All Time Plastics Limited — Q3 FY26 earnings call

Call held 10 Feb 2026

Management summary

All Time Plastics Limited reported a strong sequential recovery in Q3 FY26, with revenues up 8.1% QoQ to ₹159.3 crores and PAT more than doubling to ₹9.2 crores. This improvement was driven by better export demand and improved gross margins, despite a YoY decline in profitability due to higher fixed costs and an exceptional item. The company is strategically investing in capacity expansion and a new bamboo business, aiming for long-term growth and diversification.

Highlights

  • Q3 FY26 Standalone Revenues of ₹159.3 crores, reflecting an 8.1% sequential increase, driven by better order traction in core export markets.

  • Gross margins improved meaningfully to 39.5% in Q3 FY26 from 36.2% in Q2 FY26, supported by favorable customer and product mix, disciplined pricing, and stable raw material costs.

  • EBITDA for Q3 FY26 increased by 44.3% sequentially to ₹23.5 crores, indicating a sharp recovery in profitability.

  • PAT more than doubled sequentially to ₹9.2 crores, with PAT margin rising to 5.7% from 2.8% in Q2 FY26.

  • Export-driven business continues to be strong, accounting for 83.9% of Q3 revenues, with Europe, UK, and US as key markets.

Concerns

  • Q3 FY26 EBITDA declined 9.9% year-on-year, primarily due to higher fixed costs and expansion-related expenses at Khatalwada and Guwahati pilot projects.

  • Q3 FY26 PAT declined 23.8% year-on-year.

  • An exceptional item of ₹4.4 crores impacted PAT, arising from one-time provisioning related to the implementation of the new labor code.

Key financials

  1. Revenue ₹159.3 Cr +7%YoY
  2. Gross Margin 39.5%
  3. EBITDA ₹23.5 Cr -9.9%YoY
  4. EBITDA Margin 14.7%
  5. PAT ₹9.2 Cr -23.8%YoY
  6. PAT Margin 5.7%
  7. Polymer Volumes 6,981 metric tons
  8. Capacity Utilization 75.5%
  9. Debt to Equity 0.15×

What they filed

Q1 FY27: revenue up 1.9%, net profit down 7.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue131 149 148 158 147 +12%159 +7%146 −1%161 +2%
EBITDA26 26 24 29 16 −38%24 −8%22 −8%23 −21%
Net profit13 12 10 13 4 −69%9 −25%9 −10%12 −8%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • Exports
    83.9% Revenue Share
  • Domestic
    16.1% Revenue Share

Capital allocation

high confidence
  • Capex Capex disclosed
    • Additional capacity commissioned at Khatalwada plant 2,000 metric tons
    • Total installed capacity target 52,500 metric tons
    • Bamboo project machinery ₹10 Cr
    For the nine-month ended FY 26, our capacity utilization stands at 77%, excluding the additional 2,000 metric tons of capacity commissioned at Khatalwada plant in December 2025. Overall, our utilization trend remains balanced, allowing us to grow volumes without capacity constraints while preserving the flexibility to respond to changes in the global sourcing patterns. The plant capacity which forms the part of the approved expansion plan is expected to be commissioned at Khatalwada during FY '27, taking the total installed capacity to approximately 52,500 metric tons. So we can the current is about INR10 crores is the capex plan which we have already allocated for the project.
  • Debt Debt disclosed
    From a balance sheet perspective the company remains conservatively leveraged with debt to equity at 0.15x as of Q3 FY 26.

Guidance & targets

Capacity

  • Total installed capacity Capacity · FY27 · High confidence 52,500 metric tons
    The plant capacity which forms the part of the approved expansion plan is expected to be commissioned at Khatalwada during FY '27, taking the total installed capacity to approximately 52,500 metric tons.

    — Kailesh Shah

Capacity Utilization

  • Khatalwada plant utilization Capacity Utilization · Next three months · Medium confidence Up to 50%
    Slight improvement we definitely expect but not a massive increase in the next three months, Yes. Up to 50% we expect that it will...

    — Kailesh Shah

New Business

  • Bamboo commercial production start New Business · Next month · High confidence Within a month
    So Yes. So now we are starting it and we will be doing the commercial production so within a month's time the commercial production will start.

    — Manish Gattani

  • Larger capacity bamboo machinery availability New Business · Mid-next year · High confidence Mid-next year
    Mid-next year we'll be absolutely on stream.

    — Kailesh Shah

  • Bamboo business revenue contribution to overall New Business · In three years · Medium confidence 20%
    In three years you can expect a 20% contribution coming from our bamboo business overall.

    — Kailesh Shah

  • Bamboo business margin profile New Business · Ongoing · Medium confidence Slightly better than plastic
    It is slightly better than the plastic one.

    — Kailesh Shah

Profitability

  • EBITDA margin Profitability · Coming quarters · High confidence Increase
    EBITDA margin will definitely increase as the turnover increases because this fixed cost will be absorbed by that turnover and definitely this EBITDA margin will increase and this gross margin will be sustained.

    — Manish Gattani

Market Share

  • Top client share of revenue Market Share · High confidence Go down significantly (by 4-5 points)

    From 60% today

    We expect that 60% to go down significantly. The other client coming in will automatically reduce the share from the current numbers to at least 4-5 points.

    — Kailesh Shah

What to watch in Q4 FY26

Khatalwada plant utilization

Next three months
Current 44.25% of annualized capacity
Target Up to 50%

Why it matters

Improved utilization of new capacity is key for better absorption of fixed costs and margin expansion.

Khatalwada utilization, if we take the capacity, it is 44.25% of the annualized capacity. Slight improvement we definitely expect but not a massive increase in the next three months, Yes. Up to 50% we expect that it will...

Risks & concerns

  • Higher fixed costs and expansion-related expenses

    medium

    EBITDA declined 9.9% YoY due to higher fixed costs and expenses from Khatalwada plant and Guwahati pilot project, which are yet to be fully absorbed.

    Management acknowledged

  • Geopolitical situation and tariffs affecting JV operations

    medium

    Geopolitical situation and tariffs in different countries led to holding back the JV's customer pushing, necessitating an amendment for commercial flexibility.

    Management acknowledged

  • Impact of new labor code provisioning

    low

    PAT for Q3 and 9M FY26 included an adverse impact of ₹4.4 crores classified as an exceptional item due to one-time provisioning for the new labor code.

    Management acknowledged

Q&A highlights

8 direct
Subdued revenue growth factors Direct
So the key factor is the demand from the existing customer is slightly lower but we are seeing the improvement now from the export market.

Clarifies the reasons behind the slower revenue growth and points to a positive trend in export markets.

Asked by Viraj Shah

Pricing pressures in export market Direct
No, no we are not facing any such issues no pricing pressure we are not, no discounts no pricing pressure.

Indicates stability in pricing power and margins in the crucial export segment.

Asked by Viraj Shah

Driver for sequential gross margin improvement Direct
So basically it is the customer mix as explained in the last call also. So the customers with the higher margin their sale has improved as expected. So because of that the margins have increased.

Explains the specific operational factor contributing to margin recovery, highlighting favorable customer mix.

Asked by Viraj Shah

MoU with North East Cane and Bamboo Development Council Direct
So from the MoU what we have signed with the government on these two projects it's more about getting the engineering bamboo boards manufactured near the plantation areas where bamboos are grown. Now this secures our future supply chain requirements in terms of capacity building of our own engineering board capacity what we will create and this will enhance further capacity building for our future requirements with two more additional capacities being invested.

Details a strategic initiative for supply chain security and product development in the new bamboo business.

Asked by Nirali Gopani

Bamboo capex and commercial production timeline Direct
So we can the current is about INR10 crores is the capex plan which we have already allocated for the project. From the pilot we will start the commercial production and machines are in transit actually. I'll just clarify. A few machines for testing are under transit and the major investment of the bamboo machinery will be done in the next few weeks and we expect those to come in the next three, four months to have a larger capacity availability of bamboo products. Mid-next year we'll be absolutely on stream.

Provides specific capex figures and timelines for the new bamboo business, indicating near-term commercialization and future capacity ramp-up.

Asked by Nirali Gopani

JV amendment and its implications Direct
No, no, it's an absolute normal course of action and this has been driven by the geopolitical situation and the tariffs which were coming into different countries. We had to hold back the pushing of the JV in terms of the customer. Because customers were also confused of which markets they should be buying, which markets they should avoid. So keeping that into mind, we had kept that purposely on hold.

Clarifies that the JV amendment is a strategic response to geopolitical shifts, aimed at increasing commercial flexibility rather than addressing underperformance.

Asked by Nirali Gopani

Khatalwada plant utilization and outlook Direct
Khatalwada utilization, if we take the capacity, it is 44.25% of the annualized capacity. Slight improvement we definitely expect but not a massive increase in the next three months, Yes. Up to 50% we expect that it will...

Gives current utilization figures for a key new facility and provides a short-term outlook for its ramp-up.

Asked by Sidharth Jain

Long-term vision for bamboo business Direct
Idea on the long term would be to evolve the bamboo products to other utilization from bamboo apart from our current products we do, which are houseware and consumerwareproducts. But the opportunities do exist to do other items in that material. But that we would take a step up after two, three years of stabilizing this plans what we have had.

Outlines the strategic direction for the bamboo segment, indicating potential for diversification beyond current consumerware products in the long run.

Asked by Nikhil Rao

2 min read 6 chapters

Detailed narrative

Q3 FY26 Performance Overview and Sequential Recovery

All Time Plastics Limited reported a strong sequential recovery in Q3 FY26, with standalone revenues reaching ₹159.3 crores, an 8.1% increase quarter-on-quarter. This improvement was driven by better order traction in core export markets, improved execution, and a gradual normalization of customer off-take patterns. Gross margins expanded significantly to 39.5% from 36.2% in Q2 FY26, leading to a 44.3% sequential increase in EBITDA to ₹23.5 crores and PAT more than doubling to ₹9.2 crores.

Capacity Expansion and Utilization

The company's total installed capacity stands at approximately 39,000 metric tons as of December 31, 2025, with an additional 2,000 metric tons commissioned at the Khatalwada plant in December 2025. For the nine-month period, capacity utilization was 77%, excluding the newly commissioned capacity. Management expects Khatalwada plant utilization, currently at 44.25% of annualized capacity, to improve to up to 50% in the next three months, contributing to better fixed cost absorption.

Export-Driven Growth and Market Dynamics

The business remains predominantly export-driven, with exports accounting for 83.9% of Q3 revenues. Europe continues to be the largest market, followed by the UK and the US. The company maintains strong relationships with global retail customers, which provide stability even during macro uncertainties. Management is optimistic about medium-to-long-term opportunities due to evolving global trade dynamics and the 'China-plus-one' sourcing strategy adopted by global retailers.

Strategic Initiatives: Bamboo Project

All Time Plastics has signed an MoU with the North East Cane and Bamboo Development Council, empaneled as a product market development partner for engineered bamboo initiatives. An initial capex of ₹10 crores has been allocated for machinery, with commercial production from the pilot expected to start within a month. Major investment for larger capacity bamboo machinery is anticipated in the next three to four months, with full operations by mid-next year. The bamboo business is expected to contribute 20% to overall revenue in three years, with margins projected to be slightly better than the plastic business.

Financial Metrics and Profitability Drivers

While Q3 FY26 saw strong sequential recovery, year-on-year EBITDA declined by 9.9% and PAT by 23.8%, primarily due to higher fixed costs and expansion-related expenses. An exceptional item of ₹4.4 crores, related to new labor code provisioning, also impacted PAT. However, the improvement in gross margins, driven by a favorable customer and product mix, is expected to sustain and lead to further EBITDA margin expansion as turnover increases and fixed costs are absorbed.

Joint Venture Amendment and Commercial Flexibility

The company informed the stock exchange about an amendment to its joint venture agreement with Dragon Bridge PTE Limited. This amendment allows All Time Plastics to directly service certain overseas customers where Dragon Bridge has not played a major role in marketing. Management clarified that this was a normal course of action, driven by geopolitical situations and tariffs, providing greater commercial flexibility and protecting customer relationships without altering the strategic intent of the JV.

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