All Time Plastics Limited

Consumer Defensive — Household & Personal Products · NSE

₹208.95−₹0.72 (−0.34%)

DalalBaazaar Score

47 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

The 60-second version of All Time Plastics Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

All Time Plastics Limited manufactures and sells plastic molded articles under the alltime brand name in India.

IndustryHousehold & Personal Products

SectorConsumer Defensive

Employees769

Annual revenue₹606 Cr

How does it make money?

Turns over ₹606 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹16 left at the operating level before interest, tax and depreciation. Each of its 769 employees supports ₹78.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹78.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., DABUR INDIA LTD, ITC LTD, BRITANNIA INDUSTRIES LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 8.9% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE27.4%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +37% while net margin moved -9% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+37%

Margin effect-9%

DalalBaazaar Score

47/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

48/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

49/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

37.9x

1.3Y Median

34.5x

16 monthly readings · mean 34.5x · range 26.0x–41.9x

Sector Median

38.6x

median of 4 sector peers

🟡Currently trading close to its 1.3y median of 34.5x — the market is paying about what it usually pays for this company.

🟡Against its sector it is priced broadly in line with the peer median of 38.6x.

vs. its own history

Fair

34.5x median over 16 months · +10%

vs. sector peers

Fair

38.6x median of 4 peers · -2%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

14.2x

PEG

4.85

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 52% over 3 years.
Very low debt
Debt/Equity of 0.14x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 17.9% to 5.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 19.7% to 8.9% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 watch

🟡Free cash flow is negativeFinancial
Free cash flow was -₹46 Cr in the latest year.
🟡Receivables growing faster than salesFinancial
Receivables up 75% against revenue up 37% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 52% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 75% against revenue up 37%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 17.9% to 5.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 8% a year✓ 11.1% CAGR
Latest reported year was 2.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 14%✓ 15.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹46 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 8.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 6 neutral · 3 weak

Market Cap

₹1,369 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

37.9x

Fair

Fairly valued against the generic band

P/B Ratio

2.23x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹5.52

Profitable

Profitable on a per-share basis

ROE

5.8%

Weak

Weak capital efficiency

ROCE

8.9%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.14x

Low

Conservative leverage

Revenue Growth (YoY)

2.3%

Modest

Modest growth

Profit Growth (YoY)

-25.0%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹46 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

9.4%

Average

Average margins

Net Margin

5.6%

Average

Average bottom-line conversion

Current Ratio

3.63

Comfortable

Healthy short-term liquidity

52W Range Position

27%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

194.4 / 203.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

54.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹442 Cr	₹511 Cr	₹555 Cr	₹606 Cr	+11.1%
EBITDA	₹73 Cr	₹100 Cr	₹102 Cr	₹96 Cr	+9.4%
EBITDA Margin	16.6%	19.5%	18.4%	15.8%	—
PAT (Net Profit)	₹28 Cr	₹45 Cr	₹47 Cr	₹35 Cr	+7.8%
EPS	₹4.32	₹6.84	₹7.22	₹5.79	+10.3%
ROE	17.9%	22.2%	19.0%	5.8%	—
ROCE	19.7%	26.3%	20.9%	8.9%	—
Total Debt	₹179 Cr	₹147 Cr	₹223 Cr	₹86 Cr	-21.6%
Free Cash Flow	₹22 Cr	₹45 Cr	-₹62 Cr	-₹46 Cr	—

🟢 Revenue has grown at 11.1% a year over 3 years.

🟢 EBITDA has grown at 9.4% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 15.8% over 3 years.

🟢 PAT (Net Profit) has grown at 7.8% a year over 3 years.

🟢 EPS has grown at 10.3% a year over 3 years.

🔴 ROE has fallen from 17.9% to 5.8% over 3 years (-12.2 pts).

🔴 ROCE has fallen from 19.7% to 8.9% over 3 years (-10.8 pts).

🟢 Total Debt has shrunk at 21.6% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹22 Cr to -₹46 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹784 Cr

Total Liabilities

₹170 Cr

Cash & Equivalents

₹88 Cr

Operating Cash Flow

₹86 Cr

Capex

-₹133 Cr

Shareholding (proxy)

Institutional Holding

9.2%

Insider Holding

70.1%

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
DABUR INDIA LTD	34.7x	17.2%
ITC LTD	16.6x	27.4%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

3 mixed3 general

All Time Plastics to host analyst meet in Silvassa on Oct 17

scanx.trade, 13 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

All Time Plastics vs Hitech Corporation vs Kisan Mouldings: Which Stock Should You Track

Univest, 14 Oct

All Time Plastics Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 04 Sept

ALL TIME PLASTICS Share Price Update on Weak Price Action

Univest, 08 Oct

All Time Plastics Q1 Revenue At ₹1.62B Vs ₹1.58B YoY; Cons Net Profit At ₹117M

Sahi, 05 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

All Time Plastics schedules analyst meet for October 9 at Daman facilities

scanx.trade, 28 SeptAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingGrowth · Valuation

WeakBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑