Incorporated in 1995, Twinkle Papers Ltd. is engaged in the manufacturing of corrugated boxes and polymer-based molded packaging products. With nearly three decades of industry experience, the company offers a wide range of packaging and material handling solutions catering to industries such as food, dairy, pharmaceuticals, textiles, construction chemicals, and other industrial sectors. Its manufacturing facility is located at Malerkotla, Punjab, and the company derives a significant portion of its revenue from products such as drums and cans, pallets, and corrugated boxes.
Twinkle Papers is launching its SME IPO on the BSE platform to raise funds for capacity expansion, machinery purchases, debt repayment, and working capital requirements.
Financial Performance:
Profit & Loss statement
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Income | 83.98 | 58.75 | 54.96 |
| EBITDA | 9.63 | 8.47 | 5.47 |
| Profit Before Tax | 4.46 | 2.80 | 1.24 |
| PAT | 3.47 | 1.60 | 0.90 |
| EPS (Rs.) | 3.36 | 1.54 | 0.87 |
Twinkle Papers has reported strong growth in its financial performance over the last three years. Total income rose from Rs.54.96 cr. in FY23 to Rs.83.98 cr. in FY25, while PAT surged from Rs.0.90 cr. to Rs.3.47 cr. during the same period. EBITDA also improved steadily, reflecting better operational efficiency and scale.
IPO Details:
| Particulars | Details |
|---|---|
| IPO Type | Book Built Issue |
| Exchange | BSE SME |
| IPO Opens | 29th June 2026 |
| IPO Closes | 1st July 2026 |
| Basis of Allotment | 2nd July 2026 |
| Listing Date | 6th July 2026 |
| Face Value | Rs.10 per share |
| Price Band | Rs.64 – Rs.69 per share |
| Issue Size | Rs.27.52 cr. |
| Fresh Issue | 39.88 lakh shares |
| Offer for Sale | Nil |
| Market Maker Portion | 2 lakh shares |
| Lot Size | 2,000 shares |
| Minimum Investment | Rs.1.38 lakh |
| Retail Maximum Application | 4,000 shares (Rs.2.76 lakh) |
Objects of the issue:
The company proposes to utilize the IPO proceeds for:
- Expansion of the existing manufacturing facility.
- Purchase of additional machinery and equipment.
- Repayment of certain borrowings.
- Funding working capital requirements.
- General corporate purpose
Key Strengths
- Nearly three decades of experience in the packaging industry.
- Diversified portfolio of packaging and material handling products.
- Established relationships across multiple end-user industries.
- Consistent growth in revenue and profitability.
- Capacity expansion plans supported through IPO proceeds.
- Strategic manufacturing location in Punjab catering to industrial customers
Risk Factors:
- Around 90% of revenue is generated from three key product categories.
- High dependence on the domestic market, with Punjab contributing a major share of revenue.
- Customer concentration remains relatively high, with the top ten customers accounting for a significant portion of sales.
- The company faces competition from both organized and unorganized players in the packaging industry.
Conclusion:
