Tonbo Imaging India IPOUPCOMING

Tonbo Imaging India Limited is a Bengaluru-based defence electronics company engaged in designing and developing advanced electro-optical and infrared (EO/IR) imaging systems, surveillance equipment, targeting solutions and intelligent defence technologies. Incorporated in December 2003, the company combines thermal imaging, artificial intelligence (AI), sensor fusion and embedded computing to develop solutions for military and security applications.

The company's product portfolio is divided into three major categories:

• Tactical Systems: Includes thermal weapon sights, handheld thermal imagers, night-vision devices and surveillance equipment used for reconnaissance, target detection and battlefield monitoring.
• Platform Systems: Provides electro-optical surveillance, fire control, targeting and guidance systems for armoured vehicles, aircraft, drones, remote weapon stations and missile platforms. It also develops integrated autonomous defence platforms.
• Directed Energy Systems: Focuses on counter-drone technologies, including WaveStrike, a high-power microwave system designed to neutralise hostile drones and electronic threats. This segment had not generated revenue as of June 30, 2026.

Tonbo Imaging was India's largest manufacturer of thermal imaging systems for government and defence agencies by sales value during FY2024–FY2026. The company also accounted for approximately 94% of India's thermal imaging system exports by volume during this period.

As of June 30, 2026, the company had deployed over 28,000 tactical systems and served customers across 24 countries, including the US, Armenia, Romania, South Korea, the UAE and Australia. Exports contributed approximately 44.45% of total product and solution sales during FY2024–FY2026.

The company follows an asset-light business model, focusing on in-house R&D, proprietary technology and product development while outsourcing manufacturing activities. Its EO/IR products are free from US ITAR restrictions, supporting international exports. The company spent ₹25.86 crore on R&D in FY2026.

As of June 30, 2026, Tonbo Imaging employed 339 permanent employees, including 130 R&D professionals, and operated through wholly owned subsidiaries in Armenia and Australia.