# Tonbo Imaging India Limited: IPO analysis > Tonbo Imaging India Limited (CIN U26700KA2003PLC033043) has filed a Prospectus with SEBI for an IPO comprising an offer for sale of 1.22 Cr shares, priced at ₹665.00 to ₹700.00 per share. In FY26 it reported revenue of ₹363 Cr and a net profit of ₹51 Cr. Promoters hold 17.4% before the IPO. Our fact-check of its claims found no medium or high concerns across 75 claims checked. - Page: https://ipo.innerkore.com/company/U26700KA2003PLC033043/tonbo-imaging-india-limited/ - CIN: U26700KA2003PLC033043 - Last updated: 22 Oct 2026 ## Key facts - **Company:** Tonbo Imaging India Limited - **CIN:** U26700KA2003PLC033043 - **Filing stage:** Prospectus - **Latest SEBI filing:** 22 Oct 2026 - **Offer for sale:** 1,21,74,046 shares - **Price band:** ₹665.00 to ₹700.00 per share - **Final offer price:** ₹700.00 per share - **Lot size:** 21 shares - **Bidding opens:** 15 Oct 2026 - **Bidding closes:** 19 Oct 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹363 Cr - **Net profit FY26:** ₹51 Cr - **Promoter holding (pre-IPO):** 17.4% - **Lead managers:** JM Financial Limited, IIFL Capital Services Limited, IIFL Securities Limited - **Registrar:** KFin Technologies Limited - **Fact-check flags:** 0 high, 0 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Valuation** (concern): 78.8x P/E. At the top of the band, on FY26 profit; 7.3x book value. - **Profitability** (looks fine): 14% net margin. FY26. - **Debt** (looks fine): 0.21x equity. ₹116 crore borrowed at the end of FY26. - **Profit into cash** (concern): -124% of profit. Operations brought in ₹-63.2 crore against ₹50.9 crore of profit in FY26. - **One-off income** (look closer): 10% of profit. Other and one-off income is 10% of pre-tax profit; management describes 8 one-off items. - **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing. - **Red flags** (looks fine): None serious. 75 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | 3M Jun-24 | 3M Jun-25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:| | Sales | 428 | 469 | 363 | 36 | | Operating profit | 112 | 139 | 105 | -13 | | Operating margin | 26.2% | 29.7% | 28.9% | -36.2% | | Net profit | 69 | 73 | 51 | -18 | | Net margin | 16.0% | 15.5% | 14.0% | -49.3% | | Net worth | 230 | 490 | 553 | 539 | | Borrowings | 96 | 78 | 116 | 130 | | Return on equity | – | – | 9.2% | – | ## Non-recurring items (as described by management) - Refundable government grants are accounted in accordance with the recognition and measurement principle of Ind AS 109, "Financial Instruments". (p.429) - Exceptional items included fees related to CCPS, financial and tax advisory, legal and documentation, and valuation report fees for Fiscal 2024. (p.434) - Exceptional items included fees related to financial and tax advisory, legal and documentation, valuation report fees, and stamp duties for the Fiscal 2025 equity capital raise. (p.434) - Other expenses decreased by 61.81% from Fiscal 2025 to Fiscal 2026, primarily on account of a decrease in provision for warranty and write back of warranty provision of earlier years, decrease in debtors written off, and decrease in sales and marketing. (p.437) - The intellectual property purchase from CEAQ Singapore was a one-time transaction. (p.441) - The intellectual property purchase of ₹183.19 Crore was a one-time transaction. (p.441) - The purchase from CEAQ Singapore was a one-time purchase at arms-length, entered in compliance with requirements of the Companies Act, 2013, to ensure no future, recurring royalty payments. (p.444) - The company chose to purchase the IP for a one-time consideration because it was not economically viable to continue paying royalty to the related party. (p.444) ## Fact-checked claims - **LOW** (SubsidiaryPerformance): The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations) delineate ongoing compliance obligations for listed companies regarding financial disclosures and corporate governance.. The search results mention the SEBI's role in regulating the securities market, but they do not directly delineate ongoing compliance obligations for listed companies as stated in the claim. Instead, the results focus on company performance, IPO details, and the general purpose of SEBI. - **NONE** (PromoterBackground): Prasanth Allada is the chief technology officer and has been appointed as the chief technology officer of the company since December 18, 2023.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Prasanth Allada was appointed as the CTO of Tonbo Imaging India Limited since December 18, 2023. - **NONE** (PromoterBackground): Tiruvidaimarudhur Srivatsan Sivashankar is the Chief Financial Officer and has been associated with the company since October 3, 2023.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Tiruvidaimarudhur Srivatsan Sivashankar is the CFO and has been associated with the company since October 3, 2023. - **NONE** (PromoterBackground): Ankita Agarwalla is the Company Secretary and Compliance Officer, having been associated with the company since January 18, 2024.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Ankita Agarwalla is the Company Secretary and Compliance Officer of Tonbo Imaging India Limited since January 18, 2024. - **NONE** (PromoterBackground): No contingent or deferred compensation was accrued or payable to Directors in Fiscal 2026.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that no contingent or deferred compensation was accrued or payable to Directors in Fiscal 2026. - **NONE** (PromoterBackground): Remuneration paid to the Managing Director and Chief Executive Officer for Fiscal 2026 is ₹2.81 Crore.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the remuneration paid to the Managing Director and Chief Executive Officer for Fiscal 2026 as stated in the DRHP. - **NONE** (SubsidiaryPerformance): The registered office address changed on August 10, 2005, from “Unit 2A, Left Wing, First Floor, Frontline Grandeur, No. 14, Walton Road, Bangalore 560 001, Karnataka, India” to “Asha Arch, No.1, Magrath Road, Bangalore 560 025, Karnataka” to facilitate better operational efficiency and to accommodate the growing business requirements.. No current web search results were found to corroborate, contradict, or provide any information regarding the claimed change in the registered office address for Tonbo Imaging India Limited. - **NONE** (SubsidiaryPerformance): The registered office address changed on January 6, 2004, from “No.202, Prestige Meridian II, 30 M.G. Road, Bangalore 560 001, Karnataka, India” to “Unit 2A, Left Wing, First Floor, Frontline Grandeur, No - 14, Walton Road, Bangalore 560 001, Karnataka, India” to carry out business operation more efficiently.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claimed change in the registered office address for Tonbo Imaging India Limited. - **NONE** (SubsidiaryPerformance): A fresh certificate of incorporation was issued on June 2, 2026, pursuant to an addition to the main objects clause of the Memorandum of Association.. No web search results were found to corroborate, contradict, or provide any information regarding the claim that a fresh certificate of incorporation was issued on June 2, 2026. - **NONE** (PromoterBackground): Vinimaya Advisory LLP is listed as an entity forming part of the Promoter Group.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Vinimaya Advisory LLP is listed as an entity forming part of the Promoter Group of Tonbo Imaging India Limited. - **NONE** (PromoterBackground): Tiruvidaimarudhur Srivatsan Sivashankar was previously associated with Citibank and Arpwood Capital Private Limited as Operating Partner.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Tiruvidaimarudhur Srivatsan Sivashankar was previously associated with Citibank and Arpwood Capital Private Limited as an Operating Partner. - **NONE** (PromoterBackground): Ankita Agarwalla has been associated with Spinnmax Tyres Private Limited as their company secretary and Absolute Barbecue Private Limited as their senior manager-1 in finance and accounts department.. No current web search results were found to corroborate, contradict, or provide any information regarding the association of Ankita Agarwalla with Spinnmax Tyres Private Limited or Absolute Barbecue Private Limited. ## Common questions ### How big is the Tonbo Imaging India Limited IPO? Tonbo Imaging India Limited's IPO comprises an offer for sale of 1.22 Cr shares, according to its Prospectus. The price band was ₹665.00 to ₹700.00 per share and the final offer price was ₹700.00 per share. ### What are Tonbo Imaging India Limited's revenue and profit? Tonbo Imaging India Limited reported revenue from operations of ₹363 Cr in FY26. Net profit was ₹51 Cr. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Tonbo Imaging India Limited? Promoters hold 17.4% of Tonbo Imaging India Limited before the IPO. Largest holders listed: Serial Innovations Employee Stock Option Trust (63.4%); CEAQ Singapore (25.5%); CEAQ Singapore - - (21.6%). ### What are the red flags in Tonbo Imaging India Limited's Prospectus? We fact-checked 75 claims from the filing against the open web: 0 raised a high concern, 0 medium and 1 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Tonbo Imaging India Limited do? Here's what you need to know before investing in Tonbo Imaging India Limited's IPO. ### Who manages the Tonbo Imaging India Limited IPO? Book running lead managers: JM Financial Limited, IIFL Capital Services Limited, IIFL Securities Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Tonbo Imaging India Limited IPO documents? All 4 filings for Tonbo Imaging India Limited (DAP, DRHP, RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Tonbo Imaging India Limited – Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792652985928.pdf) (Prospectus, filed 22 Oct 2026) - [Tonbo Imaging India Limited- RHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791778947564.pdf) (Red Herring Prospectus, filed 12 Oct 2026) - [Tonbo Imaging India Limited - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/Tonbo%20Imaging%20India%20Limited%20-%20DAP_p.pdf) (Abridged prospectus (DAP), filed 14 Aug 2026) - [Tonbo Imaging India Limited - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1786692605529_1339.pdf) (Draft Red Herring Prospectus, filed 14 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.