All Time PlasticQ1 FY27
All Time Plastic Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹199P/E: 34.9Market Cap: ₹1.3K CrSector: Consumer Durables
Management growth scorecard
Revenue
Category 3
Margin
Category 3
Fundraise
N/A
Order
Yes
Capex
Yes
2 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 3- →FY27 sales growth expected at 15% to 20% on a consolidated basis, supported by strong order book and demand.
- →Volume growth anticipated to return to around 15%, improving from Q1 challenges related to raw material and logistics.
- →Domestic business targeted to grow aggressively by 30%-35%, driven by brand expansion and new product categories tailored for Indian consumers.
- →Incremental capacity addition of 1,500 tons planned in Q4 FY27 to support growth.
- →US market contribution increasing, with ongoing growth projects and potential new significant opportunities.
- →Bamboo product vertical commencing operations in Q4 FY27, expected to contribute to incremental revenues and margin improvement.
- →Capacity utilization improvement to 80% will help achieve sustainable EBITDA margins of 18%-19%.
Margin guidance
Category 3- →EBITDA margins of 18%-19% are sustainable once 80% capacity utilization is achieved (Manish Gattani).
- →For FY27, EBITDA margins expected to be better than FY26 but exact numbers uncertain.
- →Company targets 75% capacity utilization at 41,000 metric tons in FY27.
- →Revenue growth target for FY27: 15%-20%, driven by strong order book and demand; domestic business to grow 30%-35%.
- →EBITDA expected to improve with sales growth and better absorption of fixed costs.
- →Pricing pass-through from raw material inflation expected to fully reflect in Q2 FY27, potentially boosting margins.
- →Bamboo vertical commercial production to commence in Q4 FY27, adding to growth.
- →Expansion plans focused on new customers, especially in the US market, alongside largest domestic customer expansion.
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Fundraise plans
- →The management did not explicitly mention any current fundraising plans through debt or equity in the provided transcript.
- →They highlighted a robust balance sheet with a low debt-to-equity ratio of 0.14 times, indicating strong financial health.
- →There are no indications of immediate plans to raise funds via debt or equity.
- →Capex plans focus mainly on capacity expansion (e.g., bamboo facility capex of around INR 15 crores) and are being managed through existing resources.
- →The company is cautious about further capacity additions and prefers to wait for the right project and demand visibility before new investments.
- →Overall, no current or near-future fundraising activities through debt or equity are disclosed in the call.
Order book
Yes- →The company currently has a strong order book and sound demand outlook.
- →Customer forecasts have held firm despite raw material volatility and geopolitical challenges.
- →The order book strength has led to placing new orders for 14 injection moulding machines for 1,500 tons incremental capacity expected in Q4 FY27.
- →Domestic and US market momentum continues with active discussions on significant new US opportunities.
- →The stable order book and capacity headroom support expected revenue growth of 15%-20% in FY27.
- →No loss of sales due to shipment delays; delayed shipments are expected to flow through in subsequent months.
- →Full price pass-through to majority of domestic customers supports order inflow.
Capex plans
Yes- →All Time Plastics is investing in a bamboo manufacturing facility through its subsidiary, All-Time Bamboo Private Limited, with a new 75,000 sq. ft. plant in Madanpur, Guwahati.
- →Machinery for bamboo production has been shipped from China, expected by mid-August, with installation targeted to complete by end of September.
- →The bamboo facility will have an initial capacity of 3,000 cubic meters per annum, with commercial production expected from Q4 FY27.
- →The initial capex for the bamboo project is around INR 15 crores, with potential capex increase for subsequent phases.
- →Additionally, 14 new injection moulding machines are ordered to add approx. 1,500 tons of incremental plastic product capacity, expected to come on stream in Q4 FY27.
- →Incremental capacity focus will be primarily on serving US customers and new clients.
- →The company is cautious about further capacity expansion, preferring to select the right projects and equipment aligned with customer demand.
How does All Time Plastic rank vs peers in Consumer Durables?
Pro feature1All Time Plastic
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