Concall AI

All Time Plastics Limited — Q4 FY26 earnings call

Call held 25 May 2026

Management summary

All Time Plastics reported a mixed Q4 FY26, with a slight revenue decline due to geopolitical disruptions but strong gross margin improvement. Full-year FY26 saw 9.4% revenue growth and robust operating cash flow, despite PAT compression from higher fixed costs and investments. The company made significant progress on its bamboo initiative and capacity expansion, while navigating a challenging external environment.

Highlights

Full year revenue grew 9.4% to INR610.4 crores from INR558.2 crores in FY25. (Manish Gattani, page 5)
Gross margin for Q4 FY26 improved to 41.9% from 39.1% in Q4 FY25. (Manish Gattani, page 5)
Operating cash flow generation for FY26 was strong at INR86.3 crores, more than double FY25's INR39.4 crores. (Manish Gattani, page 6)
Recycled polymer volume grew to 8022 metric tons in FY26 from 7136 metric tons in FY25. (Manish Gattani, page 5)
Bamboo initiative made substantial progress, including signing a lease for a new 75,000 square feet facility with an installed capacity of 3,000 cubic meters per annum. (Kailesh Shah, page 4)

Concerns

Q4 FY26 revenue declined slightly to INR145.8 crores compared to INR148.2 crores in Q4 FY25, attributed to external disruptions. (Manish Gattani, page 5)
Full year PAT for FY26 was INR35.6 crores (5.8% margin) versus INR47.3 crores in FY25, impacted by enlarged equity post-IPO and transition phase margin compression. (Manish Gattani, page 5)
External disruptions, including the West Asia geopolitical crisis, raw material price spikes, port congestion, and extended transit delays, impacted Q4 production schedules. (Kailesh Shah, page 3)
Full year EBITDA margin compressed to 14.8% from 16.1% in FY25 due to higher fixed costs from newly commissioned capacity and increased employee investment. (Manish Gattani, page 5)

Key financials

2 periods

Q4 FY26

Gross Margin
41.9%

FY26

Revenue
₹610.4 Cr
YoY +9.4%
EBITDA Margin
14.8%
PAT
₹35.6 Cr
Operating Cash Flow
₹86.3 Cr
YoY +119%
Net Working Capital Days
57 days

What they filed

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

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	131	149	148	158	147 +12%	159 +7%	146 −1%	161 +2%
Expenses	105	123	124	129	131	136	124	138
EBITDA	26	26	24	29	16 −38%	24 −8%	22 −8%	23 −21%
Margin	20%	18%	16%	18%	11%	15%	15%	14%
Other income	1	0	0	1	2	-1	1	3
Interest	3	4	5	6	5	2	2	2
Depreciation	6	6	7	7	7	7	8	8
Profit before tax	18	16	13	17	6 −67%	12 −25%	13 +0%	16 −6%
Tax rate	26%	27%	27%	26%	27%	26%	26%	26%
Net profit	13	12	10	13	4 −69%	9 −25%	9 −10%	12 −8%
EPS	2.56	2.29	1.84	2.32	0.64	1.40	1.43	1.85

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

Europe
58% Revenue Share
United Kingdom
12% Revenue Share
United States
12% Revenue Share
India
17% Revenue Share

Capital allocation

high confidence

Capex 52,500 tons
- Khatalwada facility expansion
- Bamboo pilot facility at Guwahati
- Bamboo board manufacturing unit (Madanpur, Guwahati) ₹15 Cr
Our manufacturing platforms comprise four facilities, three plastic consumer ware manufacturing units at Daman, Silvassa and Khatalwada in Gujarat and a bamboo pilot facility at Guwahati, all supported by all electric injection moulding machines that enable high consistency, efficiency and scalability. As of March 31st, '26, our total install capacity stands at approximately 39,000 tons per annum, supported by over 170 injection moulding machines. The balance capacity of 6,000 metric tons under our expansion program remains currently on track but we will wait and decide further how we take it forward to take the total capacity to 52,500 tons. Our bamboo initiative made substantial progress. We have recently signed a lease agreement for a brand new 75,000 square feet facility at Madanpur, Guwahati effective May '26, which will serve as our dedicated bamboo board manufacturing unit with an installed capacity of 3,000 cubic meters per annum in the first phase. The facility meets the same quality and infrastructure standards as of our existing plastic manufacturing operations. Machinery orders have been placed in their entirety with select machines to be commissioned at Madanpur for primary board production and the balance at our Khatalwada facility for downstream processing and finishing of final bamboo products. (Kailesh Shah, page 4); So that 8000, 2000 is in under process. So, it will be added this month only. It is under installation. (Manish Gattani, page 9); So, approximately the capex investment will go to about INR15 crores overall and the revenue, sales revenue will be roughly about INR60 crores. (Nilesh Shah, page 10)

Guidance & targets

Capacity

Total Installed Capacity Capacity · FY26 · High confidence 52,500 tons

The balance capacity of 6,000 metric tons under our expansion program remains currently on track but we will wait and decide further how we take it forward to take the total capacity to 52,500 tons.

— Kailesh Shah
Capacity Expansion (FY27) Capacity · FY27 · High confidence 6,000 metric tons

FY27 we are targeting to complete at least the 6000 metric ton what we were targeting. And additional we will plan, so additional we will plan based on the situation.

— Manish Gattani
Bamboo Board Manufacturing Capacity Capacity · first phase · High confidence 3,000 cubic meters per annum

We have recently signed a lease agreement for a brand new 75,000 square feet facility at Madanpur, Guwahati effective May '26, which will serve as our dedicated bamboo board manufacturing unit with an installed capacity of 3,000 cubic meters per annum in the first phase.

— Kailesh Shah
Capacity Utilization Capacity · this year (FY27) · High confidence 70%-75%

We feel that we should be able to use the overall annual capacity for this year to around between 70% and 75% should be a good number to look at.

— Kailesh Shah

Revenue

Bamboo Revenue (Max Utilization) Revenue · Medium confidence INR60 crores

So, approximately the capex investment will go to about INR15 crores overall and the revenue, sales revenue will be roughly about INR60 crores.

— Nilesh Shah

Profitability

EBITDA Margin Profitability · Medium confidence 18%-19%

So, this range we are looking at 18%-19% because that we have been doing quite consistently from FY24-'25...

— Manish Gattani
Margins (FY27) Profitability · FY27 · Medium confidence better than '25 - '26

Margins, definitely, it will improve in H2. And it will be better than what it is in '25 - '26. That's what we are looking at. As for the annual margin. ... year wise in '26 -'27, we are looking at a better margin than what we have done in '25 - '26.

— Manish Gattani

Market Share

Domestic B2C Contribution Market Share · next 1, 1.5 years · Medium confidence 22% to 25%

From 14% today

So, our current B2C contribution is around 14%. Our overall target is to move this needle in the next 1, 1.5 years to 22% to 25% is the wish position what we have.

— Kailesh Shah

What to watch in Q1 FY27

Capacity Expansion Completion

this month (June 2026)

Current 6,000 metric tons achieved, 2,000 metric tons under installation

Target Total 8,000 metric tons for FY26 completed

Why it matters

Completion of planned capacity expansion is crucial for future revenue growth and utilization rates.

So that 8000, 2000 is in under process. So, it will be added this month only. It is under installation. (Manish Gattani, page 9)

Risks & concerns

West Asia geopolitical crisis
high

Triggered sharp rise in raw material prices, supply chain disruptions, port congestion, extended transit delays, and non-availability of critical inputs, impacting Q4 production schedules and April/May performance.

Management acknowledged
Challenging external environment
medium

Impacted Q4 FY26 performance, requiring navigation with agility and experience.

Management acknowledged
Raw material price volatility
medium

Prices spiked due to geopolitical crisis, now moderating, but still a factor in margin management.

Management acknowledged
Margin compression (FY26)
medium

Full year EBITDA margin compressed due to transition phase, higher fixed costs from new capacity, and increased employee investment ahead of scale.

Management acknowledged
Partial customer absorption of price increases
medium

Customers are absorbing 10-12% of 20-25% price increases, leading to a temporary hit on EBITDA margins for 15-20% of revenue.

Both acknowledged

Q&A highlights

6 direct

Impact of supply chain disruptions on Q4 volume and Q1 spillover Partial

So, those by numbers could be almost, I think, about, I think, between 10%-15% or so. ... No, the fourth quarter volumes have multiple effects. It is not just the supply chain. It has been some shift of our businesses, which were to start in February, have moved on to April as start from our customer side. So, those are also impacting the quarter.

Clarifies the reasons for Q4 volume softness and quantifies the potential spillover to Q1 FY27, indicating ongoing operational challenges.

Asked by Akshay Chheda

IKEA's contribution to revenue in Q4 FY26 vs Q4 FY25 Direct

So, 55% in Q4. ... Last quarter it was 57%. Q4, '25 you are asking, no?

Provides specific data on the contribution of a major customer, showing a slight decline but overall stability.

Asked by Ananya Nichani

Impact of rupee depreciation on pricing and competitive advantage Partial

The benefit is not being passed on to the customer in the short term. In the long term, definitely it is passed on. But when it's a short term, so it is not passed on to the customer. ... From the perspective of the business which we do with our largest customer, that's all on Indian rupee as a rollback.

Explains the company's strategy regarding forex benefits and pricing, indicating that short-term benefits are not fully passed on, which could support margins.

Asked by Swapnil Gupta

Shortfall in planned capacity expansion and reasons for delay Direct

So that 8000, 2000 is in under process. So, it will be added this month only. It is under installation. ... We would want to watch the situation which is currently evolving and then do that next phase. ... No, we are not seeing any cancellations. ... We are seeing deferment of shipments requested by customers and we are also not seeing any change in forecast of customers as of now.

Clarifies the status of capacity expansion, attributing delays to strategic caution and external environment rather than demand issues or cancellations.

Asked by Swapnil Gupta

Expected revenue from the new bamboo capacity Direct

So, approximately the capex investment will go to about INR15 crores overall and the revenue, sales revenue will be roughly about INR60 crores. ... That is the potential with 3000 cubic meters.

Quantifies the revenue potential from the new bamboo initiative, providing insight into a new growth vertical.

Asked by Dev Mehta

Raw material supply and pricing situation, especially post-West Asia conflict Direct

From the peak pricing, we are seeing a drop of around 10% to 15% and about 15% drop on the peak pricing. And availability from certain suppliers has got disturbed, but then the alternative sources are able to supply us. And we are trying to cover some of the materials from our domestic suppliers like Indian Oil and Reliance Industries.

Addresses a key external headwind, indicating that raw material prices are moderating and supply chain issues are being managed through alternative sourcing.

Asked by Heena Vora

Impact of West Asia conflict on April and May performance Direct

Sure, we definitely got impacted in April and May for sure. But currently, we then had other plans to back up and now materials from those plans have started flowing in to keep the supply chain running. So, we are looking at, trying to look at that our internal targets for the quarter are achieved properly in the next 40 days what we have for the quarter to end. ... Yes, it is in both things because one is the material movement itself. So, supplies get delayed and then the order lines get delayed for shipments.

Confirms the ongoing impact of geopolitical events on operations (both cost and volume) and the company's efforts to mitigate these effects.

Asked by Deepak Poddar

Customer absorption of price increases and temporary margin hit Direct

Yes, what's happening is the price increases are going up to the range of 22% to 25% increase from our current base levels of last. Customers are able to absorb up to 10% to 12% maximum on that area as on date. And as a strategic call, we are aligning with customers, this 10% to 12% will be for a longer term. ... Yes, it will happen like that. Some of the areas, it will not happen where the pass-on has happened to a greater extent. But there would be some hit on that area for sure in this quarter. ... About 15% to 20% of the revenue.

Clarifies the extent of price increases, customer absorption capacity, and the resulting temporary hit on EBITDA margins for a portion of the revenue.

Asked by Sidharth Jain

3 min read 6 chapters

Detailed narrative

Q4 FY26 Performance Overview Amidst External Headwinds

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 disruptions, 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.

Full Year FY26 Financial Highlights and Margin Compression

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.

Strategic Capacity Expansion and Utilization

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.

Progress on Bamboo Initiative and Revenue Potential

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.

Domestic Market Focus and B2C Growth Strategy

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 Pricing and Customer Pass-Through Dynamics

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.

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

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