Time Technoplast Ltd has announced securing its first trial order for Type IV Composite Hydrogen Storage Systems, marking a significant milestone in the company's expansion into India's clean energy and defence infrastructure ecosystem. The order, valued at approximately ₹2.30 crore inclusive of all taxes, represents the company's entry into the strategic hydrogen storage solutions market.

Order Details and Specifications

The project has been awarded through an Engineering, Procurement, and Construction (EPC) contractor for a Navaratna Public Sector Undertaking operating in the energy sector. The end-use application will support the Indian Armed Forces, highlighting the strategic importance of this engagement.

Scope of Work and Technical Requirements

The comprehensive project scope encompasses multiple phases of development and implementation:

• Design and engineering of the complete hydrogen storage system
• Manufacturing in India using advanced composite materials
• Supply and integration of all system components
• Commissioning and testing at the deployment site

The Hydrogen Cascade Storage System will utilize advanced Type IV Composite Hydrogen Gas Cylinders in a cascaded configuration. The system design incorporates integrated safety devices and comprehensive mechanical and environmental protection measures to ensure safe, reliable, and efficient operation in defence and strategic installations.

Production Timeline and Market Positioning

Time Technoplast's project for manufacturing high-pressure composite cylinders for hydrogen and natural gas applications has reached an advanced development stage. The company expects to commence commercial production in Q1 FY 2026-27, which will support order bookings under the new project expansion.

Strategic Significance

This order represents Time Technoplast's entry into India's evolving clean energy landscape, particularly in hydrogen storage solutions for strategic applications. The project execution will be carried out in coordination with the end user and relevant stakeholders, ensuring full compliance with applicable safety, quality, and performance requirements for defence and strategic installations.

The company views this development as an opportunity to accelerate growth and strengthen its market leadership in composite gas storage solutions while creating sustained long-term value for stakeholders. The involvement with defence applications through a Navaratna PSU underscores the strategic nature of this business expansion.

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.