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Overview

Detailed Summary

Time Technoplast Limited is a diversified global manufacturer of polymer and composite products, leading industrial packaging, IBCs, PE pipes and composite gas cylinders with manufacturing presence in 11 countries and over 20 Indian locations, focused on replacing metals with high‑tech polymer and composite solutions across industrial, energy and mobility markets.
Q3FY26 and 9MFY26 show operational strength: consolidated revenue grew 13% year‑on‑year in Q3 and 11% for 9M, volume growth outpacing revenue (15% vs 11%), EBITDA expanded ~17% YoY in Q3 and PAT rose 25%, underscoring improving operational leverage and a deliberate shift towards higher‑margin value‑added products which grew 17% in 9M.
The company completed an ₹800 crore QIP in Nov‑2025 and has already deployed ~₹340 crore; balance funds (~₹460 crore) are earmarked for debt repayment, automation, recycling plants and inorganic growth, enabling rapid deleveraging (total debt fell from ₹6,465 million in FY25 to ₹2,664 million as of 31 Dec 2025) and a clear path to being debt‑free.
Time Technoplast is pivoting to higher‑tech composites and green solutions: PESO‑approved Type‑III/IV composite cylinders (including hydrogen cylinders), flight‑tested hydrogen‑powered drones, a recycling platform and a solar transition target to convert 75% of electricity consumption to green energy within two years, which collectively support margin expansion and sustainability credentials.
Management is targeting operational improvements to raise ROCE to 20% for FY26 via automation, consolidation of moulds and units, power cost reduction through PPAs/solar, working capital optimisation to ~90 days, and divestment of identified non‑core assets; these initiatives are expected to contribute materially to medium‑term margin and return improvement.

Sector: Industrial Products
Industry: Plastic Products - Industrial
Market Cap: 8,804 Cr
Volatility: High Risk
P/E Ratio: 18.8
Industry P/E: 37.7
PEG Ratio: 0.9
P/B Ratio: 2.2
52W High: 248.95
52W Low: 154.00

Sales CAGR

1Y: 9.30%
3Y: 9.44%
5Y: 4.46%
10Y: 6.43%

Profit CAGR

1Y: 24.87%
3Y: 20.68%
5Y: 12.27%
10Y: 6.49%

ROE

TTM: 11.46%
3Y: 11.60%
5Y: 10.09%
10Y: 10.39%

ROCE

TTM: 14.89%
3Y: 17.29%
5Y: 15.46%
10Y: 16.04%

Technicals

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Peers

Industrials Capital Goods Industrial Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHAILY		2810.85	12,951 Cr	76.22	18.07	0.11	23.71	26.67	14.82
FINPIPE		183.55	11,411 Cr	19.05	1.84	1.49	9.64	12.34	7.89
TIMETECHNO		178.10	8,804 Cr	18.78	2.15	0.84	11.46	14.89	8.45
KINGFA		5064.80	6,851 Cr	36.98	4.90	0.00	13.24	17.92	10.56
PRINCEPIPE		291.50	3,232 Cr	44.17	1.97	0.34	4.45	6.11	3.02
JISLJALEQS		35.78	2,604 Cr	-105.82	0.44	0.00	-0.49	5.25	-0.33
APOLLOPIPE		489.25	2,155 Cr	287.72	2.63	0.14	0.91	2.12	0.36
Median: 7 Co.	—	291.50	6,851 Cr	36.98	2.15	0.14	9.64	12.34	7.89

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	1,325	1,394	1,230	1,371	1,388	1,469	1,353	1,511	1,565	1,677
Expenses	1,134	1,208	1,056	1,174	1,187	1,255	1,158	1,288	1,331	1,436
Operating Profit	191	186	174	196	201	214	195	223	234	241
OPM %	14.39	13.35	14.18	14.32	14.46	14.55	14.41	14.74	14.92	14.37
Other Income	1.90	11	0.66	0.93	1.59	2.08	0.93	1.09	2.29	4.89
Interest	25	25	24	23	22	22	22	22	19	18
Depreciation	42	40	41	42	43	44	45	46	46	47
Profit Before Tax	126	133	110	133	137	150	129	157	171	181
Tax %	26.00	29.11	26.84	24.73	25.16	25.30	25.35	25.15	24.84	25.91
Net Profit	93	94	80	100	102	112	97	117	129	134
EPS in Rs	1.86	1.87	1.60	1.99	2.04	2.22	1.93	2.34	2.75	2.67

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,981	3,481	4,001	3,578	3,005	3,650	4,289	4,993	5,457	5,580
Expenses	2,350	2,630	3,040	3,079	2,618	3,144	3,712	4,302	4,672	4,774
Operating Profit	631	852	961	499	387	506	577	691	785	805
OPM %	21.16	24.46	24.02	13.94	12.88	13.86	13.45	13.84	14.38	14.43
Other Income	2.23	2.15	3.22	2.27	3.82	2.96	3.74	14	5.27	5.53
Interest	90	88	99	108	98	92	105	101	92	89
Depreciation	115	137	146	156	151	157	171	173	170	173
Profit Before Tax	201	250	282	237	142	259	305	431	529	548
Tax %	24.60	26.02	26.04	26.08	25.58	25.89	26.58	26.70	25.44	25.14
Net Profit	151	185	209	175	106	192	224	316	394	411
EPS in Rs	3.03	3.66	4.11	3.42	2.09	3.80	4.43	6.28	7.86	9.68
Dividend Payout %	9.42	10.03	10.04	12.70	15.35	12.06	12.97	1.46	14.62	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	21	23	23	23	23	23	23	23	23	23
Reserves	1,147	1,304	1,461	1,647	1,792	1,880	2,050	2,247	2,530	2,869
Borrowings	601	631	685	741	820	863	906	900	829	732
Other Liabilities	651	614	724	789	729	539	626	660	732	775
Total Liabilities	2,420	2,571	2,892	3,200	3,364	3,304	3,604	3,829	4,114	4,399
Fixed Assets	1,147	1,100	1,200	1,279	1,349	1,281	1,314	1,383	1,368	1,373
CWIP	71	87	94	98	81	40	70	68	41	79
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.51	3.19
Other Assets	1,202	1,384	1,598	1,822	1,934	1,983	2,221	2,379	2,703	2,943
Total Assets	2,420	2,571	2,892	3,200	3,364	3,304	3,604	3,829	4,114	4,399

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	289	188	303	281	301	257	291	370	406	431
Cash from Investing Activity	-120	-212	-244	-231	-138	-105	-179	-216	-187	-147
Cash from Financing Activity	-167	19	-51	-58	-148	-151	-104	-154	-197	-249
Net Cash Flow	1.09	-4.61	8.39	-7.37	16	1.09	7.78	0.80	22	35

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025	Dec 2025	Mar 2026
Promoters	51.69%	51.51%	51.56%	51.56%	51.56%	51.56%	51.62%	51.62%	51.62%	47.46%	47.51%	47.56%
FIIs	5.96%	5.70%	6.18%	6.79%	6.69%	7.64%	8.07%	8.29%	8.37%	11.05%	11.66%	10.88%
DIIs	9.95%	10.43%	10.93%	10.97%	12.87%	13.20%	12.99%	12.92%	13.38%	16.63%	16.70%	17.37%
Public	32.40%	32.37%	31.33%	30.68%	28.88%	27.59%	27.32%	27.17%	26.64%	24.86%	24.13%	24.19%
Total Shareholders	73,779	74,109	78,632	1,02,531	1,10,983	1,22,333	1,27,605	1,37,345	1,41,457	1,46,565	1,49,655	1,36,962

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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