Time Technoplast Limited

TIMETECHNO

Sector: ManufacturingSub-sector: Industrial Products
Qtr Score Rank 23 / 57 (Top 61 percentile)Growth Score Rank 10 / 51 (Top 82 percentile)

Quarterly Score

↔ Trend: Stable
Sentiment stable - Recent avg: 8.57, Historical avg: 8.50

Showing the latest 12 quarterly points (newest to oldest).

Score context (latest 12 quarters)

Q1FY25
8.5

No additional context available.

Q2FY25
8.5

No additional context available.

Q3FY25
8.5

No additional context available.

Q4FY25
8.5

No additional context available.

Q1FY26
8.2

No additional context available.

Q2FY26
8.5

No additional context available.

Q3 FY2026Latest
9.0

Management projects a consolidated revenue growth of 15%+ CAGR for the next 3 years. Specific targets include increasing value-added product share to 35% within 2 years and commercializing a new INR 800cr revenue capacity plant by April 2026.

Quarter summary

  • Aggressive transition toward a high-margin composite-heavy portfolio including CNG Type 4, LPG, and new Hydrogen cylinders for drones.
  • Operational efficiency drive through automation (INR 75cr capex) and renewable energy adoption, expecting INR 10cr+ in immediate annual power savings.

Rationale

  • Material balance sheet deleveraging with total debt reduced by INR 380 crores in 9M FY26, bringing net debt down to INR 266 crores from INR 647 crores, with a clear path to being debt-free within 6 months.
  • Strong ROCE trajectory improving from 14% to 18.6% in 9M FY26, with management confidently targeting 20% for the full year, driven by higher-margin value-added products and asset consolidation.

Future Growth Prospects

Growth score: 8.8Visibility: 90%Updated: 20 Feb 2026, 01:47 am

Catalysts (next 12-24 months)

Total triggers: 4Visible per view: 1 / 2 / 3Slides: 4

Swipe or use arrows to browse all triggers.

capacityApril 2026Impact: revenueQty: 800 ₹ Cr

Greenfield Composite CNG Plant Commissioning (Morai)

• Q3/FY26 · concall · New plant can generate revenue of INR 800 crores in 2 years' time from consolidation and expansion.

otherQ2 FY27Impact: marginQty: 60 ₹ Cr

Net Debt-Free Status

• Q3/FY26 · concall · Total debt reduced by INR 380 crores in 9 months; clear visibility to be complete debt-free in next 6 months.

mnaMarch 2026Impact: revenueQty: 250 ₹ Cr

Inorganic Growth (Ebullient Packaging Acquisition)

• Q3/FY26 · concall · Ebullient Packaging has business revenue of around INR 250 crores; due diligence to be confirmed by March 2026.

productApril 2026Impact: revenue

Composite Fire Extinguisher Commercialization

• Q3/FY26 · concall · Both 6kg and 9kg products are ready; commercialization will take place from April 2026.

Variant perception

Non-consensus view
Consensus

Market may underappreciate the massive interest saving (INR 70 Cr+) as the company transitions to zero debt by mid-2026.

Upside
  • Hydrogen cylinder pilot project and drone tie-up could unlock high-margin niche markets earlier than expected.
Show more (1)
  • Recycling (Time Ecotech) enables statutory compliance without price reductions, protecting high-margin profiles.
Downside
  • Concentration in chemical packaging (75% segment revenue) makes the company sensitive to global chemical cycles.
base case80% conf
Growth: 15

Quick takeaway

15% volume growth across India and overseas packaging segments.

Risk watch: Delay in commissioning of Morai greenfield plant.

Show details (2 drivers, 2 risks)

Drivers

  • 15% volume growth across India and overseas packaging segments.
  • Reduction in finance cost from INR 100 Cr to INR 25-30 Cr via debt repayment.

Risks

  • Delay in commissioning of Morai greenfield plant.
  • Volatility in raw material polymer prices.
upside case60% conf
Growth: 20

Quick takeaway

Successful integration of FIBC acquisition adding INR 250 Cr revenue.

Risk watch: Inorganic growth integration challenges.

Show details (2 drivers, 2 risks)

Drivers

  • Successful integration of FIBC acquisition adding INR 250 Cr revenue.
  • Faster PESO approval for 250-liter CNG cylinders reducing unit costs.

Risks

  • Inorganic growth integration challenges.
  • Global logistics disruption impacting overseas packaging (36% of revenue).
downside case70% conf
Growth: 10

Quick takeaway

Extended delay in Maharashtra state solar power policy implementation.

Risk watch: Sustained high polymer prices tempering demand rotation.

Show details (2 drivers, 2 risks)

Drivers

  • Extended delay in Maharashtra state solar power policy implementation.
  • Lower than expected off-take of 14.2kg composite LPG cylinders by OMCs.

Risks

  • Sustained high polymer prices tempering demand rotation.
  • Competition from new entrants in the IBC segment (Schutz/Mauser).

Story of the Stock - Top Strategies

Latest Fiscal Years: FY26, FY25Top strategies (ranks 1-3) per year
Curated from latest transcripts
Fiscal YearFY26
#1Impact: HIGH

Focus on Value-Added Products

Value-added products grew by 18% in Q2FY26, contributing to improved margins.

Ongoing, with continued focus on increasing share in revenue.
Show more

The company is strategically increasing the share of value-added products in its revenue mix, which are higher-margin offerings.

Impact: 18 %

Evidence

Value added products grew by 18% in Q2FY26 as compared to Q2FY25, while established products grew by 7%.
The company's focus remains to increase the share of value-added products in its revenue and improve margins.
Value-added products grew by 17% in H1FY26 as compared to H1FY25, while established products grew by 8%.
#2Impact: HIGH

Expansion in Composite Cylinder Business

Invested ₹125 Cr in expansion, expecting revenue to reach INR 800 Cr from CNG cylinders.

Expansion plan coming up, expected to be completed in Q4, commercial production in second half of the year.
Show more

Significant investment in expanding composite cylinder capacity, particularly for CNG, to meet growing demand and capture market share.

Impact: 800 Cr

Evidence

The CNG Composite Cascades segment stood out with a robust 22% growth, materially boosting our overall performance.
Company is investing INR 125 crores, which almost INR 80-85 crores have been done, equipment is going to arrive in this current financial year and the separate plant will be ready.
The total business can be generated around -- INR700 crores business can be generated from CNG and hydrogen together.
#3Impact: HIGH

QIP for Debt Reduction and Growth Initiatives

Raised ₹800 Cr via QIP to reduce debt and fund expansion, aiming for debt-free status.

Completed on 11th November 2025.
Show more

Successfully completed a Qualified Institutional Placement (QIP) to strengthen the balance sheet by reducing debt and to fund strategic growth initiatives.

Impact: 800 Cr

Evidence

Company successfully completed INR800 crores QIP, issuing 397.77 lakh equity shares at the price of INR201.12 per share.
Repayment / pre-payment, in full or in part, of certain outstanding borrowings availed by our Company - 400.00 Cr.
Capital expenditure for purchase of machinery and equipment towards automation and re-engineering - 89.37 Cr.
Fiscal YearFY25
#1Impact: HIGH

Focus on Value-Added Products

Value-added products grew by 32% in FY24 and are projected to reach 35% of total revenue in 3 years.

Ongoing, with a target of 35% of total revenue in 3 years.
Show more

The company is strategically shifting focus to value-added products, including composite cylinders, which offer higher margins and growth potential.

Impact: 35 %

Evidence

Value-added products grew by 32% in FY24 as compared to FY23, while established products grew by 12%.
The company's focus remains to increase the share of value-added products in its revenue and improve margins.
We are projecting it will be 35% because the packaging products, we are estimating growth of 12%, composite product we are estimating growth of over 30%. So combined when the value added products sales is increasing, then the margins are reasonably good.
#2Impact: HIGH

Expansion in Composite Cylinder Business (CNG & Hydrogen)

Significant growth in CNG composite cascade business (36% surge in Q2 FY25) and approval for Type-III Hydrogen Composite Cylinders.

CNG capacity expansion expected by Q4 FY25; Hydrogen cylinder approval received, with commercialization post-March 2025.
Show more

The company is expanding its composite cylinder portfolio, with a strong focus on CNG and emerging opportunities in hydrogen cylinders for drone applications.

Impact: 36 %

Evidence

Alongside an exceptional 36% surge in our CNG composite cascade business.
The demand for Type IV Composite Cylinder for CNG cascade remains strong with an order book of approximately INR175 crores.
We are pleased to announce that the Company has received an APPROVAL from the Nodal Agency, Petroleum and Explosives Safety Organization (PESO) for the manufacture and supply of HIGH-PRESSURE TYPE-3 FULLY WRAPPED FIBRE REINFORCED COMPOSITE CYLINDERS (6.8 Litres).
#3Impact: HIGH

Debt Reduction and Focus on Financial Prudence

Total debt reduced by ₹924 Mn in 9MFY25, with a target to become debt-free by March '26.

Targeting debt-free by March '26.
Show more

The company is actively working on debt reduction, aiming for a debt-free status by March 2026, which will improve financial flexibility and reduce interest costs.

Impact: 924 Mn

Evidence

Total Debt reduced by Rs. 924 Mn in 9MFY25
The company's focus remains to increase the share of value-added products in its revenue and improve margins.
The management intends on achieving an RoCE of ~20% over the next 2 years by implementing strategies such as increase in productivity through automation and re-engineering, cost reduction by implementing power saving plans, enhancing capacity by brownfield expansion and by increasing the revenue share of high margin Value added products.

Business Segments

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