One of India’s most prominent export-oriented plastic consumerware manufacturers, All Time Plastics’ INR 400 crore IPO, opens for subscription on 7 August 2025. The company has set a price band of INR 260–275 per share with a lot size of 54 shares.
This IPO has generated heightened market curiosity, partly because it counts Sunil Singhania’s Abakkus Asset Manager LLP among its pre-IPO investors. Abakkus holds a 7.29% stake in the company through its Abakkus Four2Eight Opportunities Fund, indicating institutional conviction in the business model and growth trajectory. In IPO Central’s All Time Plastics IPO review, we delve into the company’s business model, financial performance, and evaluate whether it offers compelling value compared to its industry peers.
2. IPO Snapshot
| Particulars | Details |
|---|---|
| IPO Open & Close | 7–11 Aug 2025 |
| Price Band | INR 260–275 |
| Lot Size | 54 shares |
| Fresh Issue | INR 280 crore |
| Offer for Sale | 43,85,562 shares |
| Total Issue Size | INR 394–400 crore |
| Listing | NSE, BSE |
| Retail Allocation | 35% |
3. Company Overview
All Time Plastics has evolved from a small-scale plastic goods manufacturer into a leading B2B white-label producer and exporter of plastic consumerware, catering to some of the biggest retail brands in the world.
- Legacy: Founded in 1971 by the late Punamchand Hansraj Shah as “Chhaya Plastics”. Incorporated in 2001 to secure the “All Time” brand name.
- Manufacturing Footprint:
- Daman Facility
- Silvassa Facility
- Manekpur Facility (Gujarat) – commenced operations in December 2024.
- Production Capacity: Combined installed capacity of 33,000 tonnes per annum (TPA) in FY25.
- Capacity Utilisation: FY25 – 79.48%, FY24 – 84.59%, FY23 – 74.81%.
- Technology: Over 70% of injection moulding machines are “all-electrical” imported from Japan, allowing faster cycle times, energy efficiency, and precision.
- Global Reach: Exported to 29 countries in FY25; presence in Europe, UK, USA.
The company’s ability to launch 598 new SKUs in FY25 alone underscores its agility in responding to retailer demands and consumer trends. Total SKU portfolio stood at 1,848 by 31 March 2025, covering eight major product categories from kitchenware to bathroom products.
4. All Time Plastics Business Model & Revenue Stream Analysis
4.1 Dominance in B2B White-Label Manufacturing
All Time Plastics derives the lion’s share of its revenue (91.66% in FY25) from B2B white-label manufacturing. In this model, the company produces consumerware products which are sold under the retailer’s brand name. This offers the company two major advantages:
- Repeat Order Stickiness – Once a retailer lists and accepts a product, switching suppliers becomes costly in terms of quality testing, mould compatibility, and logistics.
- Volume Stability – Retailers often place annual contracts, ensuring predictable demand.
Top Customers in FY25:
| Customer | Revenue (INR Cr) | % of Total Revenue |
|---|---|---|
| IKEA | 330.95 | 59.29% |
| Asda | 50.85 | 9.11% |
| Michaels | 34.71 | 6.22% |
| Tesco | 21.18 | 3.80% |
| Others | 125.13 | 22.42% |
| Total | 562.82 | 100%* |
| *Includes discounts/claims adjustments. |
The depth of these relationships is noteworthy — IKEA has been a customer for over 27 years, Tesco for 17 years, Asda for 14 years, and Michaels for 4 years.
4.2 Emerging B2C Branded Business
While still a smaller share of revenue (7.56% in FY25), the company’s All Time Branded Products line gives it direct access to the retail market under its own name.
- Distribution Network:
- 22 modern trade retailers (e.g., Spencer’s Retail)
- 5 super distributors
- 38 direct distributors
- Coverage: 23 states + 6 union territories
- Strategic Role: B2C not only brings brand recognition but also acts as a test market for new products before they’re pitched to B2B clients.
4.3 Product Category Revenue Split – FY25
| Category | Revenue (INR Cr) | % of Total |
|---|---|---|
| Prep Time (Kitchen Tools) | 199.63 | 35.77% |
| Containers (Food Storage) | 194.86 | 34.91% |
| Organisation Products | 50.23 | 9.00% |
| Hangers | 38.60 | 6.92% |
| Meal Time Products | 30.20 | 5.41% |
| Cleaning Products | 17.28 | 3.10% |
| Bath Products | 13.33 | 2.39% |
| Junior Range | 9.71 | 1.74% |
| Miscellaneous Sales | 8.97 | 1.61% |
The dominance of Prep Time and Containers reflects global consumer trends towards kitchen organisation and food storage solutions.
4.4 Export vs Domestic Revenue
| Year | Export Revenue % | Domestic Revenue % |
|---|---|---|
| FY25 | 85.23% | 14.77% |
| FY24 | 88.32% | 11.68% |
| FY23 | 88.84% | 11.16% |
The export-heavy profile means forex realisations and overseas market demand directly impact performance — a strength in times of global retail growth but a sensitivity in downturns.
4.5 Competitive Differentiator – In-House Design & Moulding
All Time Plastics operates in-house product design and mould-making teams:
- 6 designers focused on consumer insights & global trend analysis.
- 8 mould engineers capable of rapid prototyping and custom mould design.
This allows:
- Faster response to client briefs.
- Lower dependency on external suppliers.
- Higher precision, quality control, and IP protection.
5. All Time Plastics Peer Comparison & Valuation Metrics
To assess the valuation attractiveness of All Time Plastics, we compare it with two listed peers — Shaily Engineering Plastics and Cello World. These companies operate in adjacent segments within plastic consumerware, with varying degrees of B2B/B2C exposure.
| Metric (FY25 / Latest) | All Time Plastics | Shaily Engg. Plastics | Cello World |
|---|---|---|---|
| Revenue | 558.17 | 786.80 | 2,136.39 |
| EPS | 7.22* | 20.30 | 15.30 |
| PE Ratio (X) | 36.01–38.09* | 81.3 | 38.0 |
| Price-to-Sales (X) | 3.23 | 9.62 | 6.02 |
| Price-to-Book (X) | 5.8 | 13.8 | 5.93 |
| Current Ratio (X) | 1.03 | 1.22 | 6.58 |
| ROCE (%) | 16.99 | 19.4 | 23.7 |
| PAT Margin (%) | 8.46 | 11.8 | 17.1 |
Figures in INR Crore until specified
Commentary
When benchmarked against its listed peers — Shaily Engineering Plastics and Cello World, All Time Plastics (ATP) presents a reasonably valued proposition within the specialty plastics and consumer houseware space. While ATP’s revenue base of INR 558.17 Cr (FY25 estimated) is lower than both Shaily (INR 786.80 Cr) and Cello (INR 2,136.39 Cr), its core profitability metrics and return ratios hold their ground respectably in the peer set.
Valuation Multiples
- ATP’s Price-to-Earnings (P/E) range of 36.01–38.09x appears moderate, especially when compared to Shaily’s 81.2x, which trades at a substantial premium, likely factoring in its strong export presence and partnerships. Cello World, with a P/E of 38x, trades closer to ATP’s upper range, despite commanding higher brand visibility and a larger scale.
- On a Price-to-Sales basis, ATP is valued at ~3.2x, which is again significantly lower than Shaily (9.6x) and Cello (6.02x), suggesting a more attractive entry multiple for investors looking for top-line-linked valuation comfort.
- Similarly, ATP’s Price-to-Book value (5.8x) also fares better than Shaily (13.8x) and is slightly more conservative than Cello (5.93x), indicating that the market isn’t overpaying for ATP’s net asset base.
- Return Ratios and Profitability: ATP delivers a commendable Return on Capital Employed (ROCE) of 16.99%, which, while slightly trailing Cello (23.7%) and Shaily (19.4%), still showcases efficient capital utilisation.
- Profitability margins are a differentiator — ATP’s PAT margin of 8.46% is modest relative to Shaily (11.8%) and Cello (17.1%). However, considering ATP’s product mix, which includes contract manufacturing and OEM-based revenues, this margin profile remains competitive and sustainable.
- Balance Sheet Strength: ATP’s current ratio of 1.03x reflects a stable liquidity position, comfortably aligning with Shaily’s 1.22x, though lower than Cello’s significantly elevated 6.58x — the latter benefiting from a net-debt-free balance sheet. Nonetheless, ATP’s ratio indicates sufficient cushion for short-term obligations.
6. Use of IPO Proceeds
The company intends to deploy the INR 280 crore fresh issue strategically to strengthen its balance sheet, expand capacity, and enhance operational efficiency.
6.1 Debt Repayment – INR 143 crore
- Purpose: Prepayment or repayment of certain borrowings.
- Impact:
- Reduction in debt/equity ratio from 0.84x (FY25) to an estimated ~0.4x post-issue.
- Interest cost savings, improving PAT margins by ~30–40 bps.
- Improved credit profile beyond the current CRISIL A-/Positive rating.
6.2 Capacity Expansion at Manekpur Facility – INR 113.71 crore
- Current Status: Operational since Dec 2024 with 4,000 TPA installed capacity.
- Planned Expansion:
- FY26: Expand to 16,500 TPA with the addition of 65 all-electrical moulding machines.
- FY27: Further expand to 22,500 TPA with an additional 36 machines.
- Strategic Benefits:
- Ability to cater to higher order volumes from IKEA, Asda, and new B2B clients.
- Lower unit manufacturing cost through scale efficiencies.
- Supports entry into new product lines within consumerware.
6.3 Automation & Storage Systems
- ASRS (Automated Storage & Retrieval System) for the Manekpur warehouse.
- Raw material storage capacity: 1,000 tonnes.
- Finished goods storage: 16,492 pallets.
- Impact: Reduced handling time, optimised space, faster dispatch cycles.
6.4 General Corporate Purposes
- Likely utilisation for working capital, branding, marketing in the domestic B2C segment, and minor technology upgrades.
7. Financial Performance
| Metric | FY23 | FY24 | FY25 | CAGR (FY23–25) |
|---|---|---|---|---|
| Revenue from Operations | 443.49 | 512.85 | 558.17 | 12.19% |
| EBITDA | 73.38 | 97.10 | 101.33 | 17.51% |
| EBITDA Margin (%) | 16.55 | 18.93 | 18.16 | — |
| PAT | 28.27 | 44.79 | 47.29 | 29.34% |
| PAT Margin (%) | 6.37 | 8.73 | 8.47 | — |
| ROCE (%) | 17.16 | 22.64 | 16.99 | — |
| RONW (%) | 17.93 | 22.18 | 19.01 | — |
| Debt/Equity (X) | 0.99 | 0.65 | 0.84 | — |
Final Verdict
Given its long-term customer contracts, export-led growth, and planned capacity expansion, All Time Plastics offers a scalable manufacturing play at a valuation below premium peer multiples.
- Short-Term View: Potential for modest listing gains if market sentiment remains favourable, given strong anchor investor interest and Abakkus stake.
- Long-Term View: Positive bias for investors seeking exposure to a stable, export-driven, niche manufacturing story with healthy return ratios and ESG credibility.
Conclusion
The All Time Plastics IPO combines the strengths of a global B2B leader with a measured entry into domestic branded retail. While growth is currently anchored to a few large clients, the company’s expansion strategy, operational excellence, and sustainable practices give it a platform to scale further.
For investors, this IPO represents a quality mid-cap manufacturing bet with competitive valuations relative to peers, especially for those with a medium to long-term horizon.
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