TNA SolutionsIPO Review — Financials, Valuation & Peers
A data-only look at the TNA Solutions IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 36.32 | 2.69 | 5.13 | 4.98 | 24.33 | 11.38 | — |
| FY 2025 | 84.13 | 6.66 | 10.26 | 22.86 | 57.47 | 25.73 | — |
| FY 2026 | 110.45 | 9.58 | 12.68 | 35.94 | 94.21 | 46.29 | 6.39 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 10.95x
- P/E (post-issue)
- 14.89x
- RoNW
- 26.67%
- RoE
- 32.6%
- RoCE
- 42.84%
- Debt / Equity
- 1.29
- EPS (pre-issue)
- ₹6.39
- EPS (post-issue)
- ₹4.7
- EBITDA Margin
- 12.12%
- PAT Margin
- 9.16%
- P/BV
- 0.58x
- NAV / share
- ₹119.8
- Market Cap
- ₹142.86 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| TNA Solutions | 6.41 | 119.8 | — | 32.6% | — |
| Faze Three Ltd. | 11.53 | 182.33 | 37.35x | 6% | 2.36x |
| Vtm Ltd. | 1.11 | 31.32 | 41.84x | 5.18% | 1.48x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Ambuj Jain, Ayush Jain, Tanu Jain</p>
- Holding (pre-issue)
- 68.69%
- Holding (post-issue)
- 50.48%
- Dilution
- 18.21%
Analysis in brief
Anchor book
The anchor round of the TNA Solutions IPO drew 9 institutional investors committing a combined ₹10.76 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to CP Capital Ltd. (₹1.53 crore), GENERATIONAL CAPITAL BREAKOUT TRUST (₹1.51 crore) and VINEY GROWTH FUND (₹1.12 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 7 Nov 2026, with the remainder locked until 6 Jan 2027.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. TNA Solutions operates at an EBITDA margin of 12.12% and a net (PAT) margin of 9.16% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 42.84% and a return on equity (RoE) of 32.6%. At the upper band, the post-issue market capitalisation works out to about ₹142.86 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding of working capital requirements (₹20 crore), alongside funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery (₹6.76 crore). In all, 4 objects are disclosed.
Financials
In FY2026, TNA Solutions reported revenue of ₹110.45 crore and a net profit of ₹9.58 crore. Revenue grew from ₹36.32 crore in FY2024 to ₹110.45 crore in FY2026 (+204.0%). Net worth stood at ₹35.94 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.89× post-issue earnings and 0.58× book value, against a return on net worth of 26.67% and a debt-to-equity ratio of 1.29. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Faze Three Ltd. and Vtm Ltd., with a median peer P/E of about 39.6×. The issue's own post-issue P/E works out to 14.89×.
Promoters
The promoters of the company are <p>Ambuj Jain, Ayush Jain, Tanu Jain</p>. Promoter holding stands at 68.69% before the issue and comes down to 50.48% after listing.
Frequently asked questions
- What is the reservation split in the TNA Solutions IPO?
- Of the total shares offered, retail investors get 35.05%, QIBs 19.98% (plus 29.91% anchor), non-institutional investors 15.07%.
- Who are the promoters of TNA Solutions and what is their holding?
- The promoters are <p>Ambuj Jain, Ayush Jain, Tanu Jain</p>. Promoter holding is 68.69% before the issue and 50.48% after listing.
- What is the P/E ratio of the TNA Solutions IPO?
- At the upper price band, the TNA Solutions IPO is valued at 10.95× pre-issue earnings and 14.89× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the TNA Solutions IPO?
- The net proceeds go primarily toward funding of working capital requirements, among 4 disclosed objects.