Twinkle Papers IPO Review

Live status (1 Jul 2026): The IPO closes today and lists on BSE SME on 6 July. The signals are cooling: the grey market premium has faded fast from a high of ₹9 to just ₹2 (an estimated listing near ₹71, about +3%), and early subscription was very weak barely 0.08x on Day 1, with almost no institutional or HNI interest. The final-day numbers are decisive for whether it even gets fully subscribed.

About the Company

Behind every carton of packaged food, every stacked crate of bottles and every industrial drum lies a company that made the packaging. Twinkle Papers is one of those a maker of corrugated boxes and moulded plastic packaging that other businesses use to store and ship their goods.

Around since 1995 and based in Malerkotla, Punjab (near Ludhiana), Twinkle manufactures two main things: corrugated fibreboard boxes and polymer based moulded products like HDPE drums, jerrycans, crates, pallets, moulded furniture and dustbins, using blow, injection and rotational moulding. It sells under the "Twinkle" brand to food, dairy, pharmaceutical, chemical and textile customers, and its in house team designs custom packaging for clients.

It's a small, straightforward B2B manufacturer with about 119 employees and ISO-certified facilities. You can follow its live GMP, subscription and listing updates on the IPO GMP Live homepage. It's the kind of unglamorous industrial supplier whose fortunes track its customers' packaging needs.

Financial Snapshot

The business side actually looks decent better than the cool market reception suggests. Revenue grew from ₹59 crore in FY24 to ₹84 crore in FY25, and the nine months to December 2025 brought ₹73 crore, so it's on track to grow again. Profit is the encouraging part: ₹1.61 crore in FY24, ₹3.33 crore in FY25, and already ₹5.40 crore in the first nine months of FY26 the nine month figure has comfortably overtaken the full prior year. Margins are widening too.

On valuation, the post issue market cap at ₹69 is around ₹105 crore. On last year's earnings that's a rich 30-odd times, but on the current FY26 run-rate it drops to roughly 14–15 times reasonable for a growing packaging maker. So the fundamentals aren't the problem here.

The problem is demand. The grey market premium has slumped from ₹9 to ₹2, and the issue was barely subscribed on Day 1. That gap improving profits but a lukewarm market is the whole story. It mirrors what we've seen in other small plastics and packaging names like the Atharva Polyplast IPO: fine businesses that simply didn't excite the grey market. The numbers are moving the right way; investor appetite, right now, is not.

Strengths

• Profit is accelerating. Net profit rose from ₹1.61 crore in FY24 to ₹3.33 crore in FY25, and the nine month FY26 figure of ₹5.40 crore has already passed the entire previous year. That's genuine momentum on the bottom line.
• Revenue is growing steadily. Sales climbed from ₹59 crore to ₹84 crore in a year, with the FY26 run rate pointing higher still. For a small manufacturer, that's solid top line growth.
• It has a diversified product and customer base. Making both corrugated boxes and moulded plastic packaging for food, dairy, pharma, chemical and textile clients spreads its risk across products and industries rather than relying on one.
• The valuation is reasonable on forward earnings. At roughly 14–15 times the current FY26 run rate, the pricing isn't stretched, and the IPO funds practical needs new machinery, debt repayment and working capital.

Risks

• Demand is weak and the GMP is fading. A grey market premium that has slumped from ₹9 to ₹2, plus a barely subscribed Day 1, signals thin appetite. The market simply isn't excited, which raises the risk of a flat or muted listing.
• It's a small, commoditised business. Corrugated boxes and moulded plastics are crowded, low differentiation markets with many players, giving Twinkle limited pricing power against larger rivals.
• Raw-material and margin pressure. Its plastic products depend on HDPE and LLDPE granules, whose prices track crude oil, so margins can be squeezed when input costs rise.
• Tiny, illiquid SME. With a market cap near ₹105 crore on the BSE SME platform and a large ₹2.76 lakh minimum for retail, the stock will be thinly traded and volatile, and hard to exit quickly.

Should You Apply?

The IPO closes today with a fading grey market premium and weak demand. This is a growing little packaging maker that the market isn't warming to.

Conservative investors — give it a pass. Weak subscription and a collapsing GMP are enough to stay away, whatever the improving profit.

Moderate investors — skip, or at most watch the final day subscription before deciding. There's no strong listing signal, and a small SME with lukewarm demand carries real risk.

Aggressive investors — only a small, high risk application makes sense, and only if the issue actually gets subscribed by the close. The improving profit is a genuine positive, but the market is telling you not to expect much on listing day.

Honest take: a small packaging company with genuinely improving profits and a fair forward valuation but a slumping GMP and thin demand say the market isn't convinced. The business is fine; the timing and appetite aren't, so there's no rush.

IPO Objects of the Issue

This is a 100% fresh issue, with no offer for sale, so all proceeds go to the company.

Contact Details

Twinkle Papers Ltd. Malerkotla–Ludhiana Highway, Malerkotla, Punjab (about 30 km from Ludhiana) Brand: Twinkle

IPO Registrar — Alankit Assignments Ltd. 📞 +91-11-4254 1234 📧 ipo@alankit.com 🌐 www.alankit.com

Lead Manager: Novus Capital Advisors Pvt. Ltd. · Market Maker: Nirman Share Brokers Pvt. Ltd.

This page is not investment advice. GMP is indicative only and unofficial. Please consult a SEBI-registered financial advisor before investing.