TNA Solutions Open
What they do: The company operates in a high-growth industry, as evidenced by its substantial revenue increase over the past three years. It appears to be capitalizing on market opportunities effectively.
By IPO Milega Research · Published
The company has shown significant growth in revenue and profit over the past three years, with a strong revenue CAGR of 544.22%.
- GMP (unofficial)
- N/A
- Grey market premium
- 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
Grey market data isn't available for this issue, so the gains estimate uses fundamentals only and ignores listing-day sentiment.
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 approximate gains potential is based on the company's strong fundamentals, including a high revenue CAGR of 544.22%, solid profitability with a net profit margin of 8.67%, and strategic expansion plans. However, the lack of GMP data introduces uncertainty in estimating precise listing gains.
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
- Revenue dependency on sheeting segment (50.95% of total revenue).
- 99.60% revenue from B2B operations, high client concentration.
- Negative cash flows from operations due to increased receivables and inventories.
- Operational risks from manufacturing facility and supplier reliance.
- Potential conflicts of interest with group entity Avni Impex.
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 strategic use of funds to increase production capacity. However, the lack of external appraisal and reliance on internal estimates may pose risks.
- Time to market
- The company's decision to go public aligns with its expansion strategy, which could capitalize on market demand. However, the absence of external validation of fund utilization plans introduces uncertainty.
- 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
- 29.11
- Debt to equity
- 1.25
- Current ratio
- 1.23
- Revenue CAGR
- 544.22%
- ROCE
- 42.84%
- Return on net worth
- 32.60%
- NAV per share (₹)
- 119.80
Financial performance trend
Amount ₹ in croresThe company has shown significant growth in revenue and profit over the past three years, with a strong revenue CAGR of 544.22%. However, the high level of short-term borrowings and a moderate debt-to-equity ratio indicate potential financial risk. The company's profitability is solid, with a net profit margin of 8.67%.
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 reliance on a single segment and B2B operations increases vulnerability to market shifts and client loss.
How the company offsets these
Diversify revenue streams and strengthen compliance and operational processes.
Financial risks2
- Negative cash flows from operations due to increased receivables and inventories.
- Revenue dependency on sheeting segment (50.95% of total revenue).
Market risks2
- 99.60% revenue from B2B operations, high client concentration.
- Geographical concentration risk in Haryana, Madhya Pradesh, and Maharashtra.
Operational risks2
- Operational risks from manufacturing facility and supplier reliance.
- Delays in statutory filings due to lack of compliance officer.
Regulatory risks1
- Potential conflicts of interest with group entity Avni Impex.
Performance
7.0/10TNA Solutions Limited, a manufacturer of home textile products, has shown promising growth since its establishment in 2021. The company has expanded its manufacturing capacity and increased its authorized share capital significantly. It has achieved a PAT margin of 9.16% in Fiscal 2026, with over half of its revenue coming from exports. The company is well-certified with GOTS and OEKO-TEX® STANDARD 100, indicating a commitment to quality and sustainability. However, it faces risks due to its heavy reliance on B2B operations and potential raw material cost fluctuations.
- Historical growth
- The company has shown rapid growth since its inception, with significant revenue and profit increases., High
- Market comparison
- TNA Solutions operates in a competitive global textile market, which is projected to grow steadily. The company's focus on exports and certifications positions it well against peers, but its reliance on B2B operations is a risk factor.
- Future potential
- The company is expected to continue growing, driven by its export focus and expansion plans.
- Operational consistency
- The company has shown strong initial growth, but its short operational history and reliance on specific markets introduce potential volatility.
- Experience
- The management team has demonstrated capability in expanding operations and securing certifications.
- Track record
- Limited due to the company's recent establishment.
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 a strong market adaptability, evidenced by its diversified geographic revenue base and significant export operations, accounting for over 52% of revenue in Fiscal 2026. The company's ability to cater to both domestic and international markets, along with its B2B and emerging B2C channels, showcases its adaptability to market demands and trends.
The company exhibits solid financial stability with consistent revenue growth, a healthy EBITDA margin, and a manageable debt-to-equity ratio. However, the high concentration of revenue from top customers and suppliers poses a potential risk to financial stability.
TNA Solutions Limited demonstrates high operational agility through its efficient manufacturing processes, quality control systems, and use of technology such as ERP systems for integrated operations. The planned expansion of production capacity further indicates its agility in scaling operations.
TNA Solutions Limited demonstrates a strong degree of flexibility and adaptability, driven by its diversified product portfolio, strategic market presence, and robust financial performance. The company has shown significant growth in revenue and profitability, indicating effective operational management and market adaptability. Its expansion plans and investment in a new manufacturing unit further highlight its commitment to scaling operations and enhancing market reach.
- 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, supported by its strategic expansion plans, investment in new manufacturing facilities, and focus on enhancing its B2C presence. Its commitment to quality control and compliance systems positions it well to meet evolving market and regulatory 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.