All Time Plastic Q1 FY27 Results (NSE: ALLTIME)
Signal: Margin pressure
The read
The quarter marks a sequential recovery but not a clean earnings inflection: consolidated revenue rose 2.35% YoY to ₹16,168.53 lakh and gross margin expanded 310bps to 39.67%, yet EBITDA margin contracted 150bps to 16.7% because operating expenses rose 21.84% YoY, while PAT declined 6.63% and EPS fell 25.00% after IPO dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹161.69 Cr | +2.35% | +10.94% |
| EBIT | ₹18.71 Cr | -15.49% | |
| Net profit | ₹11.96 Cr | -6.63% | |
| EPS | ₹1.83 | -25.00% | |
| EBIT margin | 16.7% |
P&L walk
Consolidated revenue increased to ₹16,168.53 lakh, +2.35% YoY and +10.94% QoQ, with gross margin expanding 310bps YoY to 39.67%; however, EBITDA margin fell to 16.7% as operating costs rose faster than revenue, while other income of ₹349.59 lakh represented 21.6% of PBT.
Segments
The filing identifies a single operating segment, plastic-based articles; consolidated PAT of ₹1,195.94 lakh was ₹14.37 lakh below standalone PAT of ₹1,210.31 lakh, reflecting subsidiary losses rather than a separate segment driver.
Key positives
- Consolidated revenue increased 10.94% QoQ to ₹16,168.53 lakh after ₹14,574.85 lakh in Q4FY26, reversing the prior quarter's YoY decline.
- Gross margin expanded 310bps YoY to 39.67%, with material cost at 63.99% of revenue; the filing does not disclose the driver.
- Finance costs fell 55.48% YoY to ₹246.70 lakh, improving the conversion of operating profit into PBT.
- ₹3,044.70 lakh of IPO proceeds had been deployed toward equipment and ASRS, supporting the stated automation investment.
Key concerns
- Revenue growth slowed to 2.35% YoY from 7.1% in Q3FY26 and 12.5% in Q2FY26, indicating deceleration in the recent growth trajectory.
- EBITDA margin declined 150bps YoY to 16.7% despite gross-margin expansion because operating expenses rose 21.84% YoY versus 2.35% revenue growth.
- EPS declined 25.00% YoY to ₹1.83, materially lagging the 8.47% decline in profit attributable to owners because of the enlarged post-IPO share base.
- Other income of ₹349.59 lakh contributed 21.6% of consolidated PBT, making reported profit less representative of operating earnings.
Earnings quality: includes non-operating other income
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