Twinkle Papers IPO

Incorporated in 1995, Twinkle Papers is the manufacturer of corrugated boxes and polymer-based moulded packaging products. The company manufactures a wide range of packaging and material handling products, including corrugated boxes, plastic pallets, crates, HDPE cans, poly jars, jerry cans, drums, polythene sheets, poly bags and plastic chairs. The plastic products are made using advanced technologies like blow moulding, injection moulding, and rotational moulding. These are mainly used in industries such as food, dairy, construction chemicals, pharmaceuticals, textiles, and more.

Key raw materials include kraft paper, starch powder, and stitching wire for corrugated boxes, and chemicals, granules (HDPE/LLDPE), rings, rubber, and steel strips for plastic products. Granules form the largest raw material cost, accounting for 85.28% of domestic purchases in 9MFY26 and 83.58% in FY25. In 9MFY26, drums/cans/polyjars/jerry cans contributed 40.67% of revenue, followed by pallets at 28.67%, corrugated boxes at 24.07%, crates at 5.13%, and polythene sheets/bags at 1.46%. All sales are routed through dealers/traders, with no exclusive dealership arrangements in place.

The company has three manufacturing facilities which all are situated in Jitwal Kurd, Ahmedgarh, and Malerkotla, Punjab. It also maintains an owned storage facility of 60,000 sq m within its factory premises in Punjab, with capacity for 20,000 standard pallets and 12,000 rack positions. Corrugated boxes contributed ~24.07% in 9MFY26. Punjab continues to dominate in the company's revenue with an 88.8% contribution in 9MFY26, followed by Haryana at 3.3% and Uttar Pradesh at 2.5%. Average capacity utilisation for 9MFY26 across all divisions was 79.40%. Among divisions, HDPE/LLDPE plastic had the highest utilisation at 85%, and the polythene sheet division had the lowest utilisation of 72.2% in 9MFY26.