All Time Plastics Limited (ALLTIME)
🎯 Key Takeaways
- All Time Plastics Limited is transitioning from a volume-driven, export-dependent manufacturer to a branded, domestic-focused consumer durables player with ambitions to scale its B2C segment. Management is prioritizing margin expansion and capacity utilization to drive profitability, supported by product diversification and urbanization trends.
- Revenue declined 8.6% QoQ to ₹146 in Q4FY26.
- ⚠️ Overreliance on a few large customers, particularly IKEA, which contributed 55% of Q4 revenue and is showing declining share.
📖 The Story
All Time Plastics Limited is transitioning from a volume-driven, export-dependent manufacturer to a branded, domestic-focused consumer durables player with ambitions to scale its B2C segment. Management is prioritizing margin expansion and capacity utilization to drive profitability, supported by product diversification and urbanization trends. The company is in a strategic reinvestment phase, leveraging strong gross margins and operational improvements to fund growth rather than return capital.
📰 What's Happening
In FY26, All Time Plastics reported revenue of ₹610.4 crores (9.4% YoY growth) and PAT of ₹35.6 crores, with gross margin expanding to 39.2% and EBITDA reaching ₹90.1 crores. Q4FY26 showed sequential improvement with revenue of ₹145.7 crores and PAT of ₹9.3 crores, driven by 41.9% gross margin from favorable product mix and input cost moderation. Management highlighted growth in domestic branded sales (66% share) and expansion of the bamboo division, supported by urbanization trends. Capacity utilization rose to 87% in Q4FY26, up from prior quarters, reflecting stronger execution. Export delays impacted 15% of revenue, and IKEA's contribution declined to 55% of Q4 revenue, prompting a strategic shift toward increasing B2C revenue share from 14% to 22-25% within 1.5 years.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|
| Revenue | 158 | 147 | 159 | 146 |
| Operating Profit | 29 | 18 | 22 | 23 |
| OPM % | 18.2% | 11.0% | 14.8% | 14.8% |
| Net Profit | 13 | 4 | 9 | 9 |
| EPS | ₹2.44 | ₹0.72 | ₹1.54 | ₹1.43 |
Revenue trends show volatility but underlying momentum, with Q4FY26 revenue at ₹145.7 crores slightly down from Q3FY26’s ₹159 crores but up from Q2FY26’s ₹147 crores. Profitability improved significantly, with PAT rising to ₹9.3 crores in Q4FY26 from ₹4.09 crores in Q2FY26, and OPM stabilizing at 14.8% after a dip in Q2. Gross margin surged to 41.9% in Q4FY26 from 18.2% in the full FY26, indicating strong margin recovery driven by product mix and cost control. Despite lower revenue in Q4, net profit remained stable, reflecting operational resilience. Management expects 11-12% CAGR in revenue (FY23-FY26) and export growth of 6-8% (CY19-CY23), underpinning confidence in sustained momentum.
🔮 Management Outlook & What's Next
Management targets 70-75% capacity utilization in FY27 and aims to expand EBITDA margins to 18-19%. They project 11-12% CAGR in revenue over FY23-FY26, with export growth of 6-8% (CY19-CY23) and branded domestic sales accounting for 66% of revenue (FY25P). The strategic focus is on scaling B2C revenue share from 14% to 22-25% within 1.5 years, supported by urbanization trends and product diversification. Management emphasizes operational resilience and margin expansion as key levers for future growth, with no mention of dividend plans and continued reinvestment of earnings.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | 2025-2026 | 2025-2026 | 2025-2026 | 2025-2026 |
|---|---|---|---|---|
| Equity Capital | 11 | 13 | 13 | 13 |
| Reserves | — | 581 | — | 600 |
| Borrowings | — | 127 | — | 80 |
| Total Liabilities | — | 229 | — | 170 |
| Fixed Assets | — | 360 | — | 403 |
| Investments | — | 0 | — | 20 |
| Total Assets | — | 823 | — | 784 |
The balance sheet shows a strengthening financial position with equity of ₹13 crores and reserves of ₹600 crores in FY25-26, up from ₹581 crores previously, while borrowings increased to ₹76.92 crores. Total assets stood at ₹784 crores, reflecting growth in operations. The company reaffirmed its Crisil A/Stable credit rating, indicating stable financial health. No dividend was recommended, signaling that profits are being retained for strategic investments, including capex and debt reduction. The utilization of IPO and pre-IPO proceeds for loan repayment and working capital further supports a disciplined capital allocation strategy focused on deleveraging and operational expansion.
⚖️ Peer Comparison — Consumer Durables
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| Titan Company Limited | 3.70 L Cr | 77.6 | 34.3% | 41.0% | 0.88 |
| Asian Paints Limited | 2.50 L Cr | 65.0 | 26.0% | 19.8% | 0.04 |
| LG Electronics India Limited | 1.07 L Cr | — | — | — | — |
| Havells India Limited | 75,873 | 54.2 | — | — | — |
| Dixon Technologies (India) Limited | 66,754 | 75.9 | — | — | — |
| Berger Paints (I) Limited | 62,200 | 54.5 | — | — | — |
| Voltas Limited | 40,722 | 56.8 | — | — | — |
| Kalyan Jewellers India Limited | 36,461 | 54.6 | — | — | — |
| Blue Star Limited | 34,091 | 61.2 | — | — | — |
| Amber Enterprises India Limited | 29,854 | 164.3 | 8.4% | 4.1% | 0.62 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Overreliance on a few large customers, particularly IKEA, which contributed 55% of Q4 revenue and is showing declining share. 2. Export market volatility, with delays impacting 15% of revenue and long-term contracts subject to geopolitical and logistical disruptions. 3. Execution risks in scaling B2C operations, as the shift from B2B to branded domestic sales requires significant investment in distribution and brand building. 4. Rising borrowings to ₹76.92 crores increase financial leverage, though manageable given strong cash flows, they could pressure margins if economic conditions deteriorate.
📋 Recent Filings
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🔴 Announcement 15 June 2026No summary available
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Announcement 15 June 2026No summary available
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Announcement 10 June 2026All Time Plastics Limited announced a scheduled group meeting with analysts and institutional investors on June 16, 2026 at 3:30 pm in Mumbai, providi...
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🔴 Financial Results 1 June 2026All Time Plastics reported FY26 revenue of **₹610.4 crores** (up 9.4% YoY) and PAT of **₹35.6 crores** (5.8% margin), with gross margin expanding to 3...
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🔴 Financial Results 24 May 2026All Time Plastics Limited reported Q4FY26 revenue of **₹145.7 crores** with a net profit of **₹9.3 crores** (6.4% margin), up from FY26 annual revenue...
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🔴 Financial Results 22 May 2026All Time Plastics Limited reported audited standalone and consolidated financial results for FY 2025-26, approved by the board on May 22, 2026, showin...
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🟡 Board Meeting 22 May 2026The Board of All Time Plastics Limited approved FY 2025-26 audited results on 22 May 2026, confirming an unmodified audit opinion and reappointing aud...
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🔴 offer document 13 May 2026All Time Plastics Limited disclosed a Monitoring Agency Report from Crisil Ratings confirming utilization of IPO and pre-IPO proceeds for loan repayme...
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Announcement 22 April 2026All Time Plastics Limited clarified via regulatory filing that recent trading volume spikes lack any material news or disclosure requirement under SEB...
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Announcement 21 April 2026No summary available
🧠 Analyst's Read
All Time Plastics is executing a clear strategic pivot toward higher-margin branded and sustainable products, supported by improving operational metrics and capacity utilization. Investors should monitor the pace of B2C revenue growth and management’s ability to mitigate export-related risks while scaling domestic operations. The reinvestment of profits and rising institutional confidence suggest a focus on long-term value creation, but near-term execution will be critical to achieving stated margin and utilization targets.
Based on filing content and financial data. Not a recommendation.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.