TIME TECHNOPLAST LTD. Q1 FY27 Results

Time Technoplast's consolidated revenue rose 25.1% YoY to ₹1,692.71 Cr (from ₹1,352.65 Cr) and was roughly flat QoQ (+0.96% from ₹1,676.67 Cr). Consolidated PAT was ₹117.86 Cr, up 22.1% YoY (from ₹96.55 Cr) but down 12.2% QoQ (from ₹134.31 Cr) — profit growth trailed revenue growth, and with no exceptional items in either comparison period this is a clean, not one-off-distorted, read.

The gap is a margin story. Operating EBITDA margin fell to 13.31% from 14.47% a year ago and 14.62% last quarter; net profit margin fell to 6.96% from 7.13% YoY and 7.99% QoQ. Both segments show the same pattern: Polymer Products revenue grew 24.6% YoY to ₹1,072.74 Cr while segment PBIT grew only 15.9% to ₹102.05 Cr, and Composite Products revenue grew 26.2% YoY to ₹619.97 Cr while segment PBIT grew 14.7% to ₹71.31 Cr — so this isn't one weak segment dragging the mix, both ran hot on revenue and cooler on profit. That directly contradicts the margin-expansion plank of management's Feb-2026 (Q3 FY26) guidance, which had targeted 25-30% growth in high-margin composite products, a rising value-added mix (35% of sales within two years) and automation/solar savings to lift margins — instead OPM printed at its lowest of the four quarters shown in this filing. The one guidance line the company is delivering on is deleveraging: finance costs fell 22.6% YoY to ₹16.88 Cr as debt/equity improved to 0.13 (from 0.20 a year ago and 0.16 last quarter), helped by the ₹800 Cr QIP completed in November 2025, ₹400 Cr of which was used to prepay borrowings; the company also fully repaid its outstanding commercial paper on July 23, 2026. Even so, the balance sheet is not yet debt-free — the six-month debt-free target flagged on the Feb-2026 call has not been met, though leverage has fallen materially and ₹342.98 Cr of QIP proceeds remain unutilised as of June 30, 2026 for further deleveraging or inorganic growth.

The stock went into the print at ₹207.26, up 17.7% over the past month of trading.

For context: revenue is at a 6-quarter high.

A web search for Q1 FY27-specific street estimates for this company returned nothing concrete, so vsStreet is not assessed here; management gives no formal guidance figure beyond the Feb-2026 qualitative targets referenced above, and no separate management press release accompanied this filing. On guidance, the quarter beats on revenue growth (+25% YoY vs the >15% annual target) but misses on margins (compression instead of expansion) and is still short of the debt-free promise. Standalone results ran hotter than consolidated — revenue +34.9% YoY to ₹866.83 Cr and PAT +25.3% YoY to ₹56.17 Cr — a few points ahead of the consolidated growth rates, consistent with the parent outgrowing some subsidiaries this quarter. Alongside the results, the board appointed two additional independent directors (Devendra Jitendra Shah and Hema Rajendra Gaitonde) and reconstituted board committees; neither has a P&L impact.