All Time Plastics

• All Time Plastics is coming out with a 100% book building; initial public offering (IPO) of 1,51,58,367 shares of Rs 2 each in a price band Rs 260-275 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 7, 2025 and will close on August 11, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 130.00 times of its face value on the lower side and 137.50 times on the higher side.
• Book running lead managers to the issue are Intensive Fiscal Services and DAM Capital Advisors.
• Compliance Officer for the issue is Antony Pius Alapat.

Profile of the company

All Time Plastics is a manufacturing company with 14 years of experience of producing plastic consumerware products for everyday household needs. It primarily produces consumerware for customers to market under their own brand names (i.e., on a business-to-business (B2B) basis), which is known as white-label manufacturing. However, it also sells its consumerware products under its proprietary brand name (All Time Branded Products) (i.e., on a business-to-consumer (B2C) basis). As at March 31, 2025, it had 1,848 stock-keeping units (SKUs) across eight categories: Prep Time (kitchen tools for preparing cooking ingredients); Containers (food storage containers); Organization (miscellaneous storage containers); Hangers (various types of hangers); Meal Time (kitchenware); Cleaning Time (cleaning equipment); Bath Time (bathroom products); and Junior (child-friendly tableware, cutlery and other items).

Its manufacturing facilities uses robotics and automatic assembly machines, and other modern machinery including “all electrical” injection moulding machines purchased from Japanese manufacturers. Further, it tracks the movement of its products using an Enterprise Resource Planning (ERP) system throughout the entire supply chain from manufacturing to distribution to its end customers. This system of tracking allows it to monitor and manage every stage of the product journey, ensuring efficiency and transparency. Its inventory management is facilitated by a fully palletized system through Serialised Inventory Control, which enables efficient storage, faster product movement through conveyor belts, and reduced human interaction, minimizing errors and accelerating turnaround times.

It is committed to producing environmentally friendly and sustainable products through energy-efficient and eco-conscious manufacturing practices. For Fiscals 2025, 2024 and 2023, 27.21% (consolidated), 20.23% and 18.71% of its raw materials consumed by volume were recycled raw materials, respectively. It has obtained certificates such as the Global Recycled Standard (GRS) scope certification for the Silvassa Facility from third party organizations and its manufacturing facilities have been subject to third party audits such as the Sedex Members Ethical Trade Audit. While third-party audits and environmental certifications act as significant entry barriers, particularly in the export businesses for consumerware products, they also affirm its commitment to environmental, social and ethical compliance.

Proceed is being used for:

• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
• Purchase of equipment and machinery for the Manekpur Facility and installation of automated storage and retrieval system (ASRS) for warehouse in Manekpur Facility
• General corporate purposes

Industry Overview

The Indian Consumerware market was valued at Rs 144.0 billion in FY 2015 and grew at a CAGR of 7.4% in the next eight years to reach a market size of Rs 273.6 billion in FY 2024. The market is further expected to reach Rs 299.9 billion in FY 2025. Factors such as rising disposable income, the nuclearization of families, and the demand for organized and functional kitchen spaces contributed to this growth. Projections indicate continued growth with a CAGR of 10.7% in the subsequent four years, reaching a market size of Rs 498.7 billion by FY 2030. This growth is driven by demographic shifts, such as changes in kitchen responsibilities and an increase in working women, alongside rising product ownership per individual. The evolving Indian consumer, characterized by higher discretionary spending and improved product accessibility through online platforms and multi-brand outlets, further fuels market expansion.

The Indian Consumerware market shows distinct segmentation based on materials, with plastic, metal, glass, and other materials each playing significant roles. The plastic segment has demonstrated significant growth in the Consumerware market expanding the addressable market for players like All Time Plastics, Shaily Engineering and others. With a market size of Rs 66.80 billion in FY 2020, it has shown steady growth, reaching Rs 93.10 billion by FY 2024 and estimated at Rs 103.60 billion in FY 2025. This segment is projected to continue its strong performance, with an estimated market size of Rs 179.20 billion by FY 2030, implying a CAGR of 11.6% from FY 2025 to 2030. This significant expansion is driven by the material's versatility and affordability, which make it accessible to a broad consumer base.

The Indian Plastic Consumer Houseware market has witnessed steady growth over the years, driven by the increasing demand for convenient and durable household products. This market encompasses a wide range of plastic products used in households, such as water bottles (insulated & non-insulated), storage containers, lunchboxes (insulated & non-insulated), kitchen accessories, bath & cleaning products and insulated plastic casseroles. The plastic consumer houseware market was estimated at Rs 103.6 billion in FY 2025, and is further projected to grow at a CAGR of 11.6% in the next five years to reach a market size of Rs 179.2 billion in FY 2030. This growth is fueled by several factors such as urbanization, rising disposable incomes, changing consumer preferences, the increasing popularity of organized retail channels, and the introduction of innovative and sustainable plastic products in the market.  

Pros and strengths

Strategically located and integrated manufacturing facilities: The company owns and operates three fully integrated manufacturing facilities at (a) Daman, Dadra and Nagar Haveli and Daman and Diu, (b) Silvassa, Dadra and Nagar Haveli and Daman and Diu and (c) Manekpur, Gujarat. Its manufacturing facilities are strategically located within the industrial processing zones of western India and in close proximity to ports (for exporting its products and obtaining raw materials) and petrochemical plants (for obtaining its key raw materials). The Nhava Sheva port is approximately 200 kilometres from its Daman Facility, Silvassa Facility and Manekpur Facility, and the Hazira port is approximately 150 kilometers away from these facilities. These ports facilitate efficient export of its products and shipping of raw materials from its foreign suppliers.

Wide and growing range of plastic consumerware products: The company’s wide spectrum of consumerware products cater to a diverse range of needs. As at March 31, 2025, it had 1,848 SKUs across its eight product categories: Prep Time (kitchen tools for preparing cooking ingredients), Containers (food storage containers); Organization (miscellaneous storage containers); Hangers (various types of hangers); Meal Time (kitchenware); Cleaning Time (cleaning equipment); Bath Time (bathroom products); and Junior (child-friendly tableware, cutlery and other items). In order to cater to evolving customer demands, it launches new products by leveraging its experience, market knowledge, in-house product design team and mould design team. Its in-house product design team, which was established more than 20 years ago, enables it to offer customized designs as per its customers’ requests without them incurring additional time and expenses associated with outsourcing design tasks to a third party.

Long-standing relationships with global retailers: The company and Pyramid Plastics, the entity whose business/ operational assets were acquired by the company, have been selling products to IKEA, its largest customer in Fiscal 2025 for more than 27 fiscal years, Asda, its second largest customer in Fiscal 2025, for more than 14 fiscal years, Michaels, its third largest customer in Fiscal 2025, for more than four fiscal years, and Tesco, its fourth largest customer in Fiscal 2025, for more than 17 fiscal years.

Demonstrated focus on sustainable practices: In line with its policy on sustainability, it takes active efforts towards ensuring that its manufacturing processes and products have minimal impact on the environment. It maintains a landfill-free policy, ensuring zero landfill waste from its operations. Its manufacturing process also results in no air pollution. It uses water in its manufacturing process solely for cooling moulds and machines through a circulation process, and any loss occurs only through evaporation. Additionally, it undertakes rainwater harvesting at its facilities.

Risks and concerns

Maximum revenue comes from limited customers: The company’s business largely depends upon its top four customers and in particular its top customer. For Fiscals 2025, 2024 and 2023, its revenue from its top customer represented 59.29% (consolidated), 60.36% and 58.54% of its revenue from operations, respectively, and its revenue from its top four customers represented 78.42% (consolidated), 83.30% and 82.65% of revenue from operations, respectively. The loss of any of its top four customers, and in particular its top customer, or the loss of revenue from sales to these top customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Derive maximum revenue from top 5 products: The company derived 92.01% (consolidated), 94.04% and 91.27% of its revenue from operations in Fiscals 2025, 2024 and 2023, respectively, from the sale of its top five product categories. Any decline in its revenue from sales of these top five product categories could have an adverse effect on its business, financial condition, results of operations and cash flows.

High working capital requirements: The company’s business requires a significant amount of working capital as there is a considerable time lag between the purchase of raw materials and the payment from its customers. The company is, therefore, required to maintain a sufficient stock of raw materials at all times in order to meet manufacturing requirements, and have sufficient capital for its operations until it is able to recover costs upon delivery of products, which in turn affects its working capital requirements. It has primarily funded its working capital requirements through borrowings and internal accruals. Consequently, there could be situations where the total funds available to it may not be sufficient to fulfil its commitments, and hence it may be required to incur additional indebtedness, utilize internal accruals or seek equity infusion to satisfy its working capital requirements.

Not entered into agreement with a majority of customers for sale of products: The company does not have long-term agreements for the sale of its products with a majority of its customers and instead it relies on purchase orders issued by its customers from time to time that set out the commercial terms and delivery conditions for the products to be procured from it. Where it has entered into supply agreements with its customers, these agreements set forth the terms of sales but certain of them do not bind the customers to any specific products, specifications, purchase volumes or duration. These agreements can be terminated by its customers with or without cause, with limited advance notice and without compensation. If its customers choose not to source their requirements from the company, it could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Outlook

All Time Plastics is an Indian company specializing in the manufacturing of plastic houseware products. The company mainly manufacture consumerware for B2B white-label clients, while also offering products under their proprietary brand, “All Time Branded Products,” for B2C customers. The company has wide and growing range of plastic consumerware products, with in-house product design and mould design teams. On the concern side, the company’s business largely depends upon its top four customers and in particular its top customer. The loss of any of its top four customers, and in particular its top customer, or the loss of revenue from sales to these top customers could have a material adverse effect on its business, financial condition, results of operations and cash flows. Moreover, rapid increases in raw material prices, especially plastic granules prices, could have an adverse effect on its business, results of operations, financial condition and cash flows.

The issue has been offering 1,51,58,367 shares in a price band of Rs 260-275 per equity share. The aggregate size of the offer is around Rs 394.12 crore to Rs 416.86 crore based on lower and upper price band respectively. Minimum application is to be made for 54 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 8.84% to Rs 5,581.67 million for Fiscal 2025 (consolidated) from Rs 5,128.53 million for Fiscal 2024, which increase was primarily due to an 8.65% increase in its sale of products. Moreover, the company’s profit for the year increased by 5.59% to Rs 472.94 million for Fiscal 2025 (consolidated) from RS 447.90 million for Fiscal 2024.

The intends to focus its marketing strategies towards establishing itself as the preferred consumerware supplier. To this end, it aims to utilize its newly developed website to showcase its products and engage with its customers in a user-friendly manner. Additionally, it plans to make product demonstration videos available to view on its website to provide its existing customers and potential customers with details on the features of its products. Further, it intends to increase its presence in public exhibitions and conduct more dealer and distributor seminars in India to expand its distributor-base in India. It also aims to boost its social media presence to connect with a broader audience, while keeping marketing costs low.