All Time Plastics Ltd (NSE: ALLTIME) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Kailesh Shah — Chairman and Managing Director
Manish Gattani — Chief Financial Officer
Analysts:
Viraj Shah — Analyst
Nirali Gopani — Analyst
Presentation:
operator
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Sat.
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Foreign.
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Ladies and Gentlemen, good day and welcome to all Time Plastics Limited Q3FY26 earnings conference call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the opening remarks from the management conclude. Should you need assistance during the call, please signal an operator by pressing Star then zero on your Touchstone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Kailesh Shah, chairman and Managing Director for his opening remarks. Thank you. And over to you sir.
Kailesh Shah — Chairman and Managing Director
Thank you very much. Good afternoon everyone and thank you for joining us on our Q3FY26 earnings call today. Joining me on the call today are Nilesh Shah, whole time Director and Manish Ghatani, our Chief Financial Officer. We appreciate your continued interest in our company and your time today. Let me briefly recap the company profile for those who are not aware of the company. Altime Plastics is today a 50 plus year old organization incorporated in 1971 with a strong legacy in injection molded plastic consumerware products. We are recognized as India’s largest exporter of plastic houseware and plastic furniture with an export footprint across 29 countries including key markets such as European Union, the United Kingdom and the United States.
From an operations standpoint, our manufacturing platform comprises of four facilities as on date, three plastic consumerware manufacturing units at Daman, Silvasa and Khatalwada in Gujarat and a bamboo pilot project facility at Guwahati. These facilities are automated and supported by all electric injection molding machines enabling high consistency, efficiency and scalability. As part of our strategy to expand export led opportunities, we have continued to invest in capacity creation and operational preparedness to support the long term growth. As of 12-31-2025 our total installed capacity stands at approximately 39,000 metric tonnes supported by 169 injection moulding machines. With this footprint, Khattalvada facility now has a total installed capacity of 10,000 metric tons as on 31st December 2025.
The Kathalwada plant is designed as a highly automated export focused facility enabling us to support large volume programs, faster turnaround times and consistent quality standards as required by our various global customers. This expansion strengthens our ability to capture incremental export opportunities while maintaining our operational efficiencies for the nine month ended FY26, our capacity utilization stands at 77% excluding the additional 2,000 metric tons of capacity commissioned at Kathalwada plant in December 2025. Overall, our utilization trend remains balanced, allowing us to grow volumes without capacity constraints while preserving the flexibility to respond to changes in the global sourcing patterns.
The plant capacity which forms the part of the approved expansion plant is expected to be commissioned at Khattalwada during FY27, taking the total installed capacity to approximately 52,500 metric tonnes. Now coming to our quarterly performance, Q3 FY26 represents a clear inflection point in our operating and financial performance, particularly on a sequential basis. After a relatively challenging first half of the year driven by softer global demand conditions and front loaded costs related to capacity expansion, we saw a meaningful improvement in volumes, margins and profitability during this quarter. Revenues from Q3FY26 stood at 159 crores, reflecting a quarter on quarter growth of 8.1%.
This improvement was driven by better order traction across our core export markets, improved execution at the plant level and gradual normalization in customer offtake patterns. Gross margins also improved meaningfully during the quarter rising from 36.2% in Q2FY26 to 39.5% in Q3FY26. The margin recovery was supported by favorable customer and product mix, disciplined pricing actions and relatively stable raw material costs. More importantly, this improvement in gross margin translated into a sharp recovery in profitability. EBITDA for the quarter increased by 44.3% sequentially to 23.5 crores while PAT more than doubled quarter on quarter to 9.2 crores. This was primarily driven by better absorption of fixed costs particularly at the Kathalwada facility.
It is important to highlight that this improvement has come despite the fact that recently installed capacity at Satalwada is yet to be fully absorbed, which gives us an additional confidence on margin sustainability as volumes scale up further. From a market perspective, our business continues to remain predominantly export driven with exports accounting for approximately 84% of revenue during the quarter. Europe continues to be our largest market followed by the UK and the US and we remain encouraged by the depth and longevity of our relationship with global retail customers. These long standing partnerships combined with our design to deliver design to delivery integration continue to provide stability and even during periods of macro uncertainty we all face today.
In addition to the near term operational improvements, we remain structurally optimistic about the medium to long term operating opportunity for our business Driven by evolving global trade dynamics, the continued China plus one sourcing strategy being increasingly adopted by global retailers worldwide. This will clearly expect we will improve and benefit our export oriented manufacturers like us, particularly in categories such as plastic consumer wear where reliability, quality, mass production, sustainability of materials compliances and all such things matter most. India’s strengthening trade engagement with key markets including the European Union Free Trade Agreement and the evolving trade framework with the United States further enhances our competitiveness over time by improving market access to these markets, reducing friction and reinforcing India’s position as a preferred sourcing destination.
Also, with our long standing relationship in Europe and the UK and US integrated manufacturing capabilities and strong compliance credentials, we believe alltime Plastics is well positioned at the right time to participate meaningfully in the structural shifts which are happening worldwide and deepen its role in the global supply chain. During the quarter ended, we also made an important strategic advancement with signing of a Memorandum of understanding with Northeastern Cane and Bamboo Development Council under which Old Time Plastics has been empaneled as a product market development partner for engineered bamboo initiatives. Sorry, one minute. Yeah. The engagement provides us with a structured entry into the Engine Deer Bamboo ecosystem aligned with our long term focus on sustainable materials diversification and value added product development.
To summarize, Q3FY26 reflects a strong sequential recovery with improving financial metrics, stabilizing demand conditions and visible operating leverage. Even as we continue to invest in capacity building and future growth initiatives, we believe the actions taken over the last few quarters position us well for sustained and profitable growth supported by incremental capacity coming upstream, strong customer relationship diversification through domestic businesses and a disciplined approach to execute the capital allocation. With that, I would want to hand over to our CFO Manish to take you through the Q3 and 9 month FY26 financials. Over to you, Manish. Thank you.
Manish Gattani — Chief Financial Officer
Thank you, Kalesh Bhai. Good afternoon everyone. I will walk you through the financial performance for Q3FY26 along with the key nine months trends, operating metrics and balance sheet highlights. Starting with the quarterly performance, standalone revenues for Q3FY26 stood at 159.3 crore reflecting a 7% year on year growth and a strong 8.1% sequential increase. This sequential improvement was driven by better order flows across export markets, improved execution at the plant level and stabilization in the demand conditions. Export revenues accounted for 83.9% of Q3 revenues while domestic revenue stood at 16.1%. Broadly consistent with our operating mix.
Moving to the Profitability EBITDA for Q3FY26 stood at 23.5 crores which represents a 9.9% decline year on year largely due to higher fixed cost and expansion related expenses incurred over the last few quarters at Khattalwada plant and Guwahati plant Guwahati trial pilot project however, it is important to note that EBITDA increased sharply by 44.3% on a quarter on quarter basis, clearly reflecting operating leverage and volume improved correspondingly. EBITDA margin for Q3FY26 stood at 14.7% compared to 17.5% in Q3FY25 while improving meaningfully from 11% in Q2FY26. PAT for Q3FY26 stood at 9.2 crores representing a 23.8% year on year decline while showing a strong 117.1% sequential growth.
PAT margin for the quarter stood at 5.7% compared to 8.1% in Q3FY25 and at 2.8% in Q2FY26. On a nine month FY26 basis revenues stood at 464.7 crore registering a 13.4% year on year growth. Despite a relatively softer first half, Europe continues to remain our largest geography at approximately 60% of revenue followed by the UK and the US reflecting the strength of our long standing customers relationship and diversified export footprint. For nine months FY26 EBITDA stood at 68.5 crore reflecting a 11.1% year on year decline with EBITDA margin at 14.7% compared to 18.8% in nine months FY25 for nine months FY26 PAT stood at 26.2 crore declining 30.4% year on year with PAT margins at 5.6% compared to 9.2% in the corresponding period last year.
The decline in the profitability is on account of the transition phase the company is currently in marked by capacity, commissioning, higher fixed cost and conservative ramp up assumptions at the Kattalwada plant and at the pilot unit at Guwahati Bamboo Products. It is also important to note that Q3 and 9 months FY26 PET includes an adverse impact of 4.4 crore classified as an exceptional item arising from one time provisioning related to the implementation of the New Labour Code. Excluding this exceptional impact, the underlying profitability for the quarter would have been materially higher and more reflective of the operational improvement witnessed during this quarter.
From an operational standpoint, Polymer volumes during Q3FY26 stood at 6,981 metric tons taking nine months financial year 26 volumes to 21244 metric tonnes. Capacity utilization for Q3FY23 stood at 75.5% while nine month FY26 utilization was 76.6%. I would like to reiterate that additional capacity of 2,000 metric tons installed at the Katalora plant in December 25th has not been considered in the utilization calculation which also highlights the available headroom for future growth. ROCE and ROE for Q3FY26 stood at 11.5% and 8.6% respectively while 9 month FY26, ROCE and ROE stood at 11.4% and 8.2% all on an annualized basis.
Fixated turnover stood at 1.8x lower than historical levels due to the ongoing capex at the Katawara plant in Gujarat. With revenue from this capacity yet to fully scale up as utilization improves, we expect gradual normalization in these ratios. From a balance sheet perspective, the company remains conservatively leveraged with debt to equity at 0.15x as of Q3 FY26 on working capital. Net working capital days stood at 79 days for 9 months FY26 compared to 74 days in FY25. Inventory days stood at 46 days, receivable days at 52 days and payable days at 43 days. The increase is largely driven by inventory buildup ahead of demand recovery and capacity ramp up.
I would also like to update you on a recent regulatory disclosure that is relevant to our overseas business structure. On 6 February 2026, the company informed that the Stock Exchange about an amendment to the Joint Venture Exhibition between All Time Plastics Limited, Dragon Bridge PTE Limited and All Time Plastics PTE Ltd Singapore, our wholly owned subsidiary. Under this amendment, while the original framework for routing new overseas customer through the Singapore entity continues, the company now retains the right to directly service certain overseas customers where dragonbridge has not played a material loan in marketing. These changes provide us with greater commercial flexibility, protects long standing customer relationships and supports margins and execution discipline without altering the strategic intent of the jv.
With that, I will hand the call back to the moderator for the QA session. Thank you.
Questions and Answers:
operator
Sure. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press STAR and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking questions Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and 1. The first question is from Viraj Shah from Shah Investments. Please go ahead.
Viraj Shah
Thanks for the opportunity. Sir, I have ordered two, three questions. Revenue growth has been subdued. Could you allow.
Kailesh Shah
Sorry, can you speak a little louder?
Viraj Shah
So revenue growth has been subdued. Could you please elaborate the key factors for the same.
Manish Gattani
So revenue growth has been subdued. That is what you are asking? Actually, your voice is not clear. Yeah.
Viraj Shah
Am I audible now?
Manish Gattani
Yeah, you are audible now.
Viraj Shah
Has been subdued. Key factors behind the same.
Manish Gattani
So the key factor is the demand from the existing customer is slightly lower. But we are seeing the improvement now from the export market.
Viraj Shah
Okay, okay. So sir, so from that if you have mentioned that you are seeing order flows in the export market, are you still facing any pricing pressures, customer negotiations or challenges in that market on the pricing front or it is stabilized how it is?
Manish Gattani
So no, no, we are not facing any such issues. No pricing pressure. We are not.
Viraj Shah
Okay. Okay, understood. And sir, what was the driver for the sequential movement in the gross margin?
Manish Gattani
So basically it is the customer mix as explained in the last call also. So the customers with the higher margin, their sale has improved as expected. So because of that the margins have increased.
Viraj Shah
Okay, sir, so thank you for the same pleasure.
operator
Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Nirali Gopani from Unique Portfolio Management. Please go ahead.
Nirali Gopani
Hi. Thanks for the opportunity and congratulations on a good set of results. So my first question is on the MOU that you have signed with this Northeast Cane and Bamboo Development Council. Can you highlight few because in your commentary in the presentation you have mentioned that you know that this will help us to explore engineered bamboo products in a structured and an asset light manner. So if you can highlight a few points on this.
Kailesh Shah
Sure. So from the MoU, what we have signed with the government on these two projects, it’s more about getting the engineering bamboo boards manufactured near the plantation areas where bamboos are grown. Now this secures our future supply chain requirements in terms of capacity building of our own engineering mode. Capacity what we will create.