All Time Plastics Ltd Q2FY26 Results – From IKEA’s Kitchen to Dal-Chawal Desi Homes, The ₹558 Cr Plastic Empire with 21% ROE and ₹47 Cr PAT Gets Unboxed!

1. At a Glance

If IKEA ever runs out of storage boxes, it’s probably because All Time Plastics Ltd (ATPL) shipped them all. Born in 1971 and finally strutting onto Dalal Street in August 2025, this ₹1,799 crore market-cap player makes everything that touches your kitchen but never gets credit — from food containers and hangers to junior-friendly forks. As of 13 November 2025, the stock sits at ₹275 (down 1.99% that day), giving it a P/E of 47.2× — or, as value investors call it, “too fancy for tupperware.”

With a 21% ROE and 19.2% ROCE, ATPL clearly knows how to squeeze profits from polymers. Q2FY26 (September 2025) saw ₹147 crore revenue (down 6.7% QoQ) and a bruised PAT of ₹4.22 crore, a 68.6% plunge quarter-on-quarter. OPM shrank to 11.04% (from 18.20% in June 2025). That’s like a plastic container melting in microwave mode — strong body, weak lid.

Yet, this ₹558 crore annual revenue machine exports more than half its output to Europe and holds IKEA as a 59% client. That’s not business — that’s IKEA outsourcing its Swedish soul to Silvassa.

2. Introduction – Plastic is Fantastic (Until It Cracks)

Let’s be honest — the Indian middle class runs on two addictions: WhatsApp forwards and plastic containers. Somewhere between storing yesterday’s rajma and your mother’s collection of “Dabba ke andar dabbas,” All Time Plastics found its fortune.

Founded when Amitabh Bachchan was still playing the angry young man, ATPL has now become India’s most globally penetrated houseware exporter. Its clients list reads like a supermarket tour — IKEA, Tesco, Asda, Michaels — names that make its Silvassa warehouses feel like a United Nations of plastic.

But just when things were looking glossy, Q2FY26 came like a dropped Tupperware lid. PAT fell 68.6%, OPM shriveled, and analysts started mumbling “seasonal slowdown” the way Indian parents whisper “arre beta thoda samajhdar ban ja.”

Still, the long-term picture is sturdy. With 33,000 tonnes per annum production capacity, of which 26,230 tonnes was used last year, ATPL still has room to grow — like that one big dabba your mom saves “for guests only.”

And did we mention the IPO? The company raised ₹350 crore (₹143 cr for debt repayment, ₹114 cr for automation, rest for general purposes). If they execute that ASRS (Automated Storage & Retrieval System) well, efficiency could level up — maybe even enough to impress a German warehouse manager.

3. Business Model – WTF Do They Even Do?

In simple terms: ATPL makes everything your mom uses to store, pour, scrub, and scold you for misplacing.

It operates on a B2B-heavy model (91.66% of FY25 sales) — meaning, it manufactures for global retail giants who slap their own brand stickers on it. IKEA alone accounts for 59.29% of revenue. So if IKEA’s “made in India” tubs look familiar, now you know who did the real work.

The B2C arm, under All Time Branded Products, contributes about 7.56%. You’ll find it in 22 retail chains, 5 super distributors, and 38 distributors spread across 23 states. The rest (~1.61%) is miscellaneous — probably including your random plastic comb holder.

Its 8 product categories — Prep Time (36%), Containers (35%), Organization (9%), Hangers (7%), Meal Time (5%), Cleaning (3%), Bath (2%), and Junior (2%) — make sure the factory never sleeps.

To sum it up, ATPL is like that friend who cooks, cleans, and still gets no credit because IKEA took the applause.

4. Financials Overview

Annualized EPS = ₹0.64 × 4 = ₹2.56 → P/E = 275 / 2.56 = 107.4×.
Yup, 107× earnings for a plastic dabba maker — that’s hotter than your leftover biryani.

The quarter’s performance clearly melted. Margins went from a strong 18% to a thin 11%. Maybe IKEA delayed orders, or maybe raw material costs turned sticky like melted polypropylene. Either way, profitability took a nosedive.

5. Valuation Discussion – Fair Value Range (Educational)

Method 1: P/E-based Approach
Industry P/E = 44×
ATPL’s FY25 EPS = ₹9.01
→ Fair value range = ₹9.01 × (35–45) = ₹315 – ₹405

Method 2: EV/EBITDA Method
EV = ₹2,013 Cr; FY25 EBITDA = ₹101 Cr
→ EV/EBITDA = 19.6×
If sector average = 16–18×, fair EV range = ₹1,616 – ₹1,818 Cr
Less Debt ₹223 Cr → Equity value = ₹1,393 – ₹1,595 Cr
Divided by shares (6.55 Cr) = ₹212 – ₹243 per share.

Method 3: DCF Approach (Simplified)
Assume 12% growth, 10% cost of capital, 3% terminal growth
→ DCF fair value range: ₹250 – ₹320

✅ Educational Fair Value Range: ₹212 – ₹405 per share.
Disclaimer: This range is for educational purposes only and is not investment advice.

6. What’s Cooking – News, Triggers, Drama

August 2025 saw ATPL’s grand IPO debut on BSE, raising ₹350 crore. The IPO hype was hotter than freshly molded plastic — oversubscribed, well-priced, and backed by known investors like Abakkus (6.16% stake).

The proceeds? A neat ₹143 crore for debt repayment and ₹114 crore to upgrade Manekpur with robots and automated warehouse systems. Basically, they’re swapping humans yelling “ye dabba kidhar gaya?” for machines that’ll whisper “dabba located.”

As of November 2025, CRISIL reported ₹1,844 million (₹184.4 crore) of IPO money still sitting as fixed deposits. In other words, they haven’t yet spent the entire war chest — the plastic money is still marinating.

And yes, they held an analyst call on Nov 12. The CEO probably explained the 68% PAT drop with the classic line: “short-term headwinds, long-term outlook remains positive.” Every investor call bingo card got filled right there.

7. Balance Sheet – Solid Plastic Backbone