All Time Plastics Q1FY27: Volume-led rebound, margins wait for pass-through

Standalone revenue from operations was INR 161.1 crore, EBITDA was INR 23.0 crore and PAT was INR 12.1 crore in Q1FY27.

Management attributed the QoQ gross margin decline (41.9% in Q4FY26 to 39.5% in Q1FY27) to polymer price inflation and a time lag in passing through price increases to export customers.

The presentation shows Q1FY27 revenue split as 84% export and 16% domestic.

Capacity utilisation was reported at about 65% in Q1FY27 (up from 52% in Q4FY26). Management stated a FY27 utilisation target of approximately 75% (working assumption).

A 75,000 sq ft leased facility at Madanpur, Guwahati (effective May 2026) is planned for engineered bamboo boards (3,000 CBM per annum phase 1). Management stated machinery is expected by mid-August 2026, installation targeted by end-September 2026 and commercial contribution expected from Q4FY27.

Yes. Management indicated around INR 5 to 5.5 crore of sales spillover into July due to logistics and container availability issues.

In the concall, management stated that EBITDA margins similar to FY24 to FY25 levels are sustainable once capacity utilisation reaches around 80%.