What is the price band of Tonbo Imaging IPO?
The price band for Tonbo Imaging IPO is ₹700. The minimum investment required is ₹-.
When is Tonbo Imaging IPO allotment date?
Tonbo Imaging IPO allotment is expected to be finalised on 2026. You can check your allotment status on the registrar's website (Kfin Technologies Ltd.) using your PAN number.
When will Tonbo Imaging IPO list on NSE/BSE?
Tonbo Imaging IPO is expected to list on BSE, NSE on 2026.
How to check Tonbo Imaging IPO allotment status?
To check Tonbo Imaging IPO allotment status, visit the registrar's website (Kfin Technologies Ltd.) and enter your PAN number, application number, or DP/Client ID. You can also check on the BSE IPO allotment page at https://www.bseindia.com/investors/appli_check.aspx.
Should I apply for Tonbo Imaging IPO?
Tonbo Imaging IPO is showing a strong GMP of +₹500 (+71%), indicating positive market sentiment for listing gains. However, GMP is informal and not a guarantee of returns. Evaluate the company's fundamentals, price band, and your own risk appetite before applying. IPOLyst is not a SEBI-registered investment advisor — please do your own research.
What is the lot size of Tonbo Imaging IPO?
The lot size for Tonbo Imaging IPO has not been announced yet. Please check back closer to the IPO open date on ipolyst.com.