All Time Plastics Limited, a leading manufacturer of plastic consumerware, is set to make its public debut with an Initial Public Offering (IPO). The company has a significant presence in both the B2B white-label market for global retailers and a growing B2C segment under its "alltime" brand. This article provides a detailed overview of All Time Plastics' business model, recent financial performance, the specifics of its planned IPO, its position within the market, the competitive landscape it navigates, and its future outlook.
Table of Contents
- All Time Plastics Limited at a Glance: Business Model and Market Presence
- The Road to IPO: Key Details and Regulatory Filings
- Financial Performance: Navigating Topline and Bottomline
- Peer Comparison of Accounting Ratios
- Sources of Revenue and Geographic Concentration
- Key Financial Ratios and Performance Metrics
- Composition of Revenue
- Market Landscape and Competitive Dynamics
- Future Outlook and Investor Considerations
- Conclusion: Charting All Time Plastics Limited's Public Future
- FAQs
Established in 2001, All Time Plastics Limited is a prominent manufacturer and exporter of plastic consumerware products for everyday household needs. Headquartered in Mumbai, the company operates primarily as a B2B player, supplying white-label products to major global retailers, including IKEA, Tesco, and Asda. It also has a smaller, but growing, B2C presence in the domestic market through its own brand, "alltime".
The company's diverse product portfolio, with over 1,800 SKUs, is categorised into eight main segments:
- Prep Time: Kitchen tools for preparing cooking ingredients.
- Containers: Food storage solutions.
- Organisation: Miscellaneous storage containers.
- Hangers: Various types of clothes hangers.
- Meal Time: Kitchenware and tableware.
- Cleaning Time: Cleaning products and accessories.
- Bath Time: Bathware products.
- Junior: Products for children.
All Time Plastics Limited Key Details:
|
Detail
|
Value
|
|
Founding Year
|
2001
|
|
Headquarters
|
Mumbai, India
|
|
Core Services
|
Manufacturing and Export of Plastic Consumerware
|
|
Operational Markets
|
European Union, UK, US, and India
|
Wrap Up: All Time Plastics' business model is built on long-standing relationships with large global retailers, leveraging its manufacturing capabilities for a diverse product range. Its strategic focus on a high-growth B2B export segment, complemented by a domestic B2C brand, provides a stable foundation for future growth.
All Time Plastics Limited is launching a book-building IPO with a fresh issue and an Offer for Sale (OFS). The IPO aims to raise capital to strengthen the company's financial position and support its expansion plans, while also providing an exit opportunity for existing shareholders.
The IPO structure includes a Fresh Issue of equity shares aggregating up to ₹2,800 million and an Offer for Sale of up to 4,385,562 equity shares by promoter and promoter group selling shareholders. An Employee Reservation Portion, comprising up to 35,750 equity shares, has also been set aside.
All Time Plastics Limited IPO Details:
/content-assets/1236e6affb2942ddb284b75f9e0cfa74.png)
The net proceeds from the Fresh Issue are strategically earmarked for debt repayment, capital expenditure for the new Manekpur Facility, and general corporate purposes. This dual focus on deleveraging and capacity enhancement signals a clear plan for both financial prudence and strategic growth.
Wrap Up: The IPO's structure is designed to raise capital to support operational and financial stability. The company's strategic decision to use a significant portion of the proceeds for debt repayment and capacity expansion demonstrates a focused approach to business growth and financial health.
All Time Plastics has demonstrated a consistent and healthy financial performance over the past three fiscal years, with notable growth in both revenue and profitability. The company's financial data is consolidated for Fiscal 2025 and standalone for Fiscal 2024 and 2023.
Analysis: The company's revenue from operations has grown at a Compound Annual Growth Rate (CAGR) of 12.19% from Fiscal 2023 to Fiscal 2025. Profit for the Year (PAT) has shown even more impressive growth, with a CAGR of 29.34% over the same period. This increase in profitability, coupled with a notable decrease in finance costs, indicates improved operational efficiency and effective debt management.
/content-assets/bfbd8359d1334cdbbf207641977e219a.png)
Wrap Up: All Time Plastics' financial performance shows a company with a strong foundation and a clear ability to translate top-line growth into bottom-line profits. The consistent growth in profitability, particularly driven by a reduction in finance costs, suggests that the company is on a path of sustainable financial health.
The following table provides a peer comparison of key performance indicators for All Time Plastics Limited and its listed industry peers, based on Fiscal 2025 consolidated data.
/content-assets/0353312d088247c2a0a4265939483c8c.png)
Analysis of Peer Comparison:
- Scale and Margins: All Time Plastics operates at a smaller scale than both Cello World and Shaily Engineering, which is reflected in its lower revenue and PAT figures. Its Gross and EBITDA margins are also lower, suggesting a different cost structure or less pricing power compared to its peers.
- Returns: All Time Plastics' Return on Equity (ROE) of 19.01% is higher than both Shaily Engineering and Cello World, indicating a more efficient use of shareholder capital. Its Return on Capital Employed (ROCE) is competitive but slightly lower than its peers.
- Leverage: The company's Net Debt to Equity ratio of 0.84 is higher than its peers, indicating a greater reliance on debt financing. The planned debt repayment from the IPO proceeds is expected to significantly improve this ratio.
- Working Capital Efficiency: All Time Plastics exhibits superior working capital management, with lower Net Working Capital Days (74 days) and Trade Receivables Days (57 days) compared to its peers.
Wrap Up: While All Time Plastics operates with slightly lower margins than its peers, it demonstrates competitive returns on equity and superior working capital management. Its valuation will likely be assessed in the context of these comparative metrics, with the final P/E ratio being a key determinant of its attractiveness relative to the industry average.
All Time Plastics Limited's revenue is heavily concentrated in its B2B white-label export segment. In Fiscal 2025, approximately 85.23% of its revenue from operations was generated from exports to markets like the European Union, the UK, and the US. Domestic revenue accounted for the remaining 14.77%.
A key risk associated with this model is customer concentration. In Fiscal 2025, the company's top customer, IKEA, accounted for a substantial 59.29% of its total revenue from operations. Furthermore, the top four customers collectively represented 78.42% of revenue.
Wrap Up: While the strong relationships with global retailers like IKEA are a significant competitive advantage, they also present a material risk. The loss of a key customer, particularly IKEA, could have a substantial adverse effect on the company's business and financial performance.
/content-assets/21a8a1056237409d8274913570e74842.png)
Analysis of Key Metrics:
- Profitability: The company's profitability margins (EBITDA, PAT) have generally been on an upward trend, showcasing its ability to control costs and improve its bottom line.
- Capital Efficiency and Returns: All Time Plastics demonstrates healthy returns on capital, with ROE and ROCE figures indicating effective utilisation of both equity and total capital to generate profits.
- Leverage: The company has managed its debt well, with the Net Debt-to-Equity ratio improving from FY23 to FY25. The IPO proceeds are specifically targeted to further reduce this ratio.
- Working Capital: A notable trend is the increase in Net Working Capital Days and Trade Receivables Days from Fiscal 2024 to Fiscal 2025. This suggests that the company is tying up more capital in its operations, a trend that requires careful management to maintain healthy cash flow.
Wrap Up: All Time Plastics' key financial ratios point to a company that is financially sound and operationally efficient. While the increasing working capital requirements are a risk, the company's strong profitability and planned deleveraging from the IPO proceeds are encouraging signs of a business with a focus on sustainable financial health.
The company's revenue is primarily generated from two segments: B2B white-label products and B2C products under its "alltime" brand. In Fiscal 2025, B2B exports accounted for a significant majority of the company's revenue. This business model relies on large, recurring orders from international retailers, with a high degree of customer concentration. The domestic B2C business, while smaller, represents a strategic diversification and an opportunity for future growth in the home market.
Wrap Up: While All Time Plastics is actively growing its domestic presence, its financial performance is highly dependent on its relationships with a limited number of international B2B clients.
The Indian consumerware market, valued at ₹251 billion in Fiscal 2023, is a high-growth sector projected to reach ₹430.1 billion by Fiscal 2028, growing at a CAGR of 11.4%. Key drivers for this growth include a rising middle-class population, increased disposable income, and the trend of "China Plus One" manufacturing, where global companies seek to diversify their supply chains away from China.
Competitive Environment:
- Diverse Competitors: All Time Plastics operates in a competitive market with both organised and unorganised players. Its listed peers, such as Shaily Engineering Plastics Limited and Cello World Limited, operate at a larger scale or with different business models (e.g., strong B2C presence).
- Raw Material Price Volatility: A significant portion of the company's raw material costs are derived from plastic granules, which are sensitive to fluctuations in crude oil prices.
- Evolving Consumer Preferences: The global shift towards sustainable and eco-friendly products, with a preference for materials like bamboo and glass, poses a long-term risk to the company's core plastic consumerware business.
Wrap Up: All Time Plastics is well-positioned to capitalise on the robust growth of the consumerware market. However, it must navigate the challenges of a competitive landscape, raw material price volatility, and evolving consumer preferences to maintain its market position.
All Time Plastics' future outlook is shaped by its strengths and its ability to manage inherent risks. The company's strategic use of IPO proceeds is a key indicator of its future direction. The allocation of funds towards debt repayment will improve its financial leverage, while the substantial investment in the Manekpur Facility will significantly enhance production capabilities.
Strategic Focus Areas:
- Deleveraging: The planned debt repayment will lower finance costs, improve the debt-to-equity ratio, and enhance the company's creditworthiness.
- Capacity Expansion: The investment in the Manekpur Facility is crucial for meeting anticipated demand and supports the company's growth strategies.
- Product Diversification: The company's exploration of new product categories like bamboo consumerware demonstrates a proactive approach to mitigating the risks of shifting consumer preferences.
Risks and Challenges:
- Customer Concentration: The high dependence on a few key customers, particularly IKEA, remains a significant risk.
- Raw Material Volatility: Fluctuations in crude oil prices could impact profitability, as the ability to pass on cost increases to customers is not guaranteed.
- Working Capital Requirements: The company's high working capital intensity and lengthening collection cycle could strain liquidity if not managed effectively.
Wrap Up: All Time Plastics has a promising future, backed by strategic investments and a favourable market environment. However, investors should be mindful of the risks associated with customer concentration, raw material prices, and working capital management.
All Time Plastics Limited is entering the public market at a time of significant growth in the consumerware sector. With a strong foundation in B2B exports, a healthy financial track record, and a strategic plan for utilising IPO proceeds for both financial stability and operational expansion, the company is well-positioned for long-term growth.
The IPO presents an opportunity for investors to participate in a key player in the expanding consumerware ecosystem. While it must navigate the challenges of customer concentration and external market dynamics, All Time Plastics' proven execution capabilities and disciplined financial management suggest a resilient path forward.
- What is the All Time Plastics Limited IPO size?
The IPO consists of a Fresh Issue of equity shares aggregating up to ₹2,800 million and an Offer for Sale of up to 4,385,562 equity shares.
- What are the key business segments of All Time Plastics Limited?
The company’s business is primarily divided into two segments: a B2B white-label business serving large global retailers and a B2C business under its "alltime" brand in India.
- What is the company's main source of revenue?
A significant portion of the company's revenue, approximately 85% in Fiscal 2025, is generated from B2B exports to global markets, with IKEA being its largest customer.
- What are some of the main risks for investors?
Key risks include high customer concentration with its top customer, volatility in raw material prices, and the company's substantial working capital requirements.