IPO Overview
Established on September 27, 1995, Twinkle Papers Limited specialises in the manufacture of packaging and material handling products, producing corrugated boxes and polymer-based molded packaging products. The company’s plastic products utilise advanced technologies like blow molding, injection molding, and rotational molding, primarily serving industries such as food, dairy, construction chemicals, pharmaceuticals, and textiles. The company sells its products under the brand “Twinkle,” and its in-house R&D team collaborates with clients to design custom polymer solutions. As of December 31, 2025, the company had 119 employees, and its manufacturing facilities comply with ISO 9001:2015 standards.
The company is now launching its SME IPO on the BSE SME platform, aiming to raise approximately ₹27.52 crore through an entirely fresh issue of 39,88,000 equity shares. The price band is ₹64–₹69 per share, and the lot size is 2,000 shares, making the minimum retail investment around ₹2.76 lakh. The IPO opens on 29 June 2026 and closes on 1 July 2026, with listing expected on 6 July 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 29 June 2026 |
| IPO Close Date | 1 July 2026 |
| Allotment Date | 2 July 2026 (Expected) |
| Refund Initiation | 3 July 2026 |
| Credit to Demat | 3 July 2026 |
| Listing Date | 6 July 2026 (Tentative) |
| Price Band | ₹64 – ₹69 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,76,000 (2 lots = 4,000 shares) |
| Minimum Investment (HNI) | ₹4,14,000 (3 lots = 6,000 shares) |
| Issue Size | ₹27.52 crore (Total Issue: ~₹28 crore incl. Market Maker) |
| Fresh Issue | 37,88,000 shares (₹26 crore, ex-Market Maker) |
| Offer For Sale (OFS) | Nil |
| Pre-IPO Market Cap | ₹104.54 crore |
Note: The entire IPO is a fresh issue — no offer-for-sale component, meaning no promoter exit.
Issue Break-up
| Category | Shares Offered | % of Net Issue |
| Qualified Institutional Buyers (QIB) | 1,90,000 | 5.02% |
| Non-Institutional Investors (NII) | 17,98,000 | 47.47% |
| bNII (>₹10L) | 11,98,667 | 30.06% (of total) |
| sNII (<₹10L) | 5,99,333 | 15.03% (of total) |
| Retail Individual Investors (RII) | 18,00,000 | 47.52% |
| Market Maker (Firm Reservation) | 2,00,000 | 5.02% (of total) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all proceeds will be received directly by the company for business growth purposes.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net IPO proceeds towards:
| Issue Object | Estimated Amount (₹ Cr.) |
| Capital expenditure for expansion at the existing manufacturing facility (purchase of new machinery) | 6.50 |
| Repayment of a portion of loans availed by the company | 7.00 |
| Working capital requirements | 8.00 |
| General corporate purposes | Remaining |
| Total | 21.50 |
Lead Managers & Registrar
- Book Running Lead Manager: Novus Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Alankit Assignments Ltd.
- Market Maker: Nirman Share Brokers Pvt. Ltd.
Promoters & Management
The promoters of the company are:
- Mr. Amit Jain
- Mr. Ayush Jain
- Ms. Ruchi Jain
Promoter Holding: 98.99% (Pre-IPO) → 72.94% (Post-IPO)
Company Details
Twinkle Papers Limited manufactures a diverse range of packaging and material handling products, including:
- Corrugated boxes & multi-colored printed fiberboard cartons
- HDPE drums and jerry cans
- Plastic crates and heavy-duty pallets
- Molded plastic furniture
- Dustbins, lids, handles, and other ancillary items
Raw Materials Used: HDPE and LLDPE plastic granules
Sectors Served:
- Food & Beverage
- Dairy
- Healthcare
- Textiles
- Chemicals & Construction Chemicals
- Pharmaceuticals
- Refineries
Key Capabilities / Competitive Strengths:
- Experienced and qualified management and employee base
- Strong and consistent financial performance
- Growing customer base
- Scalable and reliable business model
- In-house R&D team for custom polymer packaging solutions
Certifications:
- ISO 9001:2015
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY23 | 54.96 | 0.90 | 5.47 |
| FY24 | 58.75 | 1.61 | 8.47 |
| FY25 | 83.98 | 3.33 | 9.63 |
| 9M FY26 (Dec 2025) | 73.13 | 5.40 | 10.75 |
Key Financial Metrics
- ROE / RoNW: 17.75% (FY25) → 21.66% (H1 FY26)
- ROCE: 22.83% (FY25) → 18.82% (H1 FY26)
- PAT Margin: 4.25% (FY25) → 7.49% (H1 FY26)
- EBITDA Margin: 11.79% (FY25) → 14.92% (H1 FY26)
- Debt/Equity: 2.09 (FY25) → 2.15 (H1 FY26)
- EPS: ₹2.98 (Pre-IPO) → ₹4.75 (Post-IPO)
- P/E Ratio: 23.16x (Pre-IPO) → 14.52x (Post-IPO)
- Total Borrowings: ₹53.69 crore (as of Dec 2025) — relatively high vs. net worth
Company Strengths
- Long-standing presence in the packaging industry since 1995, with an established “Twinkle” brand
- Diversified product portfolio serving multiple industries (food, pharma, textiles, chemicals, refineries)
- Consistent and improving financial performance — revenue and profit growing steadily over FY23–FY25
- Strong in-house R&D capabilities supporting customized packaging solutions
- ISO 9001:2015-certified manufacturing processes
Key Risks & Challenges
- High Debt/Equity ratio of ~2.15x — relatively leveraged balance sheet compared to net worth
- Low historical PAT margins (4–8% range), indicating thin profitability in a competitive packaging industry
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Working capital-intensive business model with rising borrowings (₹29.62 Cr in FY23 to ₹53.69 Cr by Dec 2025)
- Revenue dependent on dairy, food, pharma, and chemical sectors — vulnerable to raw material (plastic granule) price volatility
- No listed direct peer for accurate valuation comparison, which may lead to subjective pricing
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
