Tonbo Imaging’s CEO, Arvind Lakshmikumar, told investors that platform systems will start generating revenue in FY28, with hyper‑microwave units expected to pay off by FY30—an upside that should lift FY29 sales beyond last year’s figures.
The company is targeting a ₹2,500‑3,500 crore order pipeline after FY30, a figure that dwarfs the current 30,000‑unit tactical‑systems market and hints at a ten‑fold expansion to 300,000 units by 2030.
Lakshmikumar noted that inventory levels have risen steeply in anticipation of delayed orders from Middle‑East conflicts, explaining the recent negative operating cash flow. This build‑up is intended to eliminate any supply‑chain constraints when defence programmes finally kick‑off.
The firm is already in the execution phase of a Moroccan programme and expects fresh orders from Armenia following successful trials of Indian‑made gun systems.
While the board has refrained from issuing hard revenue guidance, it affirmed that the current fiscal year should outperform the previous year, underscoring a long‑term growth strategy anchored in defence technology.
Investors, however, have been wary of the lack of concrete guidance and the company’s focus on multi‑year programmes, causing the stock to trade flat overnight with a modest 1.5‑point move in the broader defence electronics sector.