All Time Plastics Q1 FY27: consolidated PAT down 6.6% YoY to ₹11.96 Cr, margins stay compressed
PAT -6.63% YoY · revenue +2.35% · margins compressing
₹161.69 Cr
+2.35% YoY
₹11.96 Cr
-6.63% YoY
7.24%
-0.8pp YoY
₹1.83
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.
Q1 FY-2027 vs prior quarters
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.
The stock went into the print at ₹221.6, down 10.7% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 5 quarters; PAT has now risen for 3 consecutive quarters; revenue is at a 5-quarter high.
Management anticipates a recovery in margins and returns in FY27 as capacity utilization improves and the external environment normalizes. The company is strategically investing in capacity building and a new bamboo initiative, with a projected revenue of INR 60 crores from the 3,000 cubic meter bamboo capacity at full
— This quarter: met
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.
W1
EBITDA margin recovery toward management's guided 18-19% band in H2 FY27 — Q1 print at ~14.5% needs a meaningful ramp
W2
B2C mix target of 22-25% within 1-1.5 years (guided at the Q4 FY26 call) — no domestic/B2C split disclosed yet to check progress
W3
All Time Bamboo subsidiary's path to the flagged ₹60 Cr revenue potential at 3,000 cbm capacity — currently still part of a combined loss-making subsidiary line
Figures in filing are ₹ lakhs, converted to Cr. No exceptional items in the current quarter (the ₹4.37 Cr Labour Code exceptional item sits only in the FY26 full-year column, not any quarterly column, so YoY/QoQ are unaffected). Consolidated PAT of ₹11.96 Cr splits ₹11.72 Cr to owners and ₹0.235 Cr to non-controlling interest; two subsidiaries (Singapore Pte Ltd, All Time Bamboo) combined for ₹2.55 Cr revenue and a ₹0.144 Cr net loss this quarter, per the auditor's reliance note.
Volume Surges, Profit Sinks — Khatalwada's Cost Burden Delays Margin Recovery
Production volumes jumped 25% despite supply chaos, but at ₹12 crore profit — down 7% year-on-year — the real story is fixed-cost absorption lag from the new facility. Pricing is locked in; payoff is pending.
₹161.7 Cr
+2.3% YoY | +10.9% QoQ
₹12.0 Cr
−6.6% YoY | +28.2% QoQ
₹23.0 Cr
−20% YoY | neutral QoQ
39.5%
−240 bps QoQ | flat YoY
6,323
+25.1% QoQ | −14.5% YoY
64.9%
+13 pts QoQ | −25 pts YoY
The volume story and the profit story are two different conversations. All Time pushed production volumes to 6,323 MT in Q1 — a robust 25% quarter-over-quarter jump that signals demand resilience despite container shortages and port congestion. But at the bottom line, the company delivered ₹12 crore in PAT, down 7% year-over-year. EBITDA was ₹23 crore, down a full 20% year-on-year. That's the tension that defines Q1: operational recovery running into fixed-cost absorption lag from the new Khatalwada facility.
The volume-margin paradox: why production up 25% but profit down 7%
Khatalwada, the company's new expanded facility, is live and operational. It has pushed installed capacity to 41,000 MT — but at 64.9% utilization (up from 51.9% in Q4), the higher fixed cost base is not yet fully absorbed. Gross margin compressed 240 bps quarter-over-quarter to 39.5%, held broadly flat versus Q1 FY26 at 39.3% — a testament to pricing power that offset 40–50% raw material inflation. But the pricing benefit is lagged: management negotiated pass-through with 100% of domestic customers (₹26 crore segment) and 50% of the export book (10–15% of business), but the largest customer operates on an 8-week rollover mechanism, pushing benefit fully into Q2 FY27. Meanwhile, the production ramp demands immediate cost absorption. Sales volume grew only 4.7% quarter-over-quarter (6,090 tons) against production growth of 25%, with ₹5.5 crore deferred to July by logistics congestion, adding to near-term pressure. The result: volume recovery masked by structural margin headwinds.
What management claimed on the call, and what holds up
25% volume growth QoQ despite supply disruptions
Production: 6,323 MT vs 5,056 MT Q4 = 25.1%. But sales volume: 6,090 tons vs 5,813 = 4.7% only. Inventory absorbed the gap.
Overstated
Gross margin held despite 40–50% raw material inflation
39.5% Q1 FY27 vs 39.3% Q1 FY26 (flat YoY). Pricing power proved genuine.
Supported
EBITDA margin held broadly flat sequentially
14.3% Q1 FY27 vs 14.8% Q4 FY26 (50 bps compression). Down from 18.2% Q1 FY26 (380 bps YoY).
Contradicted
Pricing agreed with substantial majority of customers
100% of domestic (₹26 Cr), 50% of export (10–15% business). Largest customer on 8-week rollover; benefit flows Q2.
Supported
Domestic 30–35% growth target remains on track
Domestic flat at ₹26 Cr YoY and QoQ. Delayed deliberately for 8-week pricing negotiation and Khatalwada ramp; reset complete.
Overstated (forward-looking only)
What changed on this call
US revenue upgraded: The US book jumped to 19% of Q1 revenue (~₹31 Cr) from 12% in FY26, growing with marquee accounts and new product inquiries. Management cites a 'significant opportunity' in discussions; this is genuine momentum, not guidance puffery. Domestic stalled, one quarter: ₹26 crore domestic revenue is flat YoY and QoQ. Management attributes this to a deliberate pause: 8 weeks to negotiate full pricing acceptance and to stage the Khatalwada ramp. The reset is now complete; orders are 'flowing in full flow.' The 30–35% growth target is forward-looking from Q2 onward, not a near-term miss. Margin recovery timeline extended: EBITDA did not recover; the company now guides only that FY27 will be 'better than FY26' and sustainable 18–19% margins will require 80% utilization — a year-end or into FY28 milestone. No specific FY27 margin target was given. Capacity utilization explicit: FY27 target is 75% utilization on a 41,000 MT base (9 months remaining). This is hedged as a 'current working assumption' given geopolitical risk (polymer prices can swing 40–50% on West Asia volatility). Bamboo Phase 1 on track: ₹15 crore capex for 3,000 cubic meter capacity; machinery shipped, installation September 2026, commercial production Q4 FY27. Customer samples have been 'genuinely encouraging.'
Volume resilience: +25% QoQ production amid supply disruptions; demand better than expected
Pricing power confirmed: 100% of domestic ₹26 Cr, 50% of export (10–15% business)
US upgrade: revenue share 19% vs 12% FY26; marquee accounts and new inquiries
Profit down 7% YoY; EBITDA down 20% YoY despite volume gains — fixed cost absorption lag
Domestic flat vs 30–35% growth target; reset underway but unproven
Margin recovery delayed into FY28 at 80% utilization; FY27 'better than FY26' only
Largest customer on 8-week rollover; single-account dependency implicit
Geopolitical hedge explicit: 40–50% polymer volatility, supply disruptions
Bamboo Q4 with ₹15 Cr capex, ₹60 Cr revenue at full utilization; customer samples positive
Khatalwada utilization 65%; must hit 75%+ to absorb fixed costs
Geopolitical volatility: polymer price swings 40–50%, supply disruptions, container shortages
HighDirectly caps FY27 utilization guidance (hedged as 'current working assumption'). West Asia volatility is explicit limiter on growth. Raw material inflation forces repeated pricing negotiations.
Fixed-cost absorption: Khatalwada at 65% utilization, margin recovery requires 75–80%
HighEBITDA down 20% YoY despite 25% volume growth. Current trajectory (+13 pts QoQ utilization) gets to 75% by Q3–Q4, but breakeven is tight. Any demand slip pushes recovery into FY28.
Customer concentration: Largest customer on 8-week rollover mechanism; public store expansion plans
HighPricing benefits are lagged (Q2 rollover for Q1 agreement). Single-account revenue dependency implicit; if customer plan slips, domestic growth target missed again.
Domestic execution: Growth target deferred one quarter; reset underway but unproven
MediumFlat YoY/QoQ is a miss vs 30–35% guidance. 8-week deliberate pause ended; orders now flowing, but Q2 delivery unproven. If execution slips again, credibility takes a hit.
Bamboo market acceptance: New product line, commercial Q4 FY27; samples positive but unproven
Medium₹60 Cr upside at full utilization is real upside, but launch risk is real. No cannibalization claimed, but dual-line execution adds complexity.
Capacity expansion timing: 4,000 MT additional capacity decision deferred pending customer project clarity
LowPrudent caution in volatile environment, but signals execution complexity and customer dependency. Doesn't change FY27 utilization path.
How the street is reading this
All Time opened the result announcement at ₹221.6 on August 5. The stock fell 1.62% on day 1, then stabilized; by day 5 it was down only 1.35% from the pre-result close, suggesting intra-week stabilization. However, by August 14, the stock had resumed its decline and settled at ₹215.54, a net loss of 2.7% from the announcement. The stock now trades 31.5% below its all-time high of ₹314.7, well below its 20-day (₹223.67), 50-day (₹232.94), and 200-day (₹244.04) moving averages. RSI at 30.6 sits in oversold territory but is holding (not panic-level). The market's verdict is clear: the earnings miss on profit (−7% YoY) and EBITDA (−20% YoY) outweighs the volume story. Institutional flows, however, are flat to marginally positive — FII ownership unchanged at 2.98% (up 5 bps QoQ), DII at 10.35% (up 6 bps), promoters at 70.15% (unchanged). The drawdown is systematic de-rating, not a specific seller-of-record or insider exodus. In context: All Time reached ₹314.7 on FY26 upside and FY27 growth expectations. A 31% drawdown to ₹215 reflects a reset of that growth thesis. The market is skeptical that margin recovery and domestic growth will flow as guided. The 8-week domestic delay is read as a miss, not a reset. Until Q2 delivers pricing rollover and domestic orders materialize, the stock is priced for skepticism.
1 · Q2 pricing rollover benefit and utilization trajectory
The 8-week lag on largest customer pricing and the domestic reset order flow both materialize in Q2. If gross margin expands and EBITDA reverts to double digits (or better), pricing power is real. Utilization move (from 65% to 70%+ QoQ) signals Khatalwada demand recovery. This is the turn in the tape.
2 · Domestic revenue acceleration — actual 30–35% growth or slip again
₹26 crore is the baseline. Management claims orders are flowing post-pricing reset. If Q2 domestic jumps to ₹32–35 crore (23–35% growth), the reset narrative holds. If flat or low single-digit, there's an execution problem.
3 · Bamboo Phase 1 machinery arrival and pre-launch ramp (September 2026)
Installation timeline is September, commercial Q4. Any slip in delivery or assembly is a soft flag for execution on this new business. Customer samples are positive; installation and ramp are the next proof point.
4 · Geopolitical stability: polymer price normalization and supply chain recovery
The 40–50% raw material swings are the biggest upstream headwind. Any reset in West Asia hostilities or energy prices eases the margin squeeze. Container availability recovery pushes logistics costs down.
5 · Largest customer store expansion: 20–25 store rollout in India
This is a 2–3 year plan at ₹40–50 lakh per store per month. Public announcement suggests real commitment. Execution updates in earnings calls will confirm import substitution opportunity size and runway.
All Time navigated Q1 supply chaos with solid volume recovery and genuine pricing agreement, but the quarter is defined by fixed-cost absorption lag from Khatalwada, not by operational failure. The company hit its revenue and volume targets; it missed the margin recovery narrative because costs stepped up faster than utilization could absorb. That's mid-cycle pain, not a red flag.
The long-term thesis (US growth upgraded to 19%, bamboo Q4, largest customer 20–25 store expansion, ₹60 crore bamboo upside) is credible and has realistic catalysts. But execution is unproven: domestic reset is one quarter old, bamboo is unproven commercial product, and utilization is still 10 pts below the 75% breakeven.
The number to track from here is utilization. At the current +13 pts QoQ ramp, reaching 75% by Q3–Q4 is realistic, unlocking the margin recovery story. Geopolitical stability and customer order flow are the inputs. If both hold, Q2 and Q4 are the resets. For now, the stock is fairly valued for skepticism — watch the execution.
Volume recovery offset by margin squeeze; pricing rollover ahead
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 6/10
Grade B
Hit revenue and volume targets; missed EBITDA recovery narrative. Bamboo on track; US momentum genuine; domestic deliberate pause well-explained.
Cautiously Optimistic
next 1–2 quarters
Optimistic
multi-year
All Time navigated Q1 supply chaos with solid volume recovery (+25% QoQ) and pricing agreement across most customers, but margin compression (240 bps QoQ, EBITDA -20% YoY) and delayed domestic growth crimp near-term returns. Pricing rollover benefits flow from Q2; bamboo facility and US momentum (19% of revenue) anchor a credible 15-20% FY27 growth thesis, but execution depends on geopolitical stability and capacity ramp discipline.
₹161.7 Cr
Revenue · +2.3% YoY₹12 Cr
Reported PAT · −6.6% YoYCompressing
Margins · vs guidance: MixedDid the claims hold up?
25% volume growth QoQ despite supply disruptions
OVERSTATED6,323 MT vs 5,056 MT Q4 = 25.1% production growth; sales 6,090 vs 5,813 = 4.7%
Gross margin held despite 40-50% raw material inflation
MET39.5% vs 41.9% Q4 (240 bps compression); only 39.3% Q1 FY26 (flat YoY)
EBITDA margin held broadly flat sequentially
MISS14.3% vs 14.8% Q4 (50 bps compression); down from 18.2% Q1 FY26 (380 bps YoY)
Pricing agreed with substantiality majority of customers
METDomestic 100% passed; largest customer 8-week rollover; 50% of remainder 50% passed
Domestic 30-35% growth target remains on track
OVERSTATEDQ1 domestic flat YoY and QoQ; delayed by deliberate 8-week pricing negotiation pause
Earnings quality
What changed since the last call
US revenue exposure upgraded to 19%
UpgradeFrom 12% FY26 to 19% Q1 FY27; growing with marquee accounts, new product inquiries, 'significant opportunity' in discussion
Domestic stalled vs 30-35% growth target
DowngradeFlat YoY and QoQ at ₹26 Cr; deliberate pause for Khatalwada setup and full price negotiation (8 weeks), but misses near-term guidance
FY27 capacity utilization explicit at 75%
NewNew stated working assumption for 41,000 MT base (9 months remaining); hedged as 'current working assumption' given geopolitical risk
Margin recovery delayed 1+ quarter
DowngradeGross margin 39.5% (240 bps compression QoQ); EBITDA down 20% YoY; management now guides 'better than last year' for FY27 but no recovery to prior 18-19% until 80% utilization
Bamboo Phase 1 capex 'might increase for next phase'
NeutralPhase 1 confirmed ₹15 Cr for ₹60 Cr revenue; potential Phase 2 capex noted but not quantified; no change to Phase 1 guidance
The Q&A
Analysts pressed hard on pricing (asked % pass-through), margin guidance (hedged responses on gross vs EBITDA), domestic growth timing (accepted explanation on 8-week pause). Management held firm: pricing confirmed 100% domestic and 50% export (10-15% business), demand strong, Q2+ recovery coming. No concession to downside.
Supply delay impact — Akshay Chheda, Canara
AnsweredNot loss, week-level delays. ₹5.5 Cr spilled to July: ₹3 Cr export, ₹2.5 Cr domestic in transit.
Pricing vs volume growth — Nirali, Unique PMS
AnsweredRaw material 40-50%; ₹60-70% of cost to customer; 15% pricing passed on sales. Q2 rollover benefit from largest customer, 50% from remainder, full domestic.
Domestic growth confidence — Ananya Nichani, Thinqwise
Partial8 weeks for pricing negotiation in Q1; now orders flowing. Domestic 100% price passed; Khatalwada ramp complete; order book full.
Bamboo cannibalization — Rajesh, Raghav Capital
AnsweredNo; different price points and end consumers. Expands addressable market; opens new customers.
US expansion plans — Anant Mundra, Mytemple Capital
Answered20-25 stores in 2-3 years; ₹40-50 Lakh per store per month. Import substitution items also opportunity.
Margin recovery timeline — Dev Mehta, Unique PMS
PartialAt 80% utilization. FY27 better than FY26 but won't commit to 16-17%.
Guidance
FY27 revenue growth 15-20% if situation normalizes
MediumAnchored on strong order book, pricing confirmed, demand 'better than expected'; contingent on geopolitical stability and raw material normalization
Q1 FY27 ₹161.7 Cr (delivered; 2% YoY)
HighAchieved; reflected supply disruption impact and pricing lag
FY27 EBITDA margin better than FY26; sustainable 18-19% at 80% utilization
MediumNo FY27 specific margin target given; management hedges on product mix and fixed cost absorption; depends on utilization ramp
Gross margin historically 39-40%; product mix dependent
HighQ1 39.5% in line; margin stable YoY despite input inflation absorption; pricing benefits to flow Q2+
₹15 Cr Phase 1 bamboo capex for 3,000 CBM capacity
HighOn track; machinery shipped, installation Sep 2026, commercial Q4 FY27
14 injection moulding machines (1,500 MT capacity) expected Q4 FY27
HighOrders placed; arrival Q3, commissioning Q4
4,000 MT additional capacity (total 6,000 MT plan) to be ordered in Q3 based on demand
MediumDelayed pending project clarity with customers; deliberate to avoid generic investment amid volatility
Bamboo Phase 2 capex 'might increase' (Phase 1 only); not quantified
LowForward consideration; Phase 1 ₹15 Cr confirmed
Risks the call surfaced
Geopolitical & supply chain
HighWest Asia crisis triggered 40-50% polymer price swings, container non-availability, extended transit times. ₹5.5 Cr Q1 sales deferred by logistics. Hedges on FY27 guidance contingent on normalization.
Capacity utilization & fixed cost
HighEBITDA down 20% YoY despite 25% volume growth; Khatalwada higher fixed cost base not yet absorbed at 65% utilization. Margin recovery requires 75-80% utilization.
Customer concentration
HighLargest customer on structured pass-through with 8-week rollover mechanism; pricing agreed but benefits delayed to Q2. Publicly announced aggressive 20-25 store expansion in India; single-customer revenue concentration implicit.
Domestic growth execution
MediumDomestic flat YoY and QoQ at ₹26 Cr in Q1; management attributes to deliberate 8-week pricing negotiation pause and Khatalwada ramp. 30-35% growth target now forward-looking (Q2+) but execution unproven.
Bamboo business unproven
MediumBamboo Phase 1 commences Q4 FY27 (3,000 CBM capacity); customer samples well-received but commercial viability unproven. Management claims no cannibalization but single company pursuing dual product lines carries execution risk.
Management
Score 7/10. Clear on challenges (geopolitical, supply chain, margin pressure); specific on numbers (pricing % pass-through, volume, utilization, capex). Hedged on macro assumptions ('current working assumption'); transparent on one-quarter domestic delay. Candid Q&A on margin guidance (product mix dependent). Met Q1 revenue and volume targets; missed EBITDA recovery (down 20% YoY) and domestic growth (flat vs 30-35%). Bamboo and US momentum on track. Track record mixed: hits top-line, struggling on margin/leverage.
1 · Q2 FY27
Pricing rollover benefit from largest customer (8-week lag); domestic orders flowing post-negotiation
2 · Jul 2026
₹5.5 Cr deferred Q1 sales recognized; logistics environment normalization expected
3 · Sep 2026
Bamboo facility machinery installation completed; pre-launch ramp
Pricing rollover benefits flow from Q2; bamboo facility and US momentum (19% of revenue) anchor a credible 15-20% FY27 growth thesis, but execution depends on geopolitical stability and capacity ramp discipline.