IPO Analysis
TNA Solutions IPO Analysis: GMP, Financials, Valuation & Risks
TNA Solutions IPO is an SME issue on BSE SME, open from September 30 to October 6, 2026, with unofficial GMP at 7 as of 30 Sept 2026, 2:47 am IST.
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Summary
TNA Solutions IPO is an SME issue on BSE SME. It is a fresh issue of Approx 37.86 Crores, with a price band of 66 to 70 Per Share and a face value of 10 Per Equity Share.
The issue is open from September 30, 2026 to October 6, 2026. The latest unofficial grey market premium is 7 as of 30 Sept 2026, 2:47 am IST.
For a quick overview of this page, see the TNA Solutions IPO analysis page.
IPO snapshot
| Particulars | Details |
|---|---|
| Company | TNA Solutions |
| IPO type | SME |
| Exchange | BSE SME |
| Issue type | Book build Issue |
| Price band | 66 to 70 Per Share |
| Face value | 10 Per Equity Share |
| Issue size | Approx 37.86 Crores |
| Fresh issue | Approx 37.86 Crores |
| Offer for sale | Not available |
| Registrar | Not available |
Issue dates
| Event | Date |
|---|---|
| Open | September 30, 2026 |
| Close | October 6, 2026 |
| Allotment | October 7, 2026 |
| Refunds | October 8, 2026 |
| Credit to demat | October 8, 2026 |
| Listing | October 9, 2026 |
Lot size
| 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 |
Business
The company operates as a manufacturing business. The available information highlights a focus on sheeting, exports, and B2B customers.
The promoters of the company are Ambuj Jain, Ayush Jain and Tanu Jain.
The issue is a fresh capital raise, and the promoters/promoter group are not selling in this offer.
Financials
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 36.32 | 32.18 | 2.69 | 24.33 |
| 2025 | 84.13 | 74.75 | 6.66 | 57.47 |
| 2026 | 110.45 | 97.56 | 9.58 | 94.21 |
The numbers show a rise in revenue, profit, and assets across the reported periods.
Valuation
| Metric | Value |
|---|---|
| ROE | 32.60% |
| ROCE | 42.84% |
| EBITDA margin | 12.12% |
| PAT margin | -% |
| Debt to equity ratio | Not available |
| EPS | 6.41 (Basic) |
| P/E ratio | N/A |
| Return on net worth | 32.60% |
| NAV | 119.80 |
Based on the available numbers, the issue shows reported profitability metrics and an EPS figure, but the P/E ratio is listed as N/A. That makes valuation comparison limited from the published data alone.
GMP
The latest unofficial grey market premium is 7 as of 30 Sept 2026, 2:47 am IST. The same source shows an estimated listing price of 77 and an estimated listing percent of 10.
GMP trend
| Day | GMP | Estimated listing percent |
|---|---|---|
| 2026-09-28 | 5 | 7.14 |
| 2026-09-29 | 7 | 10 |
| 2026-09-30 | 7 | 10 |
This is an unofficial grey market indication and not an exchange figure.
Strengths
- 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.
Risks
- 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.
- Regulatory or approval non-compliance at the manufacturing facility could lead to delays or operational restrictions.
- Peer-group and industry data used for valuation are not independently verified, increasing uncertainty in assessment and positioning.
Important dates
| Event | Date |
|---|---|
| Open | September 30, 2026 |
| Close | October 6, 2026 |
| Allotment | October 7, 2026 |
| Refunds | October 8, 2026 |
| Credit to demat | October 8, 2026 |
| Listing | October 9, 2026 |
Who may find this IPO relevant
This IPO may be relevant to readers tracking SME issues on BSE SME, especially those looking at fresh issues, manufacturing businesses, and companies with export exposure.
It may also interest readers who follow issues with reported profit growth, capacity expansion, and an unofficial grey market premium.
FAQs
What is the issue size of TNA Solutions IPO?
The issue size is Approx 37.86 Crores.
What is the price band?
The price band is 66 to 70 Per Share.
What is the latest unofficial GMP?
The latest unofficial grey market premium is 7 as of 30 Sept 2026, 2:47 am IST.
What are the IPO dates?
The issue opens on September 30, 2026 and closes on October 6, 2026.
What is the listing date?
The listing date is October 9, 2026.