TNA Solutions SME IPO

Strengths · 8

• 01Revenue 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.
• 02Profit 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.
• 03EBITDA rose from Rs 5.13 crore in FY2024 to Rs 12.68 crore in FY2026.
• 04Return on capital employed is 42.84% and return on net worth is 26.67%.
• 05Net worth has grown from Rs 4.98 crore in FY2024 to Rs 35.94 crore in FY2026.
• 06The 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.
• 07Cutting, stitching, embroidery, finishing, quality checks, packing and dispatch are all done at its own Indore unit, with 193 employees on the payroll.
• 08Selling 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 · 11

• 01The 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.
• 02Return 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.
• 03Borrowing 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.
• 04Borrowing of Rs 46.29 crore is larger than the net worth of Rs 35.94 crore, and none of the issue money repays it.
• 05The profit margin is thin at 9.16%, and the EBITDA margin of 12.12% has fallen as revenue has grown.
• 06Weaving, dyeing and printing are done by third-party processing houses, so the company controls only the cut-and-stitch end of the process.
• 07The revenue base is export oriented, which brings currency movement, freight cost and import duty changes in buyer countries into the picture.
• 08Most 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.
• 09The company was incorporated only in September 2021, so there is no record of how it trades through a weak year.
• 10Promoter holding is 68.69% before the issue and falls to 50.48% after it, leaving the promoters with a bare half.
• 11This 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.

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.

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