Bonfigloli TransmissionsIPO Review — Financials, Valuation & Peers
A data-only look at the Bonfigloli Transmissions IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings |
|---|---|---|---|---|---|---|
| Dec 2022 (interim) | 1,570.33 | 171.45 | 254.44 | 725.37 | 1,221.75 | 143.74 |
| Dec 2023 (interim) | 1,701.98 | 149.53 | 244.12 | 805.34 | 1,395.87 | 110.79 |
| Dec 2024 (interim) | 1,871.05 | 194.69 | 293.06 | 853.09 | 1,269.75 | — |
| Sep 2025 (interim) | 1,467.95 | 165.19 | 253.48 | 925.3 | 1,379.08 | — |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- RoNW
- 17.85%
- RoE
- 18.58%
- RoCE
- 25.18%
- Debt / Equity
- 0.01
- EBITDA Margin
- 17.36%
- PAT Margin
- 11.25%
- NAV / share
- ₹49.22
As of 30 Sept 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Elecon Engineering Company Ltd. | 18.5 | 89.07 | 26.02x | 20.77% | 5.4x |
| Schaeffler India Ltd. | 60.1 | 341.29 | 64.54x | 17.6% | 11.38x |
| Shanthi Gears Ltd. | 12.52 | 52.53 | 37.58x | 23.83% | 9.04x |
| Timken India Ltd. | 59.48 | 378.21 | 50.49x | 15.73% | 7.94x |
Peer group as disclosed in the offer document, figures as of 31 Dec 2024. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi, Bon-FI S.R.L, Bonfiglioli S.P.A</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 75%
- Dilution
- 25%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Bonfigloli Transmissions operates at an EBITDA margin of 17.36% and a net (PAT) margin of 11.25% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 25.18% and a return on equity (RoE) of 18.58%. These are offer-document figures for the latest reported period (as of 30 Sept 2025); they describe the business as disclosed, not how the stock will trade.
Financials
In FY2025, Bonfigloli Transmissions reported revenue of ₹1,467.95 crore and a net profit of ₹165.19 crore. Revenue declined from ₹1,570.33 crore in FY2022 to ₹1,467.95 crore in FY2025 (-7.0%). Net worth stood at ₹925.3 crore at the end of FY2025.
Peer comparison
The offer document names listed peers including Elecon Engineering Company Ltd. and Schaeffler India Ltd., with a median peer P/E of about 44×.
Promoters
The promoters of the company are <p>Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi, Bon-FI S.R.L, Bonfiglioli S.P.A</p>. Promoter holding stands at 100% before the issue and comes down to 75% after listing.
Frequently asked questions
- Who are the promoters of Bonfigloli Transmissions and what is their holding?
- The promoters are <p>Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi, Bon-FI S.R.L, Bonfiglioli S.P.A</p>. Promoter holding is 100% before the issue and 75% after listing.