Bonfiglioli Transmissions Ltd IPO
Engineering
Price Band
₹558 – ₹586
Lot Size
25
Minimum Bid Quantity
25
Minimum Investment
₹14650
Issue Size
₹2533.81Cr
Opens
2026-10-15
Closes
2026-10-19
Listing
23-10-2026
Subscription Status
Qualified Institutional Buyers
120.78 x
Non-Institutional Investor
40.36 x
Retail Individual Investor
5.78 x
Employees
7.36 x
Total
45.98 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE28SO01013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Bonfiglioli Transmissions Limited manufactures mechanical and electro-mechanical power transmission products and industrial drive systems. The company is part of the Italy-based Bonfiglioli Group and has been operating in India for over 25 years. The company operates across three business verticals: Industry & Automation Solutions, Off-Highway Mobility Industry, and Wind Industry. Its product portfolio includes gear motors, gearboxes, electric motors, variable frequency drives, servo motors, precision drives for robotics and automation, swing and track drives, wheel and conveyor drives, and yaw and pitch drives for wind turbines. These products are used across industries such as material handling, mining, construction, agriculture, chemicals, pharmaceuticals, food processing, textiles, and renewable energy. The company operates three manufacturing facilities in India, located at Thirumudivakkam and Mannur in Tamil Nadu, and Talegaon in Maharashtra. It also has 13 sales offices across India.
Pros
- • 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.
Cons
- • 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.
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