{"id":307884,"date":"2026-10-14T13:36:44","date_gmt":"2026-10-14T08:06:44","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=307884"},"modified":"2026-10-14T13:36:44","modified_gmt":"2026-10-14T08:06:44","slug":"pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/","title":{"rendered":"The Pros and Cons of Investing in Bonfiglioli Transmissions IPO"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Bonfiglioli Transmissions IPO: opens 15 Oct 2026, closes 19 Oct, listing 23 Oct. Price band Rs 558 to Rs 586, lot size 25 shares. Issue size about Rs 2,534 crore, entirely an offer for sale by the promoter, so the company gets no proceeds. P\/E about 46.3 at the upper band (my calculation). CY2025 profit Rs 237.87 crore.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The Bonfiglioli Transmissions IPO is a Rs 2,534 crore offer for sale by Bonfiglioli S.p.A. at a price band of Rs 558 to Rs 586 per share, open from 15 to 19 October 2026. On the pros and cons, the positives are market leadership in small gearboxes, a broad customer base and rising profit, while the negatives are a valuation of about 46 times earnings, no money for the company and heavy reliance on related party suppliers. At the upper band the market capitalisation is about Rs 11,017 crore (my calculation), and the promoter holding falls from 100% to about 77% after the sale. Investors should read the red herring prospectus and compare the price band with listed peers before applying.<\/p>\n<\/p><\/div>\n<p>Bonfiglioli Transmissions makes gear motors, gearboxes and drive systems for industrial automation, off-highway mobility and wind energy. It is the Indian arm of Italy based Bonfiglioli S.p.A. and runs three plants, two in Tamil Nadu and one in Maharashtra.<\/p>\n<p>This guide lists the pros and cons of the Bonfiglioli Transmissions IPO, with the price band, dates, financials, valuation against peers and risks. Where I calculate a figure myself, I label it.<\/p>\n<p>The Bonfiglioli Transmissions IPO is a book-building offer, so the final price is set within the band after anchor investors and other bidders have placed their bids.<\/p>\n<p style=\"margin-top:24px;\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#Bonfiglioli_Transmissions_IPO_Details_Dates_Price_Band_and_Lot_Size\" title=\"Bonfiglioli Transmissions IPO Details: Dates, Price Band and Lot Size\">Bonfiglioli Transmissions IPO Details: Dates, Price Band and Lot Size<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#Pros_of_the_Bonfiglioli_Transmissions_IPO\" title=\"Pros of the Bonfiglioli Transmissions IPO\">Pros of the Bonfiglioli Transmissions IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#Cons_of_the_Bonfiglioli_Transmissions_IPO\" title=\"Cons of the Bonfiglioli Transmissions IPO\">Cons of the Bonfiglioli Transmissions IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#Bonfiglioli_Transmissions_IPO_Financials_and_Valuation\" title=\"Bonfiglioli Transmissions IPO Financials and Valuation\">Bonfiglioli Transmissions IPO Financials and Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#What_to_Watch_Next_for_the_Bonfiglioli_Transmissions_IPO\" title=\"What to Watch Next for the Bonfiglioli Transmissions IPO\">What to Watch Next for the Bonfiglioli Transmissions IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#When_does_the_Bonfiglioli_Transmissions_IPO_open_and_close\" title=\"When does the Bonfiglioli Transmissions IPO open and close?\">When does the Bonfiglioli Transmissions IPO open and close?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#What_is_the_price_band_of_the_Bonfiglioli_Transmissions_IPO\" title=\"What is the price band of the Bonfiglioli Transmissions IPO?\">What is the price band of the Bonfiglioli Transmissions IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#How_big_is_the_Bonfiglioli_Transmissions_IPO\" title=\"How big is the Bonfiglioli Transmissions IPO?\">How big is the Bonfiglioli Transmissions IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#Does_the_company_get_any_money_from_the_IPO\" title=\"Does the company get any money from the IPO?\">Does the company get any money from the IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#What_are_the_main_pros_of_the_Bonfiglioli_Transmissions_IPO\" title=\"What are the main pros of the Bonfiglioli Transmissions IPO?\">What are the main pros of the Bonfiglioli Transmissions IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#What_are_the_main_cons_of_the_Bonfiglioli_Transmissions_IPO\" title=\"What are the main cons of the Bonfiglioli Transmissions IPO?\">What are the main cons of the Bonfiglioli Transmissions IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#Who_are_the_lead_managers_and_registrar\" title=\"Who are the lead managers and registrar?\">Who are the lead managers and registrar?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/pros-and-cons-of-investing-in-bonfiglioli-transmissions-initial-public-offering-price-band-financials-valuation-risks\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Bonfiglioli_Transmissions_IPO_Details_Dates_Price_Band_and_Lot_Size\"><\/span><strong>Bonfiglioli Transmissions IPO Details: Dates, Price Band and Lot Size<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Anchor bidding<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">14 October 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Subscription opens<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">15 October 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Subscription closes<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">19 October 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Basis of allotment<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">21 October 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Refunds and share credit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">22 October 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Listing date<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">23 October 2026 on BSE and NSE<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price band<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 558 to Rs 586 per share<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Lot size<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">25 shares; Rs 14,650 at the upper band<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Retail maximum<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">13 lots, 325 shares, about Rs 1,90,450<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Issue size<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up to 4,32,39,042 shares, about Rs 2,534 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Structure<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">100% offer for sale by Bonfiglioli S.p.A.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Quotas<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">QIB up to 50%, non-institutional at least 15%, retail at least 35%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Lead managers<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Axis Capital, BNP Paribas, ICICI Securities, Jefferies India<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Registrar<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">MUFG Intime India<\/td>\n<\/tr>\n<\/table>\n<p>Dates for the Bonfiglioli Transmissions IPO are tentative and can change, so check the final notice. Some sources show a face value of Rs 1 and others Rs 10, and one source shows the offer for sale at 4,69,98,959 shares worth about Rs 2,754 crore, which does not match the Rs 2,534 crore issue size. I use the figures that agree across most sources.<\/p>\n<p><strong>Risk:<\/strong> Because the Bonfiglioli Transmissions IPO is entirely an offer for sale, the company receives nothing, and the price band does not guarantee any listing outcome.<\/p>\n<p style=\"margin-top:24px;\"><strong>Screen mainboard issues on the Univest Screener<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Pros_of_the_Bonfiglioli_Transmissions_IPO\"><\/span><strong>Pros of the Bonfiglioli Transmissions IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Strength<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market position<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">A company-commissioned report calls it India&#8217;s largest maker of gearboxes below 15 kNm by revenue<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Range<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">More than 11,800 products as of 31 December 2025<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Spread of demand<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">No single end-user industry was above 10% of industry and automation revenue<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Customer ties<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Seven of the top 10 OEM customers have been with it for over 10 years<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Parent<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bonfiglioli S.p.A. reported group revenue of 1,172.94 million euros for 2025<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit growth<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">CY2025 profit up about 22% to 24% (my calculation); six month profit up about 29%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Return ratio<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Return on net worth of 23.96% in CY2025<\/td>\n<\/tr>\n<\/table>\n<p>Market share claims in the Bonfiglioli Transmissions IPO papers come from a report commissioned by the company, which puts its share at about 25% in low and medium duty gear motors, and the wind drive share is shown as 67.9% in one source and 68.3% in another. Treat them as company-linked views, not independent facts.<\/p>\n<p>Profit growth for CY2025 is 24.1% using a CY2024 profit of Rs 191.60 crore and 21.9% using Rs 195.16 crore, because sources differ on the earlier figure.<\/p>\n<p><strong>Risk:<\/strong> The strengths of the Bonfiglioli Transmissions IPO rest partly on company-supplied data, so check the prospectus for the original tables.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cons_of_the_Bonfiglioli_Transmissions_IPO\"><\/span><strong>Cons of the Bonfiglioli Transmissions IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Concern<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">No proceeds<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Offer for sale only, so no money goes to the company<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Valuation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 46.3 times CY2025 earnings at the upper band (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Customer concentration<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Top 10 OEM customers were 31.72% of revenue in the first half of 2026 and 36.60% in CY2025<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Supplier concentration<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Top 10 suppliers were 40.84% of purchases; the largest is a related party at 15.53%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Parent licence<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Non-exclusive licence for one year with automatic renewal, at a fee of 6% of sales of specified products<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Credit terms<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Most sales on credit of 30 to 120 days and some up to 240 days<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cash conversion<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Operating cash flow was about 79% of profit in CY2025 (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cyclical demand<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Depends on customer capital spending in automation, off-highway and wind<\/td>\n<\/tr>\n<\/table>\n<p>For the Bonfiglioli Transmissions IPO, the related party supplier share is 15.53% in one source and 19.98% in another, and no definitive supply agreements are reported. The technology and trademark licence from the parent can be affected if the group relationship changes.<\/p>\n<p><strong>Risk:<\/strong> The Bonfiglioli Transmissions IPO carries a premium multiple, so slower growth or a weaker order flow could hurt the share after listing.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the Univest iOS App or Univest Android App to track new mainboard issues and get allotment alerts.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bonfiglioli_Transmissions_IPO_Financials_and_Valuation\"><\/span><strong>Bonfiglioli Transmissions IPO Financials and Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">CY2025<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">CY2024<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">CY2023<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2,013.53<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,854.18<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,687.30<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">370.77<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">295.07<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">243.80<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit after tax (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">237.87<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">191.60<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">148.40<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Diluted EPS (Rs)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">12.65<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">10.08<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">7.57<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Return on net worth<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">23.96%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">22.25%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">18.30%<\/td>\n<\/tr>\n<\/table>\n<p>The Bonfiglioli Transmissions IPO financials are for years ended 31 December, and some sources label them FY25, FY24 and FY23. Revenue grew about 8.6% in CY2025, the EBITDA margin was about 18.4% and the profit margin about 11.8% (my calculations). For the six months to 30 June 2026, profit was Rs 148.58 crore against Rs 114.97 crore a year earlier, about 29% higher (my calculation). One source shows six month figures under an FY26 label and the quarterly and annual numbers look mixed up, so rely on the prospectus.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Peer<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">P\/E (source A)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">P\/E (source B)<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bonfiglioli Transmissions at upper band<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 46.3 (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 46.3<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Elecon Engineering<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">31.63<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">26.02<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Shanthi Gears<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">63.39<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">37.58<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Schaeffler India<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">53.74<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">64.54<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Timken India<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">57.66<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">50.49<\/td>\n<\/tr>\n<\/table>\n<p>Peer multiples differ between the two sources because they are taken on different dates. On either set, the Bonfiglioli Transmissions IPO is above Elecon Engineering, the closest peer by product, and below some of the larger bearing and transmission names.<\/p>\n<p>Grey market premium (GMP) is an unofficial, unregulated indicator for the Bonfiglioli Transmissions IPO that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.<\/p>\n<p><strong>Risk:<\/strong> Peer multiples change daily, so recheck them on the bidding day before judging the Bonfiglioli Transmissions IPO as expensive or fair.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_for_the_Bonfiglioli_Transmissions_IPO\"><\/span><strong>What to Watch Next for the Bonfiglioli Transmissions IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Anchor investors on 14 October and the subscription numbers by category on 15, 16 and 19 October<\/li>\n<li>The final price within the Rs 558 to Rs 586 band and the cut-off price<\/li>\n<li>The basis of allotment on 21 October and the listing date of 23 October<\/li>\n<li>Orders and margins in the next results after the first half of 2026, which will shape the Bonfiglioli Transmissions IPO share after listing<\/li>\n<li>Any change in the parent licence, supplier terms or the 77% promoter holding after the sale<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Bonfiglioli Transmissions IPO offers a strong market position and rising profit, but it is priced near 46 times earnings, brings no money to the company and carries customer and supplier concentration. Weigh the pros and cons against the prospectus and your own risk limit.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"When_does_the_Bonfiglioli_Transmissions_IPO_open_and_close\"><\/span><strong>When does the Bonfiglioli Transmissions IPO open and close?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The subscription opens on 15 October 2026 and closes on 19 October 2026, with listing planned for 23 October 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_price_band_of_the_Bonfiglioli_Transmissions_IPO\"><\/span><strong>What is the price band of the Bonfiglioli Transmissions IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The price band is Rs 558 to Rs 586 per share with a lot size of 25 shares.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_big_is_the_Bonfiglioli_Transmissions_IPO\"><\/span><strong>How big is the Bonfiglioli Transmissions IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The issue size is about Rs 2,534 crore, entirely an offer for sale of up to 4.32 crore shares by Bonfiglioli S.p.A.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Does_the_company_get_any_money_from_the_IPO\"><\/span><strong>Does the company get any money from the IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. As it is only an offer for sale, the proceeds go to the selling shareholder.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_pros_of_the_Bonfiglioli_Transmissions_IPO\"><\/span><strong>What are the main pros of the Bonfiglioli Transmissions IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Market leadership in small gearboxes, a wide product range, long customer ties and rising profit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_cons_of_the_Bonfiglioli_Transmissions_IPO\"><\/span><strong>What are the main cons of the Bonfiglioli Transmissions IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A valuation of about 46 times earnings, no fresh issue, related party supplier reliance and customer concentration.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_are_the_lead_managers_and_registrar\"><\/span><strong>Who are the lead managers and registrar?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The lead managers are Axis Capital, BNP Paribas, ICICI Securities and Jefferies India, and the registrar is MUFG Intime India.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"When does the Bonfiglioli Transmissions IPO open and close?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The subscription opens on 15 October 2026 and closes on 19 October 2026, with listing planned for 23 October 2026.\"}},{\"@type\":\"Question\",\"name\":\"What is the price band of the Bonfiglioli Transmissions IPO?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The price band is Rs 558 to Rs 586 per share with a lot size of 25 shares.\"}},{\"@type\":\"Question\",\"name\":\"How big is the Bonfiglioli Transmissions IPO?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The issue size is about Rs 2,534 crore, entirely an offer for sale of up to 4.32 crore shares by 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is MUFG Intime India.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is educational and not a recommendation.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bonfiglioli Transmissions IPO opens 15 October at Rs 558 to Rs 586. See the pros and cons, financials, valuation, risks and key dates.<\/p>\n","protected":false},"author":34,"featured_media":307883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[11407,12138,5351,12139],"class_list":["post-307884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bonfiglioli-transmissions-ipo","tag-gear-motors","tag-mainboard-ipo","tag-offer-for-sale"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["307883"],"rank_math_title":["Bonfiglioli Transmissions IPO: Pros, Cons, Price Band, Valuation"],"rank_math_description":["Bonfiglioli Transmissions IPO opens 15 Oct at Rs 558 to Rs 586, all offer for sale. See pros and cons, financials, valuation near 46 times earnings, risks and key dates."],"rank_math_focus_keyword":["Bonfiglioli Transmissions IPO"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/the-pros-and-cons-of-investing-in-bonfiglioli-transmissions-ipo.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/307884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=307884"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/307884\/revisions"}],"predecessor-version":[{"id":307885,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/307884\/revisions\/307885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/307883"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=307884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=307884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=307884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}