All Time Plastics Ltd IPO | News | Overview | Verdict

IPO closes on 11 Aug'25

All Time Plastics Ltd

Minimum Investment

₹ 14,850 / 54 shares

Grey market premium

₹ 25 (9% premium)

Our Verdict:

Neutral

All Time Plastics Ltd (ATPL) is the second-largest plastic consumerware manufacturer in India by revenue, with strong growth in both earnings and revenue over the last three years.
The company is expanding its Manekpur facility significantly, increasing capacity from 4,000 TPA in FY25 to 16,500 TPA in FY26E and 22,500 TPA in FY27E. The IPO proceeds will also be used to repay Rs 143 crore in debt, which will reduce interest costs and boost profitability.
From a valuation perspective, the IPO appears reasonably priced with a P/E multiple of 30.5x.
Despite being operationally sound and trusted by clients, ATPL’s core product portfolio is more commodity-focused than innovation-driven, which may limit its ability to differentiate itself long-term.
Expansion into bamboo-based products could add value over time, but this is a longer-term strategy. Additionally, over 85% of ATPL’s revenue comes from exports, exposing it to tariff risks and geopolitical uncertainties.
Given these factors and the current market volatility, it is advisable for long-term investors to wait until after the listing, once there is more clarity on the global trade environment and tariff risks. In conclusion, while short-term upside may be capped due to market and global uncertainties, ATPL's long-term outlook remains promising.

About the company

Founded in

8 Mar'01

Managing director

Kailesh Shah

ATPL manufactures over 1,800 SKUs across various categories, including kitchen tools, storage solutions, bath accessories, cleaning products, etc. The company primarily follows a white-label B2B export model, designing and producing products for major global retailers under their respective brands.
ATPL currently operates 3 fully integrated manufacturing facilities located in Daman, Silvassa and Manekpur, with a combined production capacity of 33,000 TPA. In FY25, approximately 91.7% of its revenues were derived from white-label products while 7.6% came from its own domestic brand, “alltime.”

STRENGTHS

Consistent Growth: ATPL has consistently delivered strong financial results, achieving a 12% CAGR in operating revenue, 18% in EBITDA and an impressive 29% in net profit from FY23 to FY25.
Solid Return Metrics: ATPL showcases healthy operational efficiency, with a Return on Equity (RoE) of 19% and Return on Capital Employed (RoCE) of 17% in FY25. Additionally, the EBITDA margin reached 18.16% in FY25, ranking as the second-highest among B2B players in the Indian industry.
Strong Customer Relationships: ATPL has built long-lasting relationships with major global retailers such as IKEA, Asda, Michaels and Tesco, alongside prominent Indian retailers like Spencer’s Retail. The company has been supplying IKEA, its largest customer in FY25, for over 27 years; Asda for over 14 years; Michaels for over 4 years; and Tesco for more than 17 years.
Diverse Product Range: ATPL offers an extensive portfolio of consumerware products, with 1,848 SKUs across 8 product categories as of March 31, 2025, catering to diverse market needs.
Diversification into Bamboo Products: ATPL is expanding into the bamboo consumerware segment, aiming to capitalize on the growing demand for sustainable alternatives. It plans to establish a new facility in Guwahati, sourcing bamboo locally from the Northeast. With strong government support for bamboo cultivation and established client relationships, this pre-revenue vertical is expected to serve both domestic and export markets, offering premium margins over traditional plastic products.

RISK FACTORS

Client Concentration: ATPL's business is highly dependent on its top four customers, with the largest customer contributing 59.29% of revenue in FY25. Together, the top four customers account for 78.42% of total revenue, exposing the company to significant customer concentration risk.
Export Dependence: Over 85% of ATPL's revenue comes from exports, making the company vulnerable to geopolitical, tariff and logistics risks, including currency fluctuations and new trade rules. Furthermore, around 35% of raw materials are imported. While the company benefits from Export Oriented Unit (EOU) status, which provides duty exemptions, any adverse changes in trade or tariff policies could pressure margins.
Limited Domestic Presence: Despite being in a consumer-facing category, ATPL's domestic brand, Alltime, accounted for only 7.6% of revenues in FY25. Its presence in general trade and modern retail outlets such as Reliance, D-Mart and Vishal Mega Mart remains modest. Compared to larger competitors like Cello World, ATPL faces challenges with scale and pricing power in the Indian market.
Changing Consumer Preferences: Shifts in consumer behaviour, such as a move away from plastic products or new regulatory changes, could reduce demand for plastic consumerware. These changes may render some of the company’s products obsolete or less attractive.

Financials

All Values are in Cr.

Issue details

Issue type

Mainstream

Issue size

₹ 400.6 crore

Fresh Issue

₹ 280 crore

OFS

₹ 120.6 crore

Price range

₹ 260 - 275

Lot size

54 shares

Issue Objective

The net proceeds from the fresh issue will be utilized to:

Prepay / repay certain outstanding borrowings availed by the company;
Purchase equipment and machinery for the Manekpur Facility; and
Meet general corporate purposes.

Dates

Bidding open

7 Aug'25

Bidding close

11 Aug'25

Allotment date

12 Aug'25

Refund date

13 Aug'25

Listing

14 Aug'25

IPO Reservations

Qualified institutional buyers

<50%

Non-institutional investors

>15%

Retail individual investors

>35%

Read the Offer Document

This document has been issued by Liquide Solutions Private Limited for information purposes only. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment or investment strategies that may have been discussed or referred herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and / or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information / opinion herein.

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