Tonbo Imaging IPO has moved a step closer to the capital markets as Tonbo Imaging India Limited, a global defence electronics original equipment manufacturer (OEM), has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The proposed Tonbo Imaging IPO comprises an Offer for Sale (OFS) of up to 18,085,246 equity shares with a face value of ₹2 each, with no fresh issue component.
Tonbo Imaging IPO Structure and Selling Shareholders
Under the Tonbo Imaging IPO, the Offer for Sale includes 1,960,000 equity shares by Promoter Selling Shareholders, 339,700 equity shares by the Promoter Group Selling Shareholder, and 15,635,046 equity shares by Investor Selling Shareholders.
Founded in 2003 by technologists with prior experience at the US Department of Defense and Sarnoff Corporation, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following a promoter-led buyout.
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The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza, who collectively bring over two decades of experience in global defence programmes, product engineering and capital raising.
Marquee Investors Backing Tonbo Imaging IPO
Marquee investors in the company include Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank and Florintree.
As per the F&S Report included in the DRHP, Tonbo Imaging is the fastest-growing defence technology company in India in terms of revenue, EBITDA and PAT margin growth (CAGR FY23–FY25) among listed peers.
During the same period, it was also the largest manufacturer by sales value of thermal imaging systems supplied to government and defence agencies in India.
Tonbo Imaging IPO Highlights: Exports, Products and Global Presence
In FY25, the company accounted for 93% of India’s thermal imaging exports, making it the country’s largest exporter of such systems.
Tonbo Imaging serves a diversified customer base that includes global militaries, law enforcement agencies, homeland security organisations and global defence OEMs.
The company designs, develops and manufactures International Traffic in Arms Regulations (U.S.)-free advanced sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control applications.
It is evolving from standalone tactical systems to integrated autonomous platform solutions by combining multiple hardware and software subsystems for battlefield deployment.
Its product portfolio is classified into tactical systems and platform systems, spanning the electromagnetic spectrum from visible imaging to long-wave infrared and multi-sensor imaging.
Offerings include thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance systems.
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The company focuses on miniaturisation, low size-weight-and-power (SWaP) designs, modular payloads and AI-enabled image processing, with applications across remote weapon stations, missile seekers, ISR platforms, armoured vehicles and soldier-wearable systems.
As of June 30, 2025, Tonbo Imaging had over 20,000 systems deployed across 24 countries.
Tonbo Imaging IPO: IP Ownership, Order Book and Financial Performance
Tonbo Imaging is among the few Indian defence companies with 100% ownership of its intellectual property across optics, embedded software and electronics, with no reliance on external technology partners.
The company follows an asset-light model, retaining core design and IP ownership while outsourcing manufacturing to certified EMS partners such as Kaynes Technology India Limited and Avalon Technology and Services Private Limited. Prototype development, system integration and qualification testing are conducted in-house.
As of September 30, 2025, the company’s order book stood at ₹2,665.70 million. Between October 1, 2025 and November 30, 2025, it received additional orders aggregating ₹716.80 million.
For the quarter ended June 30, 2025, revenue from operations stood at ₹686.77 million, with India contributing ₹632.86 million (92.15%), while profit after tax (PAT) was ₹54.31 million, reflecting a PAT margin of 7.68%.
In FY25, revenue from operations increased to ₹4,690.80 million, with Europe emerging as the largest contributor at ₹3,065.18 million (65.34%), followed by India at ₹1,570.44 million (33.48%). PAT for the year stood at ₹727.60 million, translating into a PAT margin of 15.34%.
Revenue from overseas customers rose to ₹3,073.38 million in FY25, accounting for 65.52% of revenue from operations, compared to 48.61% in FY24 and 18.66% in FY23.
Key Defence Projects and IPO Lead Managers
Key projects executed by the company include the development of airborne EO/IR gimbal systems for an Indian defence R&D organisation, a multi-spectral infrared seeker and command launcher unit for a defence manufacturing company, and a cost-effective free-space optical (FSO) communication system for terrestrial and naval applications.
JM Financial Limited and IIFL Capital Services Limited are the Book Running Lead Managers to the Tonbo Imaging IPO.
