All Time Plastics Q2FY27 Revenue Up 18% YoY

Revenue from operations: ₹174 crores, representing 18% year-on-year growth from ₹147.4 crores in Q2 FY26 and 8% sequential growth from ₹161.1 crores in Q1 FY27
Gross profit: ₹59.7 crores with gross margin of 34.3% compared to 36.2% in Q2 FY26 and 39.5% in Q1 FY27
Raw material costs: Increased to approximately 66% of revenue from approximately 60% in Q1 FY27
Employee costs: ₹17.9 crores compared to ₹14.4 crores in Q2 FY26 and ₹17.1 crores in Q1 FY27
Other expenses: ₹28.1 crores compared to ₹22.7 crores in Q2 FY26 and ₹23.4 crores in Q1 FY27
EBITDA: ₹13.7 crores with margin of 7.9% compared to ₹16.3 crores (11.0%) in Q2 FY26 and ₹23.0 crores (14.3%) in Q1 FY27
Profit after tax: ₹4.2 crores with PAT margin of 2.4%, in line with Q2 FY26

Revenue from operations: ₹335.1 crores, representing 9.7% growth from ₹305.4 crores in H1 FY26
Gross profit: ₹123.3 crores with gross margin of 36.8% compared to 37.8% in H1 FY26
EBITDA: ₹36.7 crores with margin of 11.0% compared to ₹45.0 crores (14.7%) in H1 FY26
Profit after tax: ₹16.3 crores with PAT margin of 4.9% compared to ₹17.0 crores in H1 FY26

Volume of polymers processed in Q2 FY27: 6,910 metric tons, representing 9% sequential increase from 6,323 tons in Q1 FY27 and slight increase from 6,864 tons in Q2 FY26
Volume for H1 FY27: 13,234 metric tons compared to 14,264 tons in H1 FY26
Capacity utilization: Improved to 67% in Q2 from 65% in Q1 FY27
Installed capacity: Currently approximately 41,000 tons
Sales volume: 6,400 metric tons in Q2 FY27 with 500 tons production-sales differential due to shipping delays

Net worth: ₹629.5 crores
Gross borrowings: ₹94.6 crores compared to ₹80.3 crores as of March 2026
Debt-to-equity ratio: 0.15x
Cash, bank balance and liquid investments: ₹82.7 crores
Inventories: ₹120.2 crores compared to ₹68.6 crores in March 2026
Trade receivables: ₹100.1 crores compared to ₹74.9 crores in March 2026, with days reduced from 50 to 46 days
Net working capital cycle: 62 days compared to 60 days in Q1 FY27 and 57 days at FY26 end
Capital expenditure during H1: ₹24.3 crores primarily towards machinery at Khatalwada facility
Capital work-in-progress: ₹46.3 crores
Net cash flow from operating activities: Negative for H1 FY27 due to higher working capital investment

Geographic revenue mix: European Union contributed approximately 59% of revenue, United Kingdom approximately 10%, United States approximately 10% (down from 19% in Q1 due to timing of shipments)
Domestic business: Revenue grew approximately 36% sequentially and 27% year-on-year, increasing share to 19.5% from 15.5% in Q1
Customer additions: 36 new customers added during H1 FY27

West Asia conflict impact: Caused 40-45% increase in key polymer prices and severe container shortages/port congestion
Shipping delays: At peak, 126 containers for largest customer were awaiting shipment, causing production suspension at Silvassa facility for 3 days
Current container backlog: Reduced from 126 to 32 containers as of call date, with shipments resuming in October
Raw material procurement: Inward shipment times increased from historic 30 days to 50-55 days, requiring higher inventory buffers

New product launches: Introduced Hydration range of bottles and jars, plus other product categories
Direct-to-consumer channel: Piloted through company website in October 2026 with plans to extend supported by targeted social media program
Blow-molding capability: Added within existing plant to manufacture hollow, seamless products including bottles, jars, containers in PP, PET, PETg and Tritan materials
SCADA implementation: Initiated real-time machine monitoring at Khatalwada facility to enhance efficiency and uptime

New machinery: 14 injection molding machines adding approximately 1,500 tons capacity expected to arrive December 2026
Post-expansion capacity: Approximately 42,500 metric tons upon new machine installation
Future capex: Will be calibrated to demand on project-to-project basis

Guwahati facility: Fully installed, commercial production to commence mid-November 2026
Sales commencement: Expected in Q4 FY27
Processing model: Split-processing with engineering bamboo boards produced at Guwahati and value-added engineering at Khatalwada
MoU: Signed with North East Cane and Bamboo Development Council under Ministry of Development of North East Region
Revenue projection: ₹60 crores with current installed capacity
Future expansion: Potential to double capacity with additional ₹10-12 crores capex once 50% utilization achieved
Total capex invested: Approximately ₹18 crores, expected to reach ₹20 crores total

FY27 revenue growth target: Maintained at 15-20%
Domestic growth target: 30-35%
Volume growth expectation: 7-8% production growth for FY27
H2 volume projection: Minimum 15,000 metric tons production
Margin recovery expected: Through price revisions and improved capacity utilization
Customer commitments: Received assurance from customers to recover lost margins as raw material prices decline

Price revisions implemented but fresh wave of input cost inflation followed after orders were priced
Consciously absorbed part of cost increase to protect long-standing customer relationships
Fixed costs increased due to labor and staff costs at new Khatalwada and Bamboo facilities carried ahead of full utilization
Working capital increase is temporary with no slow-moving inventory
United States customer business expected to double, potentially becoming second largest customer by FY27 end
Fundamentals remain intact with scale, automation, design capabilities, long-term customer relationships, capacity headroom and strong balance sheet
Structural tailwinds from EU-India trade agreement, evolving US-India trade framework, and global sourcing diversification towards India

Company received ET Now Excellence in Compliance & Sustainability Award 2026