All time plastics Limited has received a credit rating upgrade from Crisil Ratings, marking a positive development in the company's financial profile. The Mumbai-based plastics manufacturer informed stock exchanges about this upgrade on March 16, 2026, in compliance with regulatory disclosure requirements.

Credit Rating Enhancement Details

Crisil Ratings has upgraded the company's credit rating and outlook on its bank facilities, reflecting improved financial strength and creditworthiness. The rating agency has enhanced both the rating grade and revised the outlook parameters.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation requires listed companies to inform stock exchanges about material events, including credit rating changes that could impact investor decisions.

Company Profile

All Time Plastics Limited, formerly known as All Time Plastics Private Limited, operates from its registered office at B-30, Royal Industrial Estate, Naigaum Cross Road, Wadala, Mumbai. The company is incorporated under the Corporate Identification Number L25209MH2001PLC131139 and maintains its listing on both major Indian stock exchanges.

The credit rating upgrade represents a significant milestone for the company, demonstrating enhanced financial stability and improved risk profile as assessed by one of India's leading credit rating agencies.

All time plastics Limited showcased a remarkable sequential recovery in Q3FY26, demonstrating strong operational improvements and financial performance after a challenging first half. The company, India's largest exporter of plastic housewares and furniture with operations spanning 29 countries, reported significant quarter-on-quarter growth across key financial metrics.

Financial Performance Highlights

The company's Q3FY26 results reflected a clear inflection point in performance, with revenue reaching INR159.3 crores compared to the previous quarter. This represented a robust 8.1% sequential growth, driven by improved order traction across core export markets and better execution at plant level.

Gross margins showed substantial improvement, rising from 36.2% in Q2FY26 to 39.5% in Q3FY26. This margin recovery was supported by favorable customer and product mix, disciplined pricing actions, and relatively stable raw material costs.

Operational Metrics and Capacity Utilization

The company's operational performance demonstrated strong momentum with polymer volumes reaching 6,981 metric tons during Q3FY26. Capacity utilization for the quarter stood at 75.5%, while nine-month FY26 utilization was 76.6%.

The Khatalwada facility, designed as a highly automated export-focused plant, now has a total installed capacity of 10,000 metric tons as of December 31, 2025. An additional 2,000 metric tons of capacity was commissioned at Khatalwada in December 2025, which has not been included in the utilization calculations.

Market Performance and Geographic Distribution

Export revenues continued to dominate the company's business model, accounting for 83.9% of Q3FY26 revenue, while domestic revenue contributed 16.1%. Europe remains the largest market at approximately 60% of revenue, followed by the UK and the US, reflecting the strength of long-standing customer relationships.

The domestic market showed strong growth momentum, with the All Time branded products achieving more than 30% growth in the nine-month period. The domestic market share increased from 15% to 16%, with All Time branded products specifically growing from 9% to 10% of overall revenue share.

Strategic Initiatives and Future Expansion

The company signed a significant Memorandum of Understanding with the North East Cane and Bamboo Development Council, positioning itself as a product market development partner for engineered bamboo initiatives. This strategic move provides structured entry into the engineered bamboo ecosystem, aligned with long-term sustainability goals.

The company expects the remaining capacity from its approved expansion plan to be commissioned at Khatalwada during FY27, taking total installed capacity to approximately 52,500 metric tons.

Balance Sheet Strength and Working Capital

All Time Plastics maintains a conservative financial structure with debt-to-equity ratio at 0.15x as of Q3FY26. The company's working capital management showed net working capital days at 79 days for nine-month FY26 compared to 74 days in FY25.

The company also disclosed an amendment to its joint venture agreement with Dragon Bridge PTE Limited and All Time Plastics PTE Limited Singapore, providing greater commercial flexibility while maintaining strategic intent.