Bengaluru-based Tonbo Imaging is bringing military-grade surveillance tech to civilian roads ahead of its ₹852 crore IPO on October 15. The firm uses thermal imaging to help detect animals on railway tracks and improve driver safety. A source said, “We don’t make the weapon; we make the eyes and brains.”
From countering Pakistan’s drone offensive during India’s Operation Sindoor to detecting pedestrians and cattle on dark highways and elephants along Assam’s railway corridors, military-grade imaging technology is finding potential civilian applications. Bengaluru-based Tonbo Imaging is looking to adapt its battlefield surveillance and targeting expertise for advanced driver assistance systems (ADAS) and railway safety, opening new opportunities ahead of its ₹852-crore IPO on October 15.
Tonbo’s MGS-23 equips conventional anti-aircraft guns with thermal imaging and targeting capabilities, while it develops WaveStrike high-power microwave technology to turn off drone swarms by disrupting their electronics.
Asked about Operation Sindoor, a source familiar with Tonbo’s defence programmes declined to share operational details, citing strict military non-disclosure agreements, but said its technologies had been deployed across multiple military theatres and demonstrated operational readiness under battlefield conditions.
“We don’t make the weapon; we make the eyes and the brains of the weapon,” the source said.
FROM FIGHTER JETS TO MISSILE SEEKERS
India’s modernisation of the Su-30MKI fighter aircraft offers a potential market for Tonbo’s electro-optical and infrared technologies. Such systems help aircraft detect, identify and track targets in poor visibility, integrating with targeting pods and missile guidance systems to improve precision strikes.
Tonbo has supplied seeker-related technology for missile programmes involving Bharat Dynamics, although it has not disclosed a direct Su-30MKI integration contract.
Tonbo Imaging develops electro-optical sights, driver-vision systems, and thermal imaging payloads for precision targeting on military platforms built by partners including Larsen & Toubro (L&T) and DRDO. The Arjun Mk1A tank features a remote-controlled weapon station for its 12.7-mm machine gun, while Tonbo separately markets compact thermal weapon sights for rifles and sniper systems under its proprietary ‘Arjun’ brand.
Sources expect missile seekers to become a significant revenue driver around FY29, followed by high-power microwave systems during FY29–30. WaveStrike remains at the prototype stage.
BATTLEFIELD EYES FOR CIVILIAN ROADS
The same ability to identify heat signatures and track moving targets could help vehicles detect hazards beyond headlights.
“An elephant is one big thermal signature,” the source said, explaining that thermal imaging could alert locomotive drivers to animals crossing railway tracks, particularly along Assam’s wildlife corridors, where Tonbo is in an advanced pilot project with Indian Railways, according to sources familiar with the development.
Tonbo is exploring railway safety systems that combine thermal imaging, electro-optical sensors, and radar, alongside ADAS applications for passenger cars, commercial trucks, and mining equipment.
“The shortest-term opportunity in automotive or transportation in India is in the heavy-vehicle sector,” the source said.
“We understood two domains very well. We understood defence and we understood autonomous vehicles,” the source added.
ORDER BOOK, REVENUE AND IPO
Tonbo has a signed order book of approximately ₹290 crore, excluding defence programmes undergoing qualification and commercial negotiations, according to people familiar with its operations.
People familiar with its growth plans said revenue could cross ₹550 crore in FY27 and approach ₹1,000 crore in FY28, up from FY26 turnover of ₹362.65 crore. These estimates are not formal company guidance.
The ₹852-crore IPO is entirely an offer for sale, allowing early investors, including Celesta Capital and Edelweiss, to exit without raising fresh capital for Tonbo.
Investors including SBI Mutual Fund, Amansa, ValueQuest, 360 ONE, HDFC Life and Malabar participated in pre-IPO transactions worth approximately ₹400 crore, according to people familiar with the deals.
“Let us deliver on this business,” the source said, suggesting fresh fundraising could follow as revenue scales.