Time Technoplast Ltd Management Discussions

? OVERVIEW OF ECONOMY > Global Economy

As per the latest projections from the International Monetary Fund (IMF) in the January 2025 World Economic Outlook Update, global economic growth is anticipated to be 3.3% in both 2025 and 2026, slightly below the pre-pandemic average of 3.7%. This forecast reflects an upward revision for the United States, which offsets downward revisions in other major economies. Global headline inflation is projected to decline to 4.2% in 2025 and 3.5% in 2026.

Regional Growth Projections

• United States: The U.S. economy is projected to grow at 2.7% in 2025, supported by a strong labor market and sustained consumer spending. However, potential risks include higher tariffs and immigration restrictions under the current administration.

• Eurozone: Growth in the Eurozone is forecasted at 1.0% in 2025, with Germany facing particular challenges due to persistently high energy prices and weak consumer confidence.

• China: Chinas growth is projected to decelerate to 4.6% in 2025, influenced by a slowdown in the property market and reduced export demand.

Policy Recommendations

The IMF emphasizes the importance of carefully sequenced policy measures to achieve price stability and rebuild fiscal buffers. This includes balancing trade-offs between inflation control and economic activity and implementing structural reforms to enhance medium-term growth prospects. The IMF also underscores the need for stronger multilateral cooperation to address global challenges and uncertainties.

Indian Economy

Indias GDP growth forecast for FY26 has been revised upward to 6.5-7%, from an earlier estimate of 6.4%, reflecting expectations of stronger consumption spurred by tax reliefs, moderating inflation, healthy agricultural output, and sustained public investment in infrastructure. The IMF has maintained its FY26 growth projection at 6.5%, citing stable private consumption and overall macroeconomic stability as key drivers. The upward trend is further supported by Indias success in keeping retail inflation at 5.4% in FY24—the lowest since the pandemic. Strengthened bank and corporate balance sheets, continued fiscal consolidation, a stable external sector, and robust foreign exchange reserves contribute to the countrys solid economic foundation. Collectively, these indicators reinforce Indias economic momentum and underscore its rising prominence in the global economy.

? PRODUCTS

? PRODUCTS UNDER DEVELOPMENT

During the year, TimeTech reached a strategic inflection point, transitioning from conventional technology-based products to advanced, high-technology solutions with a strong focus on composite materials. Recognized for their superior strength-to- weight ratio, corrosion resistance, and design flexibility, composites are increasingly replacing metals in mission-critical applications across sectors such as energy, infrastructure, and mobility. Backed by sustained R&D and innovation, the Company is developing a range of high-potential composite products aimed at addressing emerging market needs, improving margins, and reducing working capital intensity. With a clear aspiration to become Indias leading composite product manufacturer and a proven track record in LPG composite cylinders, TimeTech is well-positioned to scale its presence across new applications. This strategic realignment underscores its commitment to innovation, operational efficiency, and long-term value creation for shareholders.

Through sustained R&D and the strategic deployment of advanced composite technologies focused on weight reduction and improved usability, TimeTech is actively developing a new generation of high-performance composite products across diverse applications.

Type IV Composite Gas Cylinders for CNG: TimeTech has pioneered the development of Indias first Type-IV CNG Composite Cylinders, approved by PESO and Bureau Veritas (Europe) in August 2020. Designed for cascade and mobile refueling applications, these cylinders represent a significant leap in gas transportation technology. Being 70% lighter than conventional Type-1 steel cylinders, they reduce CNG transportation costs by nearly 50% per trip, while doubling gas carrying capacity. These cylinders are metal-free, corrosion-resistant, maintenance-free, and explosion-proof—offering a longer service life and enhanced operational safety. Their lightweight construction improves fuel efficiency and eliminates issues like rusting or dry-outs common in steel cylinders. TimeTechs Type- IV composite cylinders are ideally suited for a wide range of applications, including CNG cascades, mobile refueling units, compressed bio-gas plants, telecom tower generators, and on-board use across various vehicle categories—from commercial buses and trucks to boats, cars, and even two- and three-wheelers. This innovation reinforces the companys leadership in advanced clean energy infrastructure and supports Indias transition to sustainable gas-based mobility and energy systems.

Hydrogen Cylinder for Fuel Cells: TimeTech is developing advanced Type-IV carbon- wrapped hydrogen cylinders designed specifically for fuel cell applications, offering a 90% weight reduction compared to traditional metal cylinders. This substantial decrease in weight translates into improved fuel economy, increased payload capacity, and overall operational efficiency. Engineered for high reliability and safety, these lightweight composite cylinders are ideally suited for use in hydrogen-powered vehicles and stationary power generation systems, including telecom towers and off-grid applications. As hydrogen gains global momentum as a clean energy alternative, TimeTechs high-performance storage solutions position the company at the forefront of the sustainable energy transition.

During the year, the Company received certification from Bureau Veritas for its 150-litre Type-IV Composite Cylinder for Hydrogen Applications, marking a significant step toward international compliance. This is in addition to the existing approval from Petroleum and

Explosives Safety Organization (PESO), the Government of Indias regulatory authority, for manufacturing and selling these cylinders domestically. These certifications enhance the Companys credibility in the hydrogen storage

segment and support its strategic focus on clean energy solutions.

Type III Composite Cylinder for Breathing Air / Medical OXYGEN: TimeTech has successfully developed Indias first fully wrapped, carbon fibre-reinforced Type-Ill Composite Cylinder for breathing air and medical oxygen, receiving PESO approval as the first locally manufactured cylinder of its kind. Designed for critical applications such as Self-Contained Breathing Apparatus (SCBA) used by firefighters, SCUBA diving, high-altitude mountaineering, hospitals, portable home oxygen units, and emergency ambulance

services, this product offers significant advantages over traditional Type-I metal cylinders. These include being explosion- proof, 60% lighter in weight, non-corrosive, and rust-free, with an extended service life. As a part of TimeTechs high-tech composite product portfolio, these cylinders are classified under value-added offerings and align with the companys strategy to deliver advanced, safety-critical, and sustainable solutions for healthcare and emergency response sectors.

Hydrogen Type III Composite Cylinder for Drone Applications: TimeTech has successfully developed Indias first Type-111 Composite Cylinder for hydrogen storage in drone applications, receiving PESO approval in November 2024—marking a significant technological breakthrough in the country. This innovation enables drones powered by hydrogen fuel cells to achieve up to three times longer flight durations per fueling compared to conventional battery-powered variants. With a refueling time of just five minutes—versus _ hours for battery recharging—and a weight advantage of

nearly 50%, hydrogen-powered drones deliver superior performance, including enhanced flight range, better efficiency at higher altitudes, and greater payload capacity. These cylinders are engineered for over 5,000 operating hours, significantly exceeding the 500-1,000 charge cycles typical of lithium-ion batteries. Beyond performance, hydrogen systems offer long-term cost benefits, environmental sustainability through water-only emissions, and strong applicability in long-range missions such as aerial surveying, mapping, and defense. This advancement reinforces TimeTechs position as a pioneer in high-tech composite solutions,

aligned with global trends in clean energy and next-generation mobility.

Composite Fire Extinguisher: TimeTech is developing a next-generation Composite Fire Extinguisher designed with an HDPE inner liner, offering superior strength through filament winding technology. The extinguisher is lightweight, carbon neutral, and fully recyclable, aligning with sustainability goals. Its corrosion-resistant and maintenance-free construction ensures longterm reliability, while its extended shelf life and ease of handling make it a durable and user- friendly solution for modern fire safety needs.

eSTART with SELENIUM: E-rickshaw Battery: Developed by our

subsidiary, Power Build Batteries Private Limited, the eSTART with Selenium E-Rickshaw Battery is a high-performance solution tailored for Indias growing electric mobility segment. Manufactured using Lead-Selenium alloy, it offers a high cycle life of up to 450 cycles, extended battery longevity through reduced water loss, and enhanced efficiency that delivers greater mileage per charge. With approximately 1.6 million E-Rickshaws in India as of March 31, 2025—each using four batteries priced at~INR 10,000—the addressable market size stands at ~INR 6,400 crore. Additionally, the sector is witnessing annual growth of around 0.4 million new E-Rickshaws, underscoring significant long-term demand. Designed to be lightweight, cost-efficient, and durable, this product strengthens TimeTechs strategic presence in sustainable and scalable energy solutions.

? UPCOMING PROJECTS

• Time Ecotech Pvt. Ltd. (TEPL)

Time Ecotech Pvt. Ltd. (TEPL), a wholly owned subsidiary of the TimeTech, is launching a greenfield facility in Gujarat as part of a larger, nationwide initiative to revolutionize industrial plastic waste management in India. Strongly aligned with the Groups commitment to sustainability and carbon emission reduction, TEPL will specialize in the recycling and reprocessing of used industrial plastic packaging-playing a pivotal role in advancing Indias circular economy goals. In response to the global shift toward sustainable practices, TEPL is taking a leadership role by developing scalable, transparent, and eco-friendly recycling processes in close collaboration with regulatory bodies and industry stakeholders. Backed by a long-term investment of approximately 120 crore, the company will establish four fully automated recycling plants across Indias key regions-West, North, South, and East. Over the next three years, these facilities are expected to process up to 60,000 metric tonnes of post-

consumer plastic waste annually. Leveraging cutting-edge automation and rigorous environmental controls, TEPL will reintroduce high-quality recycled materials into industrial supply chains, transforming plastic waste into valuable raw materials and significantly reducing environmental impact.

The primary objective of Time Ecotech Pvt. Ltd. (TEPL) is to establish a technologically advanced and environmentally responsible plastic recycling infrastructure that supports Indias transition toward a circular economy. By setting up a greenfield facility in Umbergaon, Gujarat, and expanding across key regions of the country, TEPL aims to efficiently recycle and reprocess industrial plastic packaging waste, reduce carbon emissions, and reintegrate high-quality recycled materials into industrial supply chains. This initiative also seeks to create long-term value through sustainable practices, promote resource recovery, and strengthen the Groups leadership in responsible manufacturing and waste management.

The Company proposes establishing a fully automated polymer reprocessing facility in Umbergaon, Valsad, Gujarat, with an annual processing capacity of 15,000 metric tonnes for recycling used plastic packaging materials. This initiative is strategically aligned with circular economy principles and is aimed at supporting key sectors such as chemicals, pharmaceuticals, and food processing. The project, with an estimated capital outlay of 25 crores, will incorporate advanced, energy-efficient technologies to ensure high standards of operational efficiency, environmental compliance, and product quality. Upon commission, the facility will contribute meaningfully to the reduction of plastic waste and promote sustainable material management in line with evolving regulatory and industry benchmarks.

• Elan Steel Containers (FZC)

As part of its strategic international expansion, Time Technoplast Ltd., through its wholly owned subsidiary Elan Incorporated FZE, has established Elan Steel Containers (FZC) in the Sharjah Airport Free Zone (SAIF Zone), UAE, thereby making it a step- down subsidiary of the Company. This development marks the Groups foray into steel drum manufacturing in the Middle East, significantly broadening its industrial packaging portfolio beyond polymer-based solutions such as PE drums, jerry cans, Conipack pails, and IBCs. The move aligns with the Companys long-term vision of becoming a one-stop packaging solutions provider, catering to the complete requirements of its multinational customer base in the region.

The newly established facility in Sharjah has been built to international standards, equipped with advanced automation and stringent quality control systems. Elan Steel Containers (FZC) will produce durable, high-quality steel drums that adhere to global safety and regulatory norms, addressing the growing demand from sectors such as chemicals, petroleum, solvents, and construction. The Middle East continues to be one of the Groups fastest-growing markets, with active operations across Sharjah, Bahrain, Saudi Arabia, and Egypt. With projected volume growth of over 15% per annum over the next three years, this strategic addition strengthens the Groups regional presence and positions it to capitalize on sustained market demand through a diversified and integrated packaging portfolio.

• Amalgamation of NED Energy Ltd. & Power Build Batteries Private Ltd

The Honble Regional Director, South-East Region, Hyderabad, Ministry of Corporate Affairs, has approved the Scheme of Amalgamation between NED Energy Limited (Transferor), a subsidiary of the Company, and Power Build Batteries Private Limited (Transferee), a wholly owned step-down subsidiary. The approval was granted under Section 233 of the Companies Act, 2013, vide confirmation order dated May 3, 2025. The Appointed Date for the implementation of the Scheme is April 1, 2024, marking a significant step in the Groups efforts to consolidate its energy storage business under a unified structure.

The amalgamation is expected to yield multiple strategic and operational benefits, including enhanced operational efficiency, optimal resource utilization, improved profitability, and greater economies of scale. The consolidation is also anticipated to result in cost savings through streamlined operations and shared infrastructure, ultimately strengthening the Groups competitive positioning in the battery and energy storage segment. This restructuring is aligned with the Groups broader objective of building a scalable, integrated, and high-performance clean energy business.

• END USER INDUSTRY OVERVIEW

• Plastic Industry

The global plastic market, projected to be valued at USD 650 billion in 2024, is anticipated to grow at a compound annual growth rate (CAGR) of 4.1% from 2025 to 2030. This growth is primarily fuelled by the increasing shift from traditional

materials such as glass and metals to plastics. The market is highly regulated and encompasses a variety of resins, including polystyrene (PS), polyethylene (PE), ABS, and polypropylene (PP). In India, the plastic industry supports 4.5 million jobs and consists of approximately 35,000 processing units. The Indian government is working to boost the sectors economic contribution from 3.5 lakh crore (US$ 42 billion) to 12 lakh crore (US$ 150 billion) over the next 4-5 years, with a key focus on enhancing exports. Polyethylene (PE) and polypropylene (PP) continue to dominate the market. The growing consumption of plastics is partly driven by regulations that encourage the use of plastics over metals like aluminium and steel in automotive components, resulting in improved fuel efficiency and reduced carbon emissions. Furthermore, relaxed foreign direct investment (FDI) norms and a surge in infrastructure development have supported the growth of Indias construction sector, contributing to an expanding plastic market. Emerging economies such as Brazil, China, India, and Mexico are also key players in driving plastic demand, particularly through their expanding construction activities.

• Packaging Industry

As of 2025-26, the global packaging market is valued at approximately USD 1.14 trillion, with forecasts suggesting it will reach USD 1.38 trillion by 2029, growing at a CAGR of 3.89%. In India, the packaging materials market is projected to be worth USD 44.4 billion in 2024, with a growth rate of 6.8% CAGR through 2030. The Indian plastic packaging market is expected to reach USD 22.44 billion by 2025, growing at a CAGR of 3.09% from 2025 to 2030. Flexible plastic packaging, particularly in the food, beverage, and e-commerce sectors, is witnessing significant growth due to increasing consumer demand for convenience and sustainability. Meanwhile, rigid plastic packaging, including PET and HDPE containers, remains dominant due to their strength, durability, and recyclability.

Plastics play a crucial role across industries like packaging, automotive, and manufacturing due to their unique properties. Demand is set to grow rapidly, driven by the rising need for recycled plastics and bioplastics. The packaging market is also evolving, with paper packaging benefiting from the rise of online retail and environmental regulations on non-biodegradable solutions. Additionally, government regulations are increasing the use of recycled PET in flexible packaging, gradually replacing traditional methods.

The Flexible Packaging Association reports that over 60% of flexible packaging is used for food products, driving significant growth in the industry. Its ability to integrate innovative solutions for various packaging challenges has positioned flexible packaging as a key driver of market expansion. Additionally, the increasing demand for sweets and confectionery has prompted many flexible plastic packaging providers to develop tailored solutions, further boosting sales and revenue in this sector.

• Rigid Packaging

As of 2025-26, the global rigid plastic packaging market is valued at approximately USD 265.18 billion and is expected to reach USD 308.02 billion by 2030, growing at a CAGR of 3.04%. The growth is driven by rising consumer demand, technological advancements, and improved recycling rates. Asia-Pacific leads the market, holding over 39.7% of the share in 2024, with China and India playing key roles due to their growing economies and industrial sectors.

Rigid plastic packaging is commonly used in food, beverages, pharmaceuticals, and personal care for its durability, lightweight, and cost-effectiveness. Materials like PET, HDPE, and PP are widely used for bottles, containers, and other packaging. Advancements in manufacturing, such as injection molding and thermoforming, improve design flexibility and efficiency. The push for sustainability is also driving the adoption of recyclable and eco-friendly packaging.

As of FY2025-26, the Indian rigid plastic packaging market is anticipated to reach approximately 2.18 billion (USD 2.64 billion), with a projected growth rate of 8% CAGR through 2030. This expansion is fueled by the growing demand for consumer goods, innovations in packaging technologies, and improvements in recycling practices. The Asia-Pacific region continues to lead the market, holding over 39.7% of the share in 2024, with India and China playing key roles due to their rapidly expanding economies and industrial sectors.

• Chemical Industry

As of FY2025-26, Indias chemical sector remains the 6th largest producer globally and 3rd in Asia, contributing around 7% to GDP. Valued at approximately US$ 300 billion, the sector is expected to reach US$ 383 billion by 2030, driven by demand in

textiles, agriculture, pharmaceuticals, and automotive. This growth is supported by investments, including 8 lakh crore (US$ 107.38 billion) in chemicals and petrochemicals by 2025, and 1 lakh crore (US$ 12 billion) in the Dahej PCPIR infrastructure. The Global chemical industry stands strong at US$ 5.11 trillion in 2023 and is expected to grow to US$ 5.57 trillion in 2024 with a CAGR of 9%. This is further anticipated to rise to US$ 7.78 trillion by 2028 with a CAGR of 8.7% (20242028).

India is the fourth-largest producer of agrochemicals globally, following the United States, Japan, and China. The country contributes 16-18% of the worlds production of dyestuffs and dye intermediates, and its colorants industry has become a significant global player with a market share of approximately 15%. Indias chemicals industry operates under a de-licensing framework, except for certain hazardous chemicals. The nation holds a strong global position in both chemical exports and imports, ranking 14th in exports and 8th in imports (excluding pharmaceuticals), underscoring its vital role in the global chemical supply chain.

• Infrastructure Pipes Segment

As of FY2025-26, the global plastic pipe market is valued at USD 60.39 billion and is expected to reach USD 89.57 billion by 2030, growing at a CAGR of 6.8%. The Indian market is projected to grow at CAGR of 10.3% from 2022 to 2027, reaching USD 10.9 billion by 2027. Key drivers include increased government infrastructure investment, a booming real estate sector, industrial growth, and the replacement of aging pipes.

PVC remains the third most produced synthetic polymer due to its durability, corrosion resistance, lightweight nature, and tensile strength, making it an ideal, cost-effective alternative to metal pipes.

Despite pandemic challenges, the polymer pipes sector has shown resilience, especially in India, where demand for CPVC pipes in plumbing has surged. Initiatives like "Har Ghar Jal Yojna" and "Jal Jeevan Mission" are further driving the demand for plastic pipes, particularly in rural areas, creating significant opportunities for the sector.

• Auto Component Industry

In recent years, India has emerged as the worlds fastest-growing economy. This rapid growth, combined with rising incomes, increased infrastructure spending, and enhanced manufacturing incentives, has significantly accelerated the automobile sector. The surge in demand for automobiles has also fostered the rise of more original equipment manufacturers (OEMs) and auto component suppliers. As a result, India has developed deep expertise in both automobiles and auto components, which has, in turn, boosted global demand for Indian-made vehicles and components. Consequently, the Indian automobile industry plays a key role in driving the growth of the auto component sector.

As of FY2025-26, Indias auto component industry continues to be a critical sector for economic growth and employment. The industry now contributes approximately 2.4% to Indias GDP and provides direct employment to over 1.7 million people. By 2026, the sector is expected to contribute 5-7% of Indias GDP. The Automotive Mission Plan (2016-26) aims to generate 3.5 million new direct jobs by 2026. With significant development prospects across all vehicle industry segments, driven by increasing domestic demand, the auto component industry is projected to grow 5-8% in FY2025-26. The industrys revenue is expected to exceed 2.7 lakh crore, fueled by trends like vehicle premiumization, focus on localization, stronger export performance, and evolving regulatory norms. By FY2026, the auto component industry is forecast to reach a market size of US$ 200 billion.

Energy Storage Device

The global market for battery energy storage systems is poised for impressive growth, with an expected CAGR of 27%. In India, the battery storage systems market is forecast to grow at a solid CAGR of 10.5% from 2022 to 2027. This growth is driven by grid modernization and the increasing adoption of lithium-ion batteries in the renewable energy sector.

The rise in rural electrification projects and the growing need for a reliable power supply have helped overcome the high capital expenditure typically associated with installing these storage systems. In India, the Lithium-ion Battery segment is expected to dominate, largely due to the surging demand in renewable energy projects. Indias ambitious target of achieving 500 GW of renewable energy capacity by 2030 creates significant opportunities for the battery storage market. Government- led initiatives like the Ramagiri Solar-Wind-Hybrid project, backed by the Solar Energy Corporation of India (SECI), are key drivers of this demand, further fueling growth in the sector.

• Liquefied petroleum gas (LPG)

Globally, the LPG market was valued at US$ 142.83 billion in 2023 and is projected to grow from US$ 151.96 billion in 2024 to US$ 281.29 billion by 2032, registering a CAGR of 7.33% between 2023 and 2032.

As per the statement released by the Ministry of Petroleum and Natural Gas (MoPNG) on August 5, 2024, India has achieved full LPG penetration across all states, with approximately 50 crore cylinders in circulation and 32.68 crore active domestic connections as of July 1, 2024. This widespread adoption has led to a notable increase in monthly LPG demand across both residential and commercial segments. Public sector Oil Marketing Companies (OMCs), which cater to this vast consumer base, regularly assess their inventory and issue tenders to procure new cylinders to support refill cycles and new customer onboarding. Given the 15-year average life cycle of steel LPG cylinders in India, the replacement demand is estimated at 3 crore cylinders annually. The Indian LPG cylinder market, valued at USD 2.1 billion in 2024, is projected to reach USD 3.07 billion by 2030, growing at a CAGR of 6.4%, driven by rising consumption, infrastructure development, and deepening household penetration.

The Company has significantly expanded its global footprint in the LPG composite cylinder segment, now exporting to over 51 countries. Since commencing supplies to Indian Oil Corporation Ltd. (IOCL) in 2022, the Company has delivered over 20 lakh cylinders within 24 months, generating more than $47 million in revenue during this period. The export network continues to grow, with recent market additions including Ethiopia, Albania, Iraq, Taiwan, Ghana, Nigeria, Bermuda, St. Lucia, Romania, Burundi, Australia, the UAE, and the USA. Furthermore, product samples have been submitted to new prospective markets such as Kuwait, Oman, and Saudi Arabia, reinforcing the Companys strategy of expanding its global customer base and strengthening its position as a leading supplier of innovative LPG solutions.

Driven by a growing focus on reducing greenhouse gas (GHG) emissions and promoting sustainable energy, LPGs application is expanding worldwide. The Indian government has actively supported LPG adoption through initiatives and subsidies, including the PAHAL scheme, which directly transfers subsidies into the bank accounts of eligible consumers. As a result, LPG is becoming an increasingly attractive alternative fuel for a wider range of applications.

• Compressed Natural Gas (CNG)

The Compressed Natural Gas (CNG) market is poised for significant expansion, with projections indicating a growth of approximately USD 20 billion between 2024 and 2028, driven by a robust CAGR of 7.51%. India, in particular, offers a compelling growth opportunity, supported by low current penetration of CNG stations and vehicles, and reinforced by government initiatives promoting clean energy adoption. The market for CNG composite cylinders spans a wide range of high- potential applications, including CNG cascades, Mobile Refuelling Units (MRUs), Compressed Bio-Gas (CBG) systems, gas generators for telecom towers, and intracity buses. Industry estimates place the total addressable opportunity at USD 340 million. The strategic relevance of this segment is underscored in the Ministry of Petroleum and Natural Gas 2020 publication, Emerging Opportunities in India for Natural Gas, which highlights CNGs pivotal role in the countrys energy transition. With 22 City Gas Distribution (CGD) entities managing over 8,000 CNG stations—each requiring at least two CNG cascades—the base demand alone exceeds 16,000 cascades, with considerable upside from continued infrastructure expansion.

The Government of Indias broader vision of creating a gas-based economy is accelerating investment across key infrastructure areas, including the national gas grid, LNG import terminals, and the growing CGD network. Natural gas, as a cleaner, more sustainable fuel, is central to Indias strategy to reduce its carbon footprint while enhancing energy security. This infrastructure expansion is also expected to spur industrial development, support local manufacturing under the "Make in India" initiative, and generate employment across skilled and unskilled labor segments. Within this context, TimeTechs strategic entry into the CNG composite cylinder market is both timely and aligned with national policy priorities. The Company is well-positioned to contribute to and benefit from this transformation by offering high-performance, lightweight, and durable composite cylinder solutions that meet growing domestic and regional demand.

• BUSINESS OVERVIEW

Time Technoplast Ltd. (Time Tech) is a globally recognized multinational conglomerate with a robust presence in 11 countries, including key markets such as Bahrain, Egypt, Indonesia, India, Malaysia, the U.A.E, Taiwan, Thailand, Vietnam, Saudi Arabia, and the USA. As an industry leader in the manufacturing of polymer products, Time Techs extensive portfolio spans a diverse range of technologically advanced, innovative solutions, meticulously crafted to meet the unique needs of multiple sectors.

Founded in 1992, Time Tech has established itself as a pioneering force, distinguished by its unwavering commitment to research and development, cutting-edge product design, and a customer-centric approach. Over the years, the company has marked several significant milestones, including its successful IPO and listing on the NSE & BSE in 2007. Notably, Time Tech was the first company in India to introduce PE Drums to replace conventional steel drums, along with innovations such as 1,000-liter Intermediate Bulk Containers (IBC), Plastic Fuel Tanks for Commercial Vehicles, Lithium Batteries, Spray Suppression Systems (3S), and Composite Gas Cylinders (covering LPG, CNG, Oxygen, and Hydrogen).

Driven by a relentless pursuit of excellence in innovation, superior quality, and unparalleled customer satisfaction, Time Tech has continuously evolved, solidifying its position as a forerunner in the polymer products industry. Its strategic focus on sustainable growth, coupled with an enduring commitment to technological advancements, underscores the companys success in driving transformative changes across its diverse business verticals, ensuring both market leadership and a future- forward vision.

Time Techs legacy is not just one of achievements, but of shaping a future where innovation meets application, creating lasting value for its stakeholders and contributing to global industrial advancements.

Products

Time groups portfolio consists of technology driven innovative products catering to growing industry segments like Industrial packaging solutions, Lifestyle products, Material handling solutions, Composite cylinders, Infrastructure/ Construction related products, and Automotive components. The Group has over 14 recognized brands and works with more than 900 institutional customers globally.

FY 25 Revenues by product category (% of value)

Established Products

The established products portfolio constitutes 73% (P.Y. 75%) of total revenue in fiscal 25. This product basket is broadly divided into 3 categories: Industrial Packaging (Drums, Jerry cans & Pails), Infrastructure (PE Pipes and Energy Storage Devices), Technical & Lifestyle (Turf & Matting, Disposable Bins & Auto Components). The Company generated 3,987 Cr from this segment in fiscal 25 as against 3, 725 Cr in the previous year.

Industrial packaging

Time Group specializes in manufacturing polymer drums, barrels, jerry cans, and pails to meet diverse packaging needs. Renowned as the leading global producer of largescale plastic drums, the Group utilizes advanced polymer processing technologies such as blow molding, injection molding, and extrusion molding. These methods ensure a seamless production process without welds or joints, delivering a wide array of products.

Each item is equipped with specialized stoppers, plugs, bungs, inserts, caps, and handles tailored to precise design specifications and industry requirements. The Group serves a broad spectrum of sectors including chemicals, paints, pigments, food and beverage, petrochemicals, industrial coatings, agriculture, pharmaceuticals, minerals, automotive, and construction materials.

Looking ahead, the Group foresees robust demand for industrial packaging products, particularly from the chemical industry. This growth is driven by the relocation of chemical companies from China and an increase in chemical exports. Furthermore, the Group expects significant opportunities from ongoing infrastructure projects initiated by governments and planned expansions within the chemical sector in India.

Pipes (Infrastructure)

With good orders in hand, new product launches and various central government infrastructure schemes, the management is highly optimistic about this segment. Various central government infrastructure schemes like Nal Se Jal the last mile connectivity for drinking water, Smart City mission, and affordable housing etc. provides substantial business potential over the medium term.

Technical and Lifestyle

This segment includes three divisions: Turf & Matting, Disposal bins and Auto components. Time group is one of the leading players in the matting segment and has been delivering value for money solutions across industries and customers. These Lifestyle Products are not only functional but also add to the aesthetics. Disposal Bins a necessity for hygienic life and made from recyclable material, adhere to stringent international quality standards. Its superior design ensures easy handling. The group supplies several products to automobile industry including rain flap, fuel tanks and air ducts.

? Value Added Products

The value-added products which include Intermediate Bulk Container (IBC), Composite Cylinder and multilayer multi oriented X cross laminate film (MOX Film), contributed 27% (P.Y. 25%) towards total revenue in fiscal 2025 and generated 1,475 Cr as compared to 1,282 Cr in previous year.

Intermediate bulk container (IBC)

Intermediate Bulk Containers (IBCs) are engineered to perform reliably even in the most demanding environments and rough handling conditions. They can reduce storage and transportation costs by up to 75% compared to traditional drums, making them an incredibly cost-effective solution. As the worlds third-largest manufacturer of IBCs, the Time Group is at the forefront of providing efficient, high-performance storage options.

The global chemical industry is driving increasing demand for HDPE-bottled rigid IBCs, thanks to their exceptional chemical resistance. As chemical formulations evolve, the market for IBCs is expanding rapidly. Additionally, IBCs are becoming increasingly popular for the storage and transport of corrosive chemicals, owing to their resilience against environmental stress cracking. The market share for composite IBCs is also expected to grow significantly, driven by their superior durability, enhanced safety features, and efficient handling capabilities, making them the preferred choice for many industries.

Composite Cylinders

Composite cylinders provide a superior alternative to traditional metal cylinders, offering benefits such as lightweight construction, rust and corrosion resistance, UV durability, and an attractive appearance. Most importantly, they are explosion- proof. As the worlds second-largest manufacturer of composite cylinders, the Time Group serves a global market, with operations in over 40 countries and approvals to supply in 51 nations.

The Groups flagship LiteSafe LPG composite cylinders, ranging from 2KG to 22KG, offer significant advantages over metal cylinders, including improved safety, ease of use, and enhanced corrosion resistance, fuelling global demand. In India, we supply composite cylinders to private LPG distributors and are focused on increasing market penetration. A milestone was reached in March 2022 with a major order of Type-IV LPG composite cylinders from Indian Oil Corporation Limited (IOCL), with ongoing and additional orders anticipated.

Looking ahead, the Time Group is committed to solidifying its leadership position and becoming the preferred global supplier by focusing on efficient mass production, cost reduction, and high-capacity utilization. We plan to expand further in India and internationally, ensuring stable production and cost-effective operations.

In 2025, sales of LPG composite cylinders reached approximately 227 Crores, supported by exports and new market ventures in Romania, Burundi, and Congo, in addition to its presence in 51 countries. Concurrently, the CNG cylinders and cascades segment generated sales of about 395 Crores during the same period.

The Group has also made significant advances in product innovation, including securing approvals for Type IV composite cylinders for hydrogen from PESO and introducing new products such as Type IV Composite Gas Cylinders for CNG Hydrogen Cylinder for Fuel Cells, and Hydrogen Type III Composite Cylinder for Drone Applications. The Company has made a strategic decision to consolidate its products and manufacturing units. This includes Brownfield expansion and adding New Units, which will better align with evolving market demands while optimizing operational costs. These developments highlight the Groups commitment to innovation and operational excellence in serving diverse global markets.

MOX Films

Launched in FY17 under the brand Techpaulin, the MOX film (Multi-layer Multi-axis Oriented Cross Laminated Film) has garnered strong industry response. With a network of 450 dealers and 22 distributors across India, the product is well- established, supported by over 25 super distributors nationwide. Various sales and awareness initiatives have been well- received, and we continue to explore new applications, such as truck covers, pond liners, mulching films, and polyhouse films. Additionally, we are expanding our focus on new export markets, including Thailand, Malaysia, Germany, the UK, and the USA.

Overseas Business

Time group has manufacturing presence in 10 countries apart from India that cater to industrial packaging segment. The overseas business contributed 1,857 Cr to the overall top line of the Group during fiscal 2025, which translated to 34% (P.Y. 33%) of total revenues. EBITDA margin for domestic operations is about 14.6% while the same in overseas is 14.2%.

? REVIEW OF FINANCIAL PERFORMANCE FOR THE YEAR Consolidated performance for the year ended March 31, 2025

	FY 25	FY 24
Total Income	54,623	50,066
Total expenses	46,721	43,016
EBITDA	7,902	7,050
Finance Cost	915	1,014
Depreciation	1,697	1,726
PAT	3,879	3,105

Key Ratios (Consolidated)

S. No.	Particulars	FY 25	FY 24
1	EBITDA to Sales	14.5%	14.1%
2	PAT to Sales	7.1%	6.2%
3	Total Debt to Equity	0.22	0.29
4	Net Debt to EBITDA	0.59	0.84
5	Return on Capital Employed	18.1%	16.4%

Standalone performance for the year ended March 31, 2025 ( Million)

	FY 25	FY 24
Total Income	26,704	26,470
Cost of material consumed	18,721	19,037
Other expenses	4,026	3,622
EBITDA	3,958	3,812
Finance Cost	562	578
Depreciation	1,058	1,084
PAT	1,743	1,595

? CAPITAL EXPENDITURE

Total capital expenditure incurred for the year was 1,954 million. Capacity expansion, reengineering, and automation of established products accounted for 808 million while capital expenditure towards value added products was 1,146 million. Time group continues to focus on Brownfield expansion in India and overseas for future growth and leveraging of existing infrastructures.

? Firm Footsteps towards Sustainable Growth

Since our inception, we have been dedicated to sustainable product development and manufacturing, positioning ourselves as leaders in polymer-based innovations. At Time Technoplast, innovation is at the heart of our operations, driving continuous investment in R&D. With a team of over 35 experts, we focus on improving cost efficiency while expanding our product portfolio through ongoing technological advancements.

Our R&D efforts target high-growth areas, using a systematic approach to product selection that evaluates technical feasibility, business potential, and customer feedback. This has led to the successful launch of innovative products like Antistatic Drums, IBCs, Composite Cylinders, Plastic Fuel Tanks, and De-air Distribution Tanks. Recent innovations, such as MOX film and advanced multilayer PE pipes for cable ducts with silicon in-lining, demonstrate our commitment to delivering cutting-edge solutions that meet the dynamic needs of the market.

? KEY RISKS

? Raw material availability

We have faced no significant challenges in sourcing our primary raw materials. Polyethylene (PE) granules, derived from petroleum and natural gas, remain the cornerstone input across all our business segments. A substantial portion of these granules is imported from neighboring countries, with the balance procured from domestic manufacturers. Our procurement strategy is a balanced mix of open-market purchases and both short- and long-term supply agreements, ensuring stability and cost efficiency. As the global focus on sustainability intensifies, the landscape for recycled plastics continues to evolve. Despite this shift, we anticipate sustained—and potentially rising-demand for virgin polyethylene, driven by both regulatory developments and quality considerations. Countries such as China, India, Vietnam, Indonesia, the United States, and regions across Europe are increasing investments in recycling infrastructure, which is expected to support long-term demand equilibrium within the market.

? Commodity price risk

The Company is exposed to fluctuations in polymer prices which are determined by the supply and demand in the Indian and international markets. Since polymers are crude derivatives, the prices also tend to follow crude prices which are volatile, and this volatility influences Companys income and net profit.

• Foreign exchange and other risk

Operating in international markets presents us with risks that differ from those in India. These include currency fluctuations, import/export regulations, customs procedures, and changes in government policies and regulations often found in developing countries. Additionally, we face challenges such as labour unrest, geopolitical instability, conflict, terrorism, defaults in certain jurisdictions, and hyperinflation. Payments from our overseas subsidiaries can be impacted by restrictions on currency conversion to US dollars, changes in tax policies, and other trade compliance regulations.

• HUMAN RESOURCES OVERVIEW

At the core of our Human Resource philosophy lies a deep commitment to continuous learning and employee development. We foster a culture where every team member-regardless of their position—is encouraged and expected to pursue ongoing personal and professional growth. Continuous learning is not just a value but a prerequisite for employment within our organization. We are dedicated to offering meaningful, realistic career development opportunities that empower employees to evolve alongside the business, aligning both market dynamics and individual aspirations.

Our talent strategy emphasizes long-term capability building, ensuring that our workforce remains agile and the future ready. To support this, we provide structured training programs, upskilling initiatives, and internal mobility opportunities that inspire innovation and adaptability. Industrial relations are managed with a localized and structured approach. Responsibility rests with site-level management—at factories and warehouses, ensuring direct engagement and quick resolution of issues. Matters requiring escalation are addressed at regional or national levels, in full compliance with local labor laws and best practices, fostering a collaborative and respectful workplace environment.

• ENVIRONMENT HEALTH AND SAFETY

TIME TECHNOPLAST LTD places a strong emphasis on the health, safety, and well-being of all individuals involved in its operations, while also committing to creating and maintaining a sustainable and environmentally responsible operational framework. The company fosters a collaborative approach, where employees at every level actively contribute to enhancing environmental, occupational health, and safety standards, with a focus on not just meeting but exceeding industry benchmarks. The companys Environmental, Health, and Safety (EHS) policy goes beyond mere compliance with legal regulations; it is deeply rooted in a commitment to empowering employees, fostering continuous learning, and providing ongoing training to drive excellence in safety and sustainability. To ensure the effectiveness of its EHS initiatives, TIME TECHNOPLAST LTD conducts regular external audits, carefully evaluating the outcomes of these assessments.

The insights and recommendations from these audits are integrated into the companys ongoing strategy for continuous improvement, reinforcing its dedication to a safer, healthier, and more sustainable workplace.

• INTERNAL CONTROLS AND THEIR ADEQUACY

The Company has established internal control systems that are appropriate for its size and nature. Experienced personnel are strategically placed within the organization to oversee these controls and ensure compliance with relevant standards.

Internal control is a crucial aspect of the Companys operations, aimed at achieving the following objectives:

- Ensuring the reliability and accuracy of financial and management information,

- Promoting effective and profitable operations aligned with the Companys strategy,

- Safeguarding the Companys assets,

- Complying with applicable laws, regulations, agreements, and the Companys own governance and operational guidelines.

Professional Chartered Accountants are responsible for conducting regular internal audits across all units and locations. Their findings are reported quarterly to the Audit Committee of the Board, which is led by a Nonexecutive Independent Director.

CAUTIONARY STATEMENTS

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectation may be "forwardlooking" within the meaning of applicable laws and regulations. Actual results might differ materially from those expressed or implied. Companys operations may be impacted by various factors, including its reliance on telecommunication and information technology systems, government policies, and other influences. The Company disclaims any liability for consequences arising from decisions based on these statements and does not undertake to update them in the future.