Time Technoplast - Ready for blast?

Stock Opportunities Untested - but worth a good look
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More than 10x in last 5 and a half years is a decent re-rating I feel.

14.2 kg cylinder development has been announced in last 1-2 years only. Before that they were alluding to the potential of it. Actual development announcements have started since 1-2 years back.
Also, LPG will always have delays involved due to Government involvement, So its not too high on my list of re-rating factors. If it happens, It would be an even bigger re-rating potential

  • All other points for re-rating are highly probable to occur. So this time, it indeed might be different. Since Bharatji has taken over MD position, They have achieved almost everything they have guided. So my expectations are indeed high.
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The management has a good track record of walk the talk.

Disclosure: Invested since 2020

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Hi Guys

Have read the entire thread and it was very insightful for me. I got to know a lot about the company.

I was researching about it recently and I had a thought that should we value this company using Sum of the parts as it has 2 different kinds of business (Legacy one with low margins and low growth Vs Composite business with high margin and high growth). If yes can anyone share their valuation of what they have done?

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Why 2027 could mark the ‘Hockey Stick’ growth for Time Techno

India lacks a dedicated hydrogen pipeline infrastructure, the entire economy will rely on a ‘Virtual Pipeline’ (While a traditional pipeline is a permanent, multi-billion dollar steel tube buried in the ground, a virtual pipeline uses a fleet of trucks or trailers equipped with high pressure storage cylinders to deliver the fuel from a production hub to a consumer). Time Techno is the first and only company in India to receive final PESO (Petroleum and Explosives Safety Organization) approval for Type-IV Composite Cylinders for Hydrogen. Hydrogen is stored at extremely high pressures (350-700 bar), far higher than CNG. Steel cylinders cannot handle this efficiently (too heavy). Type-IV (polymer liner + carbon fiber wrap) is the only viable global standard for mobile hydrogen storage.

Plans of major players involved with Green Hydrogen:

Supply Side Opportunities

  • Reliance

    • Reliance is building Dhirubhai Ambani Green Energy Giga Complex in Jamnagar.
      • Phase 1: Solar & Battery giga factories, operational in 2025.
      • Phase 2: 3 GW Electrolyser Factory commissioning by end of 2026.
      • Phase 3: Production of Green Hydrogen should start in 2027, full scale 3 MTPA might take some time.
    • Reliance will need stationary hydrogen cylinder cascades at the Jamnagar giga complex and transportable hydrogen cylinder cascades to transport to their 100s of refuelling stations.
    • Relationship with Time Techno:
      • Although I couldn’t find any official source of their relationship, it is quite natural for Reliance to be their client. Time Techno holds over 55-60% market share in the Indian polymer drum market. Since Reliance is India’s largest producer of petrochemicals and lubricants (which require these high standard HDPE drums and IBCs for transport), the two companies should be naturally involved.
      • Time Techno has major production facilities in Gujarat (Daman, Silvassa, and Bharuch). These are strategically located within the ‘Golden Corridor’ of India’s chemical industry, and nearby to Reliance’s Jamnagar and Hazira complexes.
      • In April 2023, PESO granted consent for a Hydrogen Refueling Station (HRS) at Reliance’s Jamnagar complex.
      • While Reliance initially used imported tanks for prototypes, my guess is that they are now testing Time Techno’s domestic Type-IV composite cylinders to achieve cost parity for their 2027 commercial rollout.

  • Adani

    • In 2025, Adani commissioned India’s first 5 MW off-grid Green Hydrogen pilot in Kutch.
    • In 2026 - 2027, Adani has plans for commercial exports of Green Ammonia / Green Hydrogen from Mundra Port.
    • Adani will require hydrogen cylinder cascades to transport hydrogen from Kutch to Mundra Port.
    • Relationship with Time Techno:

Demand Side Opportunities

  • Tata Motors

    • Currently conducting on-highway trials of Hydrogen ICE trucks (Prima H.55S) in partnership with IOCL on 3 major routes.
    • With plans of full scale commercial sales of Hydrogen Trucks in 2027.
    • Every single truck will require multiple (probably 4 to 6) type-IV hydrogen cylinders.
    • Relationship with Time Techno:
      • Time Techno is an award winning Strategic OEM Partner.
      • In 2013, Tata Motors awarded Time Techno the ‘Best Innovative Technology Supplier Award’. They are most likely collaborating on the Type-IV onboard cylinders for Tata’s Hydrogen-ICE trucks (Prima series).
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        Source: News&Events - Time Group
      • Investor presentation lists Tata Motors as a ‘Marquee Client’.
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      • Time Techno’s management has explicitly stated they are in discussions with major Indian OEMs for on-board vehicle applications of their carbon fiber wrapped Type-IV cylinders.
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      • On December 9, 2025, Time Techno signed a strategic partnership with Poppe + Potthoff (Germany) and Imperial Auto Industries. Source: https://www.timetechnoplast.com/wp-content/uploads/2025/12/strategic-partnership-between-time-technoplast-ltd-poppe-potthoff-gmbh-germany-and-imperia-auto-industries-ltd-new-delhi-to-develop-and-deploy-comprehensive-hydrogen-system-solutions-in-india.pdf
        • Poppe + Potthoff GmbH (Germany): Global specialists in high-pressure hydrogen components.
        • Imperial Auto Industries (India): A leading Tier-1 supplier to major Indian OEMs (including Tata).
        • Management explicitly stated the purpose of this trio is to develop and deploy ‘comprehensive Hydrogen system solutions’. Instead of just providing a cylinder, they are now working on the fluid conveyance assemblies and pressure regulation systems that allow the cylinder to ‘talk’ to the truck’s engine safely.
        • Previously, Tata had to source the tank from Time Techno, the valves from Europe, and the fuel lines from another vendor. This German-Indian partnership allows Time Techno to offer Tata a fully integrated Hydrogen Fuel System.

  • Indian Oil

    • Building India’s largest Green Hydrogen plant at IOCL Panipat, Commissioning by December 2027.
    • Build-Own-Operate (BOO) model to supply 10,000 tonnes/year of H2 to the refinery.
    • Refineries need massive stationary banks to buffer hydrogen production before it is sent to the hydrocracker.
      • Hydrocracker takes heavy, low value crude oil (like thick sludge or gas oil) and cracks the molecules into smaller, high value ones like petrol, jet fuel, and diesel. This process requires a massive and continuous supply of Hydrogen to stabilize those broken molecules. If the hydrogen supply drops for even a few minutes, the chemical reaction fails, the expensive catalysts can be ruined, and the entire multi billion dollar refinery unit might have to shut down.
      • Hence refineries need massive stationary banks which are the Type-IV Composite Cylinder Cascades. These aren’t small tanks; they are hundreds of large, high-pressure cylinders connected together in a permanent bank or farm.
    • Relationship with Time Techno:
      • IOCL is Time Techno’s largest public sector client, especially in the ‘LPG-to-Composite’ shift.
      • In March 2022, Time Tech received its single largest order of INR 180 Crore from IOCL for 10kg Type-IV LPG Composite Cylinders. Source: Time Technoplast receives Rs. 180 crores order from IOCL
      • IOCL is running a Hydrogen Bus Pilot in Delhi/NCR. Time Techno is a listed participant for providing high-pressure storage solutions for these refueling trials.

  • Indian Railways

    • Hydrogen for Heritage mission.
      • Indian Railways flagship initiative to de-carbonize its historic and ecologically sensitive train routes by replacing aging diesel locomotives with Hydrogen Fuel Cell powered trains.
      • To deploy 35 Hydrogen Trains on specific heritage and hill circuits.
      • Heritage routes (like Darjeeling or Shimla) operate in fragile ecosystems. Diesel pollution is a major concern there. Since these tracks are narrow and winding, electrifying them with overhead wires is difficult or ugly (ruining the visual heritage). Hydrogen trains offer the perfect solution: Zero Emissions without overhead wires.
      • 2026 Target for launch of hydrogen-powered trains on 8 heritage routes (e.g. Darjeeling, Nilgiri).
      • The plan involves retrofitting existing Diesel Electric Multiple Units (DEMU). They remove the diesel engine and replace it with a Hydrogen Fuel Cell + Battery pack.
      • A diesel tank is small. To get the same range with hydrogen, you need a massive amount of compressed gas. The train will need a dedicated ‘Fuel Car’ or roof mounted racks stacked with Type-IV Cylinders.
    • Relationship with Time Techno:
      • Time Techno explicitly lists Railways as a key customer for its VRLA batteries and specialized polymer products.
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      • Each train needs dozens of these high pressure cylinders to carry enough fuel for a steep mountain climb. Time Techno, with its PESO approval and existing railway vendor status, is the frontrunner to supply these Fuel Racks.

The Defence Optionality: Drone Stark Technologies Partnership

The limiting factor for commercial drones today is battery life. A typical Lithium-ion drone flies for 30 - 40 minutes. This makes them useless for long-range border surveillance or pipeline inspection. The industry is desperate for a power source that lasts hours, not minutes.

  • On August 2025, Time Techno signed a strategic MoU with Drone Stark Technologies. Founded in 2019, Drone Stark is a specialist in indigenous UAV platforms (like the Octaglide). Source: https://www.timetechnoplast.com/wp-content/uploads/2025/08/time-technoplast-limited-and-drone-stark-technologies-opc-private-limited-sign-mou-to-develop-hydrogen-powered-drones.pdf
  • The goal of the partnership is to co-develop ‘Long Endurance Hydrogen Drones’ that integrate Time Techno’s cylinders with Drone Stark’s airframes.
  • Time Techno has developed a specialized Type-III Carbon Composite Cylinder for this application.
    • Unlike the Type-IV (polymer liner) used in trucks, Type-III uses a metal liner with a full carbon wrap. This handles the extreme pressure to weight ratio required for flight.
  • These cylinders extend flight time from 30 minutes to 3 - 4 hours. This 5x jump in endurance opens up multi-billion dollar use cases in defence surveillance and last mile logistics that were previously impossible.
  • On December 22, 2025, Time Techno officially announced the successful flight trials of India’s first indigenous hydrogen-powered drone.

Disclaimer: Invested & Biased.

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Bharat Petroleum corporation Ltd has launched new cylinders with advanced composite materials named Bharatgas lite .

Who is the manufacturer?? Time techno or Supreme Industries ?

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Both Supreme/Time Techno might be supplying.

It’s a 10kg cylinder similar to Indane XtraLite which has been available for quite a while (Supreme & Time Techno both supply roughly 50% each).

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What’s the advantage Technoplast have w.r.t Supreme Industries which has a broader portfolio in plastics, furniture and pipes if they’re able to compete equally on composite materials as well?

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Supreme has 2x revenue with much stronger financial ratios (and in last few years slightly lesser profitability) vs Time Techno, but comparatively lesser growth, because of high base + they are just now scaling up fiber composite products.

Time Techno has much broader/deeper composite/value-added products set for longer & this share has been increasing only the last 2-3 years (thus the improved profitability).

In composite materials, Supreme doesn’t have IBCs (Time Techno & Pyramid have). Supreme competes more/less equally with Time Techno in LPG cylinders & has entered CNG Cascades recently.

Time Techno exports composite LPG cylinders too (but hasn’t had great growth in the last 6-7 years since they started it), maybe the export market isn’t as huge as India might potentially be if 14.2kg LPG cylinders come in a big way.

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Projections basis Q3 management commentary. Confident management, Very Hands-on
Do highlight errors made, if any :crossed_fingers:

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One of the Company where management is walking the talk. Company is working on multiple optionality going forward.

Disclosure: Invested since 2021.

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Actually this entity is creating a completely new market of its own

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[Indian Army plans to install green hydrogen-based power plants along border with .. ]( Indian Army plans to install green hydrogen-based power plants along border with China, ETAuto. )

TT seems to be involved in above plan from defence forces.

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Another write up on TT covering the entire product portfolio.

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Q3FY26:

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• Value added products grew by 19% in Q3FY26 as compared to Q3FY25, while established products grew by 11%.

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• Confirm Tender received for Supply of Packaging Products - 425 cr (425 PQ)
Order book- Composite Cylinders (CNG Cascades) - 165 cr (195 PQ)
Order book- PE Pipes - 275 cr (280 PQ)

• Total Debt as on 31.12.2025 stood at Rs 266.4cr as against Rs 646.5cr in FY25.

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Composite ebitda margins – 16.1%
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Value-added products ebitda margins – 18.8%

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CONCALL NOTES:

• We have very clear visibility to be completely debt-free in the next 6 months’ time.

And after the debt repayment, the finance cost will be in the range of INR25 crores to INR30 crores annualized.

• Solar Power: Can save 40-45crs if all states allow for green power. But currently the power facility is available in Karnataka, Tamil Nadu Maharashtra, Gujarat and Uttarakhand. So, company has signed the agreement wherever this facility is available.

From this month in Gujarat, where we have major facilities, the benefits have been started. I’m sure in the next 6 months’ time we are going to get benefit in the Maharashtra units also.

For FY26-27, power benefit will be approximately INR10 crores.

• Composite fire extinguishers commercialization will take place from April 2026.
Oxygen cylinder commercialization has started.

• CNG cylinders, we are ready with 250 liters. You will very shortly hear that 250 liters CNG cylinders are ready, so that number of the cylinder in one cascade will reduce from 60 to 36, that will be more cost competitive and per litre cost will be reduced. And substantial savings will be there. So, you will hear in the next 45 to 60 days’ time about this approval. The company is ready with that product.

• Commercialization of new CNG Cascade facility will take place from April because erection installation is going. The company can generate revenue of INR800 crores in 2 years’ time from the new plant after the consolidation of the existing plus the new expansion facilities.

• First recycling facility will be operational from April 2026.

Time Ecotech will also earn 15% margin and cost basis.

• 4 years back, the working capital cycle time was 120 days, which is now reduced to almost 98 to 99 days. And the next 2 to 3 years’ time, we are targeting to reduce to 90 days.

• Value-added products will reach to 35% in the 2 years’ time.

• We have put the automation, cost of the automation, everything is around INR75 crores. So that benefit will come in the 3 years’ time now. 3 years’ time means, it will take 1 year in completion and 3 years payback period, so entire 4 years. For example, INR75 crores I’m investing and payback period is 4 years, including the investment period. Then you can see INR20 crores EBITDA margin will be saved on account of the automation and by way of manpower cost.

• FIBC COMPANY ACQUISITION: We have a time line to confirm the deal by March 2026 And that also can be further extended subject to the due diligence compliance and everything because first, we have seen the 6 months data for them, that is from July to December.

That business is also growing by 25% to 30%.

• Drone cylinder commercialization will take place next year.

• For PE Pipes, growth will be 20-25% in FY26-27

• After 20% ROCE, if we keep the target, it will be 22, 24, 26%.

• Dividend payout ratio will also be parallelly increasing.

• PAT growth will be 25% for next 2 years.

• You know every well in the last 18 months, challenging period of everybody. But in spite of that, company has saved and achieved the growth because the company has a risk distributed geographically, has presence in 11 countries, company has a various segment, which have – users are different. So, if one sector is down, company can get the revenue from the other sector. So that’s the management policy, always have a de-risk by geographically and product-wise.

• Each of the department is headed by the experienced professional people who have more than 20, 25, 30 years with the company. If you see in my average age of the people in the company is around 35 to 36 years because most of the people have grown with the company and they have continued with the company.

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?

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

• FIBC COMPANY ACQUISITION PROGRESS

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TTPL continues with its strong execution.

The plan is well laid and well set for 25% CAGR PAT growth for the next 2-3 years along with increasing margins and increasing ROCE.

Also, the company is building up multiple new growth levers with its product innovation.

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Time Technoplast -

Q3 FY 26 results and concall highlights -

Q3 outcomes -

Revenues - 1567 vs 1389 cr, up 13 pc

EBITDA - 236 vs 202 cr, up 17 pc ( margins @ 15 vs 14.6 pc )

PAT - 126 vs 101 cr, up 25 pc

Value added products grew by 19% in Q3FY26 as compared to Q3FY25, while established products grew by 11%. The company’s focus remains to increase the share of value-added products in its revenue and improve margins

India volume growth @ 15.2 pc

Overseas volume growth @ 17.2 pc

Debt on books @ 266 vs 646 cr - debt reduction of 380 cr led by infusion of QIP funds

9Ms FY 26 capex @ 177 cr

9M breakup of India : Overseas business @ 64 : 36

Composite Cylinders witnessed 23 pc growth in 9Ms FY 26

Notes from previous Concalls -

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

Equity dilution caused due a/m QIP @ 8.7 pc

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

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

Committed to source 75 pc of its energy requirements to Solar sources - to reduce its energy costs. This would result in annual energy savings of 20-30 cr

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

OP-Z batteries (Ortsfest Panzerplatte - Stationary Tubular Plate Flooded batteries) are high-performance, 2V industrial-grade lead-acid batteries used extensively in the power sector for critical backup and energy storage. They are characterized by a long service life of over 15-20 years and excellent deep-cycle capabilities

Utilisation of QIP funds -

Reduced debt by 380 cr

Purchase of machinery and equipment - 125 cr

Investment in Time Ecotech - 55 cr

Money kept for inorganic opportunities - 240 cr

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

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 submitted its designs to IOL, HPCL, BPCL for its 14.2 kg gas cylinders. Approval should only be a matter of time ( was previously making and supplying only the 10 kg Cylinder ). Company may have to undertake capex to expand their capacities, post approval

Company’s tgt 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

Notes from Q3 concall -

For 9Ms FY 26, growth in sales of VAP @ 17 pc. Share of VAP now stands @ 30 pc vs 27 pc as on 31 Dec 25

India vs Overseas margin profile is very similar

Company aspires to be debt free by H2 FY 27

Commercialisation of composite fire extinguishers ( both 6kg and 9 kg products ) should happen in Q1 FY 27

Company’s CNG cylinder ( 250 lit ) should also go commercial in Q1 FY 27. Their 136 Lit CNG cylinder is already commercial

Have submitted all the documents for approval of Hydrogen cylinders for drone applications

Time Technoplast Ltd.'s subsidiary, PowerBuild Batteries Pvt. Ltd. (PBBPL), is focusing on advanced VRLA (Valve-Regulated Lead-Acid) stationary batteries that serve mission-critical applications, including data centers

Partnership and Supply: PBBPL has signed a multi-year exclusive agreement with Bulgaria’s listed company Monbat AD (Europe) to supply these advanced VRLA stationary/reserve-power batteries in India. This includes pan-India technical support, installation, commissioning and after-sales service

Time Ecotech’s first plant should go commercial wef Q1 next FY. Ecotech intends to set up 2 more plants for their recycling business ( a total of 3 plants ie )

Composite facility @ Daman could make 30k composite cylinders 480 / cascades per yr. Capex was under taken at that plant. It’s nearing completion now. Commercialisation should begin in Apr. This plant’s new + old capacity together now has a revenue potential of Rs 800 cr / yr. Company can also make Hydrogen cylinders from this plant

Have been investing aggressively behind automation. Their Silvasa plant is now highly automated. Saves a lot of money on manpower costs. This plant’s Phase 1 is now operational - can make 1.5 lakh IBCs / yr. Phase 2 shall go commercial at a later date

Another of their plant near Chennai - Making packaging materials + PE pipes - should go operational by Q1 next FY

Company’s new plant @ US is now completely ready. Helps them circumvent the tariffs. They previously had 4 plants in US. This is their 5th plant

Guiding for a consolidated topline growth of 15 pc CAGR for next 3 yrs - should be led by composite / value added products

Have been allotted with a new land parcel in Orrisa. Shall be setting up packaging + PE pipes facility here

Another land parcel in Maharashtra has been allotted to the company - shall set up IBC manufacturing capacity here. Its located near a big chemical manufacturing zone - should be able to easily find customers here

Company’s packaging products should grow @ 10-12 pc CAGR, Composite products should grow @ 24-26 pc CAGR - resulting into a 15 pc CAGR growth at a company level

Company’s existing PE pipes manufacturing facilities are located near Silvassa and Hyderabad

Company intends to expand EBITDA and PAT margins by > 100 bps / yr on the back of - cost reduction programs + automation + better product mix + lower finance costs + lower power costs ( by using greater share of renewables ) + lower working capital days

Current share of composite product sales is around 27 pc of total company sales. Company estimates - this should be > 35 pc after 3 yrs or so

Should clock EBITDA of around 900 cr in current FY ( indicating an EBITDA around 250 cr for Q4 ). Interest cost savings should incline the PAT by a greater percentage

Should announce the acquisition of - Ebullient Packaging Pvt Ltd by Q1 FY 27. Should be a value accretive acquisition for them ( as explained above ) + it has the potential to grow its topline @ 20 pc CAGR over medium term

PE pipes can clock 450 cr / yr kind of max sales ( vs 350 cr expected to be clocked in FY 26 ). With Odisha + Chennai investments, potential topline of this business can keep growing in a handsome way over medium term

TPL Plastech ( their 75 pc subsidiary ) is growing at a descent rate. They r expanding their facility @ Lote Parshuram. This should help them sustain their growth momentum. At present, they contribute 8 pc to company’s consol revenues. TPL’s ROCE is > Time Technoplast

Availability of solar power is good in TN, Karnataka, Gujarat, Maharashtra and Odisha. Company has 33 manufacturing plants in India, 17 outside India

Company intends to consolidate some of its Indian manufacturing facilities

PAT growth should inch towards 25 pc CAGR over next 3 yrs

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

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17/Mar/2026
Time Technoplast wins orders worth INR115.56 Crores for supply of Type IV composite cylinders from a PSU. The time period for execution is within 1 year.

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Results here. Dividend Rs. 1.5 per share

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Good results. Considering the tensions in GCC. If they can grow EPS by 20% in FY27, the stock looks pretty cheap.

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By my understanding, only the month of March was technically affected due to the Iran War for the Jan-March 2026 Qtr results declared, correct?

Not sure if this good news would be relevant of current quarter as well, already in progress

Am I missing anything here pls…