Time Technoplast uses Rs 478.57 crore from QIP proceeds

Time Technoplast Limited had utilised Rs 478.57 crore of its Rs 800 crore qualified institutions placement, or QIP, allocation by September 30, 2026, leaving Rs 321.43 crore unutilised. Time Technoplast completed the Rs 400 crore borrowing-repayment allocation, while Rs 219.66 crore earmarked for inorganic growth and general corporate purposes remained unused.

How much of Time Technoplast's QIP allocation has been used?

Time Technoplast had used Rs 478.57 crore, or 59.82%, of the Rs 800 crore gross QIP allocation as of September 30, 2026. The remaining Rs 321.43 crore represented 40.18% of the gross allocation. The company allotted 3,97,77,247 equity shares to eligible qualified institutional buyers on November 11, 2025, at Rs 201.12 per share.

The Rs 800 crore allocation included Rs 18.87 crore of fees, commissions and issue expenses. Time Technoplast said it received net proceeds of Rs 781.13 crore after those costs, but its utilisation schedule is stated against the gross Rs 800 crore allocation. The entire Rs 18.87 crore expense allocation had been used by September 30, 2026.

The utilisation disclosure formed part of unaudited results approved by Time Technoplast's board on November 5, 2026. The filing sets out allocation and usage by purpose, but does not disclose a revised allocation or a schedule for deploying the Rs 321.43 crore that remained unutilised.

Where did Time Technoplast use its QIP proceeds?

Time Technoplast used Rs 400 crore to repay or prepay certain outstanding borrowings, fully deploying the amount assigned to that purpose. Borrowing repayment represented 83.58% of the Rs 478.57 crore used from the QIP allocation. It was the largest use, compared with Rs 59.70 crore spent across the four operating and growth categories.

Capital expenditure on machinery and equipment for automation and re-engineering accounted for Rs 33.98 crore of utilisation against a Rs 89.37 crore allocation. Time Technoplast also invested Rs 20.43 crore in wholly owned subsidiary Time Ecotech Private Limited for recycling-plant equipment at Umbergaon, Gujarat, and Gadarpur, Uttarakhand, from a Rs 54.90 crore allocation.

The company used Rs 2.89 crore for de-odorising equipment and Rs 2.40 crore for inorganic growth, including acquisitions, strategic investments, joint ventures and general corporate purposes. These two categories had allocations of Rs 14.80 crore and Rs 222.06 crore respectively, showing that the inorganic-growth category had received the smallest operational deployment by September 30, 2026.

Which Time Technoplast QIP purposes have funds left?

Time Technoplast had Rs 219.66 crore unutilised for inorganic growth and general corporate purposes, the largest remaining allocation at September 30, 2026. Only Rs 2.40 crore, or 1.08%, of the Rs 222.06 crore assigned to this category had been used. This category represented 68.34% of the total Rs 321.43 crore yet to be deployed.

Automation and re-engineering machinery had the second-largest balance, at Rs 55.39 crore, after Rs 33.98 crore of its Rs 89.37 crore allocation was used. The Time Ecotech recycling-equipment programme had Rs 34.47 crore left from Rs 54.90 crore, while de-odorising equipment had Rs 11.91 crore remaining from Rs 14.80 crore.

Together, the three specified equipment categories had Rs 101.77 crore left unutilised at September 30, 2026. The filing identifies the two recycling-plant locations but does not name an acquisition, strategic investment, joint venture, machinery order or completion date linked to the remaining Rs 219.66 crore for inorganic growth and corporate purposes.

How did Time Technoplast borrowings change after QIP repayment?

Time Technoplast's consolidated borrowings were Rs 557.73 crore at September 30, 2026, compared with Rs 639.44 crore at March 31, 2026. The September total comprised Rs 119.39 crore of non-current borrowings and Rs 438.34 crore of current borrowings, against Rs 149.31 crore and Rs 490.13 crore respectively at the preceding year-end.

The consolidated cash-flow statement recorded net proceeds from borrowings of negative Rs 81.71 crore for the half year ended September 30, 2026, compared with negative Rs 45.10 crore in the corresponding half year ended September 30, 2025. The filing does not separately reconcile the Rs 400 crore QIP borrowing-repayment use with every movement in reported borrowings.

Time Technoplast reported a debt-equity ratio of 0.13 at September 30, 2026, compared with 0.16 at March 31, 2026 and 0.20 for the half year ended September 30, 2025. Consolidated total equity was Rs 4,357.23 crore at September 30, 2026, up from Rs 4,166.21 crore at March 31, 2026.

Where is Time Technoplast holding the unused QIP money?

Time Technoplast said the Rs 321.43 crore unutilised QIP balance at September 30, 2026 was temporarily invested in fixed deposits with scheduled banks or co-operative banks, balances in cash-credit accounts with bankers, and a monitoring account. The company did not provide a split among these three categories.

Consolidated cash and cash equivalents stood at Rs 547.65 crore at September 30, 2026, compared with Rs 537.31 crore at March 31, 2026. The filing does not say this cash-and-cash-equivalents total is the same as the unused QIP amount, as the stated temporary placements also include fixed deposits, cash-credit balances and a monitoring account.

For the half year ended September 30, 2026, Time Technoplast reported Rs 163.71 crore of net cash used in investing activities, including Rs 174.08 crore spent on property, plant, equipment and intangibles. That cash-flow spending is broader than the QIP schedule, which records Rs 57.30 crore used across automation, recycling and de-odorising equipment.

Conclusion

Time Technoplast had completed the full Rs 400 crore QIP allocation for borrowing repayment by September 30, 2026, while total utilisation reached Rs 478.57 crore. The remaining allocation was concentrated in inorganic growth and general corporate purposes at Rs 219.66 crore, with another Rs 101.77 crore left across automation, recycling and de-odorising equipment.

The next item to watch is the deployment of the Rs 321.43 crore held in temporary investments. Time Technoplast's November 5, 2026 filing identifies intended uses including acquisitions, strategic investments, joint ventures and equipment purchases, but does not disclose a transaction, target or timetable for the remaining funds.