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 ₹ 8,813 Cr.
- Current Price ₹ 1,538
- High / Low ₹ 1,644 / 1,014
- Stock P/E 105
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 12.8 %
- ROE 9.75 %
- Face Value ₹ 2.00
Pros
Cons
- Promoter holding is low: 14.6%
- Company has high debtors of 213 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2025 | Mar 2026 | |
|---|---|---|
| 469 | 363 | |
| Sales growth | -23% | |
| 329 | 258 | |
| Operating Profit | 140 | 105 |
| OPM % | 30% | 29% |
| 4 | 7 | |
| Interest | 18 | 11 |
| Depreciation | 27 | 31 |
| Profit before tax | 99 | 70 |
| Tax % | 27% | 27% |
| 73 | 51 | |
| EPS in Rs | 9.90 | 8.88 |
| Dividend Payout % | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
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| TTM: | -23% |
| Compounded Profit Growth | |
|---|---|
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| 5 Years: | % |
| 3 Years: | % |
| TTM: | -31% |
| Stock Price CAGR | |
|---|---|
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| Return on Equity | |
|---|---|
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| Last Year: | 10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|
| Equity Capital | 0.73 | 11 | 11 |
| Reserves | 489 | 542 | 552 |
| 88 | 125 | 176 | |
| 148 | 105 | 108 | |
| Total Liabilities | 726 | 782 | 848 |
| 199 | 195 | 189 | |
| CWIP | 1 | 12 | 15 |
| Investments | 0 | 0 | 0 |
| 527 | 575 | 645 | |
| Total Assets | 726 | 782 | 848 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2025 | Mar 2026 | |
|---|---|---|
| -136 | -63 | |
| -25 | -32 | |
| 147 | 32 | |
| Net Cash Flow | -14 | -63 |
| Free Cash Flow | -165 | -103 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -74% | -46% |
Ratios
Consolidated / View Standalone
| Mar 2025 | Mar 2026 | |
|---|---|---|
| Debtor Days | 164 | 213 |
| Inventory Days | 198 | 451 |
| Days Payable | 38 | 69 |
| Cash Conversion Cycle | 324 | 596 |
| Working Capital Days | 123 | 281 |
| ROCE % | 13% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Transcript of the Earnings Conference Call held on November 6, 2026
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording of Q2 FY27 earnings conference call is now available on Tonbo’s website.
-
Announcement under Regulation 30 (LODR)-Investor Presentation
- Investor Presentation for Analyst/Investor Meet to be held on November 6, 2026
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Q2 FY27 revenue ₹1,833 Mn; H1 revenue ₹2,193 Mn, PAT ₹58 Mn, order book ₹2,498 Mn.
-
Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026
- Board approved unaudited Q2 and H1 FY2026-27 results on November 5, 2026.
Concalls
-
Nov 2026Transcript PPT REC
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.