Bonfiglioli Transmissions IPO: Dates, Price Band, GMP & Review
Bonfiglioli Transmissions, the Indian arm of Italy's Bonfiglioli Group and India's largest manufacturer of gearboxes and industrial drives, is set to launch its mainboard IPO on 15 October 2026. The issue is structured as a pure offer for sale (OFS) by the promoter Bonfiglioli S.p.A., which holds 100% of the company — meaning all proceeds go to the selling shareholder and none to the company itself.
The price band and minimum lot details are yet to be formally announced, but the company's own IPO trackers list a lot size of 150 shares. Here is everything investors need to know — dates, issue structure, business background, financials, grey market premium (GMP) and a balanced review.
Bonfiglioli Transmissions IPO Dates (Tentative)
The following schedule is reported by IPO trackers and the company's IPO page data. The dates below are widely reported but still tentative until the RHP is formally filed:
| Event | Date |
|---|---|
| Anchor book opens | 14 October 2026 |
| IPO opens | 15 October 2026 |
| IPO closes | 19 October 2026 |
| Allotment finalisation | 21 October 2026 (tentative) |
| Refunds / demat credit | 22 October 2026 (tentative) |
| Listing (BSE, NSE) | 23 October 2026 (tentative) |
Bonfiglioli Transmissions IPO Details
| Detail | Information |
|---|---|
| Company | Bonfiglioli Transmissions Limited |
| Issue type | Book-building mainboard IPO (BSE + NSE) |
| Issue structure | 100% Offer for Sale — no fresh issue component |
| OFS size | Up to 46,998,959 equity shares by Bonfiglioli S.p.A. |
| Face value | ₹10 per share |
| Price band | Yet to be announced |
| Lot size | 150 shares (per IPO trackers) |
| Estimated issue size | Over ₹2,000 crore (media reports; official size after price band) |
| Book-running lead managers | Axis Capital, BNP Paribas, ICICI Securities, Jefferies India |
| Registrar | MUFG Intime India |
| DRHP filed | 9 February 2026 |
| SEBI observations received | 11–12 June 2026 |
Media reports ahead of the filing had suggested the IPO could raise around $250 million (roughly ₹2,000+ crore), which lines up with the current estimates. Investors should remember that in a pure OFS, the company receives no money — the exercise is purely an exit/partial exit for the Italian promoter.
About the Company: India's Largest Gearbox Maker
Bonfiglioli Transmissions was incorporated in 1998 and is the Indian subsidiary of Italy-headquartered Bonfiglioli S.p.A., a global name in power transmission with nearly 70 years of presence worldwide and over 25 years in India.
The company is a technology-led manufacturer of precision gearboxes, gear motors and drive systems — mission-critical components used across industries. According to a Frost & Sullivan report cited in the DRHP, it was the largest manufacturer of gearboxes and drives for OEMs and end-users in its segments in India (as of September 2025) and among the largest manufacturers of planetary gearboxes in India in FY2024.
Three business verticals
- Industry & Automation Solutions — ~42% of revenue; gear motors and drives for material handling, food processing, packaging, cement and steel
- Wind Industries — ~32% of revenue; drive systems for wind turbines
- Off-Highway Mobility — ~25% of revenue; gearboxes for construction and mining equipment
Manufacturing and R&D
- Three manufacturing plants — Thirumudivakkam and Mannur in Tamil Nadu, Talegaon in Maharashtra — with a combined annual manufacturing capacity of about 11.2 lakh hours (FY2024), producing over 3.3 lakh gear motors and gearboxes in the year
- Access to the Bonfiglioli Group's India R&D Centre in Chennai, with Industry 4.0-enabled, vertically integrated production
- Localised electric-motor production at the Mannur facility as part of its domestic sourcing strategy
- Serves more than 930 OEM customers directly, backed by a dealer network and after-sales service infrastructure across India
The parent, Bonfiglioli S.p.A., reported revenue of €1,190.9 million (~₹10,591 crore) for the year ended December 2024.
Bonfiglioli Transmissions Financial Performance
The company follows a calendar financial year (January to December). The figures below are from the RHP, as compiled by IPO trackers:
| (₹ crore) | FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 |
|---|---|---|---|---|
| Revenue from operations | 1,687.33 | 1,854.18 | 2,013.53 | 1,131.87 |
| Profit after tax | 149.49 | 195.16 | 237.87 | 148.58 |
| Net margin | 8.86% | 10.53% | 11.81% | 13.13% |
| EPS (₹) | 7.57 | 10.08 | 12.56 | – |
| RoNW | 18.30% | 22.25% | 23.96% | – |
| EBITDA margin | 14.45% | 15.91% | 18.41% | – |
The trend is healthy: revenue has compounded at roughly 9% a year while PAT has grown nearly 60% over two years, with margins expanding steadily — a sign of operating leverage in a manufacturing business. The company's return ratios are strong: ROE of 25.66% and ROCE of 34.05% in FY2025, with a conservative debt profile.
Peer Comparison
The RHP lists the following listed peers (figures as disclosed by the company):
| Company | Revenue (₹ cr) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Bonfiglioli Transmissions | 2,013.53 | – (to be set by price band) | 23.96 |
| Elecon Engineering | 2,366.05 | 31.63 | 14.81 |
| Shanthi Gears | 518.72 | 63.39 | 17.42 |
| Schaeffler India | 9,685.85 | 53.74 | 19.02 |
| Timken India | 3,478.03 | 57.66 | 13.68 |
Listed industrial-transmission peers command rich multiples of 30x–60x earnings, while Bonfiglioli reports better return ratios than most of them. Whether the IPO is attractively priced will depend entirely on the price band, which is yet to be announced.
Bonfiglioli Transmissions IPO GMP Today
The grey market premium (GMP) for Bonfiglioli Transmissions has been reported at around ₹70 on some trackers (10 October) — though other trackers, including IPOList.in's own GMP table, currently show no active premium. Grey market quotes are unofficial, unregulated and vary widely across dealers; treat them only as an early sentiment signal, not as investment advice or a guarantee of listing gains. With the price band not yet announced, no meaningful listing-gain percentage can be computed.
Review: Strengths and Risks
Strengths
- Market leadership — India's largest gearbox/drive maker in its segments, backed by a 70-year-old Italian engineering group
- Diversified end markets — automation, off-highway mobility and wind each contribute meaningfully, reducing dependence on a single cycle
- Improving financials — steady revenue growth, expanding margins, 34%+ ROCE and a conservative balance sheet
- Strong customer base — 930+ OEM customers and an established dealer/service network
Risks
- Pure OFS — the company gets no proceeds; the issue is a promoter exit, so investors should ask why the Italian parent is selling now
- Cyclical end markets — construction equipment, mining and industrial automation are sensitive to capex cycles
- Pricing unknown — with no price band yet, valuation and listing-gain potential cannot be judged
- Concentration of ownership — the promoter holds 100% pre-IPO, so post-listing governance and float dynamics will matter
FAQs
When does the Bonfiglioli Transmissions IPO open?
The IPO is reported to open on 15 October 2026 and close on 19 October 2026. The dates are widely reported but tentative until the RHP is formally filed.
What is the price band of the Bonfiglioli Transmissions IPO?
The price band has not been announced yet. Trackers list a lot size of 150 shares; the minimum investment will be known once the band is declared.
Is Bonfiglioli Transmissions IPO a fresh issue?
No. It is a 100% offer for sale of up to 46,998,959 shares by the promoter, Bonfiglioli S.p.A. The company will receive no proceeds from the IPO.
What is the estimated size of the Bonfiglioli IPO?
Media reports estimate the issue at over ₹2,000 crore (around $250 million). The official size will be confirmed when the price band is announced.
Where will Bonfiglioli Transmissions list?
The shares will list on the BSE and NSE mainboard. The tentative listing date is 23 October 2026.
Conclusion
Bonfiglioli Transmissions is a rare listed play on India's industrial transmission sector — a market leader with a strong Italian parent, healthy margins and improving return ratios. The catch is that the IPO is a pure promoter OFS, so the "why now" question and the still-undisclosed price band will decide whether it is worth subscribing to.
Investors should wait for the RHP and price band before deciding, and track subscription numbers and GMP closer to the issue. For the week's broader IPO calendar, see our upcoming IPOs this week roundup, the latest IPO GMP today update, and our deep-dives on the other October issues — HD Fire Protect IPO (opens 13 October) and Zetwerk IPO (opens 15 October).
Disclaimer: This article is for informational purposes only and is not investment advice. IPO dates, GMP figures and other market data are as reported by IPO trackers and are subject to change. Please read the RHP and consult a financial adviser before investing.