# Bonfiglioli Transmissions Limited: IPO analysis > Bonfiglioli Transmissions Limited (CIN U29309TN1998PLC040717) has filed a Red Herring Prospectus with SEBI for an IPO comprising an offer for sale of 4.32 Cr shares, priced at ₹558.00 to ₹586.00 per share. In 12M Jun-26 it reported revenue of ₹1,132 Cr (+17.9% on 12M Jun-25) and a net profit of ₹149 Cr. Promoters hold 100.0% before the IPO. Our fact-check of its claims found 3 medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U29309TN1998PLC040717/bonfiglioli-transmissions-limited/ - CIN: U29309TN1998PLC040717 - Last updated: 13 Oct 2026 ## Key facts - **Company:** Bonfiglioli Transmissions Limited - **CIN:** U29309TN1998PLC040717 - **Filing stage:** RHP - **Latest SEBI filing:** 13 Oct 2026 - **Offer for sale:** 4,32,39,042 shares - **Price band:** ₹558.00 to ₹586.00 per share - **Bidding opens:** 15 Oct 2026 - **Bidding closes:** 19 Oct 2026 - **Listing on:** BSE, NSE - **Revenue 12M Jun-26:** ₹1,132 Cr - **Revenue growth:** +17.9% - **Net profit 12M Jun-26:** ₹149 Cr - **Revenue CAGR 12M Dec-23 to 12M Jun-26:** -12.5% - **Promoter holding (pre-IPO):** 100.0% - **Lead managers:** Axis Capital Limited, ICICI Securities Limited, Jefferies India Private Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 3 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Valuation** (concern): 74.2x P/E. From NSE's price band, on 12M Jun-26 profit; 10.7x book value. - **Growth** (concern): -12.5% a year. Sales 12M Dec-23 to 12M Jun-26; latest year +17.9%. - **Profitability** (looks fine): 13.1% net margin. 12M Jun-26; operating margin steady. - **Debt** (looks fine): No borrowings. Nothing borrowed at the end of 12M Jun-26. - **Profit into cash** (looks fine): 87% of profit. Operations brought in ₹130 crore against ₹149 crore of profit in 12M Jun-26. - **One-off income** (look closer): 4% of profit. Other and one-off income is 4% 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** (look closer): 3 to review. 40 claims checked: 0 high, 3 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | 12M Dec-23 | 12M Dec-24 | 12M Jun-25 | 12M Dec-25 | 12M Jun-26 | |---|---:|---:|---:|---:|---:| | Sales | 1,687 | 1,854 | 960 | 2,014 | 1,132 | | Sales growth | – | 9.9% | – | 8.6% | 17.9% | | Operating profit | 244 | 295 | 176 | 371 | 224 | | Operating margin | 14.5% | 15.9% | 18.4% | 18.4% | 19.8% | | Net profit | 147 | 192 | 115 | 238 | 149 | | Net margin | 8.7% | 10.3% | 12.0% | 11.8% | 13.1% | | Net worth | 801 | 861 | 875 | 993 | 1,034 | | Borrowings | 111 | 0.00 | 0.00 | 0.00 | 0.00 | | Return on equity | 18.3% | 22.3% | 13.1% | 24.0% | 14.4% | ## Non-recurring items (as described by management) - A one-time income from secondary adjustment arose from a dispute with the income tax department regarding the disallowance of certain cost-sharing expenses under the Intercompany Service Agreement with BSPA, which was subsequently settled under the Vivad se Vishwas scheme in Fiscal 2025, whereby 50% of the disputed tax liability was paid and the remaining amount was waived, resulting in this one-time income recognition in Fiscal 2024. (p.374) - A non-recurring income amounting to ₹8.03 Crore was recognized from the settlement of a dispute with the Indian income tax authorities under the Vivad se Vishwas scheme regarding transfer pricing adjustments. (p.377) - An adjusted amount of ₹8.03 Crore was recovered from BSPA in accordance with secondary adjustment provisions provided under the Income Tax Act, 1961, related to the settlement of a dispute with the income tax department concerning cost-sharing expenses under the Intercompany Service Agreement with BSPA. (p.377) - A non-recurring income amounting to ₹14.06 Crore was recorded from the settlement of a dispute with the Indian income tax authorities under the Vivad se Vishwas scheme with respect to transfer pricing adjustments. (p.378) - A portion of the business undertaking IT related and R&D functions was transferred to a newly incorporated entity under the Bonfiglioli Group, and this was referred to as discontinued operations, with the transfer completed on September 30, 2024. (p.381) - When loans or similar assistance are provided by governments or related institutions with an interest rate below the current applicable market rate, the effect of this favourable interest is regarded as a government grant, measured as the difference between the initial carrying value of the loan and the proceeds received. (p.395) - Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell, where costs to sell are the incremental costs directly attributable to the disposal of an asset (or disposal group), excluding finance costs and income tax expense. (p.398) - Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss before tax from discontinued operations in the Statement of Profit and Loss. (p.400) ## Fact-checked claims - **MEDIUM** (LitigationStatus): The group companies are not party to any outstanding litigation which may have a material impact on the Company.. Search results indicate that there are legal proceedings involving Bonfiglioli Transmission Pvt. Ltd. and Bonfiglioli Transmissions Limited, including a case before the NCLT and High Court. This suggests that litigation or legal matters have been relevant to the company, which relates to the claim about outstanding litigation. - **MEDIUM** (LitigationStatus): The Company has filed a civil writ petition before the Hon’ble High Court of Judicature at Madras challenging a show cause notice regarding the excess and ineligible availing of input tax credit (ITC) amounting to ₹31.69 Crore.. One search result points to a civil writ petition filed by Bonfiglioli Transmission Pvt. Ltd. against the Dy.CIT, which is related to a dispute, but it does not explicitly confirm the exact claim regarding the amount of ₹31.69 Crore or the specific nature of the challenge mentioned in the offer document. - **MEDIUM** (LitigationStatus): Directors are not associated with the securities market, and there is no outstanding action initiated by SEBI against the Directors in the past five years preceding the Red Herring Prospectus date.. The search results show various legal and business activities related to Bonfiglioli Transmission, including court cases and insolvency proceedings, which suggests past legal involvement. However, the results do not explicitly confirm or deny any SEBI action initiated against the Directors within the specified five-year period. - **LOW** (SubsidiaryPerformance): The company was originally incorporated as ‘Bonfiglioli Deepak Private Limited’ in Chennai, Tamil Nadu, India, as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated June 23, 1998.. Search results partially corroborate the claim by mentioning the incorporation in 1998 as Bonfiglioli Deepak Private Limited in Chennai. However, the search results do not provide the specific certificate of incorporation date mentioned in the claim. - **NONE** (PromoterBackground): The controlling shareholder of Bonfiglioli S.p.A. is BON-FI S.r.l.. The provided search results do not contain information that directly corroborates or contradicts the claim that the controlling shareholder of Bonfiglioli S.p.A. is BON-FI S.r.l. The search results primarily discuss IPO details and general news related to Bonfiglioli Transmissions. - **NONE** (PromoterBackground): The shareholding pattern of BON-FI S.r.l. shows Sonia Bonfiglioli holding 59.92% and Luciano Bonfiglioli holding 40.08 of the shares.. The provided search results do not contain information regarding the specific shareholding pattern of Sonia Bonfiglioli and Luciano Bonfiglioli in Bonfiglioli Transmissions Limited. The search results mention IPO details and general news about the company but do not corroborate or contradict the claim about the ownership percentages. - **NONE** (PromoterBackground): No dividends were declared or paid during the period from July 1, 2026, until the date of the Red Herring Prospectus for the six-month periods ended June 30, 2026 and for the fiscal years 2025, 2024, and 2023.. The search results mention Bonfiglioli Transmissions Ltd announcing an IPO price band and related news, but they do not contain information regarding the declaration or payment of dividends during the specified period. - **NONE** (PromoterBackground): Sanjay Patwari has been associated with the Company from October 2000 to March 2007 and since June 2012.. The provided search results do not contain any information regarding the association period of Sanjay Patwari with Bonfiglioli Transmissions Limited as stated in the claim. Therefore, the search results do not corroborate, contradict, or update the claim. - **NONE** (PromoterBackground): The Corporate Social Responsibility Committee was re-constituted pursuant to a resolution passed by the Board on February 3, 2026.. The search results mention Bonfiglioli Transmissions and its IPO details, but none of the provided snippets corroborate or contradict the specific claim about the re-constitution of the Corporate Social Responsibility Committee on February 3, 2026. - **NONE** (PromoterBackground): The Nomination and Remuneration Committee was constituted pursuant to a resolution passed by the Board on February 3, 2026.. The provided search results mention Bonfiglioli Transmissions Ltd's IPO details, such as the price band and announcement of an IPO, but they do not contain any information regarding the date on which the Board passed a resolution concerning the constitution of the Nomination and Remuneration Committee. - **NONE** (PromoterBackground): The compensation paid to the Executive Directors, Kennady V Kaippally and Gatham Anandhan Balaji, in Fiscal 2025 were ₹1.97 Crore and ₹1.39 Crore respectively.. The provided search results do not contain information regarding the compensation paid to the Executive Directors, Kennady V Kaippally and Gatham Anandhan Balaji, in Fiscal 2025. Therefore, the search results do not corroborate, contradict, or provide any new information about this specific claim. - **NONE** (SubsidiaryPerformance): The commencement of gear-box and gear motors manufacturing in Thirumudivakkam, Tamil Nadu occurred in the financial year 2000.. The provided search results do not contain information that corroborates or contradicts the claim regarding the commencement of gear-box and gear motors manufacturing in Thirumudivakkam, Tamil Nadu in the financial year 2000. The search results focus on recent financial reports and IPO details of Bonfiglioli Transmissions. ## Common questions ### How big is the Bonfiglioli Transmissions Limited IPO? Bonfiglioli Transmissions Limited's IPO comprises an offer for sale of 4.32 Cr shares, according to its Red Herring Prospectus. The price band is ₹558.00 to ₹586.00 per share. ### What are Bonfiglioli Transmissions Limited's revenue and profit? Bonfiglioli Transmissions Limited reported revenue from operations of ₹1,132 Cr in 12M Jun-26, +17.9% versus 12M Jun-25. Net profit was ₹149 Cr (12M Jun-25: ₹115 Cr). Revenue grew at a compound rate of -12.5% a year from 12M Dec-23 to 12M Jun-26. Figures are read from the RHP, as printed there. ### How much do promoters own in Bonfiglioli Transmissions Limited? Promoters hold 100.0% of Bonfiglioli Transmissions Limited before the IPO. ### What are the red flags in Bonfiglioli Transmissions Limited's RHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 3 medium and 1 low. The most notable: Search results indicate that there are legal proceedings involving Bonfiglioli Transmission Pvt. Ltd. and Bonfiglioli Transmissions Limited, including a case… One search result points to a civil writ petition filed by Bonfiglioli Transmission Pvt. Ltd. against the Dy.CIT, which is related to a dispute, but it does… The search results show various legal and business activities related to Bonfiglioli Transmission, including court cases and insolvency proceedings, which… This is an automated screen, not a verdict; each finding links to its sources. ### What does Bonfiglioli Transmissions Limited do? Here’s what almost nobody notices: despite the high-profile IPO, digging into the records shows that the directors of Bonfiglioli Transmissions have actually been involved in previous court cases and insolvency proceedings. The big question is, what does that history actually mean for this new listing? ### Who manages the Bonfiglioli Transmissions Limited IPO? Book running lead managers: Axis Capital Limited, ICICI Securities Limited, Jefferies India Private Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Bonfiglioli Transmissions Limited IPO documents? All 1 filing for Bonfiglioli Transmissions Limited (RHP) 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 - [Bonfiglioli Transmissions Limited](https://nsearchives.nseindia.com/content/ipo/RHP_BONFIG.zip) (Red Herring Prospectus, filed 13 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.