Published: 22 June 2026 | 8.00 AM
Last Updated: 22 June 2026 | 2.30 PM
Twinkle Papers IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | Selective Apply |
| GMP Today | Updating Soon |
| Subject to Sauda | Updating Soon |
| Issue Size | Rs. 27.52 Crore |
| Price Band | Rs. 64 to Rs. 69 |
| Lot Size | 2,000 Shares |
| Retail Investment | Rs. 2,76,000 |
| Listing Exchange | BSE SME |
| Market Cap | Rs. 104.54 Crore |
Live Subscription Tracker
| Category | Subscription |
| QIB | Updating Soon |
| NII | Updating Soon |
| Retail | Updating Soon |
| Total | Updating Soon |
Subscription Signal
| Subscription Level | Interpretation |
| Below 1x | Weak |
| 1x–5x | Average |
| 5x–20x | Good |
| 20x–50x | Strong |
| Above 50x | Very Strong |
What Does Twinkle Papers Do?
Twinkle Papers Limited manufactures corrugated boxes, printed cartons and polymer-based packaging products under the “Twinkle” brand. The company supplies industrial packaging solutions to food & beverage, pharmaceuticals, healthcare, chemicals, textiles and refinery sectors. Its product portfolio includes HDPE drums, jerrycans, crates, pallets and custom polymer packaging products.
IPO Schedule
| Event | Date |
| IPO Opens | 29 June 2026 |
| IPO Closes | 1 July 2026 |
| Allotment | 2 July 2026 |
| Listing | 6 July 2026 |
Quick Positives
✅ Diversified industrial packaging product portfolio
✅ Improving profitability and operating margins
✅ Established presence across multiple industries
✅ In-house R&D and custom packaging capability
✅ IPO proceeds earmarked for expansion, debt reduction and working capital
Key Risks
⚠ High debt-to-equity ratio
⚠ Working capital intensive business
⚠ Raw material price volatility can impact margins
⚠ Competitive industrial packaging industry
Who Should Apply?
| Investor Type | Suitability |
| Listing Gain Investors | ★★★☆☆ |
| Long-Term Investors | ★★★☆☆ |
| Conservative Investors | ★★☆☆☆ |
| High-Risk Investors | ★★★★☆ |
Bottom Line
Twinkle Papers operates in the industrial packaging segment with a diversified customer base and improving profitability. The company plans to utilise IPO proceeds for expansion, debt repayment and working capital support.
| Investment Summary | Assessment |
|---|---|
| Chanakya Recommendation | Selective Apply |
| Listing Gain Potential | ⭐⭐⭐☆☆ |
| Long-Term Potential | ⭐⭐⭐☆☆ |
| Risk Level | ⭐⭐⭐⭐☆ |
| Investor Suitability | SME IPO Investors With Moderate To High Risk Appetite |
Chanakya View
Suitable for investors willing to take moderate risk. GMP, subscription momentum and institutional participation should be monitored before taking a final decision.
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Date | 29 June 2026 to 1 July 2026 |
| Listing Date | 6 July 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 64 to Rs. 69 Per Share |
| Lot Size | 2,000 Shares |
| Issue Type | Book Building SME IPO |
| Listing At | BSE SME |
| Total Issue Size | 39,88,000 Shares |
| Issue Size | Rs. 27.52 Crore |
| Fresh Issue | 39,88,000 Shares |
| Offer For Sale | Nil |
| Reserved For Market Maker | 2,00,000 Shares |
| Market Maker | Nirman Share Brokers Pvt. Ltd. |
| Net Offered To Public | 37,88,000 Shares |
| Shareholding Pre Issue | 1,11,62,992 Shares |
| Shareholding Post Issue | 1,51,50,992 Shares |
| Market Cap | Rs. 104.54 Crore |
Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 1,90,000 | 5.02% | 4.76% |
| NII Shares Offered | 17,98,000 | 47.47% | 45.09% |
| bNII Shares Offered | 11,98,667 | – | 30.06% |
| sNII Shares Offered | 5,99,333 | – | 15.03% |
| Retail Shares Offered | 18,00,000 | 47.52% | 45.14% |
| Market Maker Shares Offered | 2,00,000 | – | 5.02% |
| Total Shares Offered | 39,88,000 | 100.00% | 100.00% |
Lot Size
| Application Type | Lots | Shares | Amount |
| Retail Minimum | 2 | 4,000 | Rs. 2,76,000 |
| Retail Maximum | 2 | 4,000 | Rs. 2,76,000 |
| S-HNI Minimum | 3 | 6,000 | Rs. 4,14,000 |
| S-HNI Maximum | 7 | 14,000 | Rs. 9,66,000 |
| B-HNI Minimum | 8 | 16,000 | Rs. 11,04,000 |
Company Details
Twinkle Papers Limited was established in 1995 and is engaged in the manufacturing of packaging and material handling products.
The company manufactures corrugated boxes, multi-coloured printed fibreboard cartons, HDPE drums, jerrycans, plastic crates, heavy-duty pallets, moulded plastic furniture, dustbins and other polymer-based packaging products.
Its plastic products are manufactured using blow moulding, injection moulding and rotational moulding technologies. The company caters to industries such as food and beverage, dairy, construction chemicals, pharmaceuticals, textiles, healthcare, chemicals and refineries.
The company uses HDPE and LLDPE plastic granules for production and offers custom polymer packaging solutions through its in-house research and development team. Its manufacturing facilities comply with ISO 9000:2015 systems.
Competitive Strengths
| Key Strengths |
| Experienced Management Team |
| Qualified Employee Base |
| Consistent Financial Performance |
| Growing Customer Base |
| Scalable Business Model |
| Industrial Packaging Product Range |
| Custom Polymer Solution Capability |
| Domain Knowledge Of Promoters |
IPO Objects
| Sr. No. | Objects of the Issue | Estimated Amount |
| 1 | Capital Expenditure For Expansion At Existing Manufacturing Facility Through Purchase Of New Machinery | Rs. 6.50 Crore |
| 2 | Repayment Of Portion Of Loans | Rs. 7.00 Crore |
| 3 | Working Capital Requirements | Rs. 8.00 Crore |
| 4 | General Corporate Purposes | Balance Amount |
| Total | Total Utilisation | Rs. 21.50 Crore |
Company Address
| Particulars | Details |
| Registered Office | Ludhiana Road, Malerkotla, District Sangrur, Malerkotla, Punjab – 148023 |
| Phone | +91 98155 33333 |
| amit@twinklepapers.com |
Lead Manager & Registrar
| Particulars | Details |
| Lead Manager | Novus Capital Advisors Pvt. Ltd. |
| Registrar | Alankit Assignments Ltd. |
| Registrar Phone | 011 4254 1234 |
| Registrar Email | harish@alankit.com |
| Market Maker | Nirman Share Brokers Pvt. Ltd. |
Financials
| Particulars (Rs. Crore) | FY2026* | FY2025 | FY2024 | FY2023 |
| Total Assets | 93.37 | 75.38 | 61.22 | 50.64 |
| Total Income | 73.13 | 83.98 | 58.75 | 54.96 |
| Profit After Tax | 5.40 | 3.33 | 1.61 | 0.90 |
| EBITDA | 10.75 | 9.63 | 8.47 | 5.47 |
| Net Worth | 24.94 | 19.54 | 11.07 | 9.46 |
| Reserves & Surplus | 13.77 | 8.37 | 10.13 | 8.52 |
| Total Borrowings | 53.69 | 40.79 | 33.88 | 29.62 |
*Period Ended 31 December 2025
Valuation
Key Performance Indicators (KPI)
| KPI | FY2026* | FY2025 |
| ROE | 21.66% | 17.75% |
| ROCE | 18.82% | 22.83% |
| Debt / Equity | 2.15 | 2.09 |
| RoNW | 21.66% | 17.75% |
| PAT Margin | 7.49% | 4.25% |
| EBITDA Margin | 14.92% | 11.79% |
| Price To Book Value | – | 3.94 |
EPS & Valuation
| Particulars | Pre IPO | Post IPO |
| EPS (Rs.) | 2.98 | 4.75 |
| P/E (x) | 23.16 | 14.52 |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
| Promoter Holding | 98.99% | 72.94% |
Detailed Chanakya View
Twinkle Papers operates in the industrial packaging and material handling products segment with offerings across corrugated boxes, printed cartons and polymer-based packaging products. The company serves a diversified customer base across food, dairy, pharmaceuticals, textiles, healthcare, chemicals and refineries.
The company has shown improvement in profitability and margins, supported by a wider product mix and custom packaging capabilities. Its in-house R&D team and manufacturing capabilities allow it to develop customised packaging solutions for client-specific requirements.
The IPO proceeds will be used for machinery expansion, loan repayment and working capital requirements. These objects are relevant for a manufacturing business where capacity, debt reduction and working capital support are important for future growth.
However, investors should monitor debt levels, raw material cost volatility and working capital needs. The business operates in a competitive industry where margins may fluctuate depending on demand cycles and input costs.
Chanakya View: Neutral to Positive. Twinkle Papers has a diversified industrial packaging business with improving profitability, but high debt and working capital intensity remain important risks for investors.
FAQs
What is the Twinkle Papers IPO GMP today?
Refer IPO Snapshot above for the latest GMP and Subject to Sauda updates.
What is the Twinkle Papers IPO price band?
Twinkle Papers IPO price band is Rs. 64 to Rs. 69 per share.
What is the Twinkle Papers IPO lot size?
Twinkle Papers IPO lot size is 2,000 shares. Retail investors must apply for a minimum of 4,000 shares.
When will Twinkle Papers IPO list?
Twinkle Papers IPO is expected to list on BSE SME on 6 July 2026.