TNA SOLUTIONS LIMITED IPO

TNA SOLUTIONS LIMITED IPO closed on 6 Oct 2026. Allotment 7 Oct 2026, listing 9 Oct 2026. Price band ₹66–₹70, lot 2000 shares, GMP +₹0 (0%). Track allotment on Allotly.

About TNA SOLUTIONS LIMITED

TNA Solutions Limited is engaged in the manufacturing of home textile products for domestic and international customers. Its product portfolio includes sheet sets, pillow shells and covers, bath and hand towels, comforters, quilts, dohars and mattress protectors. The company primarily operates on a B2B basis, manufacturing products according to customer specifications that are sold under the customers’ brands or labels. It also sells home furnishing products through B2C channels under its own brand, Ambra Linens, through e-commerce marketplaces, retailers, wholesalers and its website. The company operates a manufacturing facility in Indore, Madhya Pradesh, where processed or finished fabric undergoes cutting, stitching, embroidery, finishing, quality control, packaging and dispatch. Greige fabric is sourced from weavers and sent to third-party processing houses for dyeing, printing and…

Strengths

• TNA Solutions has a diversified home textile product portfolio comprising sheeting, pillow products, towels and top-of-bed products.
• The company has expanded its export business, with export revenue standing at Rs 1.00 crore, Rs 27.21 crore and Rs 54.41 crore, accounting for 2.79%, 33.39% and 52.03% of its revenue from operations in FY24, FY25 and FY26, respectively. Its export markets include the USA, UAE, South Africa, Israel, Singapore, Hong Kong and Malaysia.
• The company claims to have a multi-stage quality control system comprising incoming material inspection, first-piece approval, in-process inspections, endline inspection, AQL-based final random inspection, CAPA and product traceability. It also holds OEKO-Tex Standard 100 and GOTS-Scope certifications and is SCAN compliant, organic-compliant, Walmart-approved and assessed under the SEDEX ethical compliance framework.
• TNA Solutions uses an ERP system that integrates sales order management, procurement, inventory and warehouse management, production planning, job-work tracking, quality control, dispatch planning and MIS reporting.
• The company’s installed production capacity increased from 13.10 lakh metres in FY24 to 24.99 lakh metres in FY25 and 52.23 lakh metres in FY26, while capacity utilisation stood at 70.00%, 72.62% and 75.00%, respectively.
• The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 35.85 crore in FY24 to Rs 81.49 crore in FY25 to Rs 104.59 crore in FY26, while PAT increased from Rs 2.69 crore in FY24 to Rs 6.66 crore in FY25 to Rs 9.58 crore in FY26.

Risks

• A significant portion of the company’s revenue is dependent on its sheeting segment. Revenue from sheeting stood at Rs 32.31 crore, Rs 60.30 crore and Rs 53.29 crore, accounting for 90.13%, 74.00% and 50.95% of revenue from operations in FY24, FY25 and FY26, respectively. Any decline in demand for this segment may affect its revenue and profitability.
• The company is significantly dependent on its B2B manufacturing business. Revenue from B2B operations stood at Rs 35.59 crore, Rs 81.41 crore and Rs 104.16 crore, accounting for 98.21%, 99.91% and 99.60% of revenue from operations in FY24, FY25 and FY26, respectively, while B2C revenue stood at Rs 0.26 crore, Rs 0.07 crore and Rs 0.42 crore, accounting for 1.79%, 0.09% and 0.40%, respectively. Any reduction in purchase orders from B2B customers, loss of existing customers or inability to expand its B2C operations may adversely affect the company’s revenue, financial condition and cash flows.
• The company outsources dyeing, printing and other wet-processing activities to third-party processing houses and does not have long-term agreements with them. Job-work expenses stood at Rs 3.42 crore, Rs 8.44 crore and Rs 11.14 crore, accounting for 10.62%, 11.29% and 11.42% of total expenses in FY24, FY25 and FY26, respectively. Any delay, disruption, capacity constraint or quality issue at these third-party processing houses may increase production costs, affect product quality, delay customer deliveries or result in cancellation of customer orders.
• The company is dependent on a limited number of suppliers and does not have long-term contracts with them. Purchases from its top 10 suppliers stood at Rs 36.49 crore, Rs 33.68 crore and Rs 58.63 crore, accounting for 94.21%, 58.26% and 76.41% of total purchases in FY24, FY25 and FY26, respectively. Any disruption in supplies, increase in prices or loss of one or more key suppliers may affect the company’s ability to manufacture and deliver products and may adversely affect its revenue and operational results.
• Revenue from its top 10 customers stood at Rs 34.36 crore, Rs 71.24 crore and Rs 87.67 crore, accounting for 95.84%, 87.42% and 83.82% of revenue from operations in FY24, FY25 and FY26, respectively. The company does not have long-term agreements with its customers and operates on a purchase-order basis. Loss of one or more key customers or a reduction or cancellation of their orders may adversely affect the company’s revenue, financial condition and cash flows.
• There have been instances of delays in statutory filings by the company. These included delays of up to 727 days in filing certain MGT-14 forms, although the company states that the delays have been regularised and that no show-cause notice had been received as of the RHP date.
• The company has experienced negative cash flows from operating and investing activities in FY24, FY25 and FY26. Negative cash flows from operating activities stood at Rs 8.57 crore, Rs 17.26 crore and Rs 18.47 crore, while negative cash flows from investing activities stood at Rs 0.68 crore, Rs 2.66 crore and Rs 5.57 crore in FY24, FY25 and FY26, respectively. Negative operating cash flows were primarily due to increases in trade receivables, inventories and other current assets, while negative investing cash flows were mainly due to purchases of fixed assets and increases in other non-current assets.
• The company had total outstanding financial indebtedness of Rs 46.29 crore as of March 31, 2026, comprising secured and unsecured borrowings from banks, financial institutions and other lenders. Any inability to service or repay these borrowings or comply with the terms and conditions of the financing arrangements may adversely affect the company’s business, financial condition, cash flows and results of operations.
• The company was incorporated in 2021 and therefore has a short history of operations.This could make it difficult for investors to form a view on its long-term performance and future prospects.

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