All Time Plastics Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript All Time Plastics Ltd filed with BSE on 13 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
All Time Plastics reported Q1 FY27 revenue of INR161 crores, up 10.5% sequentially and 2% year-on-year, with gross margin compressing to 39.5% from 41.9% in Q4 FY26 due to a sharp rise in polymer prices linked to the West Asia geopolitical crisis. EBITDA came in at INR23 crores at a 14.3% margin and PAT was INR12 crores, while volume processed rose 25% sequentially to 6,323 metric tons and capacity utilization improved to 64.9%. Management described progress on price pass-through to customers, growth in the US and domestic markets, and continued work on a bamboo manufacturing facility expected to begin commercial contribution in Q4 FY27.
Numbers mentioned
Revenue: INR161 crores (Q1 FY27)
p. 3
“Our revenue for Q1 FY27 stood at INR161 crores, up 10.5% sequentially over Q4 FY26 and up 2% year-on-year.”
Kailesh Shah, page 3 of the filed PDF · View the filing
Gross margin: 39.5% (Q1 FY27)
p. 3
“Our gross margin for the quarter was 39.5%, considering the scale of the input cost increase, we absorbed a 240 basis points compression from the 41.9% reported in Q4 FY26.”
Kailesh Shah, page 3 of the filed PDF · View the filing
Volume of polymers processed: 6,323 metric tons (Q1 FY27)
p. 3
“Volume of polymers processed rose to 6,323 metric tons from 5,056 metric tons in the preceding quarter, an increase of over 25%”
Kailesh Shah, page 3 of the filed PDF · View the filing
Capacity utilization: 64.9% (Q1 FY27)
p. 6
“Capacity utilization improved to 64.9% from 51.9% in Q4 FY26 and compares with 89.7% in Q1 FY26, which was measured against a smaller installed base for that quarter prior to the Khatalwada expansion.”
Manish Gattani, page 6 of the filed PDF · View the filing
EBITDA: INR23 crores (Q1 FY27)
p. 5
“EBITDA for the quarter came in at INR23 crores with a margin of 14.3% against INR22 crores and 14.8% in Q4 FY26 and INR29 crores and 18.2% in Q1 FY26.”
Manish Gattani, page 5 of the filed PDF · View the filing
PAT: INR12 crores (Q1 FY27)
p. 6
“PAT stood at INR12 crores with a margin of 7.5%, an increase of 28.8% sequentially from INR9 crores and a decline of 5.5% year-on-year from INR13 crores.”
Manish Gattani, page 6 of the filed PDF · View the filing
Net working capital cycle: 60 days (Q1 FY27)
p. 6
“our net working capital cycle stood at 60 days in Q1 FY27 against 57 days at the close of FY26.”
Manish Gattani, page 6 of the filed PDF · View the filing
Debt to equity: 0.14 times (Q1 FY27)
p. 6
“Our balance sheet with debt to equity at 0.14 times is very robust.”
Manish Gattani, page 6 of the filed PDF · View the filing
US revenue contribution: 19% (Q1 FY27)
p. 4
“The United States contributed about 19% of revenue Q1 FY27 against about 12% for FY26 as a whole.”
Kailesh Shah, page 4 of the filed PDF · View the filing
India revenue contribution: 16% (Q1 FY27)
p. 4
“India contributed approximately 16% of revenue in the quarter.”
Kailesh Shah, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capacity utilization — approximately 75% · FY27
stated conditionally by Kailesh Shah
p. 5
“For FY27, we target to achieve the utilization of approximately 75% at a capacity of 41,000 metric tons. Please read this as a current working assumptions, given how much still depends on the external geopolitical environment.”
Kailesh Shah, page 5 of the filed PDF · View the filing
Domestic business growth — 30% to 35%
stated firmly by Kailesh Shah
p. 4
“remain focused on delivering domestic growth of 30% to 35%, a business that stays central to our diversification strategy.”
Kailesh Shah, page 4 of the filed PDF · View the filing
New capacity addition — approximately 1,500 tons · Q4 FY27
stated firmly by Kailesh Shah
p. 4
“we have also placed new orders for 14 new injection moulding machines to add approximately 1,500 tons of incremental capacity expected to come on stream in Q4 of FY27.”
Kailesh Shah, page 4 of the filed PDF · View the filing
Bamboo commercial contribution — Q4 FY27
stated firmly by Kailesh Shah
p. 5
“we anticipate commercial contribution from bamboo commencing from the fourth quarter of FY27.”
Kailesh Shah, page 5 of the filed PDF · View the filing
Bamboo installation completion — end of September
stated firmly by Kailesh Shah
p. 5
“Installation is targeted for completion by the end of September with all preparatory work including electrification already underway at the plant.”
Kailesh Shah, page 5 of the filed PDF · View the filing
Revenue growth — 15% to 20% · FY27
stated conditionally by Manish Gattani
p. 10
“So, the demand we are having, definitely it is more than 15% to 20% increase. So, demand is there, we have order book also in hand. So yes, if the situation doesn't change, so then definitely we'll achieve that 15%.”
Manish Gattani, page 10 of the filed PDF · View the filing
EBITDA margin — 16%-17% · FY27
stated conditionally by Manish Gattani
p. 15
“Better than last year, definitely. I can't comment whether it will be 16%-17%, but it will be better than what we have done last year.”
Manish Gattani, page 15 of the filed PDF · View the filing
EBITDA margin — 18% to 19%
stated conditionally by Manish Gattani
p. 15
“Sustainable margin 80% utilization of the capacity, it is sustainable.”
Manish Gattani, page 15 of the filed PDF · View the filing
Remaining capacity expansion — 4,000 metric tons · Q4
stated conditionally by Manish Gattani
p. 9
“Remaining 4,000 we are planning as per the demand we'll order. So, we are planning to order in third quarter that. So maybe by quarter fourth quarter end we'll receive those 4,000 metric tons.”
Manish Gattani, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said it was a delay, not a loss, and quantified the spillover into July.
Answered by Kailesh Shah
Asked by Akshay Chheda: Whether shipment delays caused a loss of sale or would flow through later, and how much volume was affected.
p. 6
“No, it is not a loss, it gets into a supply delay possibly delay of a week or so or something like that. It never is a loss.”
Kailesh Shah, page 6 of the filed PDF · View the filing
Management quantified the spillover at about INR5.5 crores.
Answered by Manish Gattani
Asked by Akshay Chheda: How much sales volume spilled over to July.
p. 7
“So total INR5.5 crores will be added in this July month.”
Manish Gattani, page 7 of the filed PDF · View the filing
Management confirmed a time lag in passing on price increases, expected to reflect fully in Q2.
Answered by Manish Gattani
Asked by Nirali: Why sales volume growth of only 5% was much lower than revenue growth of 11%, and whether pricing gains were yet to flow through.
p. 8
“There's a time lag. So it will be passed. Already it has been confirmed by the customer, but now it will reflect in the Q2.”
Manish Gattani, page 8 of the filed PDF · View the filing
Management said demand was not an issue; raw material availability and logistics were the constraints.
Answered by Manish Gattani
Asked by Nirali: Whether the low sales volume growth reflected a demand issue.
p. 8
“So Nirali, demand issue is not there. Mostly it was it will it was because of that availability of raw material that time and the logistic problems.”
Manish Gattani, page 8 of the filed PDF · View the filing
Management said EBITDA would improve but declined to commit specifically on gross margin given product mix effects.
Answered by Manish Gattani
Asked by Nirali: Whether margins would improve alongside revenue growth of 15-20%.
p. 10
“Nirali, we can't comment on the margin but EBITDA definitely will improve because margin we are doing this 39% historically also.”
Manish Gattani, page 10 of the filed PDF · View the filing
Management attributed the flat quarter to an eight-week pause to reset pricing and expressed confidence given a full order book.
Answered by Nilesh Shah
Asked by Ananya Nichani: Why domestic revenue was flat and where confidence for 30-35% growth comes from.
p. 11
“So as already Kailesh Bhai expressed earlier, the change on pricing into the marketplace was one of the areas for which we needed almost about eight weeks.”
Nilesh Shah, page 11 of the filed PDF · View the filing
Management confirmed brief power-related shutdowns but no damage or safety incidents.
Answered by Kailesh Shah
Asked by Ananya Nichani: Whether the heavy rains in Khatalwada affected production or safety.
p. 11
“Yes, so we had some shutdown due to power disruptions at Khatalwada facility for one and a half day and at Daman plant for three days.”
Kailesh Shah, page 11 of the filed PDF · View the filing
Management said there would be no cannibalization due to differing price points and customer segments.
Answered by Kailesh Shah
Asked by Rajesh: Whether bamboo product sales would cannibalize existing plastic product revenue.
p. 12
“No. there is no cannibalization of the business will happen due to bamboo products introduction.”
Kailesh Shah, page 12 of the filed PDF · View the filing
Management said the target is not contingent on the geopolitical situation but on supply delays.
Answered by Kailesh Shah
Asked by Anant Mundra: Whether the 75% capacity utilization target for FY27 depends on the geopolitical situation normalizing.
p. 13
“I think we will be able to achieve it. We don't see contingent of that, only what the contingency lies in supply delays.”
Kailesh Shah, page 13 of the filed PDF · View the filing
Management tied this to reaching 80% capacity utilization.
Answered by Manish Gattani
Asked by Dev Mehta: When EBITDA margins could return to the 18-19% levels seen in FY24 and FY25.
p. 15
“Once we achieve 80% utilization of our capacity, we'll be there.”
Manish Gattani, page 15 of the filed PDF · View the filing
Risks flagged
Sharp rise in polymer prices due to the West Asia geopolitical crisis
p. 3
“we were dealing with an increase of material cost going up by 40% to 50% over our base levels.”
Kailesh Shah, page 3 of the filed PDF · View the filing
Supply chain disruptions including port congestion and container non-availability
p. 3
“we also had content to do with supply availability, port congestions, extended transit times, containers non-availability, which also disrupted our raw material inflows and our shipments.”
Kailesh Shah, page 3 of the filed PDF · View the filing
Ongoing volatility in raw material environment affecting pricing and shipment timelines
p. 4
“The raw material environment has not yet settled, as long as the conflict continues, the volatility will persist, not only in pricing but in terms of shipment availability and timelines of material coming inwards.”
Kailesh Shah, page 4 of the filed PDF · View the filing
Higher fixed cost base from the newly commissioned Khatalwada plant weighing on EBITDA
p. 5
“The year-on-year decline of 20% in EBITDA reflects the combination of the raw material environment and the higher fixed cost base from our newly commissioned Khatalwada plant capacity.”
Manish Gattani, page 5 of the filed PDF · View the filing
Delay in shipment of bamboo machinery from China due to container unavailability
p. 13
“Machines were ready and due to shipping containers not available in China we lost three weeks, about maximum 19 to 20 days.”
Kailesh Shah, page 13 of the filed PDF · View the filing
Heavy rains causing temporary power-related shutdowns at plants
p. 11
“Yes, so we had some shutdown due to power disruptions at Khatalwada facility for one and a half day and at Daman plant for three days.”
Kailesh Shah, page 11 of the filed PDF · View the filing
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