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.
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.
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.
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.
0.0%
Overall demand
Retail Queue
Institutional Queue
Non-Institutional
Subscribed
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.
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
Packaging & Disposables
Promoters group
Whole-time Directors & Promoter group
| 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 |
Good / 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 |
Subscription Trend (Times)
GMP Trend (₹)
Ideal for investors who:
