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Bonfiglioli Transmissions Ltd IPO
Bonfiglioli Transmissions Ltd
₹13,950 /25 sharesMinimum investment
IPO details
Minimum investment
₹13,950
Price range
₹558 - ₹586
Lot size
25
Issue size
2,533.81 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
15 Oct 2026
IPO open date
19 Oct 2026
IPO close date
21 Oct 2026
Allotment date
21 Oct 2026
Funds unblock or debit
23 Oct 2026
Tentative listing date
About
Founded in
1998
MD/CEO
Mr Kennady V Kaippally
Parent organisation
Bonfiglioli Transmissions Ltd
Bonfiglioli Transmissions Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
According to the F&S Report, Bonfiglioli Transmissions was the largest manufacturer of gearboxes and drives for OEMs and end-users in the Industry & Automation, Off-Highway Mobility, and Wind sectors in India by revenue from operations as of June 30, 2026. The company also held a 67.9% market share among domestic manufacturers of yaw and pitch drives for wind turbines by sales value in 2025.
The company manufactured 11,857 SKUs of gearboxes and gear motors in 2025. Its products cater to industries such as construction, mining, agriculture, material handling and wind energy. No single end-user industry accounted for more than 10% of revenue from its Industry & Automation vertical in 2023, 2024, 2025, and the six months ended June 30, 2026.
The company has access to the Bonfiglioli Group's global R&D network, including its Chennai-based R&D centre. According to the F&S report, the Chennai centre was the only testing laboratory in India equipped to test yaw and pitch drives for wind turbines as of June 30, 2026.
The company has 44 authorised dealers operating through 54 outlets across India, of which 36 dealers operate exclusively for the company. Additionally, 16 dealers have been associated with the company for 20 years or more.
The company claims to have automated manufacturing systems, including robotic painting, IoT-enabled machine monitoring, QR code product traceability, and digital quality inspections. Its aggregate manufacturing capacity utilisation increased from 64.22% in 2023 to 73.71% in 2025 and further to 75.04% during the six months ended June 30, 2026.
The company has maintained relationships with several OEM customers for over a decade, including JCB India, CNH Industrial, Schwing Stetter, and Suzlon Energy. During the six months ended June 30, 2026, it served 935 customers.
The company's manufacturing facilities at Thirumudivakkam and Mannur hold ISO 9001 certification for Quality Management Systems, ISO 14001 certification for Environmental Management Systems, and ISO 45001 certification for Occupational Health and Safety Management Systems.
The company's top 10 suppliers accounted for Rs 514.43 crore (41.20%), Rs 532.86 crore (45.62%), and Rs 547.91 crore (47.52%) of its total raw material and component purchases in years ended December 2025, December 2024, and December 2023, respectively. Its largest supplier, Bonfiglioli Riduttori S.p.A., is a related party, and the company does not typically enter into long-term agreements with suppliers. Any disruption in supplies or failure to retain these suppliers could adversely affect its manufacturing operations.
The company's cost of raw materials and components consumed, including changes in work-in-progress inventories, stood at Rs 1,238.85 crore (61.53%), Rs 1,193.23 crore (64.35%), and Rs 1,092.85 crore (64.77%) of revenue from operations in years ended December 2025, December 2024, and December 2023, respectively. Any increase in raw material prices or import duties that cannot be passed on to customers could negatively affect the company's profitability.
Bonfiglioli Transmissions depends on its corporate promoter, Bonfiglioli S.p.A. (BSPA), for intellectual property rights, technology, and the Bonfiglioli trademark. Under its licensing agreement, the company pays 6% of annual sales of specified products, excluding sales to BSPA and net of discounts and allowances. Any termination of this agreement or adverse change in its relationship with BSPA could affect its ability to manufacture and sell these products.
The company's related-party transactions accounted for Rs 315.45 crore (15.59%), Rs 328.68 crore (17.66%), and Rs 301.27 crore (17.70%) of total income in years ended December 2025, December 2024, and December 2023, respectively. Expenses incurred through related-party transactions amounted to Rs 421.62 crore (24.83%), Rs 407.32 crore (25.20%), and Rs 428.10 crore (28.66%) of total expenses during the same periods. Such transactions may involve conflicts of interest that could adversely affect the company's business.
The company's top 10 customers contributed Rs 725.76 crore (36.60%), Rs 624.36 crore (34.38%), and Rs 547.79 crore (32.82%) to its revenue from contracts with customers in years ended December 2025, December 2024, and December 2023, respectively. Any failure to retain these customers, expand its customer base, or secure continued orders from major customers could adversely affect the company's business and financial position.
The company generated Rs 1,081.80 crore (53.73%), Rs 994.84 crore (53.65%), and Rs 888.63 crore (52.66%) of its revenue from operations through co-engineered products in years ended December 2025, December 2024, and December 2023, respectively. Since the development and commercialisation of these products can take up to 30 months, any delays, technological changes, or unsuccessful commercialisation could adversely affect its revenue and profitability.
The company generated Rs 634.77 crore (31.53%), Rs 599.43 crore (32.33%), and Rs 500.96 crore (29.69%) from yaw and pitch drives in years ended December 2025, December 2024, and December 2023, respectively. Revenue from low to medium-duty gear motors stood at Rs 734.68 crore (36.49%), Rs 688.52 crore (37.13%), and Rs 648.74 crore (38.45%) during the same periods. Any decline in demand for these products could adversely affect the company's operations and financial performance. Any decline in demand for these products could adversely affect the company's operations and financial performance.
The company's manufacturing operations are concentrated across three facilities, two located in Tamil Nadu and one in Maharashtra. Its Thirumudivakkam facility manufactures products for the Off-Highway Mobility and Wind Industries, while its Mannur and Talegaon facilities cater to Industry & Automation. Any adverse political, social, or economic developments, or operational disruptions, in these regions could negatively affect the company's manufacturing activities.
The company generated Rs 390.94 crore (19.42%), Rs 353.56 crore (19.07%), and Rs 333.31 crore (19.75%) of its revenue from operations through dealer sales in years ended December 2025, December 2024, and December 2023, respectively. The company has previously experienced payment defaults of Rs 0.57 crore from certain dealers in 2017 and initiated legal proceedings for recovery. Disruption in its dealer network or further payment defaults could adversely affect its business.
The company recorded negative cash flows from investing activities amounting to Rs 52.38 crore and Rs 99.92 crore in the years ended December 2025 and December 2023, respectively, primarily due to deposits made and purchases of property, plant and equipment and intangible assets. It also recorded negative cash flows from financing activities amounting to Rs 126.79 crore, Rs 243.61 crore and Rs 116.44 crore in the years ended December 2025, December 2024 and December 2023, respectively. These outflows were primarily attributable to dividend payments and interest paid in December 2025, repayments of borrowings, dividend payments, and share buyback in December 2024, and repayments of borrowings and dividend payments in December 2023. Any sustained cash outflows exceeding inflows could affect the company’s liquidity.
The company, its directors, and promoters are involved in certain outstanding legal proceedings. Any adverse judgments in these proceedings could negatively affect the company's business and financial position.
Certain corporate records and regulatory filings of the company are untraceable, including documents relating to its incorporation and equity share allotments in 1999, 2000, and 2001. Although no penalties or proceedings had arisen in connection with these missing records as of the prospectus date, any future regulatory disputes or penalties could adversely affect the company.
Application details
For Bonfiglioli Transmissions IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹558 - ₹586 | Upto ₹2 Lakhs | 25 |
| High Networth Individual | ₹558 - ₹586 | ₹2 - ₹5 Lakhs | 25 |