TNA Solutions IPO

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹66 – ₹70
Issue size: ₹37.86 Cr
Lot size: 2000 sh
Bidding: 30 Sep – 6 Oct
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

TNA Solutions makes home textiles at a single factory in Indore, buying in greige and finished fabric and outsourcing wet processing while keeping cutting, stitching, finishing and packing in-house; the record states that 99.60% of Fiscal 2026 revenue from operations came from making goods to buyers' specifications, and that exports were 52.03% of Fiscal 2026 revenue. Revenue was Rs 35.85 Cr in FY24, Rs 81.49 Cr in FY25 and Rs 104.59 Cr in FY26, with profit after tax of Rs 2.69 Cr, Rs 6.66 Cr and Rs 9.58 Cr over the same three years. The Rs 37.86 Cr issue was entirely fresh equity and was subscribed 55.20 times overall on the final day of bidding. It listed at Rs 56 against a band top of Rs 70, closed day one at Rs 58.80 and last traded at Rs 42.13 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

74Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for TNA Solutions, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2021 · Indore, Madhya Pradesh · 193 employees

TNA Solutions makes home textile goods at a single factory in Indore, Madhya Pradesh: sheet sets, pillow shells and covers, towels, and top-of-bed products such as comforters, quilts and mattress protectors. It buys greige (unprocessed) fabric from weavers and sends it to third-party processing houses for dyeing, printing and other wet processing, retaining ownership of the fabric throughout, and also buys finished fabric from mills and stockists. Cutting, stitching, embroidery, finishing, quality checks, packing and dispatch happen in-house. Most output is made to customer specification for global retailers, importers and Indian brands, who sell it under their own labels; a small direct-to-consumer line carries the company's own Ambra Linens brand, launched 2022. Exports were 52.03% of Fiscal 2026 revenue.

Revenue is almost entirely private-label B2B manufacturing: 99.60% of Fiscal 2026 revenue from operations (₹10,416.50 lakhs of ₹10,458.72 lakhs) came from making goods to buyers' specifications, with B2C at 0.40%. The company owns only the cut-and-sew stage — fabric is bought in and wet processing is outsourced — and reported a Fiscal 2026 EBITDA margin of 12.12% and PAT margin of 9.16%. The structural constraints are concentration and working capital: the top 10 customers were 83.82% of Fiscal 2026 revenue (the largest alone 23.27%), the sheeting segment 50.95%, and debtor days stretched from 40 in Fiscal 2024 to 128 in Fiscal 2026, with total borrowings rising to ₹4,629.37 lakhs.

The company on paper

Legal name: TNA Solutions Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 23 Jun 2024trading as TNA Solutions since 2021
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U46410MP2024PLC071835
Sector: Consumer Discretionary · Home textile manufacturing — sheet sets, pillow covers, towels and top-of-bed products
Employees: 193
Registered office: Indore, Madhya Pradesh
Promoters: Ambuj Jain, Ayush Jain, Tanu Jain
Promoter holding, pre-issue: 68.7%
Promoter holding, post-issue: 50.5%
Website: tnasolutions.co.in

The numbers

Financial performance

Revenue has compounded at 70.8% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹37.86 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹37.86 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,72,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 18.2% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription55.20×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹70.00
Listed at: ₹56.00
Listing gain: down 20.0%
Since listing: down 27.4%
Against the issue price: down 41.9%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹70.00
Amount blocked: ₹2,80,000

One lot is 2000 shares at ₹1,40,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,80,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~2%

chance of one lot, per application

Retail subscription: 46.17×
Applicants per share available: 46.2× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹56.00

listed at, −20.0% against the issue price

Issue price: ₹70.00
Premium said: —
If allotted 2000 shares: −₹28,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue was Rs 35.85 Cr in FY24, Rs 81.49 Cr in FY25 and Rs 104.59 Cr in FY26 — a rise of 127.31% at the first step and 28.35% at the second.
Profit after tax rose at both steps the record carries: Rs 2.69 Cr in FY24, Rs 6.66 Cr in FY25 (up 147.58%) and Rs 9.58 Cr in FY26 (up 43.84%). As a share of revenue that is Rs 2.69 Cr on Rs 35.85 Cr, or 7.50%, in FY24; Rs 6.66 Cr on Rs 81.49 Cr, or 8.17%, in FY25; and Rs 9.58 Cr on Rs 104.59 Cr, or 9.16%, in FY26 — the same FY26 PAT margin the record itself states.
Net worth was Rs 4.98 Cr in FY24 and stood at Rs 22.86 Cr in FY25 and Rs 35.94 Cr in FY26.
The Rs 37.86 Cr issue was all fresh equity, with the offer-for-sale component recorded at nil. Promoter holding is given as 68.68% before the issue and 50.48% after, a fall of 18.20 percentage points.

What to weigh against it

EBITDA margin fell at both steps the record carries: Rs 5.13 Cr on Rs 35.85 Cr of revenue in FY24 is 14.31%, Rs 10.26 Cr on Rs 81.49 Cr in FY25 is 12.59%, and Rs 12.68 Cr on Rs 104.59 Cr in FY26 is 12.12% — the same FY26 margin the record itself states.
Total borrowings were Rs 11.41 Cr in FY24 and rose to Rs 25.73 Cr in FY25 and Rs 46.29 Cr in FY26. Set against net worth of Rs 4.98 Cr, Rs 22.86 Cr and Rs 35.94 Cr, that is 2.29 times, 1.13 times and 1.29 times — lower in FY26 than in FY24, higher in FY26 than in FY25.
The record puts the top 10 customers at 83.82% of Fiscal 2026 revenue, the largest single customer at 23.27%, and the sheeting segment at 50.95%.
The record states that debtor days stretched from 40 in Fiscal 2024 to 128 in Fiscal 2026.

Easy to miss in the prospectus

The record carries no valuation block, no peer set and no stated offer objects, so the Rs 37.86 Cr raise cannot be sized against declared uses or against comparable-company multiples from this record alone.
The record dates incorporation to 23 June 2024 and gives a founding year of 2021, while the oldest financial period it carries is the year ended 31 March 2024; worth reconciling against the Red Herring Prospectus of 24 September 2026 that the record links.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

TNA Solutions — Red Herring Prospectus dated 2026-09-2424 Sep 2026The document the issue was bid on. Carries the price band and the dates.Opens on tnasolutions.co.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Credora Partners Private Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Reconciled to TNA Solutions's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 30 Sep 2026
Closes: 6 Oct 2026
Allotment: 7 Oct 2026
Lists: 9 Oct 2026
Revenue (FY26): ₹105 Cr
Profit (FY26): ₹9.58 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.