TIMETECHNO - Time Technoplast

📊 NSE: TIMETECHNO 🏢 Plastics Products 📅 Last Updated: 12/14/2025 14:24

💰 Financial Performance

Revenue Growth by Segment

Value-added products (IBC, composite cylinders, MOX films) grew 15% in FY2025, while established products (drums, jerry cans, PE pipes) grew 7%. Total sales in Q2 FY2026 grew 10% YoY to INR 1,512 Cr.

Geographic Revenue Split

India accounts for 66% of revenue (grew 9% in Q2 FY2026), while Overseas operations across 10 countries contribute 34% or INR 1,857 Cr (grew 13% in Q2 FY2026).

Profitability Margins

Operating margins improved to 14.4% in FY2025 from 13.9% in FY2024. Net profit for Q2 FY2026 stood at INR 115 Cr, representing a 17% YoY increase.

EBITDA Margin

EBITDA margin was 14.8% in Q2 FY2026 (INR 224 Cr), up from 14.3% in the previous year, driven by a higher share of value-added products and raw material cost pass-throughs.

Capital Expenditure

Planned annual capex of INR 180-220 Cr. Recent QIP proceeds allocated INR 89.37 Cr for automation and re-engineering and INR 110.63 Cr for a subsidiary's machinery.

Credit Rating & Borrowing

Rated CRISIL AA-/Stable and A1+. While the financial profile is strong, ICRA notes high borrowing rates; QIP proceeds of INR 400 Cr are being used to repay debt to reduce interest costs.

⚙️ Operational Drivers

Raw Materials

Polymers (specifically Polyethylene/PE) represent the primary raw material cost, with the company consuming 180,000 tons annually.

Import Sources

Sourced globally with manufacturing and procurement hubs in India, the Middle East (UAE, Bahrain, Saudi Arabia), and the USA.

Key Suppliers

Not specifically named, but the company leverages its 180,000-ton annual volume to negotiate bulk discounts, targeting an additional 3-4% discount through new acquisitions.

Capacity Expansion

LPG cylinder capacity is 1.4 million units (sellable 1.2 million) with 90% utilization. Automation capex of INR 89.37 Cr is underway to improve manufacturing efficiency.

Raw Material Costs

Raw material costs are highly sensitive to polymer prices; however, the company maintains a 14.4% margin by passing on price fluctuations to end-users.

Manufacturing Efficiency

Current LPG cylinder capacity utilization is at 90%. Automation and re-engineering are being funded to further enhance throughput.

Logistics & Distribution

The company operates in 11 countries to manufacture close to customers, reducing distribution costs for bulky polymer products.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Achieving growth by increasing the share of value-added products (currently 27% of revenue), entering the CNG composite cylinder market, and acquiring an FIBC company with INR 250 Cr revenue to leverage 3-4% polymer procurement discounts.

Products & Services

Industrial packaging (drums, jerry cans), Intermediate Bulk Containers (IBC), Composite Cylinders (LPG and CNG), MOX Films, PE Pipes, and Lead Acid Batteries.

Brand Portfolio

Techpaulin (MOX Films).

New Products/Services

CNG composite cylinders and expanded MOX film applications (pond liners, truck covers) are expected to drive the 15% growth in value-added segments.

Market Expansion

Expanding MOX film exports to Thailand, Malaysia, Germany, the UK, and the USA.

Market Share & Ranking

Dominant market position in industrial packaging in India and the MENA region; global leader in composite cylinders.

Strategic Alliances

Operates with eight subsidiaries and one joint venture to manage global operations and specialized segments like NED Energy for batteries.

🌍 External Factors

Industry Trends

The industry is shifting from metal to lightweight, explosion-proof composite cylinders and sustainable IBC packaging; the company is positioned as a leader in this transition with 15% growth in these segments.

Competitive Landscape

Faces intense competition in core packaging and batteries (NED Energy) from large established players, constraining pricing power in those specific sub-segments.

Competitive Moat

Moat is built on cost leadership from massive polymer procurement (180,000 tons) and technical expertise in multi-axis oriented cross-laminated films (MOX), which are difficult to replicate.

Macro Economic Sensitivity

Highly sensitive to industrial production growth in India and the MENA region, as packaging demand correlates with chemical and FMCG output.

Consumer Behavior

Increasing preference for lightweight and durable composite materials over traditional steel in the energy and transport sectors.

Geopolitical Risks

Operations in 11 countries including the Middle East and Egypt expose the company to regional political instability and trade barriers.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with international standards for hazardous goods packaging (UN certification) and pressure vessel safety norms for composite cylinders.