Forge Auto International Ltd. IPO

Twinkle Papers

• Twinkle Papers is coming out with an initial public offering (IPO) of 39,88,000 shares in a price band of Rs 64-69 per equity share.
• The issue will open on June 29, 2026 and will close on July 1, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.40 times of its face value on the lower side and 6.90 times on the higher side.
• Book running lead manager to the issue is Novus Capital Advisors.
• Compliance officer for the issue is Twinkle Narula. 

Profile of the company 

Twinkle Papers is manufacturer of Corrugated Boxes and polymer-based molded packaging products. The company is located in Malerkotla (30 kms from Ludhiana) on Malerkotla Ludhiana Highway. The company manufactures a wide range of packaging and material handling products, including Corrugated Boxes; Plastic Pallets; Crates; HDPE Cans, Poly Jars, Jerry Cans, and Drums; Polythene Sheets and Poly Bags; and Plastic Chairs.

The company’s plastic products are made using advanced technologies like blow molding, injection molding, and rotational molding. These are mainly used in industries such as food, dairy, construction chemicals, pharmaceuticals, textiles, and more. The company sells all its products under the brand name ‘Twinkle’, catering to a diverse range of industries. Its inhouse R&D team works closely with clients to design custom polymer solutions that address their specific packaging challenges. Its manufacturing facilities also complies with ISO 9000: 2015 systems.

Proceed is being used for: 

• Meeting capital expenditure for expansion at the existing manufacturing facility by Purchase of new machinery
• Repayment of portion of loans availed by the company
• Meeting the Working Capital requirements of the company
• Meeting the General Corporate Purposes

Industry overview

Packaging has emerged as the fifth largest sector of the Indian economy, playing a pivotal role in driving industrial growth, innovation, and value creation across FMCG, agriculture, and food processing. Growing at a rapid 22 to 25% annually, the sector is supported by advances in technology, logistics, and rising consumer demand. India has a strong base with over 22,000 packaging units, of which 85% are SMEs, and a robust paper manufacturing ecosystem of more than 850 mills, with 526 operational, producing nearly 25 million tonnes annually. Installed capacity in paper and paperboard stands at about 5 million tonnes, with utilisation levels above 95%, reflecting both scale and efficiency. The government’s liberalised policies, including 100% FDI through the automatic route, continue to attract overseas investors. Between April 2000 and March 2025, the Paper and Pulp (including paper) sector received cumulative FDI inflows worth Rs 10,159.90 crore ($ 1.74 billion). 

The Indian plastic industry is one of the leading sectors in the country’s economy. The history of the plastic industry in India dates to 1957 with the production of polystyrene. Since then, the industry has made substantial progress and has grown rapidly. The industry is present across the country and has more than 2,500 exporters. It employs more than 4 million people in the country and constitutes 30,000 processing units; among these, 85-90% belong to small and medium enterprises. India manufactures various products such as plastics and linoleum, houseware products, cordage, fishnets, floor coverings, medical items, packaging items, plastic films, pipes, raw materials, etc. The country majorly exports plastic raw materials, films, sheets, woven sacks, fabrics, and tarpaulin. The Government of India intends to take the plastic industry from a current level of Rs 3,00,000 crore ($37.8 billion) of economic activity to Rs 10,00,000 crore ($126 billion) in four-five years.

Pros and strengths 

Differentiated product portfolio: The company makes corrugated boxes & plastic packaging products of different sizes catering for various industries. It makes customised corrugated boxes of different sizes based on the customer preferences. The company also manufactures pallets, crates, drums, cans, jerry cans etc. of various sizes and colours on the basis of order received.

Customer base in diverse industries: The company provides packaging solutions to various industries such as textile sector, paper mills, food and beverage industry, healthcare, chemical/paint, power and battery manufactures, telecom industry etc. This also ensures that the downfall of any one industry does not affect the company to a large extent. 

Non-Perishable Raw Material: The raw material i.e. the plastic granules used for manufacturing of plastic packaging product are non-perishable in nature. The scrap leftover after manufacturing of finished product can be recycled and reused after grinding it back into granules. This ensures almost no wastage of raw material.

Risks and concerns

Substantial revenue dependence on selected customers: The company derives a significant part of its revenue from selected customers. Revenue from its top 10 customers contributed around 81.06%, 70.38%, 57.48% and 66.48% of its total revenue for the period ended on December 31, 2025 and for the Fiscal Years ended on March 31, 2025, 2024 and 2023, respectively. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows. It doesn’t have any binding agreement with its customers, resulting in its inability in to retain its customers. 

Dependent on few suppliers: The company is dependent on few suppliers for purchase. For the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 its top ten suppliers accounted for around 89.88%, 96.49% and 87.06% of its total purchases. The company cannot assure that it will be able to get the same quantum and quality of supplies from its major suppliers or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases and ultimately its revenue and results of operations.

Substantial portion of revenues come from manufacturing of plastic packaging products: The revenue from the sale of molded industrial packaging products for the period ended December 31, 2025 and for the Financial Years 2025, 2024, 2023, contributed Rs 5471.20 lakh, Rs 6917.37 lakh, Rs 4,434.99 lakh and Rs 4,040.48 lakh respectively, representing 75.92%, 84.72%, 76.60% and 74.21% respectively of the company’s revenues from operations. As part of its business strategy, it continues to focus to strengthen its position in the plastic packaging industry. Its business, growth prospects and financial performance largely depend on its ability to obtain new customers and retain existing clients for the sale of its molded industrial packaging products. There can be no assurance that it will be able to procure new customers or retain its existing customers successfully. In the event it is unable to acquire new customers or retain its existing customers owing to change in demand, its business and financial condition will be materially and adversely affected. 

Outlook 

Twinkle Papers is one of India's leading manufacturers of industrial packaging and material handling solutions. With advanced manufacturing facilities near Ludhiana, Punjab, it produces a wide range of HDPE drums, jerry cans, plastic pallets, crates, and customised packaging products that meet domestic and international standards. Its products are engineered for strength, safety, durability, and efficient transportation across industries including chemicals, pharmaceuticals, food processing, agriculture, lubricants, and logistics. On the concern side, major proportion of the company’s revenue from operations derives from the state of Punjab, any adverse changes in the conditions affecting these regions can adversely affect its business, financial condition and results of operations. Besides, its manufacturing premises and office have significant electricity requirements and any interruption in power supply may disrupt its operations.

The company is coming out with a maiden IPO of 39,88,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 64-69 per equity share. The aggregate size of the offer is around Rs 25.52 crore to Rs 27.52 crore based on lower and upper price band respectively. On performance front, net revenue from operations for the financial year 2024-25 stood at Rs 8164.66 lakh, whereas for the financial year 2023-24, it stood at Rs 5,789.43 lakh representing an increase of 41.03%. The restated profit after tax for the financial year 2024-25 stood at Rs 346.79 lakh, whereas for the financial year 2023-24, it stood at Rs 159.50 lakh which is equivalent to 4.13% and 2.27% of the total income incurred in the respective financial years.

Meanwhile, to keep up with changing market needs and stay ahead of the competition, the company is working on creating new and smarter packaging solutions. After successfully launching pallets and roto pallets, it now plans to diversify into the automobile sector by manufacturing automobile parts. For this purpose, the company intends to procure specialized machinery tailored for auto component production. Its R&D team is actively involved in research and development and applies for government tenders on a frequent basis. This consistent effort has helped it win key contracts. 

Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015 and with reference to its 39th AGM Notice intimation, Ajcon Global Services has informed that in compliance with Regulation 36 (1) (b) of the SEBI (LODR) Regulations, 2015 as amended from time to time, the Company has dispatched physical letter on 24.06.2026 to those Shareholders whose e-mail IDs are not registered with Company/Registrar & Transfer Agent/Depository Participants, providing the weblink of Company's website from where the Notice of AGM along with Annual Report for FY 2025-26 can be accessed. A copy of the letter dispatched to the respective shareholders is enclosed. The above information is also available at Company’s website at www.ajcononline.com.

Pursuant to the SEBI (Prohibition of Insider Trading) Regulations 2015, as amended, and the Company's code of conduct for regulating, monitoring and reporting of trading by Insiders, Powerica has informed that the Trading Window for the purpose of trading in the shares of the Company by its Designated persons (including their immediate relatives) shall remain closed from Wednesday, July 01, 2026 and shall be opened 48 hours after the conclusion of the Meeting of the Board of Directors to be held for the purpose of considering the Unaudited Financial Results for the quarter ended June 30, 2026. The date of the Board Meeting of the Company for the aforesaid purpose will be intimated in due course. The aforesaid information is also being uploaded on the website of the Company at https://www.powericaltd.com.

The above information is a part of company’s filings submitted to BSE.