All Time Plastics is a manufacturing company with over 14 years of experience specializing in the production of plastic consumerware designed for everyday household use. The company primarily operates as a white-label manufacturer, producing consumer ware products for business clients who market these goods under their own brand names (i.e. on a business-to-business (B2B) basis). In addition to its white-label operations, All Time Plastics also distributes products directly to consumers under its proprietary brand, All time branded products (i.e., on a business-to-consumer (B2C) basis). White label products form around 91.66% of total revenues in FY2025 while All time branded products formed 7.56% of total revenues.

As of March 31, 2025, the company maintained a portfolio of 1,848 stock-keeping units (SKUs) distributed across eight distinct product categories. These categories include: Prep Time (kitchen tools for ingredient preparation), Containers (food storage solutions), Organization (miscellaneous storage containers), Hangers (various hanger types), Meal Time (kitchenware), Cleaning Time (cleaning equipment), Bath Time (bathroom-related products), and Junior (child-friendly tableware, cutlery, and related items). Prep time products form around 35.77% of total revenues in FY2025 while containers formed 34.91% of total revenues, Organization products formed 9%, Hangers formed 6.92%, Mealtime products formed 5.41%, Cleaning time products formed 3.1%, Bath time products formed 2.39%, Junior products formed 1.74%,Junior products formed 1.74% and miscellaneous products formed 1.61% of total revenues.

The company primarily export its products to retailers in the European Union, the United Kingdom and the United States, and also sell its products in India to IKEA and other modern trade retailers, super distributors (who sell to distributors) and distributors (who sell to general trade stores). Its products were exported to 29 countries in FY2025. Exports formed 85.66% of total revenues in FY2025 while domestic sales were 15.18%.

The company currently manufacture its products from its fully integrated manufacturing facilities in Daman, Dadra and Nagar Haveli and Daman and Diu (the Daman Facility), Silvassa, Dadra and Nagar Haveli and Daman and Diu (the Silvassa Facility) and Manekpur, Gujarat (the Manekpur Facility). Its manufacturing facilities had a combined total installed production capacity of 33,000 tonnes per annum as at March 31, 2025. The capacity utilization for fiscals 2025, 2024 and 2023 was 79.48%, 84.59% and 74.81%, respectively.

The company use a wide range of raw materials in its manufacturing process. The primary raw materials consumed comprise commodity plastics, engineering compounds and recycled polymers. Commodity plastics include polypropylene (PP), low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE), high-impact polystyrene (HIPS), and polystyrene (PS). For manufacturing plastic consumerware products, it utilizes thermoplastic elastomer (TPE), acrylonitrile butadiene styrene (ABS), ABS-PC blends, polycarbonate (PC), nylon, glass-filled nylon, andstyrene acrylonitrile (SAN). Recycled compounds include recycled polypropylene (RPP), recycled ABS-PC blends, and recycled polyethylene terephthalate (R-PET).

Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah are the Promoters of the company.

The Offer and the Objects

The offer comprises fresh issue of up to 10181818 equity shares at the upper price band of Rs 275 and 10769231 equity shares at the lower price band of Rs 260 aggregating Rs 280 crore and an offer for sale up to 4385562 equity shares aggregating Rs 121 crore at the upper price band of Rs 275 and Rs 114 crore at the lower price band of Rs 260.

The company proposes to utilize the net proceeds from the issue towards prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company amounting Rs 143 crore, purchase of equipment and machinery for the Manekpur facility and installation of automated storage and retrieval system (ASRS) for warehouse in Manekpur Facility amounting Rs 113.714 crore and the balance towards general corporate purposes.

As at June 30, 2025, total outstanding borrowings of the company amounted to Rs 222.559 crore.

The Manekpur Facility has a planned total installed production capacity of 22,500 tonnes per annum based on 121 all electrical automatic injection molding machines and ancillary equipment. The company plans to set up an initial installed production capacity of 16,500 tonnes per annum for which it is required to procure a total of 85 all electrical injection molding machines and ancillary equipment. The total estimated expenditure for purchase, installation and commissioning of equipment and machinery (including moulds) for the initial planned total installed production capacity of 16,500 tonnes per annum at the Manekpurfacility is approximately Rs 163.142 crore and installation of the automated storage and retrieval system (ASRS) is approximately Rs 28.229 crore. The company expects 16500 tonne capacity expansion to complete by end of FY26. Further it plans to increase the capacity by 22500 tonne by end of FY27.

Promoter Kailesh Punamchand Shahpost offer shareholding will decrease to 23.32% from pre offer shareholding of 30.26% while promoter Bhupesh PunamchandShahpost offer shareholding will decrease to 23.33% from pre offer shareholding of 30.27% and promoter Nilesh Punamchand Shahpost offer shareholding will decrease to 23.32% from pre offer shareholding of 30.26%

Strengths

The company maintains long-standing relationships with major global retailers such as IKEA, Asda, Michaels, and Tesco, as well as Indian retailers including Spencer’s Retail. It has been selling products to IKEA, its largest customer in fiscal 2025, for more than 27 fiscal years, Asda, its second largest customer in fiscal 2025, for more than 14 fiscal years, Michaels, its third largest customer in fiscal 2025, for more than four fiscal years, and Tesco, its fourth largest customer in fiscal 2025, for more than 17 fiscal years.

The company manufacturing facilities are strategically located within the industrial processing zones of western India and inclose proximity to ports (for exporting its products and obtaining raw materials) and petrochemical plants (for obtaining key raw materials)enabling high volume, low-cost and high quality plastic consumerware production.

The company has wide spectrum of consumerware products which cater to a diverse range of needs. As at March 31, 2025, it had 1,848 SKUs across its eight product categories

The company has long-standing relationships with global retailers, including IKEA, Asda, Michaels and Tesco, and Indian retailers

The company maintains a landfill-free policy, ensuring zero landfill waste from its operations. Its manufacturing process also results in no air pollution. It has implemented renewable energy and energy-saving measures throughout the manufacturing facilities. It takes active efforts towards ensuring that its manufacturing processes and products have minimal impact on the environment.

The global plastic houseware market is expected to reach US$ 41.2 billion by 2029, growing at a CAGR of approximately 6.2% between 2024 and 2029.

The Indian consumerware export market is projected to grow at a CAGR of 5.2% between 2024 and 2029, reaching a value of USD 1,781 million by 2029. Additionally, India stands to benefit from the China Plus One strategy, as more companies seek to diversify their supply chains by adding alternate manufacturing or sourcing locations outside China

Weaknesses

The business largely depends upon top four customers and in particular top customer, which exposes it to a high risk of customer concentration. For fiscals 2025, 2024 and 2023, revenue from top customer represented 59.29%, 60.36% and 58.54% of its revenue from operations, respectively, and revenue from top four customers represented 78.42%, 83.30% and 82.65% of revenue from operations, respectively.

Significant volatility or rapid increases in the prices of raw materials, particularly plastic granules, may adversely impact business performance, operating results, financial condition, and cash flows.

Shifts in consumer preferences, evolving regulatory or industry standards, and advancements in competing technologies may render certain products offered by the company obsolete or less competitive in the marketplace

The company operates in a highly competitive industry, and any failure to maintain or enhance its competitive position could materially and adversely affect its business, financial condition, operating results, and cash flows.

The company requires various regulatory approvals to operate, many of which are time-bound and subject to renewal. Delays or failures in obtaining or renewing these approvals could materially impact the company’s business, financial condition, and cash flows.

Restrictions on manufacturing and selling products under the all time brand that are similar to those produced for clients under their private labels may limit the growth potential of All Time Plastics own brand. Such limitations could adversely impact the company’s overall business expansion.

All Time Plastics has a significant portion of its transactions are conducted in US dollars. Exposure to foreign exchange fluctuations, primarily from receivables, raw material imports, capital goods, and exports could materially impact the company’s financial condition, operating results, and cash flows.

The company is subject to various health, safety, and environmental regulations in India, including those related to air emissions and waste management. Non-compliance with these regulations or permit conditions may result in fines, penalties, or operational restrictions, potentially leading to business disruptions and materially impacting the company’s financial condition, operating results, and cash flows.

Valuation

For FY2025, sales were up by 9% to Rs 558.17 crore. OPM fell 70 bps to 18.2% which led to 4% increase in operating profit to Rs 101.34 crore. Other income fell 65% to Rs 1.07 crore and interest cost decreased 19% to Rs 14.69 crore, while depreciation increased 8% to Rs 23.52 crore. PBT increased 7% to Rs 64.2 crore. Tax expenses were 9% higher at Rs 16.91 crore. Net profit increased 6% to Rs 47.29 crore.

FY2025 EPS on post-issue equity works out to Rs 7.2. At the upper price band of Rs 275, P/E works out to be 38

Total outstanding borrowings amounted to Rs 222.56 crore as at June 30, 2025. As much as 64.3% of the debt will be repaid from the issue proceeds, bringing down interest costs substantially and boosting profit. The EPS works out to Rs 8.7 if 64.3% of its interest cost is removed, keeping all other items, including tax rate, same. The re-worked P/E at the upper price band moderates to 32.

As of 06 August 2025, its listed peers Shaily Engineering Plastics trades at FY2025 P/E of 82 and Cello world trades at FY2025 PE of 38.

For FY2025, All Time Plastics Ebitda margin and ROE stood at 18.2% and 19% compared to 22.4% and 17% for Shaily Engineering Plastics and 23.9% and 16.8% for Cello World, respectively.