Tonbo Imaging plans ₹852Cr IPO as profits and revenues fall
Tonbo Imaging, a company known for its defense tech like thermal imaging and missile guidance systems, is gearing up for an IPO to raise ₹852 crore.
The plan will lower promoter ownership from 18.6% to 14.6%.
While the company hopes to ride the wave of India's push for homegrown defense solutions, it's currently facing some tough times: revenues and profits have dropped thanks to delays in international orders and a valuation that's higher than many of its competitors.
Tonbo Imaging asset light R&D focus
Founded in 2003, Tonbo runs on an asset-light model, focusing on R&D in-house but outsourcing manufacturing.
As of June 30, 2026, most of its ₹314.2 crore order book comes from Indian clients.
In FY26 (year ended March 31, 2026), revenues fell by 22.7% and profits dropped by 30%.
Despite these setbacks, Tonbo is betting big on India's growing defense sector and plans to raise ₹852 crore via an offer for sale.