Twinkle PapersIPO Review — Financials, Valuation & Peers
A data-only look at the Twinkle Papers IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 54.96 | 0.9 | 5.47 | 9.46 | 50.64 | 29.62 | — |
| FY 2024 | 58.75 | 1.61 | 8.47 | 11.07 | 61.22 | 33.88 | — |
| FY 2025 | 83.98 | 3.33 | 9.63 | 19.54 | 75.38 | 40.79 | 2.98 |
| Dec 2025 (interim) | 73.13 | 5.4 | 10.75 | 24.94 | 93.37 | 53.69 | — |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 23.16x
- P/E (post-issue)
- 14.52x
- RoNW
- 21.66%
- RoE
- 21.66%
- RoCE
- 18.82%
- Debt / Equity
- 2.15
- EPS (pre-issue)
- ₹2.98
- EPS (post-issue)
- ₹4.75
- EBITDA Margin
- 14.92%
- PAT Margin
- 7.49%
- P/BV
- 3.94x
- NAV / share
- ₹22.34
- Market Cap
- ₹104.54 Cr
As of 30 Sept 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Twinkle Papers | 2.36 | 19.86 | — | 11.89% | — | Restated |
| Prima Plastics Ltd | 4.54 | 71.05 | 25.07x | 6.4% | 1.41x | Standalone |
| Pyramid Technoplast Limited | 3.83 | 71.11 | 40.61x | 5.38% | 2.18x | Standalone |
| Tpl Plastech Limited | 1.58 | 19.5 | 39.54x | 8.1% | 3.26x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Amit Jain, Ayush Jain and Ruchi Jain
- Holding (pre-issue)
- 98.99%
- Holding (post-issue)
- 72.94%
- Dilution
- 26.05%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Twinkle Papers operates at an EBITDA margin of 14.92% and a net (PAT) margin of 7.49% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 18.82% and a return on equity (RoE) of 21.66%. At the upper band, the post-issue market capitalisation works out to about ₹104.54 crore. These are offer-document figures for the latest reported period (as of 30 Sept 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward to meet the working capital requirements of the company (₹8 crore), alongside to repayment of portion of loans availed by the company (₹7 crore). In all, 4 objects are disclosed.
Financials
In FY2025, Twinkle Papers reported revenue of ₹73.13 crore and a net profit of ₹5.4 crore. Revenue grew from ₹54.96 crore in FY2023 to ₹73.13 crore in FY2025 (+33.0%). Net worth stood at ₹24.94 crore at the end of FY2025.
Valuation
At the upper band, the issue is priced at 14.52× post-issue earnings and 3.94× book value, against a return on net worth of 21.66% and a debt-to-equity ratio of 2.15. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Prima Plastics Ltd and Pyramid Technoplast Limited, with a median peer P/E of about 39.5×. The issue's own post-issue P/E works out to 14.52×.
Promoters
The promoters of the company are Amit Jain, Ayush Jain and Ruchi Jain. Promoter holding stands at 98.99% before the issue and comes down to 72.94% after listing.
Frequently asked questions
- What is the reservation split in the Twinkle Papers IPO?
- Of the total shares offered, retail investors get 47.52%, QIBs 5.02%, non-institutional investors 47.47%.
- Who are the promoters of Twinkle Papers and what is their holding?
- The promoters are Amit Jain, Ayush Jain and Ruchi Jain. Promoter holding is 98.99% before the issue and 72.94% after listing.
- What is the P/E ratio of the Twinkle Papers IPO?
- At the upper price band, the Twinkle Papers IPO is valued at 23.16× pre-issue earnings and 14.52× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Twinkle Papers IPO?
- The net proceeds go primarily toward to meet the working capital requirements of the company, among 4 disclosed objects.