Twinkle Papers Limited is an established manufacturer of corrugated boxes and polymer-based molded packaging products with an industry presence spanning over 28 years. The company’s comprehensive product portfolio includes corrugated boxes, plastic pallets, crates, HDPE cans, poly jars, jerry cans, drums, polythene sheets, poly bags, and plastic chairs. To stay competitive and expand its offerings, the company continually integrates advanced manufacturing technologies, such as blow molding, injection molding, and rotational molding, into its production processes. The company primarily functions on a Business-to-Business (B2B) model, offering customized packaging solutions to its diverse clientele and marketing its products under its own brand name, "Twinkle". Rather than acting purely as a generic supplier, Twinkle Papers positions itself as a comprehensive packaging solution provider. The company's in-house Research and Development (R&D) team works closely with clients to design customized polymer solutions tailored to their specific handling and packaging challenges. Twinkle Papers serves a robust and diverse client base composed of approximately 145 customers. The company’s products are widely utilized across multiple sectors including textiles, paper mills, food and beverage, healthcare, paint, chemicals, construction, and pharmaceuticals. While the company supplies its products across various regions, its revenue concentration remains highly prominent in the state of Punjab, showcasing strong regional market penetration. The company’s manufacturing operations are concentrated at its factory located on the Malerkotla-Ludhiana Highway in Jitwal Khurd, Punjab. The facility covers an extensive area and is well-equipped to support large-scale production while adhering to ISO 9000:2015 system certifications. The company also actively mitigates raw material wastage by grinding and reusing non-perishable plastic process scrap directly back into its manufacturing operations. Over the past few years, the company has demonstrated healthy and consistently improving operational efficiency across its manufacturing segments. The average capacity utilization across its facilities stood at 67.04% in FY23, 73.65% in FY24, and 75.99% in FY25. For the nine-month stub period ended December 31, 2025, the capacity utilization rate further rose to 79.40%, indicating robust and growing demand for the company’s packaging products. As per financial performance, Twinkle Papers Limited has posted total income / net profits of Rs 54.96 / 0.90 Cr (FY23), Rs 58.75 / Rs 1.61 Cr (FY24), Rs 83.98 / 3.33 (FY25) and Rs 73.13 Cr / 0.90 Cr (UptoQ3 FY26). So as per previous financials data, the company has shown good growth, and the trade receivables to total sales ratio is well maintained at around 8.18%, 6.07%, and 13.45% for FY24, FY25 and FY26 respectively. Furthermore, unlike many peers, the operating cash flow is strictly positive for FY24 (Rs 0.61 Cr), FY25 (Rs 5.16 Cr) and FY26 (Rs 2.09 Cr). The company has a weighted average EPS of Rs 2.34 and a weighted average RoNW of 15.26% for the last three fiscals. The issue is priced at a P/BV of 3.09 as per the NAV of Rs 22.34/- as (31.12.25). If we attribute the latest earnings of FY24, FY25 and annualized FY26 on equity post-issue, then the asking price of Rs 66 is at a P/E of around 169.01, 35.05 and 14.54 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, Novus Capital Advisors Private Limited is associated with this IPO, and has handled 26 IPOs in the past. From last 10 IPOs, four opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from the last 10 IPOs, six are trading below the issue price and the remaining four are trading above the issue price or at par. (as on 22.06.26) As per financials, Sri Priyanka Geo Commex Limited has shown good growth, RoNW is 30.88% (in FY25) and P/E is 169.01, 35.05 and 14.54 respectively as per FY24, FY25 and annualized FY26 earnings. So, the issue looks reasonably priced. The company maintains healthy trade receivables and positive operating cash flows, which provide operational comfort. The company is primarily engaged in the manufacturing, marketing, and sale of disposable paper tableware and packaging, operating in the B2B and B2C segments, which is a highly competitive business segment. While the performance of the BRLM is average, the extreme geographical concentration risk (100% reliance on Odisha) and historical compliance delays raise some operating doubts. So, we give a NEUTRAL rating for this IPO for investors with a high-risk appetite looking for long-term growth. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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