TNA Solutions IPO

GMP History

Financial Performance

As disclosed by TNA Solutions in its offer document.

Strengths and risks

Taken from TNA Solutions's own offer document — not Arthneeti's assessment.

• ✓TNA Solutions has a diversified home textile product portfolio comprising sheeting, pillow products, towels and top-of-bed products.
• !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 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 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.

About TNA Solutions

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 other processing activities.