Time Technoplast Limited has filed its monitoring agency report for the quarter ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Rs. 800.00 crore Qualified Institutional Placement (QIP). The report, prepared by CARE Ratings Limited as the monitoring agency, reveals strategic deployment of funds across multiple business objectives during Q3 FY26.

QIP Utilization Overview

During the quarter ended December 31, 2025, the company utilized Rs. 340.03 crore from the total QIP proceeds of Rs. 800.00 crore. The utilization pattern demonstrates the company's focus on debt optimization and operational enhancement initiatives.

Major Fund Deployments

The largest portion of utilized funds, amounting to Rs. 321.18 crore, was directed toward the repayment and prepayment of outstanding borrowings. This represents approximately 80% of the allocated Rs. 400.00 crore for this objective, leaving Rs. 78.82 crore unutilized for future debt servicing requirements.

The company invested Rs. 3.00 crore in its wholly owned subsidiary Time Ecotech Private Limited during the quarter. These funds are designated for purchasing equipment for recycling plants at Umbergaon, Gujarat and Gadarpur, Uttarakhand, with Rs. 51.90 crore remaining for this initiative.

Equipment and Operational Investments

Time Technoplast allocated Rs. 1.78 crore toward advance payments for deodorizing equipment purchases, representing initial progress on the Rs. 14.80 crore budgeted for this objective. The company also spent Rs. 14.07 crore on fees, commissions, and expenses related to the QIP issue, with Rs. 4.80 crore remaining for additional issue-related costs.

Unutilized Proceeds Management

The company has deployed Rs. 459.97 crore of unutilized proceeds across multiple fixed deposit instruments to generate returns while maintaining liquidity. The deployment strategy includes:

The fixed deposits have generated Rs. 2.41 crore in earnings, with maturity dates ranging from February 2026 to May 2026. Additional balances of Rs. 25.67 crore are maintained across various bank accounts for operational flexibility.

Regulatory Compliance and Monitoring

CARE Ratings Limited, serving as the monitoring agency, confirmed no deviations from the objects outlined in the offer document. The QIP, which had an issue period from November 06, 2025, to November 11, 2025, involved the allotment of equity shares to qualified institutional investors.

The monitoring agency noted that some government approvals remain pending for the recycling plants at Umbergaon, Gujarat and Gadarpur, Uttarakhand. However, no material deviations or unfavorable events affecting the viability of the stated objects were reported.

Future Utilization Timeline

The company has outlined completion timelines for various objectives, with debt repayment targeted for Fiscal 2026, while capital expenditure projects and subsidiary investments are scheduled for completion by Fiscal 2027. The strategic approach allows for phased implementation while maintaining financial flexibility for emerging opportunities.

Time Technoplast Limited has delivered robust financial performance in Q3FY26, reporting significant growth across key metrics. The company's earnings presentation reveals strong operational performance with revenue growth of 12.8% and substantial improvement in profitability.

Q3FY26 Financial Performance

The company demonstrated strong financial performance across all key parameters during the quarter.

Nine-Month Performance Highlights

The 9MFY26 performance showcased consistent growth momentum with strong operational metrics and significant debt reduction.

Product Portfolio Performance

Value-added products continued to outperform established products, demonstrating the company's strategic focus on higher-margin offerings. Value-added products grew by 19% in Q3FY26 compared to Q3FY25, while established products grew by 11%. In 9MFY26, value-added products achieved 17% growth compared to 9% growth in established products.

Strong Order Book and Business Outlook

The company has secured significant orders across its key business segments, indicating strong future revenue visibility.

Debt Reduction and Financial Strengthening

Total debt as of December 31, 2025 stood at Rs 2,664 Mn compared to Rs 6,465 Mn in FY25, representing a substantial improvement in the company's financial position. The debt reduction was facilitated through QIP funds utilization, with Rs 321.2 Cr utilized for debt repayment out of the allocated Rs 400 Cr.