Until a few days ago, retail investors looking for a pure-play on India’s defence optics and optronics story had only one choice: Paras Defence and Space Technologies.
Tonbo Imaging India Ltd, which has built a global name in battlefield electro-optics, night vision, and autonomous targeting, was privately held.
Tonbo Imaging India opened its ₹852 crore initial public offering (IPO) from 15 to 19 October 2026, offering up to 121,74,046 equity shares with a face value of ₹2 each in a price band of ₹665-700 per share.
With India’s defence production reaching ₹109,556 crore and exports climbing to a record ₹38,424 crore in FY26, this is the right moment to compare how the two companies are positioned to capture the defence sector’s growth.
Several important details set these two companies apart.