TNA Solutions (O)
What they do: The company operates in a high-growth industry, as evidenced by its substantial revenue increase. It appears to be capitalizing on market opportunities effectively, although it relies heavily on debt financing.
By IPO Milega Research · Published
The company has shown a strong 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
- ₹70
- Lot size
- 4000 shares
- Min. investment
- ₹2,80,000
- Issue size
- N/A
- 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 on listing are primarily informed by the Grey Market Premium (GMP) of 76, indicating an 8.57% potential increase. This is supported by the company's strong financial performance, strategic expansion plans, and favorable market conditions for home textiles.
Strengths4
- Transitioned from LLP to Public Limited Company
- Expanded manufacturing facility from 26,000 sq ft to 56,000 sq ft
- Increased authorized share capital from ₹1.91 Crores to ₹22 Crores
- Received GOTS and OEKO-TEX® STANDARD 100 certifications
Concerns5
- High revenue dependency on sheeting segment (50.95%)
- 99.60% revenue from B2B operations, limiting diversification
- Negative cash flows from operations in recent years
- Significant reliance on third-party suppliers and job workers
- Delays in statutory filings due to lack of compliance officer
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 timing of the IPO appears favorable given the company's expansion plans and the potential benefits of listing on the SME platform. The focus on increasing production capacity aligns with market demand, suggesting a strategic approach to market entry. However, the lack of external appraisal for fund deployment and reliance on internal estimates introduces some risk, which slightly tempers the overall market timing score.
- Time to market
- The company's decision to expand production capacity and list on the SME platform is well-timed to leverage current market conditions and demand for home textiles. The strategic use of IPO proceeds for capital expenditure and working capital supports growth objectives, enhancing the company's market position.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- 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
- 1.23
- 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 a strong revenue growth with a 3-year CAGR of 544.1%. The net profit margin is healthy at 8.66%, and the company has a positive profit trend. However, the debt-to-equity ratio is relatively high at 1.23, indicating a significant reliance on debt financing. The current and quick ratios are not available, which limits the analysis of liquidity.
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 risks2
- Operational risks2
- Regulatory risks1
High dependency on specific segments and negative cash flows pose significant risks, despite no outstanding litigations.
How the company offsets these
No outstanding litigations or regulatory actions provide some stability.
Financial risks2
- Negative cash flows from operations
- High working capital requirement projected by FY 2028
Market risks2
- High revenue dependency on sheeting segment (50.95%)
- 99.60% revenue from B2B operations, limiting diversification
Operational risks2
- Significant reliance on third-party suppliers and job workers
- Potential disruptions in manufacturing processes
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 manufacturing sector, has shown promising growth and strategic expansion since its inception. The company has successfully transitioned from a Limited Liability Partnership to a Public Limited Company, expanded its manufacturing capacity, and increased its authorized share capital significantly. It has also achieved notable certifications, enhancing its credibility in the market.
- Historical growth
- The company has shown rapid growth since its establishment in 2021, with significant revenue generation by FY 2026., High
- Market comparison
- TNA Solutions operates in a competitive market with established players. However, its focus on B2B operations and significant export revenue positions it well against peers.
- Future potential
- The company plans to expand production capacity by 67.77% with a new facility, indicating strong future growth potential.
- Operational consistency
- The company's strategic expansions and certifications have contributed to its consistent performance.
- Experience
- The management team includes experienced professionals with a track record in the textile industry.
- Track record
- The management has successfully led the company through significant growth and strategic expansions.
Key achievements
- 01Transitioned from LLP to Public Limited Company
- 02Expanded manufacturing facility from 26,000 sq ft to 56,000 sq ft
- 03Increased authorized share capital from ₹1.91 Crores to ₹22 Crores
- 04Received GOTS and OEKO-TEX® STANDARD 100 certifications
Flexibility
8.0/10TNA Solutions Limited has effectively adapted to market demands by expanding its product offerings and entering the B2C market with its own brand, Ambra Linens. The company's export-oriented revenue base and geographic diversification further enhance its market adaptability.
The company exhibits strong financial stability with consistent revenue growth, healthy profit margins, and a manageable debt-to-equity ratio. Its financial metrics, such as EBITDA and PAT margins, indicate efficient operations and profitability.
TNA Solutions Limited's operational agility is supported by its ERP system, which integrates various business processes for efficient management. The company's expansion plans and investment in new manufacturing facilities demonstrate its ability to scale operations effectively.
TNA Solutions Limited demonstrates significant flexibility and adaptability through its diversified product portfolio, strategic expansion plans, and robust financial performance. The company has shown a capacity to pivot and adapt to market demands, evidenced by its shift from a B2B to a B2C model with the launch of its own brand, Ambra Linens. Its financial metrics indicate strong profitability and efficient capital utilization, supporting its growth strategies.
- Product diversification
- TNA Solutions Limited offers a diversified product portfolio, including sheet sets, pillow shells, towels, and top-of-bed products, catering to a wide range of customer specifications and market demands.
- Future adaptability
- The company's future adaptability potential is strong, with plans to expand production capacity, enhance its B2C presence, and maintain high-quality standards to meet evolving customer and regulatory requirements.
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.