The Bonfiglioli Transmissions IPO opens on 15 October 2026 and closes on 19 October 2026. The price band is ₹558 to ₹586 per share, the lot size is 25 shares, and the issue is a 100% offer for sale worth about ₹2,533.66 crore at the cap price. The company receives none of the money, because every share is sold by its parent, Bonfiglioli S.p.A.
This review covers the issue details, what a retail application costs, the business, the financials, the P/E worked out at the price band, a peer comparison, where the money goes, the main risks and how to apply.
Bonfiglioli Transmissions IPO Key Details
| Parameter | Details |
|---|---|
| IPO Dates | 15 October 2026 to 19 October 2026 |
| Anchor Book | 14 October 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹558 to ₹586 per share |
| Lot Size | 25 shares (minimum ₹14,650 at the cap price) |
| Issue Type | Book-built, 100% offer for sale |
| Total Issue Size | 4,32,39,042 shares, about ₹2,533.66 crore at the cap price |
| Fresh Issue | Nil |
| Offer for Sale | 4,32,39,042 shares by Bonfiglioli S.p.A. |
| Employee Reservation | 50,000 shares at ₹29 per share discount to the final offer price |
| Listing Exchanges | BSE and NSE |
| Allotment Date | 21 October 2026 |
| Refund and Credit to Demat | 22 October 2026 |
| Listing Date | 23 October 2026 (tentative) |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Managers | Axis Capital, BNP Paribas, ICICI Securities, Jefferies India |
Business details come from the Draft Red Herring Prospectus (DRHP) dated 9 February 2026. The price band, dates and final offer size come from the company’s announcement as reported by Business Today on 12 October 2026.
How the offer is split
The offer is made under Regulation 6(1) of the SEBI ICDR Regulations. The percentages below apply to the net offer after the employee reservation.
| Category | Share of net offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
Within the NII portion, one-third is for bids above ₹2,00,000 and up to ₹10,00,000, and two-thirds is for bids above ₹10,00,000.
What a Retail Application Actually Costs
- One lot is 25 shares. That is ₹13,950 at the floor price and ₹14,650 at the cap price.
- Your bank blocks the amount at the cap price, so ₹14,650 is the minimum to keep aside for one lot.
- SEBI caps a retail application at ₹2,00,000. At the cap price, 13 lots (325 shares) fit under that limit. That is ₹1,90,450.
- A 14th lot takes the application to ₹2,05,100. That moves it into the small non-institutional (sHNI) category, which has its own allotment rules.
About Bonfiglioli Transmissions
The company was incorporated on 23 June 1998 as Bonfiglioli Deepak Private Limited and became a public company in September 2025. Its registered and corporate office is in Thirumudivakkam, Kancheepuram, Tamil Nadu. It makes gearboxes, gear motors and drive systems, the machinery parts that turn a motor’s fast spin into slow, powerful movement. Its customers are makers of industrial machines, construction equipment and wind turbines.
Bonfiglioli S.p.A. of Italy owns 100% before the IPO. After selling 4,32,39,042 shares, it will hold about 77.00% of the 18,79,95,834 shares outstanding. This is my calculation from the DRHP and the final offer size.
- Three business verticals. In CY 2024, Industry and Automation Solutions made up 41.56% of revenue from operations, Wind 32.16%, Off-Highway Mobility 23.38% and others 2.90%.
- Wind depends on one product line. Yaw and pitch drives for wind turbines brought in 32.16% of CY 2024 revenue. Named wind customers include Suzlon, Nordex and Senvion.
- Named customers elsewhere. These include JCB India, CNH Industrial and Hyundai Construction Equipment (Off-Highway Mobility), and GMM Pfaudler and Terex India (Industry and Automation).
- Dealer network. There were 44 dealers at 30 September 2025. Of these, 36 sell on an exclusive basis and 16 have worked with the company for 20 years or more.
- Three plants. They are at Thirumudivakkam and Mannur in Tamil Nadu and Talegaon in Maharashtra. Aggregate capacity utilisation rose from 63.67% in CY 2022 to 74.74% in the nine months to 30 September 2025.
- Domestic and export mix. Customers in India gave 74.73% of CY 2024 revenue. The rest came from outside India.
- Sales to group companies. Inter-company sales, mostly drives sold to related parties, were 15.42% of CY 2024 revenue from operations.
Financial Performance
The company’s year runs from 1 January to 31 December, so the table uses calendar years (CY). All figures are restated, for continuing operations, in ₹ crore, from the DRHP.
| Particulars | CY 2022 | CY 2023 | CY 2024 | 9 months to 30 Sep 2025 |
|---|---|---|---|---|
| Revenue from operations | 1,558.80 | 1,687.51 | 1,864.08 | 1,460.17 |
| Revenue growth | Base year | 8.26% | 10.46% | Not comparable |
| EBITDA (excluding other income) | 254.44 | 244.12 | 293.06 | 253.48 |
| EBITDA margin | 16.32% | 14.47% | 15.72% | 17.36% |
| Profit after tax (PAT) | 168.75 | 147.70 | 191.12 | 165.19 |
| PAT margin (on revenue from operations) | 10.83% | 8.75% | 10.25% | 11.31% |
| Total equity | 725.37 | 805.34 | 853.09 | 925.30 |
| Return on equity (average equity) | 23.41% | 19.30% | 23.05% | 18.58% |
| Return on capital employed | 27.04% | 24.54% | 30.28% | 25.18% |
| Net cash (cash and bank balances less borrowings and leases) | 127.30 | 140.09 | 138.20 | 162.83 |
Nine-month figures are not annualised. The DRHP calculates PAT margin on total income, so its figures differ slightly from the margins above, which use revenue from operations.
Revenue grew about 9.35% a year between CY 2022 and CY 2024. PAT grew about 6.42% a year over the same two years, because CY 2023 was a weak year for profit. EBITDA margin has recovered from 14.47% to 17.36%.
Working capital is where profit and cash can drift apart. The cash conversion cycle, the days between paying suppliers and collecting from customers, was steady at 81, 80, 79 and 79 days. But receivables rose 16.9% between 31 December 2024 and 30 September 2025, from ₹409.56 crore to ₹478.73 crore. Operating cash inflow in the nine months was ₹141.80 crore against PAT of ₹165.19 crore, about 86%.
The company has no borrowings on its balance sheet at 30 September 2025. It has paid large dividends to its parent: ₹92.75 crore in the nine months to September 2025 and ₹68.93 crore in CY 2024.
Newer numbers. The Red Herring Prospectus (RHP) carries later periods, which press and broker pages report as follows. For CY 2025, PAT was ₹237.87 crore. For the six months to 30 June 2026, revenue was ₹1,131.87 crore against ₹960.36 crore a year earlier, and PAT was ₹148.58 crore against ₹114.97 crore. Restated figures in the RHP can differ slightly from the DRHP.
These are historical disclosures and do not indicate future performance.
Valuation Metrics Explained
| Metric | Value |
|---|---|
| Basic and diluted EPS, CY 2022 | ₹8.71 |
| Basic and diluted EPS, CY 2023 | ₹7.62 |
| Basic and diluted EPS, CY 2024 | ₹10.06 |
| Weighted average EPS (weights 1, 2, 3) | ₹9.02 |
| Basic EPS, CY 2025 (RHP, as reported) | ₹12.65 |
| Return on net worth, CY 2024 | 22.40% |
| Weighted average return on net worth | 21.19% |
| Return on net worth, CY 2025 (RHP, as reported) | 23.96% |
| NAV per share, 30 June 2026 (RHP, as reported) | ₹55.02 |
| Market capitalisation at the cap price | ₹11,016.56 crore |
EPS and NAV in the DRHP are adjusted for the 1-for-2 bonus issue allotted on 25 January 2026. The DRHP bases return on net worth on year-end net worth, which is different from return on equity above.
The formulas in plain words
- EPS is profit after tax divided by the number of shares.
- P/E is the share price divided by EPS. It shows how many rupees you pay for each rupee of yearly profit.
- RoNW is profit divided by net worth, as a percentage.
- NAV per share is net worth divided by the number of shares.
Working out the P/E
The DRHP leaves the P/E blank because the price band was fixed after filing. Using CY 2025 EPS of ₹12.65, the working is below.
| Measure | At floor ₹558 | At cap ₹586 |
|---|---|---|
| P/E on CY 2025 EPS | 44.11x | 46.32x |
| P/E on CY 2024 EPS (₹10.06) | 55.47x | 58.25x |
| Price to book on NAV of ₹52.82 (31 Dec 2025) | 10.56x | 11.09x |
The post-issue P/E is the same as the pre-issue P/E. This is a pure offer for sale, so no new shares are created and EPS does not fall. The shares only change owner. At the cap price, the market value of the company is ₹11,016.56 crore (18,79,95,834 shares times ₹586).
How that compares with listed peers
The table uses the RHP’s peer comparison, as reported by Chittorgarh and IPO Premium. Bonfiglioli’s P/E is at the cap price. Peer figures are for the year ended 31 March 2026, or 31 December 2025 for Schaeffler India.
| Company | EPS, basic (₹) | NAV per share (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Bonfiglioli Transmissions | 12.65 | 52.82 | 46.32 | 23.96 |
| Elecon Engineering | 15.20 | 102.65 | 31.63 | 14.81 |
| Shanthi Gears | 9.99 | 57.36 | 63.39 | 17.42 |
| Schaeffler India | 73.60 | 386.94 | 53.74 | 19.02 |
| Timken India | 55.16 | 403.31 | 57.66 | 13.68 |
The four peers range from 31.63x to 63.39x, with an average of about 51.6x by my calculation. The DRHP showed an average of 44.66x on 31 December 2025 prices, so the peer set has become more expensive since filing.
At 46.32x, Bonfiglioli sits below that average, and its RoNW of 23.96% is higher than every listed peer. The other side: Elecon, the closest peer in gearboxes, trades at 31.63x and earned a higher EBITDA margin (24.36% in the year to March 2025, against 15.72% for Bonfiglioli in CY 2024, per the DRHP). Peer years also differ from Bonfiglioli’s calendar year, and Schaeffler and Timken make bearings and other products as well.
These ratios are shared for educational understanding, not as investment guidance.
Objects of the Issue
None of the money reaches the company. The whole offer is a sale by Bonfiglioli S.p.A., which receives the proceeds after offer expenses and taxes. The DRHP states that the objects are to carry out the offer for sale and to list the shares on BSE and NSE. The company expects listing to improve visibility and provide liquidity.
| Object | Amount |
|---|---|
| Fresh issue to the company | Nil |
| Offer for sale by Bonfiglioli S.p.A. | About ₹2,533.66 crore at the cap price |
| Debt repayment, capex or general corporate purposes | Not applicable, as the company raises no money |
Because the company receives no proceeds, it does not need a monitoring agency. Bonfiglioli S.p.A. bears most offer expenses, apart from items such as listing fees and normal corporate advertising. The company reports no borrowings at 30 September 2025. A credit rating is Not disclosed in the DRHP sections reviewed.
Strengths and Risk Factors
| Strengths | Risks |
|---|---|
| Revenue grew from ₹1,558.80 crore in CY 2022 to ₹1,864.08 crore in CY 2024, about 9.35% a year | Top 10 customers rose from 39.81% of revenue in CY 2022 to 46.35% in the nine months to September 2025 |
| No borrowings and net cash of ₹162.83 crore at 30 September 2025 | The licence to make most products and use the Bonfiglioli brand comes from Bonfiglioli S.p.A. for 6% of annual sales of those products, renews yearly and can be ended by either side with notice |
| Capacity utilisation rose from 63.67% in CY 2022 to 74.74% in the nine months to September 2025 | Yaw and pitch drives for wind turbines were 32.16% of CY 2024 revenue |
| 44 dealers, of which 36 are exclusive and 16 have 20 years or more with the company | Top 10 suppliers were 41.92% of purchases, the largest is a related party at 14.99%, and there are no long-term supply agreements |
| Return on capital employed of 30.28% in CY 2024 | Raw materials and components were 63.08% of revenue in the nine months to September 2025, and 28.67% of purchases came from outside India |
| Cash conversion cycle steady at 79 to 81 days over four periods | Seven tax proceedings against the company involve ₹6.77 crore, and industry data comes from a report the company commissioned |
This table is a summary, not a substitute. Read the full Risk Factors section of the RHP, which begins on page 30 in the DRHP, and note that page numbers can differ in the RHP.
How to Apply for the IPO via Findoc
- Log in to your Findoc account.
- Open the IPO section and select Bonfiglioli Transmissions.
- Enter your UPI ID and the quantity, in multiples of 25 shares.
- Place your bid within the ₹558 to ₹586 band, or choose the cut-off price.
- Approve the UPI mandate request on your UPI app before 5:00 PM IST on 19 October 2026.
You can also apply through your bank’s ASBA facility. If you do not yet have a demat account, open one demat account before bidding closes on 19 October 2026.
Checking Your Allotment
Allotment is expected on 21 October 2026. You can check the status on the registrar’s website (MUFG Intime India), on BSE or on NSE. Keep your application number, PAN or demat account details ready. Refunds for unallotted bids and credit of shares to demat accounts are expected on 22 October 2026, ahead of the 23 October 2026 listing.
Key Takeaways
- The issue is a 100% offer for sale of 4,32,39,042 shares worth about ₹2,533.66 crore at the cap price, so the company gets no funds.
- The price band is ₹558 to ₹586, the lot is 25 shares, and the maximum retail application is 13 lots, or ₹1,90,450.
- Bidding runs from 15 October 2026 to 19 October 2026, with allotment on 21 October 2026 and listing on 23 October 2026 (tentative).
- Revenue grew about 9.35% a year between CY 2022 and CY 2024, with no borrowings and net cash on the balance sheet.
- The P/E is 46.32x at the cap price on CY 2025 earnings, against a peer average of about 51.6x, and RoNW is higher than all four listed peers.
- Key risks are customer concentration, dependence on the parent’s licence and brand, wind-turbine exposure and supplier concentration.
Investments in securities are subject to market risks. This is not investment advice; please read all related documents carefully before investing.
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