All Time Plastics Ltd

Financial Performance

• Revenue from operation for Q1 FY27: INR161 crores, up 10.5% sequentially.
• Gross margin 39.5%; 240 bps below Q4 FY26.
• EBITDA INR23 crores; margin 14.3%; sequential +6.8%; YoY -20%.
• PAT INR12 crores; margin 7.5%; sequential +28.8%; YoY -5.5%.
• Polymer volume 6,323 MT; up 25% QoQ; utilization 64.9%.
• Installed capacity ~41,000 MT; 14 new machines add 1,500 MT in Q4 FY27.
• US revenue share 19%; Europe 52%; UK 11%; Domestic 16%.

Geography and Operations

• Domestic growth target of 30-35% for FY27.
• Bamboo facility: 75,000 sq ft Guwahati; 3,000 CBM capacity; Phase 1 start.
• Bamboo contribution expected from Q4 FY27.
• MOUs with North Eastern Cane and Bamboo Development Corporation.
• FY27 target ~75% utilization at 41,000 MT capacity.

Balance Sheet and Cash Flow

• Net working capital cycle 60 days; inventory 44 days; receivables 50; payables 34.
• Debt-to-equity 0.14x; balance sheet described as robust.

Projects and Capex

• Khatalwada capacity expansion to 41,000 MT; 1,500 MT incremental via 14 machines in Q4 FY27.
• Bamboo Phase 1 capex INR15 crores; 3,000 CBM; mid-August arrival; end-September installation.
• Downstream processing at Khatalwada; new model with upstream bamboo boards.
• Incremental capacity prioritized after selecting projects with major customers.

Outlook and Guidance

• FY27 volume growth expected 15-20% if conditions hold.
• Domestic growth target 30-35% for FY27.
• 75% utilization target at 41,000 MT capacity for FY27.
• EBITDA likely to improve with higher utilization; sustainable margin linked to 80% capacity use.

Q&A Highlights

• In-transit sales around INR5.5 crores; July recognition ~INR5.5 crores (INR3cr export, INR2.5cr domestic/in transit).
• Pricing pass-through: domestic 100%; largest customer eight-week lag; others ~50% passed.
• Volume and pricing: Q2 expected to reflect pass-through; logistics and raw material issues persisted earlier.
• Bamboo cannibalization: no cannibalization; different price points and customers.
• Largest customer expansion in India: 20–25 new stores; each store ~INR40–INR50 lakhs monthly.

Issue Overview

• IPO: Fresh issue of equity shares; Pre-IPO: private placement of equity shares.
• Total issue size and net proceeds reported; no undersubscription indicated.
• Objectives: prepay borrowings; procure Manekpur facility equipment and ASRS; general corporate purposes.

Utilisation of Proceeds

• Utilisation as per offer document: Yes; aligned with disclosed objects.
• Deviations: Not applicable; no material deviations observed.
• ASRS/Manekpur progress: partial utilisation; 832.67 million unutilised.
• IPO proceeds: prepayment of borrowings fully utilised; funds transferred to current account.
• Pre-IPO proceeds: GCP utilised; 15.52 million unutilised.
• Total unutilised proceeds: 848.19 million; parked in fixed deposits and MA monitoring account.
• Delays: geopolitical uncertainty and demand trends delaying deployment; remaining funds to be deployed next fiscal.

Governance and Compliance

• Approvals: All requisite statutory approvals obtained for the objects.
• Material events: Vendor arrangements modified; consistent with prospectus disclosures.
• Risks: Geopolitical and market conditions affecting deployment; ongoing monitoring.

General Corporate Purpose (GCP)

• GCP utilisation: IPO GCP fully utilised; Pre-IPO GCP shows 15.52 unutilised.
• Board approval: Not explicitly detailed in MA; allocation status not separately documented.

Meeting Details

• Date: August 6, 2026; Q1FY27 earnings call hosted by All Time Plastics.
• Type/Mode: group audio conference call.
• Event/organiser: Q1FY27 Earnings Call.
• Recording availability: audio recording accessible on company website.

Participants

• Key company participants: management roles not disclosed.

Purpose

• Purpose: earnings discussion for Q1 FY27.

Additional Notes

• Audio recording available; transcript not mentioned.

Business Overview

• B2B white-label plastics consumerware maker with in-house design-to-delivery capabilities.
• Four facilities: Daman, Silvassa, Khatalwada; bamboo unit at Madanpur, Guwahati.
• Exports to 29 countries; largest exporter of plastic houseware from India per Plexconcil.
• Strategy includes bamboo diversification alongside existing plastic business.

Operational Highlights

• Q1FY27 revenue rose over 10% sequentially; volume up 25%.
• Capacity utilization improved to ~65% from ~52% prior quarter.
• 14 new machines ordered to add 1,500 tons capacity in Q4 FY27.
• Bamboo facility lease signed; Guwahati plant 3,000 m3 first phase.
• MoU with NECBDC for engineered bamboo PMDP; Assam/Nagaland entry.
• US market momentum; domestic growth target 30-35% under diversification.

Financial Performance

• Q1FY27 revenue Rs 161.7 Cr; gross margin 39.7%.
• Q1FY27 EBITDA Rs 23.4 Cr; EBITDA margin 14.5%.
• Q1FY27 PAT Rs 12.0 Cr; PAT margin 7.4%.
• FY26 consolidated revenue Rs 610.5 Cr; PAT Rs 35.4 Cr.
• EBITDA Rs 89.9 Cr; EBITDA margin 14.8%.
• Gross margin 39.2%; PAT margin 5.8%.
• End-FY26 cash Rs 86.5 Cr; cash flow from operations Rs 86.3 Cr.

Capital Structure & Liquidity

• Borrowings FY26 end: current Rs 24.4 Cr; non-current Rs 55.9 Cr.
• Lease liabilities FY26: non-current Rs 4.4 Cr; current Rs 1.7 Cr.
• Shareholders' funds total Rs 613.5 Cr; equity Rs 13.1 Cr.
• End-FY26 cash in hand Rs 86.5 Cr; strong operating cash flow.

Strategic Priorities & Outlook

• FY27 capex plan includes 14 machines and 1,500 t capacity.
• Capacity utilization target ~75% for FY27.
• Domestic growth target 30-35%; export-led expansion continues.
• Bamboo expansion underway; Guwahati facility first phase; commercial contribution expected Q4FY27.
• MoU with NECBDC provides structured engineered bamboo ecosystem entry.
• Export tailwinds from EU-India FTA and US-India framework.
• Sustainability and governance initiatives; ASRS warehouse at Silvassa.

Risks & Mitigation

• Raw material price volatility; company renegotiated pricing and price increases.
• Geopolitical risks and logistics disruptions affecting supply chains.
• Margins to normalize as cost pass-through completes.

Governance & Leadership

• Kailesh Shah is Chairman and Managing Director.
• Independent directors include Lakshmi Nadkarni, Sethuram, Shrinivas Joshi.
• Company Secretary Antony Alapat; experienced governance team.
• Wholly owned bamboo subsidiary All Time Bamboo Private Limited established.

Financial results

• Unaudited standalone and consolidated quarterly results for quarter ended 30 June 2026 approved.
• Limited Review Reports by Walker Chandiok & Co LLP attached.

Senior management appointments

• Mr. Akshay Shah, Head - Supply Chain, appointed as Senior Management from 5 August 2026.
• Mr. Dhvanit Shah, Strategic Business Head, appointed as Senior Management from 5 August 2026.

IPO and regulatory disclosures

• IPO completed; listed on NSE and BSE on 14 August 2025.
• IPO proceeds: utilised 19,673.30 lakhs; unutilised 8,326.70 as at 30 June 2026.
• Unutilised IPO funds invested in fixed deposits.
• Exceptional item of 437.28 lakhs due to Labour Codes implementation.
• Consolidated results include subsidiaries All Time Plastics Pte Limited and All Time Bamboo Private Limited.
• Auditors conducted limited review; no audit opinion issued.

Meeting Details

• Date and time: Thursday, August 6, 2026, 12:00 IST.
• Type and mode: Earnings conference call, group session conducted virtually.
• Organizer: All Time Plastics Limited hosting the earnings conference call.

Participants

• Key company participants: CMD, Whole-Time Director, and CFO.

Purpose

• Purpose: Discuss unaudited standalone and consolidated results for quarter ended June 30, 2026.

Meeting Details

• Board meeting on August 05, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for quarter ended June 30, 2026.

Other Notes

• Trading window closed for designated persons and their immediate relatives until 48 hours after declaration of results.

Reporting to stock exchanges

• RTA states details of dematerialised/rematerialised securities during the period were furnished to all stock exchanges.
• Details of dematerialised/rematerialised securities have been furnished to all stock exchanges where shares are listed.

Q4 FY26 results

• Revenue was INR145.8 crores, versus INR148.2 crores in Q4 FY25.
• Gross margin improved to 41.9% from 39.1% in Q4 FY25.
• EBITDA was INR21.6 crores, with 14.8% margin.
• PAT was INR9.4 crores, with 6.4% margin.
• Q4 volumes were hit by late-quarter supply-chain and shipment delays.

FY26 performance

• Revenue grew 9.4% to INR610.4 crores in FY26.
• Gross profit rose 7.3% to INR239.3 crores; gross margin was 39.2%.
• EBITDA was INR90.1 crores, with 14.8% margin.
• PAT fell to INR35.6 crores from INR47.3 crores.
• Working capital days improved to 57 from 74 days.
• Operating cash flow rose to INR86.3 crores from INR39.4 crores.
• Polymer volume processed was 26,300 metric tons, broadly flat year on year.
• Recycled polymer volume increased to 8,022 metric tons from 7,136 metric tons.

Outlook and capex

• Management expects raw material prices to moderate and support margins in FY27.
• Installed capacity was 39,000 tons as of March 31, 2026.
• Another 6,000 tons remains under the expansion program, taking capacity toward 52,500 tons.
• Current-year utilization is targeted at 70% to 75%.
• Bamboo capex is about INR15 crores, with potential revenue of roughly INR60 crores at full utilization.
• Bamboo revenue is expected to start contributing in H2 FY27.
• Domestic B2C contribution is around 14%; management targets 22% to 25% in 1-1.5 years.

Q&A Highlights

• Analysts asked about Q4 shipment delays; management said February orders arrived late and some business shifted to April.
• Analysts asked about lost sales; management said there were no cancellations, only deferments and shipment delays.
• Analysts asked about IKEA contribution; management said it was 55% in Q4, versus 57% in Q4 FY25.
• Analysts asked about customer concentration; management said the second-largest customer was flat and the third grew 225%.
• Analysts asked about employee costs; management said hiring continues, but not at FY25-FY26 pace.
• Analysts asked about rupee depreciation benefits; management said short-term benefits are not fully passed through to customers.
• Analysts asked about price hikes; management said input prices rose 22% to 25%, while customers can absorb 10% to 12%.
• Analysts asked about margin impact; management said Q1 will see some EBITDA pressure from delayed pass-throughs.
• Analysts asked about raw material supply; management said prices are down 10% to 15% from peaks and alternative sources are available.
• Analysts asked about inventory; management said raw material inventory is generally around 20 days.