All Time Plastics Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript All Time Plastics Ltd filed with BSE on 01 Jun 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 Q4 FY26 revenue of Rs 145.8 crore, down from Rs 148.2 crore a year earlier, while gross margin improved to 41.9% from 39.1% on a favourable mix shift toward domestic sales. For the full year, revenue grew 9.4% to Rs 610.4 crore with EBITDA margin at 14.8% and PAT of Rs 35.6 crore versus Rs 47.3 crore in FY25. Management attributed the quarterly weakness to West Asia geopolitical disruptions affecting raw material supply and shipment timing, and described progress on capacity expansion at Khatalwada and a new bamboo manufacturing facility at Guwahati.
Numbers mentioned
Revenue: INR145.8 crores (Q4 FY26)
p. 5
“Revenue for Q4 FY26 stood at INR145.8 crores compared to INR148.2 crores in Q4 FY25.”
Manish Gattani, page 5 of the filed PDF · View the filing
Gross margin: 41.9% (Q4 FY26)
p. 5
“One encouraging development within Q4 was the improvement in gross margin to 41.9% up from 39.1% in Q4 FY25.”
Manish Gattani, page 5 of the filed PDF · View the filing
EBITDA: INR21.6 crores (Q4 FY26)
p. 5
“EBITDA for Q4 FY26 stood at INR21.6 crores and margin at 14.8% margin and PAT came in at INR9.4 crores with 6.4% margin.”
Manish Gattani, page 5 of the filed PDF · View the filing
Revenue: INR610.4 crores (FY26)
p. 5
“For the full year, revenue grew 9.4% to INR610.4 crores up from INR558.2 crores in FY25.”
Manish Gattani, page 5 of the filed PDF · View the filing
Gross profit: INR239.3 crores (FY26)
p. 5
“Gross profit grew 7.3% to INR239.3 crores and our gross margin for the full year stood at 39.2%.”
Manish Gattani, page 5 of the filed PDF · View the filing
EBITDA: INR90.1 crores (FY26)
p. 5
“EBITDA for FY26 stood at INR90.1 crores and margin at 14.8%.”
Manish Gattani, page 5 of the filed PDF · View the filing
Depreciation: INR29 crores (FY26)
p. 5
“Depreciation increased to INR29 crores from INR23.5 crores in FY25, reflecting the full year impact of the Khatalwada capex.”
Manish Gattani, page 5 of the filed PDF · View the filing
PAT: INR35.6 crores (FY26)
p. 5
“PAT for FY26 was INR35.6 crores – with a margin of 5.8% versus INR47.3 crores in FY25.”
Manish Gattani, page 5 of the filed PDF · View the filing
Net working capital days: 57 days (FY26)
p. 5
“On net working capital days improved to 57 days in FY26 from 74 days in FY25.”
Manish Gattani, page 5 of the filed PDF · View the filing
ROCE: 10.3% (FY26)
p. 5
“ROCE for FY26 stood at 10.3% and ROE at 8.3% both impacted by the enlarged equity-based post-IPO and the transition phase margin compression.”
Manish Gattani, page 5 of the filed PDF · View the filing
Operating cash flow: INR86.3 crores (FY26)
p. 5
“Operating cash flow generation was strong at INR86.3 crores, more than double FY25's INR39.4 crores, reflecting working capital discipline and improved collections.”
Manish Gattani, page 5 of the filed PDF · View the filing
Total installed capacity: 39,000 tons per annum (as of March 31, 2026)
p. 3
“As of March 31st, '26, our total install capacity stands at approximately 39,000 tons per annum, supported by over 170 injection moulding machines.”
Kailesh Shah, page 3 of the filed PDF · View the filing
Total polymer volume processed: 26,300 metric ton (FY26)
p. 5
“The total polymer volume processed for the full year stood at 26,300 metric ton, broadly in line with FY25's 26,230 metric ton.”
Manish Gattani, page 5 of the filed PDF · View the filing
Recycled polymer volume: 8022 metric ton (FY26)
p. 5
“Within this, recycled polymer volume grew to 8022 metric ton in FY26 from 7136 metric ton in FY25, reflecting our sustained focus on material sustainability.”
Manish Gattani, page 5 of the filed PDF · View the filing
IKEA contribution: 55% (Q4 FY26)
p. 7
“So, 55% in Q4.”
Manish Gattani, page 7 of the filed PDF · View the filing
Capacity utilization: 73% (FY26)
p. 15
“Current year, the installed capacity, which is available, so that we have averaged out is 73%.”
Manish Gattani, page 15 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 expansion (balance 6,000 MT) — 52,500 tons total · FY27
stated conditionally by Kailesh Shah
p. 4
“The balance capacity of 6,000 metric tons under our expansion program remains currently on track but we will wait and decide further how we take it forward to take the total capacity to 52,500 tons.”
Kailesh Shah, page 4 of the filed PDF · View the filing
Capacity utilization — 70% to 75% · FY27
stated conditionally by Kailesh Shah
p. 16
“Current year, overall utilization, we are looking between 70% to 75% because we are still very sceptical on this whole geopolitical thing.”
Kailesh Shah, page 16 of the filed PDF · View the filing
EBITDA margin — H2 FY27
stated conditionally by Manish Gattani
p. 16
“Margins, definitely, it will improve in H2. And it will be better than what it is in '25 - '26.”
Manish Gattani, page 16 of the filed PDF · View the filing
Bamboo facility revenue potential — INR60 crores
stated conditionally by Nilesh Shah
p. 10
“So, approximately the capex investment will go to about INR15 crores overall and the revenue, sales revenue will be roughly about INR60 crores.”
Nilesh Shah, page 10 of the filed PDF · View the filing
Bamboo facility commissioning — Q2/H2 of next year
stated conditionally by Kailesh Shah
p. 13
“So, we expect that in Q2 of next year, H2 of next year starting, we will be able to roll out good volumes out of that facility in terms of output.”
Kailesh Shah, page 13 of the filed PDF · View the filing
B2C revenue contribution — 22% to 25% · next 1 to 1.5 years
stated as an aspiration by Kailesh Shah
p. 12
“Our overall target is to move this needle in the next 1, 1.5 years to 22% to 25% is the wish position what we have.”
Kailesh Shah, page 12 of the filed PDF · View the filing
Raw material inventory days — 20 days
stated firmly by Kailesh Shah
p. 18
“Generally, on the inventory, RM. RM, generally 20 days.”
Kailesh Shah, page 18 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 orders were shifted, roughly 10-15% of the quarter's volume, but were not cancelled.
Answered by Nilesh Shah
Asked by Akshay Chheda: Can you quantify the volume not booked/shipped in Q4 due to supply chain disruption, and whether this spills into Q1?
p. 7
“So, those by numbers could be almost, I think, about, I think, between 10%-15% or so.”
Nilesh Shah, page 7 of the filed PDF · View the filing
IKEA contributed 55% of Q4 FY26 revenue versus 57% in Q4 FY25.
Answered by Manish Gattani
Asked by Ananya Nichani: What is IKEA's contribution to revenue this quarter versus last year?
p. 7
“Last quarter it was 57%. Q4, '25 you are asking, no?”
Manish Gattani, page 7 of the filed PDF · View the filing
Management said the depreciation benefit is retained short term but eventually passed on, and much of the largest customer's business is INR-denominated.
Answered by Manish Gattani
Asked by Swapnil Gupta: Is rupee depreciation benefit being passed to customers, and does it provide an edge versus China?
p. 8
“The benefit is not being passed on to the customer in the short term. In the long term, definitely it is passed on.”
Manish Gattani, page 8 of the filed PDF · View the filing
Management expects EBITDA margin to improve once fixed costs are absorbed at higher revenue, aiming to return to historical levels.
Answered by Manish Gattani
Asked by Deepak Poddar: How should EBITDA margin be viewed as revenue scales and gross margin normalizes?
p. 11
“We will be able to sustain the EBITDA margin also once we reach to a level of sales where all the fixed cost is being absorbed properly.”
Manish Gattani, page 11 of the filed PDF · View the filing
Management guided to 70-75% utilization for the year.
Answered by Kailesh Shah
Asked by Deepak Poddar: What capacity utilization is expected for the year?
p. 11
“We feel that we should be able to use the overall annual capacity for this year to around between 70% and 75% should be a good number to look at.”
Kailesh Shah, page 11 of the filed PDF · View the filing
Management stated current B2C contribution is around 14%, with plans to leverage current market disruption to expand aggressively.
Answered by Kailesh Shah
Asked by Sahil Doshi: What is the B2C revenue share and plans for scaling it given the pricing environment?
p. 12
“Yes. So, our current B2C contribution is around 14%.”
Kailesh Shah, page 12 of the filed PDF · View the filing
Management said price increases of 22-25% occurred, with customers absorbing only 10-12%, and this differential margin hit is expected to persist even if prices fall.
Answered by Kailesh Shah
Asked by Sahil Doshi: How much have customers absorbed of the raw material price hikes, and what is the outlook on pricing?
p. 13
“Customers are able to absorb up to 10% to 12% maximum on that area as on date.”
Kailesh Shah, page 13 of the filed PDF · View the filing
Management said prices have dropped 10-15% from peak, and supply is being managed via alternate and domestic sources.
Answered by Kailesh Shah
Asked by Heena Vora: Has raw material supply eased and how far are prices down from the peak?
p. 14
“From the peak pricing, we are seeing a drop of around 10% to 15% and about 15% drop on the peak pricing.”
Kailesh Shah, page 14 of the filed PDF · View the filing
Management estimated the delayed export value at roughly Rs 3-5 crore, moved to April, not cancelled.
Answered by Nilesh Shah
Asked by Khushbu Gandhi: What was the value of exports delayed due to geopolitical tensions in late March?
p. 17
“A few crores maybe, I think could be about INR3 crores to INR5 crores.”
Nilesh Shah, page 17 of the filed PDF · View the filing
Management said about 15-20% of revenue would see this impact, with an 8-week pass-through lag for the largest customer.
Answered by Kailesh Shah
Asked by Sidharth Jain: What portion of revenue will see margin impact from the pricing gap versus customer absorption?
p. 18
“About 15% to 20% of the revenue. And even our largest customer, the pass-through happens with an 8-week delay.”
Kailesh Shah, page 18 of the filed PDF · View the filing
Risks flagged
West Asia geopolitical crisis disrupted raw material prices and supply chains
p. 3
“The West Asia geopolitical crisis triggered a sharp rise in raw material prices and created significant disruptions across global supply chains.”
Kailesh Shah, page 3 of the filed PDF · View the filing
Port congestion and transit delays affected production in Q4
p. 3
“Port congestion, extended transit delays and the non-availability of certain critical inputs impacted production schedules during the end of Q4.”
Kailesh Shah, page 3 of the filed PDF · View the filing
Margin compression from higher fixed costs and employee investment ahead of scale
p. 5
“The margin compression as we have discussed is a function of the transition phase. Higher fixed costs from newly commissioned capacity at Khatalwada and increased employee investment ahead of scale.”
Manish Gattani, page 5 of the filed PDF · View the filing
Domestic port disruptions delaying material movement
p. 13
“Supply delays are coming in, like material, which is expected, even which we had materials available at Nhava Sheva Port and because of local India, Nhava Sheva Port and Mundra Port disruption, materials are not moving out of port for 10, 10 days.”
Kailesh Shah, page 13 of the filed PDF · View the filing
Temporary margin hit from gap between raw material price hikes and customer price absorption
p. 18
“There would be some hit on that area for sure in this quarter.”
Kailesh Shah, page 18 of the filed PDF · View the filing
Q1 impacted by continued supply chain disruption from April and May
p. 11
“Sure, we definitely got impacted in April and May for sure.”
Kailesh Shah, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.