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!
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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.
