All Time Plastics Ltd Q3 FY26 Results: ₹159 Cr Revenue, 14.75% OPM, 44x P/E — IKEA Dependency or Hidden Export Machine?
1. At a Glance – The Plastic Empire With Scandinavian Dependence
₹1,724 crore market cap. ₹265 share price. Down 3.68% in 3 months. Trading at a spicy 44x earnings. ROE at 21%. ROCE at 19.2%. Debt-to-equity at a manageable 0.22.
And here’s the twist: 59.29% of revenue comes from IKEA alone.
Yes, one customer accounts for more than half the revenue. That’s not diversification — that’s a relationship status: “It’s complicated.”
Q3 FY26 revenue came in at ₹159.29 crore. PAT stood at ₹9.16 crore. Margins recovered after a weak September quarter. OPM improved from 11.04% to 14.75%. But still below the 18–19% comfort zone the company once enjoyed.
Exports dominate — EU 58%, UK 15.81%, US 11.61%. Domestic India? Just 15.18%.
So this is basically a Gujarati manufacturing company whose fate depends on European kitchen drawers.
Is this a stable export machine… or one IKEA negotiation away from drama? Let’s investigate.
2. Introduction – The 1971 Plastic Story That Went Global
Incorporated in 1971, All Time Plastics has quietly become one of India’s major plastic houseware exporters.
No flashy branding. No celebrity endorsements. No TV ads shouting “India’s No.1 Tiffin Box.”
Instead, they manufacture for others. White-label. Quiet. Efficient. Invisible.
Their model is simple:
Big global retailer places order.
All Time Plastics manufactures.
Retailer slaps its brand.
Consumer buys.
All Time earns margin quietly.
Over 1,848 SKUs. Eight categories. Fully integrated facilities in Silvassa, Daman & Diu, Dadra & Nagar Haveli, and Manekpur.
Installed capacity: 33,000 tonnes per annum. FY25 production: 26,230 tonnes.
Capacity utilization is strong but not stretched.
But here’s what makes this story spicy: 91.66% revenue comes from white-label manufacturing.
Only 7.56% from their own brand.
So technically, most of their products don’t even carry their own name.
Are they building a moat — or building someone else’s brand empire?
Let’s decode.
3. Business Model – WTF Do They Even Do?
Imagine you walk into IKEA. You buy a plastic container. You think IKEA made it.
Plot twist: All Time Plastics made it.
They operate primarily B2B:
IKEA (59.29%)
Asda (9.11%)
Michaels (6.22%)
Tesco (3.80%)
That’s 78% revenue from four customers.
Category-wise revenue:
Prep Time: 35.77%
Containers: 34.91%
Organization: 9%
Hangers: 6.92%
Others smaller buckets
So kitchen + storage dominates.
Geographically:
EU 58.18%
UK 15.81%
US 11.61%
India 15.18%
This is basically an export-oriented OEM powerhouse.
They IPO’d in August 2025. Raised funds to:
Repay ₹143 crore borrowings
Invest ₹114 crore in machinery & ASRS warehouse automation
So they’re upgrading capacity and cleaning balance sheet simultaneously.
But question for you: If 59% of revenue depends on one client, who really has bargaining power?
The manufacturer… or the Swedish giant?
4. Financials Overview – Q3 FY26
EPS Annualisation Rule: For Q3 → Average of Q1, Q2, Q3 × 4
