Twinkle Papers Limited

Twinkle Papers Limited manufactures corrugated boxes, multi-coloured printed fiberboard cartons, HDPE drums and jerrycans, plastic crates and heavy-duty pallets, moulded plastic furniture and dustbins using advanced technologies including blow moulding, injection moulding and rotational moulding.

The company serves food, dairy, construction chemicals, pharmaceuticals, textiles, chemicals, logistics and refinery industries, with an in-house R&D team collaborating with clients to design custom polymer solutions. Its manufacturing facility spans 60,000 square metres with a warehouse of 10,000 standard pallet positions and 8,000 rack positions for efficient inventory management, and is ISO 9001:2015 certified. As of December 31, 2025, the company had 119 employees. Promoters Mr. Amit Jain, Mr. Ayush Jain and Ms. Ruchi Jain hold 98.99% pre-IPO stake, reducing to 72.94% post-IPO.

The issue is entirely a fresh issue of 39,88,000 equity shares aggregating to ₹27.52 Cr at a price band of ₹64 to ₹69 per share, implying a pre-issue market cap of ₹104.54 Cr, listing on BSE SME on July 6, 2026.

Proceeds will fund machinery capex (₹6.50 Cr), loan repayment (₹7.00 Cr), working capital (₹8.00 Cr) and general corporate purposes (₹6.02 Cr balance). At the upper band, the post-issue P/E of 14.52x based on annualized 9M FY26 earnings appears attractive, supported by improving PAT margins from 1.65% (FY23) to 7.49% (9M FY26) and revenue growing from ₹54.45 Cr to ₹81.65 Cr in FY25. Key strengths include nearly three decades of operational experience, diversified packaging product portfolio, improving profitability metrics and a scalable manufacturing infrastructure; key risks include persistently high Debt/Equity of 2.09-2.15, geographic concentration risk, small employee base of 119 persons for the scale of operations, and the packaging sector showing mixed listing performance with recent peers including Ecoline Exim (-0.35%) and Jyoti Global Plast (-0.30%) listing flat to negative.