Backed by major investors including Qualcomm Ventures, Tonbo Imaging operates in the areas of surveillance, targeting and autonomous battlefield systems.
The offer for sale includes 1,960,000 shares of selling shareholders of the promoter, 339,700 shares of selling shareholders of the promoter group, and 15,635,046 shares of selling shareholders of the promoter.
Defense capabilities
The company designs, develops and manufactures advanced detection, processing, communications and guidance systems that comply with the International Traffic in Arms Regulations (US) for surveillance, reconnaissance, targeting and control applications. It is evolving from standalone tactical systems to integrated autonomous platform solutions, among other things.
Order book strength
As of June 30, 2025, more than 20,000 systems had been deployed in 24 countries. As of September 30, 2025, it had an order book of ₹266.57 crore. Moreover, it has received orders totaling ₹71.68 crore between October 1 and November 30, 2025.
For the three months ended June 30, 2025, revenue from operations was ₹68.68 crore, with India contributing ₹63.29 crore, accounting for 92.15% of total revenue, while the rest of the world (Middle East/Africa) contributed ₹4.17 crore, representing 6.07%; Europe and Asia accounted for ₹0.32 crore (0.46%) and ₹0.77 crore (1.12%) respectively.
During the quarter, profit after tax (PAT) stood at ₹54.31 million, with a PAT margin of 7.68 percent.
Founded in 2003 by technologists with previous experience at the US Department of Defense and Sarnoff Corporation, Tonbo Imaging transformed into a defense-focused product manufacturing company in 2012 following its acquisition by its promoters.
The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza. Major investors in the company include Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank and Florintree.
Tonbo’s product portfolio includes tactical and platform systems covering the electromagnetic spectrum, from visible imaging to long-wave infrared, and from multi-sensor imaging to thermal imaging cores, weapon sights, portable thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance systems, enabling autonomy on the battlefield.
Some of the key projects include developing airborne systems with high performance EO/IR gimbals for an Indian defense R&D organization, a multi-spectral infrared seeker and command launch unit with advanced computer vision capabilities for a defense manufacturing company and a cost-effective FSO communications system suitable for land and naval applications, addressing the limitations of current FSO technologies in challenging environments for the Indian Armed Forces.
JM Financial Limited and IIFL Capital Services Limited are the Book-Running Lead Managers for the issue.
Published on December 23, 2025
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