Introduction to All Time Plastics Limited
All Time Plastics Limited is a well-established plastic consumerware manufacturing company with over 14 years of experience catering to household needs. The company mainly operates on a B2B white-label manufacturing model, producing plastic consumerware for customers who market under their own brand names. Additionally, it also sells its products under its own proprietary brand called “All Time Branded Products”, serving consumers directly in the B2C segment.

This dual business model allows All Time Plastics to diversify its revenue streams and expand its market reach across India and potentially international markets. The company’s products are widely used in daily life, ensuring consistent demand in the consumerware sector.

Details of the IPO Issue
The All Time Plastics IPO is a Book Built Issue totaling approximately ₹400.60 Crores. This comprises a Fresh Issue of 1.01 Crore shares worth ₹280 Crores and an Offer for Sale of 0.43 Crore shares totaling ₹120.60 Crores. The IPO opens on August 7, 2025, and closes on August 11, 2025. The allotment is expected to be finalized by August 12, 2025, and the shares will be listed on both BSE and NSE around August 14, 2025.

The share price band is set between ₹267 and ₹275 per equity share. The company's market capitalization at the upper price band of ₹275 will be approximately ₹1801.37 Crores. The lot size is 54 shares, with retail investors required to invest at least ₹14,850 (one lot). High-net-worth individuals (HNIs) need to invest in multiples of 14 lots (756 shares), amounting to ₹2,07,900 minimum investment.

The IPO is managed by DAM Capital Advisors Limited and Intensive Fiscal Services Private Limited, with KFin Technologies Limited acting as the registrar.

Financial Performance and Growth Metrics
Over the last three financial years, All Time Plastics has demonstrated steady growth across key financial metrics:

• Revenue from operations increased from ₹4,437.64 Million in FY23 to ₹5,592.35 Million in FY25.

• EBITDA rose substantially from ₹736.40 Million in FY23 to ₹1,024.05 Million in FY25, indicating improved operational efficiency.

• Profit after tax (PAT) saw growth from ₹282.70 Million in FY23 to ₹472.94 Million in FY25, highlighting strong bottom-line performance.

The company’s pre-issue Earnings Per Share (EPS) stands at ₹9.01, while the post-issue EPS is estimated at ₹7.22 for FY24. The pre-issue Price-to-Earnings (P/E) ratio is 30.52x, and the post-issue P/E ratio is 38.09x, compared to the industry average P/E of 61x. This shows the IPO is fairly valued, though priced at a premium.

Key financial ratios also indicate healthy returns:

• Return on Capital Employed (ROCE) for FY24 is 16.99%.

• Return on Equity (ROE) is 19.01%, reflecting effective utilization of shareholders’ funds.

• Return on Net Worth (RoNW) is also 19.01%.

These ratios confirm that the company is maintaining profitable growth and operational efficiency.

Management and Promoter Expertise
The company is steered by a seasoned management team with deep industry knowledge. The Promoters — Kailesh, Bhupesh, and Nilesh Punamchand Shah — bring over 40 years of experience in the plastic consumerware sector.

• Kailesh Shah, Chairman and Managing Director, leads finance, manufacturing, and procurement functions.

• Bhupesh Shah oversees administration and logistics.

• Nilesh Shah is responsible for strategy, IT, sales, and marketing.

Most senior managers have over five years of service in the company, ensuring continuity, strategic focus, and industry expertise. This experienced leadership is critical for sustaining growth and managing the complexities of both B2B and B2C business models.

Grey Market Premium and Market Sentiment
The Grey Market Premium (GMP) for the All Time Plastics IPO is currently estimated at ₹20, reflecting a moderate expected listing gain of around 7.27%. However, investors should note that GMP is unofficial, based on demand-supply dynamics in unorganized markets, and does not guarantee listing gains.

Should You Apply?
Given the company’s steady financial performance, experienced management, and fairly priced IPO, this offering may appeal to investors who are willing to take moderate risk for potential listing gains. However, considering the valuation metrics, the IPO appears fully priced, and conservative investors may prefer to wait for market performance post-listing.

Summary

The All Time Plastics IPO offers investors a chance to participate in a growing Indian plastic consumerware manufacturer with a diversified business model and solid financial growth. The IPO pricing reflects industry norms, supported by a seasoned management team driving operational excellence. Investors should weigh growth prospects against valuation before applying.

Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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