ALLTIME

All Time Plastics reported Q4 FY26 revenue of INR145.8 crores, a slight decline from INR148.2 crores in Q4 FY25. This was primarily attributed to external disruption^🌐s, including the West Asia geopolitical crisis, which led to raw material price spikes, port congestion, and delays in critical input availability. Despite these challenges, the company achieved a gross margin of 41.9% in Q4 FY26, an improvement from 39.1% in Q4 FY25, driven by a favorable revenue and product mix. EBITDA for the quarter stood at INR21.6 crores with a margin of 14.8%, and PAT was INR9.4 crores at a 6.4% margin.

For the full fiscal year 2026, revenue grew 9.4% to INR610.4 crores, up from INR558.2 crores in FY25, reflecting consistent demand traction in core export markets for the first three quarters. However, full-year PAT declined to INR35.6 crores (5.8% margin) from INR47.3 crores in FY25. The full-year EBITDA margin compressed to 14.8% from 16.1% in FY25, primarily due to higher fixed costs from newly commissioned capacity at Khatalwada and increased employee investments. Operating cash flow generation was strong at INR86.3 crores, more than double FY25's INR39.4 crores, indicating improved working capital discipline.

As of March 31, 2026, the company's total installed capacity reached 39,000 metric tons. The balance capacity of 6,000 metric tons from the expansion program is on track, with 2,000 metric tons currently under installation and expected to be added in June 2026. The company aims to reach a total capacity of 52,500 tons. For FY27, the company targets an overall annual capacity utilization of 70-75%, balancing growth with the evolving geopolitical environment. The Khatalwada facility expansion has been completed, and machinery orders for both Madanpur and Khatalwada have been placed.

The bamboo initiative made substantial progress, with a lease signed for a new 75,000 square feet facility in Madanpur, Guwahati, effective May 2026. This facility will serve as a dedicated bamboo board manufacturing unit with an initial installed capacity of 3,000 cubic meters per annum. The total capex investment for the bamboo project is approximately INR15 crores. Management expects this capacity to generate roughly INR60 crores in sales revenue at maximum utilization. Pilot shipments have already been made, and the company anticipates good volumes from H2 FY27.

The domestic business continued to grow during the year, becoming an important stabilizer for the revenue mix, contributing approximately 17% of total revenue. The company is investing in brand building, expanding general trade reach, scaling e-commerce presence, and launching new products specifically for the Indian consumer. The strategic target is to increase the domestic B2C contribution from the current 14% to 22-25% over the next 1 to 1.5 years, leveraging increased demand in the domestic market due to unorganized players struggling to meet customer needs.

Raw material prices, which spiked due to the West Asia crisis, have moderately declined by 10-15% from their peak. While supply chain disruptions persist, the company is securing materials from alternative domestic suppliers like Indian Oil and Reliance Industries. Customers are currently able to absorb 10-12% of the 22-25% price increases, meaning the company will temporarily absorb the remaining difference, impacting EBITDA margins for 15-20% of its revenue. However, management noted that customer resistance to price changes is diminishing as they recognize the global nature of the price increases.