IPO · Government, Defense & Space

Tonbo Imaging gets SEBI nod for IPO

By Startup Enthusiast · 28 September 2026

What they do

Tonbo Imaging designs thermal cameras, weapon sights and missile guidance systems, mostly for government and defence buyers

SEBI cleared its refiled IPO papers on 21 September; the issue is a sale of up to 1.81 crore existing shares

All three co-founders will sell some shares; FY26 profit fell 30% to ₹362.6 crore on lower revenue

SEBI issued its observations on Tonbo Imaging's refiled draft IPO papers on 21 September.
The IPO is entirely an offer for sale of up to 1.81 crore shares, so no new money goes to the company.
Co-founders Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza will each sell part of their stake.
A promoter group holder and existing investors will also sell.
Tonbo first filed in December 2025, won approval in July and refiled in August with a similar size.

Tonbo was India's largest seller of thermal imaging systems to government and defence buyers over FY24–FY26, per its filing.
By units, nearly all of India's thermal imaging exports (94.3%) came from Tonbo over the same three years.
Profit fell 30% to ₹362.6 crore in FY26 as revenue dropped 22.7% to ₹299.9 crore.
Its last private round, a ₹175 crore Series D in 2025, valued it at ₹1,500 crore.

Tonbo makes thermal imaging cores, weapon sights, thermal binoculars and targeting systems.
It also builds missile seekers, fire-control and missile-guidance systems.
It had placed more than 28,000 systems in 24 countries by March 2026.
It says it has owned all its intellectual property since FY24, across optics, software and electronics.
Production is outsourced to partners such as Kaynes Technology and Avalon Technology, while design and testing stay in-house.

Product: Thermal imaging systems, surveillance systems, high power microwave systems and other defense electronics for military applications
Customers: Defense and government organizations, including Indian military branches
How it makes money: Defense technology manufacturing and OEM services with domestic and export sales
What sets it apart: Indigenous defense technology addressing military and strategic needs with domestic manufacturing