Tonbo Imaging shares soar another 17% after a 64% listing pop. Buy, sell or hold the stock?

ETMarkets.com

Strong listing gains put Tonbo Imaging in focus, but sustainable growth and profitability will be key to its long-term outlook.

Tonbo Imaging India had fixed the IPO price band at Rs 665–Rs 700 per share. The issue opened for subscription on October 15 and closed on October 19, 2026, receiving an overall subscription of 132.81 times. The retail investor portion was subscribed 31.11 times, while the qualified institutional buyer (QIB) category, excluding anchor investors, saw 293.56 times subscription. The non-institutional investor (NII) portion was subscribed 156.36 times.

Should you buy, sell or hold Tonbo Imaging shares?

Ravi Singh, Chief Research Officer at Master Capital Services, said the key factors to track will be whether the company can sustain revenue growth, improve profitability and execute its growth plans while maintaining healthy working capital and operating cash flows.

“Long-term investors may continue to monitor the company’s defence electronics and imaging technology business, supported by demand for advanced surveillance, thermal imaging and defence modernisation solutions,” Singh said. Rather than focusing solely on its listing-day performance, investors may track quarterly revenue growth, order execution, EBITDA margins, order book development and operating cash flows to assess the company’s long-term growth prospects.

About Tonbo Imaging

Incorporated in December 2003, Tonbo Imaging India Ltd. is a global defence electronics original equipment manufacturer (OEM) that designs, develops and manufactures advanced electro-optic and infrared (EO/IR), embedded vision, communication, guidance and surveillance systems for defence and security applications. Its product portfolio includes thermal imaging systems, weapon sights, missile seekers, fire control and missile guidance systems, targeting solutions and handheld thermal imaging devices.

The company caters to defence and security organisations across 24 countries, with more than 28,000 systems deployed in the field. According to the company, it is India’s largest manufacturer of thermal imaging systems for government and defence agencies and the country’s largest exporter of such systems by volume, based on FY24–FY26 data. As of June 30, 2026, Tonbo Imaging India had 339 permanent employees across functions including product design and development, manufacturing, project management, sales, finance, human resources and management.

Tonbo Imaging India raised Rs 255 crore from anchor investors by allotting 36.48 lakh equity shares at Rs 700 apiece, the upper end of the IPO price band.