Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Bonfiglioli Transmissions Limited / Equity Capital Markets

Bonfiglioli Transmissions Limited (0597322D IN)

<ul>
<li>Bonfiglioli Transmissions will launch its India IPO. The company manufacture a wide range of mission-critical and highly precision engineered gear motors, gearboxes and drive systems used across diverse end-user markets.</li>
<li>In 1H26, Bonfiglioli Transmissions total income increased by 18% to INR 11.4B. The company posted a net profit of INR 1.5B, up 29% YoY. Net margin expanded 160bps to 13.3%. </li>
<li>Valuation sought seems relatively reasonable. Bonfiglioli’s market presence, diversified portfolio, brand recognition, sustained growth and margin strength lends it value for the long term and makes it attractive for investors.</li>
</ul>


Bonfiglioli Transmissions will launch its India IPO. The company manufacture a wide range of mission-critical and highly precision engineered gear motors, gearboxes and drive systems used across diverse end-user markets.
In 1H26, Bonfiglioli Transmissions total income increased by 18% to INR 11.4B. The company posted a net profit of INR 1.5B, up 29% YoY. Net margin expanded 160bps to 13.3%. 
Valuation sought seems relatively reasonable. Bonfiglioli’s market presence, diversified portfolio, brand recognition, sustained growth and margin strength lends it value for the long term and makes it attractive for investors.


Bonfiglioli Transmissions IPO: Gearing Well To Power Up Ahead

APAC IPOs & Placements, Aequitas Research

Sharan Shankarnarayan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Bonfiglioli Transmission Limited (BTL) is looking to raise up to US$250m in its upcoming India IPO. The deal will be run by Axis, BNP Paribas, Jefferies and ICICI.  </li>
<li>BTL manufactures a wide range of mission-critical and high precision engineered gearboxes and drive systems used across diverse end-user markets like Industry and Automation Solutions, Off-Highway Mobility and Wind Industries.</li>
<li>According to F&amp;S Report, BTL was one of India’s largest technology-led electro-mechanical power transmissions and industrial drive solutions providers in 9M25 and leading manufacturers of planetary gearboxes in FY24. </li>
</ul>


Bonfiglioli Transmission Limited (BTL) is looking to raise up to US$250m in its upcoming India IPO. The deal will be run by Axis, BNP Paribas, Jefferies and ICICI.  
BTL manufactures a wide range of mission-critical and high precision engineered gearboxes and drive systems used across diverse end-user markets like Industry and Automation Solutions, Off-Highway Mobility and Wind Industries.
According to F&amp;S Report, BTL was one of India’s largest technology-led electro-mechanical power transmissions and industrial drive solutions providers in 9M25 and leading manufacturers of planetary gearboxes in FY24. 


Aequitas:Bonfiglioli Transmission Limited Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of deals were launched at the end of the week.</li>
<li>On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP).</a>
</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of deals were launched at the end of the week.
On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in Toyota Motor (7203 JP).



Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

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Bonfiglioli Transmissions Limited (0597322D IN)

Bonfiglioli Transmissions IPO: Gearing Well To Power Up Ahead

Bonfiglioli will launch its India IPO. Valuation seems reasonable. Strong market presence, diversified product portfolio, brand recognition and...

Tina Banerjee

Aequitas:Bonfiglioli Transmission Limited Pre-IPO Tearsheet

Bonfiglioli Transmission Limited (BTL) is looking to raise up to US$250m in its upcoming India IPO. The deal will be run by Axis, BNP Paribas,...

Sharan Shankarnarayan

Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)