Time Technoplast Limited

Consumer Cyclical — Packaging & Containers · NSE

₹179.51+₹1.74 (+0.98%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by negative free cash flow, small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Time Technoplast Limited manufactures and sells composite and polymer products in India. It operates thorugh two segments, Polymer and Composite.

IndustryPackaging & Containers

SectorConsumer Cyclical

Employees3,363

Annual revenue₹6,105 Cr

How does it make money?

Turns over ₹6,105 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation. Each of its 3,363 employees supports ₹1.82 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.82 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. 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?Some evidence

ROCE of 15.3% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE25.9%

What is the outlook?

1 analysts covering the stock expect revenue to grow about 14.2% and earnings to grow about 23.9% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+14.2%

Est. earnings growth+23.9%

Analysts1

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +42% while net margin moved +50% 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+42%

Margin effect+50%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.20 — historically steadier than the index
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

68/ 100

Good

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

Valuation

77/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

17.4x

3Y Median

24.5x

40 monthly readings · mean 24.6x · range 15.4x–36.1x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 29% below its 3y median of 24.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 75% below the peer median of 69.2x.

vs. its own history

Cheap

24.5x median over 40 months · -29%

vs. sector peers

Cheap

69.2x median of 4 peers · -75%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.4x

PEG

0.60

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 19% over 3 years.
Very low debt
Debt/Equity of 0.18x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹137 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 19% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 29% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 75% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

Size brings its own risk
Small 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 9% a year✓ 12.5% CAGR
Latest reported year was 25.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 12%✓ 14.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹137 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 12%✓ 15.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 12 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
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹8,861 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

17.4x

Fair

Fairly valued against the generic band

P/B Ratio

2.17x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹10.31

Profitable

Profitable on a per-share basis

ROE

11.5%

Moderate

Moderate capital efficiency

ROCE

15.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.18x

Low

Conservative leverage

Revenue Growth (YoY)

25.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

12.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.84%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹137 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

12.8x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

10.3%

Average

Average margins

Net Margin

7.6%

Average

Average bottom-line conversion

Current Ratio

3.63

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.20

Defensive

Steadier than the market

52W Range Position

35%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

180.2 / 186.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

46.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹4,289 Cr	₹4,993 Cr	₹5,457 Cr	₹6,105 Cr	+12.5%
EBITDA	₹569 Cr	₹679 Cr	₹772 Cr	₹872 Cr	+15.3%
EBITDA Margin	13.3%	13.6%	14.2%	14.3%	—
PAT (Net Profit)	₹219 Cr	₹310 Cr	₹388 Cr	₹469 Cr	+28.9%
EPS	₹4.82	₹6.84	₹8.55	₹9.99	+27.5%
ROE	9.7%	12.2%	13.4%	11.5%	—
ROCE	14.4%	17.4%	18.2%	15.3%	—
Total Debt	₹900 Cr	₹829 Cr	₹732 Cr	₹733 Cr	-6.6%
Free Cash Flow	₹146 Cr	₹225 Cr	₹235 Cr	-₹137 Cr	—

🟢 Revenue has grown at 12.5% a year over 3 years.

🟢 EBITDA has grown at 15.3% a year over 3 years.

🟢 EBITDA Margin has risen from 13.3% to 14.3% over 3 years (+1.0 pts).

🟢 PAT (Net Profit) has grown at 28.9% a year over 3 years.

🟢 EPS has grown at 27.5% a year over 3 years.

🟢 ROE has risen from 9.7% to 11.5% over 3 years (+1.8 pts).

🟡 ROCE has held roughly flat at 15.3% over 3 years.

🟢 Total Debt has shrunk at 6.6% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹146 Cr to -₹137 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹5,639 Cr

Total Liabilities

₹1,472 Cr

Cash & Equivalents

₹537 Cr

Operating Cash Flow

₹233 Cr

Capex

-₹370 Cr

Shareholding (proxy)

Institutional Holding

20.4%

Insider Holding

48.6%

Corporate Actions

Dividend Rate

₹1.5

Ex-Dividend Date

15 Sept 2026

Analyst Consensus

Recommendations

1 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹280

+56.0% vs CMP

Target Range

₹280 – ₹280

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive3 mixed2 general

TIMETECHNO Forecast — Price Target — Prediction for 2027

TradingView, 26 JunAnalyst view

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

Time Technoplast's (NSE:TIMETECHNO) Solid Profits Have Weak Fundamentals

Simply Wall Street, 04 Jun

Time Technoplast Share Price Outlook: Where It Could Be in 3 Years

Univest, 04 Aug

Time Technoplast Ltd (BOM:532856) (Q1 2027) Earnings Call Highlights: Composite Segment Surges ...

Yahoo Finance, 07 AugResults

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

Time Technoplast Completes Four Major Projects in Q4 FY26, Adds Automated Manufacturing Capacity

scanx.trade, 17 OctResults

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

Up 410% in 5 yrs, why MOFSL sees another 52% upside in Time Technoplast- check target price, rationale behind buy rating

Livemint, 30 SeptAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

Watch Items

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

DalalBaazaar Thesis

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

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