Severeconcentrationpage 29
High customer concentration with top 10 at 83.82%
A significant portion of our revenue from operations is generated from a limited number of domestic and international customers... Top 10 customers contributed 83.82%
ListedSMETextileTNA
TNA Solutions IPO
TNA Solutions IPO is an SME IPO raising ₹38 Cr at ₹66 – ₹70 a share. It listed on 9 Oct 2026 at ₹56, −20.0% against its issue price of ₹70, and trades at ₹42 today (−39.9% since issue). It was subscribed 51× in total.
₹70
Issue price
₹42
Price now
−39.9%
Since issue price
9 Oct 2026
Listed on
51×Subscribed (final) · all exchanges
51.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 379-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 279 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severefinancialpage 35
Negative operating cash flows for three consecutive years
Net cash flow from operating activities (1,847.27) (1,725.80) (856.98)
Severefinancialpage 30
Severe trade receivable build-up lengthening cycle
Trade receivable days increased from 40 days in FY2024 to 78 days in FY2025 and 128 days in FY2026
Severefinancialpage 43
Debt service coverage below 1 with elevated borrowings
Debt Service Coverage Ratio (times) 0.69 2.47 0.22
Severepromoterpage 52
Promoter average cost of acquisition below Offer Price
Our promoters', average cost of acquisition of equity shares in our Company is lower than the Offer Price of Equity shares
Highconcentrationpage 26
Near-total dependence on B2B manufacturing model
During Fiscal 2026, our B2B operations contributed 99.60% of our revenue from operations, while our business-to-consumer ("B2C") operations contributed 0.40%
Highconcentrationpage 28
Supplier concentration with no long-term contracts
Our Company also does not have any long-term contract with any of our suppliers... Top 10 suppliers contributed 76.41% of total purchase in FY26
Highpromoterpage 36
Promoter group conflict of interest and related party transactions with Avni Impex
Avni Impex, a Group Entity, is engaged in business activities similar to those of our Company. Conflicts of interest may arise in relation to the allocation of customers, suppliers, personnel or business opportunities
Highoperationalpage 25
Single manufacturing facility concentration at Indore
We conduct our operations through our manufacturing facility situated at Indore, Madhya Pradesh
Highmarketpage 31
Export revenue dependence and currency exposure
During Fiscal 2026, exports contributed 52.03% of our revenue from operations... Adverse developments in our export markets, including changes in tariffs, foreign exchange rates, trade restrictions
Highregulatorypage 32
Significant delays in statutory ROC filings including MGT-14
MGT-14... Due Date 09.07.2024 Filing date 25.06.2026 Delayed days 686
Highconcentrationpage 43
Geographic revenue concentration in three states
Haryana 2,645.66 25.30% ... Madhya Pradesh 1,131.19 10.82% ... Maharashtra 761.87 7.28%
Highoperationalpage 39
IPO proceeds not yet ordered and deployment not appraised
We are yet to place orders for the capital expenditure for the proposed plan. We have not entered into any definitive contract to utilize the net proceeds for this object of the Issue.
Highoperationalpage 41
Manufacturing capacity underutilisation and expansion execution risk
FY 2025-26 52,23,386 39,17,540 13,05,846 75.00%
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 0 | 0 | — |
| Promoters | 0 | 0 | 0 | — |
| Directors | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
The Red Herring Prospectus (Part 1 of 10) discloses Nil outstanding proceedings across every category — criminal, civil/other, statutory/regulatory actions, and tax (direct & indirect) — for the Company, Promoters, Directors, KMP, Senior Management, and Group Entity. Summary table on p255 confirms Nil cases and Nil total amount for tax proceedings across all relevant parties. No subsidiaries are referenced in the litigation disclosures in this excerpt.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.