All Time Plastics Limited is a manufacturing company with 14 years of experience of producing plastic consumerware products for everyday household needs. They primarily produce consumerware for customers to market under their own brand names (i.e., on a business-to-business ('B2B') basis), which is known as white-label manufacturing. However, they also sell the consumerware products under the proprietary brand name ('All Time Branded Products'). As at March 31, 2025, they had 1,848 stock-keeping units ('SKUs') across eight categories: Prep Time (kitchen tools for preparing cooking ingredients); Containers (food storage containers); Organization (miscellaneous storage containers); Hangers (various types of hangers); Meal Time (kitchenware); Cleaning Time (cleaning equipment); Bath Time (bathroom products); and Junior (child-friendly tableware, cutlery and other items). In Fiscals 2025, 2024 and 2023, they launched 598, 553 and 609 new SKUs, respectively, and discontinued 358, 352 and 674 SKUs, respectively. Company primarily exports the products to retailers in the European Union`, the United Kingdom and the United States,and also sell our products in India to IKEA and other modern trade retailers, super distributors (who sell todistributors) and distributors (who sell to general trade stores). The products were exported to 29 countries in Fiscal 2025 Company has long-standing relationships with global retailers, including IKEA, Asda Stores Limited, trading as Asda ('Asda'), Michaels Stores, Inc., trading as Michaels ('Michaels') and Tesco Plc ('Tesco'). Further, they also sell the products to Indian retailers, including Spencer's Retail Limited, among others. ATPL and Pyramid Plastics, the entity whose business/ operational assets were acquired by the Company, have been selling products to IKEA, their largest customer in Fiscal 2025, for more than 27 fiscal years, Asda, the second largest customer in Fiscal 2025, for more than 14 fiscal years, Michaels, the third largest customer in Fiscal 2025, for more than four fiscal years, and Tesco, the fourth largest customer in Fiscal 2025, for more than 17 fiscal years. For the All Time Branded Products, they collaborate with super distributors, distributors, and modern trade retailers, who play key roles in the distribution process. During Fiscal 2025, they sold the All Time Branded Products to 22 modern trade retailers, including Spencer's Retail Limited, as well as five super distributors and 38 distributors with whom they do business directly across 23 states and six union territories in India. Company currently manufactures the products from the fully integrated manufacturing facilities in Daman, Dadra and Nagar Haveli and Daman and Diu (the 'Daman Facility'), Silvassa, Dadra and Nagar Haveli and Daman and Diu (the 'Silvassa Facility') and Manekpur, Gujarat (the 'Manekpur Facility'). The manufacturing facilities are strategically located and the nearest ports of Nhava Sheva and Hazira as well as to the Tumb inland container depot in Vapi, Gujarat. As per financial performance, All Time Plastics Limited has posted total income / net profits of Rs 443.76 Cr / 28.27 Cr (FY23), Rs 515.87 Cr / Rs 44.79 Cr (FY24) and Rs 559.23 Cr / 47.29 Cr (FY25). So as per previous financials data, company has shown steady growth. Company has an average EPS of Rs 8.25 and average RoNW of 19.89% for last three fiscals. Issue is priced at a P/BV of 5.80 as per NAV of Rs 47.39/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 63.72, 40.22 and 38.44 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Intensive Fiscal Services Private Limited, DAM Capital Advisors Limited are associated with this IPO, and have handled 19 IPOs in last three fiscal years. ( As on 06.08.25 ) As per financials, All Time Plastics Limited has shown steady growth, RoNW is 19.89% and P/E is 63.72, 40.22 and 38.44 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced. Company is in business of producing plastic consumer-ware products for everyday household needs on B2B basis, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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