All Time Plastics Q1 FY27: consolidated PAT down 6.6% YoY to ₹11.96 Cr, margins stay compressed

All Time Plastics posted consolidated revenue of ₹161.69 Cr (+2.3% YoY, +10.9% QoQ) and consolidated PAT of ₹11.96 Cr for Q1 FY27, down 6.6% YoY even as it rebounded 28.2% QoQ off a weak Q4 FY26 base — the YoY decline is the primary read since the QoQ jump is a sequential recovery, not a trend reversal. Standalone PAT was ₹12.10 Cr (EPS ₹1.85) versus consolidated ₹11.96 Cr (EPS ₹1.83), the gap explained by the two loss-making overseas/bamboo subsidiaries. There are no exceptional items in either the current or year-ago quarter, so the YoY decline is on a clean, unadjusted basis. The compression sits on the operating line: consolidated operating margin (EBITDA/revenue) fell to ~14.5% from 18.2% a year ago and is roughly flat versus 14.76% last quarter. Cost of materials consumed grew 5.5% YoY (₹103.46 Cr vs ₹98.07 Cr) against revenue growth of just 2.3%, confirming raw-material cost pressure the company has been flagging since unpassed price hikes began. Employee benefit expense also rose 24% YoY (₹17.08 Cr vs ₹13.77 Cr), likely reflecting IPO-related senior hiring. Partly offsetting this, finance costs fell 55% YoY (₹2.47 Cr vs ₹5.54 Cr) as the company used part of its ₹143 Cr IPO proceeds to prepay borrowings, per note 5 of the filing — net-net this still wasn't enough to hold PBT flat, with consolidated PBT down 5.6% YoY to ₹16.24 Cr. We found no analyst consensus or brokerage preview for this quarter — unsurprising for a company this size, and there is no management press release in our records to cross-check tone against. Against management's own May 2026 guidance (cautiously optimistic short-term, optimistic long-term), the company had explicitly flagged that short-term margin pressure would persist before an expected recovery to 18-19% EBITDA margin in H2 FY27 as capacity utilisation improves; a 14.5% OPM this quarter is consistent with that flagged pressure rather than a fresh miss. The same day as the results, the company classified two relatives of its promoter directors (Akshay Shah, Dhvanit Shah) as Senior Management Personnel — a governance-structure disclosure with no direct P&L impact this quarter. Going into Q2 FY27, the read-through is that margin recovery is now a second-half story: management's 70-75% capacity utilisation target and 18-19% EBITDA margin band for FY27 remain unmet through Q1, and the bamboo initiative's flagged ₹60 Cr revenue potential at full utilisation is not yet visible in a single-segment P&L that doesn't break out bamboo separately.