All Time Plastics Ltd Q2 Revenue Rises 18% as Margin Falls

All Time Plastics Ltd reported Q2 FY27 revenue from operations of ₹174 crore, up 18.0% year-on-year, but its EBITDA margin declined to 7.8% from 11.0% as polymer costs rose faster than pricing. The September-quarter results show higher sales alongside weaker operating profitability during a capacity-expansion phase.

What did All Time Plastics report for Q2 FY27?

All Time Plastics reported revenue from operations of ₹174 crore in Q2 FY27, compared with ₹147.4 crore in Q2 FY26. The company’s investor presentation also cited revenue of ₹174.1 crore, with the difference reflecting rounding in reported disclosures. The quarter ended September 30, 2026, and the board approved the unaudited consolidated results on November 4, 2026.

Operating profit did not move in line with revenue growth. EBITDA was ₹13.6 crore, down 15.8% from ₹16.3 crore a year earlier. Consequently, EBITDA margin narrowed by 320 basis points to 7.8% from 11.0%. EBIT stood at ₹7.6 crore, translating into a 4.4% margin compared with 7.3% in Q2 FY26.

Profit after tax was ₹3.6 crore, or 2.1% of revenue, compared with ₹4.2 crore and a 2.9% margin in the corresponding quarter last year. The figures indicate that additional sales did not fully offset the increase in input costs and the effect of the company’s current investment in production capacity.

Why did All Time Plastics' EBITDA margin decline?

All Time Plastics said polymer costs outpaced its pricing during the quarter, which constrained profitability despite revenue growth. Polymer is a key raw material for the company’s plastic houseware products, so changes in its cost can have a direct effect on gross and operating margins when selling prices do not adjust at the same pace.

The investor presentation described the margin position as part of a transition phase associated with capacity additions. It said margins are expected to normalise as utilisation improves and operating leverage strengthens. This is an outlook stated in the presentation rather than financial guidance, and the company had not published an earnings-call transcript for the quarter at the time of the results disclosure.

The margin decline is significant because EBITDA fell in absolute terms even as revenue increased by 18%. For investors, the key operating issue is therefore not only sales growth but also whether revised pricing, input-cost movements and higher factory utilisation can improve the profit earned on those sales.

How are export and domestic sales changing for All Time Plastics?

All Time Plastics remained export-led in Q2 FY27, with exports accounting for 82% of total revenue and domestic business accounting for 18%. The presentation also placed the domestic share at 19.5%, indicating an approximate figure based on the company’s sales mix disclosures.

Domestic revenue grew about 27% year-on-year, faster than the overall revenue growth rate. The company identified accelerating domestic growth as one of its operational priorities, alongside resetting prices and bringing new capacity and product categories to fuller contribution.

The sales mix matters because a large export base leaves the company closely linked to overseas customer demand and order flows. At the same time, faster domestic growth could increase the contribution from the Indian market. The presentation does not provide a separate domestic revenue amount or export profitability for the quarter.

What new capacity and projects has All Time Plastics disclosed?

All Time Plastics expects to install 14 new machines adding around 1,500 tonnes of capacity by December 2026. The company is also developing a bamboo facility, for which commercial production is expected in mid-November 2026.

The company expects the bamboo facility to generate revenue of ₹25 crore to ₹30 crore in calendar year 2027. This is a company expectation and not revenue reported in the Q2 FY27 financial statements. The board filing also disclosed an approved investment of ₹5 crore in All Time Bamboo Private Limited.

The results filing further noted the transfer of General Manager Rahul Vohra to a subsidiary. These developments form part of the company’s broader capacity and category expansion effort, which management has linked to its stated objective of improving utilisation and operating leverage over time.

What should investors monitor after the Q2 FY27 results?

All Time Plastics scheduled an earnings conference call for November 5, 2026, at 12:00 noon IST to discuss the unaudited standalone and consolidated results for the September quarter. Chairman and Managing Director Kailesh Shah, Whole-Time Director Nilesh Shah and CFO Manish Gattani were named as management participants.

The call is relevant because the presentation identifies price resets, domestic sales growth and capacity utilisation as important factors for future operating performance. The Q2 numbers establish the current position clearly: sales rose, but material costs and expansion-related transition effects reduced EBITDA, EBIT and net profit margins.

Conclusion

All Time Plastics delivered 18.0% revenue growth in Q2 FY27, supported by its export-led business and faster domestic sales growth. However, EBITDA fell 15.8% and margin declined to 7.8% as polymer costs moved ahead of pricing, showing that revenue expansion did not translate into stronger quarterly profitability.

The next disclosed milestone is the November 5, 2026 earnings call, where management may provide further context on pricing and capacity utilisation. Investors will also watch the planned installation of 14 machines by December 2026 and the bamboo facility’s commercial production targeted for mid-November 2026.