TNA Solutions
What they do: Not clearly described in the provided excerpt.
By IPO Milega Research · Published · Updated
Analysis score 4.8 +1 for 35.64x QIB subscription
No usable financial numbers are provided in the extracted JSON, so core metrics such as revenue, profit, assets and leverage cannot be assessed from the given data.
- Listing gain
- -20%
- Listed at ₹56
- Subscribed
- 55.2x
- Total
- Retail odds
- 2.2%
- 1 in 46
GMP is an unofficial grey market indication. GMP updated 11 Oct, 21:53 IST.
- Price band
- ₹66-70
- Lot size
- 4000 shares
- Min. investment
- ₹2,80,000
- Issue size
- 37.86 Cr.
- Open30 Sept 2026
- Close6 Oct 2026
- Allotment7 Oct 2026
- Listing9 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 35.64x
- NII
- 102.14x
- Retail
- 46.17x
₹70 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹36 Cr
- Fresh issue
- To selling shareholders
- ₹0 Cr
- No offer for sale
- Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery₹6.76 Cr18%
- Funding of Working Capital Requirements₹20 Cr53%
- General Corporate Purposes₹5.63 Cr15%
- Issue Expense₹5.47 Cr14%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials3.0
- Performance7.0
- Flexibility6.0
- Timing4.0
- Risk4.0
GMP indicates about 10% expected listing upside. Cross-module signals are mixed: strong revenue/PAT growth, improving capacity and export traction support demand, but moderate-high concentration risk, small scale, single-facility exposure, and only fair timing/financial comfort cap further re-rating. Overall, listing gains look aligned with GMP rather than materially above it.
Strengths5
- Expanded installed capacity from 13,10,506 metres in FY24 to 52,23,386 metres in FY26
- Improved capacity utilisation from 70.00% to 75.00%
- Built an export business across multiple geographies, with the USA, UAE and Israel as key markets in FY26
- Secured quality/compliance credentials including OEKO-Tex Standard 100, GOTS-Scope, SCAN compliance and Walmart approval
- Implemented ERP-led order-to-dispatch and multi-stage quality control systems
Concerns5
- Sheeting segment contributes a large share of revenue, so any decline in demand or consumer preference could materially reduce sales and margins.
- Business is highly dependent on B2B customers, with negligible B2C revenue and no long-term agreements, increasing cancellation and customer-loss risk.
- Operations rely on the Indore manufacturing facility, creating concentration risk from breakdowns, shutdowns, or production interruptions.
- Labour disputes, strikes, or work stoppages could disrupt manufacturing and affect revenue continuity.
- Inventory obsolescence and discounting risk may rise if sheeting demand softens, increasing holding costs and pressure on profitability.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,80,0002 lots, 4000 shares
- Retail Maximum2,80,0002 lots, 4000 shares
- S-HNI Minimum4,20,0003 lots, 6000 shares
- S-HNI Maximum9,80,0007 lots, 14,000 shares
- B-HNI Minimum11,20,0008 lots, 16,000 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4000 | 2,80,000 |
| Retail Maximum | 2 | 4000 | 2,80,000 |
| S-HNI Minimum | 3 | 6000 | 4,20,000 |
| S-HNI Maximum | 7 | 14,000 | 9,80,000 |
| B-HNI Minimum | 8 | 16,000 | 11,20,000 |
Timing
4.0/10Overall market timing looks modestly unfavorable. The offering is being brought in an environment where the company itself highlights market volatility, potential surveillance actions, foreign investor constraints, and broader macro uncertainty. For a small SME issue, these factors can materially affect subscription quality and post-listing performance, suggesting a cautious rather than opportunistic market entry.
- Time to market
- The company does not present strong evidence of cyclical tailwinds or a compelling strategic urgency that would make this an especially well-timed issue. The combination of small scale, concentrated related-party exposures, and likely thin secondary-market liquidity points to only average-to-weak timing quality.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 4.0
- Listing on
- BSE SME
Key milestones
- 30 Sept 2026IPO Opens
- 6 Oct 2026IPO Closes
- 7 Oct 2026Basis of Allotment
- 8 Oct 2026Refunds Initiated
- 8 Oct 2026Credit to Demat Account
- 9 Oct 2026Listing Date
Financials
3.0/10- Revenue
- ₹110 Cr
- +31.3%
- Profit after tax
- ₹9.58 Cr
- +43.8%
- Net margin
- 8.7%
- +0.8 pts
- Assets
- ₹94.21 Cr
- +63.9%
- Return on equity
- 32.60%
- Debt to equity
- 1.29
- ROCE
- 42.84%
- Return on net worth
- 32.60%
- NAV per share (₹)
- 119.80
- Price to book
- 0.58
Financial performance trend
Amount ₹ in croresNo usable financial numbers are provided in the extracted JSON, so core metrics such as revenue, profit, assets and leverage cannot be assessed from the given data. The text indicates the issue is a fresh capital raise and that promoters/promoter group are not selling.
Total borrowings are not disclosed in the provided excerpt, and no IPO proceeds are indicated for debt repayment. Debt burden cannot be assessed from the given text.
Fresh issue goes to the company. OFS goes to the selling shareholders.
None. The text states that the Promoter and Promoter Group will not participate in the Issue.
The excerpt indicates a capital-raising issue for the company, not an exit by existing holders. No OFS is disclosed.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks3
- Operational risks3
- Regulatory risks3
Moderately high risk due to concentration in sheeting, heavy B2B dependence, single-facility manufacturing exposure, and potential inventory, demand, and compliance disruptions.
How the company offsets these
Diversify products and customers, strengthen preventive maintenance and compliance systems, build inventory controls, and expand B2C gradually.
Financial risks2
- Inventory obsolescence and discounting may increase costs and reduce margins if demand weakens.
- Revenue concentration in sheeting can materially affect cash flows and results if segment sales decline.
Market risks3
- Sheeting demand may fall due to consumer preference shifts, slowing sales growth.
- Heavy B2B dependence with no long-term contracts increases customer-loss and order-cancellation risk.
- Inability to scale B2C may limit diversification and growth.
Operational risks3
- Single-facility dependence on the Indore plant increases disruption risk.
- Equipment, machinery, or automation failures may interrupt production.
- Labour disputes, strikes, or shutdowns could halt operations and delay deliveries.
Regulatory risks3
- Contravention of regulatory approvals at the manufacturing facility could trigger delays or restrictions.
- Disclosure notes emphasize accounting and industry-data limitations, creating assessment uncertainty.
- Outstanding litigation details were not provided in the input, so no specific litigation risk is assessed.
Performance
7.0/10TNA Solutions has delivered strong top-line and profit growth over FY24-FY26, with rising capacity utilisation and a higher export mix. Performance is supported by a focused B2B manufacturing model, multi-stage quality controls, and improving margins, but the business remains small, customer-concentrated, and moderately leveraged.
- Historical growth
- Revenue from operations grew from ₹3,585.08 lakh in FY24 to ₹8,148.60 lakh in FY25 and ₹10,458.72 lakh in FY26; EBITDA rose from ₹513.05 lakh to ₹1,267.96 lakh; PAT rose from ₹268.74 lakh to ₹958.35 lakh. B2C remained immaterial, while exports increased to 52.03% of FY26 revenue., Revenue CAGR of about 73% from FY24 to FY26; PAT CAGR of about 89% over the same period.
- Market comparison
- Compared with larger peers such as Welspun, Trident, Indo Count and GHCL, TNA is much smaller and more concentrated, but its model is more focused on value-added B2B manufacturing with exports and owned-brand optionality. It lacks the scale, vertical integration and customer diversification of leading peers, but shows faster recent growth from a low base.
- Future potential
- Positive, driven by the proposed manufacturing unit, higher capacity by 67.77%, export opportunities, and early D2C/own-brand development. Growth potential is meaningful, but execution and customer concentration remain key constraints.
- Operational consistency
- The company has operated for a short track record, yet showed sequential revenue and profit growth, improving capacity utilisation, and disciplined quality execution. However, top 10 customers contributed 83.82% of FY26 revenue, indicating meaningful concentration risk.
- Experience
- Promoter group has over three decades of combined experience; Ambuj Jain has 19 years in textiles, Ayush Jain 8 years in finance/accounting, Tanu Jain 5 years in design, Gaurav Jain over 7 years in marketing, and Anuj Jain 14 years in operations.
- Track record
- The management has overseen rapid scaling of revenue, exports, and manufacturing capacity, with execution supported by quality systems and ERP-based planning.
Key achievements
- 01Expanded installed capacity from 13,10,506 metres in FY24 to 52,23,386 metres in FY26
- 02Improved capacity utilisation from 70.00% to 75.00%
- 03Built an export business across multiple geographies, with the USA, UAE and Israel as key markets in FY26
- 04Secured quality/compliance credentials including OEKO-Tex Standard 100, GOTS-Scope, SCAN compliance and Walmart approval
- 05Implemented ERP-led order-to-dispatch and multi-stage quality control systems
Flexibility
6.0/10Market adaptability is reasonably strong due to presence across India and multiple export markets, export contribution of 52.03% in FY26, and a move into owned-brand D2C through Ambra Linens. The business also benefits from demand across sheeting, pillow covers, towels and top-of-bed products.
The company is profitable and growing, with revenue from operations rising to ₹10,458.72 lakhs in FY26 and PAT to ₹958.35 lakhs. Liquidity is acceptable with a current ratio of 1.63, but leverage remains moderate at 1.29x debt-to-equity and the business is still relatively small, with working-capital dependence and a planned expansion funded by IPO proceeds.
Operational agility is supported by ERP integration, multi-stage quality control, in-house stitching/value addition, and the ability to procure from multiple suppliers and process through job-work houses. Capacity utilization improved to 75% in FY26, and the proposed new unit is intended to increase installed capacity by 67.77%.
The company shows moderate flexibility: it serves both domestic and export markets, has a diversified home textile product mix, uses ERP-led operations, and is expanding capacity and B2C presence. However, adaptability is limited by high customer concentration, reliance on third-party fabric processing and suppliers, and a still-small B2C business.
- Product diversification
- The company has a diversified home textile portfolio across sheeting, pillow shells/covers, towels and top-of-bed products. Revenue mix has broadened materially from heavy dependence on sheeting in FY24 to a more balanced mix in FY26, with pillow pairs and towels contributing meaningfully.
- Future adaptability
- Good, driven by planned capacity expansion, export market opportunities, D2C brand development, and alignment with quality/compliance requirements of global buyers. Potential is tempered by high dependence on top customers and the continued dominance of the B2B model, but the current operating model appears capable of adapting across markets and product categories.
Latest on TNA Solutions IPO
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