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Company Profile
Tonbo Imaging India Limited is a global defense electronics original equipment manufacturer founded in December 2003. The company designs, develops, and manufactures advanced electro-optic, infrared, embedded vision, and surveillance systems for military and security applications. Its diverse product portfolio covers tactical imaging systems, platform-based subsystems and end platforms, and directed energy solutions like the WaveStrike high-power microwave platform designed to counter drone swarms.
Tonbo is India’s largest manufacturer and exporter by volume of thermal imaging systems for defense agencies, serving organizations across 24 countries with over 28,000 field-deployed units. A key differentiator is its fully owned intellectual property that is free from ITAR restrictions, allowing seamless global exports. Operating an innovation-driven model anchored by in-house R&D and advanced manufacturing, Tonbo is an approved supplier under India’s IDDM framework, strongly supporting the government’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.
For the year/period ended (Rs. in Cr.)
| FY26 | FY25 | FY24 | |
|---|---|---|---|
| Total Revenue | 362.65 | 469.08 | 428.19 |
| Profit After Tax | 50.88 | 72.76 | 68.54 |
| EPS | 9.19 | 13.38 | 62.61 |
| EBITDA Margin (%) | 28.85 | 29.65 | 26.23 |
| PAT Margin (%) | 13.75 | 15.34 | 15.87 |
For year/ period ended ( in Cr.)
| Company Name | Market Cap (Cr.) | Price | P/BV | P/E | Sales (Cr.) FY26 |
Net Profits(Cr.) FY26 |
|---|---|---|---|---|---|---|
| Tonbo Imaging India Limited | 4009.75* | 700 | 7.25 | 78.83 | 362.65 | 50.88 |
| Paras Defence and Space Technologies Ltd | 10364 | 1286 | 14.3 | 112 | 477 | 89 |
| Data Patterns (India) Limited | 23003 | 4109 | 13.2 | 85.1 | 925 | 271 |
| Astra Microwave Products Limited | 15770 | 1661 | 12.0 | 83.4 | 1163 | 193 |
| Zen Technologies Ltd | 14627 | 1620 | 7.71 | 80.6 | 688 | 218 |
*Market cap @upper band
The Company TONBO IMAGING INDIA LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
It is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
At the upper band of IPO Rs. 700, the stock is valued at 78.88 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.