Introduction
The All Time Plastics IPO is set to open for subscription on August 7, 2025, giving investors a chance to participate in the growth of one of India’s leading plastic houseware manufacturers. With a total issue size of ₹400.60 crore, the IPO comprises a fresh issue of ₹280 crore and an offer for sale of ₹120.60 crore.
Founded in 1971, All Time Plastics Ltd. has built a strong presence in both domestic and international markets, supplying to global retailers like IKEA, Asda, and Tesco. Its diverse product range, strategic manufacturing facilities, and focus on sustainable practices give the company a competitive edge in the fast-growing consumerware sector.
In this blog, we will break down the All Time Plastics IPO, covering its key details, financial highlights, peer comparison, GMP trends, and investment strategies to help you decide whether to apply.
All Time Plastics IPO: Details & Key Dates
The All Time Plastics IPO is a book-built issue of ₹400.60 crore, comprising a fresh issue of ₹280 crore and an offer for sale (OFS) of ₹120.60 crore. The IPO will open for subscription on August 7, 2025, and close on August 11, 2025, with a tentative listing on August 14, 2025, at BSE and NSE.
IPO Details
| Particulars | Details |
|---|---|
| IPO Size | ₹400.60 crore (Fresh: ₹280 cr + OFS: ₹120.60 cr) |
| Price Band | ₹260 – ₹275 per share |
| Face Value | ₹2 per share |
| Lot Size | 54 shares |
| Minimum Investment (Retail) | ₹14,850 |
| Issue Type | Book-Building IPO |
| Listing At | BSE & NSE |
| Employee Discount | ₹26 per share |
| Total Shares Offered | 1,45,67,380 shares |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open Date | August 7, 2025 |
| IPO Close Date | August 11, 2025 |
| Basis of Allotment | August 12, 2025 |
| Initiation of Refunds | August 13, 2025 |
| Credit of Shares to Demat | August 13, 2025 |
| Listing Date (Tentative) | August 14, 2025 |
| Cut-off Time for UPI Mandate | 5 PM, August 11, 2025 |
All Time Plastics IPO Objective
The net proceeds from the All Time Plastics IPO will be used for the following purposes:
- Prepayment or repayment of borrowings: ₹143.00 crore
- Purchase of equipment and machinery for the Manekpur Facility: ₹113.71 crore
- General corporate purposes
The fund utilization highlights the company’s focus on debt reduction and capacity expansion, both of which aim to strengthen future profitability and operational efficiency.
Company Overview: All Time Plastics IPO
All Time Plastics Ltd. (ATPL) is a leading manufacturer of plastic houseware products in India, with a legacy that spans over five decades. The company traces its roots back to 1971, when the late Punamchand Hansraj Shah established Chhaya Plastics, a small Mumbai-based factory producing household plastic articles. Over the years, the family expanded its operations through B.T. Plastic & Allied Industries and Pyramid Plastics, before incorporating All Time Plastics Ltd. in 2001 to consolidate its operations and secure the “All Time” brand.
With over 14 years of focused manufacturing experience, ATPL specializes in consumerware products for everyday household needs. The company primarily operates on a white-label B2B model, producing goods for global retailers under their own brands. However, it also markets its B2C line of “All Time Branded Products”, which has been gaining traction in the domestic market.
Diversified Product Portfolio with Strong Revenue Mix
All Time Plastics offers 1,848 SKUs as of March 31, 2025, across eight key categories:
- Prep Time – Kitchen tools like chopping boards, strainers, colanders, and measuring jugs.
- Containers – Food storage solutions including crisper containers, lock & safe containers, and store-fresh boxes.
- Organization & Hangers – Storage containers and various hanger types for home organization.
- Meal Time & Junior – Kitchenware and child-friendly cutlery and tableware.
- Cleaning Time & Bath Time – Dish drainers, bins, bathroom storage, and cleaning accessories.
In FY 2025, white-label manufacturing contributed ₹5,116.24 million (91.66%), while All Time Branded Products contributed ₹422.24 million (7.56%), and the remainder came from miscellaneous revenue. This demonstrates that B2B sales remain the company’s backbone, while the branded portfolio is gradually growing its market share.
The company’s category-wise revenue breakdown highlights the dominance of Prep Time (35.77%) and Containers (34.91%), which together generate over 70% of the company’s revenue.
Global and Domestic Market Presence
All Time Plastics has successfully built a robust international footprint, exporting its products to 29 countries, including the European Union, United Kingdom, and the United States. Its long-standing relationships with major global retailers like IKEA, Asda, Michaels, and Tesco showcase its reliability and quality standards. Notably, IKEA has been a customer for over 27 fiscal years, while Asda, Tesco, and Michaels have partnered with the company for 14, 17, and 4 fiscal years, respectively.
In India, the company collaborates with modern trade retailers like Spencer’s, along with super distributors and regional distributors, covering 23 states and six union territories. Its dual focus on exports and domestic distribution ensures diversified revenue streams and reduces dependence on any single market.
Competitive Strengths and Strategic Advantages
All Time Plastics’ integrated and strategically located manufacturing facilities enable high-volume, cost-efficient production. This operational strength is complemented by:
- A broad and growing SKU portfolio with in-house product and mold design capabilities.
- Stable, long-term global partnerships, ensuring repeat business and consistent export revenue.
- Rising branded product sales, tapping into India’s growing organized retail sector.
- Sustainable manufacturing practices, aligning with global retailers’ ESG requirements.
With FY 2025 revenue of ₹559.24 crore and PAT of ₹47.29 crore, the company has demonstrated consistent growth, supported by an EBITDA margin of 18.16% and PAT margin of 8.46%. Its ROE of 19.01% highlights efficient capital utilization, while a debt-to-equity ratio of 0.88 reflects a moderately leveraged yet healthy balance sheet.
Financial Highlights & Key Ratios – All Time Plastics IPO
Evaluating a company’s financial health is crucial before subscribing to any IPO. All Time Plastics Ltd. has showcased consistent growth in both revenue and profitability over the past three fiscal years, supported by strong operational efficiency and stable margins.
Restated Financial Performance
The table below presents the restated consolidated financials for the last three fiscal years:
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr) | 562.32 | 415.46 | 400.48 |
| Total Income (₹ Cr) | 559.24 | 515.88 | 443.76 |
| Profit After Tax (PAT) (₹ Cr) | 47.29 | 44.79 | 28.27 |
| EBITDA (₹ Cr) | 101.34 | 97.10 | 73.38 |
| Net Worth (₹ Cr) | 249.13 | 202.35 | 157.84 |
| Reserves & Surplus (₹ Cr) | 247.73 | 200.87 | 156.60 |
| Total Borrowing (₹ Cr) | 218.51 | 142.35 | 171.74 |
Key Insights:
- Revenue Growth: The company’s total income rose 8% in FY 2025 to ₹559.24 crore, highlighting stable business demand.
- Profitability: PAT increased 6% YoY to ₹47.29 crore, despite a moderate increase in debt to fund expansion.
- EBITDA Strength: Operating efficiency remains strong with EBITDA at ₹101.34 crore in FY 2025, delivering a healthy margin of 18.16%.
- Balance Sheet: Net worth grew steadily to ₹249.13 crore, and the debt-to-equity ratio stands at 0.88, indicating a moderate leverage position.
Key Financial Ratios
Here are the important financial ratios and KPIs of All Time Plastics as of March 31, 2025, which are crucial for IPO investors:
| KPI | Value |
|---|---|
| ROE (Return on Equity) | 19.01% |
| ROCE (Return on Capital Employed) | 16.99% |
| Debt/Equity Ratio | 0.88 |
| RoNW (Return on Net Worth) | 19.01% |
| PAT Margin | 8.46% |
| EBITDA Margin | 18.16% |
| Price to Book Value (P/BV) | 7.15 |
Analysis:
- Strong Return Ratios: A 19% ROE and 19% RoNW indicate that the company effectively uses shareholder capital to generate profits.
- Healthy Margins: With EBITDA at 18.16% and PAT margin at 8.46%, ATPL shows operational efficiency and profitability in a competitive segment.
- Leverage in Check: A 0.88 debt-to-equity ratio signals that the company can manage its borrowings comfortably.
Valuation & Peer Comparison – All Time Plastics IPO
Analyzing the valuation metrics and industry positioning is critical before making an investment decision. The All Time Plastics IPO comes with moderate growth potential but at a premium valuation compared to peers.
IPO Valuation
Based on the restated financials and the IPO price band of ₹260–₹275 per share, the valuation metrics are as follows:
| Metrics | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (₹) | 8.55 | 7.22 |
| P/E (x) | 32.17 | 38.09 |
| Price to Book Value (P/BV) | 7.15 | 7.15 |
Analysis:
- The post-issue P/E of ~38x indicates that the stock is priced at a premium, reflecting market confidence in its brand strength and global clientele.
- P/BV of 7.15x shows the market is assigning a high multiple to the company’s book value, driven by its stable earnings and strong return ratios.
Peer Comparison
A comparison with listed peers in the plastic and consumerware segment highlights how All Time Plastics fares in terms of valuation and profitability.
| Company Name | EPS (Basic) (₹) | NAV (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| All Time Plastics Ltd. | 9.01 | 47.39 | 38.09* | 19.01 |
| Shaily Engineering Plastics Ltd. | 20.29 | 119.18 | 80.69 | 17.00 |
| Cello World Limited | 15.50 | 98.12 | 40.71 | 16.82 |
*Post-IPO P/E at upper price band.
Key Takeaways:
- Valuation Comfort: Compared to Shaily Engineering Plastics and Cello World, the IPO is fairly valued on a P/E basis given its higher RoNW of 19%.
- Return Ratios: The company delivers strong returns on net worth, surpassing its peers, making it attractive for long-term investors.
- Premium Justification: The global client base and B2B plus B2C model justify a slightly higher valuation than industry average.
Grey Market Premium (GMP) – All Time Plastics IPO
The Grey Market Premium (GMP) reflects the unofficial market sentiment towards an IPO before its listing. As of August 4, 2025, the All Time Plastics IPO is trading at a GMP of ₹0, which means the IPO is currently at par with its issue price.
| Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit | Trend |
|---|---|---|---|---|---|
| 04-08-2025 | ₹275.00 | ₹0 | ₹275 (0.00%) | ₹0 | No Change |
What does this indicate?
- The flat GMP suggests that market enthusiasm is currently muted, and the listing may initially be near the issue price.
- Since GMP trends can change closer to the listing date, investors should monitor updates till August 14, 2025, the tentative listing date.
Tip: Low or zero GMP does not always indicate poor performance. Strong fundamentals and long-term growth potential can still drive post-listing gains.
Conclusion: Should You Apply for the All Time Plastics IPO?
The All Time Plastics IPO offers exposure to a well-established plastic houseware manufacturer with strong export relationships and a consistent financial track record. However, the zero GMP signals a cautious market sentiment ahead of the listing.
Short-Term Strategy
For listing gains, the outlook appears moderate to neutral due to the flat GMP trend. If market conditions improve or the IPO sees strong QIB participation, a small listing premium could still emerge. Otherwise, short-term traders should be prepared for a listing near the issue price.
Long-Term Strategy
From a long-term perspective, the company’s robust product portfolio, diversified SKUs, and long-standing partnerships with global retailers like IKEA and Tesco make it a fundamentally strong bet. Investors aiming for steady growth rather than immediate gains may consider holding post-listing.
Allotment Strategy
- Retail investors can apply with 1–2 lots for a moderate exposure due to limited short-term visibility.
- HNI investors should monitor subscription trends on the final day before making large applications.
- Focusing on allotment in retail and employee categories could improve allocation chances, as the IPO size is relatively small.
FAQs – All Time Plastics IPO
Q1. What are the All Time Plastics IPO dates?
The All Time Plastics IPO opens on August 7, 2025, and closes on August 11, 2025. The tentative listing date is August 14, 2025.
Q2. What is the All Time Plastics IPO price band and lot size?
The IPO price band is ₹260 to ₹275 per share, and the lot size is 54 shares. Retail investors need a minimum investment of ₹14,040.
Q3. What is the size of the All Time Plastics IPO?
The total issue size is ₹400.60 crores, comprising a fresh issue of ₹280.00 crores and an offer for sale of ₹120.60 crores.
Q4. What is the All Time Plastics IPO GMP today?
As of August 4, 2025, the GMP (Grey Market Premium) is ₹0, indicating the IPO may list around its issue price.
Q5. Is All Time Plastics IPO a good investment?
The IPO suits long-term investors due to the company’s robust financial performance, global retail partnerships, and extensive SKU portfolio. However, short-term gains may be limited due to muted GMP.
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