NSE: TIMETECHNO · BSE: 532856
TIME TECHNOPLAST LTD.
Manufactures industrial plastic products split into two reporting segments. Polymer Products generated ₹3,819.17 crore of FY26 revenue with EBIT of ₹414.32 crore, and Composite Products generated ₹2,286.03 crore of FY26 revenue with EBIT of ₹294.49 crore. The Composite Products line includes Type IV composite LPG cylinders; a 10 kg variant is sold to oil marketing companies, with HPCL placing a ₹38.14 crore order through the GeM portal in July 2026 for 1,40,000 units to be delivered within six months. These cylinders are being deployed in pilot programmes for on-demand LPG delivery via quick-commerce platforms such as Instamart, branded as HP Navya. Polymer Products covers broader polymer-based industrial goods for downstream industrial users, with no specific end-products disclosed in the filings. Raw materials are by far the largest cost line at 72.3% of FY26 revenue, with capex at 7.4% and depreciation at 3.0% of revenue, indicating an asset-heavy manufacturing set-up. FY26 EBITDA margin stood at 14.76% on ₹6,105.20 crore of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Polymer Products, Composite Products. Asset-heavy industrial plastics manufacturer with cyclical demand from oil marketing and industrial customers.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,650 | 4,289 | 4,993 | 5,457 | 6,105 |
| EBITDA (ex other income) | 506 | 577 | 691 | 785 | 892 |
| margin % | 13.9 | 13.5 | 13.8 | 14.4 | 14.6 |
| Owners' profit | 188 | 219 | 310 | 388 | 469 |
| EPS, as reported (₹) | 8.31 | 9.69 | 13.71 | 17.10 | 9.99 |
| ROE % · ROCE % | 9.0 · 13.8 | 9.6 · 14.9 | 12.1 · 17.9 | 13.3 · 18.7 | 11.4 · 15.8 |
| Debt / equity (x) | 0.39 | 0.35 | 0.28 | 0.22 | 0.15 |
| Cash from operations | 291 | 370 | 406 | 431 | 233 |
| Capex | (187) | (225) | (181) | (196) | (453) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,371 | 1,388 | 1,469 | 1,353 | 1,511 | 1,565 | 1,677 | 1,693 |
| Profit before tax | 133 | 137 | 150 | 129 | 157 | 171 | 181 | 158 |
| Net profit | 100 | 102 | 112 | 97 | 117 | 129 | 134 | 118 |
| EPS (₹) | 4.33 | 4.44 | 4.83 | 4.19 | 2.54 | 2.75 | 2.67 | 2.35 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Polymer Products | 3,819 | 62.6 |
| Composite Products | 2,286 | 37.4 |
| Total, before eliminations | 6,105 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. ◆ | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.7 | 14.4 | 26 of 46 | 44% |
| P/B | 1.9 | 1.6 | 26 of 42 | 39% |
| ROCE | 14.0 | 7.0 | 15 of 56 | 75% |
| ROE | 11.4 | 7.6 | 13 of 45 | 73% |
| Debt / Equity | 0.1 | 0.2 | 22 of 45 | 52% |
| EBITDA margin | 13.3 | 11.6 | 14 of 43 | 69% |
| Revenue growth | 25.1 | 10.6 | 17 of 49 | 67% |
| Profit growth | 22.1 | 20.7 | 23 of 47 | 52% |
| Market cap | 8001 | 126 | 6 of 55 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 5, 2026 results and MD reappointment | management changes | medium | — | — |
| 23 Oct 2026 · Commercial paper repaid in full on due date | credit debt | low | — | — |
| 19 Oct 2026 · Time Technoplast repays commercial paper on maturity date | compliance | minimal | — | — |
| 12 Oct 2026 · Quarterly dematerialisation certificate filed with exchanges | compliance | minimal | — | — |
| 5 Oct 2026 · Time Technoplast repays commercial paper on maturity date | credit debt | low | — | — |
| 5 Oct 2026 · CFO certificate on use of Commercial Paper proceeds for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 29 Sept 2026 · Board approves merger of 74.86% subsidiary TPL Plastech with Time Technoplast | strategic transactions | medium | — | — |
| 29 Sept 2026 · TTL board approves merger of subsidiary TPL Plastech | strategic transactions | high | — | — |
| 28 Sept 2026 · Two independent directors cease after completing second term | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.