All Time Plastics Ltd Q4 FY26 Earnings Analysis

- Q3 FY ‘26 showed sequential sales growth of 8.1% driven by better order traction and execution. - Additional 2,000 MT capacity at Khatalwada plant (commissioned Dec 2025) not yet fully utilized, indicating headroom for growth. - Capacity expected to increase to approx. 52,500 MT by FY ‘27 end, supporting volume growth. - Gradual ramp-up planned throughout FY ‘27 with significant capacity additions in Q4 FY ‘26 and Q1 FY ‘27. - Expected turnover growth for 39,000 MT and 52,500 MT peak capacities aligned with historic utilization and improved product mix. - Bamboo business ramping up, with 6,000 CBM capacity targeted; commercial production starting soon, revenue contribution expected to reach 20% in three years. - Overall, management expects sequential improvement in revenue and margin, supported by capacity expansion, new customers, and improving demand environment.

- Q3 FY '26 reflects clear sequential improvement in operating and financial performance, driven by better execution, operating leverage, and improving demand conditions. - With incremental capacities in place and strong customer relationships, the company is focused on sustainable and profitable growth ahead. - EBITDA margins are expected to increase as turnover grows due to better absorption of fixed costs and operational leverage. - PAT showed a 117.1% sequential increase in Q3 FY '26, indicating strong profit recovery momentum. - Capacity ramp-up through FY '27, including new additional capacity to 52,500 tons, will drive volume and revenue growth above historical levels. - Bamboo business is anticipated to contribute around 20% to revenue in three years, diversifying earnings and supporting margin expansion. - Management expects steady revenue and margin growth quarter-on-quarter barring macro uncertainties or geopolitical disruptions. - Underlying improvements exclude one-time exceptional charges and reflect positive operational trends going forward.

- INR 10 crores capex allocated for bamboo vertical, covering initial machinery and pilot phase; additional investments planned to increase bamboo capacity. - Bamboo commercial production to start soon at Guwahati pilot facility, with mid-next year target for larger capacity ramp-up. - Further bamboo machinery installations planned at Guwahati and Khatalwada to reach 6,000 CBM capacity. - Incremental capacity expansion at Khatalwada plant from 39,000 to 52,500 metric tons targeted by FY ’27, with phased commissioning through Q4 FY ’26 and H1 FY ’27. - Infrastructure expansion at Khatalwada completed; upcoming capex to be funded through IPO proceeds. - Strategic MoU with North East Cane and Bamboo Development Council for engineered bamboo products and supply chain security via bamboo plantations. - Plans to evolve bamboo product portfolio beyond consumerware in 2-3 years following stabilization.

- The company plans to deploy capital expenditure for incremental capacity expansion, including the bamboo business, using IPO proceeds. - INR10 crores has been allocated as capex for bamboo machinery, part of which will be funded through IPO proceeds. - There is no specific mention of fresh debt raising; the company remains conservatively leveraged with a debt-to-equity ratio of 0.15x as of Q3 FY ‘26. - The focus appears to be on utilizing internal accruals and IPO proceeds for expansion rather than raising new debt. - No explicit mention of any new equity or debt fundraising plans beyond the use of IPO capital for capacity expansion.

- Order book varies by customer; some provide forecasts, others give fixed orders, and some orders come just-in-time. - Orders depend on product launch calendars, which may shift occasionally by one to two months. - The company sees improving order traction across core export markets as of Q3 FY ‘26. - New customers have been added in Europe (Netherlands and Denmark) with repeat orders received. - Bamboo business orders have been received, with commercial deliveries expected from Q1 FY ‘27. - The JV partner contributed new business in the Australian market, leading to a promising pipeline with large supermarket chains. - Overall, while some uncertainties exist due to geopolitical and logistic factors, the company expects steady order inflows and growth going forward.