Tonbo Imaging IndiaIPO Review — Financials, Valuation & Peers
A data-only look at the Tonbo Imaging India 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 | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 431.9 | 68.54 | 112.32 | 230.13 | 574.68 | 96.36 | — |
| FY 2025 | 474.39 | 72.76 | 139.06 | 490.14 | 726.36 | 78.14 | — |
| FY 2026 | 369.94 | 50.88 | 104.62 | 553.16 | 782.5 | 116.06 | — |
| Jun 2026 (interim) | 37.32 | -17.74 | -13.04 | 538.54 | 782.87 | 129.72 | 8.88 |
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
- -3.25%
- RoE
- -3.25%
- RoCE
- -4.31%
- EPS (pre-issue)
- ₹8.88
- EPS (post-issue)
- ₹8.88
- EBITDA Margin
- -36.21%
- PAT Margin
- -47.52%
- NAV / share
- ₹94.01
As of 30 Jun 2026 (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 | Statements |
|---|---|---|---|---|---|---|
| Tonbo Imaging India | 9.19 | 96.57 | — | 9.75% | — | Consolidated |
| Astra Microwave Products Ltd | 20.32 | 138.46 | 83.92x | — | 12.33x | Consolidated |
| Bharat Electronics Ltd | 8.29 | 32.82 | 45.7x | — | 11.81x | Consolidated |
| Data Patterns (india) Ltd | 48.47 | 310.08 | 87.29x | 17% | 13.65x | Standalone |
| Paras Defence And Space Technologies Ltd | 10.93 | 90.02 | 117.88x | — | 14.29x | Consolidated |
| Zen Technologies Ltd | 21.52 | 209.22 | 73.44x | — | 7.56x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Ankit Kumar, Arvind Kondangi Lakshmikumar, Cecilia D’Souza</p>
- Holding (pre-issue)
- 18.58%
- Holding (post-issue)
- 15.72%
- Dilution
- 2.86%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Tonbo Imaging India operates at an EBITDA margin of -36.21% and a net (PAT) margin of -47.52% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of -4.31% and a return on equity (RoE) of -3.25%. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
Financials
In FY2026, Tonbo Imaging India reported revenue of ₹37.32 crore and a net loss of ₹17.74 crore. Revenue declined from ₹431.9 crore in FY2024 to ₹37.32 crore in FY2026 (-91.0%). Net worth stood at ₹538.54 crore at the end of FY2026. At the upper band, that puts the issue at roughly 78.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Peer comparison
The offer document names listed peers including Astra Microwave Products Ltd and Bharat Electronics Ltd, with a median peer P/E of about 83.9×.
Promoters
The promoters of the company are <p>Ankit Kumar, Arvind Kondangi Lakshmikumar, Cecilia D’Souza</p>. Promoter holding stands at 18.58% before the issue and comes down to 15.72% after listing.
Frequently asked questions
- Who are the promoters of Tonbo Imaging India and what is their holding?
- The promoters are <p>Ankit Kumar, Arvind Kondangi Lakshmikumar, Cecilia D’Souza</p>. Promoter holding is 18.58% before the issue and 15.72% after listing.