Tonbo Imaging India Ltd
Tonbo Imaging India Ltd is a defence-
electronics company designing electro-
optical and infrared sensing, processing, communication and guidance systems for surveillance, targeting and control. Over
28,000 systems were deployed across
24 countries by June 2026. [1]
- Market Cap ₹ 6,495 Cr.
- Current Price ₹ 1,134
- High / Low ₹ 1,211 / 1,014
- Stock P/E 130
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 12.7 %
- ROE 9.61 %
- Face Value ₹ 2.00
Pros
Cons
- Promoter holding is low: 14.6%
- Company has high debtors of 213 days.
- Working capital days have increased from 124 days to 283 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Aerospace & Defense Aerospace & Defense
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Operating Profit |
| OPM % |
| Interest |
| Depreciation |
| Profit before tax |
| Tax % |
| EPS in Rs |
| Raw PDF |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 97 | 428 | 469 | 361 | |
| 87 | 316 | 329 | 257 | |
| Operating Profit | 10 | 112 | 140 | 103 |
| OPM % | 11% | 26% | 30% | 29% |
| 0 | 3 | 4 | 7 | |
| Interest | 7 | 8 | 18 | 11 |
| Depreciation | 2 | 13 | 27 | 31 |
| Profit before tax | 1 | 95 | 99 | 69 |
| Tax % | 14% | 28% | 27% | 27% |
| 1 | 69 | 73 | 50 | |
| EPS in Rs | 0.39 | 22.85 | 9.89 | 8.74 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 55% |
| TTM: | -23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 170% |
| TTM: | -32% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 20% |
| Last Year: | 10% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 0.30 | 0.30 | 0.73 | 11 |
| Reserves | 16 | 169 | 489 | 541 |
| 59 | 166 | 87 | 125 | |
| 97 | 239 | 148 | 102 | |
| Total Liabilities | 171 | 575 | 725 | 779 |
| 17 | 197 | 199 | 195 | |
| CWIP | 0 | 0 | 1 | 12 |
| Investments | 0 | 0 | 0 | 0 |
| 154 | 377 | 525 | 572 | |
| Total Assets | 171 | 575 | 725 | 779 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 23 | 78 | -136 | -65 | |
| -10 | -190 | -25 | -32 | |
| -8 | 188 | 146 | 33 | |
| Net Cash Flow | 4 | 76 | -14 | -63 |
| Free Cash Flow | 11 | -115 | -164 | -104 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 235% | 75% | -73% | -48% |
Ratios
Standalone / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 155 | 80 | 164 | 213 |
| Inventory Days | 246 | 185 | 198 | 453 |
| Days Payable | 178 | 34 | 38 | 66 |
| Cash Conversion Cycle | 223 | 231 | 324 | 600 |
| Working Capital Days | -92 | -34 | 124 | 283 |
| ROCE % | 50% | 26% | 13% |
Documents
Announcements
-
Intimation Under Regulation 8(2) Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015
- Tonbo Imaging disclosed its fair disclosure and UPSI leak policies under SEBI PIT regulations.
-
Disclosure Under Regulation 30(5) Of SEBI (LODR) Regulations, 2015
- Tonbo Imaging names authorised KMPs for Regulation 30(5) disclosures.
- Closure of Trading Window
- Listing of Equity Shares of Tonbo Imaging India Ltd
Business evolution:[1]
Tonbo started in 2003 as a subsidiary
of research was company, providing
R&D, intellectual-property design and
product-development services. Following
a promoter buyout in 2012, it shifted towards defence products and now operates as an
OEM.
Core optics, electronics, architecture and software are developed internally, while
mass production is outsourced. The co.'s systems are free from US ITAR export controls.