All Time Plastics Limited — Q3 FY26

All Time Plastics Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ZGOaR2nMvgI Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to Alltime Plastics Limited Q3 FY26 earnings conference call. 0:10 10 seconds This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as in the date of this call. 0:19 19 seconds These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 0:26 26 seconds As a reminder, all participants lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the opening remarks on 0:34 34 seconds the management conclude. Should you need assistance during the call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:43 43 seconds note that this conference is being recorded. I now hand the conference over to Mr. Klesha, chairman and managing 0:50 50 seconds director for his opening remarks. Thank you and over to you sir. Thank you very much. 0:58 58 seconds Good afternoon everyone and thank you for joining us on our Q3 FI26 earnings call today. 1:06 1 minute, 6 seconds Joining me on the call today are Nilles Sha full-time director and Manish Katani our chief financial officer. 1:14 1 minute, 14 seconds We appreciate your continued interest in our company and your time today. 1:20 1 minute, 20 seconds Let me briefly recap the company for boy. For those who are not aware of the company, Alton Plastics is today a 50 plus year 1:29 1 minute, 29 seconds old organization incorporated in 1971 with a strong legacy in injection molded 1:36 1 minute, 36 seconds plastic consumer wear products. We are recognized as India's largest exporter of plastic houseware and plastic 1:43 1 minute, 43 seconds furniture with an export footprint across 29 countries including key markets such as European Union, the United Kingdom and the United States. 1:55 1 minute, 55 seconds From an operation standpoint, our manufacturing platform comprises of four facilities as on date. three plastic 2:02 2 minutes, 2 seconds consumerware manufacturing units at Damand, Silvasa and Katalada in Gujarat and a bamboo pilot project facility at Gojhati. 2:13 2 minutes, 13 seconds These facilities are automated and supported by all electric injection molding machines enabling high consistency, efficiency and scalability. 2:23 2 minutes, 23 seconds As part of our strategy to expand export-led opportunities, we have continued to invest in capacity creation 2:30 2 minutes, 30 seconds and operational preparedness to support the long-term growth. As of December 31, 2025, our total installed capacity 2:40 2 minutes, 40 seconds stands at approximately 39,000 metric tons supported by 169 injection molding machines. 2:48 2 minutes, 48 seconds With this footprint, Katalada facility now has a total installed capacity of 10,000 metric tons as on 31st December 2025. 2:58 2 minutes, 58 seconds The Katalada plant is designed as an highly automated export focused facility enabling us to support large volume 3:06 3 minutes, 6 seconds programs, faster turnaround times and consistent quality standards as required by our various global customers. 3:15 3 minutes, 15 seconds This expansion strengthens our ability to capture incremental export opportunities while maintaining our operational efficiencies. 3:24 3 minutes, 24 seconds For the 9 month ended FI26, our capacity utilization stands at 77%. 3:31 3 minutes, 31 seconds Excluding the additional 2,000 metric tons of capacity commissioned at Tatal plant in December 2025. 3:39 3 minutes, 39 seconds Overall, our utilization trend remains balanced, allowing us to grow volumes without capacity constraints while 3:46 3 minutes, 46 seconds preserving the flexibility to respond to changes in the global sourcing patterns. 3:52 3 minutes, 52 seconds The plant capacity which forms the part of the approved expansion plant is expected to be commissioned at Katalada during FY27 4:00 4 minutes taking the total install capacity to approximately 52,500 metric tons. 4:06 4 minutes, 6 seconds Now coming to our quarterly performance, Q3 FI26 represents a clear inflection point in our operating and financial performance particularly on a sequential basis. 4:18 4 minutes, 18 seconds After a relatively challenging first half of the year driven by softer global demands, conditions and front-loaded 4:25 4 minutes, 25 seconds costs related to capacity expansion, we saw a meaningful improvement in volumes, margins and profitability during this quarter. 4:35 4 minutes, 35 seconds Revenues from Q3 FI26 stood at 159 crores reflecting a quarteron quarter growth of 8.1%. 4:44 4 minutes, 44 seconds This improvement was driven by better order traction across our core export markets, improved execution at the plant level and gradual normalization in customer offtake patterns. 4:56 4 minutes, 56 seconds Gross margins also improved meaningfully during the quarter rising from 36.2% 2% in Q2 FI26 to 39.5% in Q3 FI26. 5:06 5 minutes, 6 seconds The margin recovery was supposed supported by favorable customer and product mix, disciplined pricing actions, and relatively stable raw material costs. 5:17 5 minutes, 17 seconds More importantly, this improvement in gross margin translated into a sharp recovery in profitability. Abitar for 5:24 5 minutes, 24 seconds the quarter increased by 44.3% sequentially to 23.5 crores. while PAT more than doubled quarter on quarter to 5:32 5 minutes, 32 seconds 9.2 crores. This was primarily driven by better absorption of fixed costs particularly at the Katalada facility. 5:40 5 minutes, 40 seconds It is important to highlight that this improvement has come despite the fact that recently installed capacity at Katalada is yet to be fully absorbed 5:48 5 minutes, 48 seconds which gives us an additional confidence on margin sustainability as volume scale up further. 5:55 5 minutes, 55 seconds From a market perspective, our business continues to remain predominantly export-driven with exports accounting for approximately 84% of revenue during 6:03 6 minutes, 3 seconds the quarter. Europe continues to be our largest market followed by the UK and the US and we remain encouraged by the 6:11 6 minutes, 11 seconds deep depth and longitivity of our relationship with global retail customers. 6:16 6 minutes, 16 seconds These long-standing partnerships combined with our design to deliver design to delivery integration continue to provide stability and even during 6:25 6 minutes, 25 seconds periods of macro uncertainty we all face today. 6:30 6 minutes, 30 seconds In addition to the near-term operational improvements, we remain structurally optimistic about the medium to long-term opportunity for our business driven by 6:39 6 minutes, 39 seconds evolving global trade dynamics, the continued China plus one sourcing strategy being increasingly adopted by 6:47 6 minutes, 47 seconds global retailers worldwide. This will clearly expect uh we will improve and benefit our exportoriented manufacturers 6:54 6 minutes, 54 seconds like us particularly in categories such as plastic consumer wear where reliability, quality, mass production, 7:01 7 minutes, 1 second sustainability of materials, compliances and all such things matter a most. 7:08 7 minutes, 8 seconds India's strengthening trade engagement with key markets including the European Union free trade agreement and the evolving trade framework with the United 7:16 7 minutes, 16 seconds States further enhancing enhances our cooperative competitiveness over time by improving market access to these markets 7:25 7 minutes, 25 seconds reducing friction and reinforcing India's position as a preferred sourcing destination. 7:32 7 minutes, 32 seconds Also, with our long-standing relationship in Europe and the UK and US, integrated manufacturing capabilities and strong compliance 7:39 7 minutes, 39 seconds credentials, we believe Alltime Plastics is well positioned at the right time to participate meaningfully in the 7:47 7 minutes, 47 seconds structural shifts which are happening worldwide and deepen its role in the global supply chain. 7:53 7 minutes, 53 seconds During the quarter ended, we also made an important strategic advancement with signing of a memorandum of understanding with Northeastern K and Bamboo 8:02 8 minutes, 2 seconds Development Council under which Altime Plastics has been impended as a product market development partner for engineered bamboo initiatives. 8:15 8 minutes, 15 seconds Sorry, one minute. Yeah. 8:18 8 minutes, 18 seconds The engagement provides us with a structured entry into the invader bamboo ecosystem aligned with our long-term focus on sustainable materials, 8:27 8 minutes, 27 seconds diversification, and value added product development. 8:31 8 minutes, 31 seconds To summarize, Q3 FY26 reflects a strong sequential recovery with improving financial metrics, stabilizing demand 8:39 8 minutes, 39 seconds conditions, and visible operating leverage. Even as we continue to invest in capacity building and future growth initiatives, 8:47 8 minutes, 47 seconds we believe the actions taken over the last few quarters position us well for sustained and profitable growth 8:55 8 minutes, 55 seconds supported by incremental capacity coming upstream strong customer relationship uh diversification through domestic 9:04 9 minutes, 4 seconds businesses and a disciplined approach to execute the capital allocation. 9:09 9 minutes, 9 seconds With that I would like want to hand over to our CFO Manish to take you through the Q3 and 9 month FYI26 financials. 9:18 9 minutes, 18 seconds Over to you Manish. Thank you. 9:20 9 minutes, 20 seconds Thank you Keshbai. Uh good afternoon everyone. I will walk you through the financial performance for Q3 FY26 9:28 9 minutes, 28 seconds along with the key 9 months trends operating metrics and balance sheet highlights. 9:34 9 minutes, 34 seconds Starting with the quarterly performance standalone revenues for Q3 FY26 stood at 159.3 cr reflecting a 7% year-on-year 9:43 9 minutes, 43 seconds growth and a strong 8.1% sequential increase. 9:48 9 minutes, 48 seconds This sequential improvement was driven by better order flows across export markets, improved exe execution at the plant level and stabilization in the demand conditions. 9:58 9 minutes, 58 seconds Export revenues accounted for 83.9% of Q3 revenues while domestic revenue stood at 16.1% broadly consistent with our operating mix. 10:10 10 minutes, 10 seconds Moving to the profitability I beta for Q3 FY26 stood at 23.5 cr which represents a 9.9% decline yearon year 10:20 10 minutes, 20 seconds largely due to higher fixed cost and expansion related expenses incurred over the last few quarters at Katalwara plant 10:27 10 minutes, 27 seconds and uh Gojhati plant Gojhati trial pilot project however it is important to note that IA 10:35 10 minutes, 35 seconds increased sharply by uh 44.3% on a quarter on quarter basis clearly reflecting operating leverage and volume 10:44 10 minutes, 44 seconds improved correspondingly ita margin for Q3 FY26 stood at 14.7% compared to 17.5% 10:52 10 minutes, 52 seconds in Q3 FY25 while improving meaningfully from 11% in Q2 FY26 P for Q3 FY26 stood at 9.2 11:02 11 minutes, 2 seconds crores representing a 23.8% 8% year-on-year decline while showing a strong 117.1% 11:09 11 minutes, 9 seconds sequential growth. Fat margin for the quarter stood at 5.7% compared to 8.1% in Q3 FY25 and 2.8% in Q2 FY26. 11:22 11 minutes, 22 seconds On a 9month FY26 basis, revenue stood at 464.7 cr, registering a 13.4% 11:29 11 minutes, 29 seconds year-on-year growth despite a relatively softer first half. 11:34 11 minutes, 34 seconds Europe continues to re remain our largest geography at approximately 60% of revenue followed by the UK and the US 11:42 11 minutes, 42 seconds reflecting the strength of our long-standing customers relationship and diversified export footprint 11:49 11 minutes, 49 seconds for 9 month FY26 IPA stood at 68.5 cr reflecting a 11.1% year-on-year 11:56 11 minutes, 56 seconds decline with IITA margin at 14.7% compared to 18.8% 8% is 9 months FY25. 12:04 12 minutes, 4 seconds For 9 months f FY26, PET stood at 26.2 cr declining 30.4% yearonear with pet 12:12 12 minutes, 12 seconds margins at 5.6% compared to 9.2 in the corresponding period last year. 12:18 12 minutes, 18 seconds The decline in the profitabilities on account of the transition phase the company's currently in marked by capacity commissioning higher fixed cost and conservative ramp up assumptions at 12:26 12 minutes, 26 seconds the katalwara plant and at the pilot unit at gojhati of bamboo products. 12:33 12 minutes, 33 seconds It is also important to note that Q3 and 9 months FY26 PET includes an adverse impact of 4.4 4 cr classified as an 12:43 12 minutes, 43 seconds exceptional item arising from one-time provisioning related to the implementation of the new labor code. 12:50 12 minutes, 50 seconds Excluding this exceptional impact, the underlying profitability for the quarter would have been materally higher and more reflective of the operational 12:57 12 minutes, 57 seconds improvement witnessed during this quarter. 13:01 13 minutes, 1 second From an operational standpoint, polymer volumes during Q3 FY26 stood at 6981 metric tons taking 9 months financial year 26 volumes to 2144 metric tons. 13:14 13 minutes, 14 seconds Capacity utilization for Q3 FY23 stood at 75.5% while 9 month FY26 utilization was 76.6%. 13:23 13 minutes, 23 seconds I would like to re reiterate that additional capacity of 2,000 micri installed at the katala plant in December 25 has not been considered in 13:32 13 minutes, 32 seconds the utilization calculation which also highlights the available headroom for future growth. 13:40 13 minutes, 40 seconds ROC and roe for Q3 FY26 stood at 11.5% and 8.6% respectively while 9 month FY26 13:48 13 minutes, 48 seconds ROC and RO stood at 11.4% and 8.2% 2% all on an annualized basis. Fix kernel 13:55 13 minutes, 55 seconds stood at a 1.8x lower than historical levels due to the ongoing capex at the katala plant in Gujarat. 14:02 14 minutes, 2 seconds With revenue from this capacity yet to fully scale up as utilization improves, we expect gradual normalization in these ratios. 14:13 14 minutes, 13 seconds From a balance balance sheet perspective, the company remains conservatively leveraged with that to equity at 0.15x as of Q3 FY26. 14:22 14 minutes, 22 seconds On working capital, net working capital days stood at 79 days for 9 months FY26 compared to 74 days in FY 25. 14:31 14 minutes, 31 seconds Inventory days stood at 46 days, receivable days at 52 days and payable days at 23 days. 14:38 14 minutes, 38 seconds The increase in is largely driven by inventory buildup is ahead of demand recovery and capacity ramp up. I would also like to update you on a recent 14:46 14 minutes, 46 seconds regulatory disclosure that is relevant to our overseas business structure on 6th February 2026. The company informed that the stock exchange about an 14:54 14 minutes, 54 seconds amendment to the joint venture agreement between Altime Clastics Limited, Dragon B Limited and Alltime Classics PT Limited Singapore our only subsidiary. 15:04 15 minutes, 4 seconds Under this amendment, while the original framework for routing new overseas customer through the Singapore entity continues, the company now retains the 15:12 15 minutes, 12 seconds right to directly service certain overseas customer customers where Dragon B does not play the metal role in marketing. These changes provide us with 15:21 15 minutes, 21 seconds greater commercial flexibility, protects long long-standing customer relationships and supports margins and execution discipline without altering the strategic intent of the JV. 15:32 15 minutes, 32 seconds With that I will I will hand the call call back to the moderator for the Q&A session. Thank you. 15:38 15 minutes, 38 seconds Sure. Thank you very much. We will now begin the question and answer session. 15:43 15 minutes, 43 seconds Anyone who wishes to ask questions may press star and one on the touchstone telephone. 15:48 15 minutes, 48 seconds If you wish to remove yourself from the question, you may press star and two. 15:52 15 minutes, 52 seconds Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 16:04 16 minutes, 4 seconds To ask questions, please press star and one. 16:11 16 minutes, 11 seconds The first question is from Virj Sha from Sha Investments. Please go ahead. Thanks for the opportunity sir. 16:20 16 minutes, 20 seconds Sir I have ordered two three questions. 16:23 16 minutes, 23 seconds Revenue growth has been subdued. Uh could you allow Can I sorry [clears throat] can you speak a little louder? Sir, revenue growth has been subdued. Could you 16:31 16 minutes, 31 seconds please uh elaborate the key factors for the same? Uh so revenue growth has been subdued. 16:38 16 minutes, 38 seconds That is what you are asking. Actually uh your voice is not clear. Yeah. Yeah sir. Yeah sir. Yeah. Am I audible now? 16:46 16 minutes, 46 seconds Yeah you are audible now. Sir my question was has been subdued. 16:51 16 minutes, 51 seconds Could you elaborate the key factors behind the same? So the key factor is uh the demand from the existing customer is 16:59 16 minutes, 59 seconds slightly lower but we are seeing uh the improvement now from the export market. 17:06 17 minutes, 6 seconds Okay. Okay. So sir uh so from that uh if you have mentioned that you are seeing 17:13 17 minutes, 13 seconds order flows in the export market are you still facing any pricing pressures customer negotiations or cost uh 17:20 17 minutes, 20 seconds challenges in that market on the pricing front or it is stabilized how it is? So no no we are not facing uh any such 17:28 17 minutes, 28 seconds issues. No pricing pressure we are noting pressure. 17:34 17 minutes, 34 seconds Okay. Okay. Understood. And sir what was the uh driver for the sequential movement in the gross margin. 17:41 17 minutes, 41 seconds So basically it is the uh customer mix as explained in the last call also. Uh so the customers with a higher margin their sale has improved as expected. 17:52 17 minutes, 52 seconds So because of that the margins have increased. 17:55 17 minutes, 55 seconds Okay sir. So thank you for the same pleasure. 18:01 18 minutes, 1 second Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. 18:11 18 minutes, 11 seconds The next question is from Nirali Gopani from Unique Portfolio Management. Please go ahead. 18:17 18 minutes, 17 seconds Um yeah, hi thanks for the opportunity and congratulations on a good set of results. Uh sir the first question is on theou that you have signed with this 18:25 18 minutes, 25 seconds northeast uh can and bamboo development council. Can you highlight few because uh in your uh commentary in the presentation you have mentioned that you 18:33 18 minutes, 33 seconds know that this will help us to explore engineered bamboo products in a structured and an assetike manner. Uh so if you can highlight a few points on this. 18:43 18 minutes, 43 seconds Sure. So uh from the MOU what we have signed with the government on these two projects uh it's more about getting the 18:52 18 minutes, 52 seconds engineering bamboo boards manufactured near the plantation areas where bamboos are grown. Now this secures our future 19:00 19 minutes supply chain requirements in terms of capacity building of our own engineering mode capacity what we will create and 19:08 19 minutes, 8 seconds this will enhance further capacity building for our future requirements with two more additional capacities being invested. Now we are a product 19:16 19 minutes, 16 seconds development partner with the government here where we will engage with them in the full project phase of this developmental activities and then we 19:24 19 minutes, 24 seconds will have a secured supply chain where they are on this MOU we are also investing into plantations of bamboo. 19:31 19 minutes, 31 seconds So for securing future supply chain this is a very strategic uh improvement in the area which has been done and it is one of the kind engagement which the government has done with all time. 19:43 19 minutes, 43 seconds That's great to know. So when you say that you are a product development partner so the uh when it comes to the financial so we get uh security on the 19:52 19 minutes, 52 seconds raw material side and uh it helps in overall development that is how it works right there will be no other commercial transactions right with the government. 20:00 20 minutes You're absolutely correct. Uh it gives us the supply chain security and the we get a very good supply chain and the FSC 20:07 20 minutes, 7 seconds and the other audit cost and other cost get distributed on our supply chain. 20:14 20 minutes, 14 seconds Perfect. And do we have any clarity on how when do we plan the capex for bamboo? So yeah can tell you. 20:22 20 minutes, 22 seconds Yeah. So now we are starting it and we'll be doing the commercial production. So within a month's time the commercial production will be from the 20:30 20 minutes, 30 seconds pilot. Yeah. From the pilot from the pilot we from the pilot uh we'll start the commercial production 20:36 20 minutes, 36 seconds and machines are in uh in on in Sandit actually. 20:41 20 minutes, 41 seconds Uh I'll just clarify few machines for testing are under transit and the major investment of the bamboo machine will be done in the next few weeks and we expect 20:50 20 minutes, 50 seconds those to come in the next 3 4 months to have a larger uh capacity availability of bamboo products. 20:56 20 minutes, 56 seconds Mid next year mid next year mid next year we'll be absolutely honest. 21:01 21 minutes, 1 second Uh so sir by when you disclose the amount of capex or the capacity that we are putting out for bamboo. 21:09 21 minutes, 9 seconds Um um so uh we can uh the current is about 10 crores is the capex plan which we have already 21:17 21 minutes, 17 seconds which we have already confirmed allocated for the project. 21:20 21 minutes, 20 seconds So uh that is for the pilot or uh sorry didn't get you? 21:28 21 minutes, 28 seconds No. So 10 crores is for the pilot or for the new machinery is also for the further uh further uh capacity addition about 10 crores for the machinery. 21:39 21 minutes, 39 seconds So initially it is a 10 crores and then uh it will increase but first uh for the commercial production and all the 10 21:46 21 minutes, 46 seconds crores are sufficient. So that we we'll be investing now. 21:52 21 minutes, 52 seconds Perfect. Hi sir in the in the last 9 months how has the all-time branded products uh seen growth in in revenue? 21:58 21 minutes, 58 seconds If you can give some highlight there also. 22:01 22 minutes, 1 second Yeah. Yeah. Yeah. Nali the alltime branded products are doing good into the markets here in the domestic market and 22:09 22 minutes, 9 seconds in fact we are also now moving forward into the nearby markets of uh India means uh Nepal, Sri Lanka 22:18 22 minutes, 18 seconds and uh the Gulf markets. So they are all doing good. M uh can you can you share the growth number the percentage terms if it's 22:27 22 minutes, 27 seconds possible for the 9 month 9 months. 22:31 22 minutes, 31 seconds So for the 9 months as compared to the last uh the growth on in the domestic market is more than 30%. Uh and the 22:39 22 minutes, 39 seconds share has also increased domestic market share from 15 to 16%. 22:46 22 minutes, 46 seconds overall which will have the white labeling also right I'm only asking about the alltime branded products no 22:53 22 minutes, 53 seconds white labeling stand at uh 6% and all time product has increased to 10%. It 22:59 22 minutes, 59 seconds was 9% earlier. Now it is 10%. Of our overall uh revenue share. 23:06 23 minutes, 6 seconds Perfect. And and for this amendment to the JV that we have uh that we had a press release few days back uh so 23:13 23 minutes, 13 seconds anything like uh um uh the JV is not performing as expected or there is some lack of marketing efforts on our partner 23:21 23 minutes, 21 seconds anything like that or it's a normal course of action that we have taken. No, it's a absolute normal course of action and this has been driven by the 23:29 23 minutes, 29 seconds geopolitical situation and the tariffs which were coming into different countries. Uh we had to hold back the pushing of the JV in terms of the 23:38 23 minutes, 38 seconds customer because customers were also confused of which markets they should be buying, which markets they should avoid. 23:44 23 minutes, 44 seconds So keeping that into mind, we had kept that purposely on hold. We did our transaction in the JV. One transaction and one supply we've already done and 23:52 23 minutes, 52 seconds now with the clarity on India coming up and the other things rationalized and we during that phase we realize that we 23:59 23 minutes, 59 seconds need to do the structural change. So customers are very clear about they have the flexibility and not uh compulsion on other side. So it's absolutely moving in 24:07 24 minutes, 7 seconds the right direction and the partners and all we are all on one board only. 24:13 24 minutes, 13 seconds Perfect. And and sir one one last question on the AITA margin side. So we have seen the gross margin recover to what we were historically doing. Uh uh 24:22 24 minutes, 22 seconds so will we see sequential improvement in a beta margin in the coming quarters also? 24:28 24 minutes, 28 seconds Yeah. So I beta margin will definitely increase as the turnover increase because this fixed cost will be absorbed by that turnover and uh definitely thisa 24:37 24 minutes, 37 seconds margin will increase and this gross margin uh will be sustained. 24:44 24 minutes, 44 seconds Perfect sir. Thank you for answering my questions and all the best. Thank you. Thank you. 24:53 24 minutes, 53 seconds Participants who wish to ask questions, please press star and one. 24:58 24 minutes, 58 seconds The next question is from Ana Nitani from Thinkwise Wealth Managers. Please go ahead. 25:05 25 minutes, 5 seconds Uh thank you for the opportunity. Uh so my first question I wanted to understand contribution from top client. So can you 25:13 25 minutes, 13 seconds share the figure or how the share has changed why? Yeah. Yeah. One minute. 25:27 25 minutes, 27 seconds Just give us a second please. ratio. 25:38 25 minutes, 38 seconds So this uh 78% from the top customer 25:49 25 minutes, 49 seconds and last year how much year on year it is almost same. So last 25:56 25 minutes, 56 seconds year also it was 79%. And you see 78%. 26:02 26 minutes, 2 seconds Uh so just checking in Q2 this number was 63%. So such a steep jump has happened. 26:11 26 minutes, 11 seconds 63% you are asking top top customers. No. Yes. Top percent. Yeah. So top customer it was never 63%. 26:18 26 minutes, 18 seconds It was 79% last year and this year it is 78%. 26:24 26 minutes, 24 seconds You two you are asking you are asking about 9 months a top client contribution to top line 26:35 26 minutes, 35 seconds top client concentration I just so I no top c top customer you are asking for top customers you are asking top customer is 59%. 26:50 26 minutes, 50 seconds That is 59. 26:52 26 minutes, 52 seconds 69. Okay. 59 59 59 59. Okay. Okay. And 26:59 26 minutes, 59 seconds for 25 it meaning y sorry I we cannot hear you please. A little louder. 27:07 27 minutes, 7 seconds Uh if you are in a area I request you to go to a area where network your voice is breaking. 27:15 27 minutes, 15 seconds Um am I audible now? Yeah, you are audible now. 27:20 27 minutes, 20 seconds Yeah, sir. Q3 FI25. I wanted to understand contribution. Q3 FI25. 27:28 27 minutes, 28 seconds Q3. Yeah. 27:30 27 minutes, 30 seconds 1 minute for the top customer. 27:36 27 minutes, 36 seconds Yes sir. 27:54 27 minutes, 54 seconds It was 60.25 60.25. 27:59 27 minutes, 59 seconds Got it sir. Thank you. Uh I just have one more question. Uh for US market, how is it shaping up? Is there any weakness and any changes since the trade deal? 28:13 28 minutes, 13 seconds Yeah, the uh this is the tariff has just been announced and we are quite positive that it will take the right direction and we are quite positive on ital. 28:26 28 minutes, 26 seconds Okay. Okay sir. Thank you. Yes. Thank you. 28:33 28 minutes, 33 seconds Participants who wish to ask questions please press star and one. 28:38 28 minutes, 38 seconds The next question is from Sedat Jane from Yes Security Securities. Please go ahead. 28:43 28 minutes, 43 seconds Yeah. Hi, good afternoon sir. Uh good afternoon. 28:46 28 minutes, 46 seconds Uh what is the utilization of Katalada at the moment? 28:51 28 minutes, 51 seconds Uh 1 minute just 29:04 29 minutes, 4 seconds utilization. uh if we take uh the capacity so it is uh 44.25% of the 29:13 29 minutes, 13 seconds annualized capacity this is including the 2,000 which got operational at the end of December. No, no, no, no. 29:22 29 minutes, 22 seconds This is excluding there. Okay. 29:24 29 minutes, 24 seconds Excluding and it is annualized. So, it is not fully available because everything is coming in pieces. Yeah. 29:30 29 minutes, 30 seconds All right. And by exit of FI26, what utilization are we expecting the same or we expecting to inch up from here? 29:39 29 minutes, 39 seconds Slight improvement we definitely expect but not a massive uh increase in next 3 months. Yeah. 29:46 29 minutes, 46 seconds Okay. up to 50 50% we expect that it will be 29:52 29 minutes, 52 seconds all right. Um another question um did we have did we book any uh revenue from bamboo sales in this quarter? 30:01 30 minutes, 1 second No not not in the third quarter. 30:04 30 minutes, 4 seconds No. Okay. But there were some that we got some initial uh order uh uh so that revenue booking will happen in Q4 or 30:13 30 minutes, 13 seconds that will start from Q from next year onwards. 30:16 30 minutes, 16 seconds No deliveries deliveries are in Q1 uh uh of 2728. 30:21 30 minutes, 21 seconds No no 26 27 26 27. 30:24 30 minutes, 24 seconds So first quarter uh it will start the deliveries order we have received and we are uh it is all already under production. So Q1 it will start the revenue will start. 30:34 30 minutes, 34 seconds Understood. Understood those orders other than that we will definitely have uh our own business of all time starting in Q4 itself. 30:44 30 minutes, 44 seconds Okay. 30:45 30 minutes, 45 seconds So what we replied as Q1 was more pertaining to the order what we had already received that's got shifted to next year but alltime product brand 30:53 30 minutes, 53 seconds bamboo products we'll try to launch in this quarter and to push it the same. 30:58 30 minutes, 58 seconds Got it. And and the machines that you just mentioned that you ordered were 10 crores. So that will be installed where uh in your northeast 31:06 31 minutes, 6 seconds those machines are under we have taken a capex budget allocation of 10 crores. 31:10 31 minutes, 10 seconds Partial of those machines will be installed in Goat [clears throat] and some part of the machines come to Katalada. 31:18 31 minutes, 18 seconds Understood. 31:20 31 minutes, 20 seconds Got it. Any any new customers we've added uh uh in this quarter? 31:26 31 minutes, 26 seconds Yeah. So we've already I mean we've had uh haders from uh IC some customers in 31:34 31 minutes, 34 seconds Europe uh Netherlands and Denmark. So those customers have uh placed their orders and they even repeated orders. 31:44 31 minutes, 44 seconds Yeah. Yeah. 31:45 31 minutes, 45 seconds And any developments on the Australian market side? 31:48 31 minutes, 48 seconds Yes, those markets are also we have got orders and uh the execution is happening in uh quarter quarter 4. 31:57 31 minutes, 57 seconds Got it. Just one last question. Which is your fastest growing market at the moment? 32:03 32 minutes, 3 seconds So at the moment the fastest growing market if we compare last year's data then it is US which has grown in export 32:10 32 minutes, 10 seconds market in export market otherwise India India is the uh fastest growing market. Got it. Got it. That's that's great sir. 32:19 32 minutes, 19 seconds All the best. Thank you. Thank you. 32:24 32 minutes, 24 seconds Thank you. Participants who wish to ask questions please press star and one to join the question queue. The next 32:32 32 minutes, 32 seconds question is from Rahulles from Safia Capital. Please go ahead. Uh hi sir, good afternoon. Can you hear? 32:44 32 minutes, 44 seconds Hello. Yeah, please go ahead. 32:46 32 minutes, 46 seconds Yes. Yes. Hi. So, so from what I understand from the presentation, right, uh your main business line is in this plastic molding and the products related 32:55 32 minutes, 55 seconds to it and you are producing it in the three facilities, right? uh which is huh and then the other vertical is newly 33:02 33 minutes, 2 seconds launched is the bamboo vertical correct correct which is at the goati facility what is the uh capacity there 33:11 33 minutes, 11 seconds so goati we only have a pilot facility through which we will do the soft launch marketing in this quarter for the domestic business and goati a larger 33:20 33 minutes, 20 seconds facility is under discussion for leasing where the new machineries will be installed and we will run up with a capacity of around uh CBM of 6,000 6,000 cbm of volume of bamboo. 33:34 33 minutes, 34 seconds Okay. So as of now is is it fair to say that bamboo is nil and should not be considered in our current utilization at all? 33:42 33 minutes, 42 seconds Absolutely. Absolutely. It's nil. 33:44 33 minutes, 44 seconds Correct. Yeah. So if I ask you going ahead for the quarter four and then coming quarters in FI27 what is our growth outlook purely from the ATPL business of the plastic molding etc. 33:55 33 minutes, 55 seconds Then what would you say uh for the same for not considering bamboo? 34:05 34 minutes, 5 seconds Uh so for plastic business uh we'll be able to utilize uh the uh install capacity the capacity which we have 34:12 34 minutes, 12 seconds already installed capacity in the pipeline. So by Q2 we'll be able to utilize as per our historical 34:20 34 minutes, 20 seconds uh utilization. So uh that growth will added additional capacity and the additional capacity which is in pipeline. 34:31 34 minutes, 31 seconds No. So you said right now the capacity stands at 77%. Correct. From the three facility correct? Yeah. 34:39 34 minutes, 39 seconds Which is at 39,000 MTPA. 34:41 34 minutes, 41 seconds Uh so000 we have not counted because it it installed in the month of December. So 34:48 34 minutes, 48 seconds it is 37,000. 37 37%. So 2,00 is not utilized. So that we have not counted 34:56 34 minutes, 56 seconds and then the other additional capacity pipeline. So that will also come uh by this Q4 and Q1. 35:05 35 minutes, 5 seconds So that we'll be able to uh at the historical utilization level. So that will give us the growth. 35:15 35 minutes, 15 seconds I'm sorry your voice is from what I understand this 2,000 additional will come in will be operational in quarter 4. Yeah, it will reflect in the quarter four numbers. 35:25 35 minutes, 25 seconds Yes, it will reflect in the quarter four number but uh the ramp up will be by Q2 with uh by Q27. Okay. 35:32 35 minutes, 32 seconds Yes. 35:33 35 minutes, 33 seconds Okay. So considering all of the 39,000 operational after Q2 of FI27 then what kind of growth are we targeting? 35:42 35 minutes, 42 seconds And sorry not only 30 yeah not only 39,000 there are more additional capacity in pipeline so that will also 35:49 35 minutes, 49 seconds come by uh this Q4 and Q1 so adding that those capacity uh Q2 will give uh will 35:56 35 minutes, 56 seconds be uh given giving the growth so around uh additional capacity whatever we have planned so it will come in Q4 and Q1 36:05 36 minutes, 5 seconds also but how much this is additional I don't see that number in when additional. 36:13 36 minutes, 13 seconds So [snorts] as per uh as per our uh prospectors it will be 52,500 by by 27. 36:21 36 minutes, 21 seconds So out of that uh up to Q1 we'll be having more additional capacity but not the entire capacity. Entire capacity will be in the uh second half of 27. 36:34 36 minutes, 34 seconds Okay. 52,500 you're targeting 5 by 5 by 5 by 5 by 5 by 5 by 5 by 5 by 5 by 5 by 27. So slowly it will uh keep beually adding throughout the year 36:42 36 minutes, 42 seconds throughout the year with quarter four also and uh Q1 also. So gradually it will increase. 36:50 36 minutes, 50 seconds So are you not able to like uh guide for a certain uh revenue growth in 27 considering you will keep adding and 36:57 36 minutes, 57 seconds from the current you have I think you can look at our historic numbers uh we will be moving into those directions are little better than that. 37:05 37 minutes, 5 seconds Better than that the growth will be better than our historical and utilizing and that gradual and that gradual 37:12 37 minutes, 12 seconds capacity addition is for plastic right not for bamboo separate the bamboo capacity is absolutely separate uh which is being 37:20 37 minutes, 20 seconds added and that will also get ramped up with uh new markets and uh growth the substantial revenue will come start 37:29 37 minutes, 29 seconds coming from H2 only H27 and fees see fe Is there a seasonality in the business? I click like which is 37:37 37 minutes, 37 seconds the better half seasonality in bamboo business. Main business plastic. 37:44 37 minutes, 44 seconds So plastic business there is not no any seasonality maybe a little higher in Q3 and Q4 but that is not that much more or less or less. 37:55 37 minutes, 55 seconds H and does it work on like an order book basis or how how the order I'm sorry to interrupt but there's some background noise from your end. Uh if 38:04 38 minutes, 4 seconds you're on a handset uh if you're on a handset we request you to use the handset. 38:07 38 minutes, 7 seconds Is is this better? I was on my earphones. Yes. Much better now. Thank you. 38:11 38 minutes, 11 seconds Yeah. Yeah. Sorry about that. So just lastly uh this uh uh what do you say order book order booking vis how does it 38:19 38 minutes, 19 seconds work for this business for the plastics for different customers is different types. Uh some have forecast uh some have fixed orders and some come in line 38:28 38 minutes, 28 seconds and so it's different for different customers. 38:32 38 minutes, 32 seconds So okay but on a rolling basis you always have uh what kind of business depends on programs and product launches and product calendars. Sometimes the order book has got a product launch 38:41 38 minutes, 41 seconds calendar and sometimes a customer may shift a product launch by 1 month or two months here and there that also happens in our business. 38:49 38 minutes, 49 seconds Okay just as a directional uh question lastly you confident that the coming quarters quarter on quarter there will be improvement in both revenue and margins. 38:59 38 minutes, 59 seconds We expect currently the same situation to happen unless some delays and logistics or or some issues of uh geopolitical situation 39:07 39 minutes, 7 seconds some situation otherwise we are look forward for uh our planned thing. Yeah. 39:12 39 minutes, 12 seconds So overall business environment is quite positive. Correct. 39:14 39 minutes, 14 seconds Yes. Because of the treaties and other things the underlying current has improved sentiments but it will comprise in years time because it's all to be 39:22 39 minutes, 22 seconds ratified but the interest thing will start up. 39:26 39 minutes, 26 seconds Right. Okay sir. Thank you and all the best. Thank you. Thank you. Thank you. 39:32 39 minutes, 32 seconds Participants who wish to ask questions, please press star and one. 39:38 39 minutes, 38 seconds The next question is from Ritik Sh from OneUp Financial. Please go ahead. 39:44 39 minutes, 44 seconds Hi. Uh good afternoon. Uh sir, just one question from my end. You mentioned total capacity is 39,000 tons which will go towards 52,500 tons by FI25N. 39:55 39 minutes, 55 seconds So what will be the peak turnover for 39,000 tons and 50 to 500 tons when we are at optimum utilization 40:04 40 minutes, 4 seconds for 39,000 tons uh 85 to 85% utilization what we have we are doing historically 40:12 40 minutes, 12 seconds we can do that and with the realization what we are currently having that much we can uh reach similarly with 52,500 40:21 40 minutes, 21 seconds the same uh 80% realization and the realization which uh which will improve uh based on the product mix and 40:29 40 minutes, 29 seconds uh other things which we are trying value added products but you can do it at the current realization rate also 40:37 40 minutes, 37 seconds sure got it and at 52,500 tons assuming we do the peak output in FI28 so what 40:45 40 minutes, 45 seconds will be the mix of the top plan which is 60% today how will it trend in FI28 at uh peak utilization 40:55 40 minutes, 55 seconds We expect that uh 60% to go down to 60 significantly. Significantly. Yeah. 41:02 41 minutes, 2 seconds Okay. So will it be like towards 40% or? 41:05 41 minutes, 5 seconds Uh no no not that low. Uh because that plant will also grow on its own. 41:10 41 minutes, 10 seconds We don't expect to see degrowth in that area. Uh we expect some growth to happen or some steady growth to also happen. 41:18 41 minutes, 18 seconds But the other clients coming in will automatically reduce the share from the current numbers to at least uh four five points down. 41:26 41 minutes, 26 seconds It will go significantly down. That's what we are uh learning. 41:30 41 minutes, 30 seconds Got it. Okay. Okay. Thank you and all the best sir. 41:33 41 minutes, 33 seconds With our diversification strategy, right? Okay. Thank you, sir. Thank you. 41:42 41 minutes, 42 seconds Participants who wish to ask questions may press star and one to join the question queue. 41:47 41 minutes, 47 seconds The next question is from Akia Chetta from Canera Robeeco Mutual Farm. Please go ahead. 41:53 41 minutes, 53 seconds Yes sir. Thank you for the opportunity sir. Two questions sir in this uh Manekpur facility we are taking it from 39,000 to 52,000. 42:02 42 minutes, 2 seconds So will this also have some incremental cost coming there or all the costs are frontloaded in the current numbers of Q3? 42:11 42 minutes, 11 seconds The uh so uh definitely the machine cost and that cap capex cost will be there 42:18 42 minutes, 18 seconds and incremental revenue uh labor cost will be there. Correct. Okay. 42:24 42 minutes, 24 seconds Mostly is we have done but then labor labor cost will be connected with the machine utilization. So that will definitely be there. 42:32 42 minutes, 32 seconds Okay. In terms of uh in terms of the infrastructure enhancement, we have uh completed the expansion of our uh 42:40 42 minutes, 40 seconds building at Katalada which was lot done last quarter. So that expansion is already so the infrastructure is now ready available for doing the whole work 42:48 42 minutes, 48 seconds from the civil perspective and infrastructure point. 42:51 42 minutes, 51 seconds So additional cost will be additional cost will be the capex cost which will deploy through the IPO proceeds and then the running cost of labor. So the fixed cost will be 42:58 42 minutes, 58 seconds definitely slightly it will increase but maintain cost the variable cost. 43:04 43 minutes, 4 seconds Okay. Okay. Okay. Got it. And so second question I mean what is the revenue expectation from the bamboo in the FI27 43:12 43 minutes, 12 seconds because you spoke about 6,000 CBM capacity is there but what could be the revenue coming from bamboo in FI2728. 43:23 43 minutes, 23 seconds 6,000 CBM will be the annualized capacity. So we expect that we'll be uh producing around 1,500 CBM uh for the uh 43:32 43 minutes, 32 seconds 6 months period revenue. So no so revenue revenue 1500 CBM we can do 43:40 43 minutes, 40 seconds huh and what could be the revenue from that revenue uh see we are expecting around uh perm 43:48 43 minutes, 48 seconds 3 years in 3 years we expecting about a 20% contribution in 3 years uh you can expect a 20% contribution coming from our bamboo 43:56 43 minutes, 56 seconds business overall okay and what is the margin profile in this business is it similar to the plastic one or it is better ly better than the plastic RCS. 44:09 44 minutes, 9 seconds Okay. And sir, is it possible to give say realization per se something because how should we understand the growth because 44:16 44 minutes, 16 seconds once we get into this uh then we will start giving those numbers and historic because there are different kinds of products in bamboo. Okay. 44:23 44 minutes, 23 seconds Uh some are very raw metal driven, some are fabricated engineered parts with high value addition are there. So once 44:30 44 minutes, 30 seconds we also come to know the exact product mix of our clients, we'll be able to give a guidance for that. Got it. So thank you so much. 44:38 44 minutes, 38 seconds Thank you. Thank you. Thank you. 44:42 44 minutes, 42 seconds The next question is from Nikl Raalo from I thought PMS. Please go ahead. 44:47 44 minutes, 47 seconds Uh yeah, thanks for the opportunity. So I just uh wanted an update on the Australian market. I remember you mentioned some new business coming from 44:55 44 minutes, 55 seconds there last quarter. So is this from your existing customers like IKEA or are there any new customers you've onboarded recently? Uh 45:03 45 minutes, 3 seconds sorry we just missed out the question. I request you to repeat it please. We were just doing some talk. 45:10 45 minutes, 10 seconds Okay. Yeah no worries. Uh so just wanted to ask for an update on the Australian market. So you had mentioned some new 45:17 45 minutes, 17 seconds business coming last quarter right? So is it is it from your existing customers like IKEA or are there any new customers that you have onboarded? Uh this is a 45:26 45 minutes, 26 seconds brand new customer which we have onboarded and this customer has come in from our joint venture uh JV partner which was the first business we will close with Australia market. 45:37 45 minutes, 37 seconds Okay. Okay. And uh could you provide more details on what the overall uh size of the opportunity could be? Uh the opportunity is quite exciting there 45:45 45 minutes, 45 seconds because uh this will not only enter into this but we could also distribute into the Australian supermarket chain which 45:53 45 minutes, 53 seconds are large names in Australia and we will be able to penetrate in those markets because some of the product of all time also we are pitching to short list for 46:01 46 minutes, 1 second uh regular sales in those uh retail shops. 46:07 46 minutes, 7 seconds Okay, sounds good. And uh what is your vision for the bamboo business? Is it uh is the portfolio going to be similar to the plastic business or do you have 46:16 46 minutes, 16 seconds plans to evolve this into something consumer by venturing into new product categories as well? 46:21 46 minutes, 21 seconds Idea on the long term would be to evolve the bamboo products to other uh utilization from bamboo apart from our current uh products what we do which are 46:30 46 minutes, 30 seconds houseware and consumerware products. uh but the opportunities do exist to uh do other items on that material but that we 46:38 46 minutes, 38 seconds would take a step up after 2 three years of stabilizing this plans what we have had 46:47 46 minutes, 47 seconds uh that's all for thank you very much thank you thank you thank you very much we'll take that as the last question 46:55 46 minutes, 55 seconds I would now like to hand the conference over to Mr. Kylesia for closing comments. 47:03 47 minutes, 3 seconds Yes, thank you everyone uh for coming to the call and hope we have addressed all the queries to your satisfaction. In case 47:11 47 minutes, 11 seconds you have further more, you may please write into us. To conclude that Q3 FI26 reflects a clear sequential improvement 47:19 47 minutes, 19 seconds in our operating and financial performance supported by better execution, operating leverage and improving demand conditions. With 47:26 47 minutes, 26 seconds incremental capacities now in place, strong customer relationship and favorable structural tailwinds for 47:33 47 minutes, 33 seconds Indian exports, we remain focused on driving sustainable and profitable growth going forward. Thank you for your 47:41 47 minutes, 41 seconds continued support and we look forward to engaging with you in the quarters ahead. Thank you. 47:48 47 minutes, 48 seconds Thank you very much. On behalf of All Time Classics Limited, that concludes this conference. 47:55 47 minutes, 55 seconds Thank you for joining us. Ladies and gentlemen, you may now disconnect the lines. Thank you everyone.