Bonfiglioli Transmissions
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 120.78×
- Big non-institutionalbNII · above ₹10 lakh
- 46.44×
- Small non-institutionalsNII · ₹2–10 lakh
- 28.28×
- Retail individualRII · up to ₹2 lakh
- 5.90×
- Employeesreserved quota
- 7.42×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 86,37,809 | 1,04,33,08,675 | ₹61,138 Cr | 120.78× |
| Non-institutional | 64,78,356 | 26,16,36,175 | ₹15,332 Cr | 40.39× |
| Big non-institutionalwithin NII | 43,18,904 | 20,05,62,075 | ₹11,753 Cr | 46.44× |
| Small non-institutionalwithin NII | 21,59,452 | 6,10,74,100 | ₹3,579 Cr | 28.28× |
| Retail individual | 1,51,16,165 | 8,92,19,125 | ₹5,228 Cr | 5.90× |
| Employees | 50,000 | 3,71,050 | ₹21.74 Cr | 7.42× |
| Total | 3,02,82,330 | 1,39,45,35,025 | ₹81,720 Cr | 46.05× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 19 Oct, 05:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 15 Oct 2026 – 19 Oct 2026
- Listing date
- 23 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹558 – ₹586
- Issue price
- ₹586 per share
- Lot size
- 25 shares
- Sale type
- Offer for sale
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹2,534 Cr
- Fresh issue
- ₹0 Cr 0 shares
- Offer for sale
- ₹2,534 Cr 4,32,39,042 shares
- Market cap at offer price
- ₹11,017 Cr
- Promoter holding
- 100.00% → 77.00% pre-issue → post-issue
- ISIN
- INE28SO01013
- CIN
- U29309TN1998PLC040717
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Plot No.AC7-AC11, SIDCO Industrial Estate, Thirumudivakkam, Kancheepuram 600 132, Tamil Nadu, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 86,37,808 | 28.57% | 28.52% |
| Anchor investor · within QIB | 1,29,56,712 | — | 42.79% |
| NII (HNI) | 64,78,357 | 21.43% | 21.39% |
| bNII > ₹10L · within NII | 43,18,905 | — | 14.26% |
| sNII < ₹10L · within NII | 21,59,452 | — | 7.13% |
| Retail (RII) | 1,51,16,165 | 50.00% | 49.92% |
| Employee | 50,000 | — | 0.17% |
| Total issue | 3,02,82,330 | — | 100.00% |
Net offer to the public of 3,02,32,330 shares, out of a total issue of 3,02,82,330. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 25 shares per lot, in multiples, at ₹586
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,650 |
| Retail (max) | 13 | 325 | ₹1,90,450 |
| S-HNI (min) | 14 | 350 | ₹2,05,100 |
| S-HNI (max) | 68 | 1,700 | ₹9,96,200 |
| B-HNI (min) | 69 | 1,725 | ₹10,10,850 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.65 | 15.81 |
| P/E (×) | 46.32 | 37.07 |
| Price to book (×) | 11.09 | — |
| Market cap | — | ₹11,017 Cr |
Key performance indicators
- Return on net worth
- 23.96%
- ROCE
- 36.00%
- PAT margin
- 11.90%
- EBITDA margin
- 18.37%
- NAV per share
- ₹52.82
- Price to book
- 11.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Objects of the issue
1 Offer for Sale of Equity Shares —
The company intends to carry out an Offer for Sale of up to millions of Equity Shares of face value of Rs. each by the Promoter Selling Shareholder, aggregating to a specified amount in millions.
2 Listing of Equity Shares on Stock Exchanges —
The company aims to achieve the benefits of listing its Equity Shares on the Stock Exchanges to enhance visibility, brand image, and provide liquidity and a public market for the Equity Shares in India.
3 Utilisation of Offer Proceeds by the Promoter Selling Shareholder —
The company will not receive any proceeds from the Offer; all Offer Proceeds will be received by the Promoter Selling Shareholder after deduction of Offer-related expenses and relevant taxes.
4 Offer-Related Expenses —
The Offer expenses, estimated in millions, include listing fees, selling commission, brokerage, fees payable to BRLMs, legal counsel, Registrar, printing, advertising, and other incidental expenses for listing the Equity Shares.
4 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Bonfiglioli Transmissions
Bonfiglioli Transmissions Limited manufactures gearboxes and drive systems. It was originally incorporated as 'Bonfiglioli Deepak Private Limited' at Chennai, Tamil Nadu, under the Companies Act, 1956, with a certificate of incorporation dated June 23, 1998. It was renamed 'Bonfiglioli Transmissions Private Limited' in September 1998 and later 'Bonfiglioli Transmissions Limited' following conversion to a public company, with a fresh certificate dated September 16, 2025. The company manufactures products for OEMs engaged in industry and automation solutions, the off-highway mobility industry and the wind industry, at facilities in Thirumudivakkam (Tamil Nadu), Mannur (Tamil Nadu) and Talegaon (Maharashtra). Bonfiglioli S.p.A. owns 100% of the equity share capital as of the date of the RHP, and the company uses the Bonfiglioli technology and trademark under a License Agreement for which it pays 6% of annual sales of specified products. Revenue from operations was ₹ 11,318.69 million for the six months ended June 30, 2026 and ₹ 20,135.26 million for FY2025 (year ended December 31, 2025).
Management
Ravindra Pisharody
Director
Sonia Bonfiglioli
Director
Massimo Sarti
Director
Marco Mossuto
Director
Kennady V Kaippally
MD
Gatham Anandhan Balaji
CFO
Rossella Schiavini
Director
Ananthanarayan Sundaresan
Director
Sunil Kumar
Director of Operations
Sanjay Patwari
VP of Sales
Sudhindra Ramachandra Sabnis
VP of Sales
Pranesh Kumar
COO
Loganathan Nagaraj
Director of Operations
Priti Harihar Dave
VP of Marketing
Naresh Rajendran
Director of HR
Strengths
As stated in the offer document
End-to-end Technology-led Power Transmissions and Industrial Drive Solutions Provider
The company is recognized as the largest manufacturer of gearboxes and drives for OEMs and end-users in Industry & Automation, Off-Highway Mobility, and Wind sectors in India as of June 30, 2026 (Source: F&S Report), with capabilities spanning designing, manufacturing, and supplying products from motion control to power drives including gearboxes, gear motors, inverter controls, servo motors, and accessories.
Highly Diversified Offerings Across Business Verticals and Customer Industries
The company has manufactured and supplied more than 11,800 SKUs as of December 31, 2025, and is recognized as the only major gearbox supplier with a comprehensive portfolio serving Industry & Automation, Off-Highway Mobility, and Wind end-markets (Source: F&S Report), with no single end-user industry contributing more than 10% of Industry & Automation revenue.
Established Parentage and Trusted Brand Backed by Global and Local R&D Capabilities
The company benefits from the Bonfiglioli Group's global brand equity and R&D infrastructure, with the India R&D Centre in Chennai housing 119 engineers as of June 30, 2026, being the only test laboratory in India equipped to test yaw and pitch drives for wind turbines (Source: F&S Report); revenue from new products introduced in the preceding three years reached 29.72% in the six months period ended June 30, 2026.
Deep Relationships with Marquee Customers Built Through Decades of Collaboration
The company served more than 930 OEM customers directly in the six months period ended June 30, 2026, with seven of its top 10 OEM customers engaged for more than 10 years; the top 10 OEM customers accounted for less than 31.72% of revenue from operations, reflecting a well-diversified and loyal customer base.
Strong Sales Team, Dealer Network, and After-Sales Service Support
The company operates through a pan-India sales network of 13 sales offices and 64 sales employees, supported by 44 authorized dealers (36 exclusive) with 54 outlets as of June 30, 2026; 16 dealers have been associated for 20+ years, and after-sales services are provided through 15 in-house engineers and 13 third-party service facilities with an average next-working-day response time.
State-of-the-Art Manufacturing Infrastructure with Embedded Industry 4.0 Principles
The company operates three manufacturing facilities across Tamil Nadu and Maharashtra with aggregate capacity utilization improving from 64.22% in Fiscal 2023 to 75.04% in the six months period ended June 30, 2026, supported by advanced automation, IoT connectivity, robotic painting, SAP-enabled MRP, and real-time data analytics (Source: F&S Report).
Efficient and Localized Supply Chain Network
The company sources 68.32% of raw materials and components domestically as of the six months period ended June 30, 2026 (up from 64.12% in Fiscal 2023), supported by 285 suppliers with an average relationship tenure of approximately 12 years, with no single supplier exceeding 20% of total purchases.
Stable and Experienced Management Team Delivering Strong Financial Performance
The company is led by a management team with tenures ranging from 6 to 24 years, and has delivered revenue from operations of ₹11,318.69 million, EBITDA (excluding other income) of ₹2,238.74 million (19.78% margin), and restated PAT of ₹1,485.81 million in the six months period ended June 30, 2026, with ROCE of 20.03% and ROE of 14.66%.
Risk factors
As stated in the offer document
Dependence on Limited Suppliers Including Related Party Bonfiglioli Riduttori S.p.A.
The company depends on a limited number of suppliers with no long-term binding agreements; purchases from the top 10 suppliers represented 40.84%–47.52% of total raw material purchases across reported periods, with the largest supplier (a related party) accounting for up to 19.98%. Any disruption, breakdown, or refusal to supply by key vendors could materially impact manufacturing schedules, costs, and financial performance.
Dependence on BSPA for Intellectual Property License and Corporate Services
The company operates under a non-exclusive, annually renewable license from BSPA to manufacture and sell products under the 'Bonfiglioli' brand, for which it pays 6% of annual sales of specified products. Termination of the License Agreement or the Intercompany Service Agreement (terminable with 30 days' notice) could prevent the company from manufacturing and selling its core products, severely disrupting operations and financial results.
Customer Concentration Risk with No Long-Term Binding Purchase Commitments
Revenue from the top 10 OEM customers represented 31.72%–37.83% of total revenue from continuing operations across reported periods, with no guaranteed minimum purchase volumes. Loss of any major customer due to competitive pressures, in-house manufacturing, or financial difficulties could materially and adversely affect revenue, profitability, and cash flows.
Raw Material Price Volatility and Import Duty Exposure
Cost of raw materials and components consumed represented approximately 61.53%–64.77% of revenue from operations across reported periods, with ~29%–35% sourced from outside India. Fluctuations in global commodity prices (steel, aluminium), geopolitical tensions, tariffs, and foreign exchange rates could increase production costs and compress margins if cost increases cannot be passed on to customers.
Manufacturing Facility Disruption Risk
The company's entire production is concentrated across three manufacturing facilities in Tamil Nadu and Maharashtra, exposing it to risks including equipment breakdowns, labour disputes, natural disasters, regulatory closures, and utility interruptions. Any prolonged disruption could reduce capacity utilization, impair delivery schedules, and have a material adverse effect on business, financial condition, and cash flows.
Competitive Market Pressure and Technology Obsolescence Risk
The company operates in a highly competitive, price-sensitive market for gearboxes and drive systems, facing domestic and international competitors with potentially greater financial resources and technological capabilities. The adoption of alternative technologies such as direct drive systems or IoT-enabled solutions could reduce demand for the company's mechanical gearbox products, adversely affecting market share and financial performance.
Significant Related Party Transactions and Potential Conflicts of Interest
Expenses from related parties represented 32.71% of total expenses and income from related parties represented 19.91% of total income in the six months ended June 30, 2026. Future related party transactions may involve conflicts of interest that may not be resolved in the company's favour, and there is no assurance that approvals required under applicable law will be obtained in a timely manner.
Lower Profitability Margins Compared to Listed Industry Peers
The company's EBITDA (excluding Other Income) Margin and PAT Margin were the lowest among listed industry peers (Elecon Engineering, Shanthi Gears, Schaeffler India, Timken India) in Fiscals 2024 and 2023, and lower than certain peers in Fiscal 2025. Inability to improve margins could adversely affect the company's competitive position, financial performance, and ability to attract investors.
Product Concentration in Yaw/Pitch Drives and Low-to-Medium Duty Gear Motors
Yaw and pitch drives contributed approximately 27.36%–32.20% of revenue from continuing operations, while low-to-medium duty gear motors contributed approximately 36.49%–38.45% across reported periods. Any decline in wind energy demand, technology shifts away from worm gear technology, or disruptions in the Industry & Automation segment could materially impact revenue and operations.
Global Sales Exposure to Foreign Exchange Fluctuations and Trade Restrictions
Approximately 25.96%–29.96% of revenue from continuing operations was derived from international markets (including USA at ~14.23%, Germany, Italy, and China) across reported periods, exposing the company to foreign exchange volatility, geopolitical risks, tariff changes, and trade sanctions. Significant changes to global trade policies, particularly US import tariffs on Indian goods, could materially impact financial performance.
Company Analysis
from RHPBonfiglioli Transmissions Limited manufactures gearboxes and drive systems for industry and automation, off-highway mobility and wind industry customers.
Bonfiglioli Transmissions Limited manufactures gearboxes and drive systems. It was originally incorporated as 'Bonfiglioli Deepak Private Limited' at Chennai, Tamil Nadu, under the Companies Act, 1956, with a certificate of incorporation dated June 23, 1998. It was renamed 'Bonfiglioli Transmissions Private Limited' in September 1998 and later 'Bonfiglioli Transmissions Limited' following conversion to a public company, with a fresh certificate dated September 16, 2025. The company manufactures products for OEMs engaged in industry and automation solutions, the off-highway mobility industry and the wind industry, at facilities in Thirumudivakkam (Tamil Nadu), Mannur (Tamil Nadu) and Talegaon (Maharashtra). Bonfiglioli S.p.A. owns 100% of the equity share capital as of the date of the RHP, and the company uses the Bonfiglioli technology and trademark under a License Agreement for which it pays 6% of annual sales of specified products. Revenue from operations was ₹ 11,318.69 million for the six months ended June 30, 2026 and ₹ 20,135.26 million for FY2025 (year ended December 31, 2025).
Objects of the Issue
- Offer for Sale of Equity Shares by the Promoter Selling Shareholder. The company itself receives no proceeds from the Offer. ₹ [●] million p.111
- Benefits of listing, including enhanced visibility and brand image, and liquidity and a public market for the Equity Shares in India. No use of proceeds is stated. p.111
Issue Structure
- Total Issue
- Up to 43,239,042 Equity Shares of face value of ₹ 10 each aggregating to ₹ [●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 43,239,042 Equity Shares of face value of ₹ 10 each aggregating to ₹ [●] million
- Face Value
- ₹ 10
Business Model
Revenue is earned by selling gearboxes and drive systems to OEM customers through direct sales, a network of 44 dealers (for I&A customers), and inter-company sales to Bonfiglioli Group companies. Direct sales were 59.56% of revenue from operations for the six months ended June 30, 2026, dealer sales 18.96%, inter-company sales 20.00% and others 1.48%. A major share of revenue comes from co-engineered products, which were 52.84% of revenue from continuing operations in the six months ended June 30, 2026. Products are largely sold on purchase order basis, with framework agreements in place with certain key customers.
Business Segments
SWOT Analysis
- • Long-standing dealer network, with 16 of 44 dealers engaged for 20 years or more(p.39)
- • Export reach across multiple countries(p.40)
- • Broad product range manufactured across periods(p.37)
- • Managing Director and certain KMPs have long tenure and have contributed to growth in India(p.41)
- • Diversified offerings across business verticals and customer industries(p.114)
- • Established parentage and trusted brand backed by R&D capabilities(p.114)
- • Deep customer relationships with sales, dealer network and after-sales support(p.114)
- • State-of-the-art manufacturing with Industry 4.0 principles and localized supply chain(p.114)
- • Stable and experienced management team(p.114)
- • Largest India manufacturer of gearboxes and drives across three verticals (F&S, revenue basis)(p.210)
- • Global group scale: footprint, R&D centres, distribution network and patents(p.210)
- • Leading share in Industry & Automation (low/medium-duty gear motors)(p.211)
- • Leading share in wind yaw and pitch drives among domestic manufacturers(p.211)
- • About 32% share of India off-highway mobility segment among non-captive players (CY2025)(p.175)
- • Long-tenured OEM relationships in each vertical(p.211)
- • Early domestic wind drive manufacturing and only India test lab for yaw/pitch drives(p.184)
- • Largest gearbox and drives manufacturer in India for the covered segments, per F&S Report(p.210)
- • Diversified offerings across verticals and end-customer industries(p.213)
- • Parentage and brand equity from the Bonfiglioli Group(p.214)
- • Leading share in domestic yaw and pitch drives(p.214)
- • Long-standing OEM relationships(p.214)
- • Established dealer network with long tenure and exclusivity(p.215)
- • Improving manufacturing capacity utilisation(p.216)
- • Statutory auditor reports no restatement adjustments required from prior audit qualifications(p.283)
- • No borrowings in default; company reports no defaults on borrowings(p.317)
- • Undrawn committed bank facilities of INR 1,825.00 million as at June 30, 2026(p.340)
- • Net cash position with negative gearing ratio of -13.48% as at June 30, 2026(p.343)
- • Trade receivables spread across a large number of customers, industries and geographies(p.338)
- • Export revenue from USA of INR 3,077.40 million in FY2025(p.327)
- • Company elected the concessional tax regime under section 115BAA(p.324)
- • Among India's largest technology-led power transmission and drive solutions providers by revenue(p.360)
- • Largest Indian manufacturer of gearboxes and drives across three verticals, per F&S Report(p.361)
- • Leading share in domestic yaw and pitch drives for wind(p.361)
- • Long-tenured OEM relationships(p.361)
- • Exclusive dealer network in Industry & Automation(p.363)
- • Only test laboratory in India for wind yaw and pitch drives, within the Bonfiglioli R&D setup(p.364)
- • Debt-free funding of capacity additions from internal accruals(p.371)
- • Average operating profit of ₹2,593.95 million over Fiscals 2023-2025(p.411)
- • Dependence on a limited number of suppliers, with a related-party largest supplier and no long-term agreements(p.26)
- • Reliance on BSPA-owned intellectual property and trade name under a renewable one-year license(p.30)
- • Related party transactions with conflict-of-interest exposure(p.30)
- • Customer concentration with no long-term binding agreements with all customers(p.32)
- • Revenue dependence on co-engineered products with long gestation periods(p.34)
- • Three of the operational facilities are on leased land(p.39)
- • Pending legal proceedings involving the Company, directors and promoters(p.41)
- • Statutory auditor report carries modifications on restated financials(p.42)
- • Delays in paying statutory dues(p.38)
- • Audit trail not enabled for certain transactions and at database level in accounting software(p.38)
- • Brand depends on licence from BSPA and is shared with the Bonfiglioli Group(p.39)
- • Promoter will keep substantial shareholding and significant influence after the Offer(p.39)
- • Revenue concentrated in yaw/pitch drives for Wind Industry and gear motors for Industry & Automation(p.40)
- • Dependence on senior management and key personnel, with high attrition among KMP and Senior Management(p.41)
- • No own registered trademarks, patents or designs; relies on Bonfiglioli Group IP licence(p.44)
- • EBITDA (excl. other income) and PAT margins lowest among listed peers in Fiscals 2024 and 2023(p.44)
- • Two of the operational manufacturing plants are in one district (Kancheepuram, Tamil Nadu)(p.48)
- • Certain allotment-related form filings and challans cannot be traced(p.100)
- • Form 7B and board resolution for 2000-2001 secondary transfers not traced(p.103)
- • Revenue concentration: wind vertical is roughly 27-32% of revenue(p.192)
- • Receivable days rose to 94 in CY2025 from 80 in CY2024(p.200)
- • One corporate promoter holds 100% of pre-Offer equity(p.274)
- • Overlapping directorships with BDSPL, a group company from which business was acquired(p.260)
- • Pending transfer of Talegaon leasehold rights from a related entity(p.261)
- • Educational records of one individual promoter not traceable(p.275)
- • Individual promoters do not hold PAN or Aadhaar cards(p.275)
- • Immovable property title deeds not held in the company's name(p.301)
- • Auditor modifications on books of account and CARO 2020 qualifications(p.283)
- • Loan exposure to a related party(p.303)
- • One customer exceeded 10% of revenue in FY2025 at INR 2,265.48 million(p.321)
- • Related party receivables of INR 1,598.00 million form a significant share of trade receivables(p.311)
- • Purchases from group entity Bonfiglioli Riduttori S.p.A. of INR 1,856.50 million in FY2025(p.334)
- • Royalty expense of INR 895.87 million in FY2025 payable under group arrangements(p.323)
- • Books of account backup not maintained on servers physically located in India, per auditor qualification(p.349)
- • Disputed income-tax demands pending before various forums of INR 28.06 million(p.343)
- • Dependence on promoter-owned IP; no registered marks, patents or designs in own name(p.406)
- • Criminal case against a director under the Factories Act arising from a 2016 workman accident(p.402)
- • Delay in appointing a Company Secretary, flagged for adjudication under the Companies Act(p.402)
- • Lender consent restrictions; breach may trigger events of default(p.399)
- • Group companies in the same line of business may create common pursuits(p.408)
- • Capacity addition through new facilities near the existing Maharashtra site(p.38)
- • Planned new facility at Talegaon to focus on heavy-duty gearboxes(p.38)
- • Electric motor manufacturing recently commenced at Mannur(p.38)
- • Long co-engineering cycles create enduring customer relationships and evolution opportunities(p.35)
- • Industry shift toward integrated and modular gear motors and manufacturing clusters in India (F&S Report)(p.40)
- • India well positioned as a beneficiary of manufacturing diversification(p.138)
- • APAC, including India, is the fastest-growing gearbox region(p.146)
- • Aftermarket services as a recurring revenue opportunity(p.147)
- • Robotics and biogas gear motor segments are fastest-growing frontiers(p.151)
- • Plan to deepen Industry & Automation presence in capex-driven end-user industries through FY2030(p.186)
- • Off-highway vertical focus on segments tied to infrastructure, mining, agriculture, housing and logistics(p.172)
- • Electromobility identified as a strategic long-term growth platform(p.186)
- • Repowering of older sub-1 MW turbines in India onshore wind(p.181)
- • India gaining export share as global OEMs diversify away from China(p.175)
- • Growth in Industry & Automation from manufacturing upcycle and localisation(p.218)
- • Off-highway technology upgrade and localisation cycle(p.218)
- • Wind sector demand drivers in India(p.218)
- • Heavy-duty gearbox market expansion and planned Talegaon facility(p.218)
- • E-mobility product portfolio expansion(p.218)
- • Digitalisation to improve efficiency and responsiveness(p.219)
- • Acquisition of BDSPL business stated to align with Group strategy in India(p.346)
- • Demand from new installations and replacement or modernisation in Indian industrial gearboxes(p.368)
- • Turbine size shift raising yaw and pitch drive value per installation(p.368)
- • Macro indicators correlated with demand for the company's products(p.366)
- • Phased localisation of sourcing(p.369)
- • In-house electric motor production with shorter lead time(p.369)
- • Volatile commodity prices and import duties affecting input costs(p.28)
- • Geopolitical and economic conditions in countries supplying imported parts(p.28)
- • Intense competition with greater-resourced rivals and price pressure(p.35)
- • Shift to alternative drive technologies that bypass gearboxes(p.36)
- • Regulatory approvals and permits required for manufacturing operations(p.38)
- • Global trade policy and tariff changes, including on US imports from India(p.41)
- • Required approvals and licences may be delayed, suspended or revoked(p.40)
- • Stricter safety, health, environmental and labour laws may raise compliance costs(p.41)
- • Reliance on third-party transport and logistics, exposed to infrastructure, weather and strikes(p.43)
- • Power and fuel cost increases that may not be passed on to customers(p.45)
- • Natural disasters, pandemics, terrorism and civil unrest may disrupt operations(p.52)
- • Evolving Indian laws, rules and regulations, including new labour codes and data protection law(p.53)
- • Slowdown in India or global economy, and political or macro shocks, could reduce demand(p.55)
- • High inflation could raise wage, material and other costs(p.56)
- • Global growth moderation from geopolitics, supply chains and energy costs(p.136)
- • Indian manufacturing exposed to energy, freight, FX and export-access shocks(p.141)
- • Price erosion and commoditization from high competition(p.152)
- • Volatility in steel, copper and rare-earth input prices and logistics(p.152)
- • Servo and direct-drive systems substituting geared motors(p.153)
- • Low-cost Chinese and regional competitors pressuring pricing(p.153)
- • Capex slowdown in cement, mining and steel affecting gearbox orders(p.153)
- • Gearless direct drives reducing gear motor sales(p.163)
- • Cyclicality of construction and mining end markets(p.170)
- • Shifting policy and incentive frameworks in wind markets(p.180)
- • Ind AS 1 amendment removes relaxation on non-current loan classification from FY 2026-27(p.299)
- • Labour Codes notified, with State Rules and operational clarifications still pending(p.322)
- • Foreign exchange risk on sales and purchases in non-functional currencies(p.340)
- • Tax authority transfer pricing adjustments on corporate support charges(p.343)
- • Pending government assessment proceedings requiring litigation provisions(p.317)
- • Show cause notice from GST authorities alleging excess ITC of ₹316.85 million, under writ challenge(p.401)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sonia Bonfiglioli | Promoter (Individual Promoter) | — | — |
| Luciano Bonfiglioli | Promoter (Individual Promoter) | — | — |
| Luisa Lusardi | Promoter (Individual Promoter) | — | — |
| BON-FI S.r.l. | Promoter (Corporate Promoter) | — | — |
| Bonfiglioli S.p.A. | Promoter (Corporate Promoter) and Promoter Selling Shareholder | 100% | — |
| Bonfiglioli S.p.A. | Corporate Promoter | 100% | — |
| BON-FI S.r.l. | Promoter | — | — |
| Sonia Bonfiglioli | Promoter and Director | — | — |
| Luciano Bonfiglioli | Promoter | — | — |
| Luisa Lusardi | Individual Promoter | — | — |
| Bonfiglioli S.p.A. | Promoter (Corporate Promoter and Promoter Selling Shareholder) | 100.00 | [●] |
| Bonfiglioli S.p.A. | Corporate Promoter | — | — |
| Sonia Bonfiglioli | Promoter | — | — |
| Luciano Bonfiglioli | Promoter | — | — |
| Luisa Lusardi | Promoter (usufruct) | — | — |
| Bonfiglioli S.p.A. | Corporate Promoter | — | — |
| BON-FI S.r.l. | Corporate Promoter | — | — |
| Sonia Bonfiglioli | Individual Promoter | — | — |
| Luciano Bonfiglioli | Individual Promoter | — | — |
| Luisa Lusardi | Individual Promoter | — | — |
| BON-FI S.r.l. | Corporate Promoter | — | — |
| Bonfiglioli S.p.A. | Corporate Promoter | 100.00% | — |
| Bonfiglioli S.p.A, Italy & its nominees | Promoter | 100.00% | — |
| Sonia Bonfiglioli | Promoter | — | — |
| Sonia Bonfiglioli | Promoter | — | — |
| Luciano Bonfiglioli | Promoter | — | — |
| Bonfiglioli S.p.A. (BSPA) | Corporate Promoter | — | — |
| Bonfiglioli S.p.A. | Promoter Selling Shareholder | — | — |
| Bonfiglioli S.p.A. | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Bonfiglioli Transmissions Ltd. THIS ISSUE | 12.65 | 52.82 | 37.07, computed at the offer price | 11.09, computed at the offer price | 23.96% |
Elecon Engineering Co.Ltd. | 15.20 | 102.65 | 31.63 | 4.71 | 14.81% |
| 9.99 | 57.36 | 63.39 | 11.11 | 17.42% | |
| 73.60 | 386.94 | 53.74 | 10.25 | 19.02% | |
| 55.16 | 403.31 | 57.66 | 7.89 | 13.68% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.