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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2016)
Investment Thesis
Silvassa-based pen and stationery manufacturer (est. 1992) that produced ball pens and gel pens under the "Today's" brand, previously listed on BSE (531830) and NSE (TODAYS). Competed with Flair, Cello, Reynolds and Linc. Revenue declined at −13% CAGR to ₹27.2 Cr with net loss −₹21.5 Cr (last filed FY2016). Court liquidator Vishal Bidawatjika appointed January 9, 2019. Company classified as "Dissolved under Section 54." Shares suspended. The Drolia family promoters also control multiple other financially distressed entities. Entirely defunct — avoid.
Pros
Cons
Business Segments
Ball pen and gel pen manufacturing (under "Today's" brand) — Silvassa, Daman & Diu
NOTE: Under Liquidation since January 9, 2019 — operations ceased
Revenue Model
Manufacturing and sale of plastic ball pens, gel pens, and refills primarily in the domestic Indian market.
Detailed Analysis
Growth Plans
India's large school-going and student population continues to support baseline demand for affordable writing instruments
Potential for turnaround if management restructures operations or explores new product lines
Industry Tailwinds
India's large school-going and student population continues to support baseline demand for affordable writing instruments
Potential for turnaround if management restructures operations or explores new product lines
Recent Developments
Comparable Companies
LINC · ~500 Cr
FLAIR · ~2000 Cr
Frequently Asked Questions
About Todays Writing Instruments
Todays Writing Instruments Limited was a Dadra & Nagar Haveli-based manufacturer and distributor of pens and stationery products, incorporated on April 29, 1992. The company was registered at Survey No. 251/2, Near Jain Temple, Valsad Falia Dadra, Dadra & Nagar Haveli, India 396193 under the Registrar of Companies, Ahmedabad. The company was engaged in the manufacture of ballpoint pens, gel pens, and other writing instruments, along with wholesale trading in stationery items. India's writing instruments market has been a significant consumer goods category, driven by large student and office populations. The company operated within the competitive budget-to-mid-range writing instruments segment. Unfortunately, Todays Writing Instruments Limited has been dissolved under Section 54 of the Companies Act. A liquidator (Vishal Bidawatjika) was appointed for the company (in Liquidation) in January 2019. The company's last filed balance sheet was for the financial year ended March 31, 2016, with reported revenue of approximately Rs 58.4 crore at that time. The company's directors at the time of dissolution included Shilpa Sharad Joshi, Rajesh Kumar Drolia, and Rajiv Drolia. The company had an authorised share capital of Rs 25 crore and paid-up capital of Rs 12.81 crore. The dissolution reflects the challenges faced by small-to-mid-size domestic pen manufacturers competing against organised players like Reynolds, Linc, Cello, and Classmate. The Indian writing instruments market has been subject to significant consolidation, with organised companies and foreign brands capturing most of the market. Companies that could not achieve sufficient scale, brand differentiation, or distribution network depth often struggled. The dissolution of Todays Writing Instruments Limited is a case study in the competitive pressures facing domestic FMCG and consumer goods manufacturers.
Key Milestones
29 April 1992 — Incorporated in Silvassa, Daman & Diu (Union Territory manufacturing tax incentive zone)
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We source & quote
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Industry Headwinds
Continued structural decline in writing instrument demand due to digitisation
Risk of winding up or delisting given apparent dormancy
CRITICAL: Company dissolved under Section 54 of Companies Act; liquidator appointed January 2019
Source: Media Reports / Public Records
Last financial filing was for FY2016 — no financial data for 8+ years
Source: AlphaHub Research
Dissolution indicates inability to sustain operations competitively
Source: AlphaHub Research
Company reported a net loss of ₹21.50 Cr (FY2016) — may signal structural profitability challenges
Source: Financial data
Share price of ₹0.05 indicates potential penny stock status with possible accumulated losses and low business activity
Competes against large branded manufacturers like Cello, Reynolds, Linc, and Flair that have significant distribution networks and brand recognition
Growing digitisation is reducing demand for writing instruments, a structural headwind for the sector
Built integrated pen manufacturing: Cushion Ball Pen, Glide Ball Pen, Smooth Ball Pen, gel pens under "Today's" brand
Listed on BSE (531830) and NSE (TODAYS); competed with Flair, Cello, Reynolds, Linc
Revenue declined at −13% CAGR over 5 years; accumulated losses reached ₹21.5 Cr
FY2016 — Last balance sheet filed; revenue ₹27.2 Cr; loss -₹21.5 Cr
9 January 2019 — Vishal Bidawatjika appointed as Court Liquidator; company in liquidation