TNA Solutions Limited IPO

01At a glance

TNA Solutions IPO date, price band and lot size

What the company does: cuts, stitches, embroiders, finishes and packs home textiles (sheet sets, pillow shells, towels, comforters and mattress protectors) at a leased factory in Indore, from fabric it has dyed and processed by outside processing houses (RHP p.145).

Who pays it: global retailers, importers and domestic brands, which market the goods under their own labels; B2B sales were 99.60% of FY26 revenue (RHP p.146). The prospectus does not name the customers, citing no consent; the largest was 23.27% of FY26 revenue and the top ten 83.82% (RHP p.29).

Why it is raising money: ₹2,000.00 lakh for working capital and ₹675.56 lakh for a new stitching unit in Dhar district, with the balance for general corporate purposes (RHP p.98).

How fast it has grown: revenue from ₹3,585.08 lakh in FY24 to ₹10,458.72 lakh in FY26, about 70.8% a year, and profit after tax from ₹268.74 lakh to ₹958.35 lakh, about 88.8% a year (our arithmetic, RHP p.64).

The one thing to understand: the profit has not turned into cash. Operating cash flow was negative in each of the three years, −₹1,847.27 lakh in FY26 against profit of ₹958.35 lakh, as receivable days went from 40 to 128 (RHP p.65, RHP p.30). Other income, mostly export duty drawback, was 45.5% of FY26 profit before tax (our arithmetic, RHP p.64).

02The business, in plain words

What TNA Solutions does

TNA Solutions began as TNA Solutions LLP in September 2021 and became a public limited company on June 23, 2024 (RHP p.2). It does not weave or dye. It purchases greige (unprocessed) fabric from weavers and sends it to third-party processing houses for dyeing, printing and other wet processing, keeping ownership of the fabric, or purchases finished fabric from mills and stockists; its own factory then does cutting, stitching, embroidery, finishing, inspection and packing (RHP p.145). Job-work charges paid to those processors were ₹1,114.12 lakh in FY26 (RHP p.27).

A retailer or importer places an order to its specification → TNA sources fabric and has it processed outside → TNA cuts, stitches and packs it under the customer's label → TNA is paid per order, domestically or as an export on agreed credit.

The factory is a leased building of 56,000 sq. ft. at Sonvay, Indore, with 186 machines (RHP p.159, RHP p.160). The company had 193 employees on payroll and 66 on contract at July 31, 2026 (RHP p.163). It also sells a small range under its own brand, Ambra Linens, launched in 2022, through marketplaces and, since July 2026, its own website; B2C sales were ₹42.23 lakh in FY26 (RHP p.146).

Earnings equation: Revenue = metres of fabric converted × revenue per metre. In FY26 the factory produced 39,17,540 metres (RHP p.42), which against revenue of ₹10,458.72 lakh is about ₹267 of revenue per metre produced; the same arithmetic gives about ₹391 in FY24 and ₹449 in FY25 (our arithmetic, RHP p.42, RHP p.64). The prospectus does not give prices or volumes by product, so this is an average across products and not a price.

03Where the money comes from

Source: RHP p.25.

Exports were 2.79% of revenue in FY24, 33.39% in FY25 and 52.03% in FY26 (RHP p.31). In FY26 the USA was 20.26% of revenue and the UAE 15.29%; in India, Haryana was 25.30% and Madhya Pradesh 10.82% (RHP p.235, RHP p.44).

TNA Solutions customers: how concentrated the revenue is

Source: RHP p.161. Revenue does depend on a few customers: ten accounted for ₹8,766.99 lakh of the ₹10,458.72 lakh in FY26, and there are no long-term agreements; customers order on purchase orders (RHP p.29, RHP p.30). The sixth-largest FY26 customer, at ₹632.43 lakh or 6.05%, matches in amount the FY26 sales to Tex Global INC, a promoter group body corporate (RHP p.29, RHP p.67, RHP p.199).

04The growth record

TNA Solutions financials: revenue, profit and margins

Source: RHP p.115, RHP p.116, RHP p.65, RHP p.245.

Our arithmetic: revenue grew about 70.8% a year from FY24 to FY26, EBITDA about 57.2% and profit after tax about 88.8%; EBITDA margin fell 219 basis points while PAT margin rose 166 basis points (RHP p.115, RHP p.64). Profit grew faster than EBITDA because other income, which EBITDA excludes, rose from ₹46.42 lakh to ₹585.85 lakh (RHP p.64).

FY24 was the last year of the LLP, and the prospectus says the change of legal status affects comparisons with it (RHP p.237). The management discussion prints return on net worth of 26.67%, 29.13% and 53.93%, on a different basis from the 32.60%, 47.83% and 84.38% in the ratios table (RHP p.237, RHP p.115).

05What the growth is made of

Revenue rose from ₹3,585.08 lakh in FY24 to ₹10,458.72 lakh in FY26 (RHP p.64). Exports account for ₹5,341.32 lakh of the ₹6,873.64 lakh increase, and domestic sales for ₹1,532.31 lakh (our arithmetic, RHP p.31). From FY25 to FY26 the whole net increase came from exports, which rose by ₹2,720.48 lakh while domestic revenue fell by ₹410.36 lakh (RHP p.242). By product, pillow pairs rose from ₹600.31 lakh to ₹3,331.70 lakh in FY26 while sheeting fell from ₹6,030.18 lakh to ₹5,328.72 lakh (RHP p.25).

Output in metres rose about 116% from FY25 to FY26, from 18,14,614 to 39,17,540 metres, while revenue rose 28.35% (our arithmetic, RHP p.42, RHP p.115). The prospectus does not give volumes or prices by product, so the increase cannot be split into volume and price; the company says only that the contribution of volume, mix and price "may vary across periods" (RHP p.247).

06Earnings quality

FY26 other income of ₹585.85 lakh included duty drawback of ₹354.08 lakh, an unrealised foreign-exchange gain of ₹118.69 lakh and a state government subsidy of ₹19.91 lakh (RHP p.242). Duty drawback alone was 27.5% of FY26 profit before tax (our arithmetic, RHP p.242, RHP p.64). The cash shortfall is working capital: in FY26 receivables took ₹1,796.44 lakh, inventories ₹1,141.54 lakh and other current assets ₹576.01 lakh (RHP p.65). Export customers were 81.40% of trade receivables at March 2026 (RHP p.31). The prospectus's own narrative puts operating cash flow at −₹1,843.69 lakh for FY26, against −₹1,847.27 lakh in the cash flow statement (RHP p.36, RHP p.65).

07The balance sheet

At March 2026, borrowings were ₹4,629.37 lakh: ₹540.19 lakh long term and ₹4,089.18 lakh short term, against cash of ₹9.21 lakh (RHP p.63). Inventory was ₹3,605.52 lakh and trade receivables ₹3,653.84 lakh, together 77.1% of total assets of ₹9,421.16 lakh (our arithmetic, RHP p.63). Property, plant and equipment was ₹517.00 lakh (RHP p.63). The debt-equity ratio was 1.29 and the debt service coverage ratio 0.69 (RHP p.47).

The lenders listed at July 31, 2026 include Bank of India (a ₹3,250.00 lakh cash credit limit and a ₹498 lakh packing credit, ₹2,553.38 lakh outstanding on the two together), 27 small unsecured working-capital loans from banks and finance companies, and six invoice-discounting lenders (RHP p.248, RHP p.249). Interest rates range from 13.10% to 22.50% (RHP p.249).

The working-capital loans are secured on residential property owned by Ambuj Jain and Tanu Jain, by relatives, and by other named individuals, and on the leased Dhar plot (RHP p.250). The prospectus reports no contingent liabilities (RHP p.66). Net debt of ₹4,620.16 lakh was 3.6 times FY26 EBITDA (our arithmetic, RHP p.63, RHP p.115).

After the issue: at the upper band the fresh issue raises ₹3,785.60 lakh before expenses, against net worth of ₹3,593.98 lakh; none of it is earmarked to repay debt (our arithmetic, RHP p.60, RHP p.98). The prospectus puts net asset value after the issue at ₹36.16 a share at the cap price (RHP p.114).

08What the money is for

TNA Solutions IPO objects: what the money is for

Source: RHP p.98, RHP p.100; percentages our arithmetic at the upper band.

Working capital: ₹400.00 lakh is to be deployed in FY27 and ₹1,600.00 lakh in FY28 (RHP p.98). The new unit is on a 2,17,115 sq. ft. plot leased from MP Industrial Development Corporation for 99 years, with a 20,000 sq. ft. production building; civil works are quoted by Neev Infracon Private Limited and machinery by IIGM Private Limited, and no orders have been placed (RHP p.100, RHP p.101, RHP p.104).

General corporate purposes are capped at the lower of 15% of gross proceeds or ₹1,000.00 lakh (RHP p.98). At the upper band the two named objects take ₹2,675.56 lakh of the ₹3,785.60 lakh gross, leaving ₹1,110.04 lakh for general corporate purposes and issue expenses, which the prospectus leaves blank (our arithmetic, RHP p.98, RHP p.111).

Into the business the whole issue: up to 54,08,000 new shares, ₹3,785.60 lakh at the upper band (our arithmetic, RHP p.60). To selling shareholders nothing: there is no offer for sale (RHP p.1).

09Who is selling

TNA Solutions IPO offer for sale: who is selling

No one. The issue is entirely new shares issued by the company (RHP p.1). The promoters and promoter group will not bid in the issue (RHP p.96).

10Promoters

The promoters are Ambuj Jain, Ayush Jain and Tanu Jain (RHP p.196). Ambuj Jain, 40, managing director, holds a textile technology degree and worked at GHCL from 2007, Birla Century from 2009 and Trident from 2016 as Vice President of its home textile division, before co-founding the LLP in 2021 (RHP p.181).

Ayush Jain, 31, director and chief financial officer, was an audit and tax manager at a chartered accountancy firm from 2016 to 2022 (RHP p.181). Tanu Jain, 38, non-executive director, leads product design (RHP p.181). The prospectus states that Ambuj Jain is the spouse of Tanu Jain and the brother of Ayush Jain, and that the chief operating officer, Anuj Jain, is the brother of both (RHP p.182, RHP p.194).

Pay: Ambuj Jain's basic salary is ₹48,00,000 a year, and Ayush Jain's ₹9,00,000 plus ₹9,00,000 of perquisites (RHP p.183, RHP p.184). The three promoters drew ₹71.13 lakh in FY24 and ₹77.03 lakh in FY26 (our arithmetic, RHP p.67). Anuj Jain joined as chief operating officer on June 1, 2026 at ₹36.00 lakh a year (RHP p.194).

Other interests: Avni Impex, a partnership in the promoter group listed as Ayush Jain's venture, trades fabric for the home textile industry and signed a non-compete agreement with the company on July 29, 2026 (RHP p.196, RHP p.199, RHP p.178). Tex Global INC is a promoter group body corporate (RHP p.199). No promoter shares are pledged (RHP p.95).

Promoter economics: each promoter's average cost is ₹2.00 a share after the July 2026 bonus (RHP p.95). The promoters subscribed at ₹10 a share at incorporation in June 2024, Ambuj Jain and Ayush Jain also at ₹10 in the July 2024 rights issue, and every one of those shares became five in the 4-for-1 bonus of July 14, 2026 (RHP p.90, RHP p.83).

11Who already owns it

TNA Solutions promoter holding before and after the IPO

The company had 26 shareholders on September 18, 2026 (RHP p.87). The three promoters hold 1,02,92,500 of 1,50,00,000 shares, 68.62%, and two promoter group members hold 10,000 more (RHP p.90). The large outside holders are:

Source: RHP p.89, RHP p.90, RHP p.91, RHP p.84, RHP p.85; share counts include the bonus. The July 2024 rights issue was allotted to Topfilings, Ambuj Jain and Ayush Jain; Topfilings is not among the seven subscribers at incorporation (RHP p.84). If the whole issue is allotted, the promoters would hold 50.43% of 2,04,08,000 shares (RHP p.90).

12What changed just before the IPO

• The LLP was converted into a public limited company on June 23, 2024 (RHP p.2).
• Shares were placed at ₹160 in July 2024, ₹211 in December 2024 and ₹233.33 in August 2025, then a 4-for-1 bonus was issued on July 14, 2026 (RHP p.83).
• The first statutory auditor, Bansal Modi & Associates, resigned on December 8, 2024; ATK & Associates was appointed on January 2, 2025 and reappointed for FY26 to FY30 (RHP p.79).
• Ambuj Jain became managing director and Ayush Jain whole-time director on February 24, 2025; a company secretary was appointed on July 6, 2026, the independent directors on July 10 and August 3, 2026, and Ayush Jain was redesignated a director on August 1, 2026 (RHP p.180, RHP p.181, RHP p.195).
• The factory grew from 26,000 to 56,000 sq. ft. in 2025, and the Dhar plot was leased on November 27, 2025 (RHP p.175, RHP p.162).
• Exports went from 2.79% to 52.03% of revenue between FY24 and FY26 (RHP p.31).
• Several filings with the Registrar of Companies were made late and regularised in June and July 2026, one of them 727 days late (RHP p.32).
• The non-compete agreement with Avni Impex was signed on July 29, 2026 (RHP p.178).

13Capacity and expansion

Source: RHP p.42, as certified by a chartered engineer, on a single 8-hour shift. Installed capacity quadrupled over two years while property, plant and equipment reached ₹517.00 lakh at March 2026 (RHP p.63). The new unit would add 35,39,878 metres a year, 67.77% of existing capacity, with 129 new machines, among them 70 lockstitch and 30 overlock machines (RHP p.100, our arithmetic, RHP p.104). The company schedules civil works from November 2026 and commercial production from April 2027 (RHP p.106). Building plan approval, factory licence and fire clearance are still to be applied for (RHP p.106).

14Market size and industry structure

TNA Solutions industry: market size and growth

As claimed: the India home textile market was valued at USD 11.18 billion in 2025, citing the website of Mordor Intelligence (RHP p.138). The industry chapter is built from public websites and government sources; the company did not commission an industry report, and says it cannot vouch for the figures (RHP p.53). Pages 124 to 130 are on the world and Indian economies. Every projection below is the chapter's, quoted from those websites.

The part that is addressable: bed linen, bath linen and top-of-bed products made to order for retailers and importers in India and abroad. The prospectus does not size that part. The nearest figures are bed linen at 53.77% of the India market in 2025, about USD 6.0 billion (our arithmetic, RHP p.138, RHP p.140), and home textile exports of USD 5.1 billion in the first nine months of 2024 (RHP p.139).

What the company is today: ₹10,458.72 lakh of FY26 revenue (RHP p.64). The market figure is in US dollars and the prospectus gives no conversion for 2025, so no share is worked out.

Size over time: quoting Mordor Intelligence, the chapter puts the India market at USD 11.91 billion in 2026 and projects USD 16.76 billion by 2031, a CAGR of 7.08% over 2026 to 2031 (RHP p.138). It gives no earlier years for India. The same source puts the world market at USD 136.25 billion in 2025 and USD 145.29 billion in 2026, and projects USD 197.28 billion by 2031 at a 6.31% CAGR (RHP p.131).

Segments: in India, bed linen led with 53.77% in 2025, and the chapter projects it to grow fastest, at an 8.21% CAGR over 2026 to 2031; cotton was 66.25% by material, residential buyers 73.75% of demand and offline channels 88.03% of sales (RHP p.140, RHP p.141). The company's sheeting and pillow pairs were ₹8,660.42 lakh, 82.8% of FY26 revenue, with towels at ₹1,403.94 lakh and top of bed at ₹394.36 lakh (our arithmetic, RHP p.25).

What drives demand: urban households spending 4.2% of monthly budgets on home furnishings against 3.1% in 2020, a shift to branded products, and bed linen replaced every three years instead of five (RHP p.139); online sales of over ₹8,500 crore in 2024, up 28% (RHP p.139); "China + 1" sourcing, with India taking 34% of US bed-linen imports in the first nine months of 2024 (RHP p.139); and hotel refurbishment for bath linen (RHP p.133).

Structure: the chapter calls the India market moderately fragmented, with leading producers holding a significant share, and names Welspun, Trident, Indo Count and GHCL among the producers, with Reliance Retail and DMart offering private labels (RHP p.142). It treats EU traceability rules as a barrier to entry, and cheaper plug-and-play space in PM MITRA parks as easing entry (RHP p.136, RHP p.139). It does not name VTM or Faze Three, the peers the prospectus lists (RHP p.114). The prospectus describes competition from organised and unorganised Indian makers and from overseas suppliers to export customers (RHP p.163).

Inputs and trade: the company purchases greige and finished fabric (RHP p.145), while the chapter's input prices are for fibre: cotton at ₹62,000 a candy in March 2024, 18% above December 2023, and polyester staple fibre at ₹95 a kg in 2024, up 12%; it says a higher cotton support price squeezed gross margins by up to 300 basis points (RHP p.139, RHP p.140). Exports were 52.03% of the company's FY26 revenue (RHP p.31); the chapter notes the India-UK trade agreement, where home textiles currently face a 12% UK tariff (RHP p.142).

Rules: the chapter says compliance with BIS norms involves annual audits with costs, and that new quality-control orders compress short-term margins (RHP p.138, RHP p.142). For exports it cites EU producer responsibility for textiles by April 2028, digital product passports from mid-2028 and the EU Carbon Border Adjustment Mechanism from 2026 (RHP p.135, RHP p.140). The company holds a factory licence and fire and safety approval for its Indore unit (RHP p.163) and lists OEKO-TEX, GOTS, SMETA and a Walmart audit among its certifications (RHP p.175, RHP p.176).

What the chapter says can go wrong: cotton price swings and raw-material inflation squeezing margins, with hedging underused among small firms (RHP p.138, RHP p.140); uncertain tariffs and trade policy in Western markets (RHP p.140); tariff-related volatility and cautious retailer inventories in North America (RHP p.135); and the textile industry's environmental footprint, which the chapter calls its primary constraint (RHP p.131).

15Competitive position

TNA Solutions competitors

Source: RHP p.117. The company gives consistent quality, delivery and customisation as its competitive means (RHP p.163), and lists OEKO-TEX Standard 100, GOTS scope, SCAN, SMETA and a Walmart factory audit among its certifications (RHP p.175, RHP p.176). Its "TNA Solutions" trademark is still pending, and the "Ambra Linens" registration is still in the name of the LLP (RHP p.51).

16Peers the company named

TNA Solutions listed peers

Peers named in the offer document: VTM Limited and Faze Three Limited (RHP p.114).

VTM's FY26 revenue is about 3.6 times TNA's and Faze Three's about 8.2 times; both had PAT margins near 3%, against TNA's 9.16% (our arithmetic, RHP p.117). Their P/E ratios were 41.84 and 37.35 at closing prices of September 22, 2026, an average of 39.60 (RHP p.114, RHP p.115). Under the peer table the prospectus carries a note that the peer ratios come from a “Peer Financial Template supplied by the user” and should be refreshed before filing (RHP p.114). The draft named two different peers, at an average P/E of 6.15 (DRHP p.145); see section 29.

17Valuation at the issue price

TNA Solutions IPO valuation and P/E

At the upper band of ₹70, with the full 54,08,000 new shares added to 1,50,00,000 existing shares (our arithmetic, RHP p.60):

Source: RHP p.60, RHP p.64, RHP p.63. At the lower band of ₹66 the market capitalisation is ₹13,469.28 lakh (our arithmetic, RHP p.60). Book value at March 2026 was ₹23.96 a share on the post-bonus count; on the prospectus's own after-issue NAV of ₹36.16 at the cap, the price is 1.9 times book (our arithmetic, RHP p.63, RHP p.114). Enterprise value, with March 2026 borrowings of ₹4,629.37 lakh and cash of ₹9.21 lakh on the shares before the issue, is ₹15,120.16 lakh, 11.9 times FY26 EBITDA of ₹1,267.96 lakh (our arithmetic, RHP p.63, RHP p.115).

The prospectus puts the weighted average cost of acquisition of primary issues at ₹0.58 a share, which makes the floor and cap 113.79 and 120.69 times that cost (RHP p.118). The last cash placement, at ₹233.33 in August 2025, is ₹46.67 a share after the 4-for-1 bonus (our arithmetic, RHP p.83).

The two peers the prospectus names traded at 41.84 and 37.35 times earnings on September 22, 2026 (RHP p.114). At the upper band the issue is priced at 10.9 times FY26 EPS on the prospectus's own share basis and 14.9 times FY26 profit on the enlarged share count. For an individual, the minimum application is two lots (RHP p.11); at the upper band two lots of 2,000 shares cost ₹2,80,000 (our arithmetic, RHP p.9). Bidding runs from September 30 to October 6, 2026, with anchor bidding on September 29 (RHP p.3).

18Risks, in plain words

TNA Solutions IPO risks

Cash and working capital: operating cash flow was negative in all three years (RHP p.65) → growth has been paid for with borrowing and share placements → borrowings rose from ₹1,141.11 lakh to ₹4,629.37 lakh between March 2024 and March 2026 (RHP p.245).

Customers: the top ten customers were 83.82% of FY26 revenue, on purchase orders only (RHP p.29, RHP p.30) → an order lost is not quickly replaced → the largest was ₹2,433.30 lakh of FY26 revenue (RHP p.29).

Exports and collections: exports were 52.03% of FY26 revenue (RHP p.31) → tariffs, currency and shipping affect a half of sales → export customers owed 81.40% of March 2026 receivables, and receivable days were 128 (RHP p.31, RHP p.30).

Other income: duty drawback and foreign-exchange gains were ₹472.77 lakh of FY26 other income (our arithmetic, RHP p.242) → they depend on export incentive schemes and exchange rates → other income was 45.5% of FY26 profit before tax (our arithmetic, RHP p.64).

Related parties: the company purchased ₹836.82 lakh from Avni Impex and sold ₹632.43 lakh to Tex Global INC in FY26, both promoter group entities (RHP p.67, RHP p.199) → prices set between related parties may differ from outside terms → Tex Global owed ₹541.26 lakh at March 2026 (RHP p.68).

Suppliers and processors: dyeing and printing are done by third-party processing houses without long-term agreements, and the top ten suppliers were 76.41% of FY26 purchases (RHP p.27, RHP p.28) → a delay there stops finished goods → job work cost ₹1,114.12 lakh in FY26 (RHP p.27).

Compliance: filings with the Registrar of Companies and some GST, ESIC and PF payments were late (RHP p.32, RHP p.34) → no notice has been received, but penalties are possible → one filing was 727 days late (RHP p.32).

Issue-specific: the objects are not appraised, orders for the new unit are not placed and general corporate purposes are not quantified (RHP p.53, RHP p.104, RHP p.98).

19Litigation and regulatory matters

Cases against TNA Solutions and its promoters

The prospectus lists three material creditors owed ₹328.88 lakh at March 2026 (RHP p.255).

20Related-party transactions

Source: RHP p.67; totals of named rows are our arithmetic. The prospectus names Nisha Jain as the mother of Ambuj Jain and Ayush Jain, and Megha Jain as the spouse of Ayush Jain (RHP p.198). At March 2026 Avni Impex owed ₹292.43 lakh and held a ₹200.00 lakh trade advance, and Tex Global INC owed ₹541.26 lakh (RHP p.68). Sales to Tex Global INC appear for the first time in FY26 (RHP p.67).

Read from the filing: the supplier risk factor states that no supplier is related to the promoters, directors or key managers (RHP p.29), while the third-largest FY26 supplier, at ₹836.82 lakh, matches in amount the FY26 purchases from Avni Impex (RHP p.28, RHP p.67).

21What the offer document does not say

Customer names are not disclosed, for want of consent (RHP p.29). Volumes and prices by product are not disclosed, so the fall in revenue per metre produced in FY26 is not explained. The notes to the restated financial statements could not be read in the copy published by the lead manager, so the breakdown of borrowings, other income and auditor remarks rests on the management discussion.

Where Tex Global INC is incorporated, and what it does with the goods, is not stated. The issue expenses and the amount for general corporate purposes are blank (RHP p.111, RHP p.98). The accounting policy pages carry a note that they should be aligned with the final signed financial information before filing (RHP p.238).

Director remuneration is given as ₹103.11 lakh for FY25 and ₹68.19 lakh for FY26 in the management discussion, against ₹63.00 lakh and ₹77.03 lakh for the three promoters in the related-party table, and the difference is not reconciled (RHP p.242, RHP p.67).

22Five questions for management

1. How many metres of each product were sold in FY25 and FY26, and at what average price, given that output doubled while revenue rose 28.35%?
2. Who is Tex Global INC, where is it based, and on what credit terms were the FY26 sales of ₹632.43 lakh made, of which ₹541.26 lakh was unpaid at March 2026?
3. Is Avni Impex the third-largest supplier of FY26, and how do its prices compare with unrelated fabric suppliers?
4. What share of FY26 profit before tax would remain without duty drawback and the unrealised exchange gain, and on what terms does the drawback depend?
5. How did installed capacity rise from 13,10,506 to 52,23,386 metres over two years on ₹517.00 lakh of fixed assets, and what does the single-shift basis assume?

24Draft to final: what changed

The latest audited year (FY26, revenue ₹10,458.72 lakh), the objects (₹675.56 lakh and ₹2,000.00 lakh), the absence of an offer for sale, the promoters, the lead manager and the nil litigation position are the same in both documents (DRHP p.64, DRHP p.131, RHP p.64, RHP p.98).

1Sources and cited facts

This study was read from 1 document the company filed. The 135 figures it cites are listed under the document each came from, with the page and the sentence as printed.