IPO Size: Rs. 401 cr

• Fresh Issue of Rs. 280 cr for (i) debt repayment Rs. 143 cr of Rs.210 cr net debt (ii) capex Rs. 114 cr
• Offer for Sale (OFS) of Rs. 121 cr by the promoters (91% stake to drop to 70%)

Price band: Rs. 260-275 per share

• Raised Rs. 70 cr via pre-IPO round at Rs. 248 per share, on 30.6.25

M cap: Rs. 1801 cr, implying 22% dilution

IPO Date: Thu 7^th Aug to Mon 11^th Aug 2025, Listing Thu 14^th Aug 2025

Grey Market Premium (GMP): We are strongly against ‘grey market premium’ as it is an unofficial figure, against SEBI guidelines.

Household Plastic Exporter

All Time Plastics is a manufacturer and exporter of household plastic products used as containers, kitchen tools, hangers, bath products etc., having 3 plants in Daman, Silvassa and Manekpur, Gujarat. Rs. 558 cr topline is split: 92% B2B / white-label and only 8% is company’s own brand ‘All Time’.  

56% Capacity Rise by March 2027

Company’s installed manufacturing capacity stands at 33,000 tons per annum (TPA) injection moulding capacity. As overall capacity utilization touched 79% in FY25, it is undertaking brownfield expansion at Manekpur plant, with Rs. 163 cr capex, of which, Rs. 114 cr to be funded via IPO proceeds.

Manekpur plant was started in Dec 2024 with 4,000 TPA capacity, which is planned to rise to 16,500 TPA by FY26E and to 22,500 TPA by FY27E, post expansion.

High Dependence on Ikea

Company is a 3^rd party manufacturer for many global retailers like Ikea (27 years relationship), Tesco (17 years relationship), Michaels, Spencers Retail. However, Ikea alone accounts for 59% of topline (and has been so for the past 3 fiscals), which is a very material risk, especially for company’s small topline of Rs. 600 cr.

Single Digit Growth in FY25

FY25 revenue rose 9% YoY to Rs. 558 cr, with EBITDA up only 2% YoY to Rs. 102 cr. Company’s EBITDA margin of 18% is healthy, especially for B2B business, due to ‘electric’ machinery optimizing power cost and 27% of raw material being recycled plastic. But exports to US are 11% of revenue, with tariffs, applicable on company’s products, likely to squeeze margins going forward. FY25 PAT rose 6% YoY to Rs. 47 cr, leading to 8.5% net margin and an EPS of Rs. 9. RoE of 19% in FY25, is likely to drop to 14% in FY26E and further lower in FY27E.

Unfriendly Pricing

M cap of Rs. 1,801 cr and enterprise value (EV) of Rs. 1,868 cr leads to a historic PE multiple of 30.5x. Due to interest cost savings of partial debt repayment and higher capacity utilisation, FY26E EPS of about Rs. 10 discounts IPO price by a PE of 27x, which is not cheap for low growth and declining RoE. B2C, domestic focused and larger player Cello World, with Rs. 2,100 cr topline and 17% net margin, is trading at a PE of 32x, leaving little room for appreciation in All Time’s valuation multiple.

Moreover, at upper end, 11% premium to the pre-IPO price, undertaken just 6 weeks ago, is quite steep and investor-unfriendly. Even at the lower end of the price band, a 5% premium is unwarranted, as US tariff threat looms.