Bonfiglioli Transmissions Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering comprising an offer for sale of up to 46,998,958 equity shares of face value INR 10 each by its promoter, Bonfiglioli S.p.A. The company did not disclose the price band or total issue size, and will not receive any proceeds from the offer.
Bonfiglioli Transmissions is part of Italy-headquartered Bonfiglioli S.p.A., which reported revenue of EUR 1,190.9 million (INR 105.91 billion) for the year ended 31 December 2024. The Indian subsidiary manufactures precision-engineered gearboxes and drive systems across three verticals: Industry and Automation Solutions, Off-Highway Mobility, and Wind Industries.
According to the F&S Report, the company was the largest manufacturer of gearboxes and drives for original equipment manufacturers (OEMs) and end-users in its segments in India as of 30 September 2025, measured by revenue from operations. It is also among the largest manufacturers of planetary gearboxes in India in Fiscal 2024 by revenue.
Revenue from operations stood at INR 14,601.74 million for the nine months ended 30 September 2025 and INR 18,640.79 million for the year ended 31 December 2024. Profit after tax was INR 1,651.89 million and INR 1,946.89 million for the respective periods.
As of 30 September 2025, the company operated three manufacturing facilities in Thirumudivakkam and Mannur in Tamil Nadu and in Talegaon, Maharashtra. These facilities had a combined available annual manufacturing capacity of 1,119,652 hours in Fiscal 2024 and produced 330,057 units of gear motors and gearboxes during the year. The company has 186 suppliers in India and 69 suppliers outside India, and has localized electric motor production at its Mannur facility as part of its domestic sourcing strategy.
For the nine months ended 30 September 2025, capacity utilisation stood at 83.83 percent at the Thirumudivakkam facility, 75.87 percent at the Talegaon facility and 73.58 percent at the Mannur facility. The Thirumudivakkam, Tamil Nadu facility undertakes machining operations as part of the company’s gearbox and gear motor manufacturing process.
The company has proposed to set up a dedicated manufacturing facility in Talegaon focused on heavy-duty gearboxes to address demand from sectors such as steel, cement, sugar, rubber, plastics and power generation. The estimated market size for heavy-duty gearboxes in India is projected to reach INR 55,200 million by Fiscal 2030, according to the F&S Report.
The land on which the proposed Talegaon facility is to be developed is currently held under a lease agreement by Bonfiglioli Drive Solutions Private Limited (BDSPL), a group company, pursuant to an agreement with the Maharashtra Industrial Development Corporation (MIDC). The company is in the process of acquiring the leasehold rights from BDSPL, and the transfer remains subject to approvals from MIDC. The filing notes that there can be no assurance that the leasehold will be transferred within anticipated timelines or at all.
Alongside the proposed facility, the company has indicated plans to further digitalise manufacturing processes through initiatives such as IoT-enabled production management systems, machine-to-machine communication, digitalised check sheets and trials on machine learning to improve efficiency and responsiveness.
In the wind segment, Bonfiglioli commands a 68.3 percent market share in India’s wind turbine drives market and a 70 percent share among domestic manufacturers of yaw and pitch drives by sales value for the nine months ended 30 September 2025, according to the F&S Report. India’s wind capacity target of over 100 GW by 2030 and repowering potential of 12–14 GW of early-generation turbines underpin demand for such components.
Revenue from products introduced in the last three years accounted for 29.95 percent of revenue in the nine months ended 30 September 2025, compared with 15.98 percent in Fiscal 2024, indicating an acceleration in product launches across its portfolio.
The company benefits from access to the Bonfiglioli Group’s seven global research and development centres, employing 377 personnel as of 30 September 2025. Its India R&D Centre is the only laboratory in India capable of testing yaw and pitch drives for wind turbines, according to the F&S Report.
Bonfiglioli Transmissions has operated in India for more than 25 years, leveraging the Bonfiglioli brand’s nearly 70-year global presence. The promoters are Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi, BON-FI S.r.l., and Bonfiglioli S.p.A. The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited, with Axis Capital Limited, BNP Paribas, ICICI Securities Limited and Jefferies India Private Limited acting as book running lead managers to the issue.