TIMETECHNO
Micro CapTime Technoplast Limited
Industrials
Time Technoplast Ltd. is a leading Indian manufacturer of polymer and composite products. It specializes in industrial packaging (drums, IBCs), composite cylinders (LPG, CNG, Hydrogen), PE pipes, and other value-added products. The company has a global manufacturing presence across 11 countries and 20 locations in India, serving diverse industries like specialty chemicals, FMCG, and pharmaceuticals.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 47/100margin compression · Rev +14% YoY · PAT +20% YoY · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,677 Cr | +14.2% | +7.2% |
| EBITDA | ₹241 Cr | +12.6% | +3.0% |
| Operating margin | 14.0% | -100 bps | -100 bps |
| PAT | ₹134 Cr | +19.6% | +3.9% |
| PAT margin | 8.0% | +37 bps | -25 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 marks all-time high revenue, EBITDA, and PAT, with Q4FY26 achieving highest-ever quarterly performance. Volume and revenue growth were strong across both established and value-added product segments, driven by domestic and overseas markets.
The company demonstrated robust financial performance in FY26 and Q4FY26, achieving record highs in key metrics. Strategic focus on value-added products, debt reduction, and significant capex for capacity expansion and automation are positive. However, the slight miss on ROCE target and extended review for an acquisition warrant monitoring.
FY26 Total Revenue by Product Category
Latest issuer-disclosed distribution across 6 reported categories.
Value-Added Products
Value-added products grew by 18% in FY26 and 20% in Q4FY26, with a focus on increasing their revenue share and improving margins.
Composite Cylinders (CNG, Hydrogen, LPG)
Composite Cylinders (CNG) grew 22% in FY26. New higher capacity 250/350 Litres cylinders for CNG/Hydrogen are under development, with existing approvals for Type III/IV Hydrogen.
PE Pipes
PE Pipes segment targets 20-25% volume growth p.a. and has a strong order book of Rs. 2,650 Mn.
Industrial Packaging (IBCs)
IBCs grew 15.8% in value and 18.8% in volume in FY26. Phase I of automated IBC facility completed, Phase II to double capacity by FY27 end.
Greenfield Composite Project (Morai)
Fully automated CNG Plant commissioned with 1,080 cascades capacity (~65,000 cylinders), consolidating existing capacity and adding 600 cascades.
Greenfield Recycling Plant (Bhilad)
Fully automated recycling plant commissioned with 12,000 MT annual capacity for captive consumption, first of three planned facilities.
Brownfield Automated IBC Facility (Silvassa)
Phase I completed, production started with 150,000 IBCs p.a. Phase II expected by FY27 end, doubling capacity to 300,000 IBCs p.a.
Overseas Capacity Expansion (USA, Georgia)
Expansion activities completed, adding an additional IBC line and a drum manufacturing line.
Shift from Metal to Polymer Packaging
Industry trend of shifting from metal to polymer packaging due to technical, operational advantages, and lower costs.
Growing Demand for IBCs
A clear trend towards IBCs is visible, correlated with growing demand for reconditioning solutions.
India as Manufacturing Hub for Specialty Chemicals
Large foreign players increasingly view India as an alternative investment destination for specialty chemicals due to domestic demand and lower costs.
Green Energy Transition
Company committed to transitioning 75% of power consumption to green energy over two years, with PPAs already generating ~Rs. 11 Cr annualized benefits.
ROCE Target Miss
FY26 ROCE at 18.9% fell short of the 20% target, attributed to short-term impact of QIP-led automation investments.
Acquisition Delays
Review period for Ebullient Packaging Private Ltd. acquisition extended due to prevailing geographical market conditions, delaying strategic expansion.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both annual (FY26) and quarterly (Q4FY26) comparisons are crucial. FY26 provides a full-year perspective on overall growth and profitability, while Q4FY26 highlights recent sequential momentum and execution, particularly for new projects and product segments.
FY26 Revenue Growth
Total Revenue Growth: 11.9% (India 11.4%, Overseas 13.0%).
Q4FY26 Revenue Growth
Total Revenue Growth: 14.3% (India 15.5%, Overseas 11.8%).
FY26 EBITDA Margin
EBITDA Margin: 14.7% (India 14.9%, Overseas 14.4%).
Q4FY26 EBITDA Margin
EBITDA Margin: 14.6% (India 14.8%, Overseas 14.1%).
Increase Share of Value-Added Products
Company's focus remains to increase the share of value-added products in its revenue and improve margins.
Debt Reduction and ROCE Improvement
Decreasing finance costs by reducing overall debt through QIP proceeds and strong internal cash flow generation; targeting 1.5–2% annual ROCE improvement.
Operational Efficiency through Consolidation
Consolidating moulds, machinery, products, and units to enhance operational efficiency, reduce costs, and maximize asset utilization.
Divestment of Non-Core Assets
Identified non-core assets worth ~Rs. 134 Cr for disposal over 18-24 months to redeploy capital into higher-margin products.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| ROCE Improvement | 18.9% in FY26 (vs. 20% target) | Annual improvement of 1.5-2% driven by automation and working capital optimization. |
| Non-Core Asset Divestment | Identified ~Rs. 134 Cr for disposal | Progress and realization of funds from non-core asset sales over the next 18-24 months. |
| Silvassa IBC Facility Expansion | Phase I completed (150,000 IBCs p.a.) | Completion of Phase II by end of FY27 to reach 300,000 IBCs p.a. capacity. |
| Green Energy Transition | Annualized benefits of ~Rs. 11 Cr from existing PPAs | Achievement of 75% power consumption from green energy over the next two years, with additional benefits from Maharashtra and Uttarakhand from Q3 FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -2.9% / mo · near 52W low
Technical chart
TIMETECHNOdaily · 3Y-18.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 44. Wait for confirmation.
- SMA20 falling (~8.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 59.7%.
- Growth contributes 20/25 to the score.
Main drags
- Quality is weaker at 5/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 89th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 4.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 89th pctile, median 68 · Micro: 85th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.3%.
- ▸11 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 4.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 17.70
- P/B
- 2.03
- EV/EBITDA
- 8.40
- Market Cap
- 8302.00Cr
Profitability
- ROE
- 13.40%
- ROCE
- 16.70%
- ROA
- 8.46%
- Dividend Y
- 0.74%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 35.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 11.15×
- Altman Z
- 6.08
- Book Value
- 82.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- 233.00 Cr
- EPS TTM
- 9.50
Shareholding
- Promoter Hold
- 47.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.