Twinkle Papers IPO – Company Analysis
Twinkle Papers IPO is an SME book-built issue worth ₹27.52 crore by Twinkle Papers Limited. The company is engaged in manufacturing packaging and material handling products, including polymer-based molded packaging solutions and corrugated boxes.
Its products are widely used across the food, dairy, construction, chemical, pharmaceutical, and textile industries. The company manufactures its products using advanced technologies such as blow molding, injection molding, and rotational molding.
Twinkle Papers Limited offers a diversified product portfolio, including:
Corrugated boxes
Multi-colour printed corrugated cartons
HDPE drums and jerry cans
Heavy-duty plastic pallets and containers
Molded plastic furniture
Plastic dustbins
Twinkle Papers IPO Details
The Twinkle Papers IPO opens for subscription on June 29, 2026, and closes on July 1, 2026. The IPO allotment is expected on July 2, 2026, while refunds and Demat credit are likely on July 3, 2026.
The ₹27.52 crore SME IPO consists entirely of a fresh issue of 39.88 lakh equity shares. The shares are proposed to be listed on the BSE SME platform, with the tentative listing date set for July 6, 2026. The Twinkle Papers IPO price band has been fixed at ₹64 to ₹69 per share.
IPO Timetable (Tentative)
Events | Date |
IPO Opening Date | Jun 29, 2026 |
IPO Closing Date | Jul 01, 2026 |
IPO Allotment Date | Jul 02, 2026 |
Refund Initiation | Jul 03, 2026 |
IPO Listing Date | Jul 06, 2026 |
Company Financials
Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Assets | 75.38 | 61.22 | 50.64 |
Total Income | 83.98 | 58.75 | 54.96 |
Profit After Tax | 3.33 | 1.61 | 0.90 |
EBITDA | 9.63 | 8.47 | 5.47 |
Net Worth | 19.54 | 11.07 | 9.46 |
Reserves and Surplus | 8.37 | 10.13 | 8.52 |
Total Borrowing | 40.79 | 33.88 | 29.62 |
Cash Flows
(Amount in lac)
Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Net Cash Flow Operating Activities | 666.85 | 931.85 | -3.58 |
Net Cash Flow Investing Activities | (1452.02) | (928.17) | (376.51) |
Net Cash Flow Financing Activities | 749.58 | 36.33 | 403.98 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
Objectives of the Issue
Twinkle Papers Limited intends to utilize the net proceeds from the IPO for the following purposes:
Capital expenditure towards expanding its existing manufacturing facility through the purchase of new machinery – ₹6.50 crore
Repayment or prepayment of certain borrowings availed by the company – ₹7.00 crore
Funding the company's working capital requirements – ₹8.00 crore
General corporate purposes
Listed Peers of Twinkle Papers Ltd.
Name of Company | Face Value (Rs. ) | Basic EPS (₹) | PE Ratio (x) |
TPL Plastech Ltd. | 2 | 1.58 | 39.54 |
Prima Plastic Ltd. | 10 | 4.54 | 22.07 |
Pyramid Technoplast Ltd. | 10 | 3.83 | 40.61 |
Valuation
KPI | Value (Mar 31, 2025) |
RoE | 17.75% |
ROCE | 22.83% |
Debt/Equity | 2.09 |
RoNW | 17.75% |
PAT Margin | 4.25% |
EBITDA Margin | 11.79% |
P.B Value | 3.94 |
Evaluation of P/E Ratio
Based on the company's FY2025 earnings, Twinkle Papers Limited reported an Earnings Per Share (EPS) of ₹3.36. At the upper price band of ₹69 per share, the IPO is valued at a Price-to-Earnings (P/E) ratio of 20.53x, based on its latest annual earnings.
Twinkle Papers IPO – Strengths
Experienced management team with strong industry expertise.
Consistent financial performance and healthy business growth.
Expanding customer base across multiple industries.
Scalable and diversified business model with a wide product portfolio.
Twinkle Papers IPO – Weaknesses
Significant revenue dependence on a few major customers.
Limited brand recognition in the competitive packaging industry.
Ongoing technological advancements may require additional capital investment.
Twinkle Papers IPO GMP (Grey Market Premium)
The Twinkle Papers IPO GMP today is ₹7 per share as of 26 June 2026. Based on the current Grey Market Premium, the IPO is indicating a positive listing sentiment. However, GMP is unofficial and may change daily depending on market conditions and investor demand.
Twinkle Papers IPO Summary
IPO Opening & Closing Date | 29 Jun, 2026 to 01 Jul, 2026 |
Face Value | Rs. 10 per Share |
Issue Price | Rs. 64 to Rs. 69 per Share. |
Lot Size | 2000 Shares |
Issue Size | 39,88,000 Shares (Rs. 28 Cr) |
Offer for Sale | - |
Fresh Issue | 37,88,000 Shares (Rs. 26 Cr) |
Listing at | BSE, SME |
Issue Type | Book build Issue |
Registrar | Alankit Assignments Ltd. |
Twinkle Papers IPO Lot Size
Retail investors can apply for a minimum of 1 lot comprising 2,000 shares, requiring an investment of ₹1,38,000. They can apply for a maximum of 2 lots (4,000 shares), amounting to ₹2,76,000.
For HNI/NII investors, the minimum application size is 3 lots (6,000 shares), which requires an investment of ₹4,14,000.
Minimum Lot Investment (Retail) | 2 Lots |
Maximum Lot Investment (Retail) | 2 Lots |
HNI (Min) | 3 Lots |
Twinkle Papers IPO Allotment Status
To check the Twinkle Papers IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Twinkle Papers Ltd.
Mr. Amit Jain
Mr. Ayush Jain
Ms. Ruchi Jain.
Pre-Issue Promoter Shareholding | 98.99% |
Post-Issue Promoter Shareholding | 72.94% |
IPO Lead Managers
Novus Capital Advisors Pvt. Ltd.
Dividend Policy
Twinkle Papers Limited has not declared or paid any dividends during the last three financial years. The company has retained its earnings to support business expansion and meet operational funding requirements.
Conclusion
The Twinkle Papers IPO offers investors an opportunity to participate in a growing packaging and molded plastic products company with improving financial performance. The IPO proceeds will primarily be used for capacity expansion, loan repayment, and working capital requirements, which may support the company's future growth. However, investors should evaluate the company's fundamentals, valuation, industry outlook, and associated risks before making an investment decision.
To Read the Prospectus of the Company Click Here to Download the DRHP.
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