All Time Plastics IPO Review 

August 7, 2025 admin 1 Reply Post Comment

All Time Plastics IPO — Strategic Investment Highlights

• Export Leadership: In FY 2024, All Time Plastics exported products worth around USD 57 million, accounting for ~26% of India’s total plastic houseware exports.  Export revenue now exceeds 85% of total turnover, reducing dependence on domestic demand 
• Marquee Global Customers: The company manufactures for renowned global retailers including IKEA, Tesco, Asda, and Michaels, under long-term business relations. This deep-rooted business deal pipeline adds stability and scale.
• Recycled Plastics & Sustainability: Though specific details are limited online, All Time Plastics has positioned itself under ESG-aligned practices with modernised automated operations and CSR focus—indirectly supporting growing global demand for eco-conscious manufacturing.
• China‑Plus Tailwinds: As global retailers diversify sourcing, India is emerging as an alternate manufacturing base. All Time Plastics benefits from this shift—an established supplier with export credibility and capacity expansion underway.

📈 Financial & Operational Snapshot (FY 2025)

• Revenue: Rs. 559.24 crore; PAT: Rs. 47.29 crore (PAT margin ~8.46%)
• EBITDA Margin: ~18.16%; ROE: ~19.01%; ROCE: ~16.99%; Debt‑to‑Equity: ~0.84×
• Efficient working capital cycle (~74 days) and trade receivable days (~57) underpin operational strength among peer B2B players.

✅ Why Consider Applying?

1. Strong Export Orientation: With over 85% revenue earned from exports, the company has built a global client base, insulating it from domestic demand swings.
2. Trusted Client Relationships: Long-term relations with global retail giants reduce order volatility and support capacity-scale planning.
3. China‑Plus Advantage: Positioned to capitalise on global supply chain pivot from China to India, especially in houseware exports.
4. Financial Discipline & Efficiency: Healthy profitability metrics, efficient working capital, and sustained pricing power support consistent margins.
5. Growth-Focused Use of IPO Proceeds: Capital will be used to reduce debt (~Rs. 143 cr) and expand production automation—improving capacity and margin sustainability.

⚠️ Key Risks & Cautions

• Raw-Material & Currency Volatility: Fluctuations in polymer prices or forex rates can compress margins.
• Customer Concentration: Heavy reliance on a few global clients (IKEA etc.) poses downside if contracts shift.
• Plastic Dependency & ESG Pressure: Global scrutiny over single-use plastics might escalate compliance costs or regulatory risks.
• Valuation Watch: While not excessively expensive, the IPO trades around ~P/E 32× and P/B ~7× – not deeply discounted versus peers.

🏁 Chanakya Verdict

All Time Plastics offers a robust export-driven SME opportunity anchored by global clientele, operational excellence, and favourable macro‑tailwinds under the China‑plus strategy. It presents a compelling mid‑cap manufacturing investment with stable margins and growth visibility.

For long-term oriented investors looking for global export exposure and corporate efficiency, this IPO is a credible bet. 

Quicklinks

• Research Reports
• Paid Calls
• Sahifund.com

All Time Plastics IPO Review