# TNA Solutions Limited: IPO analysis > TNA Solutions Limited (CIN U46410MP2024PLC071835) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 54,08,000 shares, priced at ₹66.00 to ₹70.00 per share. In FY26 it reported revenue of ₹105 Cr (+28.4% on FY25) and a net profit of ₹9.6 Cr. Promoters hold 68.6% before the IPO. Our fact-check of its claims found no medium or high concerns across 32 claims checked. - Page: https://ipo.innerkore.com/company/U46410MP2024PLC071835/tna-solutions-limited/ - CIN: U46410MP2024PLC071835 - Last updated: 5 Oct 2026 ## Key facts - **Company:** TNA Solutions Limited - **CIN:** U46410MP2024PLC071835 - **Filing stage:** RHP - **Latest SEBI filing:** 5 Oct 2026 - **Price band:** ₹66.00 to ₹70.00 per share - **Lot size:** 2000 shares - **Bidding opens:** 30 Sep 2026 - **Bidding closes:** 6 Oct 2026 - **Listing on:** BSE - **Revenue FY26:** ₹105 Cr - **Revenue growth:** +28.4% - **Net profit FY26:** ₹9.6 Cr - **Revenue CAGR FY24 to FY26:** 70.8% - **Promoter holding (pre-IPO):** 68.6% - **Lead managers:** Credora Partners Private Limited - **Registrar:** MAASHITLA SECURITIES PRIVATE LIMITED - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 14.9x P/E. At the top of the band, on FY26 profit; 1.5x book value. - **Growth** (looks fine): 70.8% a year. Sales FY24 to FY26; latest year +28.4%. - **Profitability** (look closer): 9.2% net margin. FY26. - **Debt** (looks fine): 0.5x equity. ₹46.3 crore borrowed at the end of FY26. - **Profit into cash** (concern): -193% of profit. Operations brought in ₹-18.5 crore against ₹9.6 crore of profit in FY26. - **One-off income** (concern): 45% of profit. Other and one-off income is 45% of pre-tax profit; management describes 2 one-off items. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. - **Red flags** (looks fine): None serious. 32 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; standalone) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 36 | 81 | 105 | | Sales growth | – | 127.3% | 28.4% | | Net profit | 2.7 | 6.7 | 9.6 | | Net margin | 7.5% | 8.2% | 9.2% | | Net worth | 20 | 54 | 93 | | Borrowings | 11 | 26 | 46 | | Return on equity | 13.5% | 12.3% | 10.3% | ## Non-recurring items (as described by management) - Write-off income contributed ₹0.79 lakh (affecting income). (p.244) - Cost of goods sold increased by ₹2,873.16 lakhs, or 125.15%, to ₹5,168.83 lakhs in Fiscal 2025 from ₹2,295.67 lakhs in Fiscal 2024 (affecting revenue/cost). (p.244) ## Use of proceeds (fresh issue) - Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery: ₹6.8 crore - Funding of Working Capital Requirements: ₹20 crore - General Corporate Purposes (1): amount not fixed yet ## Fact-checked claims - **NONE** (LitigationStatus): Shareholders authorized the Issue pursuant to the resolution dated July 10, 2026, under section 62(1)(c) of the Companies Act 2013.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that shareholders authorized an issue under section 62(1)(c) of the Companies Act 2013 on July 10, 2026. - **NONE** (LitigationStatus): The Board of Directors approved the Issue pursuant to resolutions passed at its meeting held on July 06, 2026, subject to shareholder approval under Section 62(1)(c) of the Companies Act 2013.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the Board of Directors' approval of the issue on July 06, 2026. - **NONE** (LitigationStatus): Total outstanding dues owed by the Company to creditors as of March 31, 2026, was ₹ 615.39 lakhs.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the total outstanding dues owed by TNA Solutions Limited as of March 31, 2026. - **NONE** (SubsidiaryPerformance): Goods trade is expected to slow in 2026 due to a reversal of front-loading activity, lagged effects of tariffs, and disruptions related to the conflict in the Middle East.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the slowing of goods trade in 2026 due to front-loading reversal, tariff lags, or Middle East conflict disruptions. - **NONE** (SubsidiaryPerformance): Global headline inflation is expected to moderate to 3.1 percent next year as the average crude price declines from $94/bbl in 2026 to $76/bbl in 2027.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the projected moderation of global headline inflation or the specific crude oil price forecasts mentioned in the claim. - **NONE** (SubsidiaryPerformance): Growth across EMDEs is expected to rebound to an average of 4.2 percent over 2027–28.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that growth across EMDEs is expected to rebound to an average of 4.2 percent over 2027–28. - **NONE** (SubsidiaryPerformance): Growth in advanced economies is forecast to slow this year to 1.5 percent, down from 1.8 percent in 2025, mainly due to the impact of substantially higher energy prices.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the forecast for growth in advanced economies mentioned in the claim. - **NONE** (SubsidiaryPerformance): Global growth is expected to slow in 2026, with growth downgraded relative to January in nearly two-thirds of economies.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about global growth slowing in 2026 relative to January. - **NONE** (PromoterBackground): TNA Solutions Limited is engaged in the manufacturing of home textile products for domestic and international customers.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that TNA Solutions Limited is engaged in the manufacturing of home textile products for domestic and international customers. - **NONE** (LitigationStatus): The Company does not have any pending licenses, permissions, and approvals from the Central and State Governments and other government agencies/regulatory authorities/certification bodies which are applied for but not yet received.. No web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that the company has no pending licenses, permissions, and approvals from government bodies. - **NONE** (LitigationStatus): The Company entered into an agreement dated February 19, 2025, with the National Securities Depository Limited Ekpai) and the Registrar and Transfer Agent, “Maashitla Securities Private Limited” for the dematerialization of its shares.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that TNA Solutions Limited entered into an agreement with National Securities Depository Limited and Maashitla Securities Private Limited for share dematerialization. - **NONE** (LitigationStatus): The Company entered into an agreement dated August 06, 2024, with the Central Depository Services (India) Limited (CDSL) and the Registrar and Transfer Agent, “Maashitla Securities Private Limited” for the dematerialization of its shares.. No current web search results were found to corroborate, contradict, or provide any information regarding the agreement mentioned in the DRHP claim concerning the dematerialization of shares with CDSL and Maashitla Securities Private Limited. ## Common questions ### How big is the TNA Solutions Limited IPO? TNA Solutions Limited's IPO comprises a fresh issue of 54,08,000 shares, according to its Red Herring Prospectus. The price band is ₹66.00 to ₹70.00 per share. ### What are TNA Solutions Limited's revenue and profit? TNA Solutions Limited reported revenue from operations of ₹105 Cr in FY26, +28.4% versus FY25. Net profit was ₹9.6 Cr (FY25: ₹6.7 Cr). Revenue grew at a compound rate of 70.8% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in TNA Solutions Limited? Promoters hold 68.6% of TNA Solutions Limited before the IPO. ### How will TNA Solutions Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery (₹6.8 Cr); Funding of Working Capital Requirements (₹20 Cr); General Corporate Purposes (amount not fixed yet). ### What are the red flags in TNA Solutions Limited's RHP? We fact-checked 32 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does TNA Solutions Limited do? Here's a detail about the TNA Solutions IPO that almost nobody is talking about: there's zero official record confirming that shareholders actually authorized an issue under section 62(1)(c) of the Companies Act on July 10th, 2026. ### Who manages the TNA Solutions Limited IPO? Book running lead managers: Credora Partners Private Limited. Registrar to the offer: MAASHITLA SECURITIES PRIVATE LIMITED. Shares are proposed to list on BSE. ### Where can I read the original TNA Solutions Limited IPO documents? All 1 filing for TNA Solutions Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [TNA Solutions Limited](https://www.bseindia.com/downloads/ipo/RHP&GID_TNA Solutions Limited_290920262013.zip) (Red Herring Prospectus, filed 5 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.