IPO-Bound Tonbo Imaging’s Net Profit Sinks 30% YoY To ₹362.6 Cr In FY26

IPO-bound defence tech startup Tonbo Imaging reported a significant drop in net profit to ₹362.6 Cr in the financial year ended March 31, 2026, marking a 30% decrease from the previous year's ₹469.1 Cr. Operating revenue also saw a 22.7% decline to ₹299.9 Cr, down from ₹374.3 Cr in FY25. Despite the revenue dip, Tonbo's total income reached ₹370 Cr, including other income of ₹7.3 Cr.

The majority of revenue was generated from product sales, totalling ₹362.6 Cr, with domestic sales making up ₹337.4 Cr and exports contributing ₹20.2 Cr. Domestic sales saw a sharp decline of over half, from ₹157 Cr in FY25 to the current figure, while exports dropped by 93.4% YoY. Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, Tonbo Imaging specializes in advanced imaging and sensor systems for military reconnaissance, infrastructure security, and transport safety.

Their technology is designed to function effectively in challenging environments such as fog, dust, and smoke. The company has secured contracts with NATO, US Navy SEALs, Israeli Defense Forces, and the defence ministry of Armenia. In April last year, Tonbo Imaging raised ₹175 Cr in its Series D funding round from Florintee Advisors and EXIM Bank, valuing the startup at ₹1,500 Cr.

The company had filed for an OFS-only IPO in December of the previous year, with SEBI approval received in July. All three cofounders intend to offload part of their holdings through the IPO, alongside numerous investors. Tonbo Imaging addressed several allegations in its recent DRHP, including claims of procuring critical components from Chinese OEMs and pricing contract wins below the cost of raw materials. However, the startup denied all allegations.