All Time Plastics
Book Building issueMainboardNSE₹401 Cr issue
+14.29%
Listing gain over issue price
Issue size
₹401 Cr
1 lot at cut-off
₹14,850
Lot size
54shares
Open
07 Aug 2025
Close
11 Aug 2025
Allotment
12 Aug 2025
Listing
14 Aug 2025
Listing performance
Issue price
₹275
Listed at
₹314.30
Listing-day close
₹283.30
Latest price
₹186.88
Close on 23 Oct 2026
Listing gain
+14.29%
Return since issue
-32.04%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Aug 2025 – 11 Aug 2025
- Listing date
- 14 Aug 2025
- Face value
- ₹2 per share
- Issue price
- ₹275 per share
- Lot size
- 54 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹401 Cr
- Market cap at offer price
- ₹1,801 Cr
- Promoter holding
- 90.98% → 70.15% pre-issue → post-issue
- ISIN
- INE0GV601021
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Intensive Fiscal Services Pvt.Ltd.
- Registered office
- B-30, Royal Industrial Estate, Wadala, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 43,60,502 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 54 shares per lot, in multiples, at ₹275
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 54 | ₹14,850 |
| Retail (max) | 13 | 702 | ₹1,93,050 |
| S-HNI (min) | 14 | 756 | ₹2,07,900 |
| S-HNI (max) | 67 | 3,618 | ₹9,94,950 |
| B-HNI (min) | 68 | 3,672 | ₹10,09,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
43,60,502
Anchor portion
₹120 Cr
at ₹275 per share
Valuation and performance
Valuation at offer price
₹275 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.55 | 7.22 |
| P/E (×) | 32.16 | 38.09 |
| Price to book (×) | 7.15 | — |
| Market cap | — | ₹1,801 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 19.01%
- ROCE
- 16.99%
- Debt / equity
- 0.88
- PAT margin
- 8.46%
- EBITDA margin
- 18.16%
- NAV per share
- ₹47.39
- Price to book
- 7.15
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About All Time Plastics
All Time Plastics Limited, incorporated in 2001 and converted to a public limited company in August 2024, is a manufacturer of plastic consumerware products for everyday household needs with over 13 years of operational experience. The company is the second largest manufacturer of plastic consumerware products (by revenue from operations) in India as of Fiscal 2023. Operating three manufacturing facilities (Daman, Silvassa, and planned Manekpur expansion in Gujarat), the company primarily engages in white-label manufacturing where it produces consumerware for customers to market under their own brand names. In Fiscal 2024, the company exported products valued at approximately USD 57 million, representing around 26% of India's total plastic houseware exports. The company generates revenue through the sale of plastic consumerware products across five main categories: Prep Time, Containers, Organization, Hangers, and Meal Time. As at March 31, 2024, the company had total equity of ₹2,019.21 million and revenue from operations of ₹5,128.53 million.
Company Analysis
from DRHPAll Time Plastics Limited is a white-label manufacturer of plastic consumerware products for household use, operating primarily in B2B markets across India and internationally.
All Time Plastics Limited, incorporated in 2001 and converted to a public limited company in August 2024, is a manufacturer of plastic consumerware products for everyday household needs with over 13 years of operational experience. The company is the second largest manufacturer of plastic consumerware products (by revenue from operations) in India as of Fiscal 2023. Operating three manufacturing facilities (Daman, Silvassa, and planned Manekpur expansion in Gujarat), the company primarily engages in white-label manufacturing where it produces consumerware for customers to market under their own brand names. In Fiscal 2024, the company exported products valued at approximately USD 57 million, representing around 26% of India's total plastic houseware exports. The company generates revenue through the sale of plastic consumerware products across five main categories: Prep Time, Containers, Organization, Hangers, and Meal Time. As at March 31, 2024, the company had total equity of ₹2,019.21 million and revenue from operations of ₹5,128.53 million.
Plastic consumerware manufacturingB2B manufacturingHousehold productsWhite-label manufacturing
Objects of the Issue
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹1,200.00 million p.25
- Purchase of equipment and machinery for the Manekpur Facility ₹1,337.31 million p.25
- General corporate purposes p.25
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company p.56
- Purchase of equipment and machinery to be installed in Manekpur Facility ₹1,337.31 million p.47
- General corporate purposes p.56
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹1,200.00 million p.104
- Purchase of equipment and machinery for the Manekpur Facility ₹1,337.31 million p.105
- General corporate purposes p.105
- Funding capex for the new Manekpur Facility with planned total installed production capacity of 22,500 tonnes per annum p.228
Issue Structure
- Total Issue
- Up to [●] equity shares of face value of ₹2 each, aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] equity shares of face value ₹2 each aggregating up to ₹3,500.00 million
- Offer for Sale
- Up to 5,250,000 equity shares of face value ₹2 each aggregating up to ₹[●] million
- Price Band
- [●] per equity share (Floor Price) to [●] per equity share (Cap Price)
- Lot Size
- [●] equity shares of face value ₹2 each and in multiples of [●] equity shares
- Face Value
- ₹2 each
Business Model
The company manufactures plastic consumerware products on a white-label basis, primarily for B2B customers including global retailers and distributors. Revenue is generated through the sale of manufactured plastic consumerware products. The company maintains manufacturing facilities to produce these products and sells them to customers who market them under their own brand names. The company also manufactures branded products under its proprietary 'alltime' brand, though the majority of revenue comes from white-label manufacturing.
Business Segments
Plastic consumerware products for food preparation
Plastic storage and container products
Organizational and storage plastic products
Plastic hanger products
Meal and dining related plastic products
Manufacturing of plastic containers, storage boxes, and homeware products including decorative items and food storage solutions
Kitchen tools for preparing cooking ingredients
Food storage containers
Miscellaneous storage containers
Various types of hangers
Kitchenware
Cleaning equipment
Bathroom products
Child-friendly tableware, cutlery and other items
Kitchen tools for preparing cooking ingredients including chopping boards, strainers, mixing bowls, colander, measuring jugs, measuring cups and spoons, kitchen tools, spatula and spreader sets, and orange squeezers
Food storage containers including crisper containers, store fresh containers, lock and safe containers, bestow boxes, frostee containers, polka containers, prism round containers, prism square containers, food saver containers, canisters, twister containers and other storage containers
Miscellaneous storage containers including crystal jars, smart storage boxes, secure storage boxes and other organizers
Various types of hangers including hangers, teen hangers, smart hangers with loop, section hangers and rotating hook hangers
Kitchenware including tableware, salt and pepper shakers, ice cube trays, serving trays, fast food trays and butter dish
Cleaning equipment including dish drainers, bins, dustpans and drums
Bathroom products including buckets, mugs, soap dishes, basins, bathroom stools, wash rubs and satin range
Child-friendly tableware, cutlery and other items including joy plates, joy bowls, joy glasses, joy cutlery sets, treats plates, treats bowls, treats glasses and treats cutlery sets
Kitchen tools for preparing cooking ingredients including chopping boards, strainers, mixing bowls, colander, measuring jugs, measuring cups and spoons, kitchen tools, spatula and spreader set, orange squeezer
Food storage containers including crisper containers, store fresh containers, lock and safe containers, bestow boxes, frostee containers, polka containers, prism round containers, prism square containers, food saver containers, canisters, twister containers, and other storage containers
Miscellaneous storage containers including crystal jars, smart storage boxes, secure storage boxes, and other organizers
Various types of hangers including hanger, teen hanger, smart hanger with loop, section hanger, rotating hook hanger
Kitchenware including tableware, salt and pepper shakers, ice cube trays, serving trays, fast food tray, butter dish
Cleaning equipment including dish drainers, bins, dustpans, drums
Bathroom products including buckets, mugs, soap dishes, basins, bathroom stool, wash tubs, satin range
Child-friendly tableware, cutlery and other items including joy plates, joy bowls, joy glasses, joy cutlery set, treats plate, treats bowl, treats glass, treats cutlery set
Manufacturing and sale of plastic moulded articles for export and domestic markets
Manufacturing and sale of customised and non-customised plastic-based consumer products and space solutions products manufactured and designed as per customer requirements
SWOT Analysis
Strengths
- • Market leadership in plastic consumerware manufacturing(p.24)
- • Significant export presence and global reach(p.24)
- • Long-standing relationships with key customers(p.31)
- • Advanced manufacturing capabilities and technology(p.37)
- • Experienced promoter team with deep industry expertise(p.36)
- • Strong capacity utilization with upward trend(p.48)
- • Established quality control processes with third-party certification(p.50)
- • Expanding export footprint with diversified geographic revenue(p.66)
- • Low product quality issues as percentage of revenue(p.50)
- • Established infrastructure with automated systems(p.54)
- • Strategically located integrated manufacturing facilities in western India near major ports and petrochemical plants, enabling efficient logistics and low-cost production(p.230)
- • Advanced automation with 62.93% all-electric injection moulding machines providing power savings, faster cycle times, and higher quality output(p.231)
- • Highest EBITDA margin (16.55%) among primarily B2B players in Indian consumerware industry in Fiscal 2023(p.231)
- • Wide product portfolio of 1,608 SKUs across eight categories with in-house product design and mould design teams enabling rapid customization(p.232)
- • Long-standing relationships with global retailers (26+ years with IKEA, 16+ years with Asda and Tesco, 13+ years with major retailers)(p.233)
- • 100% energy neutral operations with solar installations and landfill-free policy, demonstrating sustainability commitment(p.234)
- • Highest ROE (17.93%) among primarily B2B consumerware players in India and second-highest ROCE (17.16%)(p.235)
- • Experienced promoters with 40+ years of combined expertise in plastic consumerware manufacturing and multi-decade business heritage(p.236)
- • Established corporate governance framework with independent board oversight(p.283)
- • Strong audit committee with robust financial oversight and control mechanisms(p.283)
- • Comprehensive risk management framework and committee structure(p.290)
- • Experienced senior management team with deep industry expertise(p.295)
- • Growing revenue and profitability trajectory(p.308)
- • Long-term relationships with major customers(p.361)
- • Revenue concentration with profitable large customers(p.342)
- • Improving profitability and margins(p.366)
- • Improving capacity utilization(p.364)
- • Strong export presence and revenue diversification(p.365)
- • Improving return metrics(p.366)
Weaknesses
- • Extreme customer concentration with top customer representing 60%+ of revenue(p.30)
- • Lack of long-term customer contracts with majority of customers(p.32)
- • High supplier concentration with top 10 suppliers representing 75%+ of material purchases(p.32)
- • Dependence on three concentrated manufacturing facilities(p.42)
- • High working capital requirements and significant capital intensive operations(p.43)
- • Dependence on promoters with no formal succession plan(p.36)
- • Pending regulatory approvals for manufacturing facilities(p.37)
- • Heavy reliance on contract labor with supply chain risk(p.48)
- • Potential liability for default on contract worker wages(p.49)
- • Significant debt with restrictive loan covenants(p.52)
- • Promoters' personal guarantees on substantial loan obligations(p.53)
- • Lack of patented intellectual property protection(p.56)
- • Limited leverage of proprietary designs due to white-label business model(p.56)
- • History of delays in statutory compliance and payments(p.60)
- • Heavy dependence on top customer IKEA representing 60.36% of Fiscal 2024 revenue and top four customers accounting for 83.30% of revenue(p.256)
- • Limited in-house mould manufacturing with only seven employees in mould design team and relatively new internal mould manufacturing capability (initiated August 2023)(p.237)
- • Reliance on external suppliers for moulds from multiple countries (India, China, Taiwan) creating supply chain complexity(p.245)
- • Capacity utilization at 84.59% in Fiscal 2024 indicates unutilized production capacity(p.246)
- • New Manekpur facility planned capacity (22,500 tonnes per annum) may not be fully utilized initially, with actual capacity varying based on demand(p.237)
- • High financial leverage with significant debt obligations(p.337)
- • Heavy dependence on bank financing with multiple lenders(p.338)
- • Significant exposure to credit risk with aged receivables(p.333)
- • Concentration of borrowing arrangements requiring personal guarantees from promoters(p.337)
- • Reliance on related party borrowings creating potential conflict of interest(p.337)
- • Extreme concentration on top customer(p.361)
- • Significant debt burden with interest costs rising(p.364)
- • Reliance on working capital loans and floating rate debt(p.365)
- • No long-term customer agreements(p.361)
- • High material cost exposure(p.385)
- • High customer concentration risk with top customer representing majority of revenue(p.395)
- • Significant debt burden with borrowings of ₹1,423.46 million as of March 31, 2024(p.396)
- • Property, plant and equipment pledged as security for borrowings(p.393)
- • Pending tax proceedings with direct tax demand of ₹28.21 million(p.401)
- • Restrictive borrowing covenants limiting operational flexibility(p.398)
Opportunities
- • Strong growth in global plastic houseware market reaching $37 billion by 2027(p.24)
- • Growth in branded play segment projected to reach 70% of market by 2027(p.24)
- • Expansion into bamboo consumerware products(p.39)
- • Acquisition of new customers to diversify revenue base(p.31)
- • Third manufacturing facility expansion in Manekpur, Gujarat(p.42)
- • Capacity expansion through new Manekpur facility(p.47)
- • Diversification into sustainable bamboo homeware products(p.52)
- • Expansion into hydration-related product categories(p.52)
- • Growth in branded product offerings under 'alltime' brand(p.52)
- • Enhancement of automation and tool development capabilities(p.47)
- • Global plastic houseware market projected to grow at 6.3% CAGR from 2023-2027, reaching USD 37 billion by 2027(p.236)
- • Indian consumerware export market projected to grow at 5.3% CAGR reaching USD 1,608 million by 2027, plus China Plus One strategy benefits(p.236)
- • Planned third manufacturing facility (Manekpur) with 22,500 tonnes capacity to capitalize on demand growth(p.236)
- • US market fastest growing with 70.35% CAGR (Fiscal 2022-2024) and North America consumerware market forecast at 6.8% CAGR to 2027(p.239)
- • Indian branded consumerware market growing at 13.6% CAGR (Fiscal 2024-28) with branded share increasing from 54% to 67% by 2028(p.240)
- • Hydration products market in Indian consumerware sector accelerating at 10.5% (Fiscal 2023-24) projected to grow at 15.9% (Fiscal 2024-28)(p.237)
- • Bamboo consumerware market valued at USD 3.19 billion (2023) projected to reach USD 4.12 billion (2027) at 6.6% CAGR(p.238)
- • Plan to establish joint venture with Singapore partner (Dragon Bridge) to expand geographical reach and access global markets(p.241)
- • 57.36% of Fiscal 2024 revenue from new SKUs indicates strong product innovation opportunity for growth(p.237)
- • Expansion of audit committee oversight to include IPO-related compliance and disclosure(p.285)
- • Implementation of comprehensive ESG and cyber security risk management post-listing(p.290)
- • Leveraging public capital market access to optimize capital structure and reduce borrowing costs(p.291)
- • Strengthening institutional governance through enhanced board independence post-listing(p.283)
- • Scaling operations and geographic expansion enabled by IPO proceeds(p.330)
- • Capacity expansion underway(p.389)
- • Growth from volume increase(p.362)
- • Potential for geographic market expansion(p.365)
- • Margin improvement potential through operational efficiency(p.385)
- • Expansion of manufacturing capacity with new Manekpur facility under construction(p.407)
- • Export-oriented unit status enabling access to special economic zones and incentives(p.406)
- • Capital raise through IPO to strengthen balance sheet and fund growth(p.431)
Threats
- • Rapid increases in raw material prices impacting profitability(p.33)
- • Pricing pressure from customers affecting gross margins(p.22)
- • Intense competition from organized and unorganized manufacturers(p.36)
- • Industry fragmentation and market saturation in global plastic houseware market(p.36)
- • Shift in consumer preferences away from plastic products toward sustainable alternatives(p.35)
- • Increased government regulations on plastic waste and sustainability requirements(p.35)
- • Counterparty credit risk from customers and payment delays(p.41)
- • Risk of manufacturing facility disruptions from natural disasters and pandemics(p.42)
- • Power and water supply disruptions affecting production(p.57)
- • Geopolitical risks in key export markets(p.67)
- • Macroeconomic downturn in key customer markets(p.66)
- • Natural disasters and catastrophic events in manufacturing locations(p.67)
- • Changing Indian labor and social security laws increasing costs(p.68)
- • Rising inflation pressuring cost structure(p.69)
- • Foreign exchange volatility impacting export business(p.63)
- • Export incentive scheme changes and compliance risks(p.59)
- • Risk of loss of major customers (particularly IKEA at 60.36% of revenue) could materially adversely affect business(p.256)
- • No long-term agreements with majority of customers; reliance on purchase orders creates revenue uncertainty(p.253)
- • Global plastic houseware market is highly fragmented and competitive with numerous brands making market share capture difficult(p.259)
- • Competition from both Indian B2B and B2C competitors and emerging new players introducing innovative products at competitive prices(p.260)
- • Competition from alternative materials (glass, metal, ceramics) and rising consumer preference for eco-friendly products threatens plastic market share(p.260)
- • Raw material supply concentration with top supplier (Borouge) accounting for 22.86% of materials cost in Fiscal 2024(p.251)
- • Dependence on skilled and unskilled contract labour; inability to secure workers at reasonable rates could adversely affect operations(p.48)
- • Insurance policies subject to standard limitations particularly on business interruption coverage duration and maximum claimable amounts(p.259)
- • Rising interest rate environment impacting debt servicing costs(p.308)
- • Dependence on continuous access to credit facilities and refinancing risk(p.337)
- • Exposure to customer concentration and potential loss of major customers(p.308)
- • Vulnerability to raw material price volatility and supply chain disruptions(p.308)
- • Regulatory and compliance burden from public company listing requirements(p.283)
- • Raw material price volatility linked to crude oil and imports(p.363)
- • Supply chain disruption risks(p.363)
- • Inability to pass cost increases to customers timely(p.363)
- • Import dependence for raw materials(p.363)
- • Foreign exchange exposure(p.352)
- • Covenant restrictions limiting operational flexibility(p.392)
- • Loss of major customer would have material adverse effect on business(p.395)
- • Dependence on timely renewal of licenses and regulatory approvals(p.408)
- • Exposure to foreign exchange and commodity price volatility(p.394)
- • Potential loss of intellectual property competitive advantage(p.409)
- • Financing agreements contain restrictive covenants limiting business flexibility(p.398)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kailesh Punamchand Shah | Promoter/Promoter Selling Shareholder | 33.31% | — |
| Bhupesh Punamchand Shah | Promoter/Promoter Selling Shareholder | 33.32% | — |
| Nilesh Punamchand Shah | Promoter/Promoter Selling Shareholder | 33.31% | — |
| Kailesh Punamchand Shah | Promoter | 33.31% | — |
| Bhupesh Punamchand Shah | Promoter | 33.32% | — |
| Nilesh Punamchand Shah | Promoter | 33.31% | — |
| Bhupesh Punamchand Shah | Promoter | 33.32% | — |
| Kailesh Punamchand Shah | Promoter | 33.31% | — |
| Nilesh Punamchand Shah | Promoter | 33.31% | — |
| Kailesh Punamchand Shah | Promoter | — | — |
| Bhupesh Punamchand Shah | Promoter | — | — |
| Nilesh Punamchand Shah | Promoter | — | — |
| Kailesh Punamchand Shah | Promoter | 33.31% | — |
| Bhupesh Punamchand Shah | Promoter | 33.32% | — |
| Nilesh Punamchand Shah | Promoter | 33.31% | — |
| Kailesh Punamchand Shah | Promoter | 33.31% | — |
| Bhupesh Punamchand Shah | Promoter | 33.32% | — |
| Nilesh Punamchand Shah | Promoter | 33.31% | — |
| Kailesh Punamchand Shah | Promoter/Director | — | — |
| Bhupesh Punamchand Shah | Promoter/Director | — | — |
| Nilesh Punamchand Shah | Promoter/Director | — | — |
| Bhupesh Punamchand Shah | Selling Shareholder | — | — |
| Kailesh Punamchand Shah | Selling Shareholder | — | — |
| Nilesh Punamchand Shah | Selling Shareholder | — | — |
| Kailesh Punamchand Shah | Selling Shareholder/Promoter | — | — |
| Bhupesh Punamchand Shah | Selling Shareholder/Promoter | — | — |
| Nilesh Punamchand Shah | Selling Shareholder/Promoter | — | — |
Leadership
Kailesh Punamchand Shah · Chairman and Managing Director
Bhupesh Punamchand Shah · Whole-time Director
Nilesh Punamchand Shah · Whole-time Director
Manish Gattani · Chief Financial Officer
Antony Pius Alapat · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Offer documents
All Time Plastics IPO FAQs
What is the lot size of All Time Plastics IPO?
The minimum lot size of All Time Plastics IPO is 54 shares. One lot costs ₹14,850 at the cut-off price.
When does All Time Plastics IPO open and close?
All Time Plastics IPO opened for subscription on 07 Aug 2025 and closed on 11 Aug 2025.
What is the listing date of All Time Plastics IPO?
All Time Plastics IPO listed on 14 Aug 2025.