Key Quantitative Figures

Financial Performance (H1 FY27 - Unaudited)

  • Revenue from Operations: ₹2,193 million, representing a 183% year-on-year (YoY) increase from H1 FY26 (₹776 mn).
  • Q2 FY27 Revenue: ₹1,833 million, a 1,963.2% YoY increase from Q2 FY26 (₹89 mn).
  • Gross Profit: ₹759 million.
  • Gross Profit Margin: 34.6% for H1 FY27 (Q2: 34%, Q1: 38%).
  • EBITDA: ₹312 million (Q2: ₹442 mn at 24.1% margin; Q1: loss of ₹130 mn).
  • EBITDA Margin: 9.8% for H1 FY27.
  • Profit After Tax (PAT): ₹58 million (Q2: ₹235 mn at 12.7% margin; Q1: loss of ₹177 mn).
  • PAT Margin: 3% for H1 FY27.
  • Other Income: ₹32 million for H1 FY27.

Order Book & Pipeline (as of September 30, 2026)

  • Confirmed Order Book: ₹2,498 million.
  • Contracts Under Negotiation: ₹4,083 million.
  • H1 FY27 Order Inflows: ₹1,879 million.

Order Book Split by Region (₹ millions)

  • Domestic: ₹1,822 million
  • Export: ₹676 million

Order Book Split by Product Category (₹ millions)

  • Tactical Systems: ₹445 million
  • Platform Systems: ₹2,053 million
  • Others: ₹0 million

Balance Sheet Highlights (as of September 30, 2026 - Unaudited)

  • Total Assets: ₹8,484 million
  • Total Equity: ₹5,639 million (Equity Share Capital: ₹115 mn; Other Equity: ₹5,525 mn)
  • Total Liabilities: ₹2,845 million
  • Inventories: ₹2,659 million
  • Trade Receivables: ₹2,350 million
  • Cash and Bank Balances: ₹92 million
  • Short Term Borrowings: ₹1,473 million
  • Long Term Borrowings: ₹216 million

Cash Flow (H1 FY27 - Unaudited)

  • Net Cash from Operating Activities: -₹484 million
  • Net Cash used in Investing Activities: -₹117 million
  • Net Cash from Financing Activities: ₹458 million
  • Net Decrease in Cash & Equivalents: -₹143 million

Key Business Metrics

  • R&D Engineers: 136
  • Proprietary IP: 100%
  • Systems Deployed: 28,000+ in 24+ countries.
  • Business Mix: 70-80% from tactical systems; platforms expected to grow.
  • Export Share in H1 FY27 Revenue: 36% (Q2: 43%, Q1: 0.3%).

Strategic & Operational Highlights

  • Business Model: The company follows a build-validate-sell model with 100% proprietary IP across optics, algorithms, RF, and control. It operates a lean, fabless production model with multiple ISO 9001 certified partners.
  • Product Portfolio: Focus on sensing, processing, communication, guidance, and neutralisation subsystems for autonomous and tactical warfare. Key segments are Tactical Systems (e.g., thermal sights, NVD binoculars) and Platform Systems (e.g., Remote Controlled Weapon Systems (RCWS), EO/IR systems).
  • Directed Energy Weapons (DEW): A new growth segment with subsystems already ordered by international customers. Land, naval, and airborne High-Power Microwave (HPM) systems are under development (Technology Readiness Level 4). The company cites a global Total Addressable Market (TAM) of $3.82B by CY2030 and an India TAM of ~$290M by CY2030.
  • Growth Strategy: The strategy is focused on IP-led growth, expanding into new geographies (validating overseas first), and scaling through partners. Platforms and directed energy are expected to take a larger revenue share in the future.
  • Management Commentary: CEO Arvind Kondangi Lakshmikumar stated that H1 FY27 met expectations and the outlook for FY27 and the medium term is positive, supported by the order book and pipeline. He noted that quarter-on-quarter revenue volatility is inherent to the defence business and advised tracking performance annually.

Historical Financial Context (Audited)

  • FY26 Revenue: ₹3,626 million (-23% YoY from FY25's ₹4,691 mn).
  • FY26 PAT: ₹509 million.
  • FY26 EBITDA: ₹1,046 million (29% margin).
  • FY26 ROCE: 15%.
  • FY26 ROE: 10%.

Contacts for Further Information

  • Ankita Agarwalla, Company Secretary and Compliance Officer (comsec@tonboimaging.com)
  • Adfactors PR (Investor Relations Advisors): Wamika Arora (wamika.arora@adfactorspr.com) and Rajvi Shah (rajvi.shah@adfactorspr.com)