Time Technoplast - Ready for blast?

[ranvir]

Time Technoplast -

Q4 and FY 25 results and concall highlights -

Company’s products -

Polymer products like - Drums, Jerry cans, Polyethylene pipes, turfs and mats, disposable bins, MOX films, steel drums

Composite products like - Intermediate bulk containers, composite cylinders, Auto parts, energy storage devices

Out of the products listed above, the value added product segments include - Intermediate bulk containers ( IBCs ), Composite CNG,LPG cylinders and MOX films

Established products include - Drums, Jerry Cans, auto components, air and hydraulic tanks, their Lead - Acid batteries, door mats, PE pipes. Their batteries are used in Telecom sector, railway signalling and other Industrial applications

The metal cylinder used in households for LPG supply is of 14.2 kg. Currently, the company is supplying 10 kg composite cylinders as its replacement ( currently supplying to IOC + BPCL + HPCL ). These composite cylinders are growing > 50 pc CAGR. Company has now been asked to develop 14.2 kg cylinders by the Govt Oil Marketing PSUs. Should be able to start supplying these in H2 next FY. Once 14.2 kg cylinders r approved, the growth rates in this segment should increase further !!! Company may also be required to undertake capex for the same. The QIP money should then come handy

FY 25 outcomes -

Revenues - 5462 vs 5006 cr, up 9 pc
EBITDA - 790 vs 705 cr, up 12 pc ( margins @ 14.5 vs 14.1 pc )
PAT - 388 vs 310 cr, up 25 pc ( due fall in depreciation and interest costs, lower tax rate @ 25 vs 27 pc YoY )

Company’s volume growth @ 13 pc. India, International volume growth @ 12 pc and 15 pc respectively

India : International revenues @ 66 : 34
India : International PAT margins @ 6.8 : 7.7

VAP grew @ 15 pc, Established products grew @ 7 pc in FY 25 ( VAP sales now contribute to 27 pc of total revenues - aim to take this share to 35 pc over next 2 yrs. This should result in descent margin improvement )

Polymer products revenues @ 3493 cr, up 7 pc. EBITDA margins @ 14 vs 13.6 pc

Composite products revenues @ 1963 cr, up 13 pc. EBITDA margins @ 15.3 vs 15 pc

Q4 outcomes -

Revenues - 1470 vs 1405 cr, up 5 pc
EBITDA - 215 vs 197 cr, up 9 pc ( margins @ 14.7 vs 14 pc )
PAT - 109 vs 92 cr, up 19 pc

Value added products grew by 10 pc, Established products grew by 3 pc

Company received approval for manufacturing of Type -3, fully wrapped, fibre reinforced composite cylinders. These find applications in storing hydrogen in fuel cell driven UAVs and Drone applications. Time Techno is the first company in India to have such an approval

The Company has incorporated Time Ecotech Private Limited (TEPL), a wholly owned subsidiary in India, focused on recycling and reprocessing industrial plastic packaging. In Phase I, a greenfield facility will be set up in Gujarat, launching a nationwide green recycling initiative. The long-term plan in a period of 3-4 years involves an investment of approx. ₹120 crores in fully automated recycling plants across key Indian regions (West, North, South, East) with the capacity to process up to 60,000 MT of plastic annually. This initiative underscores Time Technoplast’s commitment to building a greener and sustainable future, supporting India’s circular economy goals

Our subsidiary i.e. Power Build Batteries Private Limited has developed a low cost, high-performance E-Rickshaw battery in the brand name of “e-START with SELENIUM”. With advanced lead-acid technology and enhanced with selenium, these batteries offer superior performance, safety and efficiency. The growing demand for e-rickshaws is supported by eco-friendly policies. Our battery solution meets OEM standards and ensures reliable power output and quick recharge, contributing to the expansion of clean mobility in India

As part of its international expansion, Time Technoplast has set up a new step-down subsidiary, Elan Steel Containers (FZC), in the Sharjah Airport Free Zone, UAE. This marks the Group’s entry into steel drum manufacturing in the Middle East and complements its existing polymer packaging business. The facility, built with cutting-edge automation and quality controls, will help meet rising regional demand and strengthen the Group’s position as a complete packaging solutions provider

Capex for FY 25 @ 195 cr ( 85 cr were spent towards maintenance capex, rest for growth capex )

Aim to sell 51 cr worth of non-core assets in FY 26

Aim to grow the composite materials business @ 30 CAGR for next 2-3 yrs. Aim to grow company’s consolidated topline @ 15 pc CAGR for next 3 yrs

Aim to keep improving their EBITDA margins by 30 bps / yr for next 3 yrs

Capex guidance for next 3 yrs @ 200 cr / yr

Aiming to make the company debt free in next 2 yrs ( ie by Mar 27 )

Receivable periods are higher in polymer products vs composite products

E- Battery business shall start with company catering to secondary market’s demands ( and not OEM’s demands ). Secondary market is quite big since India already has 16 lakh E-Rickshaws on the roads with 4 batteries each. These batteries cost aprox Rs 10k and last for aprox 1.5 yrs. Company claims that their batteries can run for 140 km / charge vs 100 km / charge wrt existing batteries in the mkt. They think, this business will start slowly ( clocking 40-50 cr of sales in 1st yr ) but can gradually pickup going forward

Once company gets the nod for 14.2 kg cylinders ( form IOC, HPCL, BPCL ), they r likely to go for the fund raise via QIP. Also looking to get export approvals for these cylinders. Expecting to receive Indian approvals within H1 FY 26

Disc: holding, biased, not SEBI registered, not a buy/sell recommendation, posted for educational purposes

[antson_m]

Well researched crisp article on the company

Time Technoplast: Betting on Composites and Packaging for a High-Pressure...

[astha.arora23]

Time Technoplast Limited and Drone Stark Technologies (OPC) Private Limited has
Signed MoU to Develop Hydrogen-Powered Drones

3Y and extendable by mutual consent.
Aims to develop hydrogen-powered drones using composite hydrogen
cylinders and fuel cell technology.

DSTPL, founded in 2019 by Mr. Rohan Raut, is a Mumbai-based innovator in indigenous UAV platforms.

DSTPL’s advanced platforms include the OCTAGLIDE, capable of carrying
payloads up to 30 kg, and agricultural drones covering more than 30 acres daily. Its Alenabled drones support critical missions such as surveillance, firefighting, pollution monitoring, emergency response, and logistics.

[pranavpallod12]

Q1FY26:
• Value added products grew by 15% in Q1FY26 as compared to Q1FY25, while established products grew by 8%.

• Total Debt reduced by Rs. 374 Mn from FY25

•

• Share of Business (India v/s Overseas) – 62:38

• Order book: Composite Cylinders (CNG Cascades) – 175cr. PE Pipes – 170cr

• Composite Cylinders growth (CNG) – 20%

LPG Cylinders – 5%
CNG Cascade – 17.9%

CONCALL NOTES

• Time Ecotech Private Limited First Recycling plant will be come out in the current financial year only, and that will be in the Western region in Gujarat. The place is already identified. The company has entered into agreement for buying of the premises, ready premises. And I’m quite hopeful in the next 3 to 4 months, that the plant will be commissioned completely.

Next year, we will see the Northern region and then after the Southern region. So, it’s a 3-year plan for the statutory compliance as well as margin will not be affected while working out the cost of the product.

• So, this year, half year, we’ll get the benefit of the solar power of around INR8 crores to INR10 crores reduction in power cost.

• Expecting approval from government authorities in the next 30 to 45 days for E-Rickshaw batteries.

• Power sector batteries: Preparation is on. We are already in the process of submitting our sample for use of the batteries for the power system. As per my technical team experts, we are going to get that approval also in the next 3 months’ time.

• As far as this energy storage devices division is concerned, our revenue is expected to be in the range of INR125 crores and in which we are counting E-Rickshaw batteries around INR35 crores to INR50 crores we have taken into consideration.

• Growth estimation for '25-'26: We are estimating 10% to 12% growth for the packaging products and around 28% to 30% growth for the composite products. We are on track for that.

• We have already developed fire extinguisher, which is also under process of BIS approval by our one of the customers.

• NEW COMPOSITE CYLINDER CAPACITY: It is to be come out in the second half of this year. And we are in the process of completing our all-other formalities, including the building completion in this first half of the year. The work is on, but there is some delay because of the rainy season and delay in getting the completion of the construction of the building. So, we are linking our import consignment directly considering the – as the building complete, we get the power connection, we get it I think, transfer from our – this overseas supplier. So, it is going to take in the second half of this thing.

Now the expansion will be complete in the next 60 days’ time.

• So composite product all of the year, I think better clarity will come in the Q3 of this year, but we are sure to achieve the growth of – in the range of 28% to 30%, especially in the composite products.

• So at least 2, 3 years visibility as composite product after expansion also, we are quite confident about to achieve the growth of 30%, as far as composite product is concerned, LPG, CNG, hydrogen, all automotive composite product, everything.

• Current Composite cylinder capacity can generate around 350cr of revenue. Expanded capacity can generate around 700cr

• DRONE APPLICATION: We are not going to manufacture drone; I can tell you. We are going to develop our hydrogen cylinder for drone applications because drone market, as per the current, what I heard, it should be 75 billion by 2032. That is the estimation is given available in the public resources

And all the batteries are the Chinese batteries currently today. So at least we will replace it from the hydrogen cylinders, which have a light weight, then they can fly more time, they can fly on the higher height. There are multiple advantages.

So, we thought let us first do R&D, let’s tie up with some of the drone manufacturers. So, we have tie-up with the existing experienced person who is specialized, who has already experience of supplying 50 drones – 50 to 60 drones in India. So, we thought it’s better to have a tie-up with him. So, our cylinders will be used there. And then we will take the experiment of supplying the – our batteries, our cylinders for the drone manufacturer.

• So, we know very well packaging business, which we are there for more than 35 years, but we can grow that in the pace of, I can say, 10% to 12%. But when company need to grow over 15%, it is possible only from the other, where the market is there, especially composite products.

• Now, you are asking the right issue. You know very well, that promoter have no any other business opportunity. Promoters don’t have a fund to put again in the right issue money because promoters are around 51.7%. All the promoters are having full-time Directors to the company, and they have a business of Time Technoplast only.

• So, as far as this order is concerned, BPCL order was there, which is – BCPL order, which is because some of the locations, which is required by the BPCL, we are not nearby, and that is very near to the Supreme location. So, we – in fact, our prices were a little higher than them considering the delivered prices. So, we have left that order, and we are continuing to capture the other geographical where we are getting a good realization. It is very on the commercial sales point of view; we have not participated in that. And we have provided our higher prices compared to them.

• Hydrogen cylinders to start generating sales in next financial year.

• IBC SEGMENT COMPETITION DETAILS: When you are competing in the industry, these packaging gets identified as the brand that you manufacture. Today, GNX is a brand of IBC that we manufacture, is a multinational brand. Today, I manufacture in all the 11 countries wherever we are present. As compared to that, there are just 2 other global brands such as Schutz and Mauser.

So, among these 2, Schutz has just recently started a manufacturing unit somewhere in India. But other than that, the local manufacturers are all basically a stand-alone local brand. They’re not really internationally recognizable. So, whenever they have to be talking about an export of the chemicals and packing it in a certain IBC, the buyer at the other end would also like to ensure that he uses the right quality-based packaging and which is – on which he has a reliance on. So that is where they go for international names, and that is how GNX has been able to really get the recognition. We are able to get that differentiation in the market, both in terms of the pricing and also in terms of the preference.

Additionally, we have multiple location units for IBC even in India because we are a geographically large country. So, we have a couple of units in Daman. We have got one unit up north in – sorry, in the West in Dahej. We have one unit running up in South also.

We also stock and sell in Bhuj and Kolkata. So, we have a fairly wide network to ensure that we are able to capitalize on the market demand and we stay very, very competitive. So, that’s the reason as to why we are able to ensure that the IBC will continue to have a positive growth as compared to the other industrial packaging products as well.

o So, sir just, has there been any pricing pressure overall in the industry because of Schutz is coming into the market? Or have you been able to retain prices?

We are quality standard company. We have to maintain our quality standard, and we are getting our pricing and remain – able to maintain our required margin. Therefore, it is counting under the value-added product. You know we have already said, it comes under the value-added product where we have a required margin there.

So, percentage terms, growth in the IBC, we are also projecting in the range of 18% to 20%, and we are maintaining that growth.

GNX brand has been created with the hard work of more than 20 years in this product.

• 14.2 KG LPG CYLINDER DEVELOPMENT: So that development needs 6 months’ time, which includes the design approvals, full development, then finally materialize and do the expansion plan.

• We have already approval in hand for the 60 liters CNG cylinders for the automotive application. That market also we will capture in the next fiscal year after completing the expansion.

THINGS TO TRACK:

• CNG CASCADE DEMAND: Will demand get hurt by recent developments regarding reduction in APM gas to CGD’s? Or will the trend of conversion of steel cylinders to composite cylinders continue? How will Supreme Industries entry into this segment play out?

• LPG 14.2KG CYLINDER PROGRESS

• PROGRESS OF NEWER PRODUCTS: Drone application, fire extinguishers, water heaters, oxygen cylinders, PE Pipes for Gas distribution industry.

• PROGRESS OF AUTOMOTIVE APPLICATION

• RAMP UP NEW CNG CYLINER CAPACITY

• IBC SEGMENT GROWTH: Will increased competition hurt its growth rate?

[pranavpallod12]

Some notes from AR FY26:

• In financial year 2024-¬25, there was an increase of 14.28% in the median remuneration of employees. (vs 13.8% in FY24).

• The total number of permanent employees on the rolls of Company as on March 31, 2025 was 2,366. (2380 in FY24)

• During the year, average increase in the salary of employees, other than managerial personnel, for FY 2024-¬25 was around 13.60%. (Vs 8.6% in FY24)

• Aspiration to become India’s leading composite product manufacturer.

• Hydrogen Cylinder for Fuel Cells: Time is developing advanced Type¬-IV carbon wrapped hydrogen cylinders designed specifically for fuel cell applications, offering a 90% weight reduction compared to traditional metal cylinders. This substantial decrease in weight translates into improved fuel economy, increased payload capacity, and overall operational efficiency.

Engineered for high reliability and safety, these lightweight composite cylinders are ideally suited for use in hydrogen¬-powered vehicles and stationary power generation systems, including telecom towers and off grid applications.

• Hydrogen Type III Composite Cylinder for Drone Applications: With a refuelling me of just five minutes—versus hours for battery recharging—and a weight advantage of nearly 50%, hydrogen¬-powered drones deliver superior performance, including enhanced flight range, beer efficiency at higher altitudes, and greater payload capacity.

These cylinders are engineered for over 5,000 operating hours, significantly exceeding the 500–1,000 charge cycles typical of lithium¬-ion batteries.

Beyond performance, hydrogen systems offer long¬-term cost benefits, environmental sustainability through water¬ only emissions, and strong applicability in long-¬range missions such as aerial surveying, mapping, and defense. This advancement reinforces TimeTech’s position as a pioneer in high-¬tech composite solutions, aligned with global trends in clean energy and next¬-generation mobility.

• LPG COMPOSITE CYLINDERS: Given the 15¬-year average life cycle of steel LPG cylinders in India, the replacement demand is estimated at 3 crore cylinders annually.

The Company has significantly expanded its global footprint in the LPG composite cylinder segment, now exporting to over 51 countries.

Since commencing supplies to Indian Oil Corporation Ltd. (IOCL) in 2022, the Company has delivered over 20 lakh cylinders within 24 months, generating more than $47 million in revenue during this period.

The export network continues to grow, with recent market additions including Ethiopia, Albania, Iraq, Taiwan, Ghana, Nigeria, Bermuda, St. Lucia, Romania, Burundi, Australia, the UAE, and the USA. Furthermore, product samples have been submitted to new prospective markets such as Kuwait, Oman, and Saudi Arabia, reinforcing the Company’s strategy of expanding its global customer base and strengthening its position as a leading supplier of innovative LPG solutions.

• IBC: Intermediate Bulk Containers (IBCs) are engineered to perform reliably even in the most demanding environments and rough handling conditions. They can reduce storage and transportation costs by up to 75% compared to traditional drums, making them an incredibly cost-¬effective solution.
The global chemical industry is driving increasing demand for HDPE-¬bottled rigid IBCs, thanks to their exceptional chemical resistance. As chemical formulations evolve, the market for IBCs is expanding rapidly. Additionally, IBCs are becoming increasingly popular for the storage and transport of corrosive chemicals, owing to their resilience against environmental stress cracking. The market share for composite IBCs is also expected to grow significantly, driven by their superior durability, enhanced safety features, and efficient handling capabilities, making them the preferred choice for many industries.

• MOX Films: Launched in FY17 under the brand ‘Techpaulin,’ the MOX film (Multi¬layer Multi¬axis Oriented Cross Laminated Film) has garnered strong industry response. With a network of 450 dealers and 22 distributors across India, the product is well established, supported by over 25 super distributors nationwide. Various sales and awareness initiatives have been well received, and we continue to explore new applications, such as truck covers, pond liners, mulching films, and polyhouse films. Additionally, we are expanding our focus on new export markets, including Thailand, Malaysia, Germany, the UK, and the USA.

• Raw material availability: We have faced no significant challenges in sourcing our primary raw materials. Polyethylene (PE) granules, derived from petroleum and natural gas, remain the cornerstone input across all our business segments. A substantial portion of these granules is imported from neighboring countries, with the balance procured from domestic manufacturers. Our procurement strategy is a balanced mix of open ¬market purchases and both short¬ and long¬ term supply agreements, ensuring stability and cost efficiency. As the global focus on sustainability intensifies, the landscape for recycled plastics continues to evolve. Despite this shift, we anticipate sustained—and potentially rising—demand for virgin polyethylene, driven by both regulatory developments and quality considerations. Countries such as China, India, Vietnam, Indonesia, the United States, and regions across Europe are increasing investments in recycling infrastructure, which is expected to support long¬ term demand equilibrium within the market.

•

(22 plants and 60 international locations in FY24. Rest is same)

•

(3914 workers in FY24)

•

•

o POWERBUILD BATTERIES PAT – 5cr (vs 2.5cr in FY24)
o ELAN FZE PAT – 56.5cr (vs 45.3cr in FY24)
o GNXT INVESTMENT HOLDINGS PAT – 150cr (vs 117cr in FY24)

[Raju_Barh]

Loan and advances 49 cr .which party give loan 32 cr any details .