TONBO · Not specified · filed 5 Nov 2026
Tonbo Imaging India reported revenue of ₹183 cr for July to September 2026, +1,964.1% on the year and +409.0% on the quarter.
Operating profit (EBITDA) was ₹44.2 cr, a margin of 24.1%, +6,025 bps on the year and +6,029 bps on the quarter.
The company swung to a net profit of ₹23.5 cr from a loss of ₹9.6 cr a year earlier, with earnings per share of ₹4.25.
Early-stage defence and space businesses are lumpy and order-driven; one contract can make or break a quarter.
Profit with no operating cash behind it. Where did the cash go?
Source: Cash flow statement
Turned profitable from a loss a year ago.
Source: Results filing
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹235 cr | ₹212 cr | ▲ 11.0% |
| Inventory | ₹266 cr | ₹219 cr | ▲ 21.1% |
| Cash | ₹9.2 cr | ₹16.2 cr | ▼ 43.4% |
| Bank balances | ₹15.2 cr | ₹22.5 cr | ▼ 32.4% |
| Long-term borrowings | ₹21.6 cr | ₹6.9 cr | ▲ 215.2% |
| Short-term borrowings | ₹147 cr | ₹116 cr | ▲ 26.9% |
| Trade payables | ₹49.1 cr | ₹33.4 cr | ▲ 46.7% |
| Net block | ₹23.7 cr | ₹24.8 cr | ▼ 4.4% |
| Capital work in progress | ₹15.0 cr | ₹12.4 cr | ▲ 20.6% |
| Equity | ₹564 cr | ₹553 cr | ▲ 1.9% |
| Total assets | ₹848 cr | ₹783 cr | ▲ 8.4% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹48.4 cr | ₹12.3 cr |
| Capital expenditure | −₹15.0 cr | −₹11.0 cr |
| Investing cash flow | −₹11.7 cr | −₹7.4 cr |
| Financing cash flow | ₹45.8 cr | −₹42.6 cr |
Operating cash flow was -8.34× profit. Receivables at 196 days of sales (−17 days against the last year end). Inventory at 221 days of sales (+0 days).
Other matter: “The Statement includes the Unaudited Financial Results of two (2) wholly owned subsidiaries, which are not required to be audited under the local laws of their respective jurisdictions. The financial statements, certified by the Management reflects total revenue from operations… Read in full
The Statement includes the Unaudited Financial Results of two (2) wholly owned subsidiaries, which are not required to be audited under the local laws of their respective jurisdictions. The financial statements, certified by the Management reflects total revenue from operations (before consolidation adjustments) of Rs.34.44 lakhs and Rs.69.89 lakhs respectively for the quarter and half year ended September 30, 2026, total net profit after tax (before consolidation adjustments) of Rs.4.43 lakhs and Rs. 10.37 lakhs respectively for the quarter and half year ended September 30, 2026, total comprehensive income (before consolidation adjustments) of Rs.4.43 lakhs and Rs. 10.37 lakhs respectively for the quarter and half year ended September 30, 2026, as considered in the Statement. These financial results are not material to the Group.
Filing p. consolidated limited review report p.1-3
₹0.0 cr still unused. “Equity shares listed on NSE and BSE on October 23, 2026, following an Initial Public Offering of ₹852 crore by way of an offer for sale. No deviation reported.”
Equity shares listed on NSE and BSE on October 23, 2026, following an Initial Public Offering of ₹852 crore by way of an offer for sale, which was subscribed over 135 times overall. (p. ress release p.2)
Included results of 100% wholly-owned overseas subsidiaries Tonbo LLC (Armenia) and Tonbo Systems Pty Ltd. (Australia) in consolidated financial results. (p. consolidated note 4)
Tax: Consolidated tax expense of ₹7.90 crore (current tax ₹0.90 crore, deferred tax ₹7.00 crore) on Profit before tax of ₹31.44 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order book (₹ cr) | 249.8 | 314.2 | 279 |
| Government share | 73% | — | — |
| Export share | 43% | — | 6% |
| Deliveries | 28,000 | — | — |
| R&D capitalised (₹ cr) | 9.83 | — | — |
| Contracts Under Negotiation (₹ crore) | 408.3 | — | — |
Platform systems account for ₹205.30 crore (82.19%) of the confirmed order book of ₹249.80 crore, while tactical systems contribute ₹44.50 crore (17.81%). Regionally, domestic orders account for ₹182.20 crore (72.94%) and export orders account for ₹67.60 crore (27.06%).
Order book is heavily weighted towards platform systems (82.2%), which management expects to deliver higher long-term margins.
In H1 FY27, payments for purchase/development of intangible assets stood at ₹9.83 crore in cash flows (total intangible assets ₹159.02 crore on balance sheet). The company owns 100% of its IP across optics, algorithms, RF and control with 136 R&D engineers.
100% proprietary IP ownership without ITAR restrictions underpins product differentiation and high export margins.
Order book 249.8 crore at quarter end.
Read using the Drones, space and emerging defence tech framework (named in the filing read). Primary valuation lens: EV/Sales against order book.
Read more closely in this sector: Order book concentration · R&D capitalised against expensed.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Contracts Under Negotiation Pipeline Target | 408.30 | FY2026-27 | unchanged or first given |
| European Loitering Munition Seeker Export Order Option Target | 13.00 | Medium term | unchanged or first given |
| Directed Energy System Development Timeline Target | 3 to 4 years | Next 3-4 years | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Vision Technology Products and Solutions | ₹183 cr | ▲ 1,964.1% | ₹31.4 cr | — |
FinMinutes scored the offer document 50/100 before listing. 0 quarters of numbers since. Promise against delivery
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹8.9 cr | ₹36.0 cr | ₹183 cr |
| YoY | — | — | +1,964% |
| EBITDA margin | −36.1% | −36.2% | 24.1% |
| Other income, % of PBT | — | — | 6% |
| Exceptional items | — | — | — |
| Tax rate | — | — | 25% |
| Net profit | −₹9.6 cr | −₹17.7 cr | ₹23.5 cr |
| YoY | — | — | — |
| Core profit YoY | — | — | — |
| EPS | −₹1.77 | −₹3.20 | ₹4.25 |
| Flags | · | · | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tonbo Imaging India reported revenue of ₹183 cr (+1,964.1% on the year) and net profit of ₹23.5 cr (— on the year) for July to September 2026.
1 check raised a question: Profit with no operating cash behind it. Where did the cash go?
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