A major player in India’s mechanical and electro-mechanical power transmissions industry, Bonfiglioli Transmissions, has filed a draft prospectus with the Securities and Exchange Board of India (SEBI). Bonfiglioli has a strong 25-year history in India and roots that go back almost seven decades around the world.
Bonfiglioli Transmissions IPO Details
Bonfiglioli Transmissions is based in Thirumudivakkam, Tamil Nadu, and is fully owned by Bonfiglioli S.p.A., an Italian company. The company also includes individual promoters and entities such as Bon-Fi S.R.L., Sonia, and Luciano Bonfiglioli. Bonfiglioli Transmissions IPO is a total Offer for Sale (OFS) of up to 4,69,98,959 equity shares, with Bonfiglioli S.p.A. being the selling shareholder.
Axis Capital, BNP Paribas, ICICI Securities, and Jefferies India are the book-running lead managers for the issue. MUFG Intime India is the registrar.
Bonfiglioli Transmissions IPO: Business Overview
Bonfiglioli is India’s largest manufacturer of gearboxes and drives for OEMs and end-users across three critical verticals:
- Industry & Automation Solutions
- Off-Highway Mobility
- Wind Industries
According to Frost & Sullivan, Bonfiglioli commands a leading 25% share in low/medium-duty gear motors, 30% in off-highway mobility, and a staggering 70% in domestic wind yaw and pitch drives by value.
The company has a wide range of 10,500 SKUs as of September 2025—serving mission-critical roles in sectors like material handling, construction, energy, agriculture, mining, and more. The company’s manufacturing footprint comprises three facilities in India, supported by a strong pan-India sales network and a dedicated R&D center in Chennai, which is part of the Bonfiglioli Group’s global network.
Business Model
Bonfiglioli’s business diversifies well across various channels, customers, and verticals.
- Industry-wise revenue split (9M FY25): Industry & Automation (41%), Wind (32%), Off-Highway Mobility (25%), Others (2%).
- Dealer and Direct Sales: 19% of sales come from a network of 44 exclusive dealers, while 65% come from direct sales.
- Customer Base: More than 1,100 customers in India alone, and the top 10 customers make up less than 47% of revenue, which lowers the risk of concentration.
- Key OEMs: Include heavyweights such as JCB India, Hyundai Construction Equipment, Schwing Stetter, CNH Industrial, and Suzlon Energy.
The company’s co-engineering model for the Off-Highway and Wind verticals helps them build strong, long-lasting relationships with OEMs, some of which have lasted more than ten years.
Bonfiglioli Transmissions IPO: Financial Performance
| Particulars | FY22 | FY23 | FY24 | 9M FY25 |
|---|---|---|---|---|
| Revenue from Operations | 1,558.80 | 1,687.51 | 1,864.08 | 1,460.17 |
| EBITDA (ex-Other Income) | 254.4.4 | 244.12 | 293.06 | 253.4.8 |
| EBITDA Margin (%) | 16.32 | 14.47 | 15.72 | 17.36 |
| Profit After Tax (PAT) | 168.75 | 147.70 | 191.12 | 165.19 |
| PAT Margin (%) | 10.75 | 8.68 | 10.21 | 11.25 |
- Net Debt is negative, indicating a net cash position.
- Return on Capital Employed (ROCE): 25.18% (9M FY25)
- Return on Equity (ROE): 18.58% (9M FY25)
- Working Capital Cycle is stable at 79-81 days.
- Fixed Asset Turnover reflects efficient asset utilization (5.8–8.8x).
Bonfiglioli Transmission: Strengths & Advantages
- End-to-End Solutions: Bonfiglioli provides a wide array of gearboxes, motors, inverters, and drives that cover from motion control to power drives.
- Strong Parentage: The company’s parent Bonfiglioli SPA is one of the world’s top power transmission company. In 2024, Bonfiglioli SPA made EUR 1.19 billion in sales around the world.
- Innovation and R&D: Bonfiglioli has access to international R&D, including India’s only test lab for wind turbine yaw and pitch drives.
- Customization: Robust co-engineering capabilities enable highly tailored solutions, enabling long-term customer loyalty.
Final Words
Following the successful IPOs of global giants like Hyundai Motors, LG India, and Tenneco Clean Air, several international parent companies are now eager to seize the opportunities in India’s rapidly expanding IPO market. Bonfiglioli Transmissions IPO filing is very much a part of this trend. Companies such as Carlsberg, Hindustan Coca-Cola Beverages, and Flipkart are also waiting for the right moment to enter the fray. Of course, the eventual success of any IPO will depend on its pricing, valuation, and prevailing market conditions.
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