An Indore-based home textiles manufacturer is raising Rs 37.86 crore through a BSE SME issue.
TNA Solutions manufactures home textile products for customers in India and abroad. It was set up in 2021 as TNA Solutions LLP and converted into a public limited company in 2024.
Its range includes sheet sets, pillow shells and covers, towels, and top-of-bed products such as comforters, mattress protectors and quilts.
The company buys greige (unprocessed) fabric from weavers and uses third-party processing houses for weaving, dyeing, printing and other wet processing, while keeping ownership of the fabric throughout.
It also buys finished fabric directly from mills, processing houses and stockists. At its manufacturing facility in Indore, Madhya Pradesh, the fabric is cut, stitched, embroidered, finished, quality-checked, packed and dispatched.
Most of the business is B2B. TSL makes products to customer specifications for global retailers, importers and domestic brands, which sell them under their own brands or labels. B2B manufacturing contributed 99.60% of revenue from operations in FY26, with the rest from B2C sales.
In 2026, the company obtained several global compliance and certification approvals, including SCAN, GOTS, SEDEX/SMETA, BCI and OEKO-TEX.
TSL launched its own brand, “Ambra Linens,” in 2022, selling home furnishings directly to consumers online through e-commerce marketplaces and offline through retailers and wholesalers. It launched its own website, ambralinens.in, in July 2026.
A proposed new manufacturing unit in Madhya Pradesh is expected to start commercial production in Q1 FY2027-28. As of July 31, 2026, the company had 193 employees and 66 contract labourers.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 30, 2026 |
| Issue Closes | October 6, 2026 |
| Allotment (expected) | October 7, 2026 |
| Listing | BSE SME |
| Listing Date (tentative) | October 9, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 66 – Rs 70 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 37.86 crore (54,08,000 shares, entirely fresh) |
| Lot Size | 2,000 shares |
| Min. Retail Application | 4,000 shares (2 lots) |
| Min. Retail Investment | Rs 2,80,000 |
| Post-IPO Market Cap | Rs 142.86 crore |
| IPO as % of Post-IPO Capital | 26.50% |
| Lead Manager | Credora Partners Pvt Ltd |
| Market Maker | Pace Stock Broking Services Pvt Ltd |
| Registrar | Maashitla Securities Pvt Ltd |
| Underwriting | 50% Corporate Capital Ventures, 50% Credora Partners |
From the net proceeds, TSL will use Rs 20.00 crore for working capital and Rs 6.76 crore for capex on civil construction of a new manufacturing unit and purchase of plant and machinery, with the rest going to general corporate purposes.
Post-IPO, paid-up equity capital rises from Rs 15.00 crore (1,50,00,000 shares) to Rs 20.41 crore (2,04,08,000 shares).
Price Band
At the Rs 70 upper band, with FY26 earnings attributed to the fully diluted post-IPO equity, the issue is valued at a P/E of 14.89x, or 21.47x on FY25 earnings. The March 31, 2026 NAV of Rs 119.80 per share was reported before the July 2026 bonus. The post-IPO market cap is Rs 142.86 crore.
Analysts consider the issue fully priced, but say well-informed investors may park moderate funds for the medium to long term.
GMP Watch
As per market channels, the TNA Solutions IPO GMP ranges from ₹5 to ₹7. The upper end is about 10% over the upper band and indicates a listing price of around ₹77.
GMP is unofficial, unregulated and unendorsed.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 36.32 | 84.13 | 110.45 |
| Net Profit (PAT) | 2.69 | 6.66 | 9.58 |
| PAT Margin (%) | 7.50 | 8.17 | 9.16 |
| RoCE (%) | 89.40 | 51.65 | 42.84 |
Total income rose from Rs 36.32 crore in FY24 to Rs 84.13 crore in FY25 and Rs 110.45 crore in FY26. Net profit rose from Rs 2.69 crore to Rs 6.66 crore and then Rs 9.58 crore. The PAT margin increased from 7.50% to 9.16%, while RoCE fell from 89.40% to 42.84%.
Trade receivables have risen year on year and stood at Rs 36.54 crore as of March 31, 2026. Over the last three fiscals, the company reported an average EPS of Rs 4.78 and an average RoNW of 46.31%. It hasn’t paid any dividends for any financial year.
Peer Comparison
| Company | P/E (x) |
|---|---|
| TNA Solutions (FY26, post-IPO) | 14.89 |
| VTM Ltd | 36.5 |
| Faze Three | 34.0 |
Risks to Consider
Dependence on B2B customers. B2B manufacturing contributed 99.60% of FY26 revenue from operations, and its products are sold under customers’ own brands.
High receivables. Trade receivables of Rs 36.54 crore as of March 31, 2026 compare with FY26 total income of Rs 110.45 crore, and Rs 20.00 crore of the proceeds is earmarked for working capital.
Reliance on outside processors. The company depends on weavers and third-party processing houses for weaving, dyeing, printing and wet processing.
A short history and rapid growth. The business was set up in 2021, and total income rose from Rs 36.32 crore in FY24 to Rs 110.45 crore in FY26.
Falling returns. RoCE declined from 89.40% in FY24 to 51.65% in FY25 and 42.84% in FY26.
Capital history and SME-specific risks. The company issued a 4:1 bonus in July 2026, and the promoters’ average acquisition cost is Rs 2.00 per share. The new manufacturing unit is not expected to start commercial production until Q1 FY2027-28. The company operates in a highly competitive and fragmented segment, the minimum retail investment is Rs 2.80 lakh, and liquidity on the SME platform is limited.
This article is for informational purposes and is not personalised investment advice; investors should do their own due diligence or consult a SEBI-registered adviser before acting.
