Twinkle Papers IPO

WithdrawnSMEMaterialsBSE SME

Price band: ₹64 – ₹69
Issue size: ₹27.52 Cr
Lot size: 2000 sh
Bidding: 29 Jun – 1 Jul
Grey market: —

Market data to 17 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Twinkle Papers Limited, incorporated on 27 September 1995, makes corrugated board boxes and moulded polymer packaging; the record describes a single plant at Malerkotla, Punjab, and 147 employees. The BSE SME issue was entirely fresh — Rs 27.52 Cr of fresh issue and nil offer for sale — at a band of Rs 64 to Rs 69, with promoter holding shown at 94.57% before and 69.68% after, a difference of 24.89 percentage points. Revenue was Rs 54.45 Cr in FY23, Rs 57.89 Cr in FY24 and Rs 81.65 Cr in FY25, and profit after tax in the nine months to 31 December 2025 was Rs 5.40 Cr against Rs 3.47 Cr for the whole of FY25. The record's status is "withdrawn": it holds no allotment date, no listing date, no listing result and no valuation.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

66Balanced

IPOVista score

A trade-off in both directions

56% of the scoring model was backed by disclosed data for Twinkle Papers, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1995 · Ludhiana Road, Malerkotla, Distt Sangrur, Punjab 148023, India · 147 employees

Twinkle Papers Limited makes packaging and material-handling goods at a single plant at Malerkotla, Punjab, about 30 km from Ludhiana. Two product families sit under one roof: corrugated board boxes made from kraft paper, and polymer items moulded in-house by blow, injection and rotational moulding — plastic pallets, crates, HDPE cans, poly jars, jerry cans, drums, polythene sheets, poly bags and plastic chairs. Everything is sold under the "Twinkle" brand to industrial buyers rather than consumers, mainly food and dairy processors, construction-chemical makers, pharmaceutical companies and textile units. The company was incorporated in 1995, installed its first blow-moulding machine in 1999, added injection moulding in 2021 and rotational moulding in 2022. It had 147 employees as of 30 April 2026, of whom 133 were permanent.

Revenue is per-unit sales of packaging to industrial buyers. Plastics now carry the business: pallets, crates and cans/poly jars/jerry cans/drums were 78.49% of revenue from operations in FY25 and 74.45% in the nine months to 31 December 2025, against 60.34% in FY23. Margins are input-led — cost of material consumed was Rs 72.53 Cr against Rs 81.65 Cr of revenue from operations in FY25, for an 11.79% EBITDA margin. Two constraints stand out: polymer granule and kraft paper prices pass through directly, and customer concentration is rising — the single largest customer was 50.72% of revenue in the stub period, up from 24.98% in FY25. Borrowings stood at Rs 53.69 Cr against Rs 24.94 Cr of net worth at 31 December 2025.

The company on paper

Legal name: Twinkle Papers Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 27 Sep 1995
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U22012PB1995PLC017091
Sector: Materials · Corrugated board boxes and polymer-moulded packaging and material-handling products
Employees: 147
Registered office: Ludhiana Road, Malerkotla, Distt Sangrur, Punjab 148023, India
Promoters: Amit Jain, Ayush Jain, Ruchi Jain
Promoter holding, pre-issue: 94.6%
Promoter holding, post-issue: 69.7%
Website: twinklepapers.com

The numbers

Financial performance

Revenue has compounded at 22.5% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹27.52 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹27.52 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,00,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 24.9% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription0.29×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares were applied for in whole lots at the cut-off price. The amount was blocked under ASBA rather than debited, and released when the issue was withdrawn.

Lots

Shares applied for: 4,000
At cut-off price: ₹69.00
Amount blocked: ₹2,76,000

One lot is 2000 shares at ₹1,38,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,76,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

This issue was withdrawn, so no allotment took place and every bid was unblocked.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue was Rs 54.45 Cr in FY23, Rs 57.89 Cr in FY24 — 6.32% higher — and Rs 81.65 Cr in FY25, a further 41.04% higher. The nine months to 31 December 2025 brought Rs 72.07 Cr, which is 88.27% of the full FY25 figure of Rs 81.65 Cr.
Profit after tax was Rs 0.90 Cr on Rs 54.45 Cr of revenue in FY23 (1.65%), Rs 1.60 Cr on Rs 57.89 Cr in FY24 (2.76%), Rs 3.47 Cr on Rs 81.65 Cr in FY25 (4.25%) and Rs 5.40 Cr on Rs 72.07 Cr in the nine months to 31 December 2025 (7.49%). The nine-month profit is above the whole of FY25's Rs 3.47 Cr.
EBITDA was Rs 5.47 Cr in FY23, Rs 8.47 Cr in FY24, Rs 9.63 Cr in FY25 and Rs 10.75 Cr in the nine months to 31 December 2025, the part-year figure already above the full FY25 year. Against the same revenue figures the margins work out at 10.05%, 14.63%, 11.79% and 14.92% — they do not move in one direction.
Net worth was Rs 9.46 Cr at 31 March 2023, Rs 11.07 Cr at 31 March 2024, Rs 19.54 Cr at 31 March 2025 and Rs 24.94 Cr at 31 December 2025, higher at each date after the first.

What to weigh against it

Borrowings were Rs 53.69 Cr against net worth of Rs 24.94 Cr at 31 December 2025, a ratio of 2.15x. The record carries a borrowings figure for that one date only — FY23, FY24 and FY25 are null — so no direction can be computed.
The business-model field puts the single largest customer at 50.72% of revenue in the nine-month stub period, against 24.98% in FY25. The record names no customers: the key-customers list is empty.
Cost of material consumed was Rs 72.53 Cr against Rs 81.65 Cr of revenue from operations in FY25, or 88.83% of it. The record describes polymer granule and kraft paper prices as passing through directly.
On the 1 July 2026 close date the book stood at 0.29 times overall, with QIB at 2.09 times, NII at 0.12 times and retail at 0.26 times. Separately, the record's status is "withdrawn", and its allotment date, listing date, listing result and grey-market series are all empty.

Easy to miss in the prospectus

The record holds no valuation, no peers, no allocation split and no offer objects, so neither the Rs 64 to Rs 69 band nor the use of the Rs 27.52 Cr can be set against anything inside it.
Expenses, total assets and operating cash flow are null for all four periods, and borrowings for three of them, so the Rs 6.16 Cr between FY25 EBITDA of Rs 9.63 Cr and FY25 profit after tax of Rs 3.47 Cr is recorded only as that gap.
Per the business-model field, plastics were 60.34% of revenue from operations in FY23, 78.49% in FY25 and 74.45% in the nine months to 31 December 2025.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Twinkle Papers — Red Herring Prospectus dated 2026-06-1919 Jun 2026The document the issue was bid on. Carries the price band and the dates.Opens on twinklepapers.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Novus Capital Advisors Private Limited (formerly Fast Track Finsec Private Limited)
RegistrarAllotment status is checked on the registrar's own site: Alankit Assignments Limited

How these figures were checked

Reconciled to Twinkle Papers's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Twinkle Papers Limited — Red Herring Prospectus, 19 June 2026 (company website, downloaded and text-extracted) · read 16 Oct 2026
BSE equity bhavcopy, listing day 6 July 2026 — scrip absent (ISIN/name search) · read 16 Oct 2026
BSE equity bhavcopy, 15 October 2026 — scrip still absent · read 16 Oct 2026
NSE cash-market bhavcopy, 14 October 2026 — no Twinkle scrip in SM/ST series · read 16 Oct 2026
Twinkle Papers Limited — Investors page (RHP, DRHP, addendum, corrigenda, issue ad) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 29 Jun 2026
Closes: 1 Jul 2026
Allotment: —
Lists: —
Revenue (FY25): ₹81.65 Cr
Profit (FY25): ₹3.47 Cr

Timeline

Bidding is over. The remaining 5 dates have not been published yet — allotment and listing are set by the registrar and the exchange after the book closes, usually within a few working days.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.