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Bonfiglioli Transmissions Limited
Mainboard IPOUpcoming
Price band₹558 – ₹586per share · face value ₹10
Minimum investmentNot available yet1 lot · shares at upper band
IPO dates15 Oct – 19 OctOpens 15 Oct
Prepared with AI. This analysis was generated on 13 Oct 2026. Figures can contain errors; check them against the offer document before relying on them. It is information, not investment advice.
What the company does and where it sits in its industry
Bonfiglioli Transmissions Limited is an India-based manufacturer of technology-led mechanical and electro-mechanical power transmissions and industrial drive solutions. Incorporated in 1998, it is a subsidiary of Italy-based Bonfiglioli S.p.A. and operates across three key business verticals: Industry and Automation Solutions, Off-Highway Mobility, and Wind Industries.
The company caters to original equipment manufacturers (OEMs) and end-users in sectors such as construction, agriculture, mining, renewable wind energy, material handling, food & beverage, and chemicals. In the Off-Highway Mobility and Wind segments, it co-engineers application-specific products directly with OEMs, while also serving Industry & Automation clients via direct sales and an extensive authorized dealer network across India.
Revenue is predominantly generated from the sale of manufactured products, including gearboxes, gear motors, and drive assemblies, supplemented by sale of services, scrap sales, export incentives, and other operating revenues.
Restated figures, FY23 – FY25, ₹ crore unless stated
At the upper price band of ₹586
From the offer document’s own listed-peer table
Points to weigh, drawn from the offer document and the figures above
The company is an end-to-end technology-led power transmissions and industrial drive solutions provider across business verticals, offering capabilities spanning designing, manufacturing, and supplying motion control to power drives.
The company has manufactured and supplied more than 11,800 SKUs as of December 31, 2025 across Industry & Automation, Off-Highway Mobility, and Wind Industries, serving over 20 end-user industries.
The company benefits from the global brand equity of parent Bonfiglioli S.p.A. and access to the group's global and local R&D capabilities, including the R&D Centre in Chennai.
Revenue grew about 9% a year from FY23 to FY25; EBITDA margin widened (15.3% to 18.9%).
In the comparison with listed industry peers, peer P/E ratios range from 31.63x (Elecon Engineering) to 63.39x (Shanthi Gears), with an industry average of 51.61x. The company's RoNW of 23.96% for Fiscal 2025 compares with peer RoNWs ranging between 13.68% and 19.02%.
The company served over 930 OEM customers directly in the six months ended June 30, 2026, with seven of its top 10 OEM customers engaged for over 10 years, supported by 44 authorized dealers.
The company operates three manufacturing facilities incorporating Industry 4.0 automation, with aggregate capacity utilization improving from 64.22% in Fiscal 2023 to 73.71% in Fiscal 2025.
The company depends on a limited number of suppliers without long-term contracts; purchases from top 10 suppliers accounted for 41.20% and its largest supplier, related party Bonfiglioli Riduttori S.p.A., accounted for 15.18% of total purchases in Fiscal 2025.
Revenue from the company's top 10 OEM customers accounted for 36.60% of total revenue from operations (continuing operations) in Fiscal 2025, without long-term binding purchase commitments.
The company does not own registered trademarks or patents in its own name and depends on a renewable license agreement with promoter Bonfiglioli S.p.A., paying a 6% royalty on net sales of licensed products.
Sales of yaw and pitch drives to the Wind Industry and low-to-medium duty gear motors to Industry & Automation accounted for 31.53% and 36.49% of continuing operations revenue, respectively, in Fiscal 2025.
Co-engineering products for Off-Highway Mobility and Wind customers takes up to 30 months, exposing the company to technology obsolescence, cost escalations, and customer requirement changes.