1. Company Overview
TNA Solutions Limited (originally incorporated as TNA Solutions LLP in September 2021 and converted into a public limited company in June 2024) is an Indian home textile manufacturing enterprise headquartered in Indore, Madhya Pradesh.
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Core Products: Produces a range of home furnishings, including bedsheet sets, pillow shells and covers, towels, mattress protectors, comforters, quilts, and dohars.
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D2C Expansion: In July 2026, the company launched its direct-to-consumer (D2C) e-commerce platform, Ambra Linens, expanding beyond B2B manufacturing and export markets.
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Business Model & Supply Chain: Supplies global retailers, importers, and domestic brands. Primary manufacturing activities—including cutting, stitching, embroidery, finishing, multi-stage quality testing, and packaging—are managed in-house at its Indore facility.
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Geographic Presence: Operates a geographically diversified, export-oriented distribution network.
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Promoters: Founded and managed by Ambuj Jain, Ayush Jain, and Tanu Jain.
2. Performance
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Revenue Trajectory: Total income reached ₹110.45 crore in FY26, up ~31.3% from ₹84.13 crore in FY25 and ₹36.32 crore in FY24.
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Earnings Growth: Net profit (PAT) increased by ~43.8% to ₹9.58 crore in FY26 from ₹6.66 crore in FY25 and ₹2.69 crore in FY24.
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EBITDA Expansion: Operating profit (EBITDA) grew to ₹12.68 crore in FY26 compared to ₹10.26 crore in FY25 and ₹5.13 crore in FY24.
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Asset Accumulation: Total asset base expanded significantly to ₹94.21 crore in FY26 from ₹57.47 crore in FY25 and ₹24.33 crore in FY24.
3. IPO Details
| Parameter |
Details |
| IPO Bidding Dates |
September 30, 2026 – October 6, 2026 |
| Tentative Listing Date |
October 9, 2026 (BSE SME Platform) |
| Issue Price Band |
₹66 to ₹70 per share |
| Face Value |
₹10 per equity share |
| Total Issue Size |
54,08,000 Equity Shares (aggregating up to ₹37.86 Crore) |
| Fresh Issue Portion |
54,08,000 Equity Shares (100% Fresh Issue, 0 OFS) |
| Market Maker Reservation |
2,72,000 Equity Shares (~₹1.90 Crore) |
| Net Offer to Public |
51,36,000 Equity Shares (~₹35.95 Crore) |
| Allocation Structure |
QIB: 49.92% | Retail: 35.01% | NII: 15.07% |
| Minimum Retail Lot Size |
2 Lots (4,000 shares) = ₹2,80,000 (at upper price band) |
| Minimum S-HNI Lot Size |
3 Lots (6,000 shares) = ₹4,20,000 |
| Book Running Lead Manager |
Credora Partners Pvt. Ltd. |
| Registrar to the Issue |
Maashitla Securities Pvt. Ltd. |
| Market Maker |
Pace Stock Broking Services Pvt. Ltd. |
Objects of the Fresh Issue
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Funding capital expenditure for civil construction of a new manufacturing unit and purchase of plant & machinery (~₹6.76 Crore).
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Funding working capital requirements (~₹20.00 Crore).
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General corporate purposes.
4. Financial Details
Financial Summary (Amounts in ₹ Crore)
| Financial Metric |
FY24 |
FY25 |
FY26 |
| Total Income |
₹36.32 |
₹84.13 |
₹110.45 |
| EBITDA |
₹5.13 |
₹10.26 |
₹12.68 |
| Profit After Tax (PAT) |
₹2.69 |
₹6.66 |
₹9.58 |
| Total Assets |
₹24.33 |
₹57.47 |
₹94.21 |
Key Valuation Ratios & Metrics (FY26)
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Pre-Issue Share Capital: 1,50,00,000 equity shares
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Post-Issue Share Capital: 2,04,08,000 equity shares
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Implied Market Capitalization: ₹142.86 Crore (at upper price band of ₹70/share)
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Pre-Issue EPS: ₹6.39
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Post-Issue EPS: ₹4.69
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P/E Ratio: ~14.93x (at upper price band based on post-issue EPS)
