| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 35.85 | 81.49 | 104.59 |
| Expenses | 32.18 | 74.75 | 97.56 |
| Other Income | 0.46 | 2.64 | 5.86 |
| Total Revenue | 36.31 | 84.13 | 110.45 |
| Profit Before Tax | 4.14 | 9.38 | 12.89 |
| Net Profit | 2.69 | 6.66 | 9.58 |
TNA Solutions
TNA Solutions IPO
₹2,64,000
0.11 xOver-subscribedBidding Dates 30 Sept, 26 -06 Oct, 26
Min Investment ₹2,64,000
Lot Size2,000
Price Range ₹66 – ₹70
Issue Size ₹37.86 Cr.
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IPO Subscription Details
Retail Subscription Details
0.21 x
Non-Institutional Buyers (sHNI)
0.07 x
Non-Institutional Buyers (bHNI)
0 x
Qualified Institutional Buyers (QIB)
0 x
Total0.11 x
0.11 x IPO Timeline
IPO Offer Start
30 Sept,26
IPO Offer Ends
06 Oct,26
Allotment Finalisation
07 Oct,26
Refund Initiation
08 Oct,26
Listing of Shares
09 Oct,26
IPO Analysis
Strengths
The company maintains a diversified product portfolio comprising sheet sets, pillow shells, towels, and comforters across various sizes and quality levels, with sheeting contributing 50.95%, pillow pair 31.86%, towels 13.42%, and top-of-bed 3.77% of FY 2025-26 revenue of ₹10,458.72 lakhs, reducing dependence on any single product category.
The company derives revenue from multiple Indian states and overseas jurisdictions including the USA, UAE, South Africa, and Israel; exports accounted for approximately 52.03% (₹5,441.22 lakhs) and domestic sales 47.97% (₹5,017.50 lakhs) of FY 2026 revenue from operations, reducing dependence on any single market.
The company is led by promoters and senior management with complementary expertise — Ambuj Jain (19 years in textiles at Trident, GHCL, Birla Century), Ayush Jain (8 years in finance), Tanu Jain (5 years in design), Gaurav Jain (7+ years in marketing including ITC), and Anuj Jain (14 years in operations) — providing a competitive advantage in scaling operations.
Risks
The company derives 50.95% of its FY2026 revenue (₹5,328.72 lakhs) from its sheeting segment, making it highly vulnerable to shifts in consumer preferences, design trends, and market demand. Any significant decline in demand for bedsheets and duvet sets could result in lower sales, inventory write-offs, and reduced profit margins.
B2B operations contributed 99.60% of revenue from operations in FY2026, with the top 10 customers accounting for 83.82% of revenue. The company operates on a purchase-order basis with no long-term agreements, exposing it to risks of order cancellations, customer loss, and revenue volatility.
Trade receivable days increased sharply from 40 days in FY2024 to 128 days in FY2026, with trade receivables reaching ₹3,653.84 lakhs (34.94% of revenue). The company has experienced negative operating cash flows across all three fiscal years (FY2024–FY2026), raising concerns about liquidity and working capital adequacy.
Objectives
The company proposes to fund civil construction of a new manufacturing unit at Plot No. I-30, Industrial Area Jetapur, Madhya Pradesh, and purchase of plant and machinery to expand production capacity by approximately lakhs meters per annum.
The company intends to fund its working capital requirements to maintain inventory, trade receivables, and other current assets to support growing manufacturing operations and customer orders across projected fiscal years.
The company proposes to utilize the balance Net Proceeds for general corporate purposes including funding growth opportunities, strategic initiatives, marketing, brand building, expansion of facilities, and meeting ordinary course business expenses, subject to a cap of lakhs or lakhs of gross proceeds, whichever is lower.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 24.33 | 57.47 | 94.21 |
| Current Assets | 23.39 | 54.12 | 85.94 |
| Fixed Assets | 0.60 | 2.40 | 5.36 |
| Total Equity & Liabilities | 24.33 | 57.47 | 94.21 |
| Total Liabilities | 19.35 | 34.62 | 58.27 |
| Current Liabilities | 18.31 | 33.19 | 52.57 |
| Non Current Liabilities | 1.04 | 1.42 | 5.70 |
| Total Equity | 4.98 | 22.86 | 35.94 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.13 | 3.18 | -3.18 |
| Investing Activities | -0.68 | -2.66 | -5.57 |
| Operating Activities | -8.57 | -17.26 | -18.47 |
| Financing Activities | 9.12 | 23.10 | 20.86 |
About TNA Solutions
TNA Solutions Limited is an Indore-based manufacturer of value-added home textile products, including sheet sets, pillow shells, towels, and top-of-bed products (comforters, quilts, mattress protectors), catering to domestic and international customers under a B2B model. The company operates an asset-light manufacturing model by procuring greige and finished fabric, then performing...more
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Managing DirectorAmbuj Jain
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