Tonbo Imaging files DRHP for IPO after rapid growth in defence electronics

Tonbo Imaging has filed its DRHP with Sebi for an IPO that is entirely an offer for sale. The firm reported FY25 revenue of Rs 469 crore, with 65% from overseas sales

Tonbo Imaging Limited, a defence electronics original equipment manufacturer (OEM), has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). The company’s initial public offering comprises an offer for sale of 18,085,246 equity shares of Rs 2 each.

 

What does Tonbo Imaging’s offer for sale include? 

The offer for sale comprises 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.

 

Who are Tonbo Imaging’s promoters and key investors? 

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 buyout by its promoters. The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza.

 

The firm is backed by investors including Qualcomm Ventures, Artiman, Edelweiss Value, and India Exim Bank.

 

How fast has Tonbo Imaging grown in defence technology? 

Tonbo Imaging was India’s fastest-growing listed defence technology company by revenue, Ebitda, and PAT margin (CAGR FY23–FY25), and the largest supplier of thermal imaging systems to government and defence agencies.

 

In FY25, Tonbo Imaging accounted for 93 per cent of India’s thermal imaging exports, serving global militaries, law enforcement, and defence OEMs. The company designs and manufactures International Traffic in Arms Regulations (US)-free sensing, guidance, and surveillance systems, moving from standalone tactical products to integrated autonomous platforms.

 

What products and platforms does Tonbo Imaging build? 

Its products include tactical and platform systems, covering visible to long-wave infrared imaging. Offerings include thermal cores, weapon sights, handheld binoculars, targeting systems, and missile guidance systems.

 

The firm focuses on compact, low-power, modular designs with AI-enabled image processing. This is used in remote weapon stations, missile seekers, ISR platforms, armoured vehicles, and soldier-wearable systems.

 

As of June 30, 2025, it had over 20,000 systems deployed across 24 countries.

 

How does Tonbo Imaging manage IP and manufacturing? 

The firm retains full ownership of its intellectual property in optics, software, and electronics, while outsourcing manufacturing to certified electronics manufacturing services (EMS) partners. Prototype development, system integration, and testing are handled in-house.

 

What is Tonbo Imaging’s order book and recent order intake? 

As of September 30, 2025, it had an order book of Rs 2,665.70 million. Additionally, between October 1, 2025, and November 30, 2025, it received orders aggregating Rs 716.80 million.

 

In FY25, Tonbo Imaging reported revenue of Rs 4,690.8 million and PAT of Rs 727.6 million, with overseas sales accounting for 65 per cent of revenue, up from 48.6 per cent in FY24.

 

What are Tonbo Imaging’s key projects and who are the lead managers? 

Key projects include airborne EO/IR gimbal systems for an Indian defence R&D organisation, multi-spectral infrared seekers and command launchers, and FSO communication systems for terrestrial and naval use.

 

JM Financial Limited and IIFL Capital Services Limited are the book running lead managers to the issue.