Minerva Capital Research Solutions

TNA Solutions

ListedListed 9 Oct 2026BSE SMENSE: TNACheck allotment
Current price₹ 42.51−39.27% since issue
Listing day−20%
Issue price
₹ 70
Issue size
₹ 37.86 Cr.
Min. investment
₹ 1,40,000
Listing price
₹ 56
Subscribed
51.39x
Lot size
2,000 shares
P/E
14.89
RoNW
26.67%
RoCE
42.84%
Debt / Equity
1.29
PAT margin
9.16%
EBITDA margin
12.12%
RoE
32.60%
EPS
₹ 4.70
NAV
₹ 119.80
Promoter stake
50.48%

About

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.

Timeline

  1. Opens
    30 Sep
    done
  2. Closes
    6 Oct
    done
  3. Allotment
    7 Oct
    done
  4. Refunds
    8 Oct
    done
  5. Demat credit
    8 Oct
    done
  6. Listing
    9 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 10 on 3 Oct 2026
Lowest
₹ 0 on 25 Sep 2026
First quoted
₹ 0 on 25 Sep 2026

Subscription

How many times each investor group bid for its share, as of 09 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)12,000₹ 1,40,000
Retail (Max)12,000₹ 1,40,000
HNI (Min)24,000₹ 2,80,000

Company overview

Financials

Financials by year
Assets94.2157.4724.33
Total Income110.4584.1336.32
Profit After Tax9.586.662.69
EBITDA12.6810.265.13
NET Worth35.9422.864.98
Reserves and Surplus32.9420.013.07
Total Borrowing46.2925.7311.38

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.

What the money is for

Objects of the issue
Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery6.76
Funding of Working Capital Requirements20
General Corporate Purposes—

Promoters

  • Ambuj Jain
  • Ayush Jain
  • Tanu Jain
Promoter holding68.69%→50.48%before → after the issue · down 18.21 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.