Tonbo Imaging India Limited
DRHP · filed 14 Aug 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Tonbo Imaging India Limited is a company that generates revenue from operations, with a fiscal 2026 revenue of Rs 3,626.48 million and a fiscal 2025 revenue of Rs 4,690.80 million, indicating a decline of 7.97% in revenue CAGR. The company is not loss-making, with a fiscal 2026 profit after tax of Rs 50.88 million and a return on equity of 9.2%. The offer structure is not specified in the provided text. The most material risks include high dependence on a limited customer base, with the top 5 customers contributing 86.36% of revenue in fiscal 2025, and revenue volatility driven by geopolitical instability and episodic emergency procurement.
What stands out
Shrinking revenue. Restated revenue CAGR of -8.0%.
Criminal proceedings disclosed. There are no outstanding criminal proceedings initiated against the Company, Subsidiaries, Promoters, or Directors other than one FIR registered against Independent Director Rishikesha Krishnan. There are no outstanding criminal proceedings initiated by the Company, Subsidiaries, Promoters, or Direc
Risk factor. Revenue volatility due to geopolitical instability and government budget cycles, leading to poor revenue visibility and difficulty in forecasting long-term investments.
Risk factor. Episodic nature of emergency procurement and geopolitical tensions can cause sudden spikes and drops in demand, resulting in inconsistent order volumes and revenue.
How the offer is structured
- achieve the benefits of listing the Equity Shares of face value of ₹2 each on the Stock Exchanges
- Offer for Sale of up to 18,085,246 Equity Shares of face value of ₹2 each aggregating to ₹[●] million
Restated financials
Revenue
₹363 Cr
Latest fiscal year
Profit after tax
₹50.9 Cr
Revenue CAGR
-8.0%
Return on equity
9.2%
PAT CAGR
-13.8%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹428 Cr | ₹68.5 Cr | ₹230 Cr | |
| 2025 | ₹469 Cr | ₹72.8 Cr | ₹490 Cr | |
| 2026 | ₹363 Cr | ₹50.9 Cr | ₹553 Cr |
Promoters, litigation & related parties
Promoter (pre)
17.4%
Proceedings
435
There are no outstanding criminal proceedings initiated against the Company, Subsidiaries, Promoters, or Directors other than one FIR registered against Independent Director Rishikesha Krishnan. There are no outstanding criminal proceedings initiated by the Company, Subsidiaries, Promoters, or Directors. There is no outstanding action taken by statutory and regulatory authorities involving the Company, Subsidiaries, Promoters, or Directors. There is no outstanding material civil litigation initiated against or by the Company, Subsidiaries, Promoters, or Directors.
Risks the company discloses
Revenue volatility due to geopolitical instability and government budget cycles, leading to poor revenue visibility and difficulty in forecasting long-term investments.(Market & Demand)
Episodic nature of emergency procurement and geopolitical tensions can cause sudden spikes and drops in demand, resulting in inconsistent order volumes and revenue.(Market & Demand)
Revenue declined in Fiscal 2026 due to delays in the execution of international orders arising from the West Asia conflict and the deferment of anticipated orders.(Market & Demand)
Short-term, non-recurring contracts with no annuity revenues, making the business dependent on winning competitive tenders and susceptible to customer churn.(Customer Concentration)
Top 5 customers contributed 86.36% of revenue from operations in Fiscal 2025, and Top 10 customers contributed 95.49%, creating significant dependence on a limited customer base.(Customer Concentration)
Revenue from operations decreased from ₹4,690.80 million in Fiscal 2025 to ₹3,626.48 million in Fiscal 2026, indicating volatility in financial performance.(Financial Performance)
Bid to win ratio decreased from 40.91% in Fiscal 2024 to 31.30% in Fiscal 2026, indicating increasing competition and difficulty in securing orders.(Operational)
The inability to renegotiate/reset prices in advance may adversely affect margins if there are significant unanticipated changes in material procurement expenses.(Operational)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.