| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 260 to ₹ 275 | 54 | 7th Aug, 2025 –11th Aug, 2025 | ₹400.60 Cr |
All Time Plastics Ltd
Founded in 1971, the company began as a small plastics manufacturer established by the founders’ father in Mumbai. Over the decades, it evolved into a leading producer of plastic consumerware products, now serving both global B2B clients through white-label manufacturing and B2C customers under its proprietary “All Time” brand. As at March 31, 2025, the company had 1,848 stock-keeping units (“SKUs”) across eight categories: Prep Time (kitchen tools for preparing cooking ingredients); Containers (food storage containers); Organization (miscellaneous storage containers); Hangers (various types of hangers); Meal Time (kitchenware); Cleaning Time (cleaning equipment); Bath Time (bathroom products); and Junior (child-friendly tableware, cutlery and other items). It exports to 29 countries, establishing a long-standing relationship with global retailers, including IKEA, Asda Stores Limited, trading as Asda (“Asda”), Michaels Stores, Inc., trading as Michaels (“Michaels”) and Tesco Plc (“Tesco”). In FY25, the company sold the All Time Branded Products to 22 modern trade retailers, including Spencer’s Retail Limited, as well as five super distributors and 38 distributors with whom they do business directly across 23 states and six union territories in India. Currently, the company operates three fully integrated manufacturing facilities in Daman, Silvassa and Manekpur, strategically located near ports and petrochemical hubs, making it easy to import key raw materials and easing the process of export. They have a total installed production capacity of 33,000 tonnes per annum as of March 31, 2025. Capacity utilization for FY25, FY24 and FY23 was 79.5%, 84.6% and 74.8%, respectively.
Objective of the All Time Plastics Ltd IPO
The company proposes to utilise the net proceeds from the issue towards the following objects:
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company;
- Purchase of equipment and machinery for the Manekpur facility;
- General corporate purposes.
Rationale To All Time Plastics Ltd IPO
Strategically located and integrated manufacturing facilities, enabling high volume, low-cost and high-quality plastic consumerware production
As at March 31, 2025, the company had 1,848 stock-keeping units (“SKUs”) across eight categories: Prep Time (kitchen tools for preparing cooking ingredients); Containers (food storage containers); Organization (miscellaneous storage containers); Hangers (various types of hangers); Meal Time (kitchenware); Cleaning Time (cleaning equipment); Bath Time (bathroom products); and Junior (child-friendly tableware, cutlery and other items). These products cater to a broad range of household needs and are manufactured at its three fully integrated facilities located in Daman, Silvassa, and Manekpur. These manufacturing facilities are strategically located within the industrial processing zones of western India and close to ports (for exporting products and procuring raw materials) and petrochemical plants (for procuring key raw materials). The company has a total installed production capacity of 33,000 tonnes per annum as of March 31, 2025. Capacity utilization for FY25, FY24 and FY23 was 79.5%, 84.6% and 74.8%, respectively. The company maintains ISO 9001:2015 certification across these plants, ensuring high production standards. These facilities are designed to operate seamlessly with “all electrical” machines, complemented by robotics and automatic assembly systems, ensuring efficient, high-precision production processes. This allows the company to manufacture high volumes of low-cost and high-quality plastic consumerware products, resulting in a low return and claim rate below 0.3% of revenue.
Long-standing relationships with global retailers including IKEA, Asda, Michaels and Tesco, and Indian retailers
The company has established strong, long-term relationships with major global and domestic retailers, many lasting over a decade, which underscores its market credibility and stability. It has been selling products to IKEA, its largest customer in FY25 for 27 years, distributing products through 40 IKEA distribution centres to 464 stores across 58 countries. Tesco and two leading Indian retail chains have also partnered for 17 years, while Asda, the second-largest customer, maintains a 14-year relationship. Michaels, a key North American arts and crafts retailer, has been a customer for over four years. These partnerships span major markets including the UK, EU, US, and India. In FY25, revenue from IKEA accounted for nearly 60% of the company’s total revenue, amounting to Rs. 3,309.49 million. Asda contributed 9.1%, Michaels 6.2%, and Tesco 3.8%, while other customers accounted for 22.4%. Despite minor deductions from claims, damages, and discounts totalling Rs. 46.55 million (0.83% of revenue), the company’s diversified customer base reflects a robust and balanced business model. This steady revenue stream from well-established global retailers highlights the company’s operational strength, product quality, and effective supply chain management, positioning it well for continued growth and expansion in both domestic and international markets.
Valuation of All Time Plastics Ltd IPO
The global consumerware market, which includes a wide range of products used in the household for various purposes, such as kitchenware, tableware, cookware, cleaning tools and accessories etc, made from different materials like glass, plastic, bamboo, ceramic and others, has exhibited continuous growth over the years. It has grown at a CAGR of ~3.8% from USD 98 billion in CY 2019 to USD 114 billion in CY 2023 and is projected to reach USD 163 billion by CY 2029, growing at a CAGR of 6.3% between CY 2024 and CY 2029. The US remains the largest consumerware market with a 24.4% share in CY 2024, expected to reach USD 40.7 billion by CY 2029. India, despite holding a modest 2.7% market share, is poised for rapid growth with a projected CAGR of ~10.7% during the same period, driven by increasing demand for branded and aesthetically appealing products via organized retail and online platforms. All Time Plastics, which exports over 85% of its products and partners with globally reputed brands such as IKEA, Tesco, and Michael, is well-positioned to capitalize on this growing demand. To meet increasing demand, the company plans to expand its production capacity, utilizing a portion of the IPO proceeds to purchase equipment and machinery for its Manekpur facility. Additionally, to address the shift in consumer preference toward sustainable materials like glass and bamboo, the company is diversifying into bamboo-based product lines. Financially, the company has shown solid performance, with revenue rising from Rs. 4,434.9 million in FY23 to Rs. 5,581.7 million in FY25 and EBITDA growing at a CAGR of 17.5% from Rs. 726.5 million in FY23 to Rs. 1,002.2 million in FY25. The EBITDA margin for FY25 was 18.0% which was the second highest among primarily B2B players in the industry in India. PAT increased from Rs. 282.7 million in FY23 to Rs. 472.9 million in FY25. The company plans to use a portion of the IPO proceeds to reduce its existing debt of Rs. 1,017.6 million as of FY25. The company is currently valued at a PE ratio of 30.5x on the upper price band, based on FY25 earnings, which is comparatively lower than its peers. Given its strong fundamentals and long-term growth potential, we recommend a “SUBSCRIBE” rating for this issue from a long-term perspective.
What is the All Time Plastics Ltd IPO?
The initial public offer (IPO) of All Time Plastics Limited offers an early investment opportunity in All Time Plastics Ltd . A stock market investor can buy All Time Plastics Ltd IPO shares by applying in IPO before All Time Plastics Ltd shares get listed at the stock exchanges. An investor could invest in All Time Plastics Ltd IPO for short term listing gain or a long term.
How to apply for the All Time Plastics Ltd IPO through StoxBox?
To apply for the All Time Plastics Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the All Time Plastics Ltd IPO open?
All Time Plastics Ltd IPO is opening on 7th Aug 2025. Apply Now
What is the lot size of the All Time Plastics Ltd IPO?
The Lot Size of All Time Plastics Limited IPO is 54 equity shares. Login to your account now.
When is the All Time Plastics Ltd allotment date?
The allotment Date for All Time Plastics Ltd IPO is 12th Aug 2025. Login to your account now.
When is the All Time Plastics Ltd IPO listing date?
The listing Date for All Time Plastics Ltd IPO is 14th Aug 2025. Login to your account now
What is the minimum investment required for the All Time Plastics Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,850. Login to your account now
What is the maximum investment allowed for the All Time Plastics Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,93,050. Login to your account now
What are the risks associated with investing in the All Time Plastics Ltd IPO?
- The company’s business largely depends upon its top four customers, especially its top customer, which accounted for 59.3%, 60.4%, and 58.5% of revenue from operations in fiscal years 2025, 2024, and 2023, respectively. Together, the top four customers contributed 78.4%, 83.3%, and 82.7% of revenue in the same periods. The loss of any of these key customers, particularly the largest one, or a decline in sales to them, could significantly impact the company’s business performance, financial condition, results, and cash flows. Moreover, most customer relationships are not governed by long-term agreements, increasing the risk that customers may choose alternative suppliers, which could adversely affect the company’s operations and financial stability.
- In order to get better pricing by buying in larger volumes, the company generally buys the primary raw materials and packing materials it needs from a few suppliers. For Fiscals 2025, 2024, and 2023, the cost of raw materials and packing materials purchased from the company’s top supplier represented 21.3% (consolidated), 22.9%, and 23.7% of the cost of raw materials and packing materials purchased, respectively. The cost of raw materials and packing materials purchased from the company’s top 10 suppliers represented 73.2% (consolidated), 75.2%, and 75.6% of the cost of raw materials and packing materials purchased, respectively. If any of the company’s top 10 suppliers ceased selling the raw materials and packing materials required in the quantities needed and the company were unable to find a supplier to replace it, it could have a material adverse effect on the company’s business, financial condition, results of operations, and cash flows.
- The company currently manufactures plastic consumerware products. A shift in consumer preferences away from plastic products, changes in consumer preferences for plastic consumerware products, regulations, and competitive technologies could lead to a reduction in plastic consumerware purchases or could render some of the company’s products obsolete or less attractive, which could have a material adverse effect on the company’s business, financial condition, results of operations, and cash flows. In an effort to remain competitive, the company invests in research and development. For Fiscals 2025, 2024, and 2023, the company’s total R&D expenses represented 0.3% (consolidated), 0.3%, and 0.3% of its revenue from operations, respectively. Any failure to adapt to industry trends and evolving technologies to meet customer demands could have a material adverse effect on the company’s business, financial condition, results of operations, and cash flows.
When will the All Time Plastics Ltd IPO shares be credited to my Demat account?
The All Time Plastics Ltd IPO be credited to the account on allotment date which is 13th Aug 2025. Login to your account now
Where can I find the All Time Plastics Limited IPO prospectus?
The prospectus of All Time Plastics Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
