News Earnings All Time Plastics Reports Strong Sequential Recovery in Q3FY26 with Revenue Growth and Margin ExpansionAll Time Plastics Reports Strong Sequential Recovery in Q3FY26 with Revenue Growth and Margin Expansion
All Time Plastics Limited reported strong sequential recovery in Q3FY26 with revenue of INR159.3 crores (8.1% QoQ growth), EBITDA rising 44.3% to INR23.5 crores, and PAT doubling to INR9.2 crores. Gross margins improved significantly from 36.2% to 39.5%, driven by favorable customer mix and disciplined pricing. The company maintains 83.9% export revenue share with Europe as the largest market, while domestic business grew over 30%. Strategic initiatives include bamboo business development with INR10 crores capex and capacity expansion plans to reach 52,500 metric tons by FY27.
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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.
| Financial Metric: | Q3FY26 | Q2FY26 | Change (%) |
|---|---|---|---|
| Revenue: | INR159.3 crores | - | +8.1% QoQ |
| EBITDA: | INR23.5 crores | - | +44.3% QoQ |
| PAT: | INR9.2 crores | INR4.2 crores | +117.1% QoQ |
| EBITDA Margin: | 14.7% | 11.0% | +370 bps |
| PAT Margin: | 5.7% | 2.8% | +290 bps |
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%.
| Operational Parameter: | Q3FY26 | Nine-Month FY26 |
|---|---|---|
| Polymer Volumes: | 6,981 metric tons | 21,244 metric tons |
| Capacity Utilization: | 75.5% | 76.6% |
| Total Installed Capacity: | 39,000 metric tons | 39,000 metric tons |
| Export Revenue Share: | 83.9% | - |
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.
| Market Segment: | Revenue Contribution |
|---|---|
| Export Revenue: | 83.9% |
| Domestic Revenue: | 16.1% |
| Europe Market Share: | ~60% |
| Top Customer Concentration: | 59% |
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.
| Strategic Development: | Details |
|---|---|
| Bamboo Capex Allocation: | INR10 crores |
| Commercial Production Start: | Q1 FY27 |
| Future Capacity Target: | 52,500 metric tons by FY27 |
| Bamboo Capacity: | 6,000 CBM volume |
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.
| Financial Ratio: | Q3FY26 | Nine-Month FY26 |
|---|---|---|
| ROC (Annualized): | 11.5% | 11.4% |
| ROE (Annualized): | 8.6% | 8.2% |
| Debt-to-Equity: | 0.15x | 0.15x |
| Asset Turnover: | 1.8x | - |
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.
Historical Stock Returns for All Time Plastics
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.82% | +3.75% | +3.21% | -10.52% | -10.52% | -10.52% |
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