🚫 Avoid
Listed
Aerospace & Defense
Tonbo Imaging India Limited IPO
₹852 Cr · Offer for Sale (OFS) · Aerospace & Defense
Price Band
₹665 – ₹700
Lot: 21 shares (₹14,700)
GMP (Grey Market)
₹452 (+64.57%)
Est. listing ₹1152
Issue Size
₹852 Cr
Offer for Sale (OFS)
Market Cap
₹4009.75 Cr
At upper band
P/E Ratio
78.8x
P/S: 11.1x
Listing Date
23 Oct 2026
BSE & NSE
IPO Timeline
✓
Opens
15 Oct 2026
✓
Closes
19 Oct 2026
✓
Allotment
20 Oct 2026
✓
Refund
21 Oct 2026
✓
Listing
23 Oct 2026
IPO India Hub: Strong Avoid
Conviction
2/10
The company trades at 3.43× sector midpoint (78.8x P/E vs. 23x niche baseline), far exceeding the 2.0× threshold for Avoid. Revenue has collapsed 72% over two years, and the entire IPO is an OFS with promoters retaining only 15.72% post-issue—a severe red flag for insider confidence.
Listing Performance
Issue Price
₹700
Allotment price
Listing Price
₹1162
+66% on listing day
Current Price (CMP)
₹1287.85
+84% vs issue
Listed On
23 Oct 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong EBITDA margin and profitability
The company is profitable with an EBITDA margin of 28.85% and NPM of 14%, indicating operational efficiency in a niche aerospace & defense segment. Positive cash generation supports the current business model.
✓ Strength
Bullish grey market premium signal
GMP of ₹490 (70% above upper band) suggests strong retail demand and potential listing-day gains. For a Mainboard IPO, this exceeds the 15% bullish threshold and reflects market enthusiasm.
⚠ Risk
Severe revenue contraction trend
Revenue has fallen from ₹474.4 Cr (FY-2) to ₹37.3 Cr (FY0)—a 72% two-year CAGR decline. This collapse raises questions about market demand, competitive pressure, or operational disruption that are not explained in available data.
⚠ Risk
100% OFS with minimal promoter skin
The entire ₹852 Cr issue is OFS (secondary sale), meaning zero capital flows to the company. Promoter holding drops from 18.58% to 15.72% post-issue, signaling weak insider confidence at this valuation.
₹ Valuation
Extreme valuation multiple unjustified
At 78.8x P/E (3.43× the 23x niche sector midpoint), the company trades at a 243% premium to sector norms with no margin justification—NPM of 14% is below the 15% threshold that might support premium pricing. P/S of 11.1x is also elevated for a contracting revenue base.
👁 Watch
Monitor revenue stabilization post-listing
Investors must track Q1 FY27 revenue and order pipeline closely. Any further contraction or failure to stabilize would validate the valuation concerns and likely trigger sharp post-listing correction despite current GMP strength.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Tonbo Imaging India Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹362.65 Cr
Net Profit
₹50.88 Cr
Industry
Aerospace & Defense
Issue Type
Offer for Sale (OFS)
Promoters
ANKIT KUMAR, ARVIND KONDANGI LAKSHMIKUMAR AND CECILIA D'SOUZA
Lead Managers
JM Financial and IIFL Capital
Quick Actions
Frequently Asked Questions
Avoid. The company trades at 3.43× sector midpoint (78.8x P/E vs. 23x niche baseline), far exceeding the 2.0× threshold for Avoid. Revenue has collapsed 72% over two years, and the entire IPO is an OFS with promoters retaining only 15.72% post-issue—a severe red flag for insider confidence.
The current grey market premium (GMP) is ₹452, which is 64.57% above the upper band price of ₹700. This implies an estimated listing price of around ₹1152. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 21 shares. At the upper band price of ₹700, the minimum investment per retail application is ₹14,700. You can apply for up to 13 lots (₹191,100) under the retail category (up to ₹2 lakh).
The IPO opens on 15 Oct 2026. It closes on 19 Oct 2026. Allotment is expected on 20 Oct 2026. Refunds initiate on 21 Oct 2026. Listing on BSE and NSE is on 23 Oct 2026.
The lead managers for the IPO are JM Financial and IIFL Capital. Check the SEBI filing for the registrar details.
The IPO listed on 23 Oct 2026 at ₹1162 against an issue price of ₹700 (+66% on listing day). The current market price (CMP) is approximately ₹1287.85 (+84% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 19 Oct 2026. The minimum investment is ₹14,700 for one lot (21 shares). The company trades at 3.43× sector midpoint (78.8x P/E vs. 23x niche baseline), far exceeding the 2.0× threshold for Avoid. Revenue has collapsed 72% over two years, and the entire IPO is an OFS with promoters retaining only 15.72% post-issue—a severe red flag for insider confidence.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 19 Oct 2026. The IPO is priced at a P/E of 78.8x. Market cap at issue price is ₹4009.75 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 21 shares at ₹700 each, costing ₹14,700 per application. The issue closes on 19 Oct 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Tonbo Imaging India Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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