All Time Plastics Limited, a leading plastic injection molding company, has reported a 12.5% year-on-year growth in revenue for Q2 FY26, reaching INR 147.00 crores. The company's H1 FY26 revenue stood at INR 305.00 crores, marking a 17% growth compared to the same period last year. However, the company faced some margin pressures during the quarter.

Financial Performance

The company's gross margins declined from 39.27% in Q1 FY26 to 36.18% in Q2 FY26. This decrease was primarily attributed to changes in customer mix and a one-time sale of raw materials worth INR 3.30 crores. The EBITDA margins also saw some pressure due to increased fixed costs associated with capacity expansion.

Capacity Expansion and Utilization

All Time Plastics has expanded its production capacity to 37,000 metric tons. The company plans to further increase its capacity to 46,500 metric tons by the end of FY26, in line with its growth strategy. The current capacity utilization stands at 83% for Q2 FY26.

Market Diversification

The company is actively working on reducing its customer concentration and expanding its market presence:

1. Secured orders from new customers in Australia and Japan
2. Received approval for bamboo product trials from a large customer
3. Aims to increase domestic market share from 17% to 25%
4. Exploring opportunities in the US market, which currently accounts for 9-10% of revenue

Bamboo Product Line

All Time Plastics is making significant strides in its bamboo product line:

• Received approval for bamboo product trials from a major customer
• Secured trial orders to be shipped in the coming quarter
• Developing partnerships with farmers and cooperatives to ensure a steady supply chain
• Expects the bamboo business to become a substantial revenue contributor in the future

Future Outlook

While facing short-term margin pressures, All Time Plastics remains optimistic about its future growth prospects. The company is focusing on:

1. Ramping up new capacity utilization
2. Expanding its product portfolio, including silicone products and blow molding capabilities
3. Capitalizing on potential trade agreements, particularly with the EU, to gain a competitive edge
4. Balancing growth between domestic and international markets

Management expects margins to improve as capacity utilization increases and new product lines, including bamboo products, gain traction in the market.

As All Time Plastics navigates through the current challenges, its strategic initiatives in capacity expansion, market diversification, and new product development position the company for potential long-term growth in the competitive plasticware industry.

All Time Plastics Limited, a prominent player in the Housewares & Specialities sector, has reported the utilization of Rs 1,655.64 crore from its Initial Public Offer (IPO) and Pre-IPO proceeds for the quarter ended September 30, 2025. The company's monitoring agency, Crisil Ratings Limited, has confirmed that the utilization aligns with the objectives disclosed in the offer document.

Key Highlights of Fund Utilization

• Debt Repayment: The company utilized Rs 1,357.51 crore for prepayment or repayment of outstanding borrowings and working capital facilities.
• Capital Expenditure: Rs 42.20 crore was spent on purchasing equipment and machinery for the Manekpur Facility.
• Issue Expenses: A total of Rs 255.93 crore was used to cover IPO and Pre-IPO related expenses.

Detailed Breakdown of Fund Utilization

Unutilized Funds

As of September 30, 2025, the company reported Rs 1,844.36 crore of unutilized funds. These funds have been deployed in fixed deposits with various banks, earning returns between 5.25% to 6.16%.

Management Commentary

The company's management stated that the utilization of funds is in line with the objects disclosed in the prospectus. They also noted that there have been no deviations from the stated objectives.

Monitoring Agency's Observations

Crisil Ratings Limited, acting as the monitoring agency, confirmed that:

1. All utilization is as per the disclosures in the Offer Document.
2. There have been no material deviations in the use of proceeds.
3. The means of finance for the disclosed objects of the issue remain unchanged.

Future Plans

All Time Plastics Limited plans to continue utilizing the remaining funds as per the objectives stated in their offer document. This includes further investment in equipment and machinery for their Manekpur Facility and general corporate purposes.

The company's strategic deployment of IPO and Pre-IPO proceeds demonstrates its commitment to debt reduction, capacity expansion, and overall business growth. Investors and stakeholders will likely keep a close watch on how the remaining funds are utilized in the coming quarters.