All Time Plastics Ltd Q1 FY26 – IKEA Dependency at 59%, IPO Fresh from Oven, and Debt at 0.9x Equity
1. At a Glance
All Time Plastics—no, not the Tupperware you got free with Surf Excel, but a Silvassa-born plastic houseware maker that supplies IKEA, Asda, Tesco, and your neighborhood Spencer’s. Fresh off its August 2025 IPO, the company makes 1,848 different SKUs across “Prep Time, Meal Time, Bath Time” (basically every time except Netflix Time). Market cap ₹1,908 Cr, P/E ~40, debt ₹223 Cr, and promoter stake a chunky 70%. Fun fact: 59% of FY25 revenue came from IKEA alone—basically, if Sweden sneezes, Silvassa catches a cold.
2. Introduction
Picture your kitchen. The plastic dabba holding last week’s rajma? The box your mom refuses to throw out because “iska lid tight hai”? There’s a decent chance it was made by All Time Plastics (ATPL). Incorporated in 1971, ATPL has been in plastics longer than most of us have been alive. But unlike your shady local bucket manufacturer, this one exports to Europe, UK, and US.
ATPL runs a white-label business model—making houseware for global retailers who slap their own brand logos. IKEA alone contributes ~59% of revenue. Basically, IKEA does the marketing, ATPL does the sweating. They also sell under their own brand (“All Time”) in India, though that’s just 7.5% of sales—think of it as their side hustle.
But the business is not all sunshine and storage boxes. Dependency on IKEA is dangerously high, and debt-to-equity is 0.9x (a bit heavy for a kitchenware maker). Still, with 33,000 TPA installed capacity, global clientele, and IPO funds earmarked for new machinery and debt repayment, the company is trying to flex beyond being IKEA’s plastic sidekick.
Reader question: Would you trust a company that gets 59% revenue from one customer? Or is IKEA basically a moat disguised as a dependency?
3. Business Model – WTF Do They Even Do?
ATPL makes plastic houseware for the world. Their eight product categories read like a house tour:
Distribution: White-label to IKEA, Asda, Tesco, and 120 other clients worldwide. Branded products are sold through 22 retailers and ~38 distributors in India.
So, to simplify—70% of their business is essentially making “Swedish plastics with Gujarati hands,” and the rest is trying to convince Indian moms to choose “All Time” over Milton and Cello.
