TNA Solutions
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 17.19×
- Big non-institutionalbNII · above ₹10 lakh
- 95.27×
- Small non-institutionalsNII · ₹2–10 lakh
- 65.43×
- Retail individualRII · up to ₹2 lakh
- 37.24×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 09 Oct 2026 | ₹0 | — | ₹0 | ₹70 | ₹0 |
| 08 Oct 2026 | ₹0 | — | ₹0 | ₹70 | ₹0 |
| 07 Oct 2026 | ₹2 | — | ₹3,000 | ₹72 | ₹4,000 |
| 06 Oct 2026 | ₹3 | — | ₹4,600 | ₹73 | ₹6,000 |
| 05 Oct 2026 | ₹10 | — | ₹15,200 | ₹80 | ₹20,000 |
| 04 Oct 2026 | ₹10 | — | ₹15,200 | ₹80 | ₹20,000 |
| 03 Oct 2026 | ₹10 | — | ₹15,200 | ₹80 | ₹20,000 |
| 02 Oct 2026 | ₹6 | — | ₹9,100 | ₹76 | ₹12,000 |
| 01 Oct 2026 | ₹6 | — | ₹9,100 | ₹76 | ₹12,000 |
| 30 Sep 2026 | ₹7 | — | ₹10,600 | ₹77 | ₹14,000 |
| 29 Sep 2026 | ₹7 | — | ₹10,600 | ₹77 | ₹14,000 |
| 28 Sep 2026 | ₹7 | — | ₹10,600 | ₹77 | ₹14,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 10,26,000 | 3,65,66,000 | ₹256 Cr | 35.64× |
| Non-institutional | 7,74,000 | 7,90,56,000 | ₹553 Cr | 102.14× |
| Big non-institutionalwithin NII | 5,16,000 | 5,92,96,000 | ₹415 Cr | 114.91× |
| Small non-institutionalwithin NII | 2,58,000 | 1,97,60,000 | ₹138 Cr | 76.59× |
| Retail individual | 18,00,000 | 8,31,00,000 | ₹582 Cr | 46.17× |
| Total | 36,00,000 | 19,87,22,000 | ₹1,391 Cr | 55.20× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 06 Oct, 05:12 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Sep 2026 – 06 Oct 2026
- Listing date
- 09 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹66 – ₹70
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹37.86 Cr
- Fresh issue
- ₹35.95 Cr 51,36,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹143 Cr
- Promoter holding
- 68.69% → 50.48% pre-issue → post-issue
- ISIN
- INE10VL01011
- CIN
- U46410MP2024PLC071835
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Credora Partners Pvt.Ltd.
- Registered office
- Survey No. 403/5, Sonvay, Tehsil Mhow, Rao, Indore, Madhya Pradesh, India - 453331
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 10,26,000 | 28.50% | 26.50% |
| Anchor investor · within QIB | 15,36,000 | — | 39.67% |
| NII (HNI) | 7,74,000 | 21.50% | 19.99% |
| bNII > ₹10L · within NII | 5,16,000 | — | 13.33% |
| sNII < ₹10L · within NII | 2,58,000 | — | 6.66% |
| Retail (RII) | 18,00,000 | 50.00% | 46.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,72,000 | — | 7.02% |
| Total issue | 38,72,000 | — | 100.00% |
Net offer to the public of 36,00,000 shares, out of a total issue of 38,72,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹70 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.39 | 4.70 |
| P/E (×) | 10.95 | 14.89 |
| Price to book (×) | 0.58 | — |
| Market cap | — | ₹143 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 26.67%
- ROCE
- 27.00%
- Debt / equity
- 1.29
- PAT margin
- 9.16%
- EBITDA margin
- 12.12%
- NAV per share
- ₹119.80
- Price to book
- 0.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 110.45 | 84.13 | 36.31 |
| Revenue from operations | 104.59 | 81.49 | 35.85 |
| Other income | 5.86 | 2.64 | 0.46 |
| Total expenses | 97.56 | 74.75 | 32.18 |
| Operating profit | 12.89 | 9.38 | 4.13 |
| Operating margin | 11.67% | 11.15% | 11.37% |
| Profit before tax | 12.89 | 9.38 | 4.14 |
| Profit after tax | 9.58 | 6.66 | 2.69 |
| PAT margin | 8.67% | 7.92% | 7.41% |
| Balance sheet | |||
| Total assets | 94.21 | 57.47 | 24.33 |
| Current assets | 85.94 | 54.12 | 23.39 |
| Current liabilities | 52.57 | 33.19 | 18.31 |
| Total liabilities | 58.27 | 34.62 | 19.35 |
| Net worth | 35.94 | 22.86 | 4.98 |
| Current ratio | 1.63× | 1.63× | 1.28× |
| Return on equity | 26.66% | 29.13% | 54.02% |
| Cash flow | |||
| Operating cash flow | -18.47 | -17.26 | -8.57 |
| Investing cash flow | -5.57 | -2.66 | -0.68 |
| Financing cash flow | 20.86 | 23.1 | 9.12 |
| Net cash flow | -3.18 | 3.18 | -0.13 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Capital Expenditure for New Manufacturing Unit ₹6.76 Cr
The company proposes to fund civil construction of a new manufacturing unit at Plot No. I-30, Industrial Area Jetapur, Madhya Pradesh, and purchase of plant and machinery to expand production capacity by approximately lakhs meters per annum.
2 Funding Working Capital Requirements ₹20 Cr
The company intends to fund its working capital requirements to maintain inventory, trade receivables, and other current assets to support growing manufacturing operations and customer orders across projected fiscal years.
3 General Corporate Purposes —
The company proposes to utilize the balance Net Proceeds for general corporate purposes including funding growth opportunities, strategic initiatives, marketing, brand building, expansion of facilities, and meeting ordinary course business expenses, subject to a cap of lakhs or lakhs of gross proceeds, whichever is lower.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About TNA Solutions
TNA Solutions Limited, incorporated as a public company on June 23, 2024 (converted from TNA Solutions LLP established September 17, 2021), is a home textile manufacturer based in Indore, Madhya Pradesh. The company manufactures finished home furnishing products including flat sheets, fitted sheets, duvet sets, pillow pairs, towels, and top-of-bed products through its manufacturing facility. It operates predominantly in the B2B segment (99.60% of FY2026 revenue), supplying to domestic and international customers, with exports representing 52.03% of FY2026 revenue. The company also operates a nascent B2C brand 'Ambra Linens' launched in 2022. Revenue grew from ₹3,585.08 lakhs in FY2024 to ₹10,458.72 lakhs in FY2026, representing 70.8% CAGR.
Management
Ambuj Jain
MD
Ayush Jain
CFO
Strengths
As stated in the offer document
Diversified Home Textile Product Portfolio
The company maintains a diversified product portfolio comprising sheet sets, pillow shells, towels, and comforters across various sizes and quality levels, with sheeting contributing 50.95%, pillow pair 31.86%, towels 13.42%, and top-of-bed 3.77% of FY 2025-26 revenue of ₹10,458.72 lakhs, reducing dependence on any single product category.
Geographically Diversified, Export-Oriented Revenue Base
The company derives revenue from multiple Indian states and overseas jurisdictions including the USA, UAE, South Africa, and Israel; exports accounted for approximately 52.03% (₹5,441.22 lakhs) and domestic sales 47.97% (₹5,017.50 lakhs) of FY 2026 revenue from operations, reducing dependence on any single market.
Experienced, Hands-On Promoter Management
The company is led by promoters and senior management with complementary expertise — Ambuj Jain (19 years in textiles at Trident, GHCL, Birla Century), Ayush Jain (8 years in finance), Tanu Jain (5 years in design), Gaurav Jain (7+ years in marketing including ITC), and Anuj Jain (14 years in operations) — providing a competitive advantage in scaling operations.
Multi-Stage In-House Quality Control System
The company employs a structured, multi-stage quality control framework covering incoming fabric inspection (4-point system), first piece approval, inline inspections, AQL-based final random inspection (critical AQL: 0.0), and CAPA; the company also holds OEKO-Tex� Standard 100, GOTS-Scope certifications and is Walmart Approved and SEDEX assessed.
Technology-Enabled, Integrated Operations
The company's operations are supported by an ERP system integrating sales order management, procurement, inventory and warehouse management, production planning, job work tracking, quality control, dispatch planning, and MIS reporting, providing real-time visibility and supporting disciplined planning across the order-to-dispatch cycle.
Risk factors
As stated in the offer document
Significant Dependence on Sheeting Segment
The company derives 50.95% of its FY2026 revenue (₹5,328.72 lakhs) from its sheeting segment, making it highly vulnerable to shifts in consumer preferences, design trends, and market demand. Any significant decline in demand for bedsheets and duvet sets could result in lower sales, inventory write-offs, and reduced profit margins.
Heavy Reliance on B2B Operations and Customer Concentration
B2B operations contributed 99.60% of revenue from operations in FY2026, with the top 10 customers accounting for 83.82% of revenue. The company operates on a purchase-order basis with no long-term agreements, exposing it to risks of order cancellations, customer loss, and revenue volatility.
Deteriorating Trade Receivables and Working Capital Pressure
Trade receivable days increased sharply from 40 days in FY2024 to 128 days in FY2026, with trade receivables reaching ₹3,653.84 lakhs (34.94% of revenue). The company has experienced negative operating cash flows across all three fiscal years (FY2024–FY2026), raising concerns about liquidity and working capital adequacy.
Significant Export Revenue Exposure and Foreign Exchange Risk
Export sales constituted 52.03% of FY2026 revenue, exposing the company to risks from tariff changes, geopolitical tensions, trade restrictions, logistics disruptions, and foreign currency fluctuations. Adverse exchange-rate movements on unhedged receivables could materially impact revenue, margins, and cash flows.
High Indebtedness and Debt Servicing Risk
As of March 31, 2026, total outstanding borrowings stood at ₹4,629.37 lakhs, with a debt service coverage ratio of only 0.69x, indicating limited capacity to service debt from operating income. Any failure to meet repayment obligations or comply with loan covenants could trigger acceleration of debt, enforcement of security, or cross-defaults.
Dependence on a Limited Number of Suppliers Without Long-Term Contracts
The top 10 suppliers accounted for 76.41% of total purchases in FY2026, and the company has no long-term supply agreements in place. Any disruption in supplier operations, price escalation, or supply shortfall could adversely affect manufacturing continuity and financial performance.
Company Analysis
from RHPTNA Solutions Limited is a home textile manufacturer producing sheeting, pillow pairs, towels, and top-of-bed products for domestic and international B2B customers.
TNA Solutions Limited, incorporated as a public company on June 23, 2024 (converted from TNA Solutions LLP established September 17, 2021), is a home textile manufacturer based in Indore, Madhya Pradesh. The company manufactures finished home furnishing products including flat sheets, fitted sheets, duvet sets, pillow pairs, towels, and top-of-bed products through its manufacturing facility. It operates predominantly in the B2B segment (99.60% of FY2026 revenue), supplying to domestic and international customers, with exports representing 52.03% of FY2026 revenue. The company also operates a nascent B2C brand 'Ambra Linens' launched in 2022. Revenue grew from ₹3,585.08 lakhs in FY2024 to ₹10,458.72 lakhs in FY2026, representing 70.8% CAGR.
Objects of the Issue
- Capital expenditure for civil construction of new manufacturing unit and purchase of plant and machinery ₹675.56 Lakhs p.33
- General corporate purposes
- Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery ₹675.56 lakhs p.98
- Funding of Working Capital Requirements ₹2,000.00 lakhs p.98
- General corporate purposes Not to exceed 15% of Gross Proceeds or ₹1,000.00 lakhs whichever is lower p.98
- Funding capex for the new plant - Expansion of Production capacity at Plot No. I-30, Jetapur, Smart Industrial Park, Dhamnod, Madhya Pradesh p.159
- General corporate purposes p.110
- —
- Fresh issue of equity shares p.286
Issue Structure
- Total Issue
- Up to 54,08,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 54,08,000 Equity Shares of face value of ₹ 10.00/- each aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹66 to ₹70 per Equity Share (Floor Price: 6.6 times face value; Cap Price: 7 times face value)
- Lot Size
- 2,000 Equity Shares (Bid Lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company operates a B2B manufacturing model, producing home textile products according to customer specifications and designs. It procures raw materials (greige fabric, finished fabric, sewing thread, labels, packing materials) from suppliers, outsources dyeing, printing and wet-processing to third-party processing houses, and conducts cutting, stitching, embroidery, finishing and quality inspection in-house. Products are sold to domestic and international customers on a purchase-order basis without long-term contracts. The company also operates a limited B2C channel through its 'Ambra Linens' brand.
Business Segments
SWOT Analysis
- • Established trademark and brand presence(p.51)
- • Registered trademark with established market presence(p.51)
- • Significant installed capacity expansion planned(p.100)
- • Strong revenue growth trajectory(p.64)
- • Improving profitability metrics(p.64)
- • Diversified home textile product portfolio spanning multiple categories(p.156)
- • Strong export-oriented revenue base with geographic diversification(p.156)
- • Experienced management team with deep textile industry expertise(p.157)
- • Multi-stage quality control system with international certifications(p.158)
- • Technology-enabled integrated ERP system for operational control(p.158)
- • Strong financial performance with high return metrics(p.147)
- • Rapid revenue growth momentum(p.115)
- • Established manufacturing facility with recent capacity expansion(p.175)
- • Strong export growth and geographic diversification(p.181)
- • Multiple global compliance certifications enabling international market access(p.175)
- • Integrated ERP system supporting operational efficiency(p.175)
- • Experienced management team with textile industry background(p.181)
- • Significant export growth with increasing international market presence(p.242)
- • Improved capacity utilization and significant capacity expansion(p.236)
- • Quality certifications and compliance standards(p.237)
- • Improving profitability and operating leverage(p.243)
- • Strong growth trajectory with 28.35% revenue increase(p.242)
- • Reduced material cost as percentage of revenue(p.242)
- • International business footprint with export operations(p.237)
- • Significant dependence on sheeting segment for revenue(p.25)
- • Heavy reliance on limited number of customers(p.29)
- • High concentration of supplier base(p.28)
- • Rapidly increasing trade receivables and extended payment cycles(p.30)
- • Negative operating and investing cash flows(p.35)
- • High debt-equity ratio and weak debt service coverage(p.47)
- • Limited operational history as a listed company(p.49)
- • Past instances of delayed statutory filings and compliance violations(p.32)
- • Pending trademark registration creates vulnerability(p.51)
- • Significant reliance on debt financing(p.63)
- • Vulnerability to covenant breaches in financing agreements(p.51)
- • Very limited cash position despite growth(p.63)
- • High concentration in key managerial personnel(p.52)
- • Dependence on specific customers for significant revenue(p.67)
- • High concentration on top customers creating revenue dependency(p.160)
- • Significant dependence on top suppliers for raw materials(p.161)
- • Negative operating cash flow indicating working capital strain(p.115)
- • Relatively high debt-to-equity ratio signaling financial leverage(p.116)
- • Single manufacturing facility location creating geographic concentration risk(p.145)
- • Idle capacity constraints limiting immediate production scaling(p.160)
- • High leverage and significant short-term borrowing obligations(p.207)
- • Limited working capital and cash reserves(p.219)
- • Heavy dependence on a few large customers(p.218)
- • Significant increase in inventory levels(p.217)
- • Low cash generation from operations despite profitability(p.209)
- • High customer concentration risk(p.247)
- • Significant working capital requirements and negative operating cash flow(p.246)
- • Rising finance costs from increased debt levels(p.242)
- • High leverage ratio indicating debt dependence(p.246)
- • Supplier concentration creating sourcing dependency(p.237)
- • Low cash reserves relative to operational needs(p.245)
- • Expansion of manufacturing capacity(p.33)
- • Growing export market presence(p.31)
- • Diversification into new product categories(p.25)
- • B2C business expansion through owned brand(p.26)
- • Strong revenue growth trajectory(p.37)
- • Capacity expansion to drive revenue growth(p.100)
- • Working capital funding to support growth(p.98)
- • New manufacturing unit to enhance operational efficiency(p.100)
- • Benefit from listing on SME Platform(p.98)
- • Value-added product diversification through embroidery(p.106)
- • Expansion of owned-brand and direct-to-consumer presence(p.158)
- • Production capacity expansion planned at new facility(p.159)
- • Growing home textile market in India with strong CAGR(p.137)
- • India benefiting from China+1 sourcing strategy by global buyers(p.139)
- • Government support through PM-MITRA parks reducing capital intensity(p.139)
- • E-commerce channel expansion opportunities in home textiles(p.139)
- • Rising premiumization trend in home textiles with specialty materials(p.131)
- • Expanding international market presence with growing export revenue(p.234)
- • Growing B2C channel through own brand 'Ambra Linens'(p.234)
- • Diversification into multiple geographic markets(p.234)
- • Capacity to scale manufacturing with expanded facility(p.234)
- • Expanding export markets and international demand(p.242)
- • Duty drawback and government incentives for exports(p.242)
- • Capacity to support revenue growth(p.236)
- • Growing B2C segment despite small current base(p.236)
- • Potential for customer base diversification(p.236)
- • Exposure to foreign exchange fluctuations(p.32)
- • Dependence on third-party processing partners(p.27)
- • Intense competition in home textile industry(p.44)
- • Risk of adverse changes in export markets and tariffs(p.31)
- • Dependence on leased properties without long-term agreements(p.39)
- • Regulatory compliance risks including labor laws(p.46)
- • Inability to prevent trademark infringement(p.51)
- • Customer order cancellations and delays(p.52)
- • Cyclical nature of textile industry and economic sensitivity(p.57)
- • Risk of regulatory and tax changes(p.56)
- • Project execution and cost overrun risks(p.52)
- • Volatile equity market conditions post-listing(p.55)
- • Instability in Indian financial markets(p.56)
- • Volatile cotton prices squeezing margins(p.139)
- • Trade policy uncertainty and tariff risks in export markets(p.140)
- • Global economic slowdown affecting textile demand(p.124)
- • Intense competition from organized and unorganized competitors(p.163)
- • Regulatory compliance burden including EU circularity requirements(p.132)
- • Raw material inflation and cost pressures(p.140)
- • Dependence on third-party processing and job work partners(p.145)
- • Dependence on job-work partners and processing infrastructure(p.234)
- • Exposure to raw material and freight cost volatility(p.234)
- • Foreign exchange fluctuation risk(p.234)
- • Regulatory compliance requirements across multiple jurisdictions(p.170)
- • Dependence on customer buying cycles and order schedules(p.247)
- • Foreign exchange rate movements and currency exposure(p.240)
- • Volatility in input material prices and fabric costs(p.240)
- • Competitive market conditions(p.240)
- • Dependence on job-work and processing vendors(p.240)
- • Rising logistics and freight costs(p.240)
- • Changes in government policies and tax regimes(p.240)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ambuj Jain | Promoter | — | — |
| Ayush Jain | Promoter | — | — |
| Tanu Jain | Promoter | — | — |
| Ambuj Jain | Promoter | 66.50% | 48.88% |
| Ayush Jain | Promoter | 1.95% | 1.43% |
| Tanu Jain | Promoter | 0.17% | 0.12% |
| Ambuj Jain | Promoter/Managing Director | — | — |
| Ayush Jain | Promoter/Director and CFO | — | — |
| Tanu Jain | Promoter/Non-Executive Director | — | — |
| Anuj Jain | Promoter/Chief Operating Officer | — | — |
| Ambuj Jain | Promoter | 66.50% | 48.88% |
| Ayush Jain | Promoter | 1.95% | 1.43% |
| Tanu Jain | Promoter | 0.17% | 0.12% |
| Ambuj Jain | Promoter | — | — |
| Tanu Jain | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| TNA Solutions Ltd. THIS ISSUE | 6.41 | 119.80 | 14.89, computed at the offer price | 0.58, computed at the offer price | 32.60% |
| 1.11 | 31.32 | 41.84 | 1.48 | 5.18% | |
| 11.53 | 182.33 | 37.35 | 2.36 | 6.00% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.