Tonbo Imaging India Limited has received approval from the Securities and Exchange Board of India (SEBI) to launch its proposed initial public offering. According to reports from The Financial Express, the IPO will comprise an offer for sale (OFS) of up to 1.8 crore equity shares with a face value of ₹2 each. The OFS will include shares offered by the promoter selling shareholders, a promoter group selling shareholder and investor selling shareholders. As reported by The Economic Times, the draft offer documents were received by SEBI between April and August, with the regulator providing observations during September 21-25. The regulator's observations are a key regulatory step that enables companies to proceed with their IPOs, subject to applicable laws and other requirements.
According to the Frost & Sullivan report cited in the company's draft red herring prospectus, Tonbo Imaging was the largest manufacturer by sales value of thermal imaging systems supplied to government and defence agencies in India during FY24-FY26. As reported by The Economic Times, the company also accounted for 94.3% of India's thermal imaging exports by units during the same period. The company counts Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, Tenacity Ventures, Export-Import Bank of India and Florintree among its investors. Founded in 2003, Tonbo Imaging is a global defence electronics OEM engaged in designing, developing and manufacturing sensing, processing, communication and guidance systems. The company was promoted by Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza, who have worked together for more than 21 years across global defence programmes, product engineering, research and development, capital raising and international business.
As of March 31, 2026, Tonbo Imaging had more than 28,000 systems deployed across 24 countries. According to reports from The Economic Times, the company follows an asset-light manufacturing model, outsourcing production to certified electronics manufacturing services (EMS) partners including Kaynes Technology India and Avalon Technology. Prototype development, system integration and qualification testing are carried out in-house. The company's product portfolio includes thermal imaging cores, weapon sights, thermal binoculars, targeting systems, missile seekers, fire-control systems and missile-guidance systems. Since FY24, Tonbo has owned 100% of its intellectual property, covering optics, embedded software and electronics.
JM Financial Limited and IIFL Capital Services Limited are serving as the book-running lead managers to the issue, with KFin Technologies appointed as the registrar. As reported by The Financial Express, the defence electronics maker has a global footprint with more than 28,000 systems deployed across 24 countries. Since the issue is entirely an OFS-only structure with no fresh issue component, as reported by Business Standard, Tonbo Imaging will not receive any proceeds from the share sale, and the proceeds will accrue to the selling shareholders. The company's IPO represents a significant offering in the defence electronics sector, positioning it for public market participation in India's growing defence manufacturing ecosystem.
For the financial year ended March 30, 2026, Tonbo Imaging reported restated profit of ₹50.8 crore, representing a decline from ₹72.7 crore reported in the same period last year. According to The Financial Express, the company's revenue from operations for FY26 was ₹362.6 crore, declining 22% year-on-year against ₹469 crore reported in FY25. The company's largest customer contributed 13.78% of total revenue from operations in FY26, highlighting its dependency on a limited number of customers for revenue generation.
