Twinkle Papers Limited
Twinkle Papers Limited is a Punjab-based SME IPO offering corrugated boxes and polymer-based moulded packaging products, raising ₹27.52 crores entirely through a fresh issue to fund machinery expansion, debt repayment, and working capital needs.
Overview
About the Company
Twinkle Papers Limited, incorporated on September 27, 1995, is engaged in the manufacture of corrugated boxes and polymer-based moulded packaging products from its facility in Malerkotla, Punjab. With approximately 28 years of operating history, the company offers a broad product range including corrugated boxes, multi-colour printed fiberboard cartons, HDPE drums and jerrycans, plastic crates, heavy-duty pallets, moulded plastic furniture, and dustbins. Products are manufactured using advanced technologies such as blow moulding, injection moulding, and rotational moulding, and sold under the "Twinkle" brand to approximately 145 customers across food, dairy, construction chemicals, pharmaceuticals, and textile industries. The company maintains an in-house R&D team that develops custom polymer packaging solutions and its manufacturing facilities are ISO 9000:2015 certified. As of December 31, 2025, Twinkle Papers employed 119 people.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Purchase of new machinery to expand the capacity of the existing manufacturing facility (estimated ₹6.50 crore).
- › Repayment of a portion of existing borrowings of the company (estimated ₹7.00 crore).
- › Funding incremental working capital requirements of the business (estimated ₹8.00 crore).
- › General corporate purposes (balance of net proceeds).
✅ Strengths
- ✓ The company brings over 28 years of operational experience in manufacturing corrugated boxes and polymer-based packaging products.
- ✓ A wide and diverse product range—including corrugated boxes, pallets, crates, HDPE cans, poly jars, jerry cans, drums, and related materials—allows service across multiple end-use sectors.
- ✓ An in-house research and development capability enables the company to create tailor-made polymer packaging solutions for its customers.
- ✓ Manufacturing operations comply with ISO 9000:2015 quality management standards.
- ✓ Lead promoter Amit Jain has more than 30 years of domain experience in the packaging industry, supported by an experienced senior management team.
- ✓ The company has a growing customer base and a scalable, reliable business model with consistent financial improvement.
⚠️ Risks
- ! The company's entire manufacturing operation is concentrated at a single facility in Punjab, creating significant geographic concentration risk.
- ! As of December 31, 2025, total debt stood at ₹53.69 crore, representing a high leverage position relative to equity.
- ! Some properties pledged as security against borrowings are owned by promoters and affiliated parties rather than the company itself.
- ! The company lacks records of a historical e-Form 5 related to an increase in its authorised share capital, which could pose a regulatory concern.
- ! No key awards, certifications beyond ISO 9000:2015, or notable industry recognitions have been received as of the RHP date.