Defence Tech Startup Tonbo Imaging's FY25 Profit Increases 6% To INR 73 Cr

IPO-bound defence tech startup Tonbo Imaging has reported a net profit of INR 72.7 Cr for the financial year ended March 31, 2025 (FY25), marking a 6% increase from INR 68.5 Cr in FY24. The rise in profits was supported by a near 10% YoY uptick in its top line, which grew to INR 469 Cr in FY25 from INR 428.1 Cr in the previous fiscal year.

With an additional income of INR 5.3 Cr, the startup’s total income stood at INR 474.4 Cr in FY25, increasing almost 10% from INR 431.9 Cr in the previous year.

The defence tech startup registered the greatest chunk of the top line came from sale of products and solutions which constituted INR 464.4 Cr, while the remaining INR 4.7 Cr came via unspecified operating income for the startup. India contributes 40% to the startup’s topline, while exports make up the rest.

Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, Tonbo Imaging designs and deploys advanced imaging and sensor systems that enhance situational awareness in complex and challenging environments. Their technology covers thermal imaging, electro-optics, and AI-powered sensor fusion used in military reconnaissance, infrastructure security, and transport safety.

Tonbo’s systems are built to operate effectively in obscured conditions like fog, dust, and smoke, providing critical real-time intelligence for military personnel, unmanned drones, and security forces. Its expertise lies in blending micro-optics, low-power electronics, and digital image processing to produce lightweight, low-power platforms across visible and infrared spectrums.

It counts the likes of NATO, US Navy SEALs, Israeli Defense Forces (IDF), and the defence ministry of Armenia as its customers.

In April, the startup raised INR 175 Cr (about $20 Mn) inits Series D round from Florintee Advisors and EXIM Bank at a valuation of INR 1,500 Cr (about $170.4 Mn). Back then, the startup said that it plans to utilise the fresh funds to develop next-generation infrared sensors, commercial deployment of microwave technologies, and expand its global footprint

In May, CEO Lakshmikumar told Inc42 that the startup is planning to raise between INR 800 Cr to INR 1,000 Cr via public offering and had plans to file their DRHP by August.

Though the startup is yet to file its IPO papers, on August 15 Tonbo’s board passed a resolution to convert into a public entity, the first prerequisite step for a company bidding to go public. The startup has dropped the word ‘private’ from its name and changed it to ‘Tonbo Imaging India Limited.’

Breaking Down Tonbo Imaging’s Expenses

Tonbo’s total expenditure zoomed 11% to INR 374.4 Cr in FY25 from INR 336.9 Cr in the previous year.

Cost Of Material Consumed: The cost under this head remained flat at INR 215.3 Cr in FY25, increasing marginally by 0.9% from INR 213.3 Cr in the previous year.

Employee Benefit Expenses: The employee benefit expense of the startup stood at INR 44.3 Cr, zooming almost 241% from INR 13 Cr in the previous year. This includes the salary and bonus expense, ESOP expense and staff welfare expense including other employee related costs.

Sales & Marketing Expense: The cost under this head jumped 500% to INR 15 Cr in FY25 from INR 2.5 Cr in the previous year.

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