All Time Plastic Q1 FY26 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Management growth scorecard
Revenue
Category 3
Margin
Category 3
Fundraise
Yes
Order
N/A
Capex
Yes
2 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 3- Current capacity is 33,000 metric tons, with 4,000 metric tons additional capacity under installation at Khatalwada plant, expected to be ready in second half of FY’26.
- Total capacity will increase to 52,500 metric tons by FY’27 after phased expansions.
- Revenue growth expected to align with historical CAGR of approximately 15%.
- Capacity utilization is high (~90%), and further capacity additions signal growth potential.
- Growth driven by increase in export and domestic sales, with continued addition of new customers in both markets.
- Bamboo pilot project expected to generate revenue in FY’26, expanding product offerings beyond plastic.
- Incremental revenue expected as new SKUs and product categories (drinkware, silicon articles, bamboo products) gain traction.
- Business with large retail clients like IKEA, Target, Walmart continues with growth potential, although current orders from some are small and in testing phase.
See what All Time Plastic management said on margin guidance — free account, 30 seconds.
Fundraise plans
Yes- The company has already done part of the capital expenditure (CAPEX) and plans to fund the remaining CAPEX of Rs. 113.7 crores through IPO proceeds.
- There is no mention of any new or upcoming fundraising through debt or additional equity beyond the IPO.
- The company does not indicate plans for further fundraises; they are focused on capacity expansion funded by existing resources.
- No new debt issuance or equity offering was discussed during the call.
See what All Time Plastic management said on order book — free account, 30 seconds.
Capex plans
Yes- Current CAPEX includes installation of additional 4,000 metric tons capacity at the Khatalwada plant, expected to be completed by FY’26.
- Total capacity expansion plan to increase from 33,000 to 52,500 metric tons through ongoing and future CAPEX.
- CAPEX budget for expansion is around Rs. 113.7 crores, funded from IPO proceeds.
- Further capacity expansion components are planned to be completed by FY’27.
- Bamboo pilot project underway; no capacity defined yet. Expected to materialize revenue by FY’26, focusing on homeware and kitchenware products.
- Expansion of building and admin block under construction at the Khatalwada plant.
- Future growth dependent on customer and product mix, with no exact margin or timeline commitments beyond current projections.
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Margin guidance
Category 3- Revenue growth target is to maintain historical performance, aiming for around 15% CAGR based on past 3-4 years track record.
- Capacity expansion from 33,000 to 52,500 metric tons expected to drive increased revenue, with 4,000 MT capacity addition under installation and further expansions planned by FY’27.
- EBITDA margins are expected to improve due to better capacity utilization and operational efficiencies, though margin depends on customer and product mix.
- Brand sales, currently 9% of total sales, are targeted to expand, which could enhance margin profile slightly (brand sales margins generally 1-2% higher than white label).
- Bamboo product line pilot expected to generate revenue from FY’26, providing new growth avenues.
- No long-term contracts, but continuous business with large clients like IKEA supports steady earnings.
- Tariffs on US imports currently have no impact on margins but are monitored; company exploring diversification to mitigate risks.
Order book
- The company follows a mixed business model: some customers have confirmed order books, while others operate on an order-on-demand basis.
- They have forecast and order book visibility available but do not maintain an order book for the entire year for all customers.
- New large retail customers (12 export and 10 domestic) have been acquired, but it takes time to develop these customers to a significant level.
- Revenue growth is expected to follow historical trends, targeting around 15% CAGR based on past performance.
- Continued expansion in capacity (from 33,000 MT to 52,500 MT annually) will support future order fulfillment.
- No specific quantitative value of the current order book was disclosed during the call.
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