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    All Time Plastics Q1 FY27 earnings call

    ALLTIME
    Consumer Durables·6 Aug 2026
    Management Summary

    All Time Plastics Limited navigated a volatile Q1 FY27 with sequential revenue and volume growth, despite significant raw material price inflation and supply chain disruptions. While margins compressed and EBITDA declined YoY, management effectively passed through price increases, particularly in domestic markets, and is on track with its strategic bamboo venture and capacity expansion plans, signaling future recovery and growth.

    Highlights

    5

    • Revenue grew to ₹161 crores, up 10.5% sequentially and 2% year-on-year, demonstrating resilience amidst volatility.

    • Volume of polymers processed rose by over 25% sequentially to 6,323 metric tons.

    • Capacity utilization improved significantly from 51.9% to 64.9% QoQ.

    • Gross margin compression was limited to 240 bps despite 40-50% raw material price increase, reflecting effective price renegotiation.

    • US market contribution to revenue increased to 19% in Q1 FY27 from 12% in FY26, indicating strong momentum.

    Concerns

    4

    • Raw material prices (polymer) surged by 40-50%, leading to a 240 bps gross margin compression to 39.5%.

    • EBITDA declined 20% year-on-year to ₹23 crores, impacted by raw material environment and higher fixed costs from new capacity.

    • Domestic revenue remained flat year-on-year and quarter-on-quarter at ₹26 crores due to pricing renegotiations and operational setup.

    • Supply chain disruptions (port congestions, container non-availability) led to ₹5.5 crores of sales spilling into July.

    Key financials

    Single quarter

    06 metrics
    1. 01Revenue₹161 Cr+2%YoY
    2. 02Gross Margin39.5%-2.4%QoQ
    3. 03EBITDA₹23 Cr-20%YoY
    4. 04EBITDA Margin14.3%
    5. 05PAT₹12 Cr-5.5%YoY

    Segment breakdown

    United States
    19% Revenue Contribution
    Europe
    52% Revenue Contribution
    United Kingdom
    11% Revenue Contribution
    India (Domestic)
    16% Revenue Contribution₹26 Cr Revenue
    List

    Capital allocation

    2
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Debt

    Debt disclosed

    Guidance & targets

    7
    CategoryTargetPriority
    Capacity Utilization
    Overall Capacity Utilization
    75%
    		High
    Domestic Growth
    Domestic Business Growth
    30% to 35%
    		High
    Revenue
    Overall Revenue Growth
    15% to 20%
    		Medium
    EBITDA
    EBITDA Improvement
    Improve
    		Medium
    Bamboo
    Commercial Contribution Start
    Commencing
    		High
    Bamboo
    Q4 FY27 Revenue Contribution
    20% of 75% utilization of 3,000 CBM
    		High
    EBITDA Margin
    Sustainable EBITDA Margin
    18% to 19%
    		High

    What to watch in Q2 FY27

    5

    Raw material price stability and margin recovery

    Next quarter (Q2 FY27)
    CurrentPolymer prices up 40-50%, 240 bps gross margin compression.
    TargetRaw material environment settling, margin recovery visible.

    Why it matters

    Raw material volatility and its impact on margins is a key concern, and management expects recovery once the situation normalizes and price pass-through is fully visible.

    Once the situation genuinely resolved, we expect margin recovery to become visible with a quarter of the environment normalizing.

    Risks & concerns

    4
    RiskSeverity

    External Macro Conditions / Geopolitical Crisis

    West Asia geopolitical crisis triggered unprecedented polymer price surge (40-50%) and supply chain disruptions. — Management acknowledged

    high

    Raw Material Price Inflation

    Polymer prices increased 40-50%, leading to 240 bps gross margin compression, with full pass-through having a time lag. — Management acknowledged

    high

    Supply Chain Disruptions

    Port congestions, extended transit times, and container non-availability disrupted raw material inflows and shipments, causing ~₹5.5 crores of sales to spill into July. — Management acknowledged

    medium

    Higher Fixed Cost Base

    From the newly commissioned Khatalwada plant capacity, contributing to a 20% YoY EBITDA decline, expected to correct as utilization improves. — Management acknowledged

    medium

    Q&A highlights

    8

    “So, it was around INR5 crores of sale, out of which three something is export and rest is domestic. So INR3 crores is around what will be added in July. ... So total INR5.5 crores will be added in this July month.”

    Quantifies the immediate revenue impact of supply chain disruptions and indicates recovery in the subsequent month.

    asked by Akshay Chheda

    2 min read7 chapters

    Detailed Narrative

    01

    Q1 FY27 Performance Amid Macro Headwinds

    All Time Plastics Limited reported Q1 FY27 revenue of ₹161 crores, a 10.5% sequential increase and 2% year-on-year growth. This performance was achieved despite significant external macro challenges🌐, including a West Asia geopolitical crisis that led to an unprecedented🌐 40-50% surge in polymer prices and severe supply chain disruption🌐s. Gross margin compressed by 240 basis points sequentially to 39.5%, reflecting the absorption of higher input costs.

    02

    Volume Growth and Capacity Utilization

    The company demonstrated strong operational resilience, with the volume of polymers processed increasing by over 25% sequentially to 6,323 metric tons. Capacity utilization improved from 51.9% in Q4 FY26 to 64.9% in Q1 FY27, moving towards the FY27 target of 75% for its 41,000 metric ton capacity. This indicates effective management of demand and production despite the challenging environment.

    03

    Margin Management and Price Pass-Through

    Despite the 40-50% increase in raw material costs, the company managed to limit gross margin compression to 240 basis points. For its largest customer, a structured pass-through mechanism means benefits of Q1 price revisions will be fully visible in Q2 FY27. Domestic price changes have been fully accepted, and orders are now flowing, indicating future margin recovery.

    04

    Geographic Diversification and US Market Momentum

    The geographic mix showed encouraging developments, with the United States contributing 19% of Q1 FY27 revenue, up from 12% in FY26. Europe remains the largest market at 52%, while the UK contributed 11%. The company is actively pursuing a significant opportunity in the US market, reinforcing its conviction in that region's growth potential.

    05

    Domestic Business and Product Category Expansion

    India contributed 16% of Q1 FY27 revenue, with the domestic business remaining a key strategic priority. While domestic revenue was flat in Q1 FY27 at ₹26 crores due to pricing renegotiations and operational setup, the company aims for 30-35% growth. New product categories specifically designed for the Indian consumer are being developed, offering risk diversification and potential for improved overall margin profile.

    06

    Bamboo Initiative Progress

    The fully-owned subsidiary, All-Time Bamboo Private Limited, is on track with its new 75,000 square feet facility in Madanpur, Guwahati. Machinery is expected to arrive in August, with installation targeted for completion by end of September. This unit will have an installed capacity of 3,000 cubic meters per annum in its first phase, with commercial contribution anticipated from Q4 FY27. The bamboo business is expected to have slightly higher margins than the plastic business.

    07

    Capacity Expansion Plans

    The company has placed orders for 14 new injection moulding machines, which will add approximately 1,500 tons of incremental capacity, expected to come on stream in Q4 FY27. Further capacity additions of 4,000 metric tons are planned, with orders expected in Q3 FY27 and receipt by Q4 FY27. This expansion is driven by strong order book visibility and demand.

    This is an AI-generated summary of a publicly available earnings call transcript.