Bonfiglioli Transmissions’s initial public offering opened on 15 October 2026 and runs to 19 October, with a price band of Rs 558 to Rs 586 per share. The issue is worth about Rs 2,533.66 crore and consists entirely of an offer for sale, with no fresh issue. Allotment is scheduled for 21 October and listing on the BSE and NSE on 23 October.
The company describes itself as one of the leading Indian providers of mechanical and electro-mechanical power transmission solutions, and it specialises in gearboxes, gear motors and drive systems used in industrial automation, off-highway mobility and wind energy. Its registered address is in the SIDCO Industrial Estate at Thirumudivakkam in Kancheepuram, Tamil Nadu.
The promoters are Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi, Bon-FI S.R.L. and Bonfiglioli S.P.A., who hold 100% of the company before the issue. After the offer, their stake is expected to fall to 77%. Because the issue is an offer for sale, the money raised goes to the selling shareholders, and the company itself does not receive proceeds.
Share numbers differ by report. One report gives the offer for sale as about 4.32 crore shares, while another source gave a figure of about 4.70 crore. Dividing the issue size by the upper price band gives roughly 4.32 crore shares, which matches the first figure, so IndiaX24 uses it.
The reservation is 50% for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors. A retail investor must bid for at least 25 shares, which costs Rs 14,650 at the upper end of the band. The lead managers are Axis Capital, BNP Paribas, ICICI Securities and Jefferies India.
The financial history shows steady growth. Revenue was Rs 1,701.80 crore in FY23, Rs 1,861.16 crore in FY24 and Rs 2,023.59 crore in FY25, while profit after tax rose from Rs 148.49 crore to Rs 195.16 crore and then Rs 237.87 crore. For FY26 the source listed earnings per share of Rs 12.65, return on net worth of 23.9% and net asset value of Rs 52.82 per share.
Two simple calculations help. Between FY23 and FY25 revenue grew at about 9% a year and profit after tax at about 27% a year, and FY25 profit was about 11.8% of revenue, all on IndiaX24’s own arithmetic from the reported numbers. Those figures allow a rough check. At the upper price of Rs 586 and earnings per share of Rs 12.65, the price would be about 46 times earnings, although the source listed the price-to-earnings ratio as not available, and that calculation is IndiaX24’s own and is only indicative. Investors should read the prospectus for the audited figures and risk factors.
The issue is part of a crowded week. Zetwerk, Tonbo Imaging and Sahajanand Medical Technologies open on the same day, and Jio Platforms opens on 21 October. At the same time, foreign investors have been selling Indian shares and the central bank has raised interest rates, which can affect the appetite for new issues.
The issue gives public investors a chance to hold a stake in a company that is now wholly held by its promoter group. As with every IPO, IndiaX24 reports the terms and does not give a recommendation.
Featured image: An industrial gearbox motor (file photo; a stand-in image, not a Bonfiglioli product). Photo by Fachab, licensed under CC BY-SA 4.0, via Wikimedia Commons.
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