TNA Solutions
What they do: The company appears to be in a high-growth phase, focusing on scaling operations rapidly, as indicated by its significant revenue growth and increased borrowings.
By IPO Milega Research · Published · Updated
The company has shown significant revenue growth with a 3-year CAGR of 544.1%.
- GMP (unofficial)
- +8.57%
- ₹6 a share
- Opens
- 30 Sept
- Closes 6 Oct
- Min. investment
- ₹2,80,000
- 4000 shares
GMP is an unofficial grey market indication.
- 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
₹76 (+8.57%)
GMP trend
Unofficial grey market quotes, times in IST
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.
- Financials7.0
- Performance7.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The expected gains are based on the Grey Market Premium (GMP) of 77, indicating a 10% potential increase on listing. This is supported by the company's strong growth trajectory, export orientation, and strategic expansion plans, despite the risks associated with high customer concentration and operational challenges.
Strengths4
- Transitioned from LLP to Public Limited Company in 2024.
- Expanded manufacturing facility from 26,000 sq ft to 56,000 sq ft.
- Increased authorized share capital from ₹1.91 Crores to ₹22 Crores.
- Achieved certifications like GOTS and OEKO-TEX.
Concerns5
- Revenue dependency on sheeting segment (50.95% of total revenue)
- High concentration of revenue from top 10 customers (83.82%)
- Negative cash flows from operations (₹1,847.27 lakhs)
- Delays in statutory filings due to lack of compliance officer
- Potential disruptions in manufacturing operations
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
7.0/10The IPO is well-timed given the company's expansion plans and the growing demand in the home textile sector. The strategic use of funds for capacity expansion and working capital suggests a favorable market environment for growth. However, the lack of external appraisal and reliance on internal estimates may pose risks.
- Time to market
- The timing aligns with the company's growth strategy and market demand, but uncertainties in fund utilization and market conditions could impact execution.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 7.0
- 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
7.0/10- 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
- 1.27
- Revenue CAGR
- 544.1%
- ROCE
- 42.84%
- Return on net worth
- 32.60%
- NAV per share (₹)
- 119.80
Financial performance trend
Amount ₹ in croresThe company has shown significant revenue growth with a 3-year CAGR of 544.1%. Profitability is improving, with a net profit margin of 8.7% in FY2026. The balance sheet shows a healthy equity base, but the debt-to-equity ratio is relatively high at 1.27, indicating reliance on debt financing. Liquidity ratios are not provided, which limits the assessment of short-term financial health.
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 risks3
- Market risks1
- Operational risks2
- Regulatory risks1
High dependency on specific segments and clients, coupled with operational and financial challenges, pose significant risks.
How the company offsets these
Diversifying revenue streams and enhancing compliance measures could mitigate risks.
Financial risks3
- Negative cash flows from operations (₹1,847.27 lakhs)
- High concentration of revenue from top 10 customers (83.82%)
- Risks from related party transactions
Market risks1
- Revenue dependency on sheeting segment (50.95% of total revenue)
Operational risks2
- Potential disruptions in manufacturing operations
- Reliance on third-party suppliers
Regulatory risks1
- Delays in statutory filings due to lack of compliance officer
Performance
7.0/10TNA Solutions Limited, a relatively new player in the home textile industry, has shown promising growth since its inception in 2021. The company has expanded its manufacturing capacity and increased its authorized share capital significantly. It has also achieved a healthy profit margin and a substantial portion of its revenue from exports, indicating strong international demand. However, the company faces risks related to investment volatility and operational uncertainties.
- Historical growth
- The company has shown rapid growth since its establishment, with significant increases in revenue and manufacturing capacity., High
- Market comparison
- TNA Solutions operates in a competitive global textile market, which is projected to grow steadily. The company benefits from the growing demand for home textiles, but faces competition from established players.
- Future potential
- The company has potential for growth, especially in international markets, given its export focus and industry growth trends.
- Operational consistency
- The company has shown growth in revenue and capacity, but its short operational history and reliance on exports present potential risks.
- Experience
- The management team includes experienced professionals, but specific details on individual experience levels are not provided.
- Track record
- Limited track record due to the company's recent establishment.
Key achievements
- 01Transitioned from LLP to Public Limited Company in 2024.
- 02Expanded manufacturing facility from 26,000 sq ft to 56,000 sq ft.
- 03Increased authorized share capital from ₹1.91 Crores to ₹22 Crores.
- 04Achieved certifications like GOTS and OEKO-TEX.
Flexibility
8.0/10TNA Solutions has a strong export orientation, with 52.03% of its revenue derived from international markets in Fiscal 2026. This geographic diversification reduces dependency on any single market and enhances its adaptability to global market trends.
The company exhibits strong financial stability with consistent revenue growth, a healthy EBITDA margin, and a manageable debt-to-equity ratio. Its return on equity and capital employed are high, indicating efficient use of capital.
TNA Solutions has an efficient manufacturing process supported by an ERP system, enabling effective order management and quality control. The planned expansion of production capacity further indicates operational agility.
TNA Solutions Limited demonstrates a high degree of flexibility and adaptability, driven by its diversified product portfolio, strong export orientation, and strategic expansion plans. The company has shown consistent revenue growth and maintains a robust financial position, enabling it to invest in capacity expansion and brand development.
- Product diversification
- The company offers a wide range of home textile products, including sheet sets, pillow shells, towels, and top-of-bed products, catering to diverse customer needs and reducing reliance on a single product category.
- Future adaptability
- The company's strategic focus on expanding production capacity and enhancing its direct-to-consumer presence through 'Ambra Linens' positions it well for future adaptability and growth in both domestic and international markets.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.