{"id":327861,"date":"2026-10-27T11:08:28","date_gmt":"2026-10-27T05:38:28","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=327861"},"modified":"2026-10-27T11:08:28","modified_gmt":"2026-10-27T05:38:28","slug":"tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/","title":{"rendered":"Tonbo Imaging Share Price Rallies for a Second Session After Strong Debut: Listing Gains, Valuation, Order Book and Key Levels"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Tonbo Imaging share price rose for a second straight session on Tuesday, 27 Oct 2026, trading at Rs 1,264.90 at 10:57 AM, up 4.3% from Monday&#8217;s close of Rs 1,212.85 and about 81% above the issue price of Rs 700 (data provider). The defence electronics maker listed on 23 Oct at Rs 1,160 on the NSE, a 65.71% premium, after the Rs 852.18 crore issue was subscribed 135.9 times.<\/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;\">Tonbo Imaging share price has risen from a listing-day close of Rs 1,133.80 to Rs 1,264.90, but the valuation is demanding, at about 142 times trailing earnings (my calculation) against an industry level of about 45. The company&#8217;s FY26 revenue fell 22.7% and profit fell about 30%, and Q1 FY27 showed a net loss of Rs 17.74 crore, so the rally rests on the order pipeline. The order book was Rs 314.24 crore on 30 Jun 2026, about 87% of FY26 revenue. This is educational and not a recommendation.<\/p>\n<\/p><\/div>\n<p>Tonbo Imaging share price has been volatile since the debut: on the first day it traded between Rs 1,013.70 and Rs 1,211, and on Monday it touched Rs 1,330.50 before closing at Rs 1,212.85. A listing gain of this size attracts momentum buyers, and it also attracts profit-taking, so the question is how much of the story is already in the price. The Tonbo Imaging listing has given early investors a large gain, and the Tonbo Imaging share price now carries it.<\/p>\n<p>This article sets out the listing data, the price path since the debut, the financial record, the order book and the valuation. It does not use grey market figures. It is educational and not advice.<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Tonbo_Imaging_Share_Price_Since_the_Listing_Day_by_Day\" title=\"Tonbo Imaging Share Price Since the Listing: Day by Day\">Tonbo Imaging Share Price Since the Listing: Day by Day<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Issue_Details_Behind_the_Tonbo_Imaging_Share_Price\" title=\"Issue Details Behind the Tonbo Imaging Share Price\">Issue Details Behind the Tonbo Imaging Share Price<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Financial_Record_Why_the_Valuation_Is_Debated\" title=\"Financial Record: Why the Valuation Is Debated\">Financial Record: Why the Valuation Is Debated<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Order_Book_and_Customers_Supporting_the_Tonbo_Imaging_Share_Price\" title=\"Order Book and Customers Supporting the Tonbo Imaging Share Price\">Order Book and Customers Supporting the Tonbo Imaging Share Price<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Valuation_of_the_Tonbo_Imaging_Share_Price_Today\" title=\"Valuation of the Tonbo Imaging Share Price Today\">Valuation of the Tonbo Imaging Share Price Today<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Grey_Market_Premium_and_the_Tonbo_Imaging_Share_Price\" title=\"Grey Market Premium and the Tonbo Imaging Share Price\">Grey Market Premium and the Tonbo Imaging Share Price<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#What_to_Watch_Next_for_the_Tonbo_Imaging_Share_Price\" title=\"What to Watch Next for the Tonbo Imaging Share Price\">What to Watch Next for the Tonbo Imaging Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Conclusion_The_Tonbo_Imaging_Share_Price_Prices_In_a_Lot\" title=\"Conclusion: The Tonbo Imaging Share Price Prices In a Lot\">Conclusion: The Tonbo Imaging Share Price Prices In a Lot<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#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-10\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Why_is_the_Tonbo_Imaging_share_price_rising\" title=\"Why is the Tonbo Imaging share price rising?\">Why is the Tonbo Imaging share price rising?<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#At_what_price_did_Tonbo_Imaging_list\" title=\"At what price did Tonbo Imaging list?\">At what price did Tonbo Imaging list?<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#How_did_the_Tonbo_Imaging_share_price_move_on_Monday_26_Oct\" title=\"How did the Tonbo Imaging share price move on Monday 26 Oct?\">How did the Tonbo Imaging share price move on Monday 26 Oct?<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Is_the_Tonbo_Imaging_share_price_expensive\" title=\"Is the Tonbo Imaging share price expensive?\">Is the Tonbo Imaging share price expensive?<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#What_are_Tonbo_Imagings_financials\" title=\"What are Tonbo Imaging&#8217;s financials?\">What are Tonbo Imaging&#8217;s financials?<\/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\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#What_does_Tonbo_Imaging_make\" title=\"What does Tonbo Imaging make?\">What does Tonbo Imaging make?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#Should_I_buy_the_Tonbo_Imaging_share_price_after_the_rally\" title=\"Should I buy the Tonbo Imaging share price after the rally?\">Should I buy the Tonbo Imaging share price after the rally?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-share-price-rallies-for-second-session-after-strong-debut-listing-gains-valuation-order-book-and-key-levels\/#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=\"Tonbo_Imaging_Share_Price_Since_the_Listing_Day_by_Day\"><\/span><strong>Tonbo Imaging Share Price Since the Listing: Day by Day<\/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;\">Tonbo Imaging share price: session<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Open<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">High<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Low<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Close<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change from previous close or issue<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Fri 23 Oct (listing day)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,160<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,211<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,013.70<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,133.80<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 62.0% on the Rs 700 issue price (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Mon 26 Oct<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,214<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,330.50<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,174<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,212.85<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 7.0% on the listing-day close (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Tue 27 Oct, 10:57 AM<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,222<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,275<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,222<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,264.90<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 4.3% on Monday&#8217;s close<\/td>\n<\/tr>\n<\/table>\n<p>The Tonbo Imaging listing came at a premium of about 66% on the BSE (Rs 1,162) and the NSE (Rs 1,160), and the Tonbo Imaging share price fell to Rs 1,013.70 within the first session, then recovered to close above Rs 1,130. On Monday it spiked 17.4% above the previous close at the high before settling lower (my calculation). The pattern of a sharp swing then a rise is typical for a new listing with a heavy institutional demand, and it can reverse as quickly. Watch the Tonbo Imaging share price around Rs 1,211, the listing-day high.<\/p>\n<p style=\"margin-top:24px;\"><strong>Track the Tonbo Imaging share price and new listings on Univest<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Issue_Details_Behind_the_Tonbo_Imaging_Share_Price\"><\/span><strong>Issue Details Behind the Tonbo Imaging Share Price<\/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;\">Tonbo Imaging share price: issue detail<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Figure<\/th>\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 665 to Rs 700; priced at the upper end<\/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;\">Rs 852.18 crore, entirely an offer for sale of 1.22 crore shares by existing shareholders<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Proceeds to the company<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">None, because there was no fresh issue<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bidding dates<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">15 to 19 Oct 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Subscription<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 135.90 times overall, with qualified institutional buyers at about 293.56 times and retail at about 31.07 times<\/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;\">21 shares, about Rs 14,700 at the upper band<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Valuation at the upper band<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 4,010 crore, nearly 79 times FY26 profit after tax<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Listing<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">23 Oct 2026 at Rs 1,160 on the NSE and Rs 1,162 on the BSE<\/td>\n<\/tr>\n<\/table>\n<p>The selling shareholders are described only as existing shareholders in the reports I found, and the company received no money from the issue. That matters because the demand came from investors buying existing shares, so the Tonbo Imaging share price now depends on the business and not on a balance sheet raise. The Tonbo Imaging listing therefore transferred no capital to the company.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Record_Why_the_Valuation_Is_Debated\"><\/span><strong>Financial Record: Why the Valuation Is Debated<\/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;\">Tonbo Imaging share price: financial measure (Rs crore)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">FY24<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">FY25<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">FY26<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q1 FY27<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue from operations<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">428.19<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">469.08<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">362.65 (down 22.7%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">37.33 against 70.69 a year earlier<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit after tax<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">68.54<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">72.76<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">50.88 (down about 30%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Loss of 17.74 against profit of 5.43<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not available<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">139.06 (29.6% margin)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">104.62 (28.9% margin)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Loss of 11.72<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Operating cash flow<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not available<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About minus 136<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About minus 63<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not available<\/td>\n<\/tr>\n<\/table>\n<p>The numbers explain the concern. Revenue and profit fell in FY26, the first quarter of FY27 was loss-making, and cash flow from operations was negative in both FY25 and FY26 even though accounting profit was positive. Revenue is also weighted toward the second half of the financial year, so a weak first quarter is not unusual, but the Tonbo Imaging share price has moved up on expectations and not on delivered growth.<\/p>\n<p>Inventory rose from Rs 219.49 crore in March 2026 to Rs 319.63 crore in June 2026, and short-term borrowings rose from Rs 116.06 crore to Rs 129.72 crore. Delays in the Morocco delivery and an Armenia phase were cited as reasons for slower international revenue. These delays are one reason the Tonbo Imaging share price faces questions. The Tonbo Imaging valuation therefore rests on the pipeline.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the Univest iOS App or Univest Android App to track defence stocks and set price alerts.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Order_Book_and_Customers_Supporting_the_Tonbo_Imaging_Share_Price\"><\/span><strong>Order Book and Customers Supporting the Tonbo Imaging Share Price<\/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;\">Tonbo Imaging share price: order and customer data<\/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;\">Order book at 30 Jun 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 314.24 crore, of which domestic Rs 231.87 crore and overseas Rs 82.37 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">New orders in Jul to Sep 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 118.15 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Systems deployed<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">More than 28,000 across 24 countries, according to the company<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Indian thermal sights<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 20,000 of roughly 30,000, according to the chief executive<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Share of thermal imaging units supplied to the government (Apr 2024 to Mar 2026)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">51%, per a commissioned industry report cited in the offer document<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Missile seeker<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sole-source supplier to Bharat Dynamics for an uncooled seeker<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Armenia<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Systems worth about $55 million delivered over three years; one phase delayed<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Manufacturing partners<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Kaynes and Avalon<\/td>\n<\/tr>\n<\/table>\n<p>The Tonbo Imaging order book of Rs 314.24 crore covers only about 87% of FY26 revenue (my calculation from the reported ratio), which is thin for a company priced at a high multiple. The company points to newer programmes, including a European letter of intent for high-power microwave systems, but deliveries for that are expected only in FY29 to FY30, so they do not support near-term revenue.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Valuation_of_the_Tonbo_Imaging_Share_Price_Today\"><\/span><strong>Valuation of the Tonbo Imaging Share Price Today<\/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;\">Tonbo Imaging share price: measure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Reading<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Comment<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price at 10:57 AM<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,264.90<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 80.7% above the issue price (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market capitalisation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 7,245 crore (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Scaled from the data provider&#8217;s Rs 6,948 crore at Rs 1,212.85<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to earnings (trailing)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 142 (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Data provider shows 136.60 at the earlier price; industry level 45.08<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to book<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 13.1 (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Book value is Rs 96.57 per share<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt to equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">0.26<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Data provider<\/td>\n<\/tr>\n<\/table>\n<p>The Tonbo Imaging valuation, at about 142 times trailing earnings, puts the Tonbo Imaging share price at roughly three times the industry level. The data series for the Tonbo Imaging share price is short, with only three sessions of trading, so RSI and SuperTrend readings are not reliable yet and I do not quote them. The 20-day average computed by the data provider is Rs 1,153.11, but it rests on three days of data, so treat it as a rough marker only.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Grey_Market_Premium_and_the_Tonbo_Imaging_Share_Price\"><\/span><strong>Grey Market Premium and the Tonbo Imaging Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Grey market premium (GMP) is an unofficial, unregulated indicator 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>Instead of grey market figures, use the facts above on the Tonbo Imaging share price: the issue terms, the listing data, the financial record and the order book. The listing is already complete, so the Tonbo Imaging share price now responds to results, orders and market mood.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_for_the_Tonbo_Imaging_Share_Price\"><\/span><strong>What to Watch Next for the Tonbo Imaging Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong>Q2 FY27 results.<\/strong> The first full quarter as a listed company will show whether the Q1 loss was a timing effect for the Tonbo Imaging share price.<\/li>\n<li><strong>Tonbo Imaging order book and inflow.<\/strong> The Rs 118.15 crore of new orders in Jul to Sep needs to grow to support the valuation.<\/li>\n<li><strong>Cash flow and inventory.<\/strong> Negative operating cash flow and rising inventory are the main balance sheet risks.<\/li>\n<li><strong>Lock-in and selling.<\/strong> Existing shareholders sold in the issue, and I did not retrieve lock-in expiry dates for the remaining holders.<\/li>\n<li><strong>Price swings.<\/strong> The Tonbo Imaging share price ranged from Rs 1,013.70 to Rs 1,330.50 in three sessions, which shows how fast it can move.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_The_Tonbo_Imaging_Share_Price_Prices_In_a_Lot\"><\/span><strong>Conclusion: The Tonbo Imaging Share Price Prices In a Lot<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Tonbo Imaging share price has risen for a second session and is about 81% above the issue price, backed by a 135.9 times subscribed issue and a dominant position in thermal imaging for the government. The financial record is weaker, with falling revenue, a Q1 loss, negative cash flow and a thin order book against a Tonbo Imaging valuation of about 142 times trailing earnings. Check the filings, expect volatility and decide according to your own risk profile.<\/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=\"Why_is_the_Tonbo_Imaging_share_price_rising\"><\/span><strong>Why is the Tonbo Imaging share price rising?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The stock rose for a second straight session on 27 Oct 2026, trading at Rs 1,264.90 at 10:57 AM, up 4.3% from Monday&#8217;s close. It follows a strong debut at a 65.71% premium after a 135.9 times subscribed issue. I did not find a specific news trigger for today&#8217;s move.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"At_what_price_did_Tonbo_Imaging_list\"><\/span><strong>At what price did Tonbo Imaging list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The shares listed on 23 Oct 2026 at Rs 1,160 on the NSE and Rs 1,162 on the BSE, against an issue price of Rs 700, a premium of about 66%. They fell to Rs 1,013.70 during the day and closed at Rs 1,133.80. The issue was entirely an offer for sale.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_the_Tonbo_Imaging_share_price_move_on_Monday_26_Oct\"><\/span><strong>How did the Tonbo Imaging share price move on Monday 26 Oct?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> It opened at Rs 1,214, touched a high of Rs 1,330.50 and a low of Rs 1,174, and closed at Rs 1,212.85, up 7.0% from the listing-day close (my calculation). The high was about 90% above the issue price. Volume was about 92 lakh shares.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_Tonbo_Imaging_share_price_expensive\"><\/span><strong>Is the Tonbo Imaging share price expensive?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> At about 142 times trailing earnings (my calculation) against an industry level near 45, the valuation is high, and the company&#8217;s FY26 revenue fell 22.7% and profit fell about 30%. The Tonbo Imaging order book was Rs 314.24 crore on 30 Jun 2026. A high multiple needs strong growth to be justified.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_Tonbo_Imagings_financials\"><\/span><strong>What are Tonbo Imaging&#8217;s financials?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> FY26 revenue from operations was Rs 362.65 crore, down 22.7%, and profit after tax was Rs 50.88 crore, down about 30%. FY25 revenue was Rs 469.08 crore with profit of Rs 72.76 crore. Q1 FY27 showed revenue of Rs 37.33 crore and a net loss of Rs 17.74 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Tonbo_Imaging_make\"><\/span><strong>What does Tonbo Imaging make?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> It is a Bengaluru-based defence electronics company that makes thermal imaging systems, weapon sights, fire-control systems and missile seekers. It says it has deployed more than 28,000 systems in 24 countries. It is the sole-source supplier to Bharat Dynamics for an uncooled missile seeker.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_buy_the_Tonbo_Imaging_share_price_after_the_rally\"><\/span><strong>Should I buy the Tonbo Imaging share price after the rally?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This article does not recommend a purchase. The stock has risen about 81% above the issue price in three sessions and trades at a high multiple, while earnings fell in FY26 and Q1 FY27 was a loss. Consider your risk profile and the next results before you decide.<\/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 to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why is the Tonbo Imaging share price rising?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The stock rose for a second straight session on 27 Oct 2026, trading at Rs 1,264.90 at 10:57 AM, up 4.3% from Monday's close. It follows a strong debut at a 65.71% premium after a 135.9 times subscribed issue. I did not find a specific news trigger for today's move.\"}},{\"@type\":\"Question\",\"name\":\"At what price did Tonbo Imaging list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The shares listed on 23 Oct 2026 at Rs 1,160 on the NSE and Rs 1,162 on the BSE, against an issue price of Rs 700, a premium of about 66%. They fell to Rs 1,013.70 during the day and closed at Rs 1,133.80. The issue was entirely an offer for sale.\"}},{\"@type\":\"Question\",\"name\":\"How did the Tonbo Imaging share price move on Monday 26 Oct?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It opened at Rs 1,214, touched a high of Rs 1,330.50 and a low of Rs 1,174, and closed at Rs 1,212.85, up 7.0% from the listing-day close (my calculation). The high was about 90% above the issue price. Volume was about 92 lakh shares.\"}},{\"@type\":\"Question\",\"name\":\"Is the Tonbo Imaging share price expensive?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"At about 142 times trailing earnings (my calculation) against an industry level near 45, the valuation is high, and the company's FY26 revenue fell 22.7% and profit fell about 30%. The Tonbo Imaging order book was Rs 314.24 crore on 30 Jun 2026. A high multiple needs strong growth to be justified.\"}},{\"@type\":\"Question\",\"name\":\"What are Tonbo Imaging's financials?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"FY26 revenue from operations was Rs 362.65 crore, down 22.7%, and profit after tax was Rs 50.88 crore, down about 30%. FY25 revenue was Rs 469.08 crore with profit of Rs 72.76 crore. Q1 FY27 showed revenue of Rs 37.33 crore and a net loss of Rs 17.74 crore.\"}},{\"@type\":\"Question\",\"name\":\"What does Tonbo Imaging make?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It is a Bengaluru-based defence electronics company that makes thermal imaging systems, weapon sights, fire-control systems and missile seekers. It says it has deployed more than 28,000 systems in 24 countries. It is the sole-source supplier to Bharat Dynamics for an uncooled missile seeker.\"}},{\"@type\":\"Question\",\"name\":\"Should I buy the Tonbo Imaging share price after the rally?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This article does not recommend a purchase. The stock has risen about 81% above the issue price in three sessions and trades at a high multiple, while earnings fell in FY26 and Q1 FY27 was a loss. Consider your risk profile and the next results before you decide.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tonbo Imaging share price rose for a second session on 27 Oct 2026 after a 66% listing gain. See listing data, valuation, order book, financials and levels.<\/p>\n","protected":false},"author":35,"featured_media":327860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[16472,535,16471,16470,16473,15729,15236,16468,15240,16469],"class_list":["post-327861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-defence-electronics-stock","tag-defence-stocks","tag-new-listing-rally","tag-thermal-imaging","tag-tonbo-imaging-after-listing","tag-tonbo-imaging-financials","tag-tonbo-imaging-listing","tag-tonbo-imaging-order-book","tag-tonbo-imaging-share-price","tag-tonbo-imaging-valuation"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["327860"],"rank_math_title":["Tonbo Imaging Share Price Rallies After Debut: Valuation, Levels"],"rank_math_description":["Tonbo Imaging share price rose for a second session on 27 Oct 2026 after a 66% listing gain. See listing data, valuation, order book, financials and levels."],"rank_math_focus_keyword":["Tonbo Imaging share price"],"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\/tonbo-imaging-share-price-rallies-for-a-second-session-after-strong-debut.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/327861","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\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=327861"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/327861\/revisions"}],"predecessor-version":[{"id":327862,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/327861\/revisions\/327862"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/327860"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=327861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=327861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=327861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}