Twinkle Papers
Twinkle Papers is a manufacturer of corrugated boxes and polymer-based molded packaging products, with a legacy of over 28 years in the packaging industry. Incorparted in 1999, their operations are based in Malerkotla, Punjab basically located just 30 km from Ludhiana on the Malerkotla–Ludhiana Highway. The journey began with the installation of their first blow molding machine, enabling them to manufacture poly jars and HDPE cans. Since then, they have continuously evolved by embracing new technologies and expanding their range of products. In 2021, they had introduced an injection molding machine to manufacture durable plastic crates. In 2022, they added a rotational molding machine for producing roto-molded pallets. In 2023, their capabilities were further enhanced with a second injection molding machine dedicated to plastic pallet
Weak fundamentals and premium/expensive valuation
SME IPOs are higher risk, less liquid and more volatile than mainboard IPOs. Invest only after reading the offer document and understanding the risks.
Plain-English Summary✨
What does the company do?
Twinkle Papers is an SME IPO in the packaging and disposables sector, with a price band of 64-69 and a lot size of 2000 shares.
Why are investors interested?
The company's financial performance is strong, with revenue and PAT growth in recent years. However, the debt-equity ratio is high, which could be a concern.
What should beginners watch out for?
The data quality is good, with most of the required information available. However, the anchor investor data is not available, which could be a concern.
Key IPO Metrics
GMP Today
0.0%
Total Subscription
Overall demand
Retail Subscription
Retail Queue
QIB Subscription
Institutional Queue
NII (HNI) Subscription
Non-Institutional
Anchor Book
Subscribed
SME Risk Radar
GYR Capital Market Maker
Merchant banker track record is not available.
Post-listing volume can be low. Trading takes place in large retail lots.
Top 5 customers account for more than 40% of revenues.
Scale of operations is relatively small, with minor audit flags.
Business Overview
About the Company
Twinkle Papers is a manufacturer of corrugated boxes and polymer-based molded packaging products, with a legacy of over 28 years in the packaging industry. Incorparted in 1999, their operations are based in Malerkotla, Punjab basically located just 30 km from Ludhiana on the Malerkotla–Ludhiana Highway. The journey began with the installation of their first blow molding machine, enabling them to manufacture poly jars and HDPE cans. Since then, they have continuously evolved by embracing new technologies and expanding their range of products. In 2021, they had introduced an injection molding machine to manufacture durable plastic crates. In 2022, they added a rotational molding machine for producing roto-molded pallets. In 2023, their capabilities were further enhanced with a second injection molding machine dedicated to plastic pallet
Industry
Packaging & Disposables
Business Segments
Objects of the Issue
Promoters
Promoters group
Whole-time Directors & Promoter group
Lead Managers
Registrar
Issue & Valuation
Peer Snapshot (FY24)
| Company | P/E (x) | ROE (%) | Revenue CAGR (3Y) | EBITDA Margin (%) | Market Cap (₹ Cr) |
|---|---|---|---|---|---|
| Twinkle Papers (IPO) | 20.54x | 17% | 41.0% | 14.6% | -- |
| 3B FILMS | 22.12x | -- | -- | -- | ₹113.58 Cr |
| A&M Jumbo | 36x | -- | -- | -- | ₹7.95 Cr |
| Aaradhya Disposal | 15.96x | -- | -- | -- | ₹170.535 Cr |
| Anuroop Packaging | 3.17x | -- | -- | -- | ₹4.17 Cr |
| B&B Triplewall | 16x | -- | -- | -- | ₹249.6 Cr |
| Barflex Polyfilms | 7.34x | -- | -- | -- | ₹147.78 Cr |
| Boss Packaging | 29.04x | -- | -- | -- | ₹0.045 Cr |
| Bulkcorp International | 22.17x | -- | -- | -- | ₹69.75 Cr |
| Clara Industries | 4.78x | -- | -- | -- | ₹1.26 Cr |
| Commercial Syn | 5x | -- | -- | -- | ₹172.515 Cr |
| DK Enterprises | 7.51x | -- | -- | -- | ₹114.06 Cr |
| Ecoline Exim | 12.81x | -- | -- | -- | ₹403.92 Cr |
| G.K.P. Printing | 6.37x | -- | -- | -- | ₹38.16 Cr |
| GLEN Industries | 12.78x | -- | -- | -- | ₹216.75 Cr |
| GSM Foils | 24.64x | -- | -- | -- | ₹54.36 Cr |
| H.K. Trade | 39x | -- | -- | -- | ₹6.3 Cr |
| Ideal Technoplast | 16.98x | -- | -- | -- | ₹14.91 Cr |
| Kahan Packaging | 21.1x | -- | -- | -- | ₹26.34 Cr |
| Mahip Industries | 10x | -- | -- | -- | ₹96.915 Cr |
| Mega Flex | 16.19x | -- | -- | -- | ₹69.69 Cr |
| Phytochem Remedies | 15.37x | -- | -- | -- | ₹74.46 Cr |
| Polymac Thermoformers | 31x | -- | -- | -- | ₹1.515 Cr |
| Rajeshwari Cans | 62x | -- | -- | -- | ₹19.17 Cr |
| Rex Sealing | 19.62x | -- | -- | -- | ₹34.26 Cr |
| RFBL Flexi | 15.19x | -- | -- | -- | ₹156.735 Cr |
| S.V.J. Enterprises | 12.9x | -- | -- | -- | ₹8.4 Cr |
| Sabar Flex | 9.48x | -- | -- | -- | ₹108.525 Cr |
| Sati Poly | 19.57x | -- | -- | -- | ₹269.115 Cr |
| Shish Industries | 150x | -- | -- | -- | ₹7.74 Cr |
| SMVD Ploy | 15x | -- | -- | -- | ₹25.665 Cr |
| SPP Polymer | 24.86x | -- | -- | -- | ₹1.74 Cr |
| Sysco Industries | 6x | -- | -- | -- | ₹146.97 Cr |
| Three M | 11.7x | -- | -- | -- | ₹414.03 Cr |
| Uma Converter | 10.31x | -- | -- | -- | ₹275.79 Cr |
| Utkal Speciality | 17.63x | -- | -- | -- | ₹79.56 Cr |
| Worth Peripherals | 9x | -- | -- | -- | ₹193.41 Cr |
Financials & Performance(Standalone)
Revenue (₹ Cr)
CAGR 22.5%PAT (₹ Cr)
CAGR 92.1%EBITDA Margin (%)
ImprovingROCE (%)
Healthy TrendROE (%)
ImprovingFinancial Quality
GoodGood / Improving metrics, margins and cash flows with comfortable leverage.
| Financial Year | Revenue (₹ Cr) | EBITDA Margin (%) | PAT (₹ Cr) | ROCE (%) | ROE (%) | Debt / Equity (x) |
|---|---|---|---|---|---|---|
| FY23 | ₹54.44 Cr | 10.03% | ₹0.90 Cr | 20.48% | 9.51% | 3.13x |
| FY24 | ₹57.89 Cr | 14.63% | ₹1.61 Cr | 29.96% | 14.54% | 3.06x |
| FY25 | ₹81.64 Cr | 14.63% | ₹3.32 Cr | 22.83% | 17.00% | 2.09x |
Why this IPO looks good
- The company has a legacy of over 28 years in the packaging industry.
- It has continuously evolved by embracing new technologies and expanding its range of products.
- The company has a strong financial performance, with revenue and PAT growth in recent years.
Demand & Momentum
Subscription Trend (Times)
GMP Trend
GMP Trend (₹)
Documents
AI Research Q&A
Who is this IPO suitable for?
Ideal for investors who:
- Believe in India's regional industrial manufacturing expansion
- Have a medium to long-term investment horizon
- Are comfortable with moderate to high risk appetite