Defence electronics firm Tonbo Imaging files DRHP for IPO

Backed by marquee investors including Qualcomm Ventures, Tonbo Imaging operates across surveillance, targeting and autonomous battlefield systems.

Defence electronics OEM company Tonbo Imaging Limited has filed its Draft Red Herring Prospectus (DRHP) with the market watchdog, SEBI. The company’s initial public offering comprises an Offer for Sale (OFS) of up to 18,085,246 equity shares of face value ₹2 each.

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.

Defence capabilities

The company designs, develops, and manufactures International Traffic in Arms Regulations (U.S.)- compliant 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, among others.

Order book strength

As of June 30, 2025, it has over 20,000 systems deployed across 24 countries. As of September 30, 2025, it had an order book of ₹266.57 crore. Additionally, between October 1 and November 30, 2025, it has received orders aggregating to ₹71.68 crore.

For the three months ended June 30, 2025, revenue from operations stood at ₹68.68 crore, with India contributing ₹63.29 crore, accounting for 92.15% of total revenue, while the rest of the world (Middle East/Africa) contributed ₹4.17 crore, representing 6.07%; Europe and Asia accounted for ₹0.32 crore (0.46%) and ₹0.77 crore (1.12%), respectively.

During the quarter, profit after tax (PAT) was ₹54.31 million, with a PAT margin of 7.68 per cent.

Founded in 2003 by technologists with prior experience at the U.S. Department of Defence and Sarnoff Corporation, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following the buyout by its promoters.

The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza. Marquee investors in the company include Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank, and Florintree.

Tonbo’s product portfolio includes tactical and platform systems spanning the electromagnetic spectrum from visible imaging to long-wave infrared, and from multi-sensor imaging to thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems, and missile guidance systems, enabling autonomy on the battlefield.

Some of its key projects include developing airborne systems with high performance EO/IR gimbal for an Indian defence R&D organisation, a multi-spectral infrared seeker and command launcher unit with advanced computer vision capabilities for a defence manufacturing company and a cost-effective, FSO communication system suitable for terrestrial and naval applications, addressing the limitations of current FSO technologies in challenging environments for Indian armed forces.

JM Financial Limited and IIFL Capital Services Limited are the Book-Running Lead Managers for the issue.

Published on December 23, 2025