IPO Overview
Bonfiglioli Transmissions Ltd. is one of India’s leading technology-driven companies providing mechanical and electro-mechanical power transmission and industrial drive solutions. The company designs and manufactures high-precision, mission-critical gearboxes and drive systems used across a wide range of industries. The entity was incorporated in India in 1998 as Bonfiglioli Deepak Private Limited, and is the Indian subsidiary of Italy-based Bonfiglioli S.p.A., a globally renowned specialist in motors, gearboxes, and inverters with a legacy spanning nearly 70 years.
The IPO is a book-built mainboard issue of ₹2,533.66 crore, consisting entirely of an Offer for Sale (OFS) of 4,32,39,042 shares by promoter Bonfiglioli S.p.A. The IPO is priced at ₹558–₹586 per share with a lot size of 25 shares, making the minimum retail investment ₹14,650. The IPO opened on 15 October 2026 and closes on 19 October 2026, with listing expected on BSE and NSE on 23 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Allotment Date | 21 October 2026 (Expected) |
| Refund Initiation | 22 October 2026 |
| Credit to Demat | 22 October 2026 |
| Listing Date | 23 October 2026 (Tentative) |
| Price Band | ₹558 – ₹586 per share |
| Face Value | ₹10 per share |
| Lot Size | 25 shares |
| Minimum Investment (Retail) | ₹14,650 (1 lot = 25 shares) |
| Maximum Investment (Retail) | ₹1,90,450 (13 lots = 325 shares) |
| Minimum Investment (S-HNI) | ₹2,05,100 (14 lots = 350 shares) |
| Issue Size | ₹2,533.66 crore |
| Fresh Issue | Nil |
| Offer For Sale (OFS) | 4,32,39,042 shares (₹2,533.81 crore) |
| Employee Discount | ₹29 per share |
| Post-IPO Market Cap | ₹11,016.56 crore |
Note: The entire IPO is a pure OFS. The company receives zero proceeds — all funds go to the promoter Bonfiglioli S.p.A.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Offer |
| Retail Individual Investors (RII) | Not less than 35% of the Offer |
| Employee Reservation | Up to ₹5 lakh (at ₹29 discount) |
OFS / Selling Shareholders
| Name | Category | Shares Offered | Amount (₹ Cr) |
| Bonfiglioli S.p.A. | Promoter | 4,32,39,042 | ₹2,533.81 |
Post-issue, promoter holding will reduce from 100% to 77%, with public shareholding at 23%.
Objects of the Issue (Fund Utilization)
The Bonfiglioli Transmissions IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholder, Bonfiglioli S.p.A.
This strategic move allows the Italian parent group to localise its capital structure in India — a key market for its industrial operations — while maintaining its position as the primary shareholder.
Lead Managers & Registrar
- Book Running Lead Managers: Axis Capital Ltd., ICICI Securities Ltd., Jefferies India Pvt. Ltd., BNP Paribas
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The promoters of the company are Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi, BON-FI S.R.L., and Bonfiglioli S.p.A.
The company recently strengthened its board with key appointments: Ravindra Pisharody as Chairperson and Independent Director, and Rossella Schiavini and Sundaresan Ananthanarayanan as Independent Directors.
The company allotted bonus shares in the ratio of 1 for every 2 shares held on 25 January 2026.
Company Details
Bonfiglioli Transmissions’ product portfolio includes low, medium, and heavy duty gear motors and gearboxes in torque capacities ranging from 13 Nm to 1,400 kNm — covering helical, bevel, planetary, and worm gearboxes and gear motors; electric motors; variable frequency drives; servo motors and drives; and precision drives for robotics and automation solutions.
Business Segments:
The business serves three main market segments — Industry and Automation Solutions, Off-Highway Mobility, and Wind Industry. In the Industry and Automation Solutions segment, it is among the largest manufacturers of gearboxes and drives in India, serving both OEMs and end-users.
Manufacturing Facilities:
In India, the company operates three manufacturing facilities — two in Tamil Nadu (Thirumudivakkam and Mannur) and one in Maharashtra (Talegaon). Together, these facilities produced over 341,133 gear motors and gearboxes in FY2025.
Sales & Service Network:
As of June 30, 2026, the company had 71 touchpoints for customer sales and service across India, including three manufacturing facilities, 13 sales offices, 13 authorized third-party service facilities, and 44 authorized dealers with 54 outlets.
Key Customers:
The company serves over 1,000 customers in India, including marquee names like JCB, Hyundai, Suzlon, and GMM Pfaudler.
Key Milestone:
In 2025, the company acquired the manufacturing and sale of gear components division from Bonfiglioli Drive Solutions Private Limited via a slump sale (business transfer agreement dated December 15, 2025), strengthening its in-house manufacturing capabilities.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY2024 (Dec 2023) | ₹1,701.80 | ₹148.49 | ₹243.89 |
| FY2025 (Dec 2024) | ₹1,861.16 | ₹195.16 | ₹295.07 |
| H1 FY2026 (Jun 2025) | ₹966.50 | ₹114.97 | ₹176.43 |
| FY2026 (Dec 2025) | ₹2,023.59 | ₹237.87 | ₹370.77 |
| H1 FY2027 (Jun 2026) | ₹1,139.17 | ₹148.58 | ₹223.87 |
Key Financial Metrics
- Revenue consistently growing — ₹1,701 Cr → ₹2,023 Cr over 2 years (+18.9% cumulative)
- PAT nearly doubled trajectory — ₹148.49 Cr → ₹237.87 Cr (+60.2% in 2 years)
- PAT Margin steadily expanding — 8.73% → 11.76%
- EBITDA Margin improving every year — 14.33% → 18.32%
- Net Worth growing consistently — ₹801.36 Cr → ₹992.99 Cr (+23.9% in 2 years)
- H1 FY2027 PAT already at ₹148.58 Cr — on track to surpass FY2026 full-year performance
- Zero debt — entirely self-funded operations
Company Strengths
- End-to-end technology-led power transmissions and industrial drive solutions provider with highly diversified offerings across business verticals and customer industries.
- Established parentage — leverages Bonfiglioli S.p.A.’s global brand equity and technical expertise, recognized worldwide in power transmission.
- Deep, long-standing relationships with marquee customers — six of its top 10 customers have been engaged for over a decade.
- State-of-the-art manufacturing infrastructure across three plants in Tamil Nadu and Maharashtra, producing over 341,133 units annually.
- Strong and improving financials — revenue crossed ₹2,023 crore in FY2026 with PAT of ₹237.87 crore; zero debt on books
- Leading market position in the wind industry segment in India — a structurally growing sector with strong government support.
Key Risks & Challenges
- Pure OFS — Zero funds to company: The company receives no proceeds from this IPO; all ₹2,534 crore goes to Italian parent Bonfiglioli S.p.A.
- Revenue from top 10 customers represented 46.35% in 9M FY26 — with no long-term binding agreements with all customers, any reduction in orders could adversely affect business and financials.
- Dependence on Bonfiglioli S.p.A.’s brand and group technology creates risk if group support or brand value is adversely affected.
- Transfer of the global capability center (engineering design and IT services) to Bonfiglioli Technology Space Private Limited in 2024 may reduce in-house technical bandwidth over time.
- Being an Italian MNC subsidiary, key strategic and technology decisions remain controlled by the parent — limiting independent decision-making at the listed entity level
- Revenue is partly exposed to cyclical end markets (off-highway equipment, industrial capex) which can see sharp demand swings in economic downturns.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
