In Progress
Valuation
Market Cap
₹142.86 Cr
P/E Ratio
10.92x
P/B Ratio
0.58x
TNA Solutions IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
TNA Solutions Limited, incorporated in 2024 (originally TNA Solutions LLP, formed in 2021), manufactures home textile products for domestic and international customers, including sheet sets, pillow shells/covers, towels, and top-of-bed products such as comforters and quilts. The Company procures greige fabric from weavers and finished fabric from mills and processing houses, engaging third-party processors for weaving, dyeing and printing while retaining fabric ownership throughout. Its Indore, Madhya Pradesh facility handles cutting, stitching, embroidery, finishing, quality assurance, packaging and dispatch. TNA operates predominantly on a B2B model for global retailers, importers and domestic brands under customers' own labels, and also sells directly to consumers under its own brand, Ambra Linens.
Lots & IPO Size
TNA Solutions IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 4,000 | ₹2,80,000 |
| Ind (Max) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (Min) | 3 | 6,000 | ₹4,20,000 |
| S-HNI (Max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (Min) | 8 | 16,000 | ₹11,20,000 |
Market Maker
₹2.72 L
Employee
₹0.00
Shareholder
₹0.00
TNA Solutions IPO Size
Total
₹38 Cr
Fresh Issue
₹38 Cr
(0.54 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery
Funding of Working Capital Requirements
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The company's revenue is significantly dependent on its sheeting segment, which contributed 50.95% of FY2026 revenue from operations; a shift in demand could adversely affect financials.
Key Risk Factors
The company's revenue is significantly dependent on its sheeting segment, which contributed 50.95% of FY2026 revenue from operations; a shift in demand could adversely affect financials.
The company's operations depend on its sole manufacturing facility at Indore, Madhya Pradesh; any slowdown or shutdown there would adversely affect operations and financial condition.
A substantial portion of the company's revenue (99.60% in Fiscal 2026) is derived from its B2B manufacturing segment; a reduction in demand from B2B customers could hurt cash flows.
Any shortage, delay or disruption caused by third-party job workers or processing partners could adversely affect the company's manufacturing operations, financial condition and cash flows.
The company depends on a limited number of suppliers for raw materials used in its operations; any disruption in supply could adversely affect its business and financial condition.
A substantial portion of the company's revenue is derived from a limited number of customers; loss of any key customer could significantly impact cash flows and results of operations.
The company has significant receivables on its books; failure to realise or recover these in time could adversely affect its working capital cycle and overall financial health.
A significant portion of the company's revenue is derived from export sales, exposing it to risks from tariffs, foreign exchange fluctuations, and export material or logistics availability.
There have been instances of delays in statutory filings by the company in the past; regulatory authorities may impose monetary penalties or punitive action for such delays.
One object of the Issue is funding civil construction of a new manufacturing unit and plant & machinery purchase; delay within the planned timeline could adversely affect projections and operations.
TNA Solutions IPO Details Live GMP
GMP
₹0
Est. Price
₹70
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 25 Sep | ₹0 (0%) | ₹70 |
TNA Solutions IPO Peer Comparison
(Rs. in crores)
| Particulars | TNA Solutions | VTM | Faze Three |
|---|---|---|---|
| Revenue | 104.59 | 371.98 | 860.11 |
| PAT | 9.58 | 11.20 | 28.05 |
| EPS (₹) | 6.41 | 1.11 | 11.53 |
| NAV (₹) | 119.80 | 31.32 | 182.33 |
| RONW | 32.60% | 5.18% | 6.00% |
| EBITDA | 12.12% | 6.64% | 8.03% |
| PAT Mrgn | 9.16% | 3.01% | 3.26% |
| PE Ratio | 10.92 | 41.84 | 37.35 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of September 22, 2026 for Peers
TNA Solutions IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 104.59 | 81.49 | 35.85 |
| Profit | 9.58 | 6.66 | 2.69 |
| Net Worth | 35.94 | 22.86 | 4.98 |
| Borrowings | 46.29 | 25.73 | 11.38 |
| Assets | 94.21 | 57.47 | 24.33 |
| NAV (₹) | 119.80 | 80.20 | - |
| EPS (₹) | 6.41 | 4.73 | - |
Key Performance Indicators (KPIs)
Debt to Equity
1.29
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
TNA Solutions IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 104.59 | 81.49 | 35.85 |
| Other Income | 5.86 | 2.64 | 0.46 |
| Total Income | 110.45 | 84.13 | 36.32 |
| Materials Consumed | 64.32 | 61.17 | 27.89 |
| Changes in Inventories | 0.99 | -9.49 | -4.94 |
| Employee Expense | 6.22 | 5.46 | 2.30 |
| Finance Costs | 4.95 | 3.16 | 1.24 |
| Depreciation & Amortisation | 0.70 | 0.37 | 0.21 |
| Other Expenses | 20.38 | 14.07 | 5.47 |
| Total Expenses | 97.56 | 74.75 | 32.18 |
| Profit Before Tax | 12.89 | 9.38 | 4.14 |
| Tax Expense | 3.30 | 2.72 | 1.45 |
| Profit After Tax | 9.58 | 6.66 | 2.69 |
| EPS — Basic (₹) | 6.41 | 4.73 | 0.00 |
| EPS — Diluted (₹) | 6.41 | 4.73 | 0.00 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 3.00 | 2.85 | 1.91 |
| Reserves & Surplus | 32.94 | 20.01 | 3.07 |
| Total Equity | 35.94 | 22.86 | 4.98 |
| Total Borrowings | 46.29 | 25.73 | 11.38 |
| Trade Payables | 6.15 | 5.47 | 5.07 |
| Other Liabilities | 5.82 | 3.42 | 2.89 |
| Total Equity & Liab | 94.21 | 57.47 | 24.33 |
| Fixed Assets | 5.32 | 2.29 | 0.56 |
| Inventory | 36.06 | 24.64 | 18.52 |
| Other Current Assets | 8.06 | 2.30 | 0.84 |
| Short-term Loans & Adv | 5.19 | 6.52 | 0.03 |
| Trade Receivables | 36.54 | 17.39 | 3.92 |
| Cash & Bank Bal | 0.09 | 3.27 | 0.09 |
| Other Assets | 2.95 | 1.07 | 0.38 |
| Total Assets | 94.21 | 57.47 | 24.33 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | -18.47 | -17.26 | -8.57 |
| Cash Flow from Investing Activities | -5.57 | -2.66 | -0.68 |
| Cash Flow from Financing Activities | 20.86 | 23.10 | 9.12 |
| Net Change in Cash & Equivalents | -3.18 | 3.18 | -0.13 |
| Cash & Equivalents at End of Period | 0.09 | 3.27 | 0.09 |
Promoter Holding
Promoter
68.68%
Public
31.32%
Ambuj Jain
66.50%
Ayush Jain
1.95%
Tanu Jain
0.17%
Anupam Jain
0.03%
Anuj Jain
0.03%
Management
Ambuj Jain
Age: 40
MD
Remuneration
₹₹48 Lakhs p.a.
Education
B.E. (Textile Technology)
Prior Experience
19 years in marketing & textile industry; previously with Trident Limited.
Ayush Jain
Age: 31
CFO
Remuneration
₹₹18 Lakhs p.a.
Education
MBA (Finance)
Prior Experience
10 years in finance & accounting across manufacturing and textile sectors; previously with MRB & Associates, Chartered Accountants.
Anuj Jain
COO
Remuneration
₹₹36.00 Lakhs p.a.
Education
B.Sc. (Devi Ahilya Vishwavidyalaya, Indore); MCA (Rajiv Gandhi Proudyogik Vishwavidyalaya, Bhopal)
Prior Experience
14 years in operations & administration; previously Manager - Engineering at Diaspark Infotech Pvt. Ltd. (2012-2026).
Gaurav Jain
CMO
Remuneration
₹₹12.23 Lakhs p.a.
Education
PGDM, Balaji Institute of Management & Human Resource Development (BIMHRD)
Prior Experience
7 years in marketing & sales; previously General Manager - Sales & Marketing at TNA Solutions LLP and Area Executive at ITC Limited.
Registrar & Lead Managers
Registrar
Maashitla Securities
Lead Managers (1)
Company Details
Name: TNA Solutions Limited
Address: Survey No. 403/5, Sonvay, Tehsil Mhow, Rao, Indore, Madhya Pradesh, India – 453331
Number: 07317150314
Email: info@tnasolutions.co.in
Website: https://tnasolutions.co.in
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Frequently Asked Questions (FAQs)
What is TNA Solutions IPO?
TNA Solutions IPO is a SME IPO having an issue size of
₹38 Crs.
TNA Solutions IPO is priced at
₹66 - ₹70 per
share.
The
issue opens on 30 Sep 26
and
closes on 06 Oct 26.
When will TNA Solutions IPO open?
TNA Solutions IPO opens on
30 Sep 26 and closes on
06 Oct 26.
What is the GMP of TNA Solutions IPO?
The estimated Grey Market Premium of TNA Solutions IPO is
₹0 per share (0.00%).
What is the lot size of TNA Solutions IPO?
The minimum lot size of TNA Solutions IPO is
2000 shares & the minimum application amount
is
Rs.
140000.
When is the allotment of TNA Solutions IPO?
The allotment date of TNA Solutions IPO is
07 Oct 26.
What is the listing date of TNA Solutions IPO?
The listing date of TNA Solutions IPO is
09 Oct 26.
What is the subscription of TNA Solutions IPO?
TNA Solutions IPO is subscribed
-.
What is the price band of TNA Solutions IPO?
TNA Solutions IPO is priced at
₹66 - ₹70 per
share.
How to check allotment status of TNA Solutions IPO?
Click the allotment link on TNA Solutions IPO page of IPO360.
How to apply TNA Solutions IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply TNA Solutions IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply TNA Solutions IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select TNA Solutions IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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