ALLTIME

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.

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.

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.

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.

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.

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.