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All Time Plastics IPO Review | IPO GMP, Analyst Ratings, Business and more.
Today we will be doing a detailed analysis of the IPO of All Time Plastics Ltd. - a company that manufactures plastic consumer goods. This is a company whose products you have probably seen in your kitchen, bathroom or other parts of the house - either under its own "All Time" brand name or under the branding of some of the big international companies. In this review, we will try to find out if this IPO is worth putting in your investment circle or not.
All Time Plastics IPO Details.
IPO Details – The IPO of All Time Plastics is valued at ₹400.6 crore, which includes a fresh issue of ₹280 crore and an Offer for Sale (OFS) of ₹120.6 crore, in which the promoters will sell a part of their stake. The IPO will remain open till August 11, 2025. The price band has been fixed between ₹260 and ₹275 per share, with a lot size of 54 shares. For retail investors, the minimum investment at the lower price band will be ₹14,040 (54 shares x ₹260), while at the upper band it will be ₹14,850 (54 shares x ₹275). The company plans to use the ₹143 crore raised from the fresh issue to repay its outstanding borrowings in part or in full. Additionally, ₹113.71 crore will be allocated to purchase and install equipment and machinery at the Manikpur plant as well as implement an automated storage and retrieval system (ASRS) at its warehouse. The remaining funds will be used for general corporate purposes.
Business Overview of All Time Plastics.
Now that you understand the details of the IPO, let’s take a closer look at the company, its business model, and the current industry scenario. All Time Plastics manufactures plastic consumer ware products that fall into eight main categories – prep time containers, arrangements, hangers, meal time, clean up time, bath time and juniors. Interestingly, the company primarily operates as a white-label manufacturer, manufacturing products for major global retailers such as IKEA, Asda, Michaels and Tesco under their brand names. Apart from this, it also sells products directly to retailers and distributors under its own proprietary brand “All Time”.
In industry terms, the Indian consumer ware market was valued at ₹27,360 crore as of March 31, 2024. According to a report by Technopak, this market is projected to reach ₹49,870 crore by 2030, reflecting a compound annual growth rate (CAGR) of 10.7%. The plastic consumer ware segment is a significant part of this market and is expected to grow at a compound annual growth rate (CAGR) of 11.6% between March 31, 2025 and March 31, 2030 to reach ₹17,920 crore. The share of branded products in the consumer ware market is also increasing—from 54% in FY 2025 to an estimated 60% by 2030.
In terms of market position, All Time Plastics is one of the top two exporters of plastic houseware products from India. The company’s manufacturing units are located in Daman, Silvassa, and Gujarat. In FY 2025, it exported its products to over 29 countries across the globe.
Plastics' all-time strengths.
Let us now look at some of the company’s key strengths.
1.Strategically located and integrated manufacturing facilities:
The company operates three manufacturing units in Daman, Silvassa and Manikpur, all located in industrial areas of western India and in close proximity to ports such as Nava, Shivaji and Hazira as well as petrochemical plants. This strategic location facilitates exports and raw material procurement as well as keeps logistics costs low. These manufacturing units are equipped with fully electric injection molding machines, robotics and automated assembly systems, ensuring both efficiency and quality. As of March 31, 2025, 99 of its 140 machines were fully electric.
2.Wide and growing product range with in-house design teams:
As of March 31, 2025, the company offered 1848 SKUs across eight categories. It also has in-house product and mold design teams, enabling it to create customized designs based on customer needs and reduce product development time. In FY25 alone, the company launched 598 new SKUs.
3.Long-term relationships with global and Indian retailers:
All Time Plastics maintains strong, long-term relationships with leading global retailers such as ICIA, Asda, M&S and Tesco. For instance, it has been associated with ICIA for over 27 years, and has been supplying products to over 464 of its stores across 58 countries. Such long-term partnerships reflect the stability of its business.
4.Commitment to sustainable practices: The company is highly focused on environmental responsibility.
It follows a landfill-free policy and claims that its manufacturing plants are 100% energy-neutral, powered by solar panels and other renewable sources. In FY25, 27.21% of its raw material came from recycled sources.
5.Strong Financial Performance:
Between FY23 and FY25, the company’s operating revenue grew from ₹443.49 crore to ₹558.17 crore, showing a compound annual growth rate (CAGR) of 12.19%. Over the same period, its profit after tax (PAT) grew from ₹28.27 crore to ₹47.29 crore, showing a compound annual growth rate (CAGR) of 29.34%. In FY25, it recorded an ROE of 19.01%, the highest among B2B companies. Based on revenue, EBITDA, ROCE and profit after tax (PAT) parameters, the company ranked second among B2B competitors.
Weaknesses of All Time Plastics.
Let us now take a look at the weaknesses and risks associated with All Time Plastics.
- High customer concentration: The company’s revenue is highly dependent on its top customers. In FY25, 59.29% of its revenue came from its largest customer, while the top four customers together accounted for 78.42%. Losing any one of these, especially the largest customer, can have a profound impact on business operations, financial performance and cash flows.
- Dependence on a few suppliers: The company relies on a limited number of suppliers for raw materials and packaging materials, and often purchases from them in bulk to ensure better pricing. In FY25, over 73.24% of raw materials were purchased from its top 10 suppliers. The loss of any key supplier could disrupt operations.
- Fluctuation in raw material prices: The prices of raw materials, especially plastic granules, are highly volatile and are affected by crude oil prices, global turmoil such as recessions, and geopolitical events. This volatility makes it difficult to predict costs and can directly impact profitability.
- Competitive pressures and market dynamics: The company operates in a highly competitive market where it faces challenges from both organized and unorganized players. Competitors with stronger financial resources or better production capacity may force price cuts, thereby impacting profitability. Additionally, if the company is unable to keep pace with the growing trend towards eco-friendly materials such as bamboo, glass or ceramic, it may lose market share.
- Revenue concentration in key products: In FY25, 70.68% of the company’s revenue came from only two product categories – preparations and containers – as against 73.64% in FY24 and 64.35% in FY23. A decline in demand for these categories could have a significant impact on the business.
6. Foreign exchange risk: Although the company reports in Indian Rupees, most of its turnover is in foreign currencies due to exports and imports. In FY25, 85.66% of revenue came from exports, including 58.18% to the EU, 15.81% to the UK and 11.16% to the US. Although the company uses hedging strategies and has kept net foreign exchange gains or losses to less than 1% over the last three years, fluctuations and changes in RBI policies could adversely impact financials and cash flows.
All Time Plastics Peer Comparison.
All Time Plastics, compared to its peers Shelly Engineering Plastics and Cello World, lags in revenue and profitability, primarily due to its B2B-focused model that typically offers lower margins than B2C players. While its revenue of ₹558.17 crore is significantly lower than Shelly’s ₹786.8 crore and Cello’s ₹2,136.39 crore, it shows operational strength with the highest inventory turnover (7.61) and fastest receivables cycle (57 days). ROE is strong at 19.01%, though EBITDA and net profit margins lag peers, and PAT growth (5.59%) remains modest. A reasonable IPO valuation (P/E 32.17)
Plastics' all-time financial statistics.
The company’s operating revenue grew from ₹443.49 crore in FY 2023 to ₹512.85 crore in FY 2024, showing a growth of 15.64%. This growth was primarily led by a 19.24% increase in sales to International Accounts (IA) and an 18.27% increase in product volumes. In FY 2025, revenue grew to ₹558.17 crore, showing a growth of 8.84%, primarily led by a 6.91% increase in sales to International Key Customer Accounts (IKEA), resulting in an overall 10.43% increase in product volumes sold.
Profit after tax (PAT) also improved significantly, growing from ₹28.27 crore in FY23 to ₹44.79 crore in FY24, reflecting a robust growth of 58.44%. This was led by revenue growth and net foreign exchange transaction and translation gains of ₹2.7 crore. In FY25, profit after tax reached ₹47.29 crore, but growth slowed to 5.59% due to a sharp drop in foreign exchange gains—from ₹2.76 crore in FY24 to ₹0.4 crore in FY25.
Operating cash flow increased from ₹66.52 crore in FY2023 to ₹90.75 crore in FY2024 but declined to ₹51.68 crore in FY2025, primarily due to increased inventory and trade receivables. On the investment front, the company has consistently spent heavily over the last three years, including the highest expenditure of ₹113.34 crore in FY2025, which was primarily aimed at purchasing property, plant and equipment to enhance manufacturing capabilities. In financing activities, the company recorded net cash outflows in FY2023 and 2024 primarily due to debt repayments, but generated ₹59.35 crore from new borrowings in FY2025, including working capital and term loans for the Manikpur facility.
conclusion.
All Time Plastics Limited is an established company with strong manufacturing capabilities and major global customers. However, risks such as customer and supplier concentration and high debt levels should be considered. The proceeds from the IPO will be used to reduce debt and fund expansion plans. Once again, this review is purely for educational purposes and should not be construed as investment advice. Always do your own due diligence and consult your financial advisor before making any investment decisions. If you liked this analysis, please like the video, share it with friends and subscribe to the channel. See you in the next IPO review—until then, goodbye and happy investing.
Investing in securities markets is subject to market risks. Read all relevant documents carefully before investing. Please read the Risk Disclosure Documents carefully before investing in equity shares, derivatives, mutual funds and other instruments traded on stock exchanges.
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