TNA Solutions Ltd

The Indore company stitches bedsheets, pillow covers, towels and comforters to its buyers' designs, which the buyers then sell under their own labels. FY26 revenue was INR 105 cr, with exports making up 52%.

We would skip the issue for both the long term and listing gains. TNA is a supplier in a commoditised category with little room to grow margins, and its earnings quality is weak, with receivables rising sharply, negative operating cash flow and a large share of profit coming from other income.