TNA Solutions IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

TNA Solutions

Price band

₹66 – ₹70

Lot size

2000 shares

Min investment

₹1,40,000

Issue size

₹37.86 Cr

About the company

TNA Solutions Limited was incorporated in September 2021 and manufactures home textile products for customers in India and abroad. Its factory at Indore in Madhya Pradesh turns processed fabric into finished home furnishing, made to each customer's specification. The range covers sheet sets, pillow shells and covers, towels, and top-of-bed products such as comforters, quilts, dohars and mattress protectors. Most of the work is business to business, supplying global retailers, importers and Indian brands under their own labels. It also sells through e-commerce marketplaces, wholesalers and retailers, and has its own brand Ambra Linens, launched in 2022, for which it opened a website in July 2026. It buys greige fabric from weavers and finished fabric from mills, processing houses and stockists. Weaving, dyeing and printing are done by third-party processing houses, while cutting, stitching, embroidery, finishing, quality assurance, packaging and dispatch are done at Indore. As on 31 July 2026 it had 193 employees on its payroll and 66 on contract.

TNA Solutions Limited makes home textile products at a factory in Indore, Madhya Pradesh, including sheet sets, pillow covers, towels, comforters, quilts, dohars and mattress protectors. It works mainly business to business for global retailers, importers and Indian brands, and also sells its own brand Ambra Linens online.

IPO details

Issue price: ₹70
Price band: ₹66 – ₹70
Face value: ₹10
Lot size: 2000
Min investment: ₹1,40,000
Issue size: ₹37.86 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8023
NSE symbol: TNA.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	2,000	₹1,40,000
Retail (Max)	1	2,000	₹1,40,000
HNI (Min)	2	4,000	₹2,80,000

Investor reservation

CATEGORY	RESERVED
QIB	25,62,000 shares (49.88% of the Offer)
NII	7,74,000 shares (15.07% of the Offer)
Retail	18,00,000 shares (35.05% of the Offer)

Objects of the issue

1Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery6.76

2Funding of Working Capital Requirements20.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	94.21	57.47	24.33
Total Income	110.45	84.13	36.32
Profit After Tax	9.58	6.66	2.69
EBITDA	12.68	10.26	5.13
NET Worth	35.94	22.86	4.98
Reserves and Surplus	32.94	20.01	3.07
Total Borrowing	46.29	25.73	11.38

Key performance indicators

P/E Ratio

14.89

EPS (₹)

4.70

RoE

32.60%

RoCE

42.84%

RoNW

26.67%

PAT Margin

9.16%

EBITDA Margin

12.12%

Debt / Equity

1.29

NAV (₹)

119.80

✓ Strengths

• Revenue has tripled in two years, from Rs 36.32 crore in FY2024 to Rs 84.13 crore in FY2025 and Rs 110.45 crore in FY2026.

• Profit after tax has grown from Rs 2.69 crore in FY2024 to Rs 6.66 crore in FY2025 and Rs 9.58 crore in FY2026.

• EBITDA rose from Rs 5.13 crore in FY2024 to Rs 12.68 crore in FY2026.

• Return on capital employed is 42.84% and return on net worth is 26.67%.

• Net worth has grown from Rs 4.98 crore in FY2024 to Rs 35.94 crore in FY2026.

• The whole Rs 37.86 crore issue is fresh capital with no offer for sale, with Rs 20 crore for working capital and Rs 6.76 crore for a new manufacturing unit and machinery.

• Cutting, stitching, embroidery, finishing, quality checks, packing and dispatch are all done at its own Indore unit, with 193 employees on the payroll.

• Selling to global retailers, importers and Indian brands, plus its own Ambra Linens brand and e-commerce, spreads the customer base across channels and countries.

⚠ Risks

• The net asset value is shown as Rs 119.80 per share, well above the issue price band of Rs 66 to Rs 70, which does not sit with a post issue EPS of Rs 4.70 and a P/E of 14.89 on the same page. One of these figures is wrong and the published set cannot be reconciled.

• Return on equity is shown as 32.60% while return on net worth is shown as 26.67% for the same year, so the two do not agree.

• Borrowing has risen very fast, from Rs 11.38 crore in FY2024 to Rs 25.73 crore in FY2025 and Rs 46.29 crore in FY2026, a debt to equity ratio of 1.29, the highest of the current batch.

• Borrowing of Rs 46.29 crore is larger than the net worth of Rs 35.94 crore, and none of the issue money repays it.

• The profit margin is thin at 9.16%, and the EBITDA margin of 12.12% has fallen as revenue has grown.

• Weaving, dyeing and printing are done by third-party processing houses, so the company controls only the cut-and-stitch end of the process.

• The revenue base is export oriented, which brings currency movement, freight cost and import duty changes in buyer countries into the picture.

• Most sales are made under the customer own label, so the end buyer belongs to the retailer and orders can move to another maker on price.

• The company was incorporated only in September 2021, so there is no record of how it trades through a weak year.

• Promoter holding is 68.69% before the issue and falls to 50.48% after it, leaving the promoters with a bare half.

• This is an SME issue. One lot is 2,000 shares, which is about Rs 1.40 lakh at the upper band of Rs 70, and SME shares usually trade in low volume after listing.

Promoters & holding

Ambuj Jain, Ayush Jain and Tanu Jain

Pre-issue promoter holding

68.69%

Post-issue promoter holding

50.48%

Promoters hold 68.69% before the issue and will hold 50.48% after it.

Data refreshed 09 Nov 2026, 05:00 am IST. GMP is unofficial market sentiment, not investment advice.