India’s Biggest Defence Optics OEM Tonbo Imaging Files for IPO

Bengaluru-based Tonbo Imaging India, a pioneering defence electronics manufacturer, has filed its DRHP with the Securities and Exchange Board of India (SEBI). The move signals the company’s intention to list on Indian bourses and represents another milestone in the country’s growing ecosystem of indigenous defence technology enterprises.

Tonbo Imaging IPO Structure & Key Details

Tonbo Imaging IPO will be a total OFS of up to 1,80,85,246 equity shares of face value INR 2 each. Book Running Lead Managers (BRLMs) for the issue are JM Financial and IIFL Capital, while KFin Technologies is the registrar to the offer.

Tonbo Imaging IPO: Selling Shareholders

The Offer for Sale will see participation from both promoters and financial investors. Key selling shareholders include:

Shareholding Pattern Before the Offer

As of the date of the Tonbo Imaging IPO DRHP filing, the company’s shareholding was concentrated among promoters and institutional backers:

• CEAQ Singapore – 26.77%
• CEAQ India – 17.74%
• HBL Engineering Limited – 14.25%
• Promoters (collectively) – 17.4%
• Florintree Flowtech LLP – 5.17%
• Yali Deeptech Fund I – 4.19%

Together, major shareholders accounted for 94.75% of Tonbo’s equity base, reflecting a tightly held pre-IPO structure.

Tonbo Imaging IPO: Business Overview

Founded in 2003, Tonbo Imaging India is a global defence electronics OEM that designs, develops, and manufactures advanced electro-optical (EO) and infrared (IR) imaging systems, embedded vision platforms, and autonomous guidance technologies used in military and security operations.

Initially established as a research subsidiary, Tonbo transformed into a defence product company in 2012 after a buyout led by its promoters — Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza. The shift marked a strategic evolution from intellectual property development to full-spectrum defence manufacturing.

Today, Tonbo operates at the intersection of AI, optics, and embedded systems, creating intelligent hardware that enhances battlefield awareness, targeting precision, and operational autonomy. Its solutions integrate AI-driven sensor fusion, computer vision, and control systems for applications across land, air, and naval domains.

Technology and Product Ecosystem

Tonbo’s portfolio spans three integrated categories — Tactical Systems, Platform Systems, and Directed Energy Systems — allowing full-spectrum battlefield deployment.

1. Tactical Systems: Compact, lightweight soldier systems such as thermal weapon sights, night-vision binoculars, and handheld imagers designed for reconnaissance, surveillance, and targeting in all weather conditions.
2. Platform Systems: Multi-sensor gimbals, EO/IR payloads, and vision subsystems integrated into UAVs, armoured vehicles, naval turrets, and missile systems. These feature AI-assisted video processing, target tracking, and geo-referencing capabilities.
3. Directed Energy Systems: Tonbo’s frontier technologies — RF-based and high-power microwave (HPM) systems — are designed to detect and neutralize drone swarms and aerial threats, a rapidly emerging segment in defence innovation.

These systems are ITAR-free, meaning they are not bound by U.S. export restrictions, enabling Tonbo to sell to countries beyond traditional Western export corridors — a decisive strategic advantage.

R&D, IP, and Innovation Infrastructure

Tonbo’s competitive edge lies in its Bengaluru-based R&D centre, employing over 90 engineers (~32% of its workforce). The company’s innovations include:

• Microscanned optics for ultra-high-resolution imaging;
• Thermal stereo vision for depth perception in low-light conditions;
• Fast steering mirror assemblies for dynamic beam alignment;
• Scene-based non-uniformity correction for improved infrared accuracy;
• 3D imaging using single-detector thermal imagers.

R&D investment has risen sharply, from INR 1.34 crore in FY23 to INR 9.1 crore in FY25, representing a growing share of total expenses. The company also acquired intellectual property worth INR 183.19 crore from its Singapore affiliate in March 2024, consolidating technology ownership in India.

Tonbo Imaging IPO: Asset-Light, IP-Driven Model

Tonbo follows an asset-light horizontal integration model — maintaining full control over design and IP, while outsourcing manufacturing to certified Electronics Manufacturing Services (EMS) partners like Kaynes Technology India and Avalon Technology and Services.

This model allows rapid scalability, low capital intensity, and higher operating efficiency while maintaining stringent quality standards for military-grade systems.

Strategic Alignment and Market Leadership

Tonbo’s growth trajectory aligns seamlessly with India’s “Make in India” and “Atmanirbhar Bharat” policies. It qualifies as an Indigenously Designed, Developed and Manufactured (IDDM) supplier under the Defence Acquisition Procedure 2020, meeting the dual criteria of Indian ownership and 50%+ local value addition.

According to Frost & Sullivan, Tonbo is:

• The fastest-growing defence technology player in India (FY23–FY25 CAGR).
• The largest supplier of thermal imaging systems to Indian defence agencies.
• Responsible for 93% of all Indian thermal imaging exports in FY24–FY25.

As of June 2025, Tonbo’s systems were deployed across 24 countries, with an export revenue share of 65.5% in FY25, positioning it as India’s most export-oriented defence-tech company.

Tonbo Imaging Order Book and Global Footprint

As of 30 September 2025, Tonbo Imaging order book stood at INR 266.57 crore, comprising INR 213.31 crore from domestic clients and INR 53.26 crore from overseas customers. Additional confirmed orders worth INR 71.68 crore were secured between October and November 2025.

Its customer base includes militaries, homeland security agencies, and global OEMs across Armenia, Romania, Slovenia, the U.S., Morocco, South Korea, UAE, and the Philippines.

Tonbo Imaging IPO: Financial Performance

Tonbo has delivered a remarkable turnaround in its financial performance, scaling revenue and profits exponentially in recent years.

• Revenue CAGR (FY23–FY25): 120.1%
• PAT CAGR (FY23–FY25): 684.9%
• EBITDA CAGR (FY23–FY25): 268.8%

Tonbo’s export sales grew from 18.7% of total revenue in FY23 to 65.5% in FY25, reflecting increasing international traction.

Final Words

Tonbo Imaging IPO marks a watershed moment for India’s defence-tech industry — a homegrown, IP-led OEM stepping confidently into public markets. The company’s combination of deep R&D capability, asset-light scalability, and global export orientation distinguishes it from traditional defence suppliers.

Tonbo Imaging IPO will not infuse new capital, it is expected to enhance liquidity, broaden investor participation, and set a market benchmark for India’s emerging defence-technology valuations.

The company’s robust financial trajectory, strong export order book, and alignment with national indigenisation policies suggest long-term structural growth potential. If Tonbo continues to secure high-value defence programs and expands its directed-energy portfolio, it could evolve into India’s first globally recognised deep-tech defence OEM.

In essence: Tonbo Imaging IPO DRHP filing underscores India’s growing ability to produce globally competitive defence technologies — not as a subcontractor, but as a sovereign innovator exporting intelligence, precision, and autonomy to the world.

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