All Time Plastics IPO: Check details here

8 Aug 2025 , 09:26 AM

All Time is a growing manufacturer of plastic consumerware. 85% of its business is in B2B exports with leading brands like Ikea and Asda. It has well diversified product mix comprising more than 1800 SKUs.

Its IPO of INR 4,006 million is part fresh offer and part offer for sale. It intends to use the proceeds to improve its balance sheet and strengthen its manufacturing operations.

Offer Details of IPO

• Total Offer size: Upto INR 4006 million
• Fresh Issue: Up to INR 2,800 million
• Offer for Sale: Up to INR 1206 million

  The offer for sale consists of up to 4,385,562 equity shares of face value INR 2 each

1. The promoters, Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah, are selling up to 1,461,854 equity shares each.

Price Band: Rs. 260 to Rs. 275 per Equity Share

Book Running Lead Managers (BRLMs)

The BRLMs for the issue are:

• Intensive Fiscal Services Private Limited
• DAM Capital Advisors Limited

IPO Registrar:

• KFin Technologies Limited

The objectives of the IPO

The objectives of the IPO are to utilize the net proceeds towards de-leveraging, capital expenditures, and general corporate purposes. Specifically, the company aims to repay

• Utilise up to INR 1,430 million to replay a portion of its outstanding borrowings.
• Utilise up to INR 1,137.14 million to purchase equipment and machinery for its Manekpur Facility, and install an automated storage and retrieval system.

Consumerware Industry Overview

The Consumerware industry refers to the market for products and services that cater to the daily needs of households and individuals. This industry encompasses a wide range of products, including kitchenware, tableware, cookware, home decor, and other household items. The end customers of this industry are primarily households and individuals who purchase these products for personal use. The industry offers a diverse range of products, from basic essentials to premium and luxury items, catering to various consumer preferences and needs.

Key Segments within the Industry

The Consumerware industry can be broadly segmented into several key categories:

• Kitchenware: This segment includes products such as cookware, cutlery, utensils, and other kitchen essentials.
• Tableware: This segment includes products such as plates, bowls, cups, and other dining essentials.
• Home Decor: This segment includes products such as furniture, lighting, textiles, and other decorative items for the home.
• Storage and Organization: This segment includes products such as storage containers, shelving units, and other organizational solutions for the home.

These segments are not mutually exclusive, and many companies operate across multiple segments, offering a range of products to cater to different consumer needs and preferences.

 Industry Size and Growth Trends

The global consumerware industry has exhibited continuous growth over the years, with a market size of USD 120 billion in CY 2024. The industry is expected to grow at a CAGR of 6.3% between CY 2024 and CY 2029, reaching a market size of USD 163 billion by CY 2029.

Segment-wise Growth Trends

• The industry can be segmented into various categories, including houseware, cookware, tableware, and others.
• The houseware segment is expected to grow at a CAGR of 6.8% between CY 2024 and CY 2029, driven by increasing demand for modular kitchens and functional living spaces.
• The cookware segment is expected to grow at a CAGR of 7.0% between CY 2024 and CY 2029, driven by increasing demand for premium cookware and tableware.
• The tableware segment is expected to grow at a CAGR of 6.9% between CY 2024 and CY 2029, driven by increasing demand for aesthetically pleasing and functional tableware.

Key Drivers of Growth

The growth of the consumerware industry is driven by several key factors, including:

• Increasing Disposable Income: Rising disposable income has resulted in an increase in demand for premium and high-quality houseware products.
• Growing Middle Class Population: The growing middle class population in emerging economies such as India and China is driving demand for consumerware products.
• Product Development and Innovations: Changing consumer preferences for houseware products that demand design along with functionality has led to innovation in the industry.
• Online Shopping: The rise of online shopping has made it easier for consumers to purchase consumerware products, driving growth in the industry.
• Social Media Influence: Social media influencers have played a significant role in promoting consumerware products, driving growth in the industry.

Overall, the consumerware industry is expected to continue growing, driven by increasing demand for premium and high-quality products, product development and innovations, and the rise of online shopping.

Company Background and Overview

All Time Plastics Limited was incorporated as a private limited company on March 8, 2001. The company’s founders, Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah, have a long history of involvement in the plastic consumerware industry. Their father, the late Punamchand Hansraj Shah, set up a small factory in Mumbai for manufacturing plastic articles under the name “Chhaya Plastics” in 1971.

The company’s founders have also been associated with other companies in the industry, including B.T. Plastic & Allied Industries and Pyramid Plastics. In 2011, the company set up its Silvassa Facility, and in 2014, it enhanced its manufacturing capabilities by acquiring the manufacturing business of Pyramid Plastics.

Key Segments

All Time Plastics Limited operates in the plastic consumerware industry, manufacturing a wide range of products in the following segments, including:

• Prep Time: Kitchen tools for preparing cooking ingredients
• Containers: Food storage containers
• Organization: Miscellaneous storage containers
• Hangers: Various types of hangers
• Meal Time: Kitchenware
• Cleaning Time: Cleaning equipment
• Bath Time: Bathroom products
• Junior: Child-friendly tableware, cutlery, and other items

The company also offers its products under its own brand name, “All Time Branded Products,” and sells them to modern trade retailers, super distributors, and distributors.

Services

The company provides a range of services, including:

• Design and Development: The company has an in-house product design team that creates customized designs for its customers.
• Manufacturing: The company operates three fully integrated manufacturing facilities in Daman, Silvassa, and Manekpur, with a combined total installed production capacity of 33,000 tonnes per annum.
• Quality Assurance: The company has a rigorous quality control system in place to ensure that its products meet the required standards.
• Logistics: The company has a strong logistics network, with its manufacturing facilities strategically located near ports and inland container depots.

Overall, All Time Plastics Limited is a well-established player in the plastic consumerware industry, with a strong track record of innovation, quality, and customer satisfaction.

Competitive Landscape

The plastic consumerware manufacturing industry is highly competitive, with numerous players operating in the market. The key competitors in the industry can be broadly classified into two categories: primarily B2B players and primarily B2C players.

Primarily B2B Players

• Shaily Engineering Plastics Limited
• Ratan Plastics
• Aristoplast Products Private Limited
• Asian Plastoware
• Polyset Plastics Private Limited

These players primarily sell white label products to other businesses, which are then sold under the buyer’s brand name.

Primarily B2C Players

• Milton (Hamilton Housewares)
• Cello World Limited
• Princeware (Prince Corp)
• Pearlpet (Pearl Polymers Limited)
• Ski Plastoware
• LocknLock (Rajprabhu Traders)

These players primarily sell their products under their own brand names.Overall, the company is well-positioned in the competitive landscape, with a strong brand presence, a diversified product portfolio, and a focus on sustainability and environmental responsibility.

Company Strengths

• Experienced Leadership: Led by promoters with 40+ years of experience in the consumerware industry, driving business growth and product expansion.
• Strategic Manufacturing Locations: Facilities in Daman, Silvassa, and Manekpur offer logistical advantages and operational efficiency.
• Strong Financials: Revenue grew at a CAGR of 12.19% from FY23 to FY25, with an EBITDA margin of 18.16% in FY25, reflecting strong performance.

 

Company Weaknesses

• Customer Concentration: Heavy reliance on a few major clients like IKEA and Tesco poses revenue risk.
• Raw Material Dependency: Profits may be affected by fluctuations in prices of key raw materials like plastics and polymers.

Financial Profile

• Robust Revenue Growth: The company has demonstrated consistent  revenue growth over the past two years. Its ability to adapt to market trends, introduce innovative products, and expand within its clients has been the key to its revenue gorwth.

• Robust profit growth: Its EBITDA margins have improved from 16.5% to 18.2% over the past two years. It has been driven by operational efficiency, effective cost management, and a strong focus on productivity.

 

Table: Peer Comparison

Company	Revenue from Operations FY25 (INR  mn)	EPS (Diluted) (INR)	Return on Net Worth (%)	NAV per share (INR)	Price to Earnings (x)
All Time	5582	9.01	19.01	47.39	30.52
Shaily Engineering Plastics Limited	7868	20.23	17	119.18	80.69
Cello World Limited	21364	15.5	16.82	98.12	40.71

Source: RHP

 

Table: Segmental Revenue

Product category	Revenue FY25 (INR m)	Revenue FY24 (INR m)	No. of SKUs FY25	No. of SKUs FY24
Prep Time	1996.29	1958.69	639	582
Containers	1948.55	1685.66	702	586
Organization	502.32	515.21	47	39
Hangers	386.03	406.3	100	105
Meal Time	302.01	257.17	77	62
Cleaning Time	172.82	133.28	54	51
Bath Time	133.3	89.58	170	140
Junior	97.14	68.44	59	43
Miscellaneous	89.74	38.56	–	–
Less-Claims	-46.55	-24.36	N.A.	N.A.
Total	5581.67	5128.53	1848	1608

Source: RHP

 

 

Table: Clientwise Revenue Breakdown

Customer	Revenue FY25 (INR m)	Revenue FY24 (INR m)	Revenue FY23 (INR m)	% of revenue FY25	% of revenue FY24	% of revenue FY23
IKEA	3309.49	3095.68	2596.25	59.29%	60.36%	58.54%
Asda	508.53	506.27	425.46	9.11%	9.87%	9.59%
Michaels	347.06	448.21	433.75	6.22%	8.74%	9.78%
Tesco	211.83	221.98	210.09	3.80%	4.33%	4.74%
Other customers	1251.31	880.75	778.27	22.42%	17.17%	17.55%
Less-Claims	-46.55	-24.36	-8.96	-0.83%	-0.47%	-0.20%
Total	5581.67	5128.53	4434.86

Source: RHP

Table: Financial Summary

Particulars (INR m)	2025	2024	2023
Revenue from operations	5581.67	5128.53	4434.86
Gross Profit	2229.46	2085.78	1684.92
EBITDA	1013.37	971.01	733.82
Profit for the year	472.94	447.9	282.7
Gross Margin (%)	39.94%	40.67%	37.99%
EBITDA Margin (%)	18.16%	18.93%	16.55%
PAT Margin (%)	8.46%	8.68%	6.37%
Return on Equity (%)	19.01%	22.18%	17.93%
Return on Capital Employed (%)	16.99%	22.64%	17.16%
Net Debt-to-Equity Ratio	0.84	0.65	0.99
Inventory Turnover Ratio	7.61	9.85	7.13
Net Fixed Asset Turnover Ratio	1.98	2.26	2.14
Net Working Capital Days (days)	74	57	69
Trade Receivables Days (days)	57	34	35
Trade Payables Days (days)	39	37	46

Source: RHP