This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Originally formed as TNA Solutions LLP in 2021 and converted into a public limited company in June 2024, TNA Solutions Limited operates as a B2B manufacturer and B2C retailer of home textile products. The company procures greige fabric from weavers, engages third-party processing houses for weaving/dyeing/printing, and performs cutting, stitching, embroidery, finishing, packaging, and quality control at its 56,000 sq. ft. leased facility in Indore, Madhya Pradesh. In FY26, B2B manufacturing contributed 99.60% (Rs. 104.1650 crore) and B2C sales (under brand 'Ambra Linens') contributed 0.40% (Rs. 0.4223 crore) of total revenue from operations (Rs. 104.5872 crore). Geographically, export sales to 10 overseas jurisdictions accounted for 52.03% (Rs. 54.4122 crore) and domestic sales accounted for 47.97% (Rs. 50.1750 crore). The top 10 customers generated 83.82% of FY26 operational revenue, while top 10 suppliers accounted for 76.41% of purchases.
Focused asset-light value-added finishing model, export footprint across 10 overseas jurisdictions, ERP-integrated operations, and international quality/sustainability certifications (OEKO-TEX Standard 100, GOTS, SCAN, SEDEX-SMETA, BCI).
TNA Solutions Limited is an Indore-based manufacturer of home textile products, including bed sheet sets, pillow shells and covers, towels, and top-of-bed products (comforters, mattress protectors, quilts).
Source: p.24, 35, 142, 144, 204
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Listed on | Source |
|---|---|---|---|---|---|---|
| VTM Limited | 41.84 | 5.18 | mainboard | p.112, 114 | ||
| Faze Three Limited | 37.35 | 6 | mainboard | p.112, 114 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 0 | 9.5835 | 9.16% | 104.5872 | yes | 20.8618 |
| standalone | FY25 | 0 | 6.658 | 8.17% | 81.486 | yes | 23.0733 |
| standalone | FY24 | 0 | 2.6874 | 7.5% | 35.8508 | yes | 9.1169 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How are the fresh issue IPO proceeds allocated across civil construction, machinery procurement, working capital, and general corporate purposes?
Fresh issue proceeds are allocated towards: (i) funding capital expenditure requirements for civil construction of the new manufacturing unit and purchase of plant and machinery, (ii) funding long-term working capital requirements, and (iii) General Corporate Purposes (capped at 15% of gross issue proceeds or Rs. 10.00 crore, whichever is lower).
p.32, 94, 96
What is the promoters' shareholding pre-issue and post-issue, and their acquisition cost history?
Promoters Ambuj Jain, Ayush Jain, and Tanu Jain hold 68.62% pre-issue equity (10,292,500 shares out of 15,000,000 pre-issue shares) and 50.43% post-issue equity. Promoter shareholding was expanded through a 4:1 bonus issue (12,000,000 shares) in July 2026, establishing a promoter average cost of acquisition of Rs. 2.00 per share.
p.77, 80, 88, 92
What are the key related-party transactions, common pursuits, and promoter guarantees?
Promoters hold partnership interests in Avni Impex (fabric trading), leading to a non-compete agreement dated July 29, 2026, and Rs. 2.0000 crore in outstanding trade advances. No managerial remuneration was paid to promoters in FY26. Promoters provided personal guarantees and collateral security for bank credit facilities of Rs. 46.29 crore.
p.34, 66, 196, 218
How did operating cash flow perform relative to restated net profits over FY24 to FY26?
Restated PAT expanded from Rs. 2.6874 crore in FY24 to Rs. 6.6580 crore in FY25 and Rs. 9.5835 crore in FY26. However, Operating Cash Flow (CFO) remained consistently negative across all 3 years (-Rs. 8.5698 crore in FY24, -Rs. 17.2580 crore in FY25, and -Rs. 18.4727 crore in FY26) due to working capital lock-up in trade receivables (Rs. 36.5384 crore) and inventory (Rs. 36.0552 crore).
p.32, 33, 62, 149, 150
What secretarial, statutory compliance, litigation, and tax findings exist for the company?
The company disclosed no outstanding criminal, statutory, or tax litigation. Historical delays in RoC secretarial form filings occurred due to the absence of a dedicated compliance officer, which was resolved by appointing a Company Secretary. Total trade payables stood at Rs. 6.1539 crore as of FY26. Statutory auditor M/s ATK & Associates served continuously without auditor change.
p.31, 32, 198, 218, 253
What are the application lot terms, retail ticket requirements, market maker details, and exit constraints for public investors?
The offer is listed on BSE SME with a minimum retail application requirement of 2 lots (minimum application size above Rs. 2.00 lakhs). Trading occurs strictly in standardized market lots, and because lots are indivisible, partial exit or fractional lot trading is impossible. Pace Stock Broking Services Private Limited is the Market Maker with 272,000 reserved shares (5.03%) and a mandatory 3-year obligation period. Standard SME 5% price circuit limits apply.
p.1, 5, 8, 58, 60, 253
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2024-06-23 | Initial Subscribers to MOA / Promoters (TNA Solutions LLP Conversion) | 1914000 | 10 | promoter | initial | p.81 |
| 2024-07-09 | Existing Partners / Promoters | 336000 | 10 | promoter | rights | p.81 |
| 2024-07-12 | Anil Kumar Goel, Mohnish Jain & Others | 350000 | 160 | financial investor | preferential | p.81 |
| 2024-12-05 | Anil Kumar Goel & Rajesh Hansraj Gupta | 250000 | 211 | financial investor | preferential | p.81, 82 |
| 2025-08-02 | Indo Thai Securities Limited, Mohnish Jain & Nikita Rawat | 60000 | 233.33 | financial investor | preferential | p.81, 82 |
| 2025-08-13 | Indo Thai Securities Limited, Vijaya Jain, Tanu Jain & Pratik Jain | 90000 | 233.33 | financial investor | preferential | p.81, 82 |
| 2026-07-14 | Existing Shareholders (Bonus 4:1) | 12000000 | 0 | promoter | bonus | p.81, 82 |
Ceo: Ambuj Jain
No outstanding criminal proceedings, statutory/regulatory actions, material civil litigation, or tax claims involving the Company, Promoters, Directors, KMPs, or Group Entities.
Auditor name: M/s ATK & Associates, Chartered Accountants
Promoters hold 68.62% pre-issue shareholding (10,292,500 equity shares out of 15,000,000 pre-issue equity shares) and 50.43% post-issue equity.
Auditor changed last 3y: No
Source: p.1, 77, 88, 198, 218, 220
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Avni Impex (Partnership Firm) | 2 | purchase | promoter-owned entity | yes | p.34, 66, 196 |
| Ambuj Jain | 0 | remuneration | director | yes | p.50, 199 |
| Ayush Jain | 0 | remuneration | director | yes | p.50, 199 |
Disclosed historical administrative delays in filing statutory returns/forms with the Registrar of Companies (RoC) due to non-availability of a dedicated compliance officer, since remedied by appointing a Company Secretary and establishing a compliance calendar.
Defaults disclosed: Yes
Source: p.31, 32
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
What this sector is read on: Stores, Net store additions, Retail area, Same-store sales growth, Revenue per sq ft, Gross margin, Inventory days. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Consumer discretionary and retail framework (from the listed sector). Primary valuation lens: P/E against same-store growth.
Read more closely in this sector: Growth from new stores against same stores · Inventory build against sales.
The same read, applied to the companies this one competes with.