All Time Plastics Ltd Management Discussions

Disclaimer

Statements in the Management Discussion and Analysis describing All Time Plastics Limited s objectives, projections, estimates, expectations or predictions may be forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied in such statements due to factors beyond the Company s control. The Company does not commit to publicly amend, change, or revise any forward-looking statements based on subsequent developments.

Global Macroeconomic Overview

The global economy grew by 3.5% in CY 2025, demonstrating resilience amid persistent geopolitical uncertainties and trade-related disruptions across international markets. Growth was supported by sustained investments in technology and digital infrastructure, relatively accommodative financial conditions, and supportive fiscal & monetary policy measures across major economies. Improved supply chain efficiencies and balanced labour market conditions also contributed to the moderation in global inflation, which declined to 4.1% during the year, thereby supporting borrowing activity and overall economic sentiment. Additionally, strong foreign capital inflows and a relatively weaker US dollar helped stabilise local currencies across several economies, providing central banks with greater policy flexibility.

Growth trends, however, remained uneven across regions. Advanced economies recorded relatively moderate growth of 1.9%, with the United States benefiting from resilient consumer spending and continued investments in innovation and technology. In contrast, the Eurozone witnessed slower economic momentum due to subdued industrial activity, weaker manufacturing output, and softer external demand. Emerging Market and Developing Economies (EMDEs) continued to outperform, recording growth of 4.5%, supported by Chinas export activity, resilient domestic demand and stable trade momentum across Asian economies. Outlook for the Global Economy

The current outlook is being shaped by shifting trade policies, fiscal challenges and persistent geopolitical tensions. Global GDP growth is projected at 3.0% in CY 2026, supported by continued policy interventions and resilient domestic demand, aided by monetary easing measures, which partially offset the impact of higher tariffs. Rising wage levels across several major economies are also expected to support private consumption and economic activity.

The recent escalation of tensions in the Middle East and Gulf region has heightened uncertainty across global energy markets, contributing to volatility in crude oil prices and increased input costs for petroleum-linked industries. Consequently, inflation is estimated to experience a minor uptick to 4.7% in CY 2026. However, price pressures are projected to ease to 3.9% in CY 2027 amid softening labour markets and slower demand for traded goods.

Indian Macroeconomic Overview

In FY 2025-26, the Indian economy maintained strong momentum, supported by stable macroeconomic fundamentals and continued policy support. Despite a challenging global environment, real GDP grew by 7.7%, positioning India among the fastest-growing major economies. Moreover, as inflation moderated to 3.4%, the reduction in price pressure allowed the RBI to implement a cumulative 125 basis points cut to the policy repo rate. These measures maintain stable borrowing costs and support the market sentiment necessary for sectoral growth.

FRE- First Revised Estimate; PE- Provisional Estimate; P- Projected Source: RBI Bulletin

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Private consumption was backed by improving demand across both rural and urban markets, supported by GST rate rationalisation measures and monetary easing. Investment activity remained steady, aided by structural reforms and favourable financial conditions. However, external demand remained inconsistent, as the petroleum products and plastic sectors moderated overall export performance. From a supply-side perspective, high-value services continued to demonstrate strong momentum, while robust manufacturing growth strengthened industrial activity.

f N

Indias GDP Growth (in %)

Outlook for the Indian Economy 1

Tariff-related trade disruptions and volatility in global capital flows may intermittently affect exports and investor sentiment. Nevertheless, strong capacity utilisation, improving credit growth and continued government emphasis on capital expenditure are expected to support investment activity, with GDP growth rate projected at 6.6% for FY 2026-27.

Supply chain disruptions arising from the West Asia conflict are expected to pose a risk to the availability of critical inputs for downstream sectors such as refining, chemicals, plastics and synthetic fibres. Considering all these factors, CPI inflation for FY 2026-27 is projected at 5.1%, supported by favourable supply-side conditions, including adequate reservoir levels and the continued benefits of GST rate rationalisation. To bolster consumer demand within this context, the MPC has lowered the repo rate to 5.25% while maintaining a neutral stance.

Proposed trade frameworks, including the EU-India and the US-India FTA, are expected to enhance India s export competitiveness through improved market access and tariff alignment. Simultaneously, the China Plus One strategy and a landmark FTA with New Zealand, providing zero-duty market access, position India s manufacturing ecosystem to capture growth in value- added plastic segments and industrial applications. These arrangements facilitate deeper integration into global supply chains, particularly in sectors requiring cost efficiency and product customisation. PMI Manufacturing and Services

Industry Developments Global Consumerware Market

The global consumerware market continues to witness steady growth across categories such as kitchenware, tableware and cleaning tools manufactured from glass, plastic, bamboo and ceramic materials. While supermarkets and large retail chains remain the dominant distribution channels globally, branded retailers are increasingly adopting omnichannel strategies to address rising demand for premium and lifestyle-oriented products. Competition within the industry continues to be driven by product innovation, quality, design, pricing, packaging and distribution capabilities. 8 https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/BULLETIN JUNE22062026C6FB415DA85745E485148DAD8FOA1912.PDF Rising disposable incomes and rapid urbanisation are contributing to market expansion. Increasing consumer focus on home aesthetics and interior d6cor, further influenced by digital platforms and social media trends, is also supporting demand growth. Growing demand for modular kitchens, organised living spaces and functional household products is also acting as a contributing factor. Supported by these factors, the global consumerware market is projected to reach approximately USD 163 billion by 2029, registering a CAGR of 6.3% .

The global consumerware export market is also expected to witness accelerated growth, driven by rising consumption demand, urbanisation and continuous product innovation. Global retailers are actively diversifying sourcing footprints to improve supply chain resilience, regulatory compliance and cost efficiency.

Additionally, the global plastic houseware segment continues to benefit from steady and non-discretionary demand, driven by recurring household usage and replacement cycles. Structural shifts within the industry, including increasing private-label penetration and supplier consolidation, have reduced market fragmentation and strengthened the importance of scale and integrated design-to-delivery capabilities. Consequently, growth is primarily captured by manufacturers operating as strategic supply partners rather than commodity-based vendors.

Adoption of Advanced and Sustainable Materials

The global consumerware industry is witnessing increasing adoption of affordable and advanced materials, including ceramicware, bioplastics, bamboo and recycled plastics. Growth is further driven by the availability of innovative designs, shapes, diverse product formats and enhanced colour options, which continue to improve consumer acceptance and product appeal.

Rising Demand for Modular Kitchens and Aesthetic Consumerware:

Growing demand for modular kitchens and aesthetic products is driving higher consumer spending on premium cookware, tableware, bottles and lunch boxes. Consumers are increasingly preferring products that combine functional utility with modern design, convenience and lifestyle appeal.

Social Media Influence

Increased internet penetration and the growing influence of digital marketing and social media platforms have significantly enhanced consumer awareness and product demand for the consumerware segment. Platforms such as Instagram, YouTube and Pinterest continue to shape purchasing preferences by showcasing product styling, utility and lifestyle-oriented usage trends. India Consumerware Market

The Indian consumerware market continues to expand, supported by rising disposable incomes, nuclear family setups and lifestyle shifts, including higher workforce participation among women. Growing demand for functional and aesthetically appealing products, along with rising levels of individual product ownership, continues to support branded players and organised retail channels.The market is projected to grow at a CAGR of 10.7% overthe next fouryears, reaching approximately INR 498.7 billion by FY 2029-30. Demographic changes, evolving kitchen responsibilities and rising product ownership per individual further support this growth .

The institutional B2B segment is also emerging as a significant growth driverwithin the Indian consumerware market, supported by rising bulk demand from the hospitality, corporate and educational sectors. In addition, the emergence of e-commerce has significantly transformed channel segmentation and is projected to reach a 12% market share by FY 2029-30. This growth is driven by increasing internet penetration, competitive pricing, convenience and wider product availability across digital platforms. Increasing compliance with global ESG and audit standards

Evolving Kitchen Demographics

Demographic shifts, including increased participation in kitchen responsibilities across all age groups and genders, are reshaping the sector. Rapid urbanisation, rising nuclearfamily structures and higher workforce participation among women are driving demand for streamlined, aesthetically appealing and time-efficient household products, fuelling growth across consumerware categories.

Enhanced Spending and Accessibility

The Indian consumerware market continues to evolve through increasing discretionary spending on ergonomic, user-friendly and lifestyle-oriented products. Expanded accessibility through e-commerce platforms and organised retail penetration across Tier II and III cities is enabling consumers to compare product quality, pricing and brands more effectively, thereby supporting higher discretionary consumption.

Sustainable Product Shift

The consumerware market is increasingly shifting toward sustainable and premium products, particularly those manufactured using recycled plastic and environmentally responsible materials. Rising consumer awareness and preference for products aligned with environmental values are encouraging manufacturers to invest in innovative materials, advanced production processes and eco-friendly product development. Indian Domestic Consumer Plastic Houseware Market

The Indian plastic consumer houseware market has experienced steady growth, supported by rising demand for convenient, durable and cost-effective products. This sector includes a diverse range of items such as insulated and non-insulated water bottles and lunchboxes, storage containers, kitchen accessories, bath and cleaning products and insulated plastic casseroles.

The Indian plastic houseware market operates through a distribution-driven model encompassing general trade, modern trade, e-commerce and institutional (B2B) channels, with general trade remaining the dominant channel. On the other hand, institutional sales, modern trade and e-commerce continue to gain significant momentum and demonstrate remarkable growth.

India s plastic houseware market remains well positioned for strong long-term growth, supported by replacement-led demand, product premiumisation and increasing market share of organised, branded players. The market is projected to reach INR 179 billion by FY 2029-30, registering a CAGR of 12%. Growth is expected to be supported by rapid urbanisation, rising disposable incomes, evolving consumer preferences and expansion of organised retail channels alongside increasing launch of innovative and sustainable plastic products.

Further, the branded play is projected to account for nearly 66% of the market, estimated at INR 117.4 billion by FY 2029-30, growing at a CAGR of 13.0% between FY 2025- 30. This segment is expected to outpace the unorganised market and remain the primary growth driver within the Indian plastic houseware industry. Widespread Adoption of Plastic in Houseware Segment

Plastic continues to be a preferred material in houseware production due to its cost-effectiveness, versatility and lightweight properties. Ease of moulding, combined with durability and convenient handling and transportation properties, further supports its extensive adoption across the industry.

Growing middle-class population

Increasing disposable income and the rising middle-class population are driving higher demand for premium plastic housewares products with enhanced aesthetic appeal.

Product development and innovations

Evolving consumer preferences towards improved design, convenience and functionality are accelerating product innovation acrossthe plastic houseware industry. Manufacturersare increasingly introducing products with improved durability, designs and resistance to stains and odours. Indian Bamboo Houseware Market

Bamboo-based materials are gaining increasing traction across sectors such as construction, furniture and packaging due to their rapid renewability, favourable strength-to-weight ratio and relatively lower environmental footprint. Increased commercialisation between 2025 and 2026 has supported the development of engineered panels and composite materials designed to meet durability, scalability and cost requirements across high-volume markets. The shift toward low-carbon and bio-based portfolios is driving wider adoption of bamboo in consumer and industrial applications.

In India, the Bamboo Houseware market is being driven by rising preference for renewable materials, tightening sustainability mandates across industrial supply chains and increasing substitution of wood and plastic-based products with bamboo-derived alternatives.

Government Initiatives Driving Growth of Bamboo Consumerware Manufacturing

The Indian government has launched several initiatives to expand bamboo cultivation and marketing. Key programs aimed at boosting the industry include-

Restructured National Bamboo Mission (NBM)

The restructured National Bamboo Mission focuses on expanding bamboo cultivation on non-forest land and strengthening linkages between farmers and end- users. The initiative supports the industry through the supply of planting materials, establishing processing facilities, enhancing marketing efforts and promoting skill development.

Regional Economic Incentive

Implementation of a uniform 5% GST rate on bamboo furniture and cane handicraft products is aimed at supporting industrial growth in the North-Eastern Region. The initiative is also expected to enhance the competitiveness of rural artisans and sustainable material manufacturers, particularly in states such as Mizoram.

Prime Minister s Employment Generation Programme (PMEGP)

The Ministry of MSME continues to implement the Prime Minister s Employment Generation Programme (PMEGP), a credit-linked subsidy scheme focused on generating employment opportunities through the establishment of micro-enterprises across the non-farm sector, including the bamboo industry.

PM Vishwakarma Scheme

The PM Vishwakarma scheme provides artisans with official identification, skill training with a Rs500 daily stipend and a Rs15,000 toolkit incentive. It offers up to lakhs in collateral-free loans, digital transaction incentives and marketing support, including branding, packaging and e-commerce integration.

Company Overview

Established in 1971, All Time Plastics Limited specialises in the manufacturing of injection-moulded plastic consumerware and is recognised as one of India s leading exporters of plastic houseware and furniture products. ATPL primarily operates as a B2B white- label manufacturing partner for international retailers, offering customised plastic consumerware across categories including kitchen, storage, cleaning, bath, organisation and junior products. It currently has an export presence in 30 countries, with major markets in the European Union, the United Kingdom and the United States.

Through its integrated in-house design and manufacturing, the Company enables customers to accelerate product development cycles while maintaining cost competitiveness, product consistency and quality standards. The Company operates four manufacturing facilities, comprising three plastic consumerware manufacturing units located at Daman, Silvassa and Khatalwada in Gujarat, of which the units at Silvassa and Khatalwada operate as 100% Export Oriented Units (EOUs), while the Daman unit caters to both domestic and export markets. The Company also operates a bamboo pilot facility in Guwahati to support product diversification and sustainable material initiatives. Its manufacturing operations are supported by highly automated systems and all-electric machinery, contributing towards improved energy efficiency and operational sustainability.

IPO Highlights

All Time Plastics Limited was successfully listed on the stock exchanges on August 14, 2025, marking a key milestone in its evolution as a public company.

The IPO was subscribed 8.63 times, reflecting strong investor participation across categories. The Company s shares were listed at a premium to the issue price on both NSE and BSE, indicating positive market reception and investor confidence in the Company s business model and growth outlook.

The company intends to utilise the net proceeds from the fresh issue towards prepay or repay existi ng borrowings, fund the acquisition of machinery and equipment for its Manekpur facility and support general corporate purposes.

All Time Plastics Limited serves both domestic and international customers through its white-label manufacturing services while also marketing products in India under the All Time brand. The Company has received third-party compliance audit approvals from Higg, EcoVadisand Amfori and is also a three-star export house certificate holder issued by DGFT-MOCI. Strategic Manufacturing Footprint

- Proximity to petrochemical plants enables timely procurement of essential raw materials such as commodity plastics, engineering compounds and recycled polymers, thereby enhancing both operational and logistical efficiency.

- Proximity to ICD Tumb facilitates efficient access to inland container depot services, ensuring efficient transportation.

- Proximity to major ports, including Hazira (approximately 150 km) and Nhava Sheva (approximately 200 km), supports efficient export of products and sourcing of raw materials.

Manufacturing Locations

GUJARAT

NHAVA 5-HEVA

Strategic Expansion

Description

Expansion Into Bamboo-Based Products

Key Strategies	Description
_ Expansion Into Engineered * Bamboo Product	Aligned with its long-term focus on material diversification, sustainability and responsible sourcing, All Time Plastics Limited is expanding into bamboo-based products by leveraging bamboo as a renewable, fast-growing and environmentally sustainable material. The Company continues to explore applications beyond traditional usage through the development of value-added and engineered bamboo products.
Pilot bamboo- based products facility established at Guwahati	The Company has established a pilot bamboo-based products facility in Guwahati to evaluate product-market fit, manufacturing scalability and certification requirements. The initiative leverages the Company \u2019 s existing strengths in product design, engineering, quality control, export-oriented execution and market access, enabling a structured and risk-managed approach before large-scale commercial deployment.
Strategic adjacency approach to the initiative	The bamboo business complements the Company \u2019 s core plastic consumerware operations through a split-processing manufacturing model. Under this approach, engineered bamboo boards are manufactured in Guwahati, while value-added finishing activities are undertaken at the Khatalwada facility in Gujarat. This model supports sourcing and manufacturing efficiencies while remaining margin-accretive and operationally disciplined.
Dedicated bamboo board manufacturing unit scaled up	The Company has taken on lease a purpose-built facility of 75,000 square feet at Madanpur, Guwahati with effect from May 2026, which will operate as its dedicated bamboo board manufacturing unit with an installed capacity of 3,000 cubic metres per annum in the first phase. The facility has been developed to the same quality and infrastructure standards as the Company \u2019 s existing plastic manufacturing operations.
Key Differentiators
Strategic Differentiators	Description
In-House Product Design Expertise	The Company offers a broad and continuously expanding portfolio of plastic consumerware products, supported by an in-house product and mould design team consisting of 16 employees.
^^ Strong Retail ^ Relationships	The company has established long-standing relationships with leading global and Indian retailers, strengthening customer retention and business visibility. As at MarcRs.31, 2026, nineteen of the Company \u2019 s top twenty customer relationships were of more than five years \u2019 standing, of which seven exceeded fifteen years.
Integrated Manufacturing Facilities	Strategically located and integrated manufacturing facilities enable the Company to manufacture high-volume, cost-efficient and high-quality plastic consumerware products.
Commitment to #Sustainability	The Company remains focused on implementing sustainable manufacturing practices and upholding environmental responsibility.
Experienced Promoters and Management	The company is led by experienced promoters who possess extensive expertise in the manufacturing of plastic consumerware.

Description

Growth Drivers

Design-Driven Innovation

A portfolio focused on premium and design-led products supports consistent product launches aligned with retailer refresh cycles, thereby improving product mix optimisation and supporting stable capacity utilisation.

Capacity and Operating Leverage

Capacity additions at the Khatalwada facility provide a platform for future growth. Improved utilisation levels are expected to support operating leverage, margin expansion and return normalisation.

Global Customer Relationships

The Company operates as a strategic supplier to global retailers through holistic end-to-end solutions across design, manufacturing and delivery. Consistent performance across procurement KPIs such as quality, delivery, innovation, cost, compliance and material sustainability. This leads to high switching costs and ensures long-term revenue visibility.

Trade-Driven Export Tailwinds

The proposed EU-India trade agreement, the evolving US-India trade framework and the China+l strategy are expected to enhance India s competitiveness and strengthen its attractiveness as a global sourcing destination, thereby supporting incremental export opportunities.

Category-Led Wallet Expansion

Growth is being driven by increasing wallet share with existing customers through incremental SKUs, category extensions and repeat programmes. This approach enables scalable growth while maintaining relatively lower customer acquisition costs.

Selective Category Expansion

Measured scaling of domestic branded products and sustainability-aligned adjacencies, including bamboo consumerware, is expected to create longterm growth opportunities. Challenges Intense competition

All Time Plastics Limited operates within a highly fragmented market characterised by intense competition from established branded players as well as unorganised manufacturers. Competitive pricing pressure, particularly from unbranded products sold through traditional and e-commerce channels, may impact margins and market share growth.

Export Dependence

Asignificant portion of the Company s revenue is derived from exports, exposing the business to geopolitical headwinds. The escalating conflict in West Asia has significantly impacted global shipping and logistics. This has led to delays in raw material shipments, increased freight costs and reduced visibility on delivery timelines.

Changing Consumer Preferences

Evolving consumer preferences, including increasing inclination towards sustainable materials and reduced usage of plastic products, along with potential regulatory changes, may impact demand across certain consumerware categories. Such shifts could require continuous product innovation and portfolio diversification to remain aligned with changing market expectations.

Customer Concentration

A substantial proportion of the Company s revenue continues to be derived from a limited number of large international retail customers, with the single largest customer accounting for a significant share of revenue during the year. These relationships are long-standing and are supported by deep operational integration, mould ownership and multi-year product programmes; however, they are not underpinned by long-term committed volume contracts. Any reduction in off-take, change in sourcing strategy or shift in the product calendar of a major customer could have a material effect on revenue and capacity utilisation. The Company continues to address this through active diversification of its customer base across new geographies, expansion of the domestic branded business and entry into adjacent product categories.

Raw Material Price Volatility

The Company s principal raw materials are polymers, the prices of which are linked to crude oil and petrochemical cycles and are therefore subject to sharp movement. The geopolitical situation in West Asia during the closing months of the year resulted in a significant increase in polymer prices, together with constrained availability of certain specific grades. This escalation continued beyond the year end, with input costs reaching between 40% and 50% above base levels at their peak during the first quarter of FY 2026-27. While the Company operates a structured pass-through arrangement with its customers, such recovery typically operates with a contractual lag, and the extent and timing of recovery may not fully offset input cost movement within the same reporting period.

Operational Excellence

Operational performance during the year was shaped by the commissioning and ramp-up of the Company s third 100% Export Oriented Unit at Khatalwada, Gujarat. Aggregate installed capacity increased to 39,000 tonnes per annum as at MarcRs.31, 2026 from 33,000 tonnes per annum as at MarcRs.31, 2025, and the number of injection moulding machines increased to 170 from 140. Total polymer processed during the year stood at 26,300 MT as compared witRs.26,230 MT in the previous year, of whicRs.8,022 MT comprised recycled polymer as against 7,136 MT in FY 2024-25.

Manufacturing operations are highly automated and are supported by all-electric injection moulding machinery, robotics and automated storage and retrieval systems at the Silvassa facility. As at MarcRs.31, 2026, 76% of the installed injection moulding machines were all-electric, which supports lower power consumption, higher uptime, faster cycle times and reduced noise levels relative to conventional hydraulic machines.

In-house product and mould design capability remains central to the operating model, enabling design-to- delivery integration, shorter product development cycles for customers and a regular cadence of new launches aligned to retailer refresh calendars. The Daman facility manufactures multiple component assembly parts and short-run parts, the Silvassa facility manufactures high volume single shot parts and the Khatalwada facility manufactures all types of injection moulded plastic consumerware, with installed capacities of 9,500 TPA, 19,500 TPA and 10,000 TPA respectively.

The Company s facilities are subject to periodic third-party compliance audits and hold approvals from Higg, EcoVadis and Amfori. The Company is a three-star export house certificate holder issued by the Directorate General of Foreign Trade, Ministry of Commerce and Industry.

Awards and Recognition

During the year, the Company received an award from Target, a long-standing customer, in recognition of operational excellence, precision and agility. The Company was also awarded first place by the Plastics Export Promotion Council (Plexconcil) in Houseware Exports (other than thermoware and insulated ware) and first place in Plastic Furniture Exports for each of FY 2023-24 and FY 2024-25. Financial Performance Consolidated Financial Review

(In Rs Lakhs)

Particulars	FY 2025-26	FY 2024-25
Revenue from Operations	61,053	55,817
Other income	677	107
Total income	61,730	55,923
EBITDA	8994	10134
EBITDA Margin (%)	14.7%	18.2%
Profit Before fax	4,800	6,420
Prof it After Tax	3,540	4729
Profit After fax Margin (%)	5.8%	8.5%
Earnings Per Share (INR)	5.79	9.01

Changes in Key Financial Ratios

Pursuant to provisions of Regulation 36 (3) of SEBI (LODR) Regulation, 2015, read with Schedule V part B (l), details of changes in Key Financial Ratios are given hereunder:

Key Financial Ratio

s. No.	FY 2025-26	FY 2024-25	YoY change (%)	Reasons for changes greater than 25%
1. Debtors Turnover Ratio	7.56	8.27	(8.6)	Not applicable
2. Inventory Turnover Ratio	8.53	8.86	(3.6)	Not applicable
3. Interest Coverage Ratio	4.46	5.37	(16.9)	Not applicable
4. Current Ratio	3.60	1.03	248.5	Improvement on account of repayment of short-term borrowings out of the net proceeds of the initial public offering and the consequent increase in cash, bank balances and current investments.
5. Debt Equity Ratio	0.13	0.88	85.10	Reduction on account of prepayment and repayment of borrowings out of the net proceeds of the initial public offering, together with the increase in net worth following the fresh issue.
6. Operating Profit Margin (%)	11.1	14.1	(21.3)	Not applicable
7. Net Profit Margin (%)	5.83	8.47	(31.2)	Decline principally on account of fixed costs associated with newly commissioned capacity being absorbed in full ahead of the corresponding volume ramp-up, higher employee benefit and depreciation charges, and a onetime exceptional item of INR 4.4 crore recognised on implementation of the new labour codes.
8. Return on Equity(%)	8.26	20.99	(60.7)	Decline on account of the enlarged equity base following the initial public offering, together with the lower profit after tax for the year.

Discussion on Financial Performance with respect to Operational Performance

FY 2025-26 was a year of transition for the Company, characterised by substantial investment in manufacturing capacity and organisational capability, alongside a materially more challenging external environment in the closing months of the financial year.

Revenue from operations grew 9.4% to INR 610.4 crore from INR 558.2 crore in FY 2024-25, reflecting consistent demand traction across the Company s core export markets through the first three quarters of the year, partially offset by supply chain disruption during the fourth quarter. Gross profit increased 7.3% to INR 239.3 crore, with grass margin for the year at 39.2%. EBITDA stood at INR 90.1 crore, translating into an EBITDA margin of 14.8%, while profit after tax was INR 35.6 crore as against INR 47.3 crore in the previous year, representing a net profit margin of 5.8%.

From a n operational stand poi nt, tota I polymer processed during the year stood at 26,300 MT as compared witRs.26,230 MT in FY 2024-25. Within this, recycled polymer volume increased to 8,022 MT from 7,136 MT, reflecting the Company s continued emphasis on material sustainability. Installed capacity increased to 39,000 MT as at MarcRs.31, 2026 following commissioning of the expansion at the Khatalwada facility, with capacity utilisation for the year at 67.4% as compared witRs.79.5% in FY 2024-25, in each case computed with reference to installed capacity as at the respective year ends. The reduction reflects the availability of the expanded Khatalwada capacity for a full reporting period ahead of the corresponding volume ramp-up.

The compression in operating margin relative to the previous year is principally a function of the transition phase in which the Company currently operates. Fixed costs associated with newly commissioned capacity at the Khatalwada facility and the bamboo pilot facility at Guwahati were absorbed in full during the year, while the corresponding volumes are yet to be fully realised. Employee benefit expenses and contract labour costs also increased ahead of scale. Depreciation increased to INR 29.0 crore from INR 23.5 crore, reflecting the full- year impact of the capital expenditure at Khatalwada.

Profit for the year includes an adverse impact of INR 4.4 crore recognised as an exceptional item, arising from one-time provisioning consequent to the implementation of the new labour codes.

Return on capital employed for the year stood at 10.3% and return on equity at 8.3%, both reflecting the enlarged equity base following the initial public offering together with the margin compression described above. The Company s working capital position strengthened during the year, with net working capital days improving to 57 days from 74 days, comprising inventory days of 42, receivable days of 48 and payable days of 34, while operating cash flow more than doubled to INR 86.3 crore from INR 39.4 crore, reflecting working capital discipline and improved collections.

With effect from MarcRs.2026, the geopolitical situation in West Asia resulted in a sharp increase in polymer prices together with significant disruption across global supply chains, including congestion at Nhava Sheva and Mundra ports, extended transit timelines and constrained availability of certain critical grades. A portion of the shipments scheduled for the fourth quarter was consequently deferred into the subsequent period. The Company did not experience order cancellationsduringthis period, and customerforecasts remained unchanged.

Segment-wise and Product-wise Performance

The Company operates in a single reportable business segment, namely plastic consumerware, in accordance with Ind AS 108. An analysis of revenue by geography and by channel is set out below.

Exports continued to constitute the predominant share of revenue during theyear. Europe remained the Company s largest geography at approximately 58% of revenue, followed by the United Kingdom at 12% and the United States at 12%, with the domestic market contributing 17%. The increase in the domestic share of the revenue mix reflects a deliberate strategy of building a more balanced revenue base through expansion of general trade reach, scaling of the e-commerce presence and the launch of product categories designed specifically forthe Indian consumer.

By product category, Containers accounted for approximately 39% of consolidated revenue during the year as compared witRs.35% in FY 2024-25, followed by the Prep Time category at approximately 34% (FY 2024-25: 36%) and the Organisation category at approximately 15% (FY 2024-25: 9%). The balance of revenue was contributed by the Hangers, Meal Time, Cleaning Time, Bath Time and Junior categories and by miscellaneous sales of raw material, scrap and packaging material.

Within the domestic business, the Company sells both through white-label arrangements with retailers and distributors and under its own All Time brand.

Branded sales under the All Time brand contributed approximately in FY 2024-25, and the Company continues to accord priority to scaling this business as a margin- accretive component of the overall mix.

Material Developments Subsequent to the Balance Sheet Date

The additional capacity of 2,000 MT which was under installation at the year end has since been commissioned, taking the Company s installed capacity to approximately 41,000 MT. The Company has subsequently placed orders for 14 additional injection moulding machines, which are expected to add approximately 1,500 MT of capacity and to come on stream during the fourth quarter of FY 2026-27. The balance capacity under the approved expansion programme is proposed to be ordered in a phased manner, aligned to product mix requirements and the equipment configuration required by specific customer programmes.

In furtherance of the bamboo initiative, the Company has taken on lease a 75,000 square feet facility at Madanpur, Guwahati with effect from May 2026, which will serve as a dedicated bamboo board manufacturing unit with an installed capacity of 3,000 cubic metres per annum in the first phase. Machinery for the facility has been ordered in full, with upstream board production to be undertaken at Guwahati and downstream processing and finishing of finished bamboo articles at the Khatalwada facility. Commercial contribution from the bamboo vertical is anticipated to commence from the fourth quarter of FY 2026-27.

The disruption to raw material prices and to global supply chains arising from the West Asia situation, which commenced towards the end of the year under review, continued into the first quarter of FY 2026-27. The Company has progressively implemented price revisions across its customer base, with the domestic business repriced in full and the balance of the export book following the contractual rollover mechanism. Demand conditions and customer forecasts have remained firm throughout this period, and the Company has not experienced order cancellations.

Workforce

All Time Plastics Limited considers its workforce a critical pillar of its business and continues to focus on employee empowerment, capability development and operational excellence. The Company conducts regular training programmes covering health and safety, security awareness, business ethicsand technical competencies, including safe material handling, electrical safety and robotic machine operations. Conducted on an annual and semi-annual basis, these programmes help ensure workforce readiness, operational efficiency and adherence to safety standards.

The Company Is committed to workforce diversity and women s empowerment through initiatives such as the provision of monthly sanitary supplies, on-site creche facilities and equal participation opportunities across all three manufacturing shifts. It also continues to support employee well-being, career development and work-life balance while proactively aligning HR policies with evolving labour codes to strengthen statutory compliance and social security practices.

Information Technology

All Time Plastics Limited has implemented a licensed ERP platform integrating engineering, manufacturing and business operations in real time. The system streamlines data collection, reporting and operational visibility across order processing, scheduling, production, quality, accounting and shipping for enhanced process optimisation. The Company also utilises specific ERP modules for supplier management, project management and maintenance, while employing licensed SPINE software for Human Resources functions. Additionally, design and production facilities utilise IT-enabled processes, including licensed CAD software applications.

To ensure data integrity and operational continuity, the Company has implemented robust security measures and disaster recovery plans. These include a policy for minimising cyber risks, deployment of licensed anti- ransomware software across workstations, servers and email systems and structured cybersecurity incident reporting mechanisms. All business data is hosted on the Microsoft Azure cloud platform through a third- party provider, with backups secured via the Azure Backup Service. Furthermore, the Company maintains a formal policy detailing procedures for reporting cybersecurity incidents.

Sustainability as an Operational Enabler

The following sustainability initiatives have been undertaken during the year:

- Water usage in the facilities is dedicated exclusively to cooling moulds and machinery, with water loss occurring only through evaporation.

- Rainwater harvesting systems have been implemented across the companys manufacturing facilities.

- Manufacturing facilities utilise recycled materials, including polypropylene, ABS-PC blends and polyethylene terephthalate.

- All packaging materials consist exclusively of recycled and FSC-certified paper.

- All three plastic manufacturing facilities have operated as 100% energy-neutral units since 2022.

- More than 25% of the plastic products manufactured during FY 2025-26 were produced using recycled plastics.

- Operations continued to generate zero landfill waste during the year.

- 2 MWp of solar power capacity is installed across the Company s manufacturing facilities.

- 76% of the Company s injection moulding machines were all-electric as at MarcRs.31, 2026, delivering lower power consumption, higher uptime and faster cycle times than conventional machines.

The Company s sustainability practices are supported by external certification and assessment, including the Global Recycled Standard, Forest Stewardship Council certification, the Higg Index, ISO 50001:2018 and ISO 14001:2015, and the Amfori Business Environmental Performance Initiative.

8,000 kWh

Energy Saved per Year

1,812 MWh

Energy Produced via Rooftop Solar Panels at Daman & Silvassa Facilities Risk Management

The Company has established a dedicated Risk Management Committee to identify, assess and monitor business risks, ensuring the effective implementation of mitigation strategies and plans.

Following are the top risks and corresponding mitigation measures: Mitigation

I Risk	Impact	Mitigation jj
Liquidity Risk	Inability to meet short-term obligationssuchas borrowings, payables and lease liabilities may result in payment delays, increased financing costs and operational disruptions affecting business continuity.	The Company monitors rolling cash flow forecasts against available cash, bank balances, current investments and undrawn banking limits. Following deployment of the net proceeds of the initial public offering towards prepayment and repayment of borrowings, the debt to equity ratio stood at 0.13 as at MarcRs.31, 2026 as against 0.88 in the previous year.
Credit Risk	Counterparty defaults relating to trade receivables, bank balances and cash equivalents may adversely impact cash flows and profitability.	Credit exposure is concentrated among large, long- established international retail customers. Exposures are reviewed on an ongoing basis, credit limits are assessed periodically and expected credit losses are evaluated at each reporting date. Net working capital days improved to 57 days from 74 days during the year.
Interest Rate Risk	Fluctuations in interest rates may increase borrowing costs and create volatility in finance expenses and earnings.	Total borrowings reduced to INR 80.3 crore as at MarcRs.31, 2026 from INR 218.5 crore as at MarcRs.31,2025, substantially lowering exposure to interest rate movement. The mix of fixed and floating rate borrowings and the pricing of facilities are reviewed periodically with lenders.
Currency Risk	Exchange rate fluctuations impacting foreign currency liabilities and export receivables may affect profitability and cash flows.	Foreign currency export receivables are monitored against foreign currency payables and borrowings, which provides a partial natural hedge. The residual exposure is reviewed periodically by management in accordance with the Company \u2019 s treasury practices.
Price Risk	Fluctuations in market prices may impact the valuation of investments and financial assets.	Surplus funds are deployed in bank deposits and liquid investment products selected for capital preservation and liquidity rather than yield, thereby limiting exposure to market price movement.
Competition Risk	Intense competition from organised and unorganised players may impact pricing power, profitabilityand market share.	The Company competes on design capability, scale, cost efficiency and compliance rather than on price alone. Long product lifecycles, mould ownership and embedded supply chain integration result in high switching costs and support repeat orders and long customer tenures.
Concentration Risk	Dependence on a limited number of major customers without long-term contracts may increase revenue concentration risks.	The Company continues to diversify its customer base across new geographies, to scale the domestic branded business and to enter adjacent product categories, including engineered bamboo consumerware. Nineteen of the top twenty customer relationships were of more than five years \u2019 standing as at MarcRs.31,2026.
^9^ Raw Material Price Volatility	Polymer prices are linked to crude oil and petrochemical cycles and are subject to sharp movement. Prices rose materially following the escalation in West Asia, accompanied by constrained availability of certain specific grades.	The Company operates a structured pass-through arrangement with its customers. Price revisions have been implemented in full across the domestic business, with the export book repricing through the contractual rollover mechanism. Sourcing is spread across multiple suppliers and the use of recycled polymer increased to 8,022 MT during the year.
Supply Chain Disruption	Extended transit timelines, port congestion and the deferral of shipments may affect the timing of revenue recognition and the level of capacity utilisation in any given period.	The Company maintains bufferinventory of critical grades, works with multiple shipping lines and freight forwarders and plans production schedules with customers on a rolling basis. Customer forecasts remained unchanged and no order cancellations were experienced during the period of disruption.

Company Outlook

All Time Plastics Limited continues to focus on longterm growth through strategic capacity expansion, with installed capacity of 39,000 MT as of MarcRs.31, 2026, increasing to approximately 41,000 MT upon commissioning of the capacity currently under installation. The balance expansion under the approved programme, which would take total installed capacity to 52,500 MT, remains on track and will be taken forward in a phased manner in line with product mix requirements and demand visibility. Theexpansion is aimed at catering to rising international demand and supporting growth across essential export markets, including Europe, the United Kingdom, the United States, Australia and Japan. The Company also expects to benefit from China Plus One sourcing trends and the potential India-EU trade agreement, while further diversifying its manufacturing capabilities through expansion into blow moulding and silicone product categories.

As part of its sustainability-led diversification strategy, the Company is also expanding into engineered bamboo products through All Time Bamboo Private Limited, its wholly owned subsidiary, and through its collaboration with the North East Cane and Bamboo Development Council, underwhichtheCompanyhas been empanelled as a product and market development partner on a non-exclusive and non-binding basis. Following initial customer approvals and order traction, the Company has invested in specialised machinery and dedicated manufacturing infrastructure to strengthen its sourcing capability and product development platform, with commercial contribution anticipated from the fourth quarter of FY 2026-27. This expansion marks a strategic move beyond conventional injection-moulded plastic products into high-growth and environmentally sustainable product categories.

Internal Control Systems and Their Adequacy

The Company has established internal control systems across its operations to support operational efficiency, financial accuracy and effective process management. These controls are governed by internal policies and are strengthened through technology-enabled systems and structured monitoring mechanisms. The Company uses ERP-linked processes across key operational areas, along with integrated quality management systems, raw material and in-process quality checks and automated inventory management systems. These measures help maintain process discipline, strengthen inventory management and support consistent quality standards across operations.

The Audit Committee plays an important role in overseeing the Company s internal control framework. It evaluates internal financial controls and risk management systems, reviews the adequacy of the internal audit function and considers significant findings arising from internal audits along with the follow-up actions taken. The Committee also reviews internal control weaknesses, where identified, helping strengthen the overall control environment as the Company s operations evolve and expand. Corporate Governance Report Corporate governance is a critical aspect of promoting fairness, transparency, accountability, commitment to values, and ethical business conduct. The ultimate goal of corporate governance is to consider the interests of all stakeholders involved In the business, including shareholders, customers, suppliers, government regulators, and management.

The Board of directors plays a pivotal role in corporate governance, as it is responsible for enhancing shareholders value and protecting the interests of other stakeholders. By improving corporate performance and accountability, the Board ensures the long-term success and sustainability of the Company.