Financial Performance Highlights

Consolidated Financial Results (₹ in Million)

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from Operations: ₹1,833 (vs ₹89) - +1,963% YoY
  • EBITDA: ₹442 (vs ₹(32)) - Significant improvement
  • EBITDA Margin: 24% (vs -36%)
  • Profit Before Tax: ₹314 (vs ₹(107))
  • Profit After Tax: ₹235 (vs ₹(96)) - Return to profitability

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from Operations: ₹2,193 (vs ₹776) - +183% YoY
  • EBITDA: ₹312 (vs ₹118) - +165% YoY
  • EBITDA Margin: 14% (vs 15%) - (96) bps change
  • Profit Before Tax: ₹77 (vs ₹(30))
  • Profit After Tax: ₹58 (vs ₹(42)) - Improvement of ₹100 Mn
  • PAT Margin: 2.61% (vs -5.13%)

Operational Breakdown

  • Q2 FY27 EBITDA of ₹442 Mn (24.11% margin) offset Q1 FY27 EBITDA loss of ₹(130) Mn
  • Platform revenue: ₹941 Mn in H1 FY27 (H1 FY26: ₹333 Mn)
  • Tactical revenue: ₹1,229 Mn in H1 FY27 (H1 FY26: ₹393 Mn)

Order Book & Business Pipeline

  • Confirmed order book: ₹2,498 million as of September 30, 2026
  • Contracts under negotiation: ₹4,083 million
  • Order book composition:
  • Domestic orders: ₹1,822 million (73% of total)
  • Export orders: ₹676 million
  • Platform systems: ₹2,053 million (82% of total)
  • Tactical systems: ₹445 million

Strategic Developments & Capacity Expansion

  • In October 2026, secured strategic export order (~EUR 65,000) from European state-owned company for FOPM units of EO/IR stabilised seeker
  • Customer has option to order up to ~EUR 13 million upon acceptance
  • The seeker combines day and thermal imaging with stabilisation and onboard target tracking for loitering munitions, precision-guided munitions and interceptor drones
  • Supply subject to End User Certificate and Government of India export authorisation
  • Company follows lean, fabless production model with multiple ISO 9001-certified manufacturing partners
  • 15+ years of R&D investment with 100% proprietary IP across optics, sensor electronics, computer vision, inertial stabilization, RF and control
  • Developing directed-energy system over next 3-4 years

Management Commentary

Mr. Arvind Kondangi Lakshmikumar, Promoter, Managing Director and CEO stated:

  • H1 FY27 performance met expectations with revenue of ₹2,193 million and order inflows of ₹1,879 million
  • Current order book and pipeline support positive outlook for FY27 and medium term
  • Expects platforms to account for larger business share over time (currently tactical systems contribute 70-80%)
  • Will continue investing in proprietary technology including directed-energy systems
  • Recent export order reflects transition from sensors into precision guidance

Corporate Background

  • Listed on NSE and BSE on October 23, 2026 following IPO of ₹852 crore by offer for sale
  • IPO was subscribed over 135 times overall with strong QIB demand
  • Formerly known as Tonbo Imaging India Private Limited
  • Operates in two business lines: tactical systems and platform systems, with directed energy in development
  • Products deployed across 24 countries with over 28,000 systems in operation
  • IDDM category supplier under Defence Acquisition Procedure 2020
  • ITAR-free products

Forward-looking Statements

The release contains statements subject to risks including customer acceptance of delivered units, exercise of order options, and grant of export authorisations. Actual results may differ materially.