Bonfiglioli Transmissions Ltd. IPO

Bonfiglioli Transmissions

• Bonfiglioli Transmissions is coming out with a 100% book building; initial public offering (IPO) of 4,32,39,042 shares of face value Rs 10 each in a price band Rs 558-586 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 15, 2026 and will close on October 19, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 55.80 times of its face value on the lower side and 58.60 on the higher side.
• Book running lead managers to the issue are Axis Capital, BNP Paribas, ICICI Securities and Jefferies India.
• Compliance officer for the issue is Sunil Kumar. 

Profile of the company

Bonfiglioli Transmissions is one of India’s largest technology-led mechanical and electro-mechanical power transmissions and industrial drive solutions providers by revenue for the six months period ended June 30, 2026. It manufactures a wide range of mission-critical and highly precision engineered gear motors, gearboxes and drive systems used across diverse end-user markets. The company’s legacy and reputation lie in the Bonfiglioli brand, which has a worldwide presence of nearly 70 years, and which it has established in India through more than 25 years of operations.

The company’s Corporate Promoter, Bonfiglioli S.p.A. (BSPA) is headquartered in Italy and is one of the largest technologically advanced players globally in the mechanical and electro-mechanical power transmissions and industrial drive solutions industry with consolidated revenues of Euro 1,172.94 million (Rs 115.56 billion) for the year ended December 31, 2025. It focuses on the development, manufacture and distribution of gearboxes and drive systems to cater to the needs of industrial processes, automation, off-highway mobility solutions and renewable energy applications. Currently, the Bonfiglioli Group has operations spanning across 80 countries through 18 production sites, seven R&D centres, a network of more than 550 distributors and resellers, and a workforce of more than 5,000 employees, with 21 patents granted under the name of Bonfiglioli S.p.A.

The markets company caters to are broadly categorized into three business verticals: Industry and Automation Solutions, Off-Highway Mobility and Wind Industries, based on the end-use applications. It is the largest manufacturer in India of gearboxes (gear motors below 15 kNm) and drives catering to OEMs and end-users in the Industry & Automation, Off-Highway Mobility and Wind Industries in India as of June 30, 2026, in terms of revenue from operations. The company was also among the leading manufacturers of planetary gearboxes in India in the year ended December 31, 2025 by revenue. 

Proceed is being used for: 

• Carrying out the Offer for Sale of Equity Shares of face value of Rs 10 each by the Promoter Selling Shareholder
• Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Industry overview

The global industrial gear motors market is split between new installations (55%) and replacement demand (45%). New demand is accelerating rapidly, driven by battery manufacturing, warehouse automation, renewable energy projects, and robotics-led production lines. Gear motors are increasingly enabling efficient motion control in smart factories (Robots), packaging, intralogistics, and process automation. Emerging applications such as solar trackers, e-mobility components, and compact conveyors are adding further momentum. The surge is most visible in the Asia-Pacific region, especially in India, China, and Southeast Asia. The gear motor aftermarket is expanding steadily due to high usage intensity, frequent wear-part replacements, and the need for quick turnaround in conveyors, packaging lines, logistics, and F&B plants. Motor failures, gearbox wear, and efficiency losses drive strong demand for spares, rewind/rebuild services, and retrofit kits. As industries shift toward IE4/IE5 motors and smart drives, upgrade and energy-efficiency retrofits become a significant opportunity. OEM service networks, availability of genuine parts, and rapid on-site support significantly influence aftermarket capture. At a global level, aftermarket contributes 15-20% of total gear motors industry revenues.

From Fiscal 2023 to Fiscal 2025, India’s industrial gearboxes market experienced steady growth, supported by sustained investments in the cement, steel, power, and mining sectors. Looking ahead, the market is expected to strengthen through Fiscal 2030, driven by automation, brownfield expansions, and the shift toward energy efficient and low-maintenance systems. The rising adoption of renewables, the material handling and process industries, and government-led industrial capex and efficiency mandates will further sustain this growth momentum. Demand for heavy duty gearboxes is expected to grow as OEMs supplying machinery to steel, cement, sugar, rubber, plastics, and power generation industries scale equipment capacity and duty requirements. This trend is already reflected in increasing interest from existing low- and medium-duty gearbox customers upgrading to higher-capacity solutions. As a result, the heavy-duty gearbox market is projected to reach approximately Rs 57,900 million by FY2031.

Meanwhile, India’s off-highway drives market is accelerating on the back of a strong infrastructure cycle, expanding mining activity, and rising mechanization across agriculture and material handling. Massive public capital expenditure continues to drive demand for excavators, loaders, compactors, and cranes, prompting OEMs to develop more rugged and energy-efficient drive systems. India’s drive market grew at an 8.0% CAGR from Fiscal 2023 to Fiscal 2026 and is expected to accelerate further, reaching a 9.6% CAGR through Fiscal 2031. Excavators, concrete equipment, and material-handling machinery lead growth. Rising fleet utilization and rental penetration are driving up replacement cycles, while localization and the emergence of hybrid/electric platforms are enhancing long-term resilience. 

Pros and strengths 

Market leadership in industrial gearboxes and power transmission solutions: The company is largest manufacturer of gearboxes and drives for OEMs and end-users engaged in Industry & Automation (gear motors below 15 kNm), Off-Highway Mobility and Wind sectors in India as of June 30, 2026, in terms of revenue from operations. The company attributes its market leadership position to its capability as an end-to-end technology-led power transmissions and co-engineered industrial drive solutions provider. The company’s current capabilities span designing, manufacturing and supplying products from motion control to power drives including gearboxes, gear motors, inverter controls, servo motors, servo cables and accessories.

Diversified product portfolio across multiple industries: The company manufactures a wide range of mission-critical and highly precision engineered gear motors, gearboxes and drive systems used across diverse end-user markets, across Industry & Automation, Off-Highway Mobility and Wind Industries. As of December 31, 2025, it had manufactured and supplied more than 11,800 SKUs and were the only major gearbox suppliers with a comprehensive portfolio serving Industry & Automation, Off-Highway Mobility and Wind end-markets. The company’s offerings for Industry & Automation customers include a wide range of gearboxes (including helical, bevel and worm gear motors and gearboxes), electric motors, servo motors and drives, variable frequency drives and precision drives for robotics & automation solutions.

Leveraging global expertise and group R&D capabilities: The company was incorporated in 1998 by Bonfiglioli S.p.A. and is one of the largest players in mechanical and electro-mechanical power transmissions and industrial drive solutions globally. The company benefits from the Bonfiglioli Group’s brand equity, which is globally recognized for its technical expertise and engineering excellence in mechanical and electro-mechanical power transmission and industrial automation drives. Leveraging its strong parentage, the company has successfully developed its own brand visibility and reputation by forging direct relationships with OEMs and component vendors in India and proven after-sales service to satisfy the needs of industrial processes, automation, mobility solutions and renewable energy companies. The company extensively draw on the Bonfiglioli Group’s breadth of products and depth of global R&D capabilities to introduce new products in the Indian market. It particularly benefits from access to the Bonfiglioli Group’s India R&D Centre located in Chennai (Tamil Nadu) which is owned and operated by one of its Group Companies, BTSPL.

Strong manufacturing capabilities and operational efficiency: The company had three manufacturing facilities in India, of which two are located in Tamil Nadu (in Thirumudivakkam and Mannur) and one in Maharashtra (in Talegaon). The company continues to expand its manufacturing footprint in India, supported by active greenfield and brownfield investment projects targeting new business opportunities. The company has streamlined its manufacturing operations based on its business verticals, with the Thirumudivakkam Unit manufacturing products primarily for the Off-Highway Mobility Industry and Wind Industry, and the Mannur and Talegaon Units manufacturing products primarily for its Industry & Automation vertical. The company’s state-of-the-art manufacturing facilities are designed around Industry 4.0 principles, integrating advanced automation, digitally connected production systems, and real-time data analytics to enhance efficiency, quality, and reliability. This allows the company to efficiently produce a wide range of products at scale.

Risks and concerns

Supplier concentration and procurement risks: The company is dependent on a limited number of suppliers for procurement of raw materials and components required for its manufacturing operations. The company’s largest supplier is Bonfiglioli Riduttori S.p.A, a related party. Purchases from its related parties represented 15.53%, 16.75%, 15.18%, 17.00% and 19.98%, and purchases from its top 10 suppliers represented 40.84%, 41.74%, 41.20%, 45.62% and 47.52% of its total purchases of raw materials and components in the six months periods ended June 30, 2026 and 2025 and in Fiscals 2025, 2024 and 2023, respectively. As it does not have definitive agreements with its suppliers, any interruption in the availability of raw materials and components on account of any disruption, breakdown or shutdown of its suppliers’ operations could adversely impact its operations.

Dependence on key customers and OEMs: The company is dependent on a limited number of customers for its sales, and revenue from its top 10 OEM customers represented 31.72%, 37.83%, 36.60%, 34.38% and 32.82% of its total revenue from operations (continuing operations) in the six months periods ended June 30, 2026 and 2025 and in Fiscals 2025, 2024 and 2023, respectively. As it does not have long-term binding agreements with all its customers, any reduction in orders from, or loss of, any of its major customers could adversely affect its business, financial condition, results of operations and cash flows.

Revenue concentration in Yaw and Pitch Drives and Gear Motors: The company is substantially dependent on the sales of yaw and pitch drives to the Wind Industry, and low to medium duty gear motors to customers in the Industry & Automation vertical. The company has garnered 27.36%, 32.20%, 31.53%, 32.33% and 29.69% of its total revenue from yaw and pitch drives in the six months periods ended June 30, 2026 and 2025, and in year ended December 31, 2025, 2024, and 2023 respectively. Also, the company has garnered 37.75%, 36.69%, 36.49%, 37.13% and 38.45% of its total revenue from low to medium duty gear motors in the six months periods ended June 30, 2026 and 2025, and in year ended December 31, 2025, 2024, and 2023 respectively. Any decrease in the demand for or disruption in the manufacture of these products, could adversely impact its operations.

Reliance on BSPA for brand licensing and operations: The company depends on BSPA, one of its Corporate Promoters, for certain aspects of its operations, including the license to manufacture and sell products under its intellectual property including the “Bonfiglioli” trade name and trademark for which it pays a consideration of 6% of its annual sales of the specified products (excluding sales to BSPA and net of discounts and allowances). Any adverse change in its relationship with BSPA could have an adverse impact on its business, financial condition, results of operations, cash flows and reputation.

Outlook

Bonfiglioli Transmissions is one of India’s leading technology-driven companies providing mechanical and electro-mechanical power transmission and industrial drive solutions. The company designs and manufactures high-precision, mission-critical gearboxes and drive systems that are used across a wide range of industries. The company has end-to-end technology-led power transmissions and industrial drive solutions provider across business verticals. It has highly diversified offerings across business verticals and customer industries. On the concern side, the company is dependent on BSPA, one of its Corporate Promoters, for licensing the “Bonfiglioli” trade name and trademark, for which it pays a royalty of 6% on sales of specified products. Any adverse change in its relationship with BSPA or termination of the licensing arrangement could adversely affect its business, financial performance and operations.

The issue has been offering 4,32,39,042 shares in a price band of Rs 558-586 per equity share. The aggregate size of the offer is around Rs 2412.74 crore to Rs 2533.81 crore based on lower and upper price band respectively. Minimum application is to be made for 25 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 17.86% from Rs 9,603.55 million in the six months period ended June 30, 2025 to Rs 11,318.69 million in the six months period ended June 30, 2026. Moreover, the company’s profit after tax for the period from continuing operations increased by 29.24% from Rs 1,149.69 million in the six months period ended June 30, 2025 to Rs 1,485.81 million in the six months period ended June 30, 2026.

Meanwhile, the company intends to strengthen its Industry & Automation vertical by deepening its presence across end-user industries where capacity expansion and modernisation are expected to remain robust between Fiscal 2025 and Fiscal 2030, including cement, metals and steel, plastics and polymers, rubber and tyres, ports and shipbuilding, defence and heavy engineering, sugar and power generation. India’s industrial and automation solutions market is expected to grow on the back of a manufacturing upcycle, localisation and energy efficiency mandates, with users shifting towards more efficient, digitally enabled gearboxes and gear motors. Further the company plans to address this opportunity by expanding its portfolio of application-engineered and integrated electro-mechanical drive solutions to increase its share of new projects, upgrades and maintenance cycles.

Sahajanand Medical Technologies

• Sahajanand Medical Technologies is coming out with a 100% book building; initial public offering (IPO) of 1,38,22,116 shares of face value Rs 1 each in a price band Rs 327-344 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 15, 2026 and will close on October 19, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 327 times of its face value on the lower side and 344 on the higher side.
• Book running lead managers to the issue are Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India) and Nuvama Wealth Management.
• Compliance officer for the issue is Deepshikha Singhal. 

Profile of the company

Sahajanand Medical Technologies is a Class III and Class C/D medical devices company with a portfolio of technologically advanced medical devices across vascular and structural heart intervention. The company was founded by Dhirajlal Kotadia in 2001. The company was the first company in the world to receive a CE certification for a DES with a biodegradable polymer-based paclitaxel-eluting stent (Infinnium). Over the years, the company has introduced several innovative products, driven by its focus on research and development and precision manufacturing capabilities enabling it to deliver quality products backed by clinical data, with a presence across 65 countries (including India) in the three months ended June 30, 2026 and 77 countries (including India) in Fiscal 2026.

The company is a R&D-driven company engaged in the development of Class III and Class C/D medical devices, with an emphasis on Vascular Intervention (VI) and Structural Heart (SH). The company’s portfolio of (i) VI products includes coronary intervention products such as coronary stents and coronary balloons, (ii) SH products include TAVI and Occluders, and (iii) Others including its own brand of renal stents, peripheral DCBs and other trading products.

The company marketed its products in 77 countries (including India) in Fiscal 2026, through a mix of direct, hybrid, and distributor-led models, adapting to local regulatory and market conditions. In India, through its hybrid model, it caters to large hospitals, including Narayana Hrudayalaya Limited. In Europe, it has direct operations in major markets such as Germany, Spain, France and UK, successfully navigating complex regulatory and procurement environments. In certain other regions, such as Italy, it uses distributor-led models for efficient market entry and scaling. Its international revenue share has grown steadily over the past three years, reflecting increasing global acceptance and diversification of its business. 

Proceed is being used for: 

• Carrying out the Offer for Sale of Equity Shares of face value of Rs 1 each by the Promoter Selling Shareholder
• Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Industry overview

The medical device industry is poised for sustained growth of 6.2%, underpinned by continuous innovation, regulatory evolution, and shifting demographic trends. The global medical device industry has undergone significant transformation over the past decade, driven by rapid advancements in technology, rampant deal-making, and value chain compression. In 2025, the industry was valued at approximately $540.3 billion, having grown at a CAGR of 3.2% from 2019 to 2025. With continued innovation, increased adoption of digital health solutions and artificial intelligence-driven diagnostics, increasing healthcare expenditures, improving infrastructure, and rising demand for early disease detection and personalized treatment, the market is forecasted to reach $729.8 billion by 2030, reflecting a projected CAGR of 6.2% during the 2025-2030 period.

The Indian Medical Device market is the fastest growing segment in the Indian healthcare market, and it is estimated to reach $50.1 billion by 2030 at a growth rate of 26.9% from its estimated value of $15.2 billion in 2025. The Indian Medical device market was estimated to contribute 1.65% of the global medical device market as of 2023, and India aims to reach 10-12% in global market share within 25 years. Export of medical devices from India increased from $2.3 billion in 2020 to $4.01 billion in 2025 at a CAGR of 11.8%, and it is projected to reach $20.0 billion in 2030 at a CAGR of 37.9% between 2025 and 2030.

Vascular intervention (VI) refers to minimally invasive procedures used to diagnose or treat diseases of the blood vessels. Vascular interventional devices, constituting 54.0% of the vascular devices market in 2025, encompass devices such as stents, catheters, angioplasty devices, atherectomy devices and renal denervation devices balloons used in minimally invasive procedures to treat coronary and peripheral artery disease. This segment, valued at $14.2 billion in 2025, is projected to reach $20.8 billion by 2030, growing at a CAGR of 7.9%, driven by the rising prevalence of cardiovascular diseases (CVDs), increasing adoption of PCI, and technological advancements in drug-eluting stents. Meanwhile, the global structural heart devices market is expected to reach $17.1 billion in 2030 from $12.1 billion in 2025 at a CAGR of 7.1%. The growth in the market is driven by both an increasing demand for minimally invasive cardiovascular procedures and improved adoption of TAVI and other products due to accessibility, affordability and quality outcomes. 

Pros and strengths 

Strong product portfolio and regulatory compliance: The company is among a select few Class III (and Class C/D) players in India and globally to have a comprehensive portfolio of advanced cardiovascular implants, with a product portfolio including DES, Drug-coated balloons, PTCA balloons, TAVI systems, and Occluders. Additionally, its product portfolio is supported by strong clinical evidence and complies with stringent regulatory standards in both domestic and international markets.

Strong research and development capabilities: The company operates two research and development (R&D) facilities located in India and Thailand. In India, its primary R&D center is situated in Surat, Gujarat and is recognized by the Department of Scientific and Industrial Research (DSIR), Government of India. The Surat R&D facility is ISO 13485:2016 certified and in Thailand, it operates a facility in Nonthaburi, which is certified under Thai GMP and holds CE certifications. It has demonstrated its commitment to research and development, with its R&D expenses.

Strong market position in DES and structural heart devices: The company is a key player in the DES market in India, with a market share of nearly 25.00% in FY2026 of the total DES volume sales in India. In addition to its leadership position in India, the company is among the top five companies in terms of market share by sales volume of DES in Germany, Spain, Poland and Brazil, as of March 31, 2026, demonstrating its global presence. Furthermore, it has effectively leveraged its leadership and experience in the DES market to successfully launch and scale its SH products, particularly focusing on TAVI and Occluder devices. The company is among the top five companies in terms of market share by sales volume of Occluders in Thailand, South Korea and India as of March 31, 2026.

Geographically diversified presence and global market reach: The company has established a geographically diversified presence, marketing its products in 65 countries (including India) in the three months ended June 30, 2026 and 77 countries (including India) in Fiscal 2026, with its top 10 countries contributing 79.82% and 78.76% of total revenue from operation in the three months ended June 30, 2026 and Fiscal 2026, respectively. To optimize its global sales, the company has adopted a tailored approach to market entry and expansion, utilizing a mix of direct, hybrid, and distributor-led models across different geographies. As of June 30, 2026, the company has a presence in six direct markets, 20 hybrid markets, and 39 distributor-led markets, each supported by region-specific strategies designed to maximize market penetration and operational efficiency.

Risks and concerns

Supplier concentration and raw material procurement risks: The company is dependent on the continued supply of raw materials and components, the supply and cost of which can be subject to significant variation due to factors outside its control. Additionally, the company is dependent on its suppliers (its top 10 suppliers contributed to 63.61%, 59.15%, 64.37% and 58.88% of total purchases in the three months ended June 30, 2026 and in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively) for certain raw materials and components and a single supplier for certain components and an inability to procure the required quality and quantity, at competitive prices, its business, financial condition, cash flows and results of operations may be adversely affected.

High revenue dependency on key products: A majority of the company’s revenues are from the sale of Vascular Intervention devices (contributed to 60.40%, 61.14%, 65.86% and 68.57% of its revenue from operations in the three months ended June 30, 2026 and in Fiscals 2026, 2025 and 2024, respectively). Additionally, the sale of the Supraflex Cruz, which forms part of its VI devices portfolio contributed to 39.00%, 37.17%, 42.06% and 47.84% of its revenue from operations in the three months ended June 30, 2026, and in Fiscals 2026, 2025 and 2024, respectively. Any adverse impact on sales of products within this vertical, or of the Supraflex Cruz would adversely affect its business, results of operations and profitability.

Risk of losing market share due to intense competition: The medical device market is intensely competitive and is characterized by extensive R&D and rapid technological change. The company’s competitors include multinational companies as well as domestic companies. Customers consider various factors such as product quality, technology, breadth of product portfolio, cost, delivery and service, as well as quality and depth of relationships before choosing a medical device brand. As a result, to remain competitive in its markets, it must continuously strive to reduce its costs of production, transportation and distribution and improve its operating efficiencies, while developing advanced innovative products. Any quality problems with its processes, goods and services may harm its reputation for producing quality products and erode its competitive advantage, sales and market share.

Dependence on R&D capabilities and product innovation: The company’s future growth is dependent upon its R&D capabilities and development of new products and enhancement of existing products, and a failure to effectively develop and commercialize new products would materially and adversely affect its business, financial condition, results of operations and prospects. Further, its operating margins are subject to fluctuation on account of high allocation to R&D (which constituted 9.88%, 8.61%, 9.07% and 9.04% of its total revenue from operations in the three months ended June 30, 2026 and in Fiscals 2026, 2025 and 2024).

Outlook

Sahajanand Medical Technologies is a medical technology company engaged in the development, manufacturing and marketing of technologically advanced medical devices, primarily focused on vascular intervention and structural heart intervention. The company has strong research and development capabilities. It also has diversified and integrated manufacturing facilities. On the concern side, the company faces risks from intense competition, rapid technological changes, dependence on R&D capabilities and high expenditure on product development. Any failure to innovate, commercialize new products, maintain product quality or improve operational efficiency could adversely affect its market share, operating margins and financial performance.

The issue has been offering 1,38,22,116 shares in a price band of Rs 327-344 per equity share. The aggregate size of the offer is around Rs 451.98 crore to Rs 475.48 crore based on lower and upper price band respectively. Minimum application is to be made for 43 shares and in multiples thereof thereafter. On performance front, the company’s total revenue from operations increased by 18.11% to Rs 12,105.04 million in Fiscal 2026 from Rs 10,248.79 million in Fiscal 2025 primarily due to higher sales volumes across product verticals and geographies. Moreover, the company’s restated profit after tax increased by 174.66% to Rs 690.82 million in Fiscal 2026 from Rs 251.52 million in Fiscal 2025.

Meanwhile, the Indian market for VI, SH, and other product segments presents substantial growth opportunities. The company intends to leverage its strong network of KOL connections and local teams to further expand its SH portfolio. The company aims to do so by participating in conferences and through continuous scientific engagements with KOLs and physicians which will further enhance its market presence and brand reputation leading to higher realizations. It aims to continuously collect insights and market feedback to improve its products and identify new high growth, high value opportunities.