TNA Solutions Ltd. IPO

TNA Solutions

• TNA Solutions is coming out with an initial public offering (IPO) of 54,08,000 shares in a price band of Rs 66-70 per equity share.
• The issue will open for subscription on September 30, 2026 and will close on October 06, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.60 times of its face value on the lower side and 7.00 times on the higher side.
• Book running lead manager to the issue is Credora Partners.
• Compliance officer for the issue is Hansa Maloo. 

Profile of the company

TNA Solutions is engaged in the manufacturing of home textile products for domestic and international customers. It manufactures a range of value-added home furnishing products including sheet sets, pillow shells/covers, towels, and top of bed products (comforters, mattress protectors, quilts) using greige fabric procured from weavers and finished fabric which it procures from mills, processing houses and stockists. Its manufacturing facility is located in Indore, Madhya Pradesh, where the procured fabric undergoes cutting, stitching, embroidery, finishing, quality assurance, packaging and dispatch as finished products. 

The company operates in the value-added segment of the home textile industry by converting processed fabrics into finished home furnishing products in accordance with customer specifications. Its manufacturing capabilities, quality control systems and product development experience enable it to cater to the requirements of domestic and international customers. It primarily manufactures products for global retailers, importers and domestic brands under its B2B manufacturing model, where products are marketed and sold under its customers' brands or in their specified label. Its focused manufacturing model enables it to concentrate on product quality, manufacturing efficiency, timely delivery and customer service while leveraging the capabilities of its processing partners for fabric processing.

The company procures greige (unprocessed) fabric from weavers and engage third party textile processing houses to undertake weaving, dyeing, printing and other wet-processing activities, while retaining ownership of the fabric throughout the process. It also procures finished/processed fabric from mills, processing houses and stockists directly. After receiving the processed/finished fabric at its facility, it carries out cutting, stitching, embroidery, finishing, quality control, packaging and dispatch. This focused positioning allows it to concentrate capital and management attention on manufacturing, quality systems and customer relationships. The substantial majority of the company’s business is presently conducted on a B2B basis, wherein it manufactures products in accordance with customer specifications, which are marketed and sold under their respective brands. It also derives revenue from business-to-consumer (B2C) channels, both online (through e-commerce marketplaces) and offline through wholesalers and retailers. It has also launched its own brand, ‘Ambra Linens’ in 2022, under which it sells home furnishing products directly to consumers. Under the ‘Ambra Linens’ brand, it markets and sells a range of home furnishing products directly to consumers through B2C channels. It sells online through ecommerce marketplaces and offline through retailers and wholesalers. 

Proceed is being used for:

• Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery
• Funding of working capital requirements
• General corporate purposes

Industry Overview 

India’s textiles sector is one of the oldest and most diverse industries in the country, with roots stretching back centuries. It spans from traditional hand-spun and handwoven clusters to sophisticated capital-intensive mills, supported by a robust base of fibres and yarns ranging from cotton, jute, silk, and wool to polyester, viscose, and acrylic. The decentralised power loom, hosiery, and knitting segment remains the largest component, reflecting the industry’s ability to cater to multiple consumer markets. Its close linkage with agriculture, reliance on natural resources like cotton, and strong cultural heritage give the Indian textiles industry a unique identity compared to other manufacturing sectors. Over the years, India has built the capacity to serve a wide spectrum of demand, from affordable mass-market apparel to niche high-value categories, both domestically and internationally. The industry today employs more than 45 million people, underlining its role as one of the country’s largest generators of livelihoods. The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $2.3 billion by 2030. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry contribute approximately 2% of India’s GDP and about 11% of manufacturing GVA (Gross Value Added) as of February 2026. 

The India Home Textile Market size was valued at $11.18 billion in 2025 and is estimated to grow from $11.91 billion in 2026 to reach $16.76 billion by 2031, at a CAGR of 7.08% during the forecast period (2026- 2031). This rise defines the current market size trajectory of the India home textile market. Robust export contracts sustained urban disposable-income growth, and active government production incentives continue to stimulate capacity additions even as cotton-price swings and new quality-control orders compress short-term margins. Leading manufacturers modernize spinning and finishing lines to support antimicrobial, temperature-regulating, and eco-certified fabrics, a move encouraged by consumer preference for premium, sustainable products in Tier-1 and Tier-2 cities. E-commerce channels, including quick-commerce pilots in metropolitan zones, strengthen omnichannel inventory visibility, cut delivery times, and improve basket sizes through algorithmic pricing. 

Pros and strengths 

Diversified home textile product portfolio: The company’s product portfolio comprises sheet sets, pillow shells, towels and comforters, of different sizes and quality enabling it to cater to the varied requirements of customers operating in the home furnishings sector. Maintaining a range of products provides it with the opportunity to cater to a wider base of domestic and international buyers, reducing dependence on any single product category, thereby enhancing business stability and resilience. It also allows the company to capture varied consumer demand and optimize productivity.

Multi-stage in-house quality control system: Quality is embedded throughout the company’s manufacturing process, from incoming fabric inspection to final random inspection prior to dispatch. Its Quality Control System comprises incoming material inspection, first piece approval, in-process quality inspections, endline inspection, final random inspection based on AQL sampling, defect classification, CAPA, quality record maintenance and product traceability. Its structured, multi-stage quality control framework enables it to consistently manufacture products in accordance with customer specifications and meet the quality and compliance requirements of its domestic and international customers. It also holds certifications such as OEKO-Tex Standard 100, GOTS-Scope and are SCAN Compliant, Organic Compliant Walmart Approved and are assessed under the SEDEX ethical compliance framework, which enhances its credibility with quality- and compliance-conscious customers in both domestic and export markets. 

Technology-enabled, integrated operations: The company’s operations are supported by an Enterprise Resource Planning (ERP) system that integrates sales order management, procurement, inventory and warehouse management, production planning, job work tracking, quality control, dispatch planning, and management information system (MIS) reporting, providing real-time visibility of inventory, production status, dispatch schedules and operational performance to management. This system-driven approach supports disciplined planning, traceability and timely execution across its order-to-dispatch cycle.  

Risks and concerns 

Significant revenue reliance on sheeting segment: A substantial portion of the company’s revenue from operation is derived from its sheeting segment, comprising flat sheets, fitted sheets, duvet sets, in various sizes, fabrics and finishes. For Fiscal 2026, revenue from sheeting segment amounted to Rs 5,328.72 lakh, representing 50.95% of its revenue from operations. As a result, its business is dependent on the continued demand for the products in this segment. Consumer preferences in the home textile industry change over time due to factors such as design trends, color preferences, fabric choices, quality expectations, pricing, and lifestyle changes. If it is unable to accurately identify changing customer preferences or introduce changes that meet market demand on a timely basis, the demand for its products may decline. This may result in lower sales, accumulation of slow-moving or obsolete inventory, higher inventory holding costs, increased discounts to clear inventory, and reduction in its profit margins. 

High revenue dependence on B2B manufacturing segment: The company’s business is predominantly dependent on its business-to-business (B2B) manufacturing segment, under which it manufactures home textile products for domestic and international customers and brands in accordance with their specifications. During Fiscal 2026, its B2B operations contributed 99.60% of its revenue from operations, while its business-to-consumer (B2C) operations contributed 0.40% of its revenue from operations. Accordingly, its financial performance is significantly dependent on the continued demand for its B2B manufacturing operations. Its B2B business is subject to risks associated with changes in customer demand, sourcing strategies, pricing pressure, order cancellations, customer concentration, competition and general economic conditions in the domestic and international markets. Any reduction in purchase orders from its B2B customers, inability to acquire new customers or loss of existing customers could materially reduce its revenues and adversely affect its business, financial condition, results of operations and cash flows. 

Depends on limited number of customers: A substantial portion of the company’s revenue from operations is derived from a limited number of customers. The company’s top 10 customers accounted for 83.82%, 87.42%, and 95.84% of revenue from operations for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. The company does not have any long-term agreements with its customers and operate on a purchase order basis. Its customers may terminate their purchase orders with it, with or without cause or notice, at any time. Loss of all or a substantial portion of sales to any of its top 10 customers, for any reason, including limitation to meet any change in quality specifications, change in technology, disputes with customers, adverse change in the business and financial condition of such customers (including due to possible bankruptcy, liquidation or other financial hardship), decline in their sales, or cheaper import/purchase alternatives, could have a material adverse impact on its business, results of operations, financial condition and cash flows. 

Outlook

TNA Solutions is engaged in the manufacturing of home textile products for domestic and international customers. The company offers a diversified portfolio of home textile products, including sheet sets, pillow shells and covers, towels, and top-of-bed products such as comforters, quilts, dohars and mattress protectors. It primarily operates under a B2B manufacturing model, supplying products to global retailers, importers and domestic brands under their respective brands or specified labels. Its manufacturing facility is located in Indore, Madhya Pradesh, where it converts processed fabrics into finished home furnishing products based on customer specifications. On the concern side, the company’s significant portion of revenue from operations is derived from export sales. Adverse developments in its export markets, including changes in tariffs, foreign exchange rates, trade restrictions, geopolitical conditions or logistics availability, could materially and adversely affect its business, financial condition, results of operations and cash flows. Besides, the company’s operations require significant amount of working capital for its smooth day to day operations and continuing growth of business. 

The company is coming out with a maiden IPO of 54,08,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 66-70 per equity share. The aggregate size of the offer is around Rs 35.69 crore to Rs 37.86 crore based on lower and upper price band respectively. On performance front, total income increased by 31.28% to Rs 11,044.57 lakh in Fiscal 2026 from Rs 8,412.68 lakh in Fiscal 2025. Profit after tax increased by 43.94% to Rs 958.35 lakh in Fiscal 2026 from Rs 665.80 lakh in Fiscal 2025. 

Meanwhile, as a part of the company’s retail growth strategy, it intends to strengthen its presence in the business-to-consumer segment through both online and offline channels. It has commenced selling products directly to consumers under its owned brand, ‘Ambra Linens’. This strategy enables it to establish a direct relationship with end customers, improve brand visibility, obtain better insights into consumer preferences and expand its reach across target markets. It intends to further develop the ‘Ambra Linens’ brand by broadening its product offerings, strengthening its distribution network and increasing its presence across digital and physical retail channels.

Sahajanand Medical Technologies

• Sahajanand Medical Technologies is coming out with a 100% book building; initial public offering (IPO) of 1,38,22,116 shares of face value Rs 1 each in a price band Rs 327-344 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 15, 2026 and will close on October 19, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 327 times of its face value on the lower side and 344 on the higher side.
• Book running lead managers to the issue are Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India) and Nuvama Wealth Management.
• Compliance officer for the issue is Deepshikha Singhal. 

Profile of the company

Sahajanand Medical Technologies is a Class III and Class C/D medical devices company with a portfolio of technologically advanced medical devices across vascular and structural heart intervention. The company was founded by Dhirajlal Kotadia in 2001. The company was the first company in the world to receive a CE certification for a DES with a biodegradable polymer-based paclitaxel-eluting stent (Infinnium). Over the years, the company has introduced several innovative products, driven by its focus on research and development and precision manufacturing capabilities enabling it to deliver quality products backed by clinical data, with a presence across 65 countries (including India) in the three months ended June 30, 2026 and 77 countries (including India) in Fiscal 2026.

The company is a R&D-driven company engaged in the development of Class III and Class C/D medical devices, with an emphasis on Vascular Intervention (VI) and Structural Heart (SH). The company’s portfolio of (i) VI products includes coronary intervention products such as coronary stents and coronary balloons, (ii) SH products include TAVI and Occluders, and (iii) Others including its own brand of renal stents, peripheral DCBs and other trading products.

The company marketed its products in 77 countries (including India) in Fiscal 2026, through a mix of direct, hybrid, and distributor-led models, adapting to local regulatory and market conditions. In India, through its hybrid model, it caters to large hospitals, including Narayana Hrudayalaya Limited. In Europe, it has direct operations in major markets such as Germany, Spain, France and UK, successfully navigating complex regulatory and procurement environments. In certain other regions, such as Italy, it uses distributor-led models for efficient market entry and scaling. Its international revenue share has grown steadily over the past three years, reflecting increasing global acceptance and diversification of its business. 

Proceed is being used for: 

• Carrying out the Offer for Sale of Equity Shares of face value of Rs 1 each by the Promoter Selling Shareholder
• Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Industry overview

The medical device industry is poised for sustained growth of 6.2%, underpinned by continuous innovation, regulatory evolution, and shifting demographic trends. The global medical device industry has undergone significant transformation over the past decade, driven by rapid advancements in technology, rampant deal-making, and value chain compression. In 2025, the industry was valued at approximately $540.3 billion, having grown at a CAGR of 3.2% from 2019 to 2025. With continued innovation, increased adoption of digital health solutions and artificial intelligence-driven diagnostics, increasing healthcare expenditures, improving infrastructure, and rising demand for early disease detection and personalized treatment, the market is forecasted to reach $729.8 billion by 2030, reflecting a projected CAGR of 6.2% during the 2025-2030 period.

The Indian Medical Device market is the fastest growing segment in the Indian healthcare market, and it is estimated to reach $50.1 billion by 2030 at a growth rate of 26.9% from its estimated value of $15.2 billion in 2025. The Indian Medical device market was estimated to contribute 1.65% of the global medical device market as of 2023, and India aims to reach 10-12% in global market share within 25 years. Export of medical devices from India increased from $2.3 billion in 2020 to $4.01 billion in 2025 at a CAGR of 11.8%, and it is projected to reach $20.0 billion in 2030 at a CAGR of 37.9% between 2025 and 2030.

Vascular intervention (VI) refers to minimally invasive procedures used to diagnose or treat diseases of the blood vessels. Vascular interventional devices, constituting 54.0% of the vascular devices market in 2025, encompass devices such as stents, catheters, angioplasty devices, atherectomy devices and renal denervation devices balloons used in minimally invasive procedures to treat coronary and peripheral artery disease. This segment, valued at $14.2 billion in 2025, is projected to reach $20.8 billion by 2030, growing at a CAGR of 7.9%, driven by the rising prevalence of cardiovascular diseases (CVDs), increasing adoption of PCI, and technological advancements in drug-eluting stents. Meanwhile, the global structural heart devices market is expected to reach $17.1 billion in 2030 from $12.1 billion in 2025 at a CAGR of 7.1%. The growth in the market is driven by both an increasing demand for minimally invasive cardiovascular procedures and improved adoption of TAVI and other products due to accessibility, affordability and quality outcomes. 

Pros and strengths 

Strong product portfolio and regulatory compliance: The company is among a select few Class III (and Class C/D) players in India and globally to have a comprehensive portfolio of advanced cardiovascular implants, with a product portfolio including DES, Drug-coated balloons, PTCA balloons, TAVI systems, and Occluders. Additionally, its product portfolio is supported by strong clinical evidence and complies with stringent regulatory standards in both domestic and international markets.

Strong research and development capabilities: The company operates two research and development (R&D) facilities located in India and Thailand. In India, its primary R&D center is situated in Surat, Gujarat and is recognized by the Department of Scientific and Industrial Research (DSIR), Government of India. The Surat R&D facility is ISO 13485:2016 certified and in Thailand, it operates a facility in Nonthaburi, which is certified under Thai GMP and holds CE certifications. It has demonstrated its commitment to research and development, with its R&D expenses.

Strong market position in DES and structural heart devices: The company is a key player in the DES market in India, with a market share of nearly 25.00% in FY2026 of the total DES volume sales in India. In addition to its leadership position in India, the company is among the top five companies in terms of market share by sales volume of DES in Germany, Spain, Poland and Brazil, as of March 31, 2026, demonstrating its global presence. Furthermore, it has effectively leveraged its leadership and experience in the DES market to successfully launch and scale its SH products, particularly focusing on TAVI and Occluder devices. The company is among the top five companies in terms of market share by sales volume of Occluders in Thailand, South Korea and India as of March 31, 2026.

Geographically diversified presence and global market reach: The company has established a geographically diversified presence, marketing its products in 65 countries (including India) in the three months ended June 30, 2026 and 77 countries (including India) in Fiscal 2026, with its top 10 countries contributing 79.82% and 78.76% of total revenue from operation in the three months ended June 30, 2026 and Fiscal 2026, respectively. To optimize its global sales, the company has adopted a tailored approach to market entry and expansion, utilizing a mix of direct, hybrid, and distributor-led models across different geographies. As of June 30, 2026, the company has a presence in six direct markets, 20 hybrid markets, and 39 distributor-led markets, each supported by region-specific strategies designed to maximize market penetration and operational efficiency.

Risks and concerns

Supplier concentration and raw material procurement risks: The company is dependent on the continued supply of raw materials and components, the supply and cost of which can be subject to significant variation due to factors outside its control. Additionally, the company is dependent on its suppliers (its top 10 suppliers contributed to 63.61%, 59.15%, 64.37% and 58.88% of total purchases in the three months ended June 30, 2026 and in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively) for certain raw materials and components and a single supplier for certain components and an inability to procure the required quality and quantity, at competitive prices, its business, financial condition, cash flows and results of operations may be adversely affected.

High revenue dependency on key products: A majority of the company’s revenues are from the sale of Vascular Intervention devices (contributed to 60.40%, 61.14%, 65.86% and 68.57% of its revenue from operations in the three months ended June 30, 2026 and in Fiscals 2026, 2025 and 2024, respectively). Additionally, the sale of the Supraflex Cruz, which forms part of its VI devices portfolio contributed to 39.00%, 37.17%, 42.06% and 47.84% of its revenue from operations in the three months ended June 30, 2026, and in Fiscals 2026, 2025 and 2024, respectively. Any adverse impact on sales of products within this vertical, or of the Supraflex Cruz would adversely affect its business, results of operations and profitability.

Risk of losing market share due to intense competition: The medical device market is intensely competitive and is characterized by extensive R&D and rapid technological change. The company’s competitors include multinational companies as well as domestic companies. Customers consider various factors such as product quality, technology, breadth of product portfolio, cost, delivery and service, as well as quality and depth of relationships before choosing a medical device brand. As a result, to remain competitive in its markets, it must continuously strive to reduce its costs of production, transportation and distribution and improve its operating efficiencies, while developing advanced innovative products. Any quality problems with its processes, goods and services may harm its reputation for producing quality products and erode its competitive advantage, sales and market share.

Dependence on R&D capabilities and product innovation: The company’s future growth is dependent upon its R&D capabilities and development of new products and enhancement of existing products, and a failure to effectively develop and commercialize new products would materially and adversely affect its business, financial condition, results of operations and prospects. Further, its operating margins are subject to fluctuation on account of high allocation to R&D (which constituted 9.88%, 8.61%, 9.07% and 9.04% of its total revenue from operations in the three months ended June 30, 2026 and in Fiscals 2026, 2025 and 2024).

Outlook

Sahajanand Medical Technologies is a medical technology company engaged in the development, manufacturing and marketing of technologically advanced medical devices, primarily focused on vascular intervention and structural heart intervention. The company has strong research and development capabilities. It also has diversified and integrated manufacturing facilities. On the concern side, the company faces risks from intense competition, rapid technological changes, dependence on R&D capabilities and high expenditure on product development. Any failure to innovate, commercialize new products, maintain product quality or improve operational efficiency could adversely affect its market share, operating margins and financial performance.

The issue has been offering 1,38,22,116 shares in a price band of Rs 327-344 per equity share. The aggregate size of the offer is around Rs 451.98 crore to Rs 475.48 crore based on lower and upper price band respectively. Minimum application is to be made for 43 shares and in multiples thereof thereafter. On performance front, the company’s total revenue from operations increased by 18.11% to Rs 12,105.04 million in Fiscal 2026 from Rs 10,248.79 million in Fiscal 2025 primarily due to higher sales volumes across product verticals and geographies. Moreover, the company’s restated profit after tax increased by 174.66% to Rs 690.82 million in Fiscal 2026 from Rs 251.52 million in Fiscal 2025.

Meanwhile, the Indian market for VI, SH, and other product segments presents substantial growth opportunities. The company intends to leverage its strong network of KOL connections and local teams to further expand its SH portfolio. The company aims to do so by participating in conferences and through continuous scientific engagements with KOLs and physicians which will further enhance its market presence and brand reputation leading to higher realizations. It aims to continuously collect insights and market feedback to improve its products and identify new high growth, high value opportunities.