Time Technoplast - Ready for blast?

ranvir · June 26, 2025, 1:43pm

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 · July 14, 2025, 5:08am

Well researched crisp article on the company

astha.arora23 · August 7, 2025, 12:44pm

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 · August 16, 2025, 11:35am

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 · August 21, 2025, 7:01am

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 · August 30, 2025, 6:51pm

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

ashutosh37 · October 1, 2025, 9:39am

TimeTechno obtains the Bureau of Indian Standards (BIS) licence to make and sell polyethylene (PE) pipes for gas distribution networks

Licence gained within the company’s committed timeline and will strengthen market presence, says TIME

Adds, entry into the PE pipes market provides a growth opportunity for TIME as market size is projected to reach $13.7 billion by 2029

READY for BLAST?

ashutosh37 · October 1, 2025, 9:43am

ashutosh37 · October 1, 2025, 9:47am

pranavpallod12 · November 12, 2025, 10:15am

Time technoplast completes QIP of 800cr.
8.7% Equity Dilution

Some Miscellaneous notes from QIP Placement document-

•

• The key raw material used for manufacturing our products is polymers such as polyethylene granules (“PE Granules”), polypropylene granules (“PP Granules”), and materials like glass/ carbon fibres and resins which constitute a significant portion of our total expenses.

We had a network of 77, 76, 75 and 73 suppliers as of the three-month period ended June 30, 2025 and the Fiscals 2025, 2024 and 2023, respectively

•

pranavpallod12 · November 12, 2025, 10:19am

800cr QIP - 8.7% Dilution

400cr for debt repayment - Company will become almost debt free now.
90cr interest costs in FY25. Should reduce to very little (10-20cr, maybe some working capital debt will remain).

PAT is 394cr. Dilution is 8.7%. The impact on EPS through interest cost reduction will be much higher than due to dilution.

Acquisition of EPPL to be done this fy itself. That should add 15-20cr to PAT.

So, Combined with Debt reduction also this year Itself. So we can see big jump in PAT by Q4. + CNG cascades expansion coming up. That’ll add more profits.

Bottom line is that impact on PAT is much higher than the dilution of EPS through QIP.

This QIP seems to be extremely well done and positions the company for even greater times ahead.
Also QIP overhang on share price is now removed as well.

DISCLOSURE: INVESTED. Biggest position of portfolio (25% of overall portfolio)

Kushal12 · November 22, 2025, 5:00am

Promoter group purchased in open market on 21/11/2025. Though the increase has been a miniscule 0.02%.

Disc: Invested

UrsRafeek · November 22, 2025, 5:27am

DII and FII also increasing stake every quarter. I no longer bother about DII as they became dump yard with so much of money coming in form of SIP but closely track FII activities.

NeelaC · November 24, 2025, 2:54pm

Trying to gather order book details :

HDPE Pipe Segment: ₹280 crore
Type IV Composite Cylinders: ₹175 crore
CNG Cascades (Composite Cylinders): ₹200 crore + ₹54 crore
Industrial Packaging Division:₹425 crore

ranvir · November 26, 2025, 3:27pm

Time Technoplast -

Q2 FY 26 results and concall highlights -

Q2 Outcomes -

Revenues - 1512 vs 1371 cr, up 10 pc
EBITDA - 223 vs 197 cr, up 14 pc ( margins @ 14.8 vs 14.4 pc )
PAT - 115 vs 99 cr, up 16 pc

Revenue growth led by 13 pc volume growth in India and 16 pc volume growth in International business

VAP sales grew by 18 pc, Established products sales grew by 7 pc

H1 Outcomes -

Revenues - 2865 vs 2602 cr, up 10 pc
EBITDA - 420 vs 372 cr, up 13 pc ( margins @ 14.6 vs 14.3 pc )
PAT - 210 vs 177 cr, up 18 pc

H1 revenue growth led by 12 pc volume growth in India and 16 pc volume growth in International mkts

VAP sales grew by 17 pc, Established products sales grew by 8 pc

QIP - successfully raised Rs 800 cr @ Rs 201 / share in Q2

Non Core assets avlb for sale ( mostly RE ) currently valued @ aprox 40 cr

Have developed a low cost, low maintenance, high performance battery for E-Rickshaws named - E Start with SELINIUM. Current mkt size of such batteries is 6400 cr / yr and is expected to grow @ 25 pc CAGR for foreseeable future

Equity dilution caused due a/m QIP @ 8.7 pc

Have set up a new subsidiary - TIME ECOTECH - focussed on recycling and reprocessing industrial packaging. Will invest 120 cr over next 3 yrs in this new initiative

Has received BIS certification for supply of HDPE pipes for Gas Distribution projects. Earlier the company only had the approval for their PE pipes. HDPE pipe supplies should be a high growth area

Committed to source 75 pc of its energy requirements to Solar sources - to reduce its energy costs

Products under development and approval -

• Composite Fire Extinguisher
• Power Sector OP-Z Batteries
• Composite CNG Cylinder of more than 200 litres capacity
• Composite Hydrogen Cylinders
• Composite LPG Cylinder of 14.2 kg or higher capacity

India : International split of business in H1 @ 64:36

Revenues from Composite cylinders in H1 grew by 22 pc

Pending orders ( awaiting execution in near term ) - 450 cr for packaging products, 195 cr for CNG cascades, 280 cr for PE pipes

Segmental breakup of Q2 revenues -

Polymer products - 972 vs 863 cr, up 7 pc ( margins @ 14.2 pc )
Composite products - 584 vs 503 cr, up 16 pc ( margins @ 15.7 pc )

Segmental breakup of H1 revenues -

Polymer products - 1788 vs 1670 cr, up 7 pc ( margins @ 14.1 pc )
Composite products - 1075 vs 930 cr, up 16 pc ( margins @ 15.6 pc )

Utilisation of QIP funds -

Reduced debt by 400 cr
Purchase of machinery and equipment - 105 cr
Investment in Time Ecotech - 55 cr
Money kept for inorganic opportunities - 240 cr

Comments from previous concalls -

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 rapidly. 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

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

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

Notes from Q2 concall -

Capex spends in H1 @ 127 cr

Once company switches over to solar energy for 75 pc of its power requirements, annual energy costs savings can be in the range of 20-30 cr

Company is has already developed a 6 kg composite fire extinguisher. A 9 kg version is under development. Both these products are slated to be launched in Q4 this FY. Railway ministry has already mandated fresh procurement of Fire Extinguishers be made that are made of composite material only

Company is undertaking a capacity expansion project for expanding its capacity to produce CNG cascades. This capex has the potential to add 400 cr to company’s revenues.( they r already doing 400 cr of business from CNG cascades )

Company has already developed small Hydrogen cylinders for drone applications. In the process of developing larger Hydrogen cylinders at present

Due money infusion post QIP, annual interest cost savings should be around 30 cr ( without considering further debt reduction that may happen in future )

Company has submitted its designs to IOL, HPCL, BPCL for its 14.2 kg gas cylinders. Approval should only be a matter of time

Still guiding for 15 pc volume growth for FY 26 ( although their internal tat is 20 pc volume growth ). A 15 pc kind of volume growth should lead to 20 pc + kind of PAT growth for full FY

Company’s tat acquisition candidate is Ebullient Packaging Pvt Ltd. Should be able to buy 74 pc stake in this company for a sum of Rs 150 cr

EPPL specializes in manufacturing Flexible Intermediate Bulk Containers (FIBCs) and other packaging products. The acquisition is expected to be completed in 4 to 6 months, subject to due diligence. EPPL projects revenue of ₹250 crore for FY 2025-26 with an expected EBITDA margin of 10%. This strategic move marks TTL’s entry into the flexible industrial packaging segment, complementing its existing rigid packaging portfolio and expanding its market presence

Post acquisition, Time Technoplast is confident of improving EPPL’s EBITDA margins from 10 to 14 pc - mostly on account of better buying and bargaining capacity that Time Techno has vs EPPL. FIBC packaging is growing at much faster rates ( > 20 pc ) across the world. That’s an added advantage

Disc : holding, biased, added recently, not a buy/sell recommendation, posted only for educational purposes

pranavpallod12 · November 27, 2025, 3:10pm

Q2FY26:

•

• Value added products grew by 18% in Q2FY26 as compared to Q2FY25, while established products grew by 7%

•

• Total Debt (Net of Cash) reduced by Rs. 564 Mn in H1FY26 from FY25

•

• Confirm Tender received for Supply of Packaging Products - 450 cr (425 PQ)
Order book- Composite Cylinders (CNG Cascades) - 195 cr (175 PQ)
Order book- PE Pipes - 280 cr (170 PQ)

•

(63:37 Q2FY25 – 64:36 PQ)

•

(72:28 Q2FY25 – 74:26 PQ)

CONCALL NOTES:

• GREEN ENERGY CONVERSION: Few State Electricity boards have agreed – 4.5cr units agreement signed – 10 to 12cr Ebitda benefit next year

If all State Electricity boards agree for conversion to green energy, then 12cr units would result in total Ebitda benefit of 30cr.

• PE PIPES: Recently awarded order of INR190 crores for supply of the HDPE Pipe for power duct applications for Southern region: Amaravati Development Corporation Limited and Andhra Pradesh Capital Region Development Authority.

Amaravati Smart City for water requirement, they are estimating total in terms of the revenue pipes of INR1,250 crores, maybe 1 lakh ton pipes will be required by them. It’s a 2-year project. This project was there 2 years back, but was abandoned, but this is ready, has again taken up this present government and now targeting to complete in 2 years’ time.

Out of that, one EPC contractor, we get INR190 crores order. Other contractor also, we are in touch with them. And we are going to be awarded the order from the Abu Dhabi EPC contractor who was participating in this program.

In terms of the value, I can say maybe around INR350 crores value, which should be executed in 2 years’ time.

• COMPOSITE FIRE EXTINGUISHERS: Composite fire extinguisher 6 kg is ready, 9 kg we are waiting. So, both products we are going to launch in Q4 of this financial year.

The requirement is very large because it’s a lightweight composite fire extinguisher compared to the metal fire extinguisher, which is currently presently available. And I’m glad to tell you, railway department has made compulsory if composite fire extinguisher available, that must be used by the railway department in all the rail coaches and the stations.

• POWER SECTOR BATTERIES: We are going to get approval in the Q4. Sample is under testing. Samples already submitted 6 months back. We are going to get approval in the Q4 of this year, which has a very large market for power projects.

• COMPOSITE CNG CYLINDERS: Company is developing more than 200 liters capacity cylinder, maybe around 250 (Currently having 156ltr cylinder). So, number of cylinders in the cascade will reduce.

Composite cylinder expansion plan, which is on the way, is going to be complete in the Q4. Our material, our machines and everything is already tried, tested and is in the transit and we are going to receive them and then the installation will complete. Q4, this product will be made available in the expansion capacity

• And another development is for hydrogen cylinders of higher capacity. Small capacity, already developed.

• DRONE APPLICATION: So, first pilot project of company to have our own drone, which is going to be completed, and we will be able to see this drone operation by hydrogen cylinder next month only. It’s 30 days away from today. And it has a very big market as hydrogen cylinders in the drone application because drone application market in Agri sector, surveillance, government departments, even most of the industries also would like to use the drones. So, it is going to be a very big market as far as drones are concerned. And drone cost, what I can say, available in the market from INR5 lakhs to INR50 lakhs depending on the size of drone.

• 14.2 KG LPG CYLINDER: The approvals of the designs have been done, and we are in the discussion with the HPCL, BPCL for the approvals.

• FINANCE COST: Next year onwards, the financial cost will be in the range of again INR35 crores to INR40 crores. (Currently 80-85cr)

10cr benefit will come this FY of interest cost reduction.

(Finance cost includes non-fund-based facilities also, because non-fund-based facilities, if that is required. Wherever the government orders are there, tenders are there, and we have to give the performance guarantee for composite product, LPG, CNG.)

• AUTOMATION AND RE-ENGINEERING: Company is planning some automation to increase the EBITDA margin, automation and reengineered products because we have more than 350 machines are there, including the injection, blow-moulding, extrusion. So, we have decided now to do some automation, reengineering of the moulds so that production capacity can be increased. So, we would like to mainly do the use of the robot technology with the software technology. So, I have considered a payback period of under 3 years payback period. So, around INR30 crores means when I’m investing INR90 crores, I should get benefit, INR30 crores of EBITDA in the first year, which may arrive in after the 6 months’ time because it will take 6 months’ time to invest this. So, if you ask me the post-tax, maybe around – from INR30 crores post tax, 30%, around INR21 crores benefit will be there.

• LPG AND FIRE EXTINGUISHER CYLINDER EXPANSION: And I’m happy to tell you, till last year, the buying was only IOCL. Now HPCL also started buying. Then BPCL, we are under discussion. So, I’m quite hopeful as far as next year is concerned, we will definitely need expansion because by next year, we will have another product also, which is going to manufacture on the same LPG line, that is fire extinguisher which I told you.

The requirement is very large. Very large, I can say, because the export market is there in local, refinery company, many industries, every office is using this fire extinguishers made from metal. And the lightweight will be available very much. We will estimate market on the fire extinguisher also next year.

We have taken the project for developing of 14.2 kg cylinders, which is going to be done before the March 2026. But then we will think on the expansion plan next year because as the alternate product also, we are in process.

• INCREASE IN GROWTH GUIDANCE: Presently, we are in Q3 and the company is supplying right quality of product at the right price. So, I’m not changing my guidance of 15%.

This percentage will increase after developing new products. Internally, we are thinking to grow 20%. And further, as I mentioned to you, if my volume growth is 15%, 16-17% EBITDA, and the PAT growth more than 20%.

• Will need 6 months to utilize QIP funds. Then results will come from April 2026.

• FIBC COMPANY ACQUISITION: We have already started the due diligence of that company.

That company is having business revenue of around INR250 crores with the EBITDA margins of INR25 crores.

And purpose of buying is very clear, because I am buying 180,000 tons of polymer in a year, and this company is buying 38,000 tons polymer. So, the available discount to Time Technoplast is much, much higher, maybe around 3% to 4%. So that benefit also will go to the subsidiary. The present EBITDA, which is 10% will go back – will be equal to our EBITDA margin, which is 14%.

Second, this company can have an advantage of just-in-time delivery because this company is doing 60% export to the various countries, including the MENA region, that is Dubai and nearby countries. And another, they are in Southeast Asia also. So, you know that our company has a presence in the Middle East, like in this Sharjah, Bahrain, Saudi, Egypt. Another, we have a presence in Southeast Asia, the Thailand, Malaysia, Indonesia, Vietnam and Taiwan. And then U.S.A. also. So, this company can take the advantage of our presence in the other countries just-in-time delivery. So, their revenue can grow. And what we have seen from the data available that FIBC market is growing by around 25%. India FIBC market itself is around INR8,000 crores.

• OEM BUSINESS: After the CNG expansion, we will explore the possibility of our business with the OEM like Tata, Eicher Motors, Ashok Leyland, who are in the automotive line. But we’ll approach next year only, design and approval. Internal discussion already started because it will take 6 to 8 months’ time.

• COMPETITIVE ADVANTAGE FOR WITHSTANDING PRICING PRESSURES: In our packaging and IBC segment, Did we see some price pressure for this quarter? And why was it?

No, I have not seen pressure. You have seen my EBITDA margin is more of 14.6%. Price pressure maybe to the other people. We were able to reduce our manufacturing cost. We will able to reduce our material cost. As I mentioned, I have a good automation system and my cost is very, very competitive. But I’m very clear on the one side, I always – in the big orders, I will work out the reverse logistics. First get the order, then I do based on the volume, how I can reduce the logistic cost because I’m the only company who have a presence in 20 locations in India, it’s a one-stop shop for the customer. I see based on the logistics, we can take the business of the large quantity from the customers. I’m not compromising on my pricing. I’m very clear.

And we will sustain that going ahead, right? Bharat Kumar Vageria: Yes.

• Increase of 2% in ROCE will continue even after reaching target of 20% this FY.

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? How quickly will increased capacity fill up?

• 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?

• EFFCIENCY TRACKER: How much gains in cost reduction will come from solar power + Automation & re-engineering

• FIBC COMPANY ACQUISITION PROGRESS

pranavpallod12 · November 27, 2025, 3:16pm

Time technoplast looks set for a strong compounding performance (20-25% PAT CAGR) over the medium term given the various initiatives that the management is undertaking

Growth in cng composite cylinder business with expanded capacity
reduction in interest cost
Efficiency gains through solar energy use and automation
LPG cylinder 14.2kg could be a big breakthrough
Composite fire extinguishers also looks like an exciting opportunity
FIBC Company acquisition will add solid PAT growth
Core packaging to keep growing at steady historical rate
Other optional growth engines like hydrogen cylinders, drone application, Batteries

All these initiatives could lead to further improvement in ROCE (As management has said, they’re targeting 2% improvement every year even after 20% target is hit) and much more robust business, poised for big re-rating in terms of multiples.

Only risks to this is slow adoption of newer products. Otherwise management has executed everything they have said over the last 4 years and I don’t find anything that this is going to change going forward.

DISCLOSURE: INVESTED (Biggest position in portfolio)

LarryWink · November 28, 2025, 2:13am

Any other detail in terms of size of company, timeline, PAT size etc ?

Aditya_Kapoor · November 30, 2025, 3:11pm

I have been invested in Time Techno from time immemorial. If you just listen to the conference call, you will always feel big re-rating is around the corner. For the last 4 years, I have been hearing about a 14.2 KG cylinder. While it had been good for me with avg price of 86.. my expectations are more moderate.

Shreyansh_Chandrakar · December 1, 2025, 12:17am

Yes correct everytime mangement is just guiding …