The Indian defence industry is really taking off.

In 10 years to FY26, the country’s military spending has nearly tripled to nearly Rs 7 lakh crore. In December, the government also approved fresh procurement worth Rs 79,000 crore for rockets, missiles, and radar systems, among others.

So when Tonbo Imaging filed its draft papers for an initial public offering (IPO) last month, it seemed like the perfect time to cash in and expand. Except, it’s not.

The Bengaluru-based surveillance and imaging systems maker’s Rs 1,000 crore........

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