TNA Solutions (O) SME
What they do: The business model is not explicitly detailed in the provided data, but the rapid revenue growth suggests a scalable and expanding operation.
By IPO Milega Research · Published
The company has shown a strong revenue growth with a 3-year CAGR of 545.8%, indicating rapid expansion.
- 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 Grey Market Premium (GMP) indicates an expected gain of 8.57% on listing, suggesting positive market sentiment. This is supported by the company's strong revenue growth, expansion plans, and strategic market positioning, despite some financial leverage concerns.
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 significantly.
- Obtained GOTS and OEKO-TEX® STANDARD 100 certifications.
Concerns5
- High dependency on sheeting segment for revenue.
- Centralized manufacturing operations in Indore.
- Concentrated customer base with top 10 customers.
- Negative cash flows from operating activities.
- 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 IPO is strategically timed to capitalize on the company's expansion plans and the growing demand for its products. The focus on increasing production capacity and improving operational efficiency aligns with market trends favoring manufacturing growth. However, the reliance on internal estimates and the lack of external appraisal introduce some risk factors.
- Time to market
- The timing is favorable due to the company's expansion plans and the potential benefits of listing on the SME platform, which could enhance its market presence and brand image.
- 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
- 1.25
- Revenue CAGR
- 545.8%
- 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 545.8%, indicating rapid expansion. However, the profit margin is moderate at 8.7%, and the company has a high debt-to-equity ratio of 1.25, which could pose financial risks. The current and quick ratios are not provided, limiting the assessment of liquidity. Overall, the fundamentals are solid but with some financial leverage concerns.
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 risks2
- Operational risks2
- Regulatory risks1
High dependency on sheeting segment and concentrated customer base pose significant financial and operational risks.
How the company offsets these
Diversifying revenue streams and customer base can mitigate financial and operational risks.
Financial risks3
- High dependency on sheeting segment for revenue.
- Negative cash flows from operating activities.
- Risks from related party transactions and conflicts of interest.
Market risks2
- High dependency on sheeting segment for revenue.
- Concentrated customer base with top 10 customers.
Operational risks2
- Centralized manufacturing operations in Indore.
- Reliance on leased properties for operations.
Regulatory risks1
- Delays in statutory filings due to lack of compliance officer.
Performance
7.0/10TNA Solutions Limited, established in 2021 and converted to a public limited company in 2024, focuses on manufacturing home textile products. The company reported revenues of ₹10,458.72 lakhs in FY26, with a significant portion from exports and B2B operations. The company has expanded its manufacturing capacity and holds certifications like GOTS and OEKO-TEX® STANDARD 100, indicating a commitment to quality and sustainability.
- Historical growth
- The company has shown rapid growth since its inception in 2021, with significant revenue generation by FY26., High
- Market comparison
- TNA Solutions operates in a competitive global textile market, with a focus on quality and sustainability, which aligns with current industry trends.
- Future potential
- Positive, with potential for expansion in both domestic and international markets.
- Operational consistency
- The company has shown rapid growth and expansion in a short period, but its long-term stability is yet to be tested.
- Experience
- The management team includes experienced professionals with a focus on quality and expansion.
- 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 significantly.
- 04Obtained GOTS and OEKO-TEX® STANDARD 100 certifications.
Flexibility
8.0/10TNA Solutions Limited has a diversified geographic footprint, with exports accounting for over 52% of its revenue in Fiscal 2026. The company serves a wide range of international markets, including the USA, UAE, and South Africa, which reduces dependence on any single market and enhances its adaptability to changing market conditions.
The company shows strong financial stability with increasing revenue and profit margins over the years. It has a healthy EBITDA margin and PAT margin, although there is a slight decline in EBITDA margin over the years. The debt-to-equity ratio is manageable, and the company has a good current ratio, indicating liquidity.
TNA Solutions Limited has demonstrated operational agility by expanding its production capacity and implementing an ERP system to streamline operations. The company is also investing in a new manufacturing unit to further increase capacity by 67.77%, which will enhance its ability to meet growing demand.
TNA Solutions Limited demonstrates significant flexibility and adaptability, with a strong focus on expanding its production capacity and diversifying its product offerings. The company has a robust export-oriented revenue base and is actively developing its own brand, "Ambra Linens," to enhance its market presence. Its financial metrics indicate a stable and growing business, supported by experienced management and a comprehensive quality control system.
- Product diversification
- The company offers a wide range of home textile products, including sheet sets, pillow shells, towels, and top-of-bed products. This diversification allows it to cater to varied customer requirements and reduces reliance on any single product category.
- Future adaptability
- The company is well-positioned for future adaptability with plans to expand its production capacity and enhance its direct-to-consumer presence through the 'Ambra Linens' brand. Its focus on quality control and compliance with international standards further supports its adaptability to evolving market demands.
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.