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PROSPECTUS
Dated: August 11, 2025
(Please read Section 26 of the Companies Act, 2013)
100% Book Built Offer
(Please scan this QR Code to view this Prospectus)
ALL TIME PLASTICS LIMITED
CORPORATE IDENTITY NUMBER: U25209MH2001PLC131139
REGISTERED AND
CONTACT PERSON TELEPHONE AND EMAIL WEBSITE
CORPORATE OFFICE
B-30, Royal Industrial Estate, Antony Pius Alapat, Tel: (+91 22) 6620 8900 www.alltimeplastics.com
Wadala, Mumbai – 400 031, Company Secretary and Email: companysecretary@alltimeplastics.com
Maharashtra, India Compliance Officer
PROMOTERS OF OUR COMPANY: KAILESH PUNAMCHAND SHAH, BHUPESH PUNAMCHAND SHAH AND NILESH
PUNAMCHAND SHAH
DETAILS OF THE OFFER
Eligibility and Share Reservation among QIBs,
Type Fresh Issue size Offer for Sale size Total Offer size
NIIs, RIIs and Eligible Employees
Fresh Issue and an Fresh issue of Offer for sale of 14,570,760** The Offer was made pursuant to Regulation 6(1) of
Offer for Sale 10,185,198** equity 4,385,562** equity equity shares of the SEBI ICDR Regulations For further details, see
shares of face value shares of face value face value ₹2 each “Other Regulatory and Statutory Disclosures –
₹2 each aggregating ₹2 each aggregating aggregating to Eligibility for the Offer” on page 464. For details in
to ₹2,800 million^**# to ₹1,206.03 ₹4,006.03 relation to share reservation among QIBs, NIIs, RIIs
million** million**# and Eligible Employees, see “Offer Structure” on
page 484.
**Subject to finalisation of the Basis of Allotment.
#A discount of 9.45% on the Offer Price (equivalent to ₹26 per Equity Share) was offered to Eligible Employees bidding in the Eligible Employee
Reservation Portion
DETAILS OF OFFER FOR SALE
Weighted average cost of
Number of equity shares of face value ₹2
Name of Selling Shareholder Type acquisition per equity share of
each offered/ amount (₹ in million)
face value ₹2 each (in ₹)*
Kailesh Punamchand Shah Promoter Selling 1,461,854 equity shares of face value ₹2 each 1.31
Shareholder aggregating to ₹402.01 million**
Bhupesh Punamchand Shah Promoter Selling 1,461,854 equity shares of face value ₹2 each 1.31
Shareholder aggregating to ₹402.01 million**
Nilesh Punamchand Shah Promoter Selling 1,461,854 equity shares of face value ₹2 each 1.31
Shareholder aggregating to ₹402.01 million**
*As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant their certificate dated August 11, 2025.
**Subject to finalisation of the Basis of Allotment.
RISKS IN RELATION TO THE FIRST OFFER
The face value of the equity shares is ₹2 each. The Floor Price, the Cap Price and the Offer Price (as determined by our Company, in consultation
with the BRLMs), on the basis of the assessment of market demand for the Equity Shares by way of the book building process, as stated in
“Basis for Offer Price” on page 161, should not be considered to be indicative of the market price of the Equity Shares after the Equity Shares
are listed. No assurance can be given regarding an active and/or sustained trading in the Equity Shares or regarding the price at which the Equity
Shares will be traded after listing.
GENERAL RISK
Investments in equity and equity-related securities involve a degree of risk and Bidders should not invest any funds in this Offer unless they
can afford to take the risk of losing their entire investment. Bidders are advised to read the risk factors carefully before taking an investment
decision in this Offer. For taking an investment decision, Bidders must rely on their own examination of our Company and the Offer, including
the risks involved. The Equity Shares have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor
does SEBI guarantee the accuracy or adequacy of the contents of the Red Herring Prospectus and this Prospectus. Specific attention of the
Bidders is invited to “Risk Factors” on page 37.
ISSUER’S AND SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Prospectus contains all information with
regard to our Company and the Offer, which is material in the context of the Offer, that the information contained in this Prospectus is true and
correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held
and that there are no other facts, the omission of which makes this Prospectus as a whole or any of such information or the expression of any
such opinions or intentions, misleading in any material respect. Further, each of the Selling Shareholders, severally and not jointly, accept
responsibility for only such statements specifically confirmed or specifically undertaken by such Selling Shareholder in this Prospectus to the
extent such statements specifically pertain to them and/or their Offered Shares and confirms that such statements are true and correct in all
material respects and are not misleading in any material respect.
LISTINGThe Equity Shares, offered through the Red Herring Prospectus and this Prospectus are proposed to be listed on National Stock Exchange of
India Limited (“NSE”) and BSE Limited (“BSE” and together with NSE, the “Stock Exchanges”). For the purposes of the Offer, BSE is the
Designated Stock Exchange.
BOOK RUNNING LEAD MANAGERS
Name of the BRLMs and Logo Contact Person Email and Telephone
Intensive Fiscal Services Private Harish Khajanchi / Anand E-mail: Alltime.ipo@intensivefiscal.com
Limited Rawal Tel.: (+91 22) 2287 0443
DAM Capital Advisors Limited Puneet Agnihotri E-mail: atpl.ipo@damcapital.in
Tel.: (+91 22) 4202 2500
REGISTRAR TO THE OFFER
Name of Registrar Contact Person Email and Telephone
KFin Technologies Limited M Murali Krishna E-mail: atpl.ipo@kfintech.com
Tel.: (+91 40) 6716 2222
BID/OFFER PROGRAMME
ANCHOR INVESTOR Wednesday, August BID/OFFER Thursday, August BID/OFFER Monday, August
BIDDING DATE 6, 2025 OPENED ON 7, 2025 CLOSED ON 11, 2025
^ A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of ₹248.00 per Equity Shares (including a premium of ₹246.00 per
Equity Share), for an amount aggregating to ₹700.00 million. Accordingly, the size of the Fresh Issue has been reduced by ₹700.00 million and the revised Fresh Issue size
aggregates to ₹ 2,800.00 million. The Pre-IPO Placement did not exceed 20% of the Fresh Issue. Our Company has appropriately intimated the subscribers to the Pre-IPO
Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company will proceed with the Offer or the Offer will be successful and will
result in the listing of the Equity Shares on the Stock Exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement have
been appropriately made in the relevant sections of the Red Herring Prospectus and in relevant sections of this Prospectus.
2PROSPECTUS
Dated: August 11, 2025
Please read Section 26 of the Companies Act, 2013
100% Book Built Offer
ALL TIME PLASTICS LIMITED
Our Company was incorporated as “All Time Plastics Private Limited”, a private limited company under the Companies Act, 1956 on March 8, 2001, and was granted the certificate of incorporation by the Registrar of Companies,
Maharashtra at Mumbai (“RoC”). Pursuant to a special resolution passed by our Shareholders at the EGM on May 21, 2024 approving the conversion of our Company into a public limited company, the name of our Company was changed
to “All Time Plastics Limited”, and the RoC issued a fresh certificate of incorporation on August 5, 2024. For further details, see “History and Certain Corporate Matters” on page 309.
Corporate Identity Number: U25209MH2001PLC131139
Registered and Corporate Office: B-30, Royal Industrial Estate, Wadala, Mumbai – 400 031, Maharashtra, India; Tel: (+91 22) 6620 8900
Contact Person: Antony Pius Alapat, Company Secretary and Compliance Officer; E-mail: companysecretary@alltimeplastics.com; Website: www.alltimeplastics.com
OUR PROMOTERS: KAILESH PUNAMCHAND SHAH, BHUPESH PUNAMCHAND SHAH AND NILESH PUNAMCHAND SHAH
INITIAL PUBLIC OFFERING OF 14,570,760** EQUITY SHARES OF FACE VALUE OF ₹2 EACH (“EQUITY SHARES”) OF ALL TIME PLASTICS LIMITED (“COMPANY” OR “ISSUER”) FOR CASH AT A
PRICE OF ₹275 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF ₹273 PER EQUITY SHARE) (“OFFER PRICE”) AGGREGATING TO 4,006.03 MILLION** ( “OFFER”) COMPRISING A FRESH
ISSUE OF 10,185,198** EQUITY SHARES OF FACE VALUE ₹2 EACH BY OUR COMPANY AGGREGATING TO ₹2,800 MILLION** ( “FRESH ISSUE”) AND AN OFFER FOR SALE OF 4,385,562 EQUITY SHARES
AGGREGATING TO ₹1,206.03 MILLION**, BY THE SELLING SHAREHOLDERS (AS DEFINED HEREINAFTER) (“OFFER FOR SALE”). THIS OFFER INCLUDES A RESERVATION OF 35,750 EQUITY SHARES
OF FACE VALUE ₹2 EACH (CONSTITUTING 0.05% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL) FOR PURCHASE BY ELIGIBLE EMPLOYEES (THE “EMPLOYEE RESERVATION
PORTION”). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE “NET OFFER”. THE OFFER AND THE NET OFFER WOULD CONSTITUTE 22.24%
AND 22.19%, RESPECTIVELY, OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL. OUR COMPANY IN CONSULTATION WITH THE BRLMS, OFFERED A DISCOUNT OF 9.45% (EQUIVALENT TO
₹26 PER EQUITY SHARE) TO THE OFFER PRICE TO ELIGIBLE EMPLOYEES BIDDING IN THE EMPLOYEE RESERVATION PORTION (“EMPLOYEE DISCOUNT”).
A PRIVATE PLACEMENT OF EQUITY SHARES WAS UNDERTAKEN BY OUR COMPANY, IN CONSULTATION WITH THE BRLMS, TO SPECIFIED PERSONS, FOR CASH AT A PRICE OF ₹248.00 PER
EQUITY SHARES (INCLUDING A PREMIUM OF ₹246.00 PER EQUITY SHARE), FOR AN AGGREGATE AMOUNT AGGREGATING TO ₹700.00 MILLION (“PRE-IPO PLACEMENT”). ACCORDINGLY, THE
SIZE OF THE FRESH ISSUE HAS BEEN REDUCED BY ₹700.00 MILLION AND THE REVISED FRESH ISSUE SIZE AGGREGATES TO ₹2,800.00 MILLION. THE PRE-IPO PLACEMENT DID NOT EXCEED
20% OF THE FRESH ISSUE. OUR COMPANY HAS APPROPRIATELY INTIMATED THE SUBSCRIBERS TO THE PRE-IPO PLACEMENT, PRIOR TO ALLOTMENT PURSUANT TO THE PRE-IPO
PLACEMENT, THAT THERE IS NO GUARANTEE THAT OUR COMPANY WILL PROCEED WITH THE OFFER OR THE OFFER WILL BE SUCCESSFUL AND WILL RESULT IN THE LISTING OF THE
EQUITY SHARES OF FACE VALUE ₹2 EACH ON THE STOCK EXCHANGES. FURTHER, RELEVANT DISCLOSURES IN RELATION TO SUCH INTIMATION TO THE SUBSCRIBERS TO THE PRE-IPO
PLACEMENT HAVE BEEN APPROPRIATELY MADE IN THE RELEVANT SECTIONS OF THE RED HERRING PROSPECTUS AND IN THE RELEVANT SECTIONS OF THIS PROSPECTUS.
**Subject to finalisation of the Basis of Allotment
THE FACE VALUE OF THE EQUITY SHARES IS ₹2 EACH AND THE OFFER PRICE IS 137.50 TIMES THE FACE VALUE OF THE EQUITY SHARES
The Offer was made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance
with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer was made available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, the “QIB Portion”), provided that
our Company in consultation with the BRLMs allocated up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”). One-third of the
Anchor Investor Portion was reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price in accordance with the SEBI ICDR Regulations.
Further, 5% of the QIB Portion (other than Anchor Investor Portion) (“Net QIB Portion”) was made available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion was made available
for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion,
the balance Equity Shares available for allocation in the Mutual Fund Portion was added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, (a) not less than 15% of the Net Offer was available for allocation
to Non-Institutional Investors (out of which one third was reserved for Bidders with Bids exceeding ₹0.20 million and up to ₹1.00 million and two-thirds was reserved for Bidders with Bids exceeding ₹ 1.00 million) provided that the
unsubscribed portion in either of the categories was allocated to Bidders in the other sub-category of Non-Institutional Investors, subject to valid Bids being received at or above the Offer Price and (b) not less than 35% of the Net Offer
was made available for allocation to Retail Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Further, Equity Shares were allocated on a
proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price (net of Employee Discount). All potential Bidders, other than Anchor
Investors, were mandatorily required to participate in the Offer through the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in
case of UPI Bidders, as applicable, pursuant to which the corresponding Bid Amount, which was blocked by the Self Certified Syndicate Banks (“SCSBs”) or the Sponsor Bank(s), as the case may be, to the extent of their respective Bid
Amounts. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see “Offer Procedure” on page 489.
RISKS IN RELATION TO THE FIRST OFFER
This being the first public issue of our Company, there has been no formal market for the Equity Shares of our Company. The face value of the equity shares is ₹2. The Floor Price, Cap Price and Offer Price as determined and justified
by our Company, in consultation with the BRLMs, in accordance with the SEBI ICDR Regulations, as stated under “Basis for Offer Price” on page 161 should not be considered to be indicative of the market price of the Equity Shares
after the Equity Shares are listed. No assurance can be given regarding an active and/or sustained trading in the Equity Shares nor regarding the price at which the Equity Shares will be traded after listing.
GENERAL RISK
Investments in equity and equity-related securities involve a degree of risk and Bidders should not invest any funds in the Offer unless they can afford to take the risk of losing their entire investment. Bidders are advised to read the risk
factors carefully before taking an investment decision in the Offer. For taking an investment decision, Bidders must rely on their own examination of our Company and the Offer, including the risks involved. The Equity Shares in the
Offer have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of this Prospectus. Specific attention of the Bidders is invited
to “Risk Factors” beginning on page 37.
ISSUER’S AND SELLING SHAREHOLDER’S ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Prospectus contains all information with regard to our Company and the Offer, which is material in the context of the Offer, that the
information contained in this Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the
omission of which makes this Prospectus as a whole or any of such information or the expression of any such opinions or intentions, misleading in any material respect. Further, each of the Selling Shareholders, severally and not jointly,
accept responsibility for and confirm only those statements specifically made by such Selling Shareholders in this Prospectus, to the extent of information specifically pertaining to them and/or their respective portion of the Offered
Shares in the Offer for Sale, and assumes full responsibility that such statements are true and correct in all material respects and are not misleading in any material respect.
LISTING
The Equity Shares to be Allotted through the Red Herring Prospectus and this Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received ‘in-principle’ approvals from BSE and NSE for the listing of the
Equity Shares pursuant to their letters, each dated December 18, 2024. For the purposes of the Offer, the Designated Stock Exchange shall be BSE. A signed copy of the Red Herring Prospectus has been filed with the RoC in accordance
with Section 32 of the Companies Act, 2013 and a signed copy of this Prospectus is filed with the RoC in accordance with Sections 26(4) of the Companies Act, 2013. For details of the material contracts and documents that were made
available for inspection from the date of the Red Herring Prospectus up to the Bid/ Offer Closing Date, see “Material Contracts and Documents for Inspection” on page 548.
BOOK RUNNING LEAD MANAGERS TO THE OFFER REGISTRAR TO THE OFFER
Intensive Fiscal Services Private Limited DAM Capital Advisors Limited KFin Technologies Limited
914, 9th Floor, Raheja Chambers Altimus 2202, Level 22 Selenium Tower B, Plot No. 31 and 32
Free Press Journal Marg Pandurang Budhkar Marg Financial District, Nanakramguda
Nariman Point, Mumbai 400 021 Worli, Mumbai 400 018 Serilingampally Hyderabad
Maharashtra, India Maharashtra, India Rangareddi – 500 032, Telangana, India
Tel.: (+91 22) 2287 0443 Tel.: (+91 22) 4202 2500 Tel: (+91 40) 6716 2222
E-mail: Alltime.ipo@intensivefiscal.com E-mail: atpl.ipo@damcapital.in E-mail: atpl.ipo@kfintech.com
Investor Grievance E-mail: grievance.ib@intensivefiscal.com Investor Grievance E-mail: complaint@damcapital.in Investor grievance E-mail: einward.ris@kfintech.com
Website: www.intensivefiscal.com Website: www.damcapital.in Website: www.kfintech.com
Contact person: Harish Khajanchi / Anand Rawal Contact person: Puneet Agnihotri Contact person: M Murali Krishna
SEBI Registration No.:INM000011112 SEBI Registration No.: MB/INM000011336 SEBI Registration No: INR000000221
BID/ OFFER SCHEDULE
ANCHOR INVESTOR BIDDING
Wednesday, August 6, 2025 BID/ OFFER OPENED ON Thursday, August 7, 2025 BID/ OFFER CLOSED ON Monday, August 11, 2025
DATETABLE OF CONTENTS
SECTION I: GENERAL ...................................................................................................................................... 5
DEFINITIONS AND ABBREVIATIONS................................................................................................ 5
CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA
AND CURRENCY OF PRESENTATION ............................................................................................. 19
FORWARD-LOOKING STATEMENTS ............................................................................................... 22
SUMMARY OF THE OFFER DOCUMENT ......................................................................................... 24
SECTION II: RISK FACTORS ........................................................................................................................ 37
SECTION III: INTRODUCTION .................................................................................................................... 96
THE OFFER ............................................................................................................................................ 96
SUMMARY OF FINANCIAL INFORMATION ................................................................................... 98
GENERAL INFORMATION................................................................................................................ 102
CAPITAL STRUCTURE ...................................................................................................................... 111
OBJECTS OF THE OFFER .................................................................................................................. 128
BASIS FOR OFFER PRICE ................................................................................................................. 161
STATEMENT OF SPECIAL TAX BENEFITS ................................................................................... 172
SECTION IV: ABOUT OUR COMPANY ..................................................................................................... 181
INDUSTRY OVERVIEW ..................................................................................................................... 181
OUR BUSINESS ................................................................................................................................... 258
KEY REGULATIONS AND POLICIES .............................................................................................. 303
HISTORY AND CERTAIN CORPORATE MATTERS ...................................................................... 309
OUR MANAGEMENT ......................................................................................................................... 319
OUR PROMOTERS AND PROMOTER GROUP ............................................................................... 343
DIVIDEND POLICY ............................................................................................................................ 348
SECTION V: FINANCIAL INFORMATION ............................................................................................... 349
FINANCIAL STATEMENTS ............................................................................................................... 349
OTHER FINANCIAL INFORMATION .............................................................................................. 409
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS .............................................................................................................. 410
CAPITALISATION STATEMENT ...................................................................................................... 447
FINANCIAL INDEBTEDNESS ........................................................................................................... 448
RELATED PARTY TRANSACTIONS................................................................................................ 450
SECTION VI: LEGAL AND OTHER INFORMATION ............................................................................. 451
OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS ........................................... 451
GOVERNMENT AND OTHER APPROVALS ................................................................................... 457
OUR GROUP COMPANIES ................................................................................................................ 463
OTHER REGULATORY AND STATUTORY DISCLOSURES ........................................................ 464
SECTION VII: OFFER RELATED INFORMATION ................................................................................. 477
TERMS OF THE OFFER ..................................................................................................................... 477
OFFER STRUCTURE .......................................................................................................................... 484
OFFER PROCEDURE .......................................................................................................................... 489
RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES ..................................... 513
SECTION VIII: DESCRIPTION OF EQUITY SHARES AND TERMS OF ARTICLES OF
ASSOCIATION ................................................................................................................................................ 514
SECTION IX: OTHER INFORMATION ..................................................................................................... 548
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION .............................................. 548
DECLARATION .............................................................................................................................................. 552SECTION I: GENERAL
DEFINITIONS AND ABBREVIATIONS
This Prospectus uses certain definitions and abbreviations which, unless the context otherwise indicates or
implies, shall have the meaning as provided below. References to any legislation, act, regulation, rules, guidelines
or policies shall be to such legislation, act, regulation, rules, guidelines or policies as amended, supplemented or
re-enacted from time to time, and any reference to a statutory provision shall include any subordinate legislation
made from time to time under that provision.
The words and expressions used in this Prospectus but not defined herein shall have, to the extent applicable, the
same meaning ascribed to such terms under the SEBI ICDR Regulations, the Companies Act, the SCRA, the
Depositories Act and the rules and regulations made thereunder. Notwithstanding the foregoing, the terms used
in “Industry Overview”, “Key Regulations and Policies”, “Statement of Special Tax Benefits”, “Financial
Statements”, “Basis for Offer Price”, “History and Certain Corporate Matters”, “Financial Indebtedness”,
“Other Regulatory and Statutory Disclosures”, “Management’s Discussion and Analysis of Financial Condition
and Results of Operations”, “Outstanding Litigation and Material Developments” and “Description of Equity
Shares and Terms of Articles of Association” on pages 181, 303, 172, 349, 161, 309, 448, 464, 410, 451, and 514,
respectively, shall have the meaning ascribed to them in the relevant section.
General Terms
Term Description
our Company / the All Time Plastics Limited, a company incorporated under the Companies Act, 1956 and having
Company / the Issuer its Registered and Corporate Office at B-30, Royal Industrial Estate, Wadala, Mumbai – 400 031,
Maharashtra, India
we / us / our Unless the context otherwise indicates or implies, refers to our Company, together with our
Subsidiaries, on a consolidated basis
Company Related Terms
Term Description
All Time Branded Consumerware products manufactured and sold under our proprietary “alltime” brand name
Products
Articles of Association Articles of association of our Company, as amended
/ AoA
Audit Committee The audit committee of our Company, constituted in accordance with the applicable provisions of
the Companies Act, 2013 and the SEBI Listing Regulations, as described in “Our Management” on
page 319
Auditors / Statutory The current statutory auditors of our Company, being Walker Chandiok & Co LLP
Auditors
Board / Board of The board of directors of our Company, or a duly constituted committee thereof. For further details,
Directors please see the section titled “Our Management” on page 319
Chairman and The chairman and managing director of our Company, being Kailesh Punamchand Shah as disclosed
Managing Director in “Our Management” on page 319
Chartered Engineer The independent chartered engineer appointed by our Company, namely Vinod Ashok Sanjivani
Palande
Chief Financial Officer The chief financial officer of our Company, being Manish Gattani, as disclosed in “Our
Management” on page 319
Company Secretary The company secretary and compliance officer our Company, being Antony Pius Alapat, as
and Compliance disclosed in “Our Management” on page 319
Officer
Corporate Social The corporate social responsibility committee of our Company, constituted in accordance with
Responsibility Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy)
Committee Rules, 2014, the details of which are provided in “Our Management” on page 319
Daman Facility The manufacturing facility of the Company situated at Plot No. 371/1-C & 371/1-D, Kachigam
Char Rasta, B/H/ Stone Query, Daman, Union Territory of Dadra and Nagar Haveli and Daman
and Diu.
Director(s) The directors on the Board, appointed from time to time.
Equity Shares The equity shares of our Company of face value of ₹2 each
IPO Committee The IPO committee as described in “Our Management – Committees of the Board” on page 326
5Term Description
Independent Directors The independent director(s) of our Company, in terms of Section 2(47) and Section 149(6) of the
Companies Act, 2013, the details of whom are provided in “Our Management” on page 319
Independent Chartered Maheshwari & Co., Chartered Accountants (FRN:105834W)
Accountant
Key Managerial Key managerial personnel of our Company in terms of Regulation 2(1)(bb) of the SEBI ICDR
Personnel / KMP Regulations, and as described in “Our Management” on page 319
Manekpur Facility Manufacturing facility of the Company situated at New Survey No. 2124, Khatalwada Road,
Manekpur, Khatalwada, Valsad, Gujarat, India.
MoA / Memorandum The memorandum of association of our Company, as amended from time to time
of Association
Nomination and The nomination and remuneration committee of our Company, constituted in accordance with
Remuneration Regulation 19 of the SEBI Listing Regulations and Section 178 of the Companies Act, 2013, the
Committee / NRC details of which are provided in “Our Management” on page 319
Non-executive The non-executive directors of our Company, as disclosed in “Our Management” on page 319
Director(s)
Promoters Our Promoters, namely, Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh
Punamchand Shah
Promoter Group Persons and entities constituting the promoter group in accordance with Regulation 2(1)(pp) of the
SEBI ICDR Regulations. For further details, see “Our Promoters and Promoter Group” on page
343
Registered and Registered and corporate office of our Company located at B-30, Royal Industrial Estate, Wadala,
Corporate Office / Mumbai – 400 031, Maharashtra, India
Registered Office
Registrar of The Registrar of Companies, Maharashtra at Mumbai
Companies / RoC
Restated Consolidated Our restated consolidated statement of assets and liabilities as at March 31, 2025 and restated
and Standalone standalone statement of assets and liabilities as at March 31, 2024 and March 31, 2023 and the
Financial Information restated consolidated statement of profit and loss (including other comprehensive income),
restated consolidated cash flow statement and changes in equity for the financial year ended
March, 31, 2025, and the restated standalone statement of profit and loss (including other
comprehensive income), restated standalone cash flow statement and changes in equity for the
financial years ended March, 31, 2024 and March 31, 2023 together with the summary statement
of material accounting policies, and other explanatory information thereon, derived from the
audited consolidated financial statements prepared in accordance with the Ind AS for the financial
years ended March 31, 2025 and the audited standalone financial statements prepared in
accordance with the Ind AS for the financial years ended March 31, 2024 and March 31, 2023,
restated in accordance with the SEBI ICDR Regulations, Section 26 of Part I of Chapter III of the
Companies Act, 2013 and the Guidance Note on “Reports in Company Prospectuses (Revised
2019)” issued by ICAI
Risk Management The risk management committee constituted in accordance with the applicable provisions of the
Committee Companies Act, 2013 and the SEBI Listing Regulations as described in “Our Management–
Committees of the Board” on page 326
Promoter Selling Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah
Shareholders / Selling
Shareholders
Senior Management Senior management personnel of our Company in terms of Regulation 2(1)(bbb) of the SEBI
Personnel / SMP ICDR Regulations and as described in “Our Management” on page 319
Shareholders Equity shareholders of our Company, from time to time
Silvassa Facility Manufacturing facility of the Company situated at Srv. No. 190/1/2, 190/1/1/2, 190/1/3,
Gandhigram, Dokmardi, Kilvani Road, Village Amli, Silvassa, Union Territory of Dadra and
Nagar Haveli. and Daman and Diu
Stakeholders’ The stakeholders’ relationship committee of our Company, constituted in accordance with the
Relationship applicable provisions of the Companies Act, 2013 and the SEBI Listing Regulations and as
Committee described in “Our Management” on page 319
Subsidiaries The subsidiaries of our Company, being All Time Plastics Pte. Limited and All Time Bamboo
Private Limited
Whole-time The whole-time directors of our Company, being Bhupesh Punamchand Shah and Nilesh
Director(s) Punamchand Shah, as disclosed in “Our Management” on page 319
6Offer Related Terms
Term Description
Abridged Prospectus Abridged prospectus means a memorandum containing such salient features of a prospectus as
may be specified by the SEBI in this behalf
Acknowledgement The slip or document issued by a Designated Intermediary to a Bidder as proof of registration of
Slip the Bid cum Application Form
Allot / Allotment / Unless the context otherwise requires, allotment of the Equity Shares pursuant to the Fresh Issue
Allotted and transfer of Offered Shares pursuant to the Offer for Sale to the successful Bidders
Allotment Advice Note or advice or intimation of Allotment sent to the successful Bidders who have been or are to
be Allotted the Equity Shares after the Basis of Allotment has been approved by the Designated
Stock Exchange
Allottee A successful Bidder to whom the Equity Shares are Allotted
Anchor Investor A Qualified Institutional Buyer, who applied under the Anchor Investor Portion in accordance
with the requirements specified in the SEBI ICDR Regulations and the Red Herring Prospectus
and who has Bid for an amount of at least ₹100.00 million
Anchor Investor ₹275 per Equity Shares of face value of ₹2 each, being the price at which the Equity Shares were
Allocation Price allocated to Anchor Investors in terms of the Red Herring Prospectus, which was decided by our
Company, in consultation with the BRLMs during the Anchor Investor Bid/Offer Period
Anchor Investor Application form used by an Anchor Investor to make a Bid in the Anchor Investor Portion was
Application Form considered as an application for Allotment in terms of the Red Herring Prospectus
Anchor Investor Pay- The Anchor Investor(s), Bidding Date, being, Wednesday, August 6, 2025
In Date
Anchor Investor One Working Day prior to the Bid/Offer Opening Date, on which Bids by Anchor Investors were
Bid/Offer Period submitted and allocation was completed, being Wednesday, August 6, 2025
Anchor Investor Offer Final price at which the Equity Shares are Allotted to Anchor Investors in terms of the Red Herring
Price Prospectus
The Anchor Investor Offer Price was decided by our Company, in consultation with the BRLMs
Anchor Investor Up to 60% of the QIB Portion consisting of 4,360,502* Equity Shares of the face value ₹2 each
Portion which were allocated by our Company, in consultation with the BRLMs, to Anchor Investors on
a discretionary basis in accordance with the SEBI ICDR Regulations, subject to valid Bids having
been received at or above the Anchor Investor Offer Price.
One-third of the Anchor Investor Portion was reserved for domestic Mutual Funds, subject to valid
Bids having been received from domestic Mutual Funds at or above the Anchor Investor
Allocation Price, in accordance with the SEBI ICDR Regulations
*Subject to finalisation of the Basis of Allotment
Application Supported Application, whether physical or electronic, used by ASBA Bidders to make a Bid and authorizing
by Blocked Amount / an SCSB to block the Bid Amount in the ASBA Account and included applications made by UPI
ASBA Bidders, where the Bid Amount were blocked upon acceptance of UPI Mandate Request by UPI
Bidders
ASBA Account Bank account maintained with a SCSB by an ASBA Bidder, as specified in the ASBA Form
submitted by ASBA Bidders for blocking the Bid Amount mentioned in the relevant ASBA Form
and included the account of an UPI Bidder which has been blocked upon acceptance of a UPI
Mandate Request made by the UPI Bidders
ASBA Bid A Bid made by an ASBA Bidder
ASBA Bidders All Bidders except Anchor Investors
ASBA Form Application form, whether physical or electronic, used by ASBA Bidders to submit Bids, which
was considered as the application for Allotment in terms of the Red Herring Prospectus
Banker(s) to the Offer Collectively, Escrow Collection Bank(s), Public Offer Account Bank(s), Sponsor Bank(s) and
Refund Bank(s), as the case may be
Basis of Allotment Basis on which Equity Shares will be Allotted to successful Bidders under the Offer and which is
described in “Offer Structure” beginning on page 484
Bid Indication to make an offer during the Bid/ Offer Period by an ASBA Bidder pursuant to
submission of the ASBA Form, or during the Anchor Investor Bid/Offer Period by an Anchor
Investor, pursuant to submission of the Anchor Investor Application Form, to subscribe to or
purchase the Equity Shares at a price within the Price Band, including all revisions and
modifications thereto as permitted under the SEBI ICDR Regulations and in terms of the Red
Herring Prospectus and the Bid cum Application Form. The term “Bidding” shall be construed
accordingly
Bid Amount The highest value of optional Bids indicated in the Bid cum Application Form and paid by the Bidder,
in the case of Retail Individual Investors Bidding at the Cut-off Price, the Cap Price multiplied by
7Term Description
the number of Equity Shares Bid for by such RII and mentioned in the Bid cum Application Form
and paid by the Bidder or blocked in the ASBA Account of the Bidder, as the case may be, upon
submission of the Bid in the Offer.
Eligible Employees who applied in the Employee Reservation Portion could apply at the Cut Off
Price and the Bid amount shall be Cap Price (net of the Employee Discount), multiplied by the
number of Equity Shares Bid for such Eligible Employee and mentioned in the Bid cum Application
Form.
The maximum Bid Amount under the Employee Reservation Portion by an Eligible Employee did
not exceed ₹0.50 million (net of the Employee Discount). However, the initial Allotment to an
Eligible Employee in the Employee Reservation Portion did not exceed ₹0.20 million. Only in the
event of under-subscription in the Employee Reservation Portion, the unsubscribed portion would
have been available for allocation and Allotment, proportionately to all Eligible Employees who
have Bid in excess of ₹0.20 million, subject to the maximum value of Allotment made to such
Eligible Employee not exceeding ₹0.50 million (net of the Employee Discount)
Bid cum Application Anchor Investor Application Form or the ASBA Form, as the context requires
Form
Bid Lot 54 equity shares of face value ₹2 each and in multiples of 54 equity shares of face value ₹2 each
thereafter
Except in relation to any Bids received from the Anchor Investors, the date after which the
Designated Intermediaries did not accept any Bids, being Monday, August 11, 2025, which was
Bid/ Offer Closing notified in all editions of The Financial Express, an English national daily newspaper and all
Date editions of Jansatta, a Hindi national daily newspaper and Mumbai edition of Navshakti, a Marathi
daily newspaper (Marathi being the regional language of Maharashtra, where our Registered and
Corporate Office is located), each with wide circulation
Bid/ Offer Opening Except in relation to any Bids received from the Anchor Investors, the date on which the
Date Designated Intermediaries started accepting Bids, being Wednesday, August 6, 2025, which was
notified in all editions of The Financial express, an English national daily newspaper and all
editions of Jansatta, a Hindi national daily newspaper and Mumbai edition of Navshati, a Marathi
daily newspaper (Marathi being the regional language of Maharashtra, where our Registered and
Corporate Office is located), each with wide circulation
Bid/ Offer Period Except in relation to Anchor Investors, the period between the Bid/ Offer Opening Date and the
Bid/ Offer Closing Date, inclusive of both days
Bidder An investor who made a Bid pursuant to the terms of the Red Herring Prospectus and the Bid cum
Application Form and unless otherwise stated or implied, includes an Anchor Investor
Bidding Centres Centres at which the Designated Intermediaries accepted the ASBA Forms, i.e., Designated
Branches for SCSBs, Specified Locations for the Syndicate, Broker Centres for Registered
Brokers, Designated RTA Locations for RTAs and Designated CDP Locations for CDPs
Book Building Process Book building process, as provided in Part A of Schedule XIII of the SEBI ICDR Regulations, in
terms of which the Offer was made
Book Running Lead Intensive Fiscal Services Private Limited and DAM Capital Advisors Limited
Managers / BRLMs
Broker Centres Centres notified by the Stock Exchanges where Bidders could submit the ASBA Forms to a
Registered Broker.
The details of such Broker Centres, along with the names and contact details of the Registered
Brokers are available on the respective websites of the Stock Exchanges (www.bseindia.com and
www.nseindia.com)
CAN / Confirmation of Notice or intimation of allocation of the Equity Shares sent to Anchor Investors, who have been
Allocation Note allocated the Equity Shares, after the Anchor Investor Bid/ Offer Period
Cap Price The higher end of the Price Band i.e., ₹275 per Equity Share bearing face value of ₹2 each
Cash Escrow and Agreement dated July 23, 2025 entered into amongst our Company, the Selling Shareholders, the
Sponsor Bank BRLMs, the Syndicate Members, the Bankers to the Offer and Registrar to the Offer for, inter alia,
Agreement collection of the Bid Amounts from Anchor Investors, transfer of funds to the Public Offer
Account and where applicable, refunds of the amounts collected from Bidders, on the terms and
conditions thereof
Client ID Client identification number maintained with one of the Depositories in relation to demat account
Collecting Depository A depository participant as defined under the Depositories Act, 1996 registered with SEBI and
Participant / CDP who is eligible to procure Bids at the Designated CDP Locations in terms of circular no.
CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 issued by SEBI, the SEBI RTA
Master Circular and the UPI Circulars issued by SEBI and the Stock Exchanges as per the list
available on the respective websites of the Stock Exchanges, as updated from time to time
8Term Description
Cut-off Price The Offer Price, finalised by our Company, in consultation with the BRLMs, being ₹275 per Equity
Shares of face value of ₹2. Only Retail Individual Investors and Eligible Employees were entitled to
Bid at the Cut-off Price. QIBs (including Anchor Investors) and Non-Institutional Investors were not
entitled to Bid at the Cut-off Price
DAM Capital DAM Capital Advisors Limited
Demographic Details Details of the Bidders including the Bidders’ address, name of the Bidders’ father/husband,
investor status, occupation, bank account details and UPI ID, wherever applicable
Designated Branches Such branches of the SCSBs which could collect the ASBA Forms, a list of which is available on
the website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes or at such other
website as may be prescribed by SEBI from time to time
Designated CDP Such locations of the CDPs where Bidders could submit the ASBA Forms.
Locations
The details of such Designated CDP Locations, along with names and contact details of the
Collecting Depository Participants eligible to accept ASBA Forms are available on the respective
websites of the Stock Exchanges (www.bseindia.com and www.nseindia.com), as updated from
time to time
Designated Date The date on which the Escrow Collection Bank(s) transfer funds from the Escrow Account to the
Public Offer Account or the Refund Account, as the case may be, and/or the instructions are issued
to the SCSBs (in case of UPI Bidders, instruction issued through the Sponsor Bank(s)) for the
transfer of amounts blocked by the SCSBs in the ASBA Accounts to the Public Offer Account or
the Refund Account, as the case may be, in terms of the Red Herring Prospectus and this
Prospectus, after the finalisation of the Basis of Allotment in consultation with the Designated
Stock Exchange, following which Equity Shares will be Allotted in the Offer
Designated In relation to ASBA Forms submitted by Retail Individual Investors (not using the UPI
Intermediary(ies) Mechanism) by authorizing an SCSB to block the Bid Amount in the ASBA Account, Designated
Intermediaries shall mean SCSBs.
In relation to ASBA Forms submitted by UPI Bidders where the Bid Amount was blocked upon
acceptance of UPI Mandate Request by such UPI Bidders, as the case may be, Designated
Intermediaries shall mean Syndicate, sub-Syndicate/agents, Registered Brokers, CDPs, SCSBs
and RTAs.
In relation to ASBA Forms submitted by QIBs and Non-Institutional Investors (not using the UPI
Mechanism), Designated Intermediaries shall mean Syndicate, sub-Syndicate/agents, SCSBs,
Registered Brokers, the CDPs and RTAs
Designated RTA Such locations of the RTAs where Bidders could submit the ASBA Forms to RTAs. The details
Locations of such Designated RTA Locations, along with names and contact details of the RTAs eligible to
accept ASBA Forms are available on the respective websites of the Stock Exchanges
(www.bseindia.com and www.nseindia.com) and updated from time to time
Designated SCSB Such branches of the SCSBs which could collect the ASBA Forms, a list of which is available on
Branches the website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35 or at
such other website as may be prescribed by SEBI from time to time
Designated Stock BSE Limited
Exchange
Draft Red Herring The draft red herring prospectus dated September 30, 2024 issued in accordance with the SEBI
Prospectus / DRHP ICDR Regulations, which did not contain complete particulars of the price at which the Equity
Shares will be Allotted and the size of the Offer
Eligible Employees Permanent employees, working in India or outside India (excluding such employees who were not
eligible to invest in the Offer under applicable laws), of our Company; or a Director of our
Company, (excluding such Directors who are not eligible to invest in the Offer under applicable
laws) whether whole-time or not, as on the date of the filing of the Red Herring Prospectus with
the RoC and who continues to be a permanent employee of our Company until the date of
submission of the Bid cum Application Form, but not including (i) Promoters; (ii) persons
belonging to the Promoter Group; or (iii) Directors who either themselves or through their relatives
or through any body corporate, directly or indirectly, hold more than 10% of the outstanding
Equity Shares of our Company.
The maximum Bid Amount under the Employee Reservation Portion by an Eligible Employee
could not exceed ₹0.50 million (net of the Employee Discount). However, the initial Allotment to
an Eligible Employee in the Employee Reservation Portion did not exceed ₹0.20 million.
9Term Description
Eligible NRI(s) NRI(s) from jurisdictions outside India where it is not unlawful to make an Offer or invitation
under the Offer and in relation to whom the ASBA Form and the Red Herring Prospectus
constituted an invitation to subscribe to or to purchase the Equity Shares
Employee Discount Our Company in consultation with the BRLMs, offered a discount of 9.45% to the Offer Price
(equivalent of ₹26 per Equity Share) to Eligible Employee(s) Bidding in the Employee Reservation
Portion, subject to necessary approvals as may be required, and which was announced at least two
Working Days prior to the Bid / Offer Opening Date
Employee Reservation The portion of the Offer being 35,750* equity shares of face value ₹2 each, aggregating ₹8.90
Portion million*# which shall not exceed 5% of the post-Offer Equity Share capital of our Company,
available for allocation to Eligible Employees, on a proportionate basis.
*Subject to finalisation of the Basis of Allotment
#A discount of 9.45% on the Offer Price (equivalent to ₹26 per Equity Share) was offered to
Eligible Employees bidding in the Employee Reservation Portion
Escrow Account(s) Accounts opened with the Escrow Collection Bank(s) and in whose favour the Anchor Investors
transferred money through NACH/direct credit/NEFT/RTGS in respect of the Bid Amount when
submitting a Bid
Escrow Collection Bank(s) which are clearing members and registered with SEBI as banker(s) to an issue under the
Bank(s) Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994 and with whom
the Escrow Account(s) was opened, in this case being ICICI Bank Limited
First Bidder/Sole Bidder whose name was mentioned in the Bid cum Application Form or the Revision Form and in
Bidder case of joint Bids, whose name appeared as the first holder of the beneficiary account held in joint
names
Floor Price Lower end of the Price Band i.e., ₹260 per Equity Share bearing face value of ₹2 each
Fraudulent Borrower Fraudulent borrower as defined under Regulation 2(1)(lll) of the SEBI ICDR Regulations
Fresh Issue Fresh issue of 10,185,198* equity shares of face value ₹2 each aggregating to ₹2,800.00 million*
by our Company.
A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash
at a price of ₹248.00 per Equity Shares (including a premium of ₹246.00 per Equity Share), for an
amount aggregating to ₹700.00 million. Accordingly, the size of the Fresh Issue has been reduced
by ₹700.00 million and the revised Fresh Issue size aggregates to ₹ 2,800.00 million. The Pre-IPO
Placement did not exceed 20% of the Fresh Issue. Our Company has appropriately intimated the
subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that
there is no guarantee that our Company will proceed with the Offer or the Offer may be successful
and will result in the listing of the Equity Shares on the Stock Exchanges. Further, relevant
disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement have been
appropriately made in the relevant sections of the Red Herring Prospectus and relevant sections of
this Prospectus.
*Subject to finalisation of the Basis of Allotment
Fugitive Economic An individual who is declared a fugitive economic offender under section 12 of the Fugitive
Offender Economic Offenders Act, 2018
General Information The General Information Document for investing in public issues prepared and issued in
Document accordance with the SEBI circular no. (SEBI/HO/CFD/DIL1/CIR/P/2020/37) dated March 17,
2020 and the UPI Circulars, as amended from time to time. The General Information Document is
available on the websites of the Stock Exchanges, and the BRLMs
Gross Proceeds The gross proceeds of the Fresh Issue that will be available to our Company
Intensive Intensive Fiscal Services Private Limited
Materiality Policy The materiality policy of our Company adopted by our Board dated July 20, 2025 for (a)
identification of material litigation; (b) group companies; and (c) material creditors, pursuant to
the requirements of the SEBI ICDR Regulations and for the purposes of disclosure in this
Prospectus
Monitoring Agency Crisil Ratings Limited (a subsidiary of Crisil Limited)
Monitoring Agency Agreement dated July 31, 2025 entered into between our Company and the Monitoring Agency
Agreement
Mutual Fund Portion 5% of the Net QIB Portion, or 145,351* equity shares of face value ₹2 each which shall be available
for allocation to Mutual Funds only, subject to valid Bids being received at or above the Offer
Price
*Subject to finalisation of the Basis of Allotment
10Term Description
Net Offer The Offer, less the Employee Reservation Portion
Net Proceeds Proceeds of the Fresh Issue less our Company’s share of the Offer expenses. For further details
regarding the use of the Net Proceeds and the Offer expenses, see “Objects of the Offer” on page
128
Net QIB Portion The QIB Portion less the number of Equity Shares allocated to the Anchor Investors
Non-Institutional All Bidders that are not QIBs or Retail Individual Investors and who have Bid for Equity Shares
Investors / NIIs for an amount of more than ₹0.20 million (but not including NRIs other than Eligible NRIs)
Non-Institutional The portion of the Net Offer, being not less than 15% of the Net Offer or 2,180,252* equity shares
Portion of face value ₹2 each, was made available for allocation to Non-Institutional Investors in
accordance with the SEBI ICDR Regulations, subject to valid Bids having been received at or
above the Offer Price, out of which
i) one third portion was reserved for Bidders with Bids exceeding ₹0.20 million up to ₹1.00
million; and
ii) two-thirds portion was reserved for Bidders with Bids exceeding ₹1.00 million
Provided that the unsubscribed portion in either of the sub-categories specified in (i) or (ii) above,
could allocated to applicants in the other sub-category of Non-Institutional Investors.
*Subject to finalisation of the Basis of Allotment
Non-Resident Person resident outside India, as defined under FEMA and includes NRIs, FPIs and FVCIs
Offer The initial public offer of 14,570,760* equity shares of face value of ₹2 each for cash at a price of
₹275 each aggregating to ₹4,006.03 million*, consisting of:
− Fresh Issue of 10,185,198* equity shares of face value of ₹2 each aggregating to ₹2,800.00 million*;
− Offer for Sale of 4,385,562* equity shares of face value of ₹2 each aggregating to ₹1,206.03 million
by the Selling Shareholders.
The Offer comprises of the Net Offer and the Employee Reservation Portion.
A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash
at a price of ₹248.00 per Equity Shares (including a premium of ₹246.00 per Equity Share), for an
amount aggregating to ₹700.00 million. Accordingly, the size of the Fresh Issue has been reduced
by ₹700.00 million and the revised Fresh Issue size aggregates to ₹ 2,800.00 million. The Pre-IPO
Placement did not exceed 20% of the Fresh Issue. Our Company has appropriately intimated the
subscribers to the Pre-IPO Placement, prior to allotment of the Equity Shares pursuant to the Pre-
IPO Placement, that there is no guarantee that our Company will proceed with the Offer or the
Offer will be successful and will result in the listing of the Equity Shares on the Stock Exchanges.
Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO
Placement have been appropriately made in the relevant sections of the Red Herring Prospectus
and in the relevant sections of this Prospectus
*Subject to finalisation of the Basis of Allotment
Offer Agreement Agreement dated September 30, 2024 entered amongst our Company, the Selling Shareholders
and the BRLMs, pursuant to which certain arrangements have been agreed to in relation to the
Offer
Offer for Sale The offer for sale of 4,385,562* equity shares of face value of ₹2 each aggregating to ₹1,206.03
million* by the Selling Shareholders in the Offer
*Subject to finalisation of the Basis of Allotment
Offer Price ₹275 per equity share of face value ₹2 each being final price at which Equity Shares will be
Allotted to ASBA Bidders in terms of the Red Herring Prospectus and this Prospectus. Equity
Shares will be Allotted to Anchor Investors at the Anchor Investor Offer Price which was decided
by our Company, in consultation with the BRLMs in terms of the Red Herring Prospectus and this
Prospectus.
The Offer Price was decided by our Company, in consultation with the BRLMs on the Pricing
Date in accordance with the Book Building Process and this Prospectus
A discount of 9.45% on the Offer Price (equivalent of ₹26 per Equity Share) was offered to Eligible
Employees Bidding in the Employee Reservation Portion. This Employee Discount, if any, was
decided by our Company, in consultation with the BRLMs.
11Term Description
Offer Proceeds The proceeds of the Fresh Issue which shall be available to our Company and the proceeds of the
Offer for Sale which shall be available to the Selling Shareholders. For further information about
use of the Offer Proceeds, see “Objects of the Offer” beginning on page 128
Offered Shares 4,385,562* equity shares of face value of ₹2 each aggregating to ₹1,206.03 million* offered for sale
by the Selling Shareholders in the Offer for Sale
*Subject to finalisation of the Basis of Allotment
Pre-IPO Placement A private placement of Equity Shares was undertaken by our Company, in consultation with the
BRLMs, for cash at a price of ₹248.00 per Equity Shares (including a premium of ₹246.00 per
Equity Share), for an amount aggregating to ₹700.00 million.
Accordingly, the size of the Fresh Issue has been reduced by ₹700.00 million and the revised Fresh
Issue size aggregates to ₹ 2,800.00 million. The Pre-IPO Placement did not exceed 20% of the
Fresh Issue. Our Company has appropriately intimated the subscribers to the Pre-IPO Placement,
prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company
will proceed with the Offer or the Offer will be successful and will result in the listing of the Equity
Shares on the Stock Exchanges. Further, relevant disclosures in relation to such intimation to the
subscribers to the Pre-IPO Placement have been appropriately made in the relevant sections of the
Red Herring Prospectus and in relevant sections of this Prospectus
Price Band Price band of a minimum price of ₹260 per equity shares of face value of ₹2 each (Floor Price) and
the maximum price of ₹275 per equity shares of face value of ₹2 each (Cap Price) including any
revisions thereof. The Cap Price was at least 105% of the Floor Price and did not exceed 120% of
the Floor Price.
The Price Band and the minimum Bid Lot size for the Offer was decided by our Company, in
consultation with the BRLMs, and was advertised, at least two Working Days prior to the Bid/
Offer Opening Date, in all editions of The Financial Express, an English national daily newspaper
and all editions of Jansatta, a Hindi national daily newspaper and Mumbai edition of Navshakti, a
Marathi daily newspaper (Marathi being the regional language of Maharashtra, where our
Registered and Corporate Office is located), each with wide circulation and were made available
to the Stock Exchanges for the purpose of uploading on their respective websites
Pricing Date Date on which our Company, in consultation with the BRLMs finalised the Offer Price being
August 11, 2025
Prospectus This Prospectus dated August 11, 2025, filed with the RoC on or after the Pricing Date in
accordance with Section 26 of the Companies Act, 2013, and the SEBI ICDR Regulations
containing, inter alia, the Offer Price, the size of the Offer and certain other information, including
any addenda or corrigenda hereto
Public Offer Account Bank account to be opened with the Public Offer Account Bank, under Section 40(3) of the
Companies Act, 2013 to receive monies from the Escrow Account and ASBA Accounts on the
Designated Date
Public Offer Account A bank which is a clearing member and registered with SEBI as a banker to an issue and with
Bank(s) which the Public Offer Account opened, in this case being Axis Bank Limited
QIB Portion The portion of the Net Offer, being not more than 50% of the Net Offer consisting of 7,267,504*
equity shares of face value ₹2 each to be Allotted to QIBs (including Anchor Investors) on a
proportionate basis, including the Anchor Investor Portion (in which allocation was on a
discretionary basis, as determined by our Company, in consultation with the BRLMs up to a limit
of 60% of the QIB Portion), subject to valid Bids having been received at or above the Offer Price
*Subject to finalisation of the Basis of Allotment
Qualified Institutional Qualified institutional buyers as defined under Regulation 2(1)(ss) of the SEBI ICDR Regulations
Buyers / QIBs / QIB
Bidders
Red Herring The Red herring prospectus issued in accordance with Section 32 of the Companies Act, 2013 and
Prospectus / RHP the provisions of the SEBI ICDR Regulations, which did not have complete particulars of the Offer
Price and the size of the Offer. The Red Herring Prospectus has been filed with the RoC not less
than three Working Days before the Bid/Offer Opening Date
Refund Account(s) Account opened with the Refund Bank(s), from which refunds, of the whole or part of the Bid
Amount to the Bidders shall be made
Refund Bank(s) Banker(s) to the Offer and with whom the Refund Account was opened, in this case being ICICI
Bank Limited
Registered Brokers Stock brokers registered under SEBI (Stock Brokers) Regulations, 1992, as amended with the
Stock Exchanges having nationwide terminals, other than the BRLMs and the Syndicate Members
and eligible to procure Bids in terms of Circular No. CIR/ CFD/ 14/ 2012 dated October 4, 2012
(to the extent not rescinded by the SEBI ICDR Master Circular) and UPI Circulars issued by SEBI
12Term Description
Registrar Agreement Agreement dated September 30, 2024 entered into amongst our Company, the Selling
Shareholders and the Registrar to the Offer, in relation to the responsibilities and obligations of
the Registrar to the Offer
Registrar and Share Registrar and share transfer agents registered with SEBI and eligible to procure Bids at the
Transfer Agents / Designated RTA Locations in terms of, SEBI RTA Master Circular read with SEBI ICDR Master
RTAs Circular issued by SEBI as per the list available on the websites of the Stock Exchanges, and the
UPI Circulars
Registrar to the Offer / KFin Technologies Limited
Registrar
Retail Individual Individual Bidders, who had Bid for the Equity Shares for an amount not more than ₹0.20 million
Investor(s)/RII(s) in any of the bidding options in the Offer (including HUFs applying through their Karta and
Eligible NRIs and does not include NRIs other than Eligible NRIs)
Retail Portion The portion of the Net Offer, being not less than 35% of the Net Offer consisting 5,087,254* equity
shares of face value ₹2 each, which was made available for allocation to Retail Individual Investors
subject to valid Bids having been received at or above the Offer Price, which was not be less than
the minimum Bid lot, subject to availability in the Retail Portion
*Subject to finalisation of the Basis of Allotment
Revision Form Form used by the Bidders to modify the quantity of the Equity Shares or the Bid Amount in any
of their ASBA Form(s) or any previous Revision Form(s), as applicable.
QIB Bidders and Non-Institutional Investors were not allowed to withdraw or lower their Bids (in
terms of quantity of Equity Shares or the Bid Amount) at any stage. Retail Individual Investors
could revise their Bids during the Bid/ Offer Period and withdraw their Bids until Bid/Offer
Closing Date
SCORES SEBI Complaints Redress System, a centralized web-based complaints redressal system launched
by SEBI.
Self-Certified The banks registered with SEBI, which offer the facilities (i) in relation to ASBA, where the Bid
Syndicate Bank(s) or Amount has been blocked by authorising an SCSB, a list of which is available on the website of
SCSB(s) SEBI at
https:/www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34 and
updated from time to time and at such other websites as may be prescribed by SEBI from time to
time, (ii) in relation to UPI Bidders, a list of which is available on the website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40 or
such other website as may be prescribed by SEBI and updated from time to time.
Applications through UPI in the Offer could be made only through the SCSBs mobile applications
(apps) whose name appears on the SEBI website. A list of SCSBs and mobile application, which,
are live for applying in public issues using UPI Mechanism is provided as Annexure ‘A’ to the
SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019. The said list shall be
available on the website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43 or
such other website as may be prescribed by SEBI and updated from time to time
Share Escrow Agent Share escrow agent appointed pursuant to the Share Escrow Agreement, namely, KFin
Technologies Limited
Share Escrow Agreement dated July 23, 2025 entered amongst our Company, the Selling Shareholders and the
Agreement Share Escrow Agent in connection with the transfer of the Offered Shares by the Selling
Shareholders and credit of such Equity Shares to the demat account of the Allottees in accordance
with the Basis of Allotment
Specified Locations Bidding Centres where the Syndicate accepted ASBA Forms from Bidders, a list of which was
included in the Bid cum Application Form
Sponsor Bank(s) Axis Bank Limited and ICICI Bank Limited, being the Banker(s) to the Offer, appointed by our
Company to act as a conduit between the Stock Exchanges and NPCI in order to push the mandate
collect requests and / or payment instructions of the UPI Bidders using the UPI and carry out other
responsibilities, in terms of the UPI Circulars
Syndicate / Members Together, the BRLMs and the Syndicate Members
of the Syndicate
Syndicate Agreement Agreement dated July 23, 2025 entered amongst our Company, the Selling Shareholders, the
BRLMs and the Syndicate Members, in relation to collection of Bids by the Syndicate
Syndicate Member(s) Intermediaries (other than the BRLMs) registered with SEBI who are permitted to accept bids,
applications and place order with respect to the Offer and carry out activities as an underwriter,
namely, Sharekhan Limited
Systemically Systemically important non-banking financial company as defined under Regulation 2(1)(iii) of
Important Non- the SEBI ICDR Regulations
13Term Description
Banking Financial
Company
Technopak Technopak Advisors Private Limited
Technopak Report The industry report titled “Global and Indian Consumerware Market” dated July 17, 2025, which
is exclusively prepared for the purpose of the Offer and issued by Technopak Advisors Private
Limited and is commissioned and paid for by our Company. Technopak was appointed by our
Company pursuant to engagement letter dated May 20, 2024 and letter of authorisation dated June
11, 2025. This report was available on the website of our Company at
https://www.alltimeplastics.com/files/IndustryReport.pdf until the Bid / Offer Closing Date
Underwriters Together, the BRLMs and the Syndicate Members
Underwriting The agreement dated August 11, 2025, entered amongst our Company, the Selling Shareholders
Agreement and the Underwriters
UPI Unified payments interface which is an instant payment mechanism, developed by NPCI
UPI Bidder(s) Collectively, individual Bidders applying as (i) Retail Individual Investors in the Retail Portion,
and (ii) Eligible Employee Bidding in Employee Reservation Portion; and (iii) Non- Institutional
Bidders with an application size of up to ₹0.50 million in the Non-Institutional Portion, and
Bidding under the UPI Mechanism through ASBA Form(s) submitted with Syndicate Members,
Registered Brokers, Collecting Depository Participants and Registrar and Share Transfer Agents.
Pursuant to the SEBI ICDR Master Circular and SEBI Circular no.
SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5, 2022 (to the extent not rescinded by the
SEBI ICDR Master Circular) issued by SEBI, all individual investors applying in public issues
where the application amount is up to ₹0.50 million shall use UPI and shall provide their UPI ID
in the Bid cum Application Form submitted with: (i) a syndicate member, (ii) a stock broker
registered with a recognized stock exchange (whose name is mentioned on the website of the stock
exchange as eligible for such activity), (iii) a depository participant (whose name is mentioned on
the website of the stock exchange as eligible for such activity), and (iv) a registrar to an issue and
share transfer agent (whose name is mentioned on the website of the stock exchange as eligible
for such activity)
UPI Circulars The SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 (to the extent such
circular is not rescinded by the SEBI RTA Master Circular), SEBI RTA Master Circular (to the
extent it pertains to UPI), SEBI ICDR Master Circular, and any subsequent circulars or
notifications issued by SEBI in this regard, along with the circular issued by the National Stock
Exchange of India Limited having reference no. 25/2022 dated August 3, 2022 and the circular
issued by BSE Limited having reference no. 20220803-40 dated August 3, 2022 and any
subsequent circulars or notifications issued by SEBI, Stock Exchanges or any other governmental
authority in this regard
UPI ID ID created on the UPI for single-window mobile payment system developed by the NPCI
UPI Mandate Request A request (intimating the UPI Bidder by way of a notification on the UPI linked mobile application
and by way of an SMS on directing the UPI Bidder to such UPI linked mobile application) to the
UPI Bidder initiated by the Sponsor Bank(s) to authorise blocking of funds on the UPI application
equivalent to Bid Amount and subsequent debit of funds in case of Allotment. Such request shall
be accepted by UPI Bidders at or before 5.00 pm on Bid/Offer Closing Date.
UPI Mechanism The bidding mechanism used by a UPI Bidder in accordance with the UPI Circulars to make an
ASBA Bid in the Offer
UPI PIN Password to authenticate UPI transaction
Wilful Defaulter Wilful defaulter as defined under Regulation 2(1)(lll) of the SEBI ICDR Regulations
Working Day All days on which commercial banks in Mumbai are open for business. In respect of announcement
of Price Band and Bid/Offer Period, Working Day shall mean all days, excluding Saturdays,
Sundays and public holidays, on which commercial banks in Mumbai are open for business. In
respect of the time period between the Bid/ Offer Closing Date and the listing of the Equity Shares
on the Stock Exchanges, Working Day shall mean all trading days of the Stock Exchanges,
excluding Sundays and bank holidays, as per circulars issued by SEBI
Technical/Industry Related Terms/Abbreviations
Term Description
AAS Advance Authorization Scheme
ASRS Automated storage and retrieval systems
B2B Business-to-Business
B2C Business-to-Customer
Bn Billion
14Term Description
BPA Bisphenol
CAGR Compound Annual Growth Rate
CFCs Common Facility Centers
COVID/Covid Coronavirus Disease
CPI Consumer Price Index
Cr Crore
CSD and KPKB Military and Police Canteens
CSS Centrally Sponsored Scheme
CY Calendar Year
ERP Enterprise Resource Planning
EBOs Exclusive brand outlets
EOU Export Oriented Unit
EPCG Export Promotion Capital Good
EPR Extended Producer Responsibility
ESG Environmental, Social, and Governance
FMCG Fast Moving Consumer Goods
FSC Forest Stewardship Council
FY Financial Year
GDP Gross Domestic Product
GDS Gross Domestic Savings
GeM Government e-Marketplace
GHG Greenhouse Gas
GNP Gross National Product
GOI Government of India
GRS Global Recycled Standard
GST Goods and Service Tax
GSV Global Security Verification
GT General Trade
HS Code Harmonised System Code
IMF International Monetary Fund
ISO International Organisation For Standardisation
ITC Input Tax Credit
KL Kilolitre
KWH Kilowatt Hour
MBOs Multi-brand outlets
MIDH Mission for Integrated Development of Horticulture
Mn Million
MSME Micro, Small, and Medium Enterprises
MT Modern Trade
MT Million Tonnes
MWH Megawatt Hour
NBM National Bamboo Mission
OEM Original Equipment Manufacturer
PCI Per Capita Income
PFCE Private Final Consumption Expenditure
PLI Production Linked Incentive
PMEGP Prime Minister’s Employment Generation Programme
PMI Purchasing Manager's Index
PPP Purchasing Power Parity
Q-o-Q Quarter on Quarter
R&D Research and development
RBA Responsible Business Alliance
RBI Reserve Bank of India
RoDTEP Remission of Duties or Taxes on Export Products
SKU Stock-keeping unit
SFURTI Scheme of Fund for Regeneration of Traditional Industries
SGST State Goods and Service Tax
SQ. FT. Square Feet
Tn Trillion
URSA Understanding Responsible Sourcing Audit
VAT Value Added Tax
15Key Operational and Financial Metrics used in this Prospectus
Term Description
EBITDA EBITDA is calculated as aggregate of profit before tax, depreciation and amortisation expense
and finance costs less other income
EBITDA Margin EBITDA expressed as a percentage of revenue from operations
Gross Profit Gross Profit is calculated as revenue from operations minus Material Cost. Material Cost is
calculated as cost of materials consumed plus changes in inventory of finished goods, stock-in-
trade and work-in-progress
Gross Margin Gross Margin is calculated as Gross Profit expressed as a percentage of revenue from operations
Gross Fixed Assets Gross Fixed Assets Turnover Ratio is calculated as revenue from operations divided by the sum
Turnover Ratio of gross block of property, plant and equipment as at the end of the year
Inventory Days Number of days in the Financial Year divided by the Inventory Turnover Ratio
Inventory Turnover
Revenue from operations divided by inventory at the end of the year
Ratio
Net Debt to Equity Total Borrowings less cash and cash equivalent and bank balances other than cash and cash
Ratio equivalents divided by total equity
PAT Margin Profit for the year expressed as a percentage of total income
Net Working Capital Total current assets less (i) cash and cash equivalents, (ii) bank balances other than cash and cash
equivalents, and (iii) total current liabilities, excluding current borrowings
Net Working Capital Net Working Capital Days is calculated by dividing the number of days in the Financial Year by
Days the working capital ratio, which is calculated as revenue from operations divided by Net Working
Capital.
PAT Margin PAT Margin is calculated as profit for the year expressed as a percentage of total income
“ROCE” or “Return on Earnings before interest and tax divided by Capital Employed. Earnings before interest and tax
Capital Employed” is calculated as the aggregate of profit before tax, finance costs, less other income. Capital
Employed is calculated as the aggregate of total equity, Total Borrowings less cash and cash
equivalents and bank balances other than cash and cash equivalents as at the end of the Fiscal.
“ROE” or “Return on
Profit for the year divided by total equity at the end of the year
Equity”
Total Borrowings Sum of current borrowings and non-current borrowings
Trade Payables Days Trade Payables Days is calculated by dividing trade payables as at the end of the year by
purchases and multiplying it by the number of days in the Financial Year.
Trade Receivables Trade Receivables Days is calculated by dividing trade receivables as at the end of the year by
Days revenue from operations and multiplying it by the number of days in the Financial Year
Conventional and General Terms or Abbreviations
Term Description
₹/Rs./Rupees/INR Indian Rupees
AGM Annual general meeting
AIFs Alternative Investments Funds
AS or Accounting Accounting standards issued by the ICAI
Standards
BSE BSE Limited
CAGR Compound Annual Growth Rate
Category I AIF AIFs who are registered as “Category I Alternative Investment Funds” under the SEBI AIF
Regulations
Category I FPIs FPIs who are registered as “Category I Foreign Portfolio Investors” under the SEBI FPI
Regulations
Category II AIF AIFs who are registered as “Category II Alternative Investment Funds” under the SEBI AIF
Regulations
Category II FPIs FPIs who are registered as “Category II Foreign Portfolio Investors” under the SEBI FPI
Regulations
Category III AIF AIFs who are registered as “Category III Alternative Investment Funds” under the SEBI AIF
Regulations
CDSL Central Depository Services (India) Limited
CIN Corporate Identity Number
Civil Code or CPC The Code of Civil Procedure, 1908
Companies Act/ Companies Act, 2013, along with the relevant rules made thereunder
Companies Act, 2013
Companies Act, 1956 Companies Act, 1956, along with the relevant rules made thereunder
16Term Description
COVID-19 Coronavirus disease 2019, a respiratory illness caused by the Novel Coronavirus and a public
health emergency of international concern as declared by the World Health Organization on
January 30, 2020 and a pandemic on March 11, 2020
Depositories NSDL and CDSL
Depositories Act Depositories Act, 1996
DIN Director Identification Number
DPIIT Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry,
Government of India (earlier known as the Department of Industrial Policy and Promotion)
DP ID Depository Participant Identification
DP/ Depository Depository participant as defined under the Depositories Act
Participant
EGM Extraordinary General Meeting
EPS Earnings Per Share
FCNR Foreign Currency Non-Resident
FDI Foreign direct investment
FDI Policy Consolidated Foreign Direct Investment Policy notified by the DPIIT through notification dated
October 15, 2020 effective from October 15, 2020
FEMA Foreign Exchange Management Act, 1999, read with rules and regulations thereunder
FEMA Rules Foreign Exchange Management (Non-debt Instruments) Rules, 2019
Financial Year/ Fiscal/ Unless stated otherwise, the period of 12 months ending March 31 of that particular year
FY
FPI(s) Foreign portfolio investors as defined under the SEBI FPI Regulations
FVCI(s) Foreign venture capital investors (as defined under the SEBI (Foreign Venture Capital Investor)
Regulations, 2009
GDP Gross domestic product
Gazette Gazette of India
GoI / Government / Government of India
Central Government
GST Goods and Services Tax
HUF Hindu Undivided Family
ICAI The Institute of Chartered Accountants of India
IFRS International Financial Reporting Standards, as issued by the International Accounting Standards
Board
Ind AS/ Indian Indian Accounting Standards notified under Section 133 of the Companies Act, 2013 read with
Accounting Standards the Companies (Indian Accounting Standards) Rules, 2015, as amended
India Republic of India
IPO Initial public offering
IST Indian Standard Time
IT Information Technology
IT Act The Income Tax Act, 1961
KPIs Key performance indicators
MCA Ministry of Corporate Affairs
Mutual Fund (s) Mutual Fund(s) means mutual funds registered under the SEBI (Mutual Funds) Regulations, 1996
NA Not applicable
National Investment National Investment Fund set up by resolution F. No. 2/3/2005-DD-II dated November 23, 2005
Fund of the GoI, published in the Gazette of India
NBFC-SI Systemically important non-banking financial company
NACH National Automated Clearing House
NEFT National Electronic Funds Transfer
NPCI National Payments Corporation of India
NRI Individual resident outside India, who is a citizen of India
NSDL National Securities Depository Limited
NSE National Stock Exchange of India Limited
OCB/Overseas A company, partnership, society or other corporate body owned directly or indirectly to the extent
Corporate Body of at least 60% by NRIs including overseas trusts, in which not less than 60% of beneficial interest
is irrevocably held by NRIs directly or indirectly and which was in existence on October 3, 2003
and immediately before such date had taken benefits under the general permission granted to
OCBs under FEMA
p.a. Per annum
P/E Price/earnings
P/E Ratio Price/earnings ratio
PAN Permanent account number
RBI The Reserve Bank of India
17Term Description
Regulation S Regulation S under the U.S. Securities Act
RTGS Real Time Gross Settlement
SBO Rules Companies (Significant Beneficial Owners) Rules, 2018
SCRA Securities Contracts (Regulation) Act, 1956
SCRR Securities Contracts (Regulation) Rules, 1957
SEBI Securities and Exchange Board of India constituted under the SEBI Act
SEBI Act Securities and Exchange Board of India Act, 1992
SEBI AIF Regulations Securities and Exchange Board of India (Alternative Investments Funds) Regulations, 2012
SEBI FPI Regulations Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
SEBI ICDR Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations Regulations, 2018
SEBI ICDR Master SEBI master circular no. SEBI/HO/CFD/PoD-1/P/CIR/2024/0154 dated November 11, 2024
Circular
SEBI Listing Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations Regulations, 2015
SEBI Merchant Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992
Bankers Regulations
SEBI VCF Regulations Securities and Exchange Board of India (Venture Capital Fund) Regulations, 1996 as repealed
pursuant to the SEBI AIF Regulations
SEBI RTA Master SEBI master circular no. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/91 dated June 23, 2025
Circular
State Government The government of a state in India
Stock Exchanges BSE and NSE
STT Securities transaction tax
Takeover Regulations Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011
Trade Marks Act The Trade Marks Act, 1999, as amended
U.S./USA/United United States of America, its territories and possessions, any State of the United States, and the
States District of Columbia
USD/US$ United States Dollars
U.S. Securities Act United States Securities Act of 1933
VCFs Venture Capital Funds as defined in and registered with SEBI under the SEBI VCF Regulations
18CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA
AND CURRENCY OF PRESENTATION
Certain Conventions
All references to “India” contained in this Prospectus are to the Republic of India, together with its territories and
possessions. All references herein to the “Government”, “Indian Government”, “GOI”, “Central Government” or
the “State Government” are to the Government of India, central or state, as applicable. All references in this
Prospectus to the “U.S.”, “USA” or “United States” are to the United States of America, together with its territories
and possessions.
Unless stated otherwise, to time in this Prospectus are to Indian Standard Time. Unless indicated otherwise, all
references to a year in this Prospectus are to a calendar year.
Unless stated otherwise, all references to page numbers in this Prospectus are to the page numbers of this
Prospectus.
Financial and other Data
Unless stated otherwise or the context otherwise requires, the financial information and financial ratios in
Prospectus have been derived from our Restated Consolidated and Standalone Financial Information. The
Restated Consolidated and Standalone Financial Information has been prepared to comply in all material respects
with the Indian Accounting Standards as prescribed under Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 (as amended from time to time), presentation requirements of division II of
Schedule III to the Companies Act, 2013, as applicable to the financial statements and other relevant provisions
of the Companies Act, 2013. For further information, see “Financial Statements” beginning on page 349.
Prior to November 13, 2024, our Company did not have any subsidiaries. Unless stated otherwise, all financial
and statistical information as at and for the year ended March 31, 2025 and post March 31, 2025 is given on a
consolidated basis and all financial and statistical information as at and for the years ended March 31, 2024 and
2023 is given on a standalone basis.
There are significant differences between Ind AS, U.S. GAAP and IFRS. Our Company does not provide
reconciliation of its financial information to IFRS or U.S. GAAP. Our Company has not attempted to explain
those differences or quantify their impact on the financial data included in this Prospectus and it is urged that you
consult your own advisors regarding such differences and their impact on our financial data. Accordingly, the
degree to which the financial information included in this Prospectus will provide meaningful information is
entirely dependent on the reader’s level of familiarity with Indian accounting policies and practices, the
Companies Act, Ind AS, and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian
accounting policies and practices on the financial disclosures presented in this Prospectus should, accordingly, be
limited.
Our Company’s financial year commences on April 1 of the immediately preceding calendar year and ends on
March 31 of that particular calendar year, so all references to a particular financial year or fiscal are to the 12-
month period commencing on April 1 of the immediately preceding calendar year and ending on March 31 of that
particular calendar year. Unless the context requires otherwise, all references to a year in this Prospectus are to a
calendar year and references to a Fiscal/Fiscal Year/ Financial Year are to the year ended on March 31, of that
calendar year. Unless otherwise specified, any time mentioned in this Prospectus is in Indian Standard Time
(“IST”).
Unless the context otherwise indicates, any percentage amounts (other than the KPIs and other operational
metrics), as set forth in “Risk Factors”, “Our Business” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” on pages 37, 258 and 410, respectively, and elsewhere in this Prospectus
have been calculated on the basis of the Restated Consolidated and Standalone Financial Information of our
Company.
Certain figures contained in this Prospectus, including financial information, have been subject to rounding
adjustments. All decimals have been rounded off to two decimal points. In certain instances, (i) the sum or
percentage change of such numbers may not conform exactly to the total figure given; and (ii) the sum of the
numbers in a column or row in certain tables may not conform exactly to the total figure given for that column or
19row. Further, any figures sourced from the Technopak Report may be rounded off to such number of decimal
places as provided in the Technopak Report.
Non-GAAP Financial Measures
In evaluating our business, we consider and use certain non-GAAP financial measures and statical information,
such as Gross Profit, Gross Margin, EBITDA, EBITDA Margin, PAT Margin, Return on Capital Employed
(ROCE), Return on Equity (ROE), Gross Fixed Asset Turnover Ratio, Net Working Capital Days, Trade
Receivable Days, Trade Payables Days, Inventory Turnover Ratio and Net Debt-to-Equity Ratio, which are not
required by, or presented in accordance with, Ind AS or any other generally accepted accounting principles. These
non-GAAP financial measures and statical information are not a measurement of our financial performance or
liquidity under Ind AS or any other generally accepted accounting principles and should not be considered in
isolation or construed as an alternative to cash flows, profit/ (loss) for the year or any other measure of financial
performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by
operating, investing or financing activities derived in accordance with Ind AS or any other generally accepted
accounting principles. We compute and disclose such non-GAAP financial measures and statical information as
we consider such information to be useful measures of our business and financial performance, and because such
measures are frequently used by securities analysts, investors and others to evaluate the operational performance
of companies such as us. These non-GAAP financial measures and other statistical information may not be
computed on the basis of any standard methodology that is applicable across the industry and, therefore, may not
be comparable to financial measures and statistical information of similar nomenclature that may be computed
and presented by other companies.
Certain of our non-GAAP financial measures and statical information (referred to as KPIs) are disclosed in “Basis
for Offer Price – Key Performance Indicators (“KPIs”)” on page 164.
For the risks relating to our non-GAAP financial measures and statical information, see “Risk Factors – We have
included certain non-GAAP financial measures and certain statistical information related to our business,
financial condition, results of operations and cash flows in this Prospectus. These non-GAAP financial measures
and statistical information could vary from any standard methodology that is applicable across the manufacturing
industry, and therefore may not be comparable with non-GAAP financial measures or statistical information of
similar nomenclature computed and presented by other companies” on page 87.
Industry and Market Data
Unless stated otherwise, industry and market data used in this Prospectus has been obtained or derived from the
report titled “Global and Indian Consumerware Market” dated July 17, 2025 (“Technopak Report”), which is
exclusively prepared for the purpose of the Offer and issued by Technopak Advisors Private Limited
(“Technopak”) and is commissioned and paid for by our Company. Technopak was appointed by our Company
pursuant to engagement letter dated May 20, 2024 as amended pursuant to a letter of authorization dated June 11,
2025. The Technopak Report is available on the website of our Company at
https://www.alltimeplastics.com/files/IndustryReport.pdf until the Bid / Offer Closing Date. Industry sources and
publications are also prepared based on information as of specific dates and may no longer be current or reflect
current trends.
Technopak is an independent agency which has no relationship with our Company, our Subsidiaries, our
Promoters, any of our Directors or Key Managerial Personnel or Senior Management Personnel or the BRLMs.
For details of risks in relation to the Technopak Report, see “Risk Factors – Statistical and industry data in this
Prospectus are derived from the Technopak Report, which was commissioned and paid for by us for the purpose
of the Offer. Reliance on information from the Technopak Report for making an investment decision in the Offer
is subject to inherent risks” on page 90.
Although the industry and market data used in this Prospectus is reliable, industry sources and publications may
base their information on estimates and assumptions that may prove to be incorrect. The data used in these sources
may have been reclassified by us for the purposes of presentation. Data from these sources may also not be
comparable.
The extent to which the market and industry data presented in this Prospectus is meaningful depends upon the
reader’s familiarity with and understanding of the methodologies used in compiling such data. There are no
20standard data gathering methodologies in the industry in which the business of our Company is conducted, and
methodologies and assumptions may vary widely among different market and industry sources.
Such data involves risks, uncertainties and numerous assumptions and is subject to change based on various
factors, including those discussed in “Risk Factors” on page 37. Accordingly, investment decisions should not be
based solely on such information.
In accordance with the SEBI ICDR Regulations, the section “Basis for Offer Price” on page 161 includes
information relating to our peer group companies. Such information has been derived from publicly available
sources.
Currency and Units of Presentation
All references to:
• “Rupees” or “₹” or “Rs.” or “INR” are to the Indian Rupees, the official currency of the Republic of India;
• “US$”, “U.S. Dollar”, “USD” or “U.S. Dollars” are to the United States Dollars, the official currency of the
United States of America;
• “JPY” or “¥” are to the Japanese Yen, the official currency of Japan;
• “€” or “EUR” are to the Euro, the official currency of the European Union;
• “GBP” or “£” or “Pound” are to the Pound sterling, the official currency of the United Kingdom;
• “SGD” are to the Singapore Dollar, the official currency of Singapore; and
• “CNY” or “Yuan” are to the Chinese Yuan, the official currency of the People's Republic of China.
In this Prospectus, our Company has presented certain numerical information. Except otherwise stated, all figures
have been expressed in millions. One million represents ‘0.1 crore’, ‘10 lakhs’ or 1,000,000. However, where any
figures that may have been sourced from third-party industry sources are expressed in denominations other than
millions, such figures appear in this Prospectus expressed in such denominations as provided in their respective
sources.
Exchange Rates
This Prospectus may contain conversions of certain other currency amounts into Indian Rupees that have been
presented solely to comply with the requirements of the SEBI ICDR Regulations. These conversions should not
be construed as a representation that such currency amounts could have been, or can be converted into Indian
Rupees, at any particular rate, or at all.
The exchange rates of certain currencies used in this Prospectus into Indian Rupees for the periods indicated are
provided below:
Currency# As on March 31, 2025 (₹) As on March 31, 2024 (₹) As on March 31, 2023 (₹)
1 USD 85.58 83.37 82.22
1 EUR 92.32 90.21 89.61
1 CNY 11.77 11.53 11.94
100 JPY 56.75 55.09 61.8
1 GBP 110.74 105.29 101.87
1 SGD 63.69 61.67 61.83
#Source: USD, EUR, JPY and GBP values from www.fbil.org.in; and CNY and SGD values from www.oanda.com.
Note: The exchange rates are rounded off to two decimal places and in event of a public holiday on the respective day, the previous Working
Day not being a public holiday has been considered
21FORWARD-LOOKING STATEMENTS
This Prospectus contains certain “forward-looking statements”. These forward-looking statements include
statements which can generally be identified by words or phrases such as “aim”, “anticipate”, “believe”, “expect”,
“estimate”, “intend”, “likely to”, “objective”, “plan”, “propose”, “project”, “will”, “will continue”, “seek to”,
“will pursue”, or other words or phrases of similar import. Similarly, statements that describe our Company’s
strategies, objectives, plans or goals are also forward-looking statements. However, these are not the exclusive
means of identifying forward-looking statements.
These forward-looking statements, whether made by us or a third-party, are based on our current plans, estimates,
presumptions and expectations and actual results may differ materially from those suggested by such forward-
looking statements. All forward-looking statements are subject to risks, uncertainties and assumptions about us
that could cause actual results to differ materially from those contemplated by the relevant forward-looking
statement.
This may be due to risks or uncertainties or assumptions associated with the expectations with respect to, but not
limited to, regulatory changes pertaining to the industry in which our Company operates and our ability to respond
to them, our ability to successfully implement our strategy, our growth and expansion, technological changes, our
exposure to market risks, general economic and political conditions in India which have an impact on our business
activities or investments, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence
in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial
markets in India and globally, changes in domestic laws, regulations and taxes, changes in competition in the
industry and incidence of any natural calamities and/or acts of violence. Important factors that could cause actual
results to differ materially from our Company’s expectations include, but are not limited to, the following:
1. Our business largely depends upon our top four customers and in particular our top customer. For Fiscals
2025, 2024 and 2023, our revenue from our top customer represented 59.29% (consolidated), 60.36% and
58.54% of our revenue from operations, respectively, and our revenue from our top four customers
represented 78.42% (consolidated), 83.30% and 82.65% of revenue from operations, respectively. The loss
of any of our top four customers, and in particular our top customer, or the loss of revenue from sales to these
top customers could have a material adverse effect on our business, financial condition, results of operations
and cash flows;
2. We do not have long-term agreements for the sale of our products with a majority of our customers. If our
customers choose not to source their requirements from us, it could have a material adverse effect on our
business, financial condition, results of operations and cash flows;
3. In order to get better pricing by buying in larger volumes, we generally buy the primary raw materials and
packing materials we need from few suppliers. For Fiscals 2025, 2024 and 2023, our cost of raw materials
and packing materials purchased from our top supplier represented 21.26% (consolidated), 22.86% and
23.65% of our cost of raw materials and packing materials purchased, respectively, and our cost of raw
materials and packing materials purchased from our top 10 suppliers represented 73.24% (consolidated),
75.24% and 75.62% of our cost of raw materials and packing materials purchased, respectively. If any of our
top 10 suppliers ceased selling us the raw materials and packing materials we require in the quantities we
need and we were unable to find a supplier to replace it, it could have a material adverse effect on our business,
financial condition, results of operations and cash flows;
4. Rapid increases in raw material prices, especially plastic granules prices, could have an adverse effect on our
business, results of operations, financial condition and cash flows ;
5. Pricing pressure from our customers could adversely affect our gross margin and ability to increase our prices,
which could in turn have a material adverse effect on our results of operations and financial condition;
6. We currently manufacture plastic consumerware products. A shift in consumer preferences away from plastic
products, changes in consumer preferences for plastic consumerware products, regulations, and competitive
technologies could lead to a reduction in plastic consumerware purchases or could render some of our
products obsolete or less attractive, which could have a material adverse effect on our business, financial
condition, results of operations and cash flows. In an effort to remain competitive, we spend money on
research and development. For Fiscals 2025, 2024 and 2023, our total R&D expenses represented 0.27%
(consolidated), 0.27% and 0.26% of our revenue from operations, respectively. Any failure to adapt to
22industry trends and evolving technologies to meet our customers’ demands could have a material adverse
effect on our business, financial condition, results of operations and cash flows;
7. We are currently dependent on the continued efforts and contributions of our Promoters for the success of
our business and if they cease to be involved in or decrease their involvement in our business prior to us
having a succession plan in place, it could have a material adverse effect our business, financial condition,
results of operations and cash flows;
8. We engage in a competitive business and if we fail to compete effectively, it would have a material adverse
effect on our business, financial condition, results of operations and cash flows ;
9. The Offer consists of a Fresh Issue of Equity Shares aggregating to ₹2,800.00 million* and an Offer for Sale
of 4,385,562 equity shares* of face value ₹2 each by the Selling Shareholders aggregating to ₹1,206.03
million*. Our Company will not receive any proceeds from the Offer for Sale; and
* Subject to finalisation of the Basis of Allotment
10. We are required to obtain and maintain a number of statutory and regulatory approvals for undertaking our
business. A majority of our approvals, licenses, registrations and permits, including the consent to operate
and consent to manufacture under environmental laws, are granted for a limited duration and require renewal
from time to time. While we plan to apply for renewal of these approvals as and when they are due to expire,
we cannot assure you that such renewals will be issued or granted to us in a timely manner, or at all. If we
fail to obtain, keep and renew such licenses, registrations, permits and approvals it could have a material
adverse effect on our business, financial condition, results of operation and cash flows.
For a further discussion of factors that could cause our actual results to differ from our expectations, see “Risk
Factors”, “Our Business” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” on pages 37, 258 and 410, respectively. By their nature, certain market risk disclosures are only
estimates and could be materially different from what actually occurs in the future. As a result, actual future gains
or losses could materially differ from those that have been estimated and are not a guarantee of future performance.
Although the assumptions on which such forward-looking statements are based are reasonable, we cannot assure
investors that the expectations reflected in these forward-looking statements will prove to be correct. Given these
uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and not to
regard such statements as a guarantee of future performance.
Forward-looking statements reflect the current views of our Company as on the date of this Prospectus and are
not a guarantee of future performance. These statements are based on the management’s belief and assumptions,
which in turn are based on currently available information. Although the assumptions upon which these forward-
looking statements are based are reasonable, any of these assumptions as well as statements based on them could
prove to be inaccurate. Neither our Company, the Selling Shareholders, our Promoters, our Directors, the BRLMs,
nor any of their respective affiliates have any obligation to update or otherwise revise any statements reflecting
circumstances arising after the date hereof or to reflect the occurrence of underlying events, even if the underlying
assumptions do not come to fruition.
In accordance with regulatory requirements, our Company will ensure that investors in India are informed of
material developments from the date of filing of this Prospectus with the RoC until receipt of final listing and
trading approvals by the Stock Exchanges for this Offer. The Selling Shareholders shall ensure that they will keep
our Company and the BRLMs informed of all developments pertaining to Offered Shares and themselves, that may
be material from the context of the Offer.
23SUMMARY OF THE OFFER DOCUMENT
This section is a general summary of certain disclosures included in this Prospectus and is not exhaustive, nor
does it purport to contain a summary of all the disclosures in this Prospectus, or all details relevant to prospective
investors. This summary should be read in conjunction with, and is qualified in its entirety by, the more detailed
information appearing elsewhere in this Prospectus, including the sections titled “Risk Factors”, “The Offer”,
“Capital Structure”, “Objects of the Offer”, “Industry Overview”, “Our Business”, “Outstanding Litigation and
Material Developments”, “Offer Procedure”, and “Description of Equity Shares and Terms of Articles of
Association”beginning on pages 37, 96, 111, 128, 181, 258, 451, 489 and 514, respectively of this Prospectus.
Summary of primary business of our Company
Our Company has 14 years’ experience of manufacturing plastic consumerware products for everyday household
needs. Our products include eight categories: Prep Time (kitchen tools for preparing cooking ingredients);
Containers (food storage containers); Organization (miscellaneous storage containers); Hangers (various types of
hangers); Meal Time (kitchenware); Cleaning Time (cleaning equipment); Bath Time (bathroom products); and
Junior (child-friendly tableware, cutlery and other items). We primarily produce consumerware for customers to
market under their own brand names (i.e., on a business-to-business basis), which is known as white label
manufacturing. We also sell our products under our proprietary “alltime” brand (i.e., on a business-to-consumer
basis). We primarily export our products to retailers in the European Union, the United Kingdom and the United
States, and also sell our products in India to modern trade retailers, super distributors (who sell to distributors)
and distributors (who sell to general trade stores).
Below is a chart showing our Company and its two Subsidiaries:
All Time Plastics Limited
All Time Plastics Pte. Limited All Time Bamboo Private Limited
(Wholly-owned subsidiary) (Wholly-owned subsidiary)
Summary of industry in which our Company operates
The Indian consumerware market is estimated to be INR 273.6 billion in the year ended March 31, 2024 and the
market is expected to reach INR 299.9 billion in the year ended March 31, 2025 (source: Technopak Report).
Projections indicate continued growth with a compound annual growth rate of 10.7% in the subsequent four years,
reaching a market size 498.7 billion by the year ended March 31, 2030 (source: Technopak Report). The market
is broadly divided into three categories - Consumer Houseware, Consumer Glassware, and Small Kitchen
Appliances, with the plastic consumerware industry estimated to grow at a compound annual growth rate of 11.6%
between the years ended March 31, 2025 and 2030, growing from INR 103.6 billion to an estimated market size
of INR 179.2 billion by the year ended March 31, 2030 (source: Technopak Report). For the year ended March
31, 2025, branded play accounted for approximately 54% (approximately INR 162.3 billion) of the Indian
consumerware market and is projected to increase to approximately 60% (approximately INR 299.9 billion) by
the year ended March 31, 2030, growing at a compound annual growth rate of 13.0% (source: Technopak Report).
Name of Promoters
Our Promoters are Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah who
hold 30.26%, 30.27% and 30.26%, respectively of the paid-up equity share capital of our Company, as on date of
this Prospectus.
For details, see “Capital Structure – Build-up of Promoters’ shareholding, Minimum Promoter’s Contribution
and lock-in” and “Our Promoters and Promoter Group” on pages 115 and 343, respectively.
Offer size
Offer of 14,570,760* equity shares of face value of ₹2 each (1) 14,570,760* equity shares of face value of ₹2 each,
aggregating to ₹4,006.03 million*
24of which:
Fresh Issue (1)(3) 10,185,198* equity shares of face value of ₹2 each,
aggregating to ₹ 2,800.00 million*
Offer for Sale(2) 4,385,562* equity shares of face value of ₹2 each,
aggregating to ₹1,206.03 million*
Employee Reservation Portion(4) 35,750* equity shares of face value of ₹2 each, aggregating
to ₹8.90 million*
Net Offer 14,535,010* equity shares of face value of ₹2 each,
aggregating to ₹3,997.13 million*#
*Subject to finalisation of the Basis of Allotment
#A discount of 9.45% on the Offer Price (equivalent of ₹26 per Equity Share) was offered to Eligible Employees bidding in the Employee
Reservation Portion
Notes:
1 The Offer has been authorised by resolution passed by our Board of Directors in their meeting held on August 16, 2024. Our
Shareholders authorised the Fresh Issue through special resolution passed in their AGM held on September 4, 2024.
2 Each of the Selling Shareholders have severally and not jointly consented to participate in the Offer for Sale. Each of the Selling
Shareholders have specifically confirmed that their respective portion of the Offered Shares, have been held by each one of them for a
period of at least one year prior to the filing of the Draft Red Herring Prospectus with SEBI and are accordingly eligible for being
offered for sale in the Offer as required by the SEBI ICDR Regulations. Our Board of Directors have taken on record the consents for
participation in the Offer for Sale by the Selling Shareholders pursuant to its resolutions dated August 16, 2024 and June 30, 2025.
For further details, see “The Offer” and “Other Regulatory and Statutory Disclosures” on pages 96 and 464, respectively.
3 A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of ₹248.00 per Equity
Shares (including a premium of ₹246.00 per Equity Share), for an amount aggregating to ₹700.00 million. Accordingly, the size of the
Fresh Issue has been reduced by ₹700.00 million and the revised Fresh Issue size aggregates to ₹ 2,800.00 million*. The Pre-IPO
Placement did not exceed 20% of the Fresh Issue. Our Company had appropriately intimated the subscribers to the Pre-IPO Placement,
prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company will proceed with the Offer or the
Offer will be successful and will result in the listing of the Equity Shares on the Stock Exchanges. Further, relevant disclosures in
relation to such intimation to the subscribers to the Pre-IPO Placement have been appropriately made in the relevant sections of the
Red Herring Prospectus and in relevant sections of this Prospectus.
4 The Employee Reservation Portion did not exceed 5% of our post-Offer paid-up Equity Share capital. In the event of under-subscription
in the Employee Reservation Portion (if any), the unsubscribed portion would have been available for allocation and Allotment,
proportionately to all Eligible Employees who had Bid in excess of ₹0.20 million (net of Employee Discount), subject to the maximum
value of Allotment made to such Eligible Employee not exceeding ₹0.50 million (net of Employee Discount). The unsubscribed portion,
if any, in the Employee Reservation Portion (after allocation of up to ₹0.50 million), would have be added to the Net Offer. For further
details, see “Offer Structure” on page 484.
The Offer and the Net Offer shall constitute 22.24% and 22.19% of the post-Offer paid up Equity Share capital
of our Company. For further details, please see “The Offer” and “Offer Structure” on pages 96 and 484,
respectively.
Objects of the Offer
The Net Proceeds are proposed to be utilised towards the following objects:
(in ₹ million)
Estimated amount from Net
Particulars
Proceeds (1)(2)
Prepayment or repayment of all or a portion of certain outstanding borrowings 1,430.00
availed by our Company
Purchase of equipment and machinery for the Manekpur Facility and installation 1,137.14
of automated storage and retrieval system (ASRS) for warehouse in Manekpur
Facility
General corporate purposes (2)(3)(4) 3.95
Total (2) 2,571.09*
* Subject to finalisation of the Basis of Allotment
(1) A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of ₹248.00 per Equity Share
(including a premium of ₹246.00 per Equity Share), aggregating to an amount of ₹700.00 million. Accordingly, the size of the Fresh
Issue has been reduced by ₹700.00 million and the revised Fresh Issue size aggregates to ₹2,800.00 million. The Pre-IPO Placement
did not exceed 20% of the Fresh Issue. Prior to the completion of the allotment of Equity Shares pursuant to the Pre-IPO Placement,
our Company appropriately intimated the subscribers to the Pre-IPO Placement, that there is no guarantee that our Company will
proceed with the Offer or the Offer will be successful and will result in the listing of the Equity Shares on the Stock Exchanges. Further,
relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement have been appropriately made in the
relevant sections of the Red Herring Prospectus and in relevant sections of this Prospectus.
(2) The aggregate proceeds of the Pre-IPO Placement and the Fresh Issue is ₹3,500.00 million and the Offer expenses apportioned to our
Company (including the expenses for the Pre-IPO Placement) is ₹255.93 million and accordingly, the aggregate of the Net Proceeds
25and the proceeds of the Pre-IPO Placement is ₹3,244.07 million. For details with respect to sharing of fees and expenses in relation to
the Offer amongst our Company and the Selling Shareholders, please refer to “Objects of the Offer - Offer Expenses” on page 157.
(3) The amount to be utilised for general corporate purposes shall not exceed 25% of the gross proceeds from the Fresh Issue.
(4) The proceeds from the Pre-IPO Placement (excluding the expenses for the Pre-IPO Placement) aggregating to ₹672.98 million shall
be utilised towards general corporate purposes.
For further details see “Objects of the Offer” on page 128.
Aggregate pre-Offer shareholding of Promoters, Promoter Group and Selling Shareholders as a percentage
of the paid-up equity share capital of our Company
Pre-Offer
Sr.
Name of Shareholder Percentage of paid-up Equity
No. Number of Equity Shares
Share capital (%)
(A) Promoters
1. Kailesh Punamchand Sha h* 16,740,174 30.26
2. Bhupesh Punamchand Sh ah* 16,745,174 30.27
3. Nilesh Punamchand Shah * 16,740,174 30.26
Total (A) 50,225,522 90.79
(B) Promoter Group
1. Dhvanit Kailesh Shah 5,000 0.01
2. Akshay Nilesh Shah 5,000 0.01
3. Rupal Kailesh Shah 5,250 0.01
4. Kajal Bhupesh Shah 5,250 0.01
5. Sangeeta Nilesh Shah 5,250 0.01
6. Viraj Raman Mehta 20,200 0.04
7. Divyesh Hasmukh Mehta 14,000(1) 0.03
8. Chhaya Kiran Sheth 41,000(2) 0.07
9. Jayshree Sudhir Gandhi 8,000 0.01
Total (B) 108,950 0.20
Total (A+B) 50,334,472 90.98
* Also participating as Promoter Selling Shareholder in the Offer.
Notes:
(1) Equity Shares are jointly held by Divyesh Hasmukh Mehta and Falguni Divyesh Mehta.
(2) Equity Shares are jointly held by Chhaya Kiran Sheth and Kiran Manharlal Sheth.
For further details, see “Capital Structure” on page 111.
Pre and post-Offer shareholding of Promoters, Promoter Group and additional top 10 Shareholders
Pre-Offer shareholding as at
the date of the price band Post-Offer shareholding**
advertisement
At the lower end of the At the upper end of the
Sr. Name of
Percentage of price band (₹260) price band (₹275)
No. shareholder Number of
paid-up Number Percentage of Percentage of
Equity Number
Equity Share of paid-up paid-up
Shares of Equity
capital (%) Equity Equity Share Equity Share
Shares
Shares capital (%) capital (%)
(A) Promoters
1. Kailesh 16,740,174 30.26 15,278,3 23.12 15,278,32 23.32
Punamchand Shah* 20 0
2. Bhupesh 16,745,174 30.27 15,283,3 23.12 15,283,32 23.33
Punamchand Shah* 20 0
3. Nilesh 16,740,174 30.26 15,278,3 23.12 15,278,32 23.32
Punamchand Shah* 20 0
Total (A) 50,225,522 90.79 45,839,9 69.36 45,839,96 69.98
60 0
(B) Promoter Group
1. Dhvanit Kailesh 5,000 0.01 5,000 0.01 5,000
0.01
Shah
2. Akshay Nilesh 5,000 0.01 5,000 0.01 5,000
0.01
Shah
26Pre-Offer shareholding as at
the date of the price band Post-Offer shareholding**
advertisement
At the lower end of the At the upper end of the
Sr. Name of
Percentage of price band (₹260) price band (₹275)
No. shareholder Number of
paid-up Number Percentage of Percentage of
Equity Number
Equity Share of paid-up paid-up
Shares of Equity
capital (%) Equity Equity Share Equity Share
Shares
Shares capital (%) capital (%)
3. Rupal Kailesh Shah 5,250 0.01 5,250 0.01 5,250 0.01
4. Kajal Bhupesh 5,250 0.01 5,250 0.01 5,250
0.01
Shah
5. Sangeeta Nilesh 5,250 0.01 5,250 0.01 5,250
0.01
Shah
6. Viraj Raman Mehta 20,200 0.04 20,200 0.03 20,200 0.03
7. Divyesh Hasmukh 14,000(1) 0.03 14,000 0.02 14,000
0.02
Mehta
8. Chhaya Kiran 41,000(2) 0.07 41,000 0.06 41,000
0.06
Sheth
9. Jayshree Sudhir 8,000 0.01 8,000 0.01 8,000
0.01
Gandhi
Total (B) 108,950 0.20 108,950 0.16 108,950 0.17
(C) Additional top 10 Shareholders (apart from Promoters and Promoter Group)
1. Abakkus 4,032,258 7.29 4,032,25 6.10 4,032,258 6.16
Four2Eight 8
Opportunities Fund
2. Marwadi 444,000 0.80 444,000 0.67 444,000 0.68
Chandarana
Intermediaries
Brokers Private
Limited
3. Vidhi Kiran Sheth 100,150 0.18 100,150 0.15 100,150 0.15
4. Thinqwise Wealth 50,000 0.09 50,000 0.08 50,000 0.08
Managers LLP
5. Drasti Aagam 50,000(3) 0.09 50,000 0.08 50,000 0.08
Sheth
6. Kahini Amar Patel 41,000 0.07 41,000 0.06 41,000 0.06
7. Sanjay Natverlal 41,000(4) 0.07 41,000 0.06 41,000 0.06
Shah
8. Manish Gattani 29,220 0.05 29,220 0.04 29,220 0.04
9. Kiran Manharlal 25,000(5) 0.05 25,000 0.04 25,000 0.04
Sheth
10. Ronak Manharlal 25,000(6) 0.05 25,000 0.04 25,000 0.04
Sheth
Total (C) 4,837,628 8.74 4,837,62 7.32 4,837,628 7.39
8
Total (A+B+C) 551,72,100 99.73 50,786,5 76.84 50,786,53 77.53
38 8
* Also participating as Promoter Selling Shareholder in the Offer.
** Subject to finalisation of the Basis of Allotment.
Notes:
(1) Equity Shares are jointly held by Divyesh Hasmukh Mehta and Falguni Divyesh Mehta.
(2) Equity Shares are jointly held by Chhaya Kiran Sheth and Kiran Manharlal Sheth.
(3) Equity Shares are jointly held by Drasti Aagam Sheth and Aagam A Sheth.
(4) Equity Shares are jointly held by Sanjay Natverlal Shah and Nandita Sanjay Shah.
(5) Equity Shares are jointly held by Kiran Manharlal Sheth and Chhaya Kiran Sheth.
(6) Equity Shares are jointly held by Ronak Manharlal Sheth and Sonali Ronak Sheth.
Summary of Restated Consolidated and Standalone Financial Information
The following information has been derived from our Restated Consolidated and Standalone Financial
Information for the last three Fiscals:
27(in ₹ million, except per share data)
As at and for the year ended
Particulars March 31, 2025 March 31, 2024 March 31, 2023
(Consolidated) (Standalone)
Equity share capital 105.00 10.50 10.50
Total equity (Equity share capital and other equity) 2,487.79 2,019.21 1,576.46
Revenue from operations 5,581.67 5,128.53 4,434.86
Total income 5,592.35 5,158.77 4,437.64
Profit/(loss) after tax 472.94 447.90 282.70
Earnings per share (i) (ii)
Basic 9.01 8.53 5.38
Diluted 9.01 8.53 5.38
Net asset value per equity share of face value of ₹2 each (ii) (iii) 47.39 38.46 30.03
Total Borrowings (iv) 2,185.11 1,423.46 1,717.40
Debt/equity ratio (v) 0.88 0.70 1.09
Notes:
(i) Basic and diluted earnings/ (loss) per equity share: Basic and diluted earnings/ (loss) per equity share are computed in accordance with
Indian Accounting Standard 33 notified under the Companies (Indian Accounting Standards) Rules of 2015 (as amended).
(ii) Pursuant to a resolution of our Board dated May 15, 2024 and a resolution of our shareholders dated May 21, 2024, (i) each equity share
of our Company of ₹10 each was sub-divided into 5 equity shares of ₹2 each; and (ii) issue bonus equity share of face value ₹2 each in
the ratio of 9:1 (i.e., 9 Equity Shares for every one Equity Share held). The Earnings per Equity Share (basic and diluted) and Net asset
value per share has been calculated after giving effect to such sub-division and bonus issue.
(iii) Net Asset Value per equity share = Net worth at the end of the year divided by the weighted average number of Equity Shares outstanding
at the end of the year. Net worth means aggregate of equity share capital and other equity as at the end of the year as per the Restated
Consolidated and Standalone Financial Information.
(iv) Total Borrowings comprises current borrowings and non-current borrowings.
(v) Debt to Equity Ratio is calculated as Total Borrowings (comprising current borrowings and non-current borrowings) divided by total
equity as at the end of the Fiscal.
For further details see “Financial Statements”, “Other Financial Information” and “Basis for Offer Price” on
pages 349, 409 and 161, respectively.
Qualifications of the Statutory Auditors which have not been given effect to in the Restated Consolidated
and Standalone Financial Information
Our Statutory Auditors have not made any qualifications that have not been given effect to in the Restated
Consolidated and Standalone Financial Information.
Summary of Outstanding Litigation
A summary of outstanding litigation proceedings involving our Company, our Subsidiaries, our Directors our
Promoters, Key Managerial Personnel and Senior Management Personnel as disclosed in the section titled
“Outstanding Litigation and Material Developments” in terms of the SEBI ICDR Regulations have been set out
below:
Disciplinary
actions by the Aggregate
Category of Statutory or Material
Criminal Tax SEBI or Stock amount
individuals / Regulatory Civil
Proceedings Proceedings Exchange involved* (₹
entity Proceedings Litigation
against our in million)
Promoters
Company
By our Company 1 NA NA NA Nil 0.56
Against our 1 4 Nil NA Nil 36.55*
Company
Directors
By our Directors Nil NA NA NA Nil Nil
Against our Nil Nil Nil NA Nil Nil
Directors
Promoters
By our Promoters Nil NA NA NA Nil Nil
28Disciplinary
actions by the Aggregate
Category of Statutory or Material
Criminal Tax SEBI or Stock amount
individuals / Regulatory Civil
Proceedings Proceedings Exchange involved* (₹
entity Proceedings Litigation
against our in million)
Promoters
Against our Nil Nil Nil Nil Nil Nil
Promoters
Subsidiaries
By our Nil NA NA NA Nil Nil
Subsidiaries
Against our Nil Nil Nil NA Nil Nil
Subsidiaries
Key Managerial Personnel
By our KMPs Nil NA NA NA NA Nil
Against our KMPs Nil NA Nil NA NA Nil
Senior Management Personnel
By our SMPs Nil NA NA NA NA Nil
Against our SMPs Nil NA Nil NA NA Nil
* To the extent quantified
For further details of the outstanding litigation proceedings, see “Outstanding Litigation and Material
Developments” beginning on page 451.
Risk Factors
A summary of the top ten risk factors in relation to our Company is set forth below:
1. Our business largely depends upon our top four customers and in particular our top customer. For Fiscals
2025, 2024 and 2023, our revenue from our top customer represented 59.29% (consolidated), 60.36%
and 58.54% of our revenue from operations, respectively, and our revenue from our top four customers
represented 78.42% (consolidated), 83.30% and 82.65% of revenue from operations, respectively. The
loss of any of our top four customers, and in particular our top customer, or the loss of revenue from
sales to these top customers could have a material adverse effect on our business, financial condition,
results of operations and cash flows;
2. We do not have long-term agreements for the sale of our products with a majority of our customers. If
our customers choose not to source their requirements from us, it could have a material adverse effect on
our business, financial condition, results of operations and cash flows;
3. In order to get better pricing by buying in larger volumes, we generally buy the primary raw materials
and packing materials we need from few suppliers. For Fiscals 2025, 2024 and 2023, our cost of raw
materials and packing materials purchased from our top supplier represented 21.26% (consolidated),
22.86% and 23.65% of our cost of raw materials and packing materials purchased, respectively, and our
cost of raw materials and packing materials purchased from our top 10 suppliers represented 73.24%
(consolidated), 75.24% and 75.62% of our cost of raw materials and packing materials purchased,
respectively. If any of our top 10 suppliers ceased selling us the raw materials and packing materials we
require in the quantities we need and we were unable to find a supplier to replace it, it could have a
material adverse effect on our business, financial condition, results of operations and cash flows;
4. Rapid increases in raw material prices, especially plastic granules prices, could have an adverse effect
on our business, results of operations, financial condition and cash flows;
5. Pricing pressure from our customers could adversely affect our gross margin and ability to increase our
prices, which could in turn have a material adverse effect on our results of operations and financial
condition;
6. We currently manufacture plastic consumerware products. A shift in consumer preferences away from
plastic products, changes in consumer preferences for plastic consumerware products, regulations, and
competitive technologies could lead to a reduction in plastic consumerware purchases or could render
some of our products obsolete or less attractive, which could have a material adverse effect on our
business, financial condition, results of operations and cash flows. In an effort to remain competitive, we
29spend money on research and development. For Fiscals 2025, 2024 and 2023, our total R&D expenses
represented 0.27% (consolidated), 0.27% and 0.26% of our revenue from operations, respectively. Any
failure to adapt to industry trends and evolving technologies to meet our customers’ demands could have
a material adverse effect on our business, financial condition, results of operations and cash flows;
7. We are currently dependent on the continued efforts and contributions of our Promoters for the success
of our business and if they cease to be involved in or decrease their involvement in our business prior to
us having a succession plan in place, it could have a material adverse effect our business, financial
condition, results of operations and cash flows;
8. We engage in a competitive business and if we fail to compete effectively, it would have a material
adverse effect on our business, financial condition, results of operations and cash flows;
9. The Offer consists of a Fresh Issue of Equity Shares aggregating to ₹2,800.00 million* and an Offer for
Sale of 4,385,562 equity shares* of face value ₹2 each by the Selling Shareholders aggregating to
₹1,206.03 million*. Our Company will not receive any proceeds from the Offer for Sale; and
* Subject to finalisation of the Basis of Allotment;
10. We are required to obtain and maintain a number of statutory and regulatory approvals for undertaking
our business. A majority of our approvals, licenses, registrations and permits, including the consent to
operate and consent to manufacture under environmental laws, are granted for a limited duration and
require renewal from time to time. While we plan to apply for renewal of these approvals as and when
they are due to expire, we cannot assure you that such renewals will be issued or granted to us in a timely
manner, or at all. If we fail to obtain, keep and renew such licenses, registrations, permits and approvals
it could have a material adverse effect on our business, financial condition, results of operation and cash
flows.
Specific attention of Investors is invited to the section “Risk Factors” on page 37. Investors are advised to read
the risk factors carefully before taking an investment decision in the Offer.
Summary of Contingent Liabilities of our Company
As at March 31, 2025, our contingent liabilities on a consolidated basis as per Ind AS 37 derived from the Restated
Consolidated and Standalone Financial Information were as follows:
As at March 31, 2025 Contingent liability as a percentage of
Particulars (Consolidated) net worth^ (%)
(₹ in million) (Consolidated)
Customs duty 6.00 0.24
Total 6.00 0.24
^ Our net worth as at March 31, 2025 on a consolidated basis was ₹ 2,487.79 million.
[The remainder of this page is intentionally left blank]
30Summary of Related Party Transactions
A summary of related party transactions entered into by our Company with related parties, and outstanding balances with such related parties, for the Fiscals 2025, 2024 and
2023, as per Ind AS 24 – Related Party Disclosures and as reported in the Restated Consolidated and Standalone Financial Information is set forth below:
(₹ in million)
Related party transactions Outstanding balances
Year ended Year ended As at
Nature of Year ended As at March As at March
Related Party Relationship with the Company March 31, March 31, March 31,
Transaction March 31, 2025 31, 2025 31, 2023
2024 2023 2024
(Consolidated) (Standalone) (Consolidated) (Standalone)
Expenses: Short- Kailesh Punamchand Shah Director of our Company 23.88 19.60 14.87 0.82 3.69 1.68
term employee Nilesh Punamchand Shah Director of our Company 17.91 14.70 11.15 0.50 2.86 1.15
benefits Bhupesh Punamchand Director of our Company
11.94 9.80 7.43 0.07 1.93 0.79
Shah
Dhvanit Kailesh Shah Son of Kailesh Punamchand Shah,
3.92 3.22 2.68 - - -
Director of our Company
Akshay Nilesh Shah Son of Nilesh Punamchand Shah, Director
3.80 3.22 2.68 - - -
of our Company
Stuti Akshay Shah Daughter-in-law of Nilesh Punamchand
1.43 1.11 0.73 - - -
Shah, Director of our Company
Riddhi Kailesh Shah Daughter of Kailesh Punamchand Shah,
0.38 - - - - -
Director of our Company
Malav Bhupesh Shah Son of Bhupesh Punamchand Shah,
0.15 - - - - -
Director of our Company
Manish Gattani Key management personnel (KMP) 7.18 - - - - -
Antony Pius Alapat Key management personnel (KMP) 1.60 - - - - -
Rent Pyramid Plastics Kailesh Punamchand Shah, Bhupesh
Punamchand Shah and Nilesh
9.93 20.39 16.38 - (0.25) 0.14
Punamchand Shah, Directors of our
Company, are partners
B. T. Plastics & Allied Kailesh Punamchand Shah, Bhupesh
Industries Punamchand Shah and Nilesh
6.04 5.76 5.48 0.59 - -
Punamchand Shah, Directors of our
Company, are partners
Vasanti Punamchand Shah Mother of Kailesh Punamchand Shah,
Bhupesh Punamchand Shah and Nilesh
0.92 1.76 1.60 - - 0.12
Punamchand Shah, Directors of our
Company
P.H.Shah (HUF) Kailesh Punamchand Shah, Bhupesh
Punamchand Shah and Nilesh
0.53 1.09 1.04 - - 0.08
Punamchand Shah, Directors of our
Company, are co-parceners
31Related party transactions Outstanding balances
Year ended Year ended As at
Nature of Year ended As at March As at March
Related Party Relationship with the Company March 31, March 31, March 31,
Transaction March 31, 2025 31, 2025 31, 2023
2024 2023 2024
(Consolidated) (Standalone) (Consolidated) (Standalone)
Interest Nilesh Punamchand Shah Director of our Company 3.27 10.64 10.69 - 2.45 2.21
Bhupesh Punamchand Director of our Company
2.65 9.40 12.80 - 2.01 1.46
Shah
Kailesh Punamchand Shah Director of our Company 1.59 4.64 3.39 - 1.15 0.71
Rupal Kailesh Shah Spouse of Kailesh Punamchand Shah,
2.23 8.45 8.45 - 1.91 1.93
Director of our Company
Riddhi Kailesh Shah Daughter of Kailesh Punamchand Shah,
- 1.11 1.03 - - -
Director of our Company
Vasanti Punamchand Shah Mother of Kailesh Punamchand Shah,
Bhupesh Punamchand Shah and Nilesh
- 0.74 0.72 - - -
Punamchand Shah, Directors of our
Company
Malav Bhupesh Shah Son of Bhupesh Punamchand Shah,
- 0.54 0.38 - - -
Director of our Company
Reimbursement of B. T. Plastics & Allied Kailesh Punamchand Shah, Bhupesh
expense Industries Punamchand Shah and Nilesh
7.99 8.44 8.20 0.65 0.53 0.99
Punamchand Shah, Directors of our
Company, are partners
Purchase of Chhaya Plastic Enterprise controled by Relative of key
39.00 - - - - -
property, plant and management personnel
equipment P.H.Shah (HUF) Enterprise having common KMPs/ under
22.80 - - - - -
control of KMPs
Pyramid Plastics Enterprise having common KMPs/ under
224.43 - - - - -
control of KMPs
Sitting Fees Shrinivas Damodar Joshi Non-executive Director 0.43 - - - - -
Belur Krishna Murthy Non-executive Director
0.48 - - - - -
Sethuram
Lakshmi Anant Nadkarni Non-executive Director 0.45 - - - - -
Investment made All time Plastics Pte. Ltd, Subsidiary Company
0.06 - - - - -
Singapore
Unsecured loan Bhupesh Punamchand Director of our Company
- 25.70 47.20 - 70.15 92.56
obtained Shah
Nilesh Punamchand Shah Director of our Company - 23.90 85.80 - 83.36 87.82
Kailesh Punamchand Shah Director of our Company - 22.70 38.30 - 40.20 32.19
Rupal Kailesh Shah Spouse of Kailesh Punamchand Shah,
- 7.40 20.38 - 56.29 72.43
Director of our Company
32Related party transactions Outstanding balances
Year ended Year ended As at
Nature of Year ended As at March As at March
Related Party Relationship with the Company March 31, March 31, March 31,
Transaction March 31, 2025 31, 2025 31, 2023
2024 2023 2024
(Consolidated) (Standalone) (Consolidated) (Standalone)
Riddhi Kailesh Shah Daughter of Kailesh Punamchand Shah,
- 9.50 9.00 - - -
Director of our Company
Vasanti Punamchand Shah Mother of Kailesh Punamchand Shah,
Bhupesh Punamchand Shah and Nilesh
- 6.30 6.50 - - -
Punamchand Shah, Directors of our
Company
Malav Bhupesh Shah Son of Bhupesh Punamchand Shah,
- 4.60 4.30 - - -
Director of our Company
Unsecured loan Bhupesh Punamchand Director of our Company
70.15 48.11 78.42 - - -
Repaid Shah
Nilesh Punamchand Shah Director of our Company 83.36 28.37 99.85 - - -
Kailesh Punamchand Shah Director of our Company 40.20 14.69 8.95 - - -
Rupal Kailesh Shah Spouse of Kailesh Punamchand Shah,
56.29 23.54 4.46 - - -
Director of our Company
Riddhi Kailesh Shah Daughter of Kailesh Punamchand Shah,
- 9.50 9.00 - - -
Director of our Company
Vasanti Punamchand Shah Mother of Kailesh Punamchand Shah,
Bhupesh Punamchand Shah and Nilesh
- 6.30 6.50 - - -
Punamchand Shah, Directors of our
Company
Malav Bhupesh Shah Son of Bhupesh Punamchand Shah,
- 4.60 4.30 - - -
Director of our Company
For details of the related party transactions and as reported in the Restated Consolidated and Standalone Financial Information, see “Financial Statements”, on page 349.
33Summary of Key Performance Indicators
Set forth below are KPIs and certain Ind AS financial measures that have been used historically by our Company
to understand and analyse the business performance which in result, help us in analyzing our performance in
comparison to our listed peers, and other relevant and material KPIs of the business of the Company:
Key Performance Indicator / Ind AS
Sr. No. Units Fiscal 2025 Fiscal 2024 Fiscal 2023
financial measure
GAAP Financial Measures
1. Revenue from operations ₹ in million 5,581.67 5,128.53 4,434.86
2. Domestic Revenue ₹ in million 824.26 599.24 494.98
3. Export Revenue ₹ in million 4,757.41 4,529.29 3,939.88
4. Profit for the year (“PAT”) ₹ in million 472.94 447.90 282.70
Non GAAP Financial Measures
5. Revenue Growth – YoY % 8.84 15.64 10.55
Domestic Revenue to revenue from
6. % 14.77 11.68 11.16
operations
7. Export Revenue to Revenue from Operations % 85.23 88.32 88.84
8. Gross Profit (1) ₹ in million 2,229.46 2,085.78 1,684.92
9. Gross Margin (2) % 39.94 40.67 37.99
10. EBIDTA (3) ₹ in million 1,013.37 971.01 733.82
11. EBIDTA Growth – YoY % 4.36 32.32 26.79
12. EBIDTA Margin (4) % 18.16 18.93 16.55
13. PAT Growth – YoY % 5.59 58.44 15.22
14. PAT Margin (5) % 8.46 8.68 6.37
15. ROCE (6) % 16.99 22.64 17.16
16. ROE (7) % 19.01 22.18 17.93
17. Gross Fixed Assets Turnover Ratio (8) Times 1.36 1.80 1.69
18. Net Working Capital Days (9) No. of Days 74 57 69
19. Trade Receivables Days (10) No. of Days 57 34 35
20. Trade Payables Days (11) No. of Days 39 37 46
21. Inventory Turnover Ratio (12) Times 7.61 9.85 7.13
22. Net Debt to Equity Ratio (13) Times 0.84 0.65 0.99
Notes:
1. Gross Profit is calculated as revenue from operations minus Material Cost. Material Cost is calculated as cost of materials consumed
plus changes in inventory of finished goods, stock-in-trade and work-in-progress.
2. Gross Margin is calculated Gross Profit expressed as a percentage of revenue from operations.
3. EBITDA is calculated as aggregate of profit before tax, depreciation and amortization expense and finance costs, less other income.
4. EBITDA Margin is calculated as EBITDA expressed as a percentage of revenue from operations.
5. PAT Margin is calculated as profit for the year expressed as a percentage of total income.
6. ROCE (return on Capital Employed) is calculated as earnings before interest and tax divided by Capital Employed. Earnings before
interest and tax is calculated as the aggregate of profit before tax, finance costs, less other income. Capital Employed is calculated as the
aggregate of total equity, Total Borrowings (comprising current borrowings and non-current borrowings) less cash and cash equivalents
and bank balances other than cash and cash equivalents as at the end of the respective Fiscal.
7. ROE (return on equity) is calculated as profit for the year divided by total equity as at the end of the respective Fiscal.
8. Gross Fixed Assets Turnover Ratio is calculated as revenue from operations divided by the sum of gross block of property, plant and
equipment as at the end of the respective Fiscal.
9. Net Working Capital Days is calculated by dividing number of days of respective Fiscal by the working capital ratio, which is calculated
as revenue from operations divided by Net Working Capital. “Net Working Capital” is calculated as total current assets less (i) cash and
cash equivalents, (ii) bank balances other than cash and cash equivalents, and (iii) total current liabilities, excluding current borrowings
as at the end of the respective Fiscal.
10. Trade Receivables Days is calculated by dividing trade receivables as at the end of the respective Fiscal by revenue from operations and
multiplying it by number of days of respective Fiscal.
11. Trade Payables Days is calculated by dividing trade payables as at the end of the respective Fiscal by purchases and multiplying it by
number of days of respective Fiscal.
12. Inventory Turnover Ratio is calculated as revenue from operations divided by inventory as at the end the respective Fiscal.
13. Net Debt to Equity Ratio is calculated as Total Borrowings (comprising current borrowings and non-current borrowings) less cash and
cash equivalent) divided by total equity as at the of the respective Fiscal.
Financing Arrangements
Our Promoters, members of our Promoter Group, our Directors and their relatives have not financed the purchase
by any other person of securities of our Company during the period of six months immediately preceding the date
of this Prospectus.
34Weighted average price at which the equity shares were acquired by our Promoters and the Selling
Shareholders in the one year preceding the date of this Prospectus
Our Promoters and the Selling Shareholders have not acquired any equity shares in the one year preceding the
date of this Prospectus.
Average Cost of Acquisition of Equity Shares held by our Promoters and the Selling Shareholders
The average cost of acquisition per Equity Share for the Promoters and the Selling Shareholders as at the date of
this Prospectus is set forth below:
Average cost of acquisition per
Name of persons Number of Equity Shares held
Equity Share (in ₹)*#
Promoters
Kailesh Punamchand Shah# 16,740,174 1.31
Bhupesh Punamchand Shah# 16,745,174 1.31
Nilesh Punamchand Shah# 16,740,174 1.31
# Also participating as Promoter Selling Shareholder in the Offer.
* As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their certificate dated August 11, 2025.
Acquisition of equity shares in the last three years by Promoters, members of Promoter Group, Selling
Shareholders and Shareholder(s) with nominee director rights or other rights
Except as disclosed below, our Promoters, members of the Promoter Group, the Selling Shareholders, and
Shareholder(s) with nominee director rights or other rights have not acquired any Equity Shares in the last three
years preceding the date of this Prospectus:
Date of Number of
Name of the Nature of Acquisition price per
acquisition of equity shares
shareholder/acquirer transaction equity share (in ₹)*
equity shares acquired
Promoters
Kailesh Punamchand Shah# July 3, 2024 15,740,775 Bonus issue Nil$
Bhupesh Punamchand Shah# July 3, 2024 15,745,275 Bonus issue Nil$
Nilesh Punamchand Shah# July 3, 2024 15,740,775 Bonus issue Nil$
Promoter Group
Chhaya Kiran Sheth June 30, 2025 41,000(3) Transfer 248.00
Jayshree Sudhir Gandhi June 30, 2025 8,000 Transfer 248.00
Viraj Raman Mehta June 27, 2025 20,200 Transfer 248.00
Divyesh Hasmukh Mehta June 27, 2025 14,000(4) Transfer 248.00
Dhvanit Kailesh Shah April 26, 2024 500^ Gift(1) Nil$
Akshay Nilesh Shah April 26, 2024 500^ Gift(2) Nil$
# Also participating as Promoter Selling Shareholder in the Offer.
* As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their certificate dated August 11, 2025.
$ Equity shares were acquired pursuant to bonus issue or gift.
^Pursuant to a resolution of our Board dated May 15, 2024 and a resolution of our shareholders dated May 21, 2024, (i) each equity share of
our Company of ₹10 each was sub-divided into 5 equity shares of ₹2 each, effect of sub-division has been considered.
Notes:
(1) Gift from Kailesh Punamchand Shah.
(2) Gift from Nilesh Punamchand Shah
(3) Equity Shares are jointly held by Chhaya Kiran Sheth and Kiran Manharlal Sheth.
(4) Equity Shares are jointly held by Divyesh Hasmukh Mehta and Falguni Divyesh Mehta.
None of the Shareholders of our Company have a right to nominate a director or any other special rights, as on
the date of this Prospectus. For further information in relation to rights provided to Abakkus Four2Eight
Opportunities Fund, please see, “History and Certain Corporate Matters – Shareholders’ Agreements” on page
313.
35Weighted average cost of acquisition of all Equity Shares transacted in the 3 years, 18 months and 1 year
preceding the date of this Prospectus
Weighted
Cap Price is ‘X’ times Range of acquisition
average cost of
Period the weighted average price: lowest price –
acquisition (in
cost of acquisition highest price* (in ₹)
₹)*
Last one year preceding the date of this 248.00 1.11 248.00 - 248.00
Prospectus
Last 18 months preceding the date of this 24.04^ 11.44 Nil$ - 248.00
Prospectus
Last three years preceding the date of this 24.04^ 11.44 Nil$ - 248.00
Prospectus
* As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their certificate dated August 11, 2025.
$Equity Shares acquired pursuant to bonus issue or gift.
^Pursuant to a resolution of our Board dated May 15, 2024 and a resolution of our shareholders dated May 21, 2024, (i) each equity share
of our Company of ₹10 each was sub-divided into 5 equity shares of ₹2 each; and (ii) issue bonus equity share of face value ₹2 each in the
ratio of 9:1 (i.e., 9 Equity Shares for every one Equity Share held), for calculation of weighted average cost of acquisition, effect to such sub-
division and bonus issue has been considered, as applicable.
Details of pre-IPO Placement
A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of
₹248.00 per Equity Shares (including a premium of ₹246.00 per Equity Share), for an amount aggregating to
₹700.00 million. Accordingly, the size of the Fresh Issue has been reduced by ₹700.00 million and the revised
Fresh Issue size aggregates to ₹ 2,800.00 million. The Pre-IPO Placement did not exceed 20% of the Fresh Issue.
Our Company has appropriately intimated the subscribers to the Pre-IPO Placement, prior to allotment pursuant
to the Pre-IPO Placement, that there is no guarantee that our Company will proceed with the Offer or the Offer
will be successful and will result in the listing of the Equity Shares on the Stock Exchanges. Further, relevant
disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement have been appropriately
made in the relevant sections of the Red Herring Prospectus and relevant sections of this Prospectus.
Issue of equity shares for consideration other than cash or bonus issue in the last one year
Our Company has not issued any equity shares for consideration other than cash or bonus issue in the one year
preceding the date of this Prospectus.
Split / Consolidation of equity shares of our Company in the last one year
Our Company has not undertaken split or consolidation of its equity shares in the one year preceding the date of
this Prospectus.
Exemption from complying with any provisions of securities laws, if any, granted by SEBI
Our Company has not applied to SEBI for any exemption from complying with any provisions of securities laws,
as on the date of this Prospectus.
36SECTION II: RISK FACTORS
An investment in the Equity Shares involves a high degree of risk. Prospective investors should carefully consider
all the information in this Prospectus, including the risks and uncertainties described below, before evaluating
our business and making an investment in the Equity Shares pursuant to the Offer.
This section should be read in conjunction with “Industry Overview”, “Our Business”, “Financial Statements”,
“Key Industry Regulations and Policies”, “Outstanding Litigation and Material Developments” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 181, 258,
349, 303, 451 and 410, respectively, before making an investment decision in relation to the Equity Shares.
The risks and uncertainties described in this section are not the only risks that are relevant to us or the Equity
Shares or the industry and segment in which we operate. Additional risks and uncertainties not currently known
to us or that we currently believe to be immaterial could also have an adverse effect on our business, financial
condition, results of operations and cash flows. If any of the following risks or other risks that are not currently
known or are now deemed immaterial actually occur, our business, financial condition, results of operations and
cash flows could be adversely affected, and the trading price of the Equity Shares could decline and you could
lose all or part of your investment. The financial and other related implications of risks concerned, wherever
quantifiable, have been disclosed in the risk factors described below. However, there are certain risk factors
where such implications are not quantifiable, and hence any quantification of the underlying risks has not been
disclosed in such risk factors.
In making an investment decision, prospective investors must rely on their own examination of our Company and
the terms of the Offer, including the merits and risks involved. You should consult your tax, financial and legal
advisors about the particular consequences to you of an investment in the Equity Shares.
This section contains forward-looking statements that involve risks and uncertainties. Our actual results could
differ materially from those anticipated in such forward-looking statements. For details, see “Forward-Looking
Statements” on page 22.
Prior to November 13, 2024, our Company did not have any subsidiaries. Unless stated otherwise, all financial
and statistical information as at and for the year ended March 31, 2025 and post March 31, 2025 is given on a
consolidated basis. All financial and statistical information as at and for the years ended March 31, 2024 and
2023 is given on a standalone basis.
Unless otherwise indicated, industry and market data used in this section has been derived from the report titled
“Industry Report on Global and Indian Consumerware Market” dated July 17, 2025 (the “Technopak Report”),
which was prepared by Technopak Advisors Private Ltd. (“Technopak”). We commissioned Technopak to
prepare the Technopak Report specifically for the purpose of the Offer for an agreed fee pursuant to the
engagement letter dated May 20, 2024, as amended pursuant to a letter of authorisation dated June 11, 2025. For
more details on the Technopak Report, see “Certain Conventions, Presentation of Financial Information, Industry
and Market Data – Industry and Market Data” beginning on page 20. The Technopak Report forms part of the
material contracts for inspection and was made accessible on our Company’s website at
https://www.alltimeplastics.com/files/IndustryReport.pdf.
INTERNAL RISKS
1. Our business largely depends upon our top four customers and in particular our top customer. For
Fiscals 2025, 2024 and 2023, our revenue from our top customer represented 59.29% (consolidated),
60.36% and 58.54% of our revenue from operations, respectively, and our revenue from our top four
customers represented 78.42% (consolidated), 83.30% and 82.65% of revenue from operations,
respectively. The loss of any of our top four customers, and in particular our top customer, or the loss
of revenue from sales to these top customers could have a material adverse effect on our business,
financial condition, results of operations and cash flows.
Our business largely depends upon our top four customers and in particular our top customer, which exposes us
to a high risk of customer concentration. The table below sets forth our revenue from our top 10 customers for the
Fiscals indicated, as well as such revenue as percentage of our revenue from operations for each of those Fiscals.
37Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of revenue % of revenue % of revenue
Top 10 Revenue Top 10 Revenue Top 10 Revenue
from from from
customers (₹ in million) customers (₹ in million) customers (₹ in million)
operations operations operations
IKEA(1) 3,309.49 59.29% IKEA(1) 3,095.68 60.36% IKEA(1) 2,596.25 58.54%
Asda Stores 508.53 9.11% Asda Stores 506.27 9.87% Michaels 433.75 9.78%
Ltd. Ltd. Global
Sourcing,
LLC
Michaels 347.06 6.22% Michaels 448.21 8.74% Asda Stores 425.46 9.59%
Global Global Ltd.
Sourcing, Sourcing,
LLC LLC
Tesco 211.83 3.80% Tesco 221.98 4.33% Tesco 210.09 4.74%
International International International
Sourcing Sourcing Sourcing
Ltd. Ltd. Ltd.
Total of Top 4,376.91 78.42% Total of Top 4,272.14 83.30% Total of Top 3,665.55 82.65%
4 Customers 4 Customers 4 Customers
A retail 159.22 2.85% Amar 90.81 1.77% A retail 109.79 2.48%
chain based Distribution chain in the
in the USA UK
A 114.05 2.04% A 88.49 1.73% Amar 62.90 1.42%
multinational multinational Distribution
retail retail
corporation corporation
based in the based in the
USA USA
Amar 111.81 2.00% A 52.08 1.02% A retail 49.04 1.11%
Distribution supermarket chain based
chain in the in the USA
UK
A retail 105.02 1.88% A retail 48.84 0.95% A 45.26 1.02%
company in chain in supermarket
India India chain in the
UK
Rusta AB 75.37 1.35% A household 39.15 0.76% A 42.43 0.96%
products supermarket
distributer in chain in the
Germany UK
A 56.23 1.01% Rusta AB 36.32 0.71% A retail 42.02 0.95%
supermarket chain in
chain in the India
UK
Revenue 5,581.67 100.00% Revenue 5,128.53 100.00% Revenue 4,434.86 100.00%
from from from
operations operations operations
Notes:
(1) Inter IKEA Systems B.V., trading as IKEA, is a Swedish multinational conglomerate that designs and sells ready-to-
assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home services. We
sell our products to IKEA Supply AG, which supplies IKEA stores outside India, and to an Indian company that supplies
IKEA stores in India (together, “IKEA”).
(2) We have not received consents from all of our top 10 customers to disclose their names in this Prospectus.
38We have been selling our products to IKEA for more than 27 fiscal years, Asda Stores Ltd. (“Asda”), for more
than 14 fiscal years, Michaels Global Sourcing, LLC for more than four fiscal years, and Tesco International
Sourcing Ltd. for more than 17 fiscal years. Until Fiscal 2011, sales were only made by Pyramid Plastics, whose
business was acquired by our Company in a slump sale in Fiscal 2015.
We do not have long-term supply agreements with a majority of our customers. For details, see “- We do not have
long-term agreements for the sale of our products with a majority of our customers. If our customers choose not
to source their requirements from us, it could have a material adverse effect on our business, financial condition,
results of operations and cash flows” beginning on page 39.
As part of our strategies, we aim to acquire new customers to diversify our revenue base and reduce dependency
on key accounts. For details, see “Our Business – Our Strategies – Acquire new customers and sell more products
to our existing customers” on page 273. However, we have had one of our top 10 customers in Fiscals 2025, 2024
and 2023 cease purchasing from us. In Fiscal 2024, a UK based retail chain, one of our top 10 customers in Fiscal
2023, ceased purchasing goods from us as a result of its insolvency and being placed under administration. In
Fiscal 2023, our revenue from the aforesaid customer was ₹109.79 million, which represented 2.48% of our
revenue from operations. The loss of any of our top four customers in Fiscals 2025, 2024 and 2023, and in
particular IKEA, our top customer for those Fiscals, or a loss of revenue from sales to these customers could have
a material adverse effect on our business, financial condition, results of operations and cash flows.
2. We do not have long-term agreements for the sale of our products with a majority of our customers.
If our customers choose not to source their requirements from us, it could have a material adverse
effect on our business, financial condition, results of operations and cash flows.
We do not have long-term agreements for the sale of our products with a majority of our customers and instead
we rely on purchase orders issued by our customers from time to time that set out the commercial terms and
delivery conditions for the products to be procured from us. Where we have entered into supply agreements with
our customers, these agreements set forth the terms of sales but certain of them do not bind the customers to any
specific products, specifications, purchase volumes or duration. These agreements can be terminated by our
customers with or without cause, with limited advance notice and without compensation. There is no commitment
on the part of the customer to continue to place orders with us. For actual supply, we rely on schedules given to
us periodically by our customers. These schedules could be amended or cancelled prior to delivery, and should
such amendment or cancellation take place, we may be unable to seek compensation for any surplus products that
we manufacture that are unpurchased. As our customers do not give these schedules to us until a short time before
the products are required from us, we do not hold a significant order book at any time, making it difficult for us
to forecast revenue, production volume or sales.
Our customers have high standards for product quality and delivery schedules. Any failure to meet customers’
expectations could result in the cancellation or non-renewal of our supply agreements with them. In addition,
customers may change their outsourcing strategy by undertaking more work in-house or replace their existing
products with alternative products, any of which could have a material adverse effect on our business, financial
conditions, results of operations and cash flows.
The table below sets forth the number of customers who purchased products in a Fiscal but not in the following
Fiscal and our revenue from customers who purchased products in a Fiscal but not in the following Fiscal for each
of the Fiscals noted.
Year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Number of customers who purchased products N.A.(1) 41 20
in a Fiscal but not in the following Fiscal
Revenue from customers who purchased N.A. (1) 85.69 35.13
products in a Fiscal but not in the following
Fiscal (₹ in million) [A]
Revenue from customers who purchased N.A. (1) 1.67% 0.79%
products in a Fiscal but not in the following
Fiscal as a percentage of revenue from
operations [B = A/C] (%)
Revenue from operations [C] (₹ in million) 5,581.67 5,128.53 4,434.86
Note:
39(1) Data for Fiscal 2025 has not been included in the table because we are currently unable to ascertain whether customers who purchased
products in Fiscal 2025 will not make purchases in Fiscal 2026.
3. In order to get better pricing by buying in larger volumes, we generally buy the primary raw materials
and packing materials we need from few suppliers. For Fiscals 2025, 2024 and 2023, our cost of raw
materials and packing materials purchased from our top supplier represented 21.26% (consolidated),
22.86% and 23.65% of our cost of raw materials and packing materials purchased, respectively, and
our cost of raw materials and packing materials purchased from our top 10 suppliers represented
73.24% (consolidated), 75.24% and 75.62% of our cost of raw materials and packing materials
purchased, respectively. If any of our top 10 suppliers ceased selling us the raw materials and packing
materials we require in the quantities we need and we were unable to find a supplier to replace it, it
could have a material adverse effect on our business, financial condition, results of operations and
cash flows.
Our business depends on the availability of reasonably priced, high quality raw materials and packing materials
in the quantities required by us. We use a wide range of raw materials and packing materials in our manufacturing
process. Our primary raw materials comprise commodity plastics, engineering compounds and recycled
components. We depend entirely on third-party suppliers for the supply of raw materials and packing materials.
We source our raw materials and packing materials from a concentrated pool of Indian suppliers and foreign
suppliers. We do not enter into long term contracts with raw materials and packing materials suppliers. We
purchase our raw materials and packing materials on a purchase order basis. In order to get better pricing by
buying in larger volumes, we generally buy the primary raw materials and packing materials we need from few
suppliers, which, as shown in the table below, has resulted in a concentration in our suppliers.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of cost
Cost Cost % of cost of Cost % of cost of
Top 10 of Top 10 Top 10
(₹ in (₹ in materials (₹ in materials
suppliers materials suppliers suppliers
million) million) purchased million) purchased
purchased
Borouge 751.13 21.26% Borouge 677.15 22.86% Borouge 657.95 23.65%
Pte Ltd Pte Ltd Pte Ltd
Supplier 2 429.00 12.15% Supplier 2 420.48 14.19% Supplier 2 384.33 13.82%
Nanofil 389.81 11.04% Nanofil 222.03 7.49% Supplier 3 194.35 6.99%
Technologies Technologie
Private s Private
Limited Limited
Supplier 4 238.25 6.74% Supplier 4 184.18 6.22% Nanofil 180.29 6.48%
Technologies
Private
Limited
Riyo 192.49 5.45% Riyo 178.26 6.02% Sabic Asia 155.37 5.59%
Parapack Pvt Parapack Pvt Pacific Pte
Ltd Ltd Ltd.
Sabic Asia 166.65 4.72% Sabic Asia 170.41 5.75% Riyo Parapack 142.70 5.13%
Pacific Pte Pacific Pte Pvt Ltd
Ltd. Ltd.
Supplier 7 166.11 4.70% Supplier 7 134.25 4.53% Supplier 7 139.16 5.00%
Star Offset 110.83 3.14% Star Offset 86.84 2.93% Supplier 8 112.47 4.04%
Aarya Corp 72.47 2.05% Aarya Corp 79.27 2.68% Star Offset 74.88 2.69%
Supplier 10 70.22 1.99% Supplier 10 76.01 2.57% Pranesh 62.17 2.23%
Packaging Pvt
Ltd
40Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of cost
Cost Cost % of cost of Cost % of cost of
Top 10 of Top 10 Top 10
(₹ in (₹ in materials (₹ in materials
suppliers materials suppliers suppliers
million) million) purchased million) purchased
purchased
Total of top 2,586.96 73.24% Total of top 2,228.88 75.24% Total of top 2,103.67 75.62%
10 suppliers 10 suppliers 10 suppliers
Cost of 3,532.26 100.00% Cost of 2,962.50 100.00% Cost of 2,781.80 100.00%
materials materials materials
purchased purchased purchased
Note: We have not received consents from all of our top 10 suppliers to disclose their names in this Prospectus.
The raw materials and packing materials we need are widely available and if a supplier ceases to do business with
us or is unable to supply us, we believe we will be able to find an alternative source to supply us with the quantities
we need, at competitive prices. There have been no instances since April 1, 2022, where we have not been able to
purchase the raw materials and packaging materials we need for our business. However, there can be no assurance
that this will always be the case and if any of our top suppliers ceases to sell us the raw materials and packaging
materials that we require in the quantities we need and we are unable to find one or more suppliers to replace the
same, it could have a material adverse effect on our business, financial condition, results of operations and cash
flows.
4. Rapid increases in raw material prices, especially plastic granules prices, could have an adverse effect
on our business, results of operations, financial condition and cash flows.
We do not enter into long term contracts with raw material suppliers. We purchase our raw materials on a purchase
order basis. For more details, see “Our Business – Raw Materials and Suppliers” on page 286. The absence of
long-term contracts with our suppliers exposes us to the risk of being unable to obtain the raw materials in the
quantities required by us and at the price points required by us. This may lead to an unforeseen increase in raw
material prices. For details on the risk in relation to supply, see “-In order to get better pricing by buying in larger
volumes, we generally buy the primary raw materials and packing materials we need from few suppliers. For
Fiscals 2025, 2024 and 2023, our cost of raw materials and packing materials purchased from our top supplier
represented 21.26% (consolidated), 22.86% and 23.65% of our cost of raw materials and packing materials
purchased, respectively, and our cost of raw materials and packing materials purchased from our top 10 suppliers
represented 73.24% (consolidated), 75.24% and 75.62% of our cost of raw materials and packing materials
purchased, respectively. If any of our top 10 suppliers ceased selling us the raw materials and packing materials
we require in the quantities we need and we were unable to find a supplier to replace it, it could have a material
adverse effect on our business, financial condition, results of operations and cash flows” on page 40.
The cost of materials consumed (including changes in inventories of finished goods, stock-in-trade and work in
progress) represents a significant percentage of our total expenses and revenue from operations. The table below
set forth our cost of materials consumed (including change in inventories of finished goods, stock-in-trade and work
in progress) and such expenses as a percentage of total expenses and revenue from operations for the Fiscals
indicated.
Year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Cost of materials consumed [A] (₹ in million) 3,471.16 2,992.45 2,806.16
Changes in inventories of finished goods, stock- (118.95) 50.30 (56.22)
in-trade and work-in-progress [decrease
/(increase)] [B] (₹ in million)
Cost of materials consumed (including changes 3,352.21 3,042.75 2,749.94
in inventories of finished goods, stock-in-trade
and work in progress) [C = A + B] (₹ in million)
Cost of materials consumed (including changes 67.72% 66.79% 67.73%
in inventories of finished goods, stock-in-trade
and work in progress) as a percentage of total
expenses [D=C/F] (%)
Cost of materials consumed (including changes 60.06% 59.33% 62.01%
in inventories of finished goods, stock-in-trade
41Year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
and work in progress) as a percentage of revenue
from operations [E=C/G] (%)
Total expenses [F] (₹ in million) 4,950.33 4,556.03 4,060.34
Revenue from operations [G] (₹ in million) 5,581.67 5,128.53 4,434.86
The prices of the raw materials we need are affected by numerous factors beyond our control. Plastic raw materials
saw a surge in prices, post pandemic and also factors like recession and war, can cause disruption in the overall
supply chain (source: Technopak Report). These fluctuations in the raw material prices become a challenge for
the companies as it impacts their profitability and cost predictability (source: Technopak Report). The prices of
commodity plastics, engineering compounds and recycled components, which serve as the primary raw materials
for manufacturing plastic houseware products, have historically been sensitive to fluctuations in crude oil prices.
Since plastics are derived from petrochemicals, changes in crude oil prices directly affect the cost of production
for raw materials (source: Technopak Report). When crude oil prices rise, the cost of manufacturing plastics
increases, leading to higher raw material costs for manufacturers (source: Technopak Report).
If the prices of the raw materials we need rapidly increase, we may be unable to increase our product prices in
sufficient time to fully offset increasing raw material prices. Our ability to transfer increases in raw material costs
to our customers is dependent on, among others, market condition as well as pricing of similar products by our
competitors. In the past, we have been successful in transferring increases in raw material costs to customers
through increased product prices, although there has typically been a time lag. However, to the extent that we are
not able to transfer increases in costs to our customers, or if there is a significant lag in transferring increases in
costs to our customers, our business, results of operations, financial condition and cash flows could be adversely
affected.
5. Pricing pressure from our customers could adversely affect our gross margin and ability to increase
our prices, which could in turn have a material adverse effect on our results of operations and
financial condition.
We manufacture plastic consumerware for customers in India and internationally. We have in the past,
experienced and could continue to experience pressure from our customers to reduce our prices. This is often
driven by the competitive landscape, where retailers compete for market share. The saturation of the
consumerware industry means that businesses are not only competing for sales but also striving to differentiate
themselves through pricing strategies. Furthermore, the rise of e-commerce has transformed the way consumers
shop, with online platforms and price comparison tools making it easier for customers to find lower-priced
alternatives resulting in our customers being compelled to respond by lowering their own prices in order to remain
competitive. Consequently, this intensifies the pricing pressure we encounter. In addition, price reductions may
be a result of negotiations or factors that could be beyond our control. We must be able to reduce operating costs
and increase operating efficiencies in order to maintain profitability. As our business is very capital intensive,
requiring us to maintain a large, fixed cost base, our profitability is dependent, in part, on our ability to spread
fixed costs over higher sales volume. However, we may not be able to spread such fixed costs effectively as our
customers generally negotiate for larger discounts in price as the volume of their orders increases. If we are unable
to counterbalance customer-driven price reductions with improved operating efficiencies and other cost-reduction
initiatives, it could have an adverse effect on our gross margin (calculated as (revenue from operations minus (i)
cost of materials consumed and (ii) change in inventories of finished goods and work-in-progress) divided by
revenue from operations (“Gross Margin”)) and net profit margin (calculated as profit for the year divided by
total income (“PAT Margin”)) and our results of operations, cash flows and financial condition could be
materially adversely affected. The table below sets forth our Gross Margin and PAT Margin for the fiscal years
indicated.
Year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Revenue from operations [A] (₹ in million) 5,581.67 5,128.53 4,434.86
Cost of materials consumed [B] (₹ in million) 3,471.16 2,992.45 2,806.16
Changes in inventories of finished goods and work- (118.95) 50.30 (56.22)
in-progress [decrease /(increase)] [C] (₹ in million)
Gross Margin(*) [D = (A-B-C)/A] (%) 39.94% 40.67% 37.99%
Profit for the year [E] (₹ in million) 472.94 447.90 282.70
42Year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Total income [F] (₹ in million) 5,592.35 5,158.77 4,437.64
PAT Margin (*) [G = E/F] (%) 8.46% 8.68% 6.37%
Note:
(*) Non-GAAP financial measure.
6. We currently manufacture plastic consumerware products. A shift in consumer preferences away from
plastic products, changes in consumer preferences for plastic consumerware products, regulations,
and competitive technologies could lead to a reduction in plastic consumerware purchases or could
render some of our products obsolete or less attractive, which could have a material adverse effect on
our business, financial condition, results of operations and cash flows. In an effort to remain
competitive, we spend money on research and development. For Fiscals 2025, 2024 and 2023, our
total R&D expenses represented 0.27% (consolidated), 0.27% and 0.26% of our revenue from
operations, respectively. Any failure to adapt to industry trends and evolving technologies to meet our
customers’ demands could have a material adverse effect on our business, financial condition, results
of operations and cash flows.
Changes in consumers’ preferences, regulatory or industry requirements, or competitive technologies could render
certain of our products obsolete or less attractive. For instance, a shift in consumer preferences away from plastic
products could potentially lead to a reduction in plastic consumerware purchases. For more details, see “-We
engage in a competitive business and if we fail to compete effectively, it would have a material adverse effect on
our business, financial condition, results of operations and cash flows” on page 44. Other changes in consumer
preferences could relate to, among others, improved functionality, product innovation, attractive design, use of
new and more advanced materials and better quality. Further, increased government regulations aimed at reducing
plastic waste and promoting sustainability could require us to re-evaluate our product portfolio and invest in
sustainable materials and processes. Our failure to anticipate and adapt to such changes promptly could result in
lower demand for our products, reduction in market share, and adverse effects on our results of operations.
Moreover, with a growing demand for products that minimize environmental impact, our competitors could make
use of innovative manufacturing processes and advancements in technologies to produce biodegradable products,
which could pose a threat to the viability of our existing product portfolio. To mitigate these risks, we continuously
monitor market trends, invest in research and development initiatives, and proactively engage with stakeholders
to innovate and differentiate our products to meet evolving customer preferences and regulatory requirements.
Continuous investment in research and development is necessary to innovate and stay competitive. The table
below sets forth the amount we spent on design and research and development of our products for Fiscals 2025,
2024 and 2023, respectively, and such costs as a percentage of revenue from operations and total expenses.
Year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Mould design and development team cost [A] (₹ in million) 10.83 10.15 9.28
Product design and development team cost 4.43 3.67 2.28
[B] (₹ in million)
Total R&D expenses [C=A+B] (₹ in million) 15.26 13.82 11.56
Total R&D expenses as a percentage of total expenses [D=C/F] 0.31 0.30 0.28
(%)
Total R&D expenses as a percentage of revenue from 0.27 0.27 0.26
operations [E=C/G] (%)
Total expenses [F] (₹ in million) 4,950.33 4,556.03 4,060.34
Revenue from operations [G] (₹ in million) 5,581.67 5,128.53 4,434.86
Failure to develop new products that meet market demands or technological advancements could result in
obsolescence. While we continuously monitor industry trends, invest in mould and product design and actively
engage with our customers to meet evolving customer preferences, we cannot guarantee that we will be able to
meet evolving customer preferences and the failure to do so could have a material adverse effect on our business,
financial condition, results of operations and cash flows. In Fiscals 2025, 2024 and 2023, we were able to meet
evolving customer preferences.
43As per the Technopak Report, the consumerware industry faces ongoing shifts in preferences related to product
quality, design, and sustainability, and key challenges include meeting rising demands for eco-friendly materials
like biodegradable plastics or alternatives such as bamboo or metal, and adapting to consumer desires for unique
and customizable designs. For more details, see “Industry Overview – 4.5 Key Threats and Challenges for All
Time Plastics and other players in this industry” on page 230. If we are unable to adequately respond to market
trends it could result in loss of market share and thereby have a material adverse effect on our business, financial
condition, results of operations and cash flows. In Fiscals 2025, 2024 and 2023, we were able to adequately
respond to market trends.
7. We are currently dependent on the continued efforts and contributions of our Promoters for the
success of our business and if they cease to be involved in or decrease their involvement in our business
prior to us having a succession plan in place, it could have a material adverse effect our business,
financial condition, results of operations and cash flows.
We are currently dependent on the continued efforts and contributions of our Promoters, namely, Kailesh
Punamchand Shah, Chairman and Managing Director, Bhupesh Punamchand Shah, Whole-time Director and
Nilesh Punamchand Shah, Whole-time Director, for the success of our business. Each of our Promoters has over
40 years of experience in the consumerware industry and have been instrumental to the growth of our business,
right from our Company’s incorporation. We believe that the inputs and experience of our Promoters are valuable
for the growth and development of our business. Our Promoters have deep industry knowledge and play a major
role in developing and building relations with our key stakeholders, including suppliers and customers. Further,
the Promoters have played pivotal roles in shaping our vision, values, and long-term objectives. Their leadership
has not only guided our strategic decisions but also fostered a culture of innovation within our organization. For
details in relation to their experience, see “Our Management - Brief biographies of Directors” on page 321.
While we are committed to ensuring a smooth transition in leadership roles, succession planning poses a
significant challenge given the Promoters’ experience. Any delays or inadequacies in succession planning could
expose us to operational disruptions and strategic misalignment. Any sudden departure or reduced involvement
of any of the Promoters in our business prior than planned could have a material adverse effect on our business,
financial condition, results of operations and cash flows.
8. We engage in a competitive business and if we fail to compete effectively, it would have a material
adverse effect on our business, financial condition, results of operations and cash flows.
The markets in which we sell our products are competitive and we face competition from organized and
unorganized consumerware manufacturers in India and overseas. For details on our competitors, see “Our
Business–Competition” on page 296.
For details on operational benchmarking for us and our competitors in India, see “Industry Overview-Operational
Benchmarking” on page 237. For details on financial benchmarking for us and our competitors in India, see
“Industry Overview-Financial Benchmarking” on page 247. In addition, for details in relation to a comparison of
the KPIs and certain Ind AS financial measures of our Company with our peer group, see “Basis for Offer Price
- Comparison of the KPIs and certain Ind AS financial measures of our Company and our listed peers” on page
166.
The plastic houseware market is fragmented with numerous brands, making it difficult for companies to capture
a large chunk of market share (source: Technopak Report). Further, the market saturation could lead to a loss of
market share for us. Some of our competitors could have access to greater financial or other resources than we do,
which could afford them greater purchasing power, greater production efficiency, increased financial flexibility
or more capital resources for expansion and improvement. Furthermore, our competitors’ actions, including
expanding manufacturing capacity, or the entry of new competitors into our market could cause us to lower prices
in an effort to maintain our sales volume. Additionally, the competitive nature of the business is intensified by the
large number of unorganized players operating in the sector, leading to the availability of cost-effective labour
options, which may affect our business. In addition, we face increasing competition across our product portfolio.
Some of our competitors may be able to produce similar or equivalent products at lower costs than us due to
factors such as lower labour expenses, economies of scale, or access to cheaper raw materials. These advantages
enable them to offer competitive pricing, potentially impacting our market share and profitability. Changes in the
product focus of larger manufacturers could also result in such manufacturers establishing relationships with our
customers that could reduce or entirely replace our business with those customers. In addition, certain key
44customers to whom we currently sell certain products could decide to compete with us as manufacturers of these
products. Competition did not have a material adverse effect on our business, financial condition, results of
operations and cash flows for Fiscals 2025, 2024 and 2023. However, if we fail to compete effectively, it could
have a material adverse effect on our business, financial condition, results of operations and cash flows.
In addition, our competition lies not just within the plastic consumerware industry but also with other material
industries, such as glass, metal, and ceramics. Though plastic is often cost effective as compared to these materials,
changing consumer preferences and the trend towards premiumisation results in higher income consumers often
opting for other more aesthetic and sustainable materials than plastic (source: Technopak Report). Additionally,
there is an ongoing concern about the health effects of chemicals used in plastic products due to which consumers
are seeking BPA-free plastic (source: Technopak Report). Also, with rising environmental concerns, acceptance
for alternative eco-friendly and sustainable material products is increasing, and some consumers are shifting
towards opting for such products made from materials like bamboo and ceramics, even at a premium price (source:
Technopak Report). This shift can be a threat to the plastic consumerware market and hence plastic players are
looking for sustainable and recyclable plastic options along with expansion to newer material types (source:
Technopak Report). To mitigate the effects of a potential increase in consumer preferences towards alternative
eco-friendly and sustainable material products, we are also looking to expand into manufacturing bamboo
products. For details, see “Our Business-Our Strategies-Diversify our revenue stream through the manufacturing
of bamboo products” on page 273.
9. The Offer consists of a Fresh Issue of Equity Shares aggregating to ₹2,800.00 million* and an Offer
for Sale of 4,385,562 equity shares* of face value ₹2 each by the Selling Shareholders aggregating to
₹1,206.03 million*. Our Company will not receive any proceeds from the Offer for Sale.
The Offer consists of a Fresh Issue of Equity Shares aggregating to ₹2,800.00 million* and an Offer for Sale of
4,385,562 equity shares of face value ₹2 each by the Selling Shareholders aggregating to ₹1,206.03 million*. A
Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for an amount aggregating
to ₹700.00 million. Accordingly, the size of the Fresh Issue has been reduced by ₹700.00 million and the revised
Fresh Issue size aggregates to ₹2,800.00 million.
*Subject to finalisation of the Basis of Allotment
The details of the Offer for Sale and the pre-Offer shareholding of the Selling Shareholders as at the date of this
Prospectus is as set forth in the table below:
Name of Selling Type Number of equity Percentage Offered Shares / Weighted
Shareholder shares of face of paid up Amount average cost of
value ₹2 each held Equity acquisition per
by the Selling Share Equity Share
Shareholders Capital (%) (in ₹)
Kailesh Promoter Selling 16,740,174 30.26 1,461,854 equity 1.31
Punamchand Shareholder shares* of face value
Shah ₹2 each aggregating
to ₹402.01 million*
Bhupesh Promoter Selling 16,745,174 30.27 1,461,854 equity 1.31
Punamchand Shareholder shares* of face value
Shah ₹2 each aggregating
to ₹402.01 million*
Nilesh Promoter Selling 16,740,174 30.26 1,461,854 equity 1.31
Punamchand Shareholder shares* of face value
Shah ₹2 each aggregating
to ₹402.01 million*
*Subject to finalisation of the Basis of Allotment
Each of the Selling Shareholders will be entitled to their respective portion of the proceeds from the Offer for Sale
in proportion of the Equity Shares offered by the respective Selling Shareholders as part of the Offer for Sale. The
expenses of the Selling Shareholders will, at the outset, be borne by our Company and each Selling Shareholder
will reimburse our Company for such expenses (inclusive of taxes) incurred by our Company on behalf of such
Selling Shareholders, in relation to the Offer in the manner as prescribed under applicable law and in a manner as
may be mutually agreed among our Company and the Selling Shareholders. Our Company will not receive any
proceeds from the Offer for Sale. For more details, see “Objects of the Offer – Offer for Sale” on page 128.
4510. We are required to obtain and maintain a number of statutory and regulatory approvals for
undertaking our business. A majority of our approvals, licenses, registrations and permits, including
the consent to operate and consent to manufacture under environmental laws, are granted for a limited
duration and require renewal from time to time. While we plan to apply for renewal of these approvals
as and when they are due to expire, we cannot assure you that such renewals will be issued or granted
to us in a timely manner, or at all. If we fail to obtain, keep and renew such licenses, registrations,
permits and approvals it could have a material adverse effect on our business, financial condition,
results of operation and cash flows.
We are required to obtain and maintain a number of statutory and regulatory licenses, permits and approvals in
India, generally for carrying out our business and for each of our manufacturing facilities. For further details on
regulatory licenses, permits and approvals in India, including in relation to their validity, as applicable, see
“Government and Other Approvals” on page 457. A majority of these approvals, including the consent to operate
and consent to manufacture under environmental laws, are granted for a limited duration and require renewal from
time to time. While we will apply for renewal of these approvals as and when they are due to expire, we cannot
assure you that such renewals will be issued or granted to us in a timely manner, or at all. Additionally, consequent
upon the change of the name of our Company from ‘All Time Plastics Private Limited’ to ‘All Time Plastics
Limited’, pursuant to conversion of our Company from a private limited company to a public limited company,
we have filed certain applications / intimations for issuance of fresh licenses, consents, registrations, permissions
and approvals or to take on record the change of name in various licenses obtained from regulatory or statutory
authorities under the applicable laws, as applicable. The outcome of some of these applications / intimations are
still pending. If we do not receive such approvals or are not able to renew the approvals in a timely manner, we
may be subject to penalties and/or suspension of our operations at a facility that does not have the requisite licenses
or approvals, any of which could have a material adverse effect on our business, financial condition, results of
operations and cash flows.
Further, the approvals, licenses, registrations, and permits issued by relevant central and state authorities under
various rules and regulations are subject to several conditions and we cannot assure you that we will be able to
continuously meet such conditions, which could lead to cancellation, revocation or suspension of such approvals,
licenses, registrations, and permits. If there is any failure by us to comply with the applicable regulations or if the
regulations governing our business are amended, we could incur increased compliance costs, be subject to
penalties, have our licenses, approvals and permits revoked or suffer a disruption in our operations, any of which
could have a material adverse effect on our business and results of operations. Since April 1, 2022, none of our
approvals, licenses, registrations, consents and permits have been suspended or revoked for non-compliance with
any terms or conditions thereof or pursuant to any regulatory action and we have not been subject to any penalties
in relation thereto.
11. Our Company is involved in certain legal and regulatory proceedings. Any adverse decision in such
proceedings may have an adverse effect on our business, results of operations, financial condition and
cash flows.
There are outstanding legal and regulatory proceedings involving our Company that are pending at different levels
of adjudication before various courts, tribunals and other authorities. The summary of such outstanding material
legal and regulatory proceedings as on the date of this Prospectus is set out below:
Disciplinary
Aggregate
actions by the
Category of Statutory or Material amount
Criminal Tax SEBI or Stock
individuals / Regulatory Civil involved*
Proceedings Proceedings Exchange
entity Proceedings Litigation (₹ in
against our
million)
Promoters
Company
By our Company 1 NA NA NA Nil 0.56
Against our 1 4 Nil NA Nil 36.55*
Company
Directors
By our Directors Nil NA NA NA Nil Nil
46Disciplinary
Aggregate
actions by the
Category of Statutory or Material amount
Criminal Tax SEBI or Stock
individuals / Regulatory Civil involved*
Proceedings Proceedings Exchange
entity Proceedings Litigation (₹ in
against our
million)
Promoters
Against our Nil Nil Nil NA Nil Nil
Directors
Promoters
By our Promoters Nil NA NA NA Nil Nil
Against our Nil Nil Nil Nil Nil Nil
Promoters
Subsidiaries
By our Nil NA NA NA Nil Nil
Subsidiaries
Against our Nil Nil Nil NA Nil Nil
Subsidiaries
Key Managerial Personnel
By our KMPs Nil NA NA NA NA Nil
Against our KMPs Nil NA Nil NA NA Nil
Senior Management Personnel
By our SMPs Nil NA NA NA NA Nil
Against our SMPs Nil NA Nil NA NA Nil
* To the extent quantified.
For further information, see “Outstanding Litigation and Other Material Developments” on page 451. Such
proceedings could divert the management’s time and attention and consume financial resources in their defence
or prosecution. We cannot assure you that any of the outstanding matters will be settled in favour of our Company,
or that no additional liability will arise out of these proceedings. An adverse outcome in any of these proceedings
may have an adverse effect on our business, financial condition, results of operations, cash flows and reputation.
As at March 31, 2025, we had nil provisions in relation to the proceedings referenced in the table above and we
had contingent liabilities aggregating to ₹6.00 million towards customs duty in relation to one of the tax litigation
matters.
12. We may be subject to restrictions on manufacturing and selling products under our “alltime” brand
that are similar to the products that we manufacture for our customers under their own brands. These
restrictions could limit our ability to grow our “alltime” brand of products, which could have an
adverse effect on the growth of our business.
We are primarily engaged in white-label manufacturing for global retailers, producing products tailored to their
specific requirements. While we do not hold proprietary interests in the designs of these white-label products, the
agreements we enter into with our clients may include clauses that restrict our ability to manufacture and sell
similar products under our own “alltime” brand. These restrictions are intended to protect the exclusivity and
market position of our clients’ products, thereby limiting our capacity to leverage our manufacturing capabilities
for our brand. Such contractual restrictions may prevent us from entering into certain market segments or offering
competitive products that could enhance our “alltime” brand portfolio. This limitation could hinder our ability to
diversify our product offerings and tap into emerging consumer trends or demands that align with our
manufacturing strengths.
The abovementioned contractual restrictions did not have a material adverse effect on our business, financial
condition, results of operations and cash flows in Fiscals 2025, 2024 and 2023. However, as our white-label
business expands, the effect of these restrictions could increase, further constraining our strategic flexibility and
ability to innovate under the “alltime” brand. As such, these contractual limitations could pose significant risks to
our growth strategy, operational efficiency, and market competitiveness, potentially affecting our long-term
financial performance.
Furthermore, any inadvertent breach of these contractual obligations could lead to significant legal disputes,
resulting in financial penalties, reputational damage, and strained relationships with clients. The financial and
operational burden of resolving such disputes could divert management's attention and resources away from
47strategic initiatives and growth opportunities. To our knowledge, since April 1, 2022, we have not breached these
contractual obligations.
13. We have entered into, and will continue to enter into, related party transactions. We cannot assure you
that we could not have achieved more favourable terms had such transactions not been entered into
with related parties.
We have entered into transactions with several related parties, including our Promoters. The table below sets forth
the total amount of our related party transactions for the Fiscals indicated and such amount as a percentage of our
revenue from operations.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of % of % of
Particulars Amount Amount Amount
revenue revenue revenue
(₹ in (₹ in (₹ in
from from from
million) million) million)
operations operations operations
Related party transactions* 108.71 1.95% 124.61 2.43% 109.68 2.47%
Revenue from operations 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
Note:
* Only includes income and expense figures and not balance sheet items.
The table below provides details of the related party transactions entered into by the Company, which, when taken
together for the last three fiscal years, exceed 10% of the total transactions of a similar nature.
Fiscal 2025 Fiscal 2024 Fiscal 2023
Particulars (Consolidated) (Standalone) (Standalone)
(₹ in million, except percentages)
Rent paid to related parties [A] 17.42 29.00 24.50
Rent paid to related parties as a percentage of total rent paid 61.06% 73.82% 70.00%
[B=A/C]
Total rent paid [C] 28.53 39.28 35.00
Salary to related parties [D] 72.19 51.64 39.55
Salary paid to related parties as a percentage of Employee 15.25% 12.76% 11.30%
benefit expenses [E=D/F]
Employee benefit expenses [F] 473.39 404.58 349.94
Interest to related parties [G] 9.75 35.53 37.44
Interest paid to related parties as a percentage of finance 6.64% 19.61% 23.01%
cost [H=G/I]
Finance cost [I] 146.87 181.21 162.74
The table below sets forth a summary of related party transactions entered into by the Group for the fiscal years
indicated and the outstanding balances with such related parties as at the dates indicated, as per Ind AS 24 –
Related Party Disclosures and the details of the relationship of the respective related party with the Group.
Related party transactions Outstanding balances with related
party
Year Year Year As at March As at As at
Relationshi ended ended ended 31, 2025 March 31, March 31,
Nature of Related
p with the March March 31, March 31, (Conso- 2024 2023
Transaction Party
Group 31, 2025 2024 2023 lidated) (Stand- (Stand-
(Conso- (Stand- (Stand- alone) alone)
lidated) alone) alone)
(₹ in million)
Kailesh Director of 23.88 19.60 14.87 0.82 3.69 1.68
Expenses: Punamchand our
Short term Shah Company
employee Nilesh Director of 17.91 14.70 11.15 0.50 2.86 1.15
benefits Punamchand our
Shah Company
48Related party transactions Outstanding balances with related
party
Year Year Year As at March As at As at
Relationshi ended ended ended 31, 2025 March 31, March 31,
Nature of Related
p with the March March 31, March 31, (Conso- 2024 2023
Transaction Party
Group 31, 2025 2024 2023 lidated) (Stand- (Stand-
(Conso- (Stand- (Stand- alone) alone)
lidated) alone) alone)
(₹ in million)
Bhupesh Director of 11.94 9.80 7.43 0.07 1.93 0.79
Punamchand our
Shah Company
Son of 3.92 3.22 2.68 - - -
Kailesh
Punamchan
Dhvanit
d Shah,
Kailesh Shah
Director of
our
Company
Son of 3.80 3.22 2.68 - - -
Nilesh
Punamchan
Akshay
d Shah,
Nilesh Shah
Director of
our
Company
Daughter- 1.43 1.11 0.73 - - -
in-law of
Nilesh
Stuti Akshay Punamchan
Shah d Shah,
Director of
our
Company
Daughter of 0.38 - - - - -
Kailesh
Punamchan
Riddhi
d Shah,
Kailesh Shah
Director of
our
Company
Son of 0.15 - - - - -
Bhupesh
Punamchan
Malav
d Shah,
Bhupesh Shah
Director of
our
Company
Key 7.18 - - - - -
Manish Managerial
Gattani Personnel
(KMP)
Key 1.60 - - - - -
Antony Pius Managerial
Alapat Personnel
(KMP)
Kailesh 9.93 20.39 16.38 - (0.25) 0.14
Punamchan
d Shah,
Pyramid Bhupesh
Rent
Plastics Punamchan
d Shah and
Nilesh
Punamchan
49Related party transactions Outstanding balances with related
party
Year Year Year As at March As at As at
Relationshi ended ended ended 31, 2025 March 31, March 31,
Nature of Related
p with the March March 31, March 31, (Conso- 2024 2023
Transaction Party
Group 31, 2025 2024 2023 lidated) (Stand- (Stand-
(Conso- (Stand- (Stand- alone) alone)
lidated) alone) alone)
(₹ in million)
d Shah,
Directors of
our
Company,
are partners
Kailesh 6.04 5.76 5.48 0.59 - -
Punamchan
d Shah,
Bhupesh
Punamchan
B. T. Plastics d Shah and
& Allied Nilesh
Industries Punamchan
d Shah,
Directors of
our
Company,
are partners
Mother of 0.92 1.76 1.60 - - 0.12
Kailesh
Punamchan
d Shah,
Bhupesh
Vasanti Punamchan
Punamchand d Shah and
Shah Nilesh
Punamchan
d Shah,
Directors of
our
Company
Kailesh 0.53 1.09 1.04 - - 0.08
Punamchan
d Shah,
Bhupesh
Punamchan
d Shah and
P.H.Shah Nilesh
(HUF) Punamchan
d Shah,
Directors of
our
Company,
are co-
parceners
Nilesh Director of 3.27 10.64 10.69 - 2.45 2.21
Punamchand our
Shah Company
Bhupesh Director of 2.65 9.40 12.80 - 2.01 1.46
Interest Punamchand our
Shah Company
Kailesh Director of 1.59 4.64 3.39 - 1.15 0.71
Punamchand our
Shah Company
50Related party transactions Outstanding balances with related
party
Year Year Year As at March As at As at
Relationshi ended ended ended 31, 2025 March 31, March 31,
Nature of Related
p with the March March 31, March 31, (Conso- 2024 2023
Transaction Party
Group 31, 2025 2024 2023 lidated) (Stand- (Stand-
(Conso- (Stand- (Stand- alone) alone)
lidated) alone) alone)
(₹ in million)
Spouse of 2.23 8.45 8.45 - 1.91 1.93
Kailesh
Punamchan
Rupal Kailesh
d Shah,
Shah
Director of
our
Company
Daughter of - 1.11 1.03 - - -
Kailesh
Punamchan
Riddhi
d Shah,
Kailesh Shah
Director of
our
Company
Mother of - 0.74 0.72 - - -
Kailesh
Punamchan
d Shah,
Bhupesh
Vasanti Punamchan
Punamchand d Shah and
Shah Nilesh
Punamchan
d Shah,
Directors of
our
Company
Son of - 0.54 0.38 - - -
Bhupesh
Punamchan
Malav
d Shah,
Bhupesh Shah
Director of
our
Company
Kailesh 7.99 8.44 8.20 0.65 0.53 0.99
Punamchan
d Shah,
Bhupesh
Punamchan
Reimbursem B. T. Plastics d Shah and
ent of & Allied Nilesh
expense Industries Punamchan
d Shah,
Directors of
our
Company,
are partners
Enterprise 39.00 - - - - -
controled
Purchase of Chhaya by Relative
property, Plastic of key
plant and managemen
equipment t personnel
P.H.Shah Enterprise 22.80 - - - - -
(HUF) having
51Related party transactions Outstanding balances with related
party
Year Year Year As at March As at As at
Relationshi ended ended ended 31, 2025 March 31, March 31,
Nature of Related
p with the March March 31, March 31, (Conso- 2024 2023
Transaction Party
Group 31, 2025 2024 2023 lidated) (Stand- (Stand-
(Conso- (Stand- (Stand- alone) alone)
lidated) alone) alone)
(₹ in million)
common
KMPs/
under
control of
KMPs
Enterprise 224.43 - - - - -
having
common
Pyramid
KMPs/
Plastics
under
control of
KMPs
Shrinivas Non- 0.43 - - - - -
Damodar executive
Joshi Director
Belur Krishna Non- 0.48 - - - - -
Sitting fees Murthy executive
Sethuram Director
Lakshmi Non- 0.45 - - - - -
Anant executive
Nadkarni Director
All Time
Investment Plastics Pte. Subsidiary
0.06 - - - - -
made Ltd, Company
Singapore
Bhupesh Director of - 25.70 47.20 - 70.15 92.56
Punamchand our
Shah Company
Nilesh Director of - 23.90 85.80 - 83.36 87.82
Punamchand our
Shah Company
Kailesh Director of - 22.70 38.30 - 40.20 32.19
Punamchand our
Shah Company
Spouse of - 7.40 20.38 - 56.29 72.43
Kailesh
Punamchan
Rupal Kailesh
d Shah,
Shah
Director of
Unsecured
our
loan
Company
obtained
Daughter of - 9.50 9.00 - - -
Kailesh
Punamchan
Riddhi
d Shah,
Kailesh Shah
Director of
our
Company
Mother of - 6.30 6.50 - - -
Kailesh
Vasanti Punamchan
Punamchand d Shah,
Shah Bhupesh
Punamchan
d Shah and
52Related party transactions Outstanding balances with related
party
Year Year Year As at March As at As at
Relationshi ended ended ended 31, 2025 March 31, March 31,
Nature of Related
p with the March March 31, March 31, (Conso- 2024 2023
Transaction Party
Group 31, 2025 2024 2023 lidated) (Stand- (Stand-
(Conso- (Stand- (Stand- alone) alone)
lidated) alone) alone)
(₹ in million)
Nilesh
Punamchan
d Shah,
Directors of
our
Company
Son of - 4.60 4.30 - - -
Bhupesh
Punamchan
Malav
d Shah,
Bhupesh Shah
Director of
our
Company
Bhupesh Director of 70.15 48.11 78.42 - - -
Punamchand our
Shah Company
Nilesh Director of 83.36 28.37 99.85 - - -
Punamchand our
Shah Company
Kailesh Director of 40.20 14.69 8.95 - - -
Punamchand our
Shah Company
Spouse of 56.29 23.54 4.46 - - -
Kailesh
Punamchan
Rupal Kailesh
d Shah,
Shah
Director of
our
Company
Daughter of - 9.50 9.00 - - -
Kailesh
Punamchan
Riddhi
d Shah,
Unsecured Kailesh Shah
Director of
loan repaid
our
Company
Mother of - 6.30 6.50 - - -
Kailesh
Punamchan
d Shah,
Bhupesh
Vasanti Punamchan
Punamchand d Shah and
Shah Nilesh
Punamchan
d Shah,
Directors of
our
Company
Son of - 4.60 4.30 - - -
Bhupesh
Malav
Punamchan
Bhupesh Shah
d Shah,
Director of
53Related party transactions Outstanding balances with related
party
Year Year Year As at March As at As at
Relationshi ended ended ended 31, 2025 March 31, March 31,
Nature of Related
p with the March March 31, March 31, (Conso- 2024 2023
Transaction Party
Group 31, 2025 2024 2023 lidated) (Stand- (Stand-
(Conso- (Stand- (Stand- alone) alone)
lidated) alone) alone)
(₹ in million)
our
Company
For further details, see “Financial Statements – Notes to the Restated Consolidated and Standalone Financial
Information – Note 42 – Related party disclosure” and “-We have entered into transactions with our Promoters
and certain members of our Promoter group, which include payments in the form of property acquisition costs,
and license fees for properties used in our operations as well payment of interest in connection to certain
borrowings availed by us. We cannot assure you that we could not have achieved more favourable terms had such
transactions not been entered into with our Promoters and members of the Promoter Group” on pages 394 and
81, respectively.
While all such transactions in the past have been conducted on an arms-length basis and in compliance with the
Companies Act, 1956 or the Companies Act, 2013, each as amended, as may be applicable, and other applicable
law, there can be no assurance that we could not have achieved more favourable terms had such transactions not
been entered into with related parties. Furthermore, it is likely that we will continue to enter into related party
transactions in the future. While in terms of the Companies Act, 2013 and the SEBI Listing Regulations, certain
related party transactions require Audit Committee and Shareholders’ approval, there can be no assurance that
these or any future related party transactions that we may enter into, individually or in the aggregate, will not have
an adverse effect on our business and results of operations.
14. Our financing agreements contain covenants that limit our flexibility in operating our business. Any
future failure to meet the conditions under our financing arrangements or obtain any consents
thereunder could have a material adverse effect on our business, financial condition, results or
operations and cash flows.
As at June 30, 2025, the aggregate of our fund-based borrowings and non-fund based borrowings was ₹2,225.59
million on a consolidated basis (of which, ₹2,101.59 million was for fund-based borrowings and ₹124.00 million
is for non-fund based borrowings). For details, see “Financial Indebtedness” on page 448.
The table below sets forth our Total Borrowings (non-current borrowings plus current borrowings) as at the dates
indicated and the ageing of our borrowings in those Total Borrowings.
As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Fiscal the loan was availed (Consolidated) (Standalone) (Standalone)
(₹ in million)
Fiscal 2019 - - 15.60
Fiscal 2020 - - 21.58
Fiscal 2021 41.62 85.95 135.99
Fiscal 2022 156.57 250.35 463.90
Fiscal 2023 235.06 497.48 1,080.34
Fiscal 2024 321.46 589.68 -
Fiscal 2025 1,430.40 - -
Total Borrowings 2,185.11 1,423.46 1,717.40
We are bound by restrictive and other covenants in our facility agreements with various lenders, including but not
limited to, restrictions on the utilisation of the loan for certain specified purposes, timely provision of information
and documents, timely creation of security, obtaining prior consent from existing lenders and maintenance of
financial ratios, including debt to tangible net worth, debt-service coverage ratio and fixed assets coverage ratio.
Further, most of our loan documents contain restrictive covenants that require us to obtain the prior written
approval from the appropriate lender for various corporate actions, including effecting any change in the
management or control or the majority shareholding of our Company, any merger, amalgamation or other
restructuring that affects the control of the existing Shareholders over our Company, or any amendment or
54modification of the MoA of our Company. In addition, our terms loans and working capital facilities are secured
by, among others, a hypothecation over the equipment, current assets and moveable assets, equity mortgage our
immoveable properties and personal guarantees from our Promoters and certain other persons. As of the date of
this Prospectus, we have received all consents required from our lenders in connection with the Offer.
Since April 1, 2022, we have not rescheduled any repayments of our loans or breached any covenants under our
loan agreements. However, our Company cannot assure you we will not breach any covenants under our loan
agreements in the future and that in case of any such breach in future, our lenders will not exercise their rights
against us. Any such exercise of rights could have a material adverse effect on our financial condition, results of
operations and cash flows and adversely affect our reputation.
Our failure to comply with restrictive covenants or to obtain our lenders’ consent to take such actions in a timely
manner or at all could also result in an event of default, which could accelerate repayment of the relevant loans or
increase applicable interest rates or even trigger cross-defaults under our other financing agreements or other
agreements or instruments containing cross-default provisions. Further, a breach of our facility agreements could
also trigger a right of the lenders to enforce the security provided. An event of default could also affect our ability
to raise new funds or renew maturing borrowings that could be needed to conduct our operations and pursue our
growth initiatives. In addition, our ability to obtain further financing on terms and conditions acceptable to us
could be severely and negatively impacted as a result of these restrictions and breaches, and we cannot guarantee
that we will be able to repay our loans in full, or at all, upon receiving a recall or acceleration notice, or otherwise.
A failure to comply with repayment schedules and other conditions prescribed under financing arrangements could
have an adverse effect on our credit ratings, and any loan agreement termination and subsequent action taken by
our lenders could individually or in aggregate have an adverse effect on our business, results of operations, cash
flows and financial condition.
Further, we have availed loans to help fund the purchase of eight vehicles, wherein each of these vehicles is
offered as security. As at June 30, 2025, the outstanding amount of these vehicle loans was ₹6.69 million (on a
consolidated basis). Default on these loans could result in the lender taking possession of the vehicles purchased
as security. This could result in a disruption in our operations, as we may not have sufficient vehicles to carry out
our business activities.
15. The success of our business depends greatly on our ability to effectively manage our business and
implement our strategies. We may not be successful in implementing our growth strategies, such as
increasing our production capacity, enhancing our automation and tool development capabilities and
diversifying our product lines through the manufacturing of bamboo products, which could have a
material adverse effect on our business, financial condition, results of operations and cash flows.
There can also be no assurance that our growth strategies, if completed or implemented, will result in
the anticipated growth in our revenues or improvement in our results of operations. In pursuing our
growth strategy, we will require significant capital investments, which could have a material adverse
effect on our financial condition, results of operations and cash flows.
The success of our business depends greatly on our ability to effectively manage our business and implement our
strategies. As part of our growth strategies, we plan on, among other things, increasing our production capacity,
enhancing our automation and tool development capabilities and diversifying our product lines through the
manufacturing of bamboo products. All Time Bamboo Private Limited was incorporated as our Company’s
wholly-owned subsidiary on July 5, 2025, under the laws of India, to operate our business relating to bamboo
consumerware. For further details, see “Our Business – Our Strategies” on page 270.
In pursuing our growth strategy, we will require significant capital investments, which could have a material
adverse effect on our financial condition, results of operations and cash flows. We will continue to incur significant
expenditure in maintaining and growing our existing infrastructure and developing and implementing new
technologies as part of our strategy. Our strategy to enhance automation and tool development capabilities and
diversify our product lines through the manufacturing of bamboo products could require us to raise additional
funds for our capital expenditure or long-term business plans. Further, with the aim of growing our manufacturing
capabilities, we aim to purchase a variety of equipment and machinery for the Manekpur Facility and installation
of automated storage and retrieval systems (ASRS) for the warehouse in our Manekpur Facility. Our Company
proposes to utilise up to ₹1,137.14 million from the Net Proceeds towards the purchase of equipment and
machinery to be installed in our manufacturing facility in Manekpur, Gujarat (the “Manekpur Facility”) and
installation of automated storage and retrieval systems (ASRS) for the warehouse in the Manekpur Facility. For
55details, see “Objects of the Offer – Details of the Objects – 2. Purchase of equipment and machinery for the
Manekpur Facility and installation of automated storage and retrieval system (ASRS) for warehouse in Manekpur
Facility on page 134. We cannot assure you that we will have sufficient capital resources for our current operations
or any future expansion plans that we could have. If our internally generated capital resources and available credit
facilities are insufficient to finance our capital expenditure and growth plans, we could, in the future, have to avail
additional financing from banks and financial institutions, which would increase our finance costs and thereby
adversely affect our results of operations and cash flows. Our ability to arrange financing and the costs of capital
of such financing are dependent on numerous factors, including general economic and capital market conditions,
credit availability from banks, investor confidence, the continued success of our operations and other laws that
are conducive to our raising capital in this manner. If we decide to meet our capital requirements through availing
sanctioned debt facilities, we could be subject to certain restrictive covenants.
We could also be exposed to certain risks, including difficulties arising from operating a larger and more complex
organisation; the failure to efficiently and optimally allocate management, technology and other resources across
our organisation; the failure to compete effectively with competitors; the failure to increase our production
capacity; the inability to control our costs; unexpected delays in completing projects or acquisitions; delays in the
granting of regulatory approvals; and unforeseen legal, regulatory, property, labour or other issues.
As we continue our growth by introducing new products, we could encounter personnel-related and other
difficulties that could increase our expenses and/or delay our plans. Our success in entering new segments is also
subject to factors including the nature and trends affecting such segments, demand for plastic consumerware,
general economic conditions that affect customers in these segments and competition within the consumerware
industry.
There can be no assurance that our growth strategies will be successfully implemented or completed or that if
completed, they will result in the anticipated growth in our revenues or improvement in our results of operations.
We also cannot assure you that we will be able to continue to expand further, or at the same rate. Further, we
expect our growth strategies to place significant demands on our management, financial and other resources and
require us to continue developing and improving our operational, financial and other internal controls. We cannot
assure you that our existing or future management, operational and financial systems, procedures and controls
will be adequate to support future operations or establish or develop business relationships beneficial to future
operations. Failure to manage growth effectively could have an adverse effect on our business, financial condition,
results of operations and cash flows.
16. Although our Company’s reporting currency is in Indian Rupees, we transact a significant portion of
our business in US dollars. Our foreign currency exchange risks arise primarily from our foreign
currency receivables, import of raw materials and capital goods for our operations and export of
goods, which could materially and adversely affect our financial condition, results of operations and
cash flows.
Although our Company’s reporting currency is in Indian Rupees, we transact a significant portion of our business
in US dollars. Our foreign currency exchange risks arise primarily from our foreign currency receivables, import
of raw materials and capital goods for our operations and export of goods. Although we closely follow our
exposure to foreign currencies and selectively enter into hedging transactions in an attempt to reduce the risks of
currency fluctuations, these activities are not always sufficient to protect us against incurring potential losses if
currencies fluctuate significantly. In addition, the policies of the RBI may also change from time to time, which
may limit our ability to effectively hedge our foreign currency exposures and could have an adverse effect on our
results of operations and cash flows. Any losses on account of foreign exchange fluctuations may materially and
adversely affect our financial condition, results of operations and cash flows.
Further, All Time Plastics Pte. Limited, our Company’s wholly owned subsidiary, prepares its financial statements
in Singapore dollars. The financial statements of All Time Plastics Pte. Limited are translated into Indian Rupees
for the purposes of consolidation as follows:
a) Assets and liabilities are translated at the closing rate prevailing on the reporting date;
b) Income and expenses are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transactions); and
56c) All resulting exchange differences are recognised in other comprehensive income.
The table below sets forth our net exposure to foreign currencies as at the dates indicated.
As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Particulars (Consolidated) (Standalone) (Standalone)
(₹ in million)
Trade receivables 352.83 157.27 185.48
EEFC bank account 14.02 15.51 30.24
Cash in hand 0.09 0.19 0.08
Advances to suppliers 3.23 11.75 1.06
Financial assets [A] 370.17 184.72 216.86
Trade payables 104.64 161.85 191.14
Payable for capital goods 121.71 6.89 9.53
Current borrowings 485.46 111.28 90.65
Non-current borrowings 419.88 254.29 -
Advances from customers 0.42 4.27 0.38
Financial liabilities [B] 1,132.11 538.58 291.70
Net exposure [C] = [B – A] 761.94 353.86 74.84
The table below sets forth our net foreign exchange gain/(loss) for the fiscal years indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
Particulars
(Consolidated) (Standalone) (Standalone)
Net foreign exchange gains/ (losses) [A] (₹ in 3.98 27.58 (3.31)
million)
Net foreign exchange gains/ (losses) as a percentage 0.07% 0.54% (0.07%)
of revenue from operations [B = A/C] (%)
Revenue from operations [C] (₹ in million) 5,581.67 5,128.53 4,434.86
For additional quantitative disclosures on foreign currency risks, see “Restated Consolidated and Standalone
Financial Information – Note 48 – Financial risk management objectives and policies– (a) Foreign currency risk”
on page 400.
17. Four out of our six Directors do not have prior experience of holding a directorship in a company
listed on the Stock Exchanges. Post listing of the Equity Shares on the Stock Exchanges, our Company
will be subject to the applicable regulatory requirements of a listed company, including the regulations
prescribed under SEBI Listing Regulations and the Companies Act. This lack of prior experience
could increase the chance that our Company inadvertently breaches these regulatory requirements.
Any non-compliance with the regulatory requirements, due to lack of experience or otherwise, may
subject us to adverse regulatory actions, and have an adverse effect on the price of the Equity Shares.
Four out of our six Directors, namely Kailesh Punamchand Shah, Bhupesh Punamchand Shah, Nilesh
Punamchand Shah and Shrinivas Damodar Joshi, do not have any prior experience of holding directorship in a
company listed on the Stock Exchanges. Post listing of the Equity Shares, our Company will be subject to the
applicable regulatory requirements of a listed company, including the regulations prescribed under SEBI Listing
Regulations and the Companies Act. These laws impose various obligations related to corporate governance,
disclosure practices, and compliance measures. There is a potential for non-compliance with such laws,
particularly given that four out of our six Directors lack experience in navigating the regulatory environment of a
public listed company. We cannot assure you that we will be able to comply with the applicable regulatory
requirements at all times. Any non-compliance with the regulatory requirements, due to lack of experience or
otherwise, may subject us to adverse regulatory actions, and have an adverse effect on the price of the Equity
Shares.
18. We intend to utilize a portion of the Net Proceeds for funding our capital expenditure requirements,
which includes, among other things, the expansion of capacity through the purchase of equipment for
our Manekpur Facility. Such expansion of our manufacturing capacities may be subject to
operational challenges in implementing such expansion. In addition, we cannot assure you that we
will be able to undertake such capital expenditure within the cost indicated by such quotations or that
57there will not be cost escalations. If we are unable to successfully implement such capacity expansion
within the cost indicated it could have a material adverse effect on our business, financial condition,
results of operation and cash flows.
We intend to use a portion of the Net Proceeds for funding our capital expenditure requirements, which includes,
among other things, the expansion of capacity through the purchase of equipment and machinery for our Manekpur
Facility and the installation of automated storage and retrieval systems (ASRS) for the warehouse in our Manekpur
Facility. Such expansion of our manufacturing capacities may be subject to operational challenges in
implementing such expansion. We have yet to place orders for the total capital expenditure proposed to be
undertaken. We have not entered into any definitive agreements to utilize the Net Proceeds for this object of the
Offer and have relied on the quotations received from third parties for estimation of the cost. We have obtained
the quotations from various vendors in relation to such capital expenditure; however most of these quotations are
valid for a certain period of time and may be subject to revisions, and other commercial and technical factors,
including financial and market condition, business and strategy, competition, negotiation with suppliers, variation
in cost estimates on account of factors, including changes in design or configuration of the equipment and interest
or exchange rate fluctuations and other external factors including changes in the price of the equipment due to
variation in commodity prices which may not be within the control of our management. We cannot assure you
that we will be able to undertake such capital expenditure within the cost indicated by such quotations or that there
will not be cost escalations. For details, see “Objects of the Offer - – Details of the Objects – 2. Purchase of
equipment and machinery for the Manekpur Facility and installation of automated storage and retrieval system
(ASRS) for warehouse in Manekpur Facility” on page 134.
Further, we cannot assure you that we will be able to increase the capacity utilization of our manufacturing plant,
including due to any inability to secure orders from customers for our products. Additionally, the capital
expenditure incurred in relation to the manufacturing plants is generally long term in nature and may not generate
the expected returns due to market conditions or due to reduced demand from our customers. Significant adverse
changes from our expected returns on investment in manufacturing plants could have a material adverse effect on
our business, financial condition, results of operation and cash flows.
19. The processes for the manufacture of plastic consumerware have changed significantly since we
began our business, driven by advancements in technology and production techniques. If a new way
of manufacturing plastic products is discovered that results in the cost of production decreasing, in
order to compete effectively, we could be required to replace our existing machines with new types of
machines and thereby, we will incur additional capital expenditure, which could have a material
adverse effect on our financial condition, results of operations and cash flows.
The processes for the manufacture of plastic consumerware have changed significantly since we began our
business, driven by advancements in technology and production techniques, and ongoing research and innovation
could lead to the discovery of new manufacturing methods that reduce production costs. Since April 1, 2022, to
our knowledge, there have been no material changes in manufacturing methods of plastic consumerware.
However, if such innovations arise, in order to compete effectively, we could be required to replace our existing
machines with new types of machines and thereby we would incur additional capital expenditure, which could
have a material adverse effect on our financial condition and results of operations. Moreover, the transition to new
machinery may involve not only the direct costs of purchasing and installing the equipment but also additional
expenses related to training our workforce, potential downtime during the changeover, and the need to recalibrate
existing production workflows. These factors could collectively strain our financial resources and cash flows.
While we are committed to ongoing research and development in manufacturing processes to mitigate these risks,
there can be no assurance that such efforts will be successful in preventing adverse impacts on our business.
20. The Statutory Auditors have included certain observations in the annexure to their reports on the
Company’s audited financial statements for the years ended March 31, 2025, March 31, 2024 and
March 31, 2023, as required under the Companies (Auditor’s Report) Order, 2020.
The Statutory Auditors have included certain observations in the annexure to their reports on our Company’s
audited financial statements for the years ended March 31, 2025, March 31, 2024 and March 31, 2023, as required
under the Companies (Auditor’s Report) Order, 2020 (“CARO 2020 Order”), which do not require any
adjustment to the Restated Consolidated and Standalone Financial Information. These observations have been
included in Note 50 Part C to the Restated Consolidated and Standalone Financial Information together with a
58column indicating the explanation for the differences (remarks), which are set forth below, along with a column
indicating the status of any matters that were pending (status).
For the Year ended March 31, 2025
Clause (ii)(b) of CARO 2020 Order
“The Holding Company has been sanctioned working capital limits in excess of ₹ 50.00 million, in aggregate,
from banks and financial institutions on the basis of security of current assets. The quarterly returns or statements
filed by the Holding Company with such banks or financial institutions are in agreement with the books of
accounts of the Holding Company except as follows, which is also disclosed in note 25 to the Restated
Consolidated and Standalone Financial Information.”
As at March 31, 2025
Working Information
Nature of Information
capital as per
current disclosed as Difference
Name of limit books of
assets Quarter per returns/ (₹ in Remarks
the bank sanctioned accounts
offered as statement million)
(₹ in (₹ in
security (₹ in million)
million) million)
Citibank 300.00 Inventory January to
and Trade March
receivables 2025 The
HDFC 200.00 Inventory January to Inventory: Inventory: Inventory: differences
Bank and Trade March 551.98 736.18 (184.18) were owing
receivables 2025 and and and to the year-
HSBC 250.00 Inventory January to Trade Trade Trade end book
Bank and Trade March receivables: receivables: receivables: closure
receivables 2025 922.34 865.67 56.67 adjustments/
DBS Bank 300.00 Inventory January to entries
and Trade March
receivables 2025
Clause (vii) (b) of CARO 2020 Order
“According to the information and explanations given to us, there are no statutory dues referred in sub-clause
(a) which have not been deposited with the appropriate authorities on account of any dispute except for the
following:”
Period to
Gross Amount paid Forum where
Name of the Nature of which the
Amount under protest dispute is Status
Statute dues amount
(₹ in million) (₹ in million) pending
relates
Income-tax Income-tax 28.21 - Assessment Commissioner
The dispute is
Act, 1961 year of Income-tax
still pending
2022-23 (Appeals)
Custom Act, Custom duty 6.00 - Assessment Hon’ble
The dispute is
1962 year 2025-26 CESTAT,
still pending
Mumbai
For the Year ended March 31, 2024
Clause (ii)(b) of CARO 2020 Order
“The Holding Company has been sanctioned working capital limits in excess of ₹ 50.00 million, in aggregate,
from banks and financial institutions on the basis of security of current assets. The quarterly returns or statements
filed by the Holding Company with such banks or financial institutions are in agreement with the books of
accounts of the Holding Company except as follows, which is also disclosed in note 25 to the Restated
Consolidated and Standalone Financial Information.”
59As at March 31, 2024
Working
Nature of Information
capital Information
current disclosed as Difference
Name of limit as per books
assets Quarter per returns/ (₹ in Remarks
the bank sanctioned of accounts
offered as statement million)
(₹ in (₹ in million)
security (₹ in million)
million)
Inventory January to
Citibank 300.00 and Trade March
receivables 2024
The
Inventory January to Inventory: Inventory: Inventory:
HDFC differences
200.00 and Trade March 473.87 520.80 (46.92)
Bank were owing
receivables 2024 and and and
to year-end
Inventory January to Trade Trade Trade
HSBC book closure
250.00 and Trade March receivables: receivables: receivables:
Bank adjustments/
receivables 2024 506.18 483.43 22.74
entries
Inventory January to
DBS Bank 300.00 and Trade March
receivables 2024
Clause (vii)(a) of CARO 2020 Order
“In our opinion, and according to the information and explanations given to us, undisputed statutory dues
including goods and services tax, provident fund, employees’ state insurance, income-tax, service tax, duty of
customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have generally
been regularly deposited with the appropriate authorities by the Holding Company, though there have been slight
delays in a few cases. Undisputed amounts payable in respect thereof, which were outstanding at the year-end for
a period of more than six months from the date they became payable are as follows:”
Period to which
Name of the Amount
Nature of dues the amount Due Date Date of Payment
Statue (₹ in million)
related
Professional Tax Professional Tax 0.02 April 2023 31 May 2023 20 March 2024
Clause (vii) (b) of CARO 2020 Order
“According to the information and explanations given to us, there are no statutory dues referred in sub-clause (a)
which have not been deposited with the appropriate authorities on account of any dispute except for the
following:”
Period to
Gross Amount paid Forum where
Name of the Nature of which the
Amount under protest dispute is Status
Statue dues amount
(₹ in million) (₹ in million) pending
relates
Income-tax Income-tax 28.21 - Assessment Commissioner The dispute is
Act, 1961 year of Income-tax still pending
2022-23 (Appeals)
For the Year ended March 31, 2023
Clause (ii)(b) of CARO 2020 Order
“The Holding Company has been sanctioned working capital limits in excess of ₹ 50.00 million, in aggregate,
from banks and financial institutions on the basis of security of current assets. In our opinion, the quarterly returns
or statements filed by the Holding Company with such banks or financial institutions are in agreement with the
books of accounts of the Holding Company except as follows, which is also disclosed in note 25 to the Restated
Consolidated and Standalone Financial Information.”
As at March 31, 2023
60Working
Nature of Information
capital Information
current disclosed as Difference
Name of limit as per books
assets Quarter per returns/ (₹ in Remarks
the bank sanctioned of accounts
offered as statement million)
(₹ in (₹ in million)
security (₹ in million)
million)
Inventory January to
Citibank 300.00 and Trade March
receivables 2023
The
Inventory January to Inventory: Inventory: Inventory:
HDFC differences
200.00 and Trade March 456.77 622.34 (165.57)
Bank were owing
receivables 2023 and and and
to year-end
Inventory January to Trade Trade Trade
HSBC book closure
250.00 and Trade March receivable: receivable: receivable:
Bank adjustments/
receivables 2023 494.03 427.65 66.38
entries
Inventory January to
DBS
300.00 and Trade March
Bank
receivables 2023
Clause (vii) (b) of CARO 2020 Order
“According to the information and explanations given to us, there are no statutory dues referred in sub-clause
(a) which have not been deposited with the appropriate authorities on account of any dispute except for the
following:”
Period to
Gross Amount paid Forum where
Name of the Nature of which the
Amount (₹ in under protest dispute is Status
Statue dues amount
million) (₹ in million) pending
relates
The Custom Custom Duty 8.58 8.58 Assessment Custom
The dispute is
Act, 1952 year (Appeals)
still pending
2017-19 Ahmedabad
While these observations do not require any adjustments to the Restated Consolidated and Standalone Financial
Information and no additional liabilities have been incurred by us on account of these observations, there can be
no assurance that similar observations will not form part of the auditor’s reports on our financial statements for
future fiscal periods.
21. There can be no assurance that the launch of new products or our expansion into manufacturing
bamboo consumerware products will be profitable, and even if they are profitable, it will not result in
a decrease in our Return on Equity. If the launch of new products proves to be unsuccessful or our
expansion into manufacturing bamboo consumerware was to be unprofitable, we could be forced to
cease manufacturing such products, which would result in a loss of our investment in developing these
products and thereby have an adverse effect on our financial condition, results of operations and cash
flows.
We are constantly innovating in order to develop new products and range of products. To support these efforts,
we conduct market research and have established product and tool design processes to ensure our innovations
align with market demands and customer preferences. For details, see “Our Business – Product and Mould
Design” on page 293. In recent years, we have expanded our product portfolio, by introducing a new range of
products in our Prep Time and Container product categories under our brand name, “alltime”. For Fiscals 2025,
2024 and 2023, we launched krisper containers, rainbow containers and big storage boxes as new products under
the brand name “alltime”, respectively.
As part of our growth initiatives and a result of rising demand for sustainable homeware products, we are
expanding our product offerings to include bamboo homeware products. To this end, we commenced a pilot
project to manufacture sample bamboo boards and products in Guwahati, Assam in April 2025. We entered into
an agreement dated November 6, 2024 to lease a facility in Guwahati, Assam for a period of five years to be used
for the pilot project. We received consent to operate the Guwahati facility on April 4, 2025. We have purchased
and installed machinery for manufacturing of bamboo boards and products to be produced from such bamboo
boards. Samples of the bamboo boards are currently undergoing testing and evaluation at a third-party laboratory.
61The budget for the bamboo pilot project was set at ₹18.00 million of which ₹12.72 million has been spent as at
March 31, 2025. If the pilot project is successful and we receive sufficient customer orders to justify expanding
into bamboo homeware products, we plan to use the facility we have leased in Guwahati, Assam for the pre-
processing of bamboo for producing bamboo boards. All Time Bamboo Private Limited, our Company’s wholly-
owned subsidiary, was incorporated on July 5, 2025, under the laws of India, to operate the business relating to
bamboo consumerware including the manufacturing operations at the facility in Guwahati, if the pilot project is
successful. We plan to start manufacturing on a commercial basis in the third quarter of Fiscal 2026 after customer
demand is analysed, based on quotations sent out.
We would also need to obtain bamboo for manufacturing bamboo products on a commercial basis. We have had
preliminary discussions with a number of bamboo suppliers but have not yet entered into agreements for the
purchase of bamboo. If these initiatives produce commercially viable results, we plan to establish a new facility
for producing finished products in Manekpur, Gujarat, near the existing Manekpur Facility. No steps have been
taken at this stage towards the establishment of the new bamboo manufacturing facility in Manekpur, Gujarat.
Our total budget for setting up the new facilities for manufacturing bamboo products is ₹200.00 million (over a
three-year period). We intend to finance this by availing term loans from banks and using our general reserves.
However, the actual costs could be much higher than the budgeted amount given that we have not acquired the
land for the facility or entered into any agreements for constructing the facility or purchasing additional machines
for the facility. For more details, see “Our Business-Our Strategies- Diversify our revenue stream through the
manufacturing of bamboo products” on page 273. We could face substantial challenges in successfully executing
the aforementioned plans, including:
• Difficulty in securing necessary funds for expanding into bamboo product manufacturing;
• Delays or cost overruns in establishing a bamboo product manufacturing facility;
• Challenges in adapting our operational and management systems to support the expansion into
bamboo product manufacturing effectively;
• Ensuring the availability of raw materials for bamboo manufacturing and identifying reliable new
suppliers;
• Identifying and establishing a customer base in the bamboo market; and
• Overcoming barriers to entry in the bamboo market, which requires navigating existing
competition and regulatory requirements to establish our presence.
There can be no assurance that our bamboo consumerware products will be profitable or that it will not result in
a decrease in our return on equity. If manufacturing bamboo consumerware products is unprofitable, we could be
forced to cease manufacturing bamboo products, which would result in a loss of some or all of our investment in
developing the products and setting up the facility to manufacture these products, which would have an adverse
effect on our financial condition, results of operations and cash flows.
Further, in pursuit of continued growth, we are planning to expand our product categories to include hydration-
related products. New products and range of products require us to understand and make informed judgments as
to customer demands, trends and preferences. Various elements of new product initiatives entail significant costs
and risks, as well as the possibility of unexpected consequences, including:
• acceptance of our new product initiatives by our customers may not be as high as we anticipate;
• sale of new products may not sustain initial levels of high sales volumes;
• our marketing strategies (including advertisements and marketing campaigns) for new products
could be less effective than as planned and could fail to effectively reach the targeted customer
base or result in the expected level of sales;
• we could incur costs exceeding our expectations;
• our limited experience in new ventures, coupled with our Promoters’ lack of experience in new
lines of business (such as the bamboo manufacturing business), may increase the likelihood of
encountering unforeseen risks and challenges, such as operational inefficiencies and misaligned
product-market fit; and
• we could experience a decrease in sales of our existing products as a result of the introduction of
related new products.
62We spend considerable time and financial resources in the development and launch of new range of products.
Each of the above risks could delay or impede our ability to achieve our growth objectives, which could adversely
affect our business, results of operations, financial condition and cash flows. In the past, while we have
occasionally launched new products and range of products that proved to be unsuccessful for one or more of the
above reasons, these unsuccessful launches did not have a material effect on our business or results of operations,
or cash flows for Fiscals 2025, 2024 and 2023 or on our financial condition as at March 31, 2025, March 31, 2024
or March 31, 2023. However, we cannot assure that our business will not be adversely affected due to unsuccessful
launches in the future.
22. We derived 92.01% (consolidated), 94.04% and 91.27% of our revenue from operations in Fiscals
2025, 2024 and 2023, respectively, from the sale of our top five product categories. Any decline in our
revenue from sales of these top five product categories could have an adverse effect on our business,
financial condition, results of operations and cash flows.
The table below sets forth our revenue from our top five product categories for Fiscals 2025, 2024 and 2023, as
well as such revenue as a percentage of our revenue from operations for each of those Fiscals.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of % of % of
Top five Revenue Top five Revenue Top five Revenue
revenue revenue revenue
product (₹ in product (₹ in product (₹ in
from from from
categories million) categories million) categories million)
operations operations operations
Prep Time 1,996.29 35.77% Prep Time 1,958.69 38.19% Prep Time 1,617.91 36.48%
Containers 1,948.55 34.91% Containers 1,685.66 32.87% Containers 1,261.58 28.45%
Organization 502.32 9.00% Organization 515.21 10.05% Organization 568.92 12.83%
Hangers 386.03 6.92% Hangers 406.30 7.92% Hangers 369.60 8.33%
Meal Time 302.01 5.41% Meal Time 257.17 5.01% Meal Time 229.78 5.18%
Total 5,135.20 92.01% Total 4,823.03 94.04% Total 4,047.79 91.27%
Revenue 5,581.67 100.00% Revenue 5,128.53 100.00% Revenue 4,434.86 100.00%
from from from
operations operations operations
While we have invested in advanced production capabilities, including all-electric injection moulding machines,
which enable us to manufacture a diverse range of plastic consumerware products efficiently and with precision,
we are dependent on the sales of our top five product categories for a significant portion of our revenue from
operations as shown in the above table. Any decline in our revenue from sales of these top five product categories
could have an adverse effect on our business, financial condition, results of operations and cash flows.
23. Our Company proposes to utilise an estimated amount of up to ₹1,430.00 million from the Net
Proceeds towards pre-payment or the scheduled repayment of all or a portion of certain term loans
and working capital facilities availed by our Company, of which an aggregate outstanding amount of
₹462.39 million as at June 30, 2025 are loans that were newly sanctioned (i.e., not the renewal of a
previously sanctioned loan) less than two years prior to the date of this Prospectus.
Our Company proposes to utilise an estimated amount of up to ₹1,430.00 million from the Net Proceeds towards
pre-payment or scheduled repayment of all or a portion of certain term loans and working capital facilities availed
by our Company. The table below sets forth certain details of the loans outstanding as at June 30, 2025 that were
newly sanctioned (i.e. not the renewal of a previously sanctioned loan) within two years of the date of this
Prospectus that we plan to pre-pay or pay in accordance with the scheduled repayments from part of the Net
Proceeds.
63Amount
outstanding Interest
Date of Amount
Name of Nature of as at June rate as Repayment Prepayment
sanction Purpose sanctioned (₹
the lender borrowing 30, 2025 at June schedule penalty
letter in million)
(₹ in 30, 2025
million)
DBS Bank August Term Loan For capital 250.00 256.63# 6.80% Principal Any prepayment
India 06, 2024 expenditure p.a. Payment: will be with prior
Limited September arrangement with
19, 2025 the bank after due
End Date: notice and would
September entail payment of
19, 2029 prepayment
EMI penalty as levied
(Quarterly) by the bank. Any
₹21.39 cancellation will
million be subject to a
cancellation
charge of 3% of
the amount
cancelled.
HDFC September Term loan For capital 250.00 205.76 9.31% Start date: 2% on
Bank 09, 2024 expenditure p.a. November outstanding
Limited 03, 2024 principal amount
End date: under the loan as
October 03, on the date of the
2027 end of the notice
EMI period as
(Monthly): mentioned.
₹7.35 million
Total of newly sanctioned loans (i.e., not the 500.00 462.39
renewal of previously sanctioned loans) within
two years of the date of this Prospectus
As certified by Walker Chandiok & Co LLP, pursuant to their certificate dated August 1, 2025.
Notes:
# The facility limit sanctioned for the term loan was USD 3.00 million (equivalent to ₹250.00 million at the time of grant). The
outstanding balance as on the reporting date amounting to ₹256.63 million is on account of foreign currency rate fluctuation
adjustment as on the date of reporting.
The table below sets forth the total outstanding of our loans as at June 30, 2025 that were newly sanctioned (i.e.
not the renewal of a previously sanctioned loan) within two years of the date of this Prospectus which are proposed
to be repaid in part or full from the Net Proceeds and such total outstanding loans as a percentage of our total
outstanding loans as at June 30, 2025.
Particulars As at June 30, 2025
Outstanding amount under Total Borrowings availed within two years of the date of 462.39
this Prospectus (₹ in million) [A]
Outstanding amount under Total Borrowings availed within two years of the date of 22.00%
this Prospectus as a percentage of our Total Borrowings (%) [B=A/C]
Total Borrowings (₹ in million) [C] 2,101.59
24. We are exposed to counterparty credit risk of our customers and any significant delay in receiving
payments or non-receipt of payments could have a material adverse effect on our financial condition,
results of operations and cash flows.
We are exposed to counterparty credit risk of our customers and any significant delay in receiving payments or
non-receipt of payments could have a material adverse effect on our results of operations, financial condition and
cash flows. There is no assurance that we be able to accurately assess the creditworthiness of our customers.
Macroeconomic conditions, such as a credit crisis in the global financial system or global economic uncertainty,
or a pandemic, such as the COVID-19 pandemic, could lead to deterioration in our customers’ financial condition
and results of operations, which could limit their access to the credit markets, thereby increasing their risk of
insolvency or bankruptcy. Such conditions could cause our customers to delay in payment, request modifications
of their payment terms, or default on their payment obligations to us, all of which could increase our receivables.
64We typically offer a credit period of 45 days to our customers. For exports, the credit period is typically up to 120
days, depending on the customer, with the credit period typically being 45 days due to early payments facilitated
by customers' discounting arrangements with banks. In our domestic business, the credit period is generally 45
days. For details on the ageing of trade receivables, see “Financial Statements – Note 14 – Trade Receivables” on
page 380. Timely collection of dues from customers also depends on our ability to complete our contractual
commitments and subsequently bill for and collect from our clients. There have been instances during the last
three Fiscals where we were unable to recover dues from certain clients. The table below sets forth our write-off
of trade receivables for the fiscal years indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Particulars Amount % of revenue Amount % of revenue Amount % of revenue
(₹ in from (₹ in from (₹ in from
million) operations million) operations million) operations
Write-off of 2.86 0.05% 1.50 0.03% 0.05 0.00%
trade receivables
Revenue from 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
operations
If we are unable to meet our contractual obligations, we could experience delays in the collection of, or be unable
to collect, our customer balances, which could have a material adverse effect on our financial condition, results
of operations and cash flows.
25. We are required to make certain payments in relation to statutory dues including, employee provident
fund and employee state insurance, professional taxes, labour welfare fund and gratuity. In the past,
there have been delays in deposit of employee state insurance fund, provident fund and professional
tax payments and filing of return under the Income-tax Act, 1961, with statutory authorities. While
no action has been initiated against us, there can be no assurance that such actions will not be initiated
in the future in relation to such delayed payments.
We are required to make certain payments in relation to statutory dues including, employee provident fund and
employee state insurance, professional taxes, labour welfare fund and gratuity. In the past, there have been delays
in deposit of employee state insurance fund, provident fund and professional tax payments and filing of return
under the Income-tax Act, 1961, with statutory authorities. The table below provides the number of employees
for which the provident fund, employee state insurance, income tax and professional taxes, labour welfare fund is
applicable, and the details of the relevant paid and unpaid dues as at and for the years ended March 31, 2025,
March 31, 2024 and March 31, 2023.
As at and for the Total amount due Paid Unpaid
No. of Employees
year ended (₹ million) (₹ million) (₹ million)
Employee Provident Fund
March 31, 2025 690 26.54 26.54 -
(Consolidated)
March 31, 2024 610 24.87 24.87 -
(Standalone)
March 31, 2023 610 23.03 23.03 -
(Standalone)
Employee State Insurance
March 31, 2025 3 0.03 0.03 -
(Consolidated)
March 31, 2024 1 0.01 0.01 -
(Standalone)
March 31, 2023 2 0.02 0.02 -
(Standalone)
Income Tax
March 31, 2025 690 44.21 44.21 -
(Consolidated)
March 31, 2024 610 33.79 33.79 -
(Standalone)
March 31, 2023 610 27.17 27.17 -
(Standalone)
Professional Tax
65As at and for the Total amount due Paid Unpaid
No. of Employees
year ended (₹ million) (₹ million) (₹ million)
March 31, 2025 106 0.31 0.31 -
(Consolidated)
March 31, 2024 102 0.25 0.25 -
(Standalone)
March 31, 2023 95 0.24 0.24 -
(Standalone)
Labour Welfare Fund
March 31, 2025 70 Negligible Negligible -
(Consolidated)
March 31, 2024 66 Negligible Negligible -
(Standalone)
March 31, 2023 66 Negligible Negligible -
(Standalone)
Note: As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), by their certificate dated August 11, 2025.
The tables below set forth the details of the delays in deposit of provident fund payments with statutory authorities
for the fiscal years indicated.
Delay in payment of statutory dues in Fiscal 2024
Sum Number of
The actual
received Amount Amount employees
Due date date of Duration
Nature of from paid unpaid affected by Reason for
for payment to of delay
Fund employees (₹ in (₹ in the delay
payment the concerned (in days)
(₹ in million) million) delayed
authorities
million) payment
Provident Negligible September Negligible Nil September 26, 408 1 The payment
Fund 15, 2023 2024 was made with
delay due to
oversight. No
interest or
penalty charges
were charged.
Negligible April 15, Negligible Nil September 26, 164 2 The payment
2023 2023 was made with
delay due to
oversight. No
interest or
penalty charges
were charged.
0.46 April 15, 0.46 Nil April 19, 2023 4 299 The payment
2023 was made
(along with
interest) with
minor delay due
to oversight.
Negligible April 15, Negligible Nil June 14, 2023 60 1 The payment
2023 was made with
delay due to
oversight. No
interest or
penalty charges
were charged.
66Delay in payment of statutory dues in Fiscal 2023
Sum The actual Number of
received Amount Amount date of employees
Due date Duration
Nature of from paid unpaid payment to affected by
for of delay Reason for delay
Fund employees (₹ in (₹ in the the
payment (in days)
(₹ in million) million) concerned delayed
million) authorities payment
Provident 0.44 June 15, 0.44 Nil June 22, 7 273 The payment was
Fund 2022 2022 made (with
interest) with
minor delay due
to oversight.
In Fiscal 2024, there was a delay in the payment of professional tax with statutory authorities, due to oversight, the
details of which are provided below:
Period for Duration of
Amount paid Amount unpaid
Nature of Dues which amount delay Remarks
(₹ in million) (₹ in million)
was Due (in days)
Professional tax April 2023 0.02 Nil 294 The payment
was made with
delay due to
oversight. The
same was paid
on March 20,
2024.
Further, in Fiscal 2023, due to oversight, there have been delays in the filing of TDS return with statutory
authorities for payments made to NRIs, the details of which are provided below.
Due date for filing Actual date of Duration of delay
Nature of return Remarks
of return filing of return (in days)
TDS Return for October 31, 2022 November 1, 2022 1 Penalty of ₹200 was levied,
payments made to and the same was paid to
NRIs the statutory authorities.
We cannot assure you that, in future, we will not be subjected to any liability on account of such delay in payment
of statutory dues or filing of statutory return. Although no legal proceedings or regulatory actions have been
initiated or pending against us in relation to such delays in payment of statutory dues or filing of statutory return,
if we are subject to any such proceedings or regulatory actions in the future, it may have a material adverse effect
on our reputation, financial condition and results of operations. Further, there can be no assurance that there will
be no such delays in payment of statutory dues or filing of statutory returns in the future and our Company will
not be subject to adverse actions by the authorities on account of any delays in filing of payment of statutory dues
or filing of statutory returns, which may adversely affect our reputation.
26. Any breakdown or shutdown of any our manufacturing facilities especially as we only have three
manufacturing facilities, could have an adverse effect on our business, financial condition, results of
operations and cash flows.
Our manufacturing operations are currently undertaken at our manufacturing facilities in Daman, Dadra and Nagar
Haveli and Daman and Diu (the “Daman Facility”), Silvassa, Dadra and Nagar Haveli and Daman and Diu (the
“Silvassa Facility”) and the Manekpur Facility. For details, see “Our Business- Manufacturing” beginning on
page 278.
Our manufacturing facilities are subject to operating risks that could significantly impact our ability to produce
and deliver our products to the market, as we are largely dependent on our own manufacturing capabilities. These
risks include the breakdown or failure of equipment, which can halt production and require costly repairs, a
shortage or unavailability of electricity or water, which can disrupt operations, and industrial accidents, which can
lead to safety concerns and operational delays. Additionally, labour disputes could result in work stoppages, while
political instability might affect our supply chain and operational stability. Natural disasters, such as floods or
earthquakes, pose a threat to our infrastructure, and epidemics or pandemics, like the COVID-19 pandemic, can
67lead to workforce shortages and supply chain disruptions. Furthermore, significant social, political, economic, or
seasonal disruptions in the territories where our manufacturing facilities are located can adversely affect our
operations, potentially leading to increased costs or delays. Moreover, the need to comply with directives from
relevant government authorities may require us to adapt our operations, potentially impacting our production
schedules and costs. Our business and results of operations could be adversely affected by a shutdown of any of
our manufacturing facilities. In the past, we encountered power disruptions in December 2022 and June 2023.
These disruptions led to losses amounting to ₹1.38 million and ₹1.58 million, respectively, which included
production losses, diesel costs, and cable repair expenses. However, the Company has not filed insurance claims
or instituted legal proceedings to recover these losses.
Apart from the aforesaid disruptions which affected our manufacturing operations, we have not faced any material
disruptions at our manufacturing facilities since April 1, 2022. However, we cannot assure you that any adverse
developments will not occur in the future which could disrupt the operations at our manufacturing facilities. Such
disruptions in our manufacturing operations could delay production or require us to cease operations temporarily
or permanently at our manufacturing facilities and require us to incur additional expenditure to attempt to mitigate
such disruption. The risks associated with potential shutdowns are even more significant, given that all our
manufacturing is carried out in three facilities. For more details, see “ - A shortage or unavailability of electricity
or water could affect our manufacturing operations and have an adverse effect on our business, financial
condition, results of operations and cash flows” on page 80, “- We could be subject to industrial unrest, slowdowns
and increased wage costs, which could adversely affect our business and results of operations” on page 71 and
“- The occurrence of natural disasters and man-made disasters could adversely affect our business, financial
condition, results of operations and cash flows” on page 88.
Our customers rely on the timely delivery of our products. Our ability to provide an uninterrupted supply of our
products is critical to our business. Failure to adhere to contractual obligations as a result of such disruptions may
pose significant risks to our operations. Additionally, under our contracts with certain customers, we may be liable
for damages resulting from failure to deliver, delayed deliveries, or defects in the delivered products. In such
cases, customers also have the right to cancel their orders. However, these contracts also include force majeure
clauses designed to shield us from liability in the event of disruptions caused by extraordinary circumstances as
described above such as pandemics or unforeseen events that are beyond our control. Such provisions ensure that
we are not held responsible for penalties or damages resulting from such uncontrollable interruptions to our
production and delivery processes. Since April 1, 2022, we have neither paid damages to our customers nor had
any orders cancelled due to delays in delivery or failure to deliver our products.
27. There have been certain instances of errors in the past in relation to form filings with the Registrar of
Companies, Maharashtra at Mumbai (“RoC”). For instance, we inadvertently listed the spouses of
Bhupesh Punamchand Shah and Nilesh Punamchand Shah as joint holders of the 100 equity shares
of face value ₹10 each allotted to them on May 25, 2007, as part of the relevant RoC filing. We may
be subject to regulatory actions and penalties for any such past or future non-compliance or delays or
inconsistencies, which could have an adverse effect on our reputation, business, financial condition,
results of operations and cash flows.
There have been certain instances of errors in form filings in the past by our Company. For instance, in relation
to the further issuance of capital dated May 25, 2007, 100 equity shares of face value ₹10 each were allotted to
Bhupesh Punamchand Shah and Nilesh Punamchand Shah, respectively. However, we have inadvertently
mentioned the names of their respective spouses as joint-holders of the abovementioned shares during filing the
list of allottees with the RoC.
We cannot assure you that, in future, we will not be subjected to any liability on account of such incorrect form
filings. Although no legal proceedings or regulatory actions have been initiated or pending against us in relation
to the same, if we are subject to any such proceedings or regulatory actions in the future, it may have a material
adverse effect on our reputation, financial condition and results of operations. Further, there can be no assurance
that there will be no incorrect form filings in the future and our Company will not be subject to adverse actions
by the authorities on account of any inadvertent discrepancies in, or delays in filing of, any of its secretarial filings,
which may adversely affect our reputation.
28. We have high working capital requirements. If we are unable to secure funds to meet our working
capital requirements, it could have a material adverse effect on our business, results of operations,
financial condition and cash flows.
68Our business requires a significant amount of working capital as there is a considerable time lag between the
purchase of raw materials and the payment from our customers. We are, therefore, required to maintain a sufficient
stock of raw materials at all times in order to meet manufacturing requirements, and have sufficient capital for our
operations until we are able to recover costs upon delivery of products, which in turn affects our working capital
requirements. We have primarily funded our working capital requirements through borrowings and internal
accruals. Consequently, there could be situations where the total funds available to us may not be sufficient to
fulfil our commitments, and hence we may be required to incur additional indebtedness, utilize internal accruals
or seek equity infusion to satisfy our working capital requirements. The table below sets forth our Net Working
Capital, trade receivables, trade payables, Net Working Capital Days, Trade Receivables Days and Trade Payables
Days as at and for the fiscal years indicated.
As at and for the year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Net Working Capital(1)(*) (₹ in million) 1,135.24 798.68 842.21
Trade receivables (₹ in million) 865.68 483.44 427.65
Trade payables (₹ in million) 375.08 303.96 349.67
Net Working Capital Days(2) (number of days) 74 57 69
Trade Receivables Days(3) (number of days) 57 34 35
Trade Payables Days(4) (number of days) 39 37 46
Inventories (₹ in million) 733.25 520.79 622.34
Inventory Days(5) (number of days) 48 37 51
Notes:
(1) Net Working Capital is calculated as total current assets less (i) cash and cash equivalents, (ii) bank balances other than
cash and cash equivalents, and (iii) total current liabilities, excluding current borrowings (“Net Working Capital”).
(2) Net Working Capital Days is calculated by dividing the number of days in the year by the working capital ratio, which is
calculated as revenue from operations divided by Net Working Capital (“Net Working Capital Days”).
(3) Trade Receivables Days is calculated by dividing trade receivables as at the end of the year by revenue from operations
and multiplying it by the number of days in the year (“Trade Receivables Days”).
(4) Trade Payables Days is calculated by dividing trade payables as at the end of the year by purchases and multiplying it
by the number of days in the year (“Trade Payables Days”).
(5) Inventory Days is calculated by dividing the number of days in the year by the inventory turnover ratio, which is
calculated as revenue from operations divided by inventory at the end of the year (“Inventory Days”).
(*) Non-GAAP Financial Measure.
Our working capital requirements could also increase if we are required to pay higher prices for raw materials or
excessive advances for the procurement of raw materials. Some of these factors could result in an increase in our
short-term borrowings. An increase in the incurrence of debt will result in an increase in our interest and debt
repayment obligations. Continued increases in our working capital requirements could have a material adverse
effect on our results of operations and financial condition. We could also become subject to additional covenants,
which could limit our ability to access cash flows from operations and undertake certain types of transactions.
29. We are subject to numerous health, safety and environmental laws and regulations in India, which
govern, among others, air emissions and waste management. If we fail to comply with environmental
laws, regulations and permits, we could be subject to penalties, fines and/or restrictions on our
manufacturing operations, which could result in our operations being interrupted or suspended. Any
of the above actions could have a material adverse effect on our business, financial condition, results
of operations and cash flows.
We are subject to applicable laws and regulations with respect to the protection of the environment and employee
health and safety. For details, see “Key Regulations and Policies – Industry Specific Regulations” on page 303.
Our manufacturing processes and products are subject to stringent quality and safety standards and new laws and
regulations could be imposed from time to time that could increase our compliance costs or restrict our operations.
There can be no assurance that these requirements will not become more stringent over time.
The nature of our operations involves individuals in environments that may present certain risks. Our operations
are subject to significant hazards, including explosions, fires, mechanical failures and other operational problems.
We have experienced work-related injuries at our Daman Facility, such as injuries sustained by employees to the
palm of the hand and cuts to the finger and to the leg. We paid for the medical expenses of the persons injured in
the above-mentioned accidents and were later reimbursed through our insurance coverage. The table below sets
69forth our costs related to property damage and personal injuries and our insurance claims relating to the same for
the Fiscals indicated.
Year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Costs related to personal injury [A] (₹ in million) 0.21 0.14 0.20
Insurance claims related to personal injury [B] (₹ in million) 0.07 0.08 0.14
Costs related to personal injury less insurance claims related to 0.14 0.06 0.06
personal injury [C = B/A] (₹ in million)
Costs related to personal injury less insurance claims related to 0.00% 0.00% 0.00%
personal injury as a percentage of revenue from operations [D =
C/E] (%)
Revenue from operations [E] (₹ in million) 5,581.67 5,128.53 4,434.86
While we do have procedures and controls in place for occupational health and safety hazards, there can be no
assurance there will not be any fatalities, accidents or other incidents that occur at our facilities in the future and
any such occurrence could result in claims for damages against us. Although we have insurance for personal injury
claims, any damages that exceed our maximum coverage could have an adverse effect on our financial condition,
results of operations and cash flows.
A risk of environmental liability is inherent in our manufacturing activities, and we are subject to numerous
environmental laws and regulations in India, which govern, among other things, air emissions and waste
management. Under these and other environmental laws and regulations, we could be held solely or jointly and
severally responsible, regardless of fault, for the remediation of any hazardous substance contamination at our
facilities for which we could incur substantial costs or any consequences arising out of human exposure to such
hazardous substances and could also be held liable for damages to natural resources or other environmental
damage. Further, our waste management practices are critical for mitigating these risks. We manage waste by
regrinding and reusing most plastic waste as raw material. For the plastics that cannot be reused, we sell them to
a government-approved agent as scrap. If our practices are perceived as inadequate or non-compliant with
environmental standards, we may face reputational damage, legal liabilities, and potential penalties. Failure to
effectively manage plastic waste could result in increased operational costs and limit our market access as
consumers may prefer environmentally responsible manufacturers. If we fail to comply with environmental laws,
regulations and permits, we could be subject to penalties, fines, restrictions on operations or other sanctions, and
our operations could be interrupted or suspended. Any of the above actions could have a material adverse effect
on our business, financial condition, results of operations and cash flows. Further, increasing global focus on
environmental sustainability and stricter regulations on plastic products could lead to higher compliance costs,
changes in product design, or even bans on certain types of plastic products. As plastic products come into direct
contact with food and beverages, they are subject to stringent health and safety regulations. Non-compliance with
these regulations can lead to recalls, legal penalties, and damage to brand reputation.
Since April 1, 2022, we have not received any notices, fines or penalties, been the subject of criminal proceedings
or third-party property damage or personal injury claims, or incurred any clean-up and/or other costs in respect of
violations of any environmental laws. In the event that our Company becomes subject to regulatory notices or
litigation pertaining to environmental non-compliances in the future, such claims and lawsuits, individually or in
the aggregate, are resolved against us, our business, results of operations, financial condition and cash flows could
be adversely affected. Such incidents could also do lasting damage to our reputation among our customers and
the general public, even if we were not actually responsible for causing such damage and no fault on our part has
been proven.
30. The success of our business depends substantially on our Key Managerial Personnel and Senior
Management Personnel. The loss of or our inability to attract or retain such persons could adversely
affect our business, financial condition, results of operations and cash flows. In addition, any material
increase in our employee attrition rate could result in increased costs and less efficiency, thereby
adversely affecting our business, financial condition, results of operations and cash flows.
Our business and results of operations depends substantially on the efforts and abilities of our Key Managerial
Personnel and Senior Management Personnel. For details on our Key Managerial Personnel and Senior
Management Personnel, see “Our Management – Key Managerial Personnel and “Our Management – Senior
Management Personnel” beginning on page 339. From time to time, there have been changes in our management
70team. The table below sets forth the attrition of our Key Managerial Personnel and Senior Management Personnel
during the Fiscal indicated and the number of our Key Managerial Personnel and Senior Management Personnel
as at the Fiscals indicated.
As at and for the year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Attrition of Key Managerial Personnel for the year [A] - - -
Attrition rate of Key Managerial Personnel for the - - -
year [B = A/D] (%)
Total Key Managerial Personnel at the end of the year [C] 5 3 3
Total Key Managerial Personnel at the end of the year plus 5 3 3
Key Managerial Personnel who left during the year [D =
A + C]
Attrition of Senior Management Personnel for the year [E] 2 1 1
Attrition rate of Senior Management Personnel for the 22.22 14.29 14.29
year [F = E/H] (%)
Total Senior Management Personnel at the end of the year 7 6 6
[G]
Total Senior Management Personnel at the end of the year 9 7 7
plus Senior Management Personnel who left during the
year [H = E + G]
The attrition of Senior Management Personnel in Fiscals 2025, 2024 and 2023 did not have a material adverse
effect on our business, financial condition, results of operations and cash flows.
We cannot assure you that we can or will continue to retain any or all of the key members of our management.
Further, we cannot assure you that if one or more key members of our management are unable or unwilling to
continue in their present positions, we would be able to replace such member(s) in a timely and cost-effective
manner or at all. Any loss of members of our Key Managerial Personnel or Senior Management Personnel could
delay or prevent the achievement of our business objectives, affect our succession planning and adversely affect
our business and thereby adversely affect our financial condition, results of operations and cash flows.
Our success and growth also depend upon consistent and continued performance of our other employees, and in
particular our employees working in design, technology, sales, marketing and operations. The attrition rate of our
employees for Fiscals 2025, 2024 and 2023 was 14.18%, 13.48% and 13.23%, respectively. For a table setting
forth the attrition rate of our employees for Fiscals 2025, 2024 and 2023, see “Our Business-Workforce” on page
299. The attrition of our employees in Fiscals 2025, 2024 and 2023 did not have a material adverse effect on our
business, financial condition, results of operations and cash flows. However, any material increase in our
employee attrition rate could result in increased costs and less efficiency, thereby adversely affecting our business,
financial condition, results of operations and cash flows.
For details in relation to the risks in relation to our succession planning and dependence on our Promoters, see “–
We are currently dependent on the continued efforts and contributions of our Promoters for the success of our
business and if they cease to be involved in or decrease their involvement in our business prior to us having a
succession plan in place, it could have a material adverse effect our business, financial condition, results of
operations and cash flows” on page 44.
31. We could be subject to industrial unrest, slowdowns and increased wage costs, which could adversely
affect our business and results of operations.
We operate manufacturing facilities in locations where there are stringent labour legislations in place that protect
the interests of workers, including legislation that sets forth detailed procedures for the establishment of unions,
dispute resolution and employee removal, and legislation that imposes certain financial obligations on employers
upon retrenchment.
As of March 31, 2025, none of our employees were members of labour unions. However, there is no assurance
that our employees will not join labour unions in the future. Accordingly, it could be difficult for us to maintain
flexible labour policies and we could face the threat of labour unrest, work stoppages and diversion of our
management’s attention due to union intervention.
71Labour unrest, work stoppages or other slowdown mechanisms at any of our manufacturing facilities could result
in a significant disruption of our operations, which in turn could cause us to pay penalties for the late delivery of
our products. For instance, in November 2022, some contract workers at the Silvassa Facility ceased work due to
confusion over shift timings, which ultimately led to stoppage of operations. Upon amicable resolution of their
concerns, the workers returned to their jobs. This situation resulted in approximately 32 hours of production loss;
however, it did not impact any customer delivery commitments or cause any material issues. Except as stated
herein, there have been no labour disruptions, strikes or disputes since April 1, 2022. While we believe that we
have a strong working relationship with our labour force and employees, we may not have such a relationship in
the future, and we cannot guarantee that there will not be significant strikes or disputes with employees or our
labour force that could adversely affect our future operations.
We could in the future enter into wage settlement agreements, including but not limited to revised wage structures,
ex gratia payments, attendance bonuses and the provision or enhancement of insurance policies with unions or
work councils under which we incur certain obligations or agree to certain limitations or conditions for a period
of time with respect to certain personnel, workplaces, departments or product lines. If our work force became
unionised, our labour costs could increase. Increases in labour costs in India could make us less competitive unless
we are able to increase our efficiency and productivity proportionately and we can pass on such costs in the prices
that we charge our customers. Any significant increase in our labour costs could have an adverse effect on our
business, results of operations and financial condition. In addition, our collective bargaining agreements could be
subject to re-negotiation with the unions from time to time and it is possible that our employees could unionize
and demand for arrangements that could cause us to incur higher employment costs. Such agreements or
arrangements could limit our ability to adjust workforce headcounts or salaries and restructure our business in
response to difficult economic conditions. This reduced flexibility could have an adverse effect on our business,
results of operations and financial condition.
32. If we are unable to maintain the existing level of capacity utilisation rate at our manufacturing
facilities, our margins and profitability may be adversely affected.
Our business relies significantly on the efficient utilization of our manufacturing facilities to maintain and enhance
our margins and profitability. The table below sets forth the installed capacity at our three current manufacturing
facilities, the polymers processed and capacity utilization for the fiscals indicated, as certified by Vinod Ashok
Sanjivani Palande, Chartered Engineer, pursuant to the certificate dated August 1, 2025:
Fiscal 2025 Fiscal 2024 Fiscal 2023
Particulars
(Consolidated) (Standalone) (Standalone)
Installed capacity for the Fiscal(1) (in tonnes) 33,000 27,000 26,000
[A]
Polymers processed for the Fiscal (in 26,230 22,839 19,451
tonnes) [B]
Capacity utilization (%) [C=B/A] 79.48% 84.59% 74.81%
Note:
(1) Installed capacity is at the end of the fiscal year. Installed capacity is based on the machine make, specifications and mix of various
products manufactured on the respective machines for 300 working days in a financial year.
Maintaining high levels of capacity utilization is critical for our operational efficiency and cost management. If
we fail to sustain or improve our current levels of capacity utilization, it could lead to underutilization of our
resources, thereby increasing our per-unit production costs and adversely affecting our profit margins.
Several factors could impact our ability to maintain the existing level of capacity utilization. We started operations
at the Manekpur Facility in December 2024 with a total installed capacity of 4,000 tonnes per annum and we are
planning to increase the installed capacity at the Manekpur Facility in a phased manner to 22,500 tonnes per
annum as at March 31, 2027. For details, see “Our Business-Our Strategies-Expand our existing production
capacity” on page 270. Therefore, if we are unable to increase our sales of plastic consumerware (and thereby the
need to process more polymers), it would lead to the underutilization of our plastic consumerware manufacturing
facilities. Further, challenges such as equipment breakdowns, shutdowns, supply chain disruptions, or labour
shortages could hinder our ability to operate at optimal capacity. Additionally, compliance with new or existing
regulations may require operational adjustments that could impact our production capabilities, and adverse
economic conditions, both globally and domestically, could negatively affect consumer spending and demand for
our products, impacting our production levels.
72In the event we are unable to maintain our current capacity utilization rates and improve our capacity utilization
over time, our operational costs could rise, and our profitability could suffer. This, in turn, could have a material
adverse effect on our business, financial condition, results of operations, and cash flows.
33. If we cannot secure skilled and unskilled contract labour at reasonable rates, it will adversely affect
our business and operations. Additionally, if independent contractors default on wage payments, we
may be liable, which could affect our cash flows and financial condition.
Our workforce comprises contract workers and employees. In order to retain flexibility and control costs, we
appoint independent contractors who in turn engage on-site contract workers for performance of certain of our
operations, including material handling on the shop floor, loading and unloading, housekeeping, maintenance, and
security services. Set forth in the table below are details of the number of the contract workers engaged for our
operations as compared to our employees as at the dates indicated.
As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Particulars
(Consolidated) (Standalone) (Standalone)
Number of Employees [A] 690 610 610
Number of Contract Workers [B] 1,589 1,061 1,100
Total Workforce [C = A+B] 2,279 1,671 1,710
Set forth below are the details of our contractual services expenses and our employee benefit expenses, the total
of such expenses and the total of such expenses as a percentage of our revenue from operations for the Fiscals
indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
Particulars (Consolidated) (Standalone) (Standalone)
(₹ in million, except percentages)
Contractual services expenses [A] 233.26 211.91 169.06
Employee benefit expenses [B] 473.39 404.58 349.94
Total Workforce Expenses 706.65 616.49 519.00
[C= A+B]
Total Workforce Expenses as a percentage 12.66% 12.02% 11.70%
of revenue from operations [D=C/E]%
Revenue from operations [E] 5,581.67 5,128.53 4,434.86
If we are unable to obtain the services of skilled and unskilled contract workers at reasonable rates or at all, it will
have an adverse effect on our business and results of operations.
Although we do not engage these contract workers directly, we could be held responsible for any wage payments
to be made to such workers in the event of default by such independent contractors. While the amount paid in
such an event may be recoverable from the independent contractor, there is a risk that we may not be able to
recover the full amount. Any requirement to fund the wage requirements of the engaged workers could have an
adverse effect on our cash flows until such amount is recovered from the contractor and on our results of operations
and financial condition in the event we are unable to recover such amount from the independent contractor. In
addition, under the Contract Labour (Regulation and Abolition) Act, 1970, as amended, we could be required to
absorb a number of such contract workers as permanent employees. We could also be subject to legal proceedings
in this regard. Any order from a regulatory body or court would increase our costs and decrease our flexibility to
increase or decrease our workforce in response to changes in demand for our products and would have an adverse
effect on our business and results of operations. Since April 1, 2022, we have not been required to make wage
payments for contract workers due to default by independent contractors, nor have we faced any legal proceedings
under the Contract Labour (Regulation and Abolition) Act, 1970.
34. Failure or disruption of our information technology (“IT”) systems or breach of data security could
adversely affect our business, financial condition, results of operations and cash flows.
Our ability to keep our business operating depends on the proper and efficient operations and functioning of
various IT systems, which are susceptible to malfunctions and interruptions. Our design and production facilities
comprise IT enabled processes, such as computer-aided design (CAD). We also have a supplier management
system and have implemented various integrated quality management systems such as the ERP platform
73implemented by us to manage key areas of our operations, including production, materials and maintenance. For
human resource functions, we use the software for people, information, network, and enterprise (SPINE).
We could be subject to disruptions of our IT systems arising from events that are wholly or partially beyond our
control or the control of our third-party vendors (including, for example, damage or incapacitation by human error,
natural disasters, electrical or telecommunication outages, sabotage, computer viruses, hacking, cyber-attacks or
similar events, or loss of support services from other third parties, such as internet backbone providers). Since
April 1, 2022, we have not experienced any disruptions or failures in our IT systems that has had a material adverse
effect on our business, financial condition, results of operations or cash flows. Any failure or disruption in the
operation of these systems or the loss of data due to such failure or disruption could affect our ability to plan,
track, record and analyse work in progress and sales, process financial information, manage product lifecycle,
manage our creditors and debtors, manage payables and inventory or otherwise conduct our normal business
operations, which could increase our costs and have a material adverse effect on our business and results of
operations.
Our employees have access to information relevant to their specific department based on their work profile, to the
extent necessary for their roles. To that extent, our systems are potentially vulnerable to data security breaches,
whether by employees or others that may expose sensitive data to unauthorized persons. Such data security
breaches could lead to unauthorized access to our systems, misappropriation of data and unforeseen disclosure or
transfer of data. While we have not experienced any data breaches in the past, any such security breaches could
have an adverse effect on our business, results of operations, financial condition and cash flows.
We have a data centre located within the Azure platform that is managed for us by a third party. However, if for
any reason the switch over to the back-up systems do not take place or if a calamity occurs in both places such
that our data is compromised at both places, it would have a material adverse effect on our business, financial
condition, results of operations and cash flows.
Although we have a disaster recovery and business continuity policy in place to mitigate the risk to vulnerabilities,
such measures may not have been effectively implemented or may not be adequate to ensure that its operations
are not disrupted.
35. Failure in complying with quality control processes could have an adverse effect on our business,
results of operations and financial conditions.
Our products could suffer from quality issues resulting from manufacturing or designing of the products or the
quality of the raw materials used in manufacturing the product. Inferior raw materials could result in product
defects leading to dissatisfied customers, which could result in a decrease in our sales. We have implemented
quality control processes. Our quality control process involves several stages. At the procurement stage, we
inspect raw materials upon receipt and make entries in the ERP system implemented by us. We request for
replacement of raw materials from our suppliers if necessary. At the production and packaging stages of our
manufacturing process, we examine products to ensure no defects are carried over from the previous step. We
conduct data analysis for the rejected items and take appropriate corrective action. However, given the scale of
our plastic products manufacturing and the volume of raw materials procured, it is difficult for us to inspect each
product or raw material. Therefore, we rely on inspection methods such as random sampling of our products or
raw materials on a regular basis. As part of our quality control measures, we regularly inspect the facilities and
warehouses. As at March 31, 2025, we had a dedicated quality assurance team comprising of 17 employees
responsible for ensuring compliance with our established quality standards. Quality audit processes are driven by
a team of experienced personnel and further guided by constant engagement with customers to drive best-in-class
quality assurance processes. Our operations are also subject to quality audit processes by our customers, and we
engage third-party quality assurance services in certain cases to rigorously test and certify our products, ensuring
they meet the applicable standards. While third-party quality assurance services help ensure our products meet
required standards, such as those mandated by our ISO 9001:2015 Quality Management System (QMS)
certification, there is a risk that these third-party providers may fail to detect all defects, or there could be delays
in their services. Any failure or delay by third-party quality assurance services could result in product recalls,
legal penalties, or damage to our brand reputation, which could adversely affect our business. Since April 1, 2022
there have been no such instances of failure or delay by third-party quality assurance services that has resulted in
product recalls, legal penalties, or damage to our brand reputation.
We experience returns primarily in our domestic business, with the main reason being shop soil, which refers to
grime or minor damages accumulated during transit. Goods returned on account of the same are thereafter ground
74and reused in our production process or are sold as scrap. The following table presents the total refunds made to
customers, damages incurred, and claims filed in relation to our products (calculated as the sum of refunds made
to our customers for products returned and the damages and claims recovered by customers) and expressed as a
percentage of revenue from operations for the Fiscals 2025, 2024 and 2023.
Fiscal 2025 Fiscal 2024 Fiscal 2023
Particulars
(Consolidated) (Standalone) (Standalone)
Products returned by customers (calculated as the 14.27 11.57 9.38
amount of refunds to customers) [A] (₹ in million)
Damages and claims recovered by customers [B] 1.13 1.72 0.33
(₹ in million)
Total refunds, damages and claims [C = A +B] 15.40 13.29 9.70
(₹ in million)
Total refunds, damages and claims as a percentage of 0.28% 0.26% 0.22%
revenue from operations [D = C/E] (%)
Revenue from operations (₹ in million) [E] 5,581.67 5,128.53 4,434.86
While the total refunds, damages and claims in relation to the Company’s products are negligible as highlighted
in the table above, there could be an increase in such refunds, damages and claims in the future. Further, while we
have not faced any material product recalls in the past, we cannot assure you that we will not face any instances
of product recalls in the future and any such incidents could adversely affect our reputation, business, results of
operations, financial condition and cash flows. We also face the risk of facing legal proceedings and product
liability claims being brought against us defective products sold. We could be asked to pay compensation and
damages if such claims or lawsuits are determined against us which could also result in adverse publicity and
impact our brand and customer goodwill. While we do maintain product liability insurance, we do not maintain
product recall insurance cover.
36. Our operations are subject to various risks, including breakdowns, third party liability claims and
infrastructure failure, as well as fire, theft, robbery, earthquake, flood, acts of terrorism and other
force majeure events. If any of the foregoing risks occur, our insurance coverage may not be adequate
to protect us against all losses, which could have an adverse effect on our business, financial condition,
results of operations and cash flows.
Our operations are subject to various risks, including breakdowns, failure or substandard performance of
equipment, third party liability claims, labour disturbances, employee fraud and infrastructure failure, as well as
fire, theft, robbery, earthquake, flood, acts of terrorism and other force majeure events. We maintain insurance
policies for our manufacturing facilities, including buildings, machinery and warehouses, as well as for personal
accident coverage, fire and burglary insurance, key man insurance, group medicare insurance, vehicle insurance
and commercial general liability insurance. We are not insured against environmental damages and terrorist acts.
For further details, see “Our Business – Insurance” on page 296. The table below sets forth the assets we have
insured, the insured amount for such assets and the percentage of such assets insured as at March 31, 2025 and
the amount of premium paid for Fiscal 2025.
As at March 31, 2025 (Consolidated) Amount of
premium paid
Amount Insured Amount Insurance Coverage
Particulars for Fiscal 2025
[A] [B] [C=B/A]
(Consolidated)
(₹ in million) (₹ in million) (%)
(₹ in million)
Property, plant and 3,767.04 5,237.64 131.39% 11.01
equipment
Capital work-in-progress 219.27
Inventories 733.25 794.00 108.29%
While we believe that the insurance coverage which we maintain would be reasonably adequate to cover the
standard risks associated with the operation of our business, we cannot assure you that any claim under the
insurance policies maintained by us will be honoured fully, in part or on time, or that we have taken out sufficient
insurance to cover all our losses. Our insurance policies may not provide adequate coverage in certain
circumstances and are subject to certain deductibles, exclusions and limits on coverage. In addition, our insurance
coverage expires from time to time. We apply for the renewal of our insurance coverage in the normal course of
our business, but we cannot assure you that such renewals will be granted in a timely manner, at acceptable cost
or at all. To the extent that we suffer loss or damage for which we did not obtain or maintain insurance, and which
75is not covered by insurance or exceeds our insurance coverage or where our insurance claims are rejected, the loss
would have to be borne by us and our results of operations, cash flows and financial condition could be adversely
affected. We did not have any insurance claim receivables or amounts written off for Fiscals 2025, 2024 and 2023.
Further, since April 1, 2022, we have not incurred any material uninsured loss or a loss that exceeded the limits
of our insurance policies.
37. Our Promoters, Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand
Shah, hold 30.26%, 30.27% and 30.26% of the paid-up equity share capital of our Company as on
date of this Prospectus, respectively. Our Promoters will continue to exercise significant influence
over our Company after the completion of the Offer, which could prevent a change in control of our
Company and could make some transactions more difficult or impossible without the support of our
Promoters.
Our Promoters, Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah, hold
30.26%, 30.27% and 30.26% of the paid-up equity share capital of our Company as on date of this Prospectus,
respectively. As at the date of this Prospectus, our Promoters collectively hold 90.79% of our Company’s issued,
subscribed and paid-up Equity Share capital and along with the members of the Promoter Group together hold
90.98% of our Company’s issued, subscribed and paid-up Equity Share capital. After the completion of the Offer,
our Promoters along with the members of the Promoter Group will continue to hold majority of our Company’s
post-Offer Equity Share capital. Accordingly, our Promoters will continue to exercise significant influence over
our business and all matters requiring Shareholders’ approval, including the composition of our Company’s Board
of Directors, the adoption of amendments to our Company’s constitutional documents, the approval of mergers,
strategic acquisitions or joint ventures or the sales of substantially all of our Company’s assets, and the policies
for dividends, investments and capital expenditures. This fraction of ownership could also delay, defer or even
prevent a change in control of our Company and could make some transactions more difficult or impossible
without the support of our Promoters. Further, the Promoters’ shareholding could limit the ability of a third party
to acquire control. The interests of our Promoters, as our Company’s controlling Shareholders, could conflict with
our Company’s interests or the interests of our other Shareholders. There is no assurance that our Promoters will
act to resolve any conflicts of interest in our Company’s or our other Shareholders’ favour.
38. We utilize a portion of our Daman Facility pursuant to a lease and use other offices and warehouses
through leases or leave and license agreements. If we are unable to renew our license, leases or the
leave and license agreements on acceptable terms or are otherwise forced to move premises, it could
have an adverse effect on our business, results of operations and financial condition.
A portion of our Daman Facility is located at S.No. 371/1(2), Village Kachigam, Kachigam, Char Rasta, Behind
Stone Quarry, Dist Daman. Our Company leases this property from B T Plastics & Allied Industries, a member
of our Promoter Group, pursuant to a lease deed dated June 24, 2025, for a term of sixty months effective from
April 1, 2025 to March 31, 2030. Additionally, we lease or have leave and license agreements for other offices
and warehouses as required for our operations. For details, see “Our Business - Properties” on page 300. If there
is any adverse impact on, or deficiency in, the title or ownership of the owner from whom we leased or licensed
any of these properties or if we are unable to renew a license, lease agreement or leave and license agreement on
acceptable terms or at all, we would be required to vacate the premises and find alternative premises. Such
alternative premises may not be located as favourably as the current premises and may be more expensive and we
would have to incur moving costs and other related costs. Therefore, if we are unable to renew our license, lease
agreements or leave and license agreements on acceptable terms or at or otherwise forced to move premises, it
could have an adverse effect on our business, results of operations and financial condition. Since April 1, 2022,
we have not been required to vacate a premises.
39. Our Promoters have provided personal guarantees for loan facilities obtained by our Company, and
any failure or default by our Company to repay such loans in accordance with the terms and conditions
of the financing documents could trigger repayment obligations on them, which may impact their
ability to effectively service their obligations and thereby, impact our business and operations.
Our Promoters have provided personal guarantees towards loan facilities taken by our Company. The table sets
forth below provides the details of guarantees given by our Promoters as at June 30, 2025:
76Promoter
Obligation
Selling Guarantee Financial
Guarantee Reason for on our
Shareholders value(1) Period of implication Consideration
given in the Company
who have (₹ in guarantee in case of (if any)
favour of guarantee to the
given million) default
guarantors
guarantee
HSBC Kailesh 477.26 For credit Nil Till all the Personally Nil
Limited Punamchand facilities loan liable to the
Shah, Bhupesh sanctioned to obligations extent of
Punamchand our have been guarantee
Shah and Company repaid in full amount
Nilesh
Punamchand
Shah
DBS Bank Kailesh 584.01 For credit Nil Till all the Personally Nil
India Punamchand facilities loan liable to the
Limited Shah, Bhupesh sanctioned to obligations extent of
Punamchand our have been guarantee
Shah and Company repaid in full amount
Nilesh
Punamchand
Shah
Citibank, Kailesh 342.79 For credit Nil Till all the Personally Nil
N.A. Punamchand facilities loan liable to the
Shah, Bhupesh sanctioned to obligations extent of
Punamchand our have been guarantee
Shah and Company repaid in full amount
Nilesh
Punamchand
Shah
HDFC Bank Kailesh 686.28 For credit Nil Till all the Personally Nil
Limited Punamchand facilities loan liable to the
Shah, Bhupesh sanctioned to obligations extent of
Punamchand our have been guarantee
Shah and Company repaid in full amount
Nilesh
Punamchand
Shah
Note:
(1) The guaranteed amount indicates the aggregate amount outstanding as at June 30, 2025.
For further information, see “History and Certain Corporate Matters – Guarantees given by Promoters offering
their shares in the Offer for Sale” on page 316. Any default or failure by our Company to repay the loans in a
timely manner, or at all could trigger repayment obligations of our individual Promoters in respect of such loans,
which in turn, could have an impact on their ability to effectively service their obligations, thereby having an
effect on our business, results of operation and financial condition. Furthermore, in the event that our Promoters
withdraw or terminate their guarantees, our lenders for such facilities may ask for alternate guarantees, repayment
of amounts outstanding under such facilities, or even terminate such facilities. Accordingly, our business, results
of operations, financial condition and prospects may be adversely affected by the revocation of the personal
guarantee provided by our Promoters. Since April 1, 2022, our Company has not defaulted on the repayment of
loans and the Promoters have not withdrawn or terminated any guarantee.
40. Our Directors or Promoters may enter into ventures that could lead to conflicts of interest with our
business.
Our Directors and Promoters may become involved in ventures that compete with our Company. The interests of
our Directors and Promoters could conflict with the interests of our other Shareholders, and our Directors or
Promoters could, for business considerations or otherwise, cause our Company to take actions, or refrain from
taking actions, in order to benefit their interests instead of our Company’s interests or the interests of its other
Shareholders.
While our Directors and Promoters do not, as at the date of this Prospectus, engage in any other business activities
similar to our business lines, and have not undertaken any business in conflict with our Company, we cannot
77assure you that such a conflict will not arise in the future, or that we will be able to resolve any such conflict
without an adverse effect on our business.
41. If we fail to maintain an effective system of internal controls, we may not be able to prepare reliable
financial reports and effectively avoid frauds.
Effective internal controls are necessary for us to prepare reliable financial reports and effectively avoid fraud.
Moreover, any internal controls that we may implement, or our level of compliance with such controls, could
deteriorate over time, due to evolving business conditions. To support our operational efficiency and financial
accuracy, we have established various levels of internal controls across our operations, governed by internal
policies. We are in the process of deploying Supervisory Control and Data Acquisition (SCADA) software at our
Manekpur Facility to capture and monitor data from ancillary machines, such as chillers and mould temperature
controls. Our quality control system is multi-faceted, including the inspection of raw materials, in-process checks,
and the use of an Integrated Quality Management System (IQMS). Additionally, our inventory management is
bolstered by a fully palletized system and automated storage and retrieval systems (ASRS), which ensure the
organized and efficient handling of goods. These internal controls and policies are designed to uphold our quality
standards, enhance operational efficiency, and maintain effective inventory management. Since April 1, 2022, to
our knowledge, we have not failed to maintain an effective system of internal controls. However, there can be no
assurance that deficiencies in our internal controls will not arise in the future, or that we will be able to implement
and continue to maintain adequate measures to rectify or mitigate any such deficiencies in our internal controls.
While we have not faced any material disruption in our internal controls in the past, any inability on our part to
adequately detect, rectify or mitigate any such deficiencies in our internal controls could adversely impact our
ability to accurately report, or successfully manage, our financial risks, and to avoid fraud, each of which could
have an adverse effect on our business, financial condition, results of operations and cash flows.
42. If we fail to keep our technical knowledge confidential, it could erode our competitive advantage and
have a material adverse effect on our business, financial condition, results of operations and cash
flows.
We possess technical knowledge and know-how about our products, manufacturing processes and materials
expertise and automation capabilities that have been built up through our own research and development
capabilities. While we rely on a combination of confidentiality procedures and contractual provisions to protect
our intellectual property, we cannot be certain that the steps we have taken will prevent unauthorised use of our
intellectual property. As a result, we cannot be certain that our technical knowledge will remain confidential. For
details of our intellectual property, see “Government and Other Approvals – Intellectual Property Rights” on page
461. We have not made any applications for registration of any copyrights, proprietary design rights or patents
under applicable laws.
Certain proprietary knowledge could be leaked, either inadvertently or wilfully, at various stages of the production
process. A significant number of our employees have access to confidential design and product information and
there can be no assurance that this information will remain confidential. Moreover, certain of our employees could
leave us and join our various competitors. Further, our employment agreements do not contain non-compete
clauses, which increases the risk of employees using proprietary knowledge at competing firms. Although we
seek to enforce non-disclosure agreements with our key employees to protect our technical knowledge and other
confidential information, we cannot guarantee that we will be able to successfully enforce such agreements. We
also enter into non-disclosure agreements with some of our customers, but we cannot assure you that such
agreements will be successful in protecting our technical knowledge and know-how. The potential damage from
such disclosure is increased as our designs and products are not patented and thus, we may have no recourse
against copies of our products and designs that enter the market subsequent to such leakage.
Furthermore, our business primarily focuses on manufacturing white-label plastic consumerware, relying on
customer-specific product designs. When a customer selects a design, we use it exclusively for that customer
without acquiring any proprietary design rights. This dependency means that if our proprietary designs or technical
knowledge are leaked, our ability to produce unique products that differentiate us in the market could be
compromised. The lack of exclusive rights limits our ability to build a proprietary product portfolio and capitalize
on successful designs across multiple clients, making us vulnerable to competitors who can offer similar services.
In the event that the confidential technical information in respect of our products or business becomes available
to third parties or to the general public, any competitive advantage we may have over other companies in the
78consumerware industry could be compromised. If a competitor is able to reproduce or otherwise capitalise on our
technology, it could be difficult, expensive or impossible for us to obtain necessary legal protection. Moreover,
we may not be able to detect any unauthorised use or to take appropriate and timely steps to protect our confidential
technical information. Consequently, any leakage of confidential technical information could have a material
adverse effect on our business, financial condition, results of operations and cash flows. Since April 1, 2022, to
our knowledge, there has been no instances of our confidential technical information being compromised.
43. Any variation in the utilisation of the Net Proceeds or in the terms of any contract as disclosed in this
Prospectus would be subject to certain compliance requirements, including prior shareholders’
approval.
We propose to utilise the Net Proceeds for (i) prepayment or repayment of all or a portion of certain outstanding
borrowings availed by our Company; (ii) purchase of equipment and machinery for the Manekpur Facility and
the installation of automated storage and retrieval systems (ASRS) for the warehouse in the Manekpur Facility;
and (iii) general corporate purposes.
We propose to deploy the Net Proceeds towards the Objects in accordance with the estimated schedule of
implementation and deployment of funds as follows:
(in ₹ million)
Total amount to be Estimated deployment
Particulars funded from Net of the Net Proceeds
Proceeds (1)(2) (Fiscal 2026)
Prepayment or repayment of all or a portion of certain outstanding 1,430.00 1,430.00
borrowings availed by our Company
Purchase of equipment and machinery for the Manekpur Facility and 1,137.14 1,137.14
installation of automated storage and retrieval systems (ASRS) for
warehouse in Manekpur Facility
General corporate purposes (2)(3)(4) 3.95 3.95
Total(1)(3) 2,571.09 2,571.09
Notes:
(1) A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of ₹248.00 per Equity Share
(including a premium of ₹246.00 per Equity Share), aggregating to an amount of ₹700.00 million. Accordingly, the size of the Fresh
Issue has been reduced by ₹700.00 million and the revised Fresh Issue size aggregates to ₹2,800.00 million. The Pre–IPO Placement
did not exceed 20% of the Fresh Issue. Prior to the completion of the allotment of Equity Shares pursuant to the Pre-IPO Placement,
our Company appropriately intimated the subscribers to the Pre-IPO Placement, that there is no guarantee that our Company will
proceed with the Offer or the Offer will be successful and will result in the listing of the Equity Shares on the Stock Exchanges. Further,
relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement have been appropriately made in the
relevant sections of the Red Herring Prospectus and in relevant sections of this Prospectus.
(2) The aggregate proceeds of the Pre-IPO Placement and the Fresh Issue is ₹3,500.00 million and the Offer expenses apportioned to our
Company (including the expenses for the Pre-IPO Placement) is ₹255.93 million and accordingly, the aggregate of the Net Proceeds
and the proceeds of the Pre-IPO Placement is ₹3,244.07 million. For details with respect to sharing of fees and expenses in relation to
the Offer amongst our Company and the Selling Shareholders, please refer to “Objects of the Offer - Offer Expenses” on page 157.
(3) Subject to finalisation of the Basis of Allotment. The amount to be utilised for general corporate purposes shall not exceed 25% of the
gross proceeds from the Fresh Issue.
(4) The proceeds from the Pre-IPO Placement (excluding the expenses for the Pre-IPO Placement) aggregating to ₹672.98 million shall
be utilised towards general corporate purposes.
The fund requirements, deployment of funds and the intended use of the Net Proceeds as described in this
Prospectus are based on our current business plan, management estimates, prevailing market conditions and other
commercial considerations, which are subject to change and may not be within the control of our management.
However, such fund requirements and deployment of funds have not been appraised by any external agency or
any bank or financial institution or any other independent agency. We may have to revise our funding
requirements and deployment, as required, on account of internal factors such as our business and growth
strategies and other external factors such as changes in the business environment. This may entail rescheduling
the proposed utilisation of the Net Proceeds and changing the allocation of funds from its planned allocation at
the discretion of our management, subject to compliance with applicable laws.
For further details of the proposed objects of the Offer, see “Objects of the Offer - Proposed schedule of
implementation and deployment of Net Proceeds” on page 129. At this stage, we cannot determine with any
79certainty if we would require the Net Proceeds to meet any other expenditure or fund any exigencies arising out
of competitive environment, business conditions, economic conditions or other factors beyond our control. In
accordance with Section 27 of the Companies Act, 2013, we cannot undertake any variation in the utilisation of
the Net Proceeds as disclosed in this Prospectus without obtaining the Shareholders’ approval through a special
resolution. In the event of any such circumstances that require us to undertake variation in the disclosed utilisation
of the Net Proceeds, we may not be able to obtain the Shareholders’ approval in a timely manner, or at all. Any
delay or inability in obtaining such shareholders’ approval may adversely affect our business or operations.
Further, our Promoters or controlling shareholders would be required to provide an exit opportunity to the
shareholders who do not agree with our proposal to change the objects of the Offer or vary the terms of such
contracts, at a price and manner as prescribed by SEBI. Additionally, the requirement on Promoters or controlling
shareholders to provide an exit opportunity to such dissenting shareholders may deter the Promoters or controlling
shareholders from agreeing to the variation of the proposed utilisation of the Net Proceeds, even if such variation
is in the interest of our Company. Further, we cannot assure you that the Promoters of our Company will have
adequate resources at their disposal at all times to enable them to provide an exit opportunity at the price prescribed
by SEBI. In light of these factors, we may not be able to undertake variation of objects of the Offer to use any
unutilized proceeds of the Fresh Issue, if any, even if such variation is in the interest of our Company. This may
restrict our Company’s ability to respond to any change in our business or financial condition by re-deploying the
unutilised portion of Net Proceeds, if any, or varying the terms of contract, which may adversely affect our
business and results of operations.
44. We might unintentionally infringe upon the intellectual property rights of others, any
misappropriation of which could harm our competitive position.
While we ensure that we comply with the intellectual property rights of others, we cannot determine with certainty
as to whether we are infringing on any existing third-party intellectual property rights. We could, therefore, be
susceptible to claims from third parties asserting infringement and other related claims. If claims or actions are
asserted against us, we could be required to obtain a licence, modify our existing technology or cease the use of
such technology and design a new non-infringing technology. Such licences or design modifications can be
extremely costly. Furthermore, necessary licences may not be available to us on satisfactory terms, if at all. In
addition, we could decide to settle a claim or action against us, the settlement of which could be costly. We could
also be liable for any past infringement. Any of the foregoing could adversely affect our business and results of
operations.
In certain cases, our customers share their intellectual property rights in the course of the product development
process that we carry out for them. If our customer’s intellectual property rights are misappropriated by our
employees in violation of any applicable confidentiality agreements, our customers could seek damages and
compensation from us. This could have an adverse effect on our business, results of operations and damage our
reputation and relationships with our customers. Since April 1, 2022, we have not received any notices alleging
that our products or manufacturing processes violate third-party intellectual property rights.
45. A shortage or unavailability of electricity or water could affect our manufacturing operations and
have an adverse effect on our business, financial condition, results of operations and cash flows.
Our manufacturing operations require continuous supply of electricity and water. We currently source our water
requirements from bore wells. All our plants are equipped with rain water harvesting. We also partially rely on
electricity generated from our solar panel installations to power our manufacturing operations. For details, see
“Our Business – Manufacturing - Energy and Water” on page 285. Our plants require consistent voltage levels to
maintain the standard quality of our manufacturing processes. In the event of a power interruption, restarting the
process entails significant time and energy loss. This disruption not only leads to inefficiencies but also results in
redundant resource utilization as processes need to be duplicated. While we do have backup diesel generators,
they may not be sufficient for emergency services and we acknowledge the importance of maintaining a stable
electricity supply to ensure efficient production and minimize disruptions. We encountered power disruptions in
December 2022 and June 2023, which led to production losses. For details, see “– Any breakdown or shutdown
of any our manufacturing facilities especially as we only have three manufacturing facilities, could have an
adverse effect on our business, financial condition, results of operations and cash flows” on page 67. A shortage
or non-availability of electricity or water could adversely affect our manufacturing operations and have an adverse
effect on our business, results of operations and financial condition.
8046. Actual and future production levels and capacity utilization rates could differ significantly from the
estimated production capacities or historical estimated capacity information of our facilities.
Therefore, undue reliance should not be placed on our historical and forecast capacity information
included in this Prospectus.
The information relating to the estimated and forecast annual production capacities and the historical capacity
utilization of our manufacturing facilities included in this Prospectus is based on a number of assumptions and
estimates of our management, including expected operations, availability of raw materials, expected unit
utilization levels, downtime resulting from scheduled maintenance activities, downtime resulting from change in
stock keeping units for a particular product, unscheduled breakdowns, mould changeover, as well as expected
operational efficiencies. In particular, the following assumptions have been made in the calculation of the
estimated annual production capacities of our manufacturing facilities included in this Prospectus, as certified by
Vinod Ashok Sanjivani Palande, Chartered Engineers, pursuant to a certificate dated August 1, 2025:
• there should not be any lock down / strikes/ stoppages/ shutdowns in the facilities.
• raw materials will be available without any interruption to the manufacturing facilities.
• regular maintenance and annual overhaul will be carried as per the schedules.
• uninterrupted power supply should be available.
• there will not be any new Government policies, which affect the cost of production and labour
relations.
Actual and future production levels and capacity utilization rates could differ significantly from the estimated and
forecast production capacities or historical estimated capacity information of our facilities. Therefore, undue
reliance should not be placed on our historical and forecast capacity information included in this Prospectus.
47. We cannot assure payment of dividends on the Equity Shares in the future and our ability to pay
dividends in the future will depend upon future earnings, financial condition, cash flows, working
capital requirements, capital expenditures and restrictive covenants of our financing arrangements.
While we have adopted a dividend policy, we have not declared any dividend on the Equity Shares of our
Company in the last three Fiscals and the period from April 1, 2025 until the date of this Prospectus. For details,
see “Dividend Policy” on page 348. The declaration and payment of dividends will be recommended by the Board
of Directors and approved by the Shareholders, at their discretion, subject to the provisions of the Articles of
Association and applicable law, including the Companies Act. We could retain all future earnings, if any, for use
in the operations and expansion of the business and. therefore, we may not declare dividends in the foreseeable
future. Any future determination as to the declaration and payment of dividends will be at the discretion of our
Board and will depend on factors that our Board deems relevant, including among others, our future earnings,
financial condition, cash requirements, business prospects and any financing arrangements. Our ability to pay
dividends is restricted under certain financing arrangements we have entered into. We cannot assure you that we
will be able to pay dividends in the future. If we do not pay dividends, the realization of a gain on the Shareholders’
investments in the Equity Shares will depend on the appreciation of the price of our Equity Shares. We cannot
assure you that our Equity Shares will appreciate in value.
48. We have entered into transactions with our Promoters and certain members of our Promoter Group,
which include payments in the form of property acquisition costs, and license fees for properties used
in our operations as well payment of interest in connection to certain borrowings availed by us. We
cannot assure you that we could not have achieved more favourable terms had such transactions not
been entered into with our Promoters and members of the Promoter Group.
We have entered into transactions with our Promoters and certain members of our Promoter Group, which include
payments in the form of property acquisition costs, and license fees for properties used in our operations. We
acquired the property in which our Registered and Corporate Office is located from Vasanti Punamchand Shah,
the proprietor of Chhaya Plastics and a member of our Promoter Group, by way of a transfer deed dated September
19, 2024. However, prior to the sale, we used this office pursuant to a leave and license agreement between our
Company and Vasanti Punamchand Shah, the proprietor of Chhaya Plastics, dated April 1, 2020, which was to
expire on March 31, 2025. The rent payable for Fiscal 2025 was ₹0.06 million per month. Further, we have also
acquired or leased properties for use from members of our Promoter Group, the details of which are provided
81below:
Owned / Particulars of the transaction
Leased
(Term of
Lease) /
S. Description of
Address Leave and
No Property
License
(Term of
Leave and
License)
1. Of fice Gala No. C-37, 3rd floor, Owned Our Company has acquired the said property from
Royal Industrial Estate, P.H. Shah HUF, a member of our Promoter Group,
Naigaum Cross Road, pursuant to a sale deed dated September 19, 2024, for
Wadala, Mumbai 400 031, ₹22.80 million. Prior to the sale, we used the premises
India pursuant to a leave and license agreement between
our Company and P.H. Shah HUF, dated April 1,
2023, which was to expire on March 31, 2028. The
rent payable for Fiscal 2025 was ₹0.10 million per
month.
2. Of fice Gala No. C-38, 3rd floor, Owned Our Company has acquired the said property from
Royal Industrial Estate, Vasanti Punamchand Shah, the proprietor of Chhaya
Naigaum Cross Road, Plastics and a member of our Promoter Group,
Wadala, Mumbai 400 031, pursuant to a sale deed dated September 19, 2024, for
India ₹22.80 million. Prior to the sale, we used the premises
pursuant to a leave and license agreement between
our Company and Chhaya Plastics, dated April 1,
2020, which was to expire on March 31, 2025. The
rent payable for Fiscal 2025 was ₹0.11 million per
month.
3. M anufacturing Survey No. 371/1-C, Owned Our Company has acquired the said properties from
facility and Kachigam Char Rasta, Pyramid Plastics, a member of our Promoter Group,
warehouse Kachigam, Daman, Dadra pursuant to sale deeds each dated September 18,
and Nagar Haveli and 2024, for ₹133.65 million. Prior to the sale, we used
Daman and Diu – 396210, the premises pursuant to a memoranda of
India understanding for use of premises between our
Company and Pyramid Plastics, dated April 1, 2020,
which was to expire on March 31, 2025. The rent
payable for Fiscal 2025 was ₹0.90 million per month.
4. M anufacturing Survey No. 377/1(1) and Owned Our Company has acquired the said property from
facility 377/1(2) Kachigam Char Pyramid Plastics, a member of our Promoter Group,
Rasta, Kachigam, Daman, pursuant a sale deed dated September 18,2024 for
Dadra and Nagar Haveli ₹90.77 million. Prior to the sale, we used the premises
and Daman and Diu – pursuant to a memoranda of understanding for use of
396210, India premises between our Company and Pyramid
Plastics, each dated April 1, 2020, which were valid
up to March 31, 2025. The rent payable for Fiscal
2025 was ₹0.87 million per month.
5. M anufacturing S no 371/1(2) (2300 Sq Leased (April Our Company has leased the said property from B T
facility Mt) of village Kachigam 1, 2025 to Plastics & Allied Industries, a member of our
of Nani Daman at March 31, Promoter Group, pursuant to a lease deed dated June
Kachigam Charrasta, 2030) 24, 2025, to use the said for a period of sixty months
Behind Stone Quarry, Dist from April 1, 2025 to March 31, 2030. The rent
Daman (2300 Sq Mt) payable for Fiscal 2026 is ₹0.43 million per month.
6. Ac commodation Flat No. A/506, Fifth Leased (April Our Company has leased the said property from B T
for staff Floor, A-Wing building 1, 2025 to Plastics & Allied Industries, a member of our
known as “PARASMANI March 31, Promoter Group, pursuant to a lease agreement dated
CO.OP.HSG. SOC. 2030) May 23, 2025, to use the said property for a term from
LTD.”, City Survey No. April 1, 2025 to March 31, 2030. The rent payable for
2505/B/6, 2505/B/7, Vapi Fiscal 2026 is ₹0.01 million per month.
Maha Nagarpalika, Vapi,
Taluka Vapi, District
Valsad, State Gujarat,
India
82We have also made payments in the form of interest to our Promoters and certain members of the Promoter Group
in connection to borrowings availed by us from them, the details of which are provided below.
Name of the Fiscal 2025 Fiscal 2024 Fiscal 2023
Nature of Promoter/ (Consolidated) (Standalone) (Standalone)
Relationship with the Company
Transaction Member of the
(₹ in million)
Promoter Group
Nilesh Promoter of our Company 3.27 10.64 10.69
Punamchand
Shah
Bhupesh Promoter of our Company 2.65 9.40 12.80
Punamchand
Shah
Kailesh Promoter of our Company 1.59 4.64 3.39
Punamchand
Shah
Interest Rupal Kailesh Spouse of Kailesh Punamchand Shah, 2.23 8.45 8.45
Shah Director of our Company
Riddhi Kailesh Daughter of Kailesh Punamchand - 1.11 1.03
Shah Shah, Director of our Company
Mother of Kailesh Punamchand Shah, - 0.74 0.72
Vasanti
Bhupesh Punamchand Shah and Nilesh
Punamchand
Punamchand Shah, Directors of our
Shah
Company
Malav Bhupesh Son of Bhupesh Punamchand Shah, - 0.54 0.38
Shah Director of our Company
For further details on our related party transactions, see “Summary of the Offer Document - Summary of Related
Party Transactions” and “Financial Statements – Notes to the Restated Consolidated and Standalone Financial
Information – Note 42 – Related party disclosure” on pages 31 and 394, respectively.
While all such transactions in the past with our Promoters and members of the Promoter Group have been
conducted on an arms-length basis and in compliance with the Companies Act, 1956 or the Companies Act, 2013,
each as amended, as may be applicable, and other applicable law, there can be no assurance that we could not
have achieved more favourable terms had such transactions not been entered into with our Promoters and members
of the Promoter Group. There can be no assurance that these or any future transactions that we may enter into
with our Promoters and members of the Promoter Group, individually or in the aggregate, will not have an adverse
effect on our business and results of operations.
49. We currently avail benefits under certain export promotion schemes. In order to continuously avail
the benefits we are required to export goods of a defined amount. Any failure in meeting the
obligations could adversely affect our business, results of operations and financial condition.
We currently avail benefits under the GoI’s Refund of Duties and Taxes on Exported Products (RoDTEP) scheme
under the Foreign Trade Policy of India, which allow us duty free import of certain inputs used for manufacturing
and availing duty drawbacks. We also took benefit from export incentives under other export promotion schemes,
such as Duty Drawback. If these export incentives are withdrawn, or there is a delay in disbursements of benefits
under such schemes, our business, results of operations and financial condition may be adversely affected. In
addition, our business, results of operations and financial condition may be adversely affected if we are subject to
any dispute with the tax authorities in relation to these benefits or in the event we are unable to comply with the
conditions required to be complied with in order to avail ourselves of these benefits. Since April 1, 2022, there
has been no instances where our Company has not been able to avail the benefits under export promotion schemes.
For further information on our tax benefits, see “Statement of Special Tax Benefits” on page 172.
50. Any downgrade of our credit ratings could lead to an increase in our borrowing costs and constrain
our access to borrowings.
The cost and availability of borrowings is dependent, among other factors, on our credit ratings received in respect
of our borrowing facilities availed from lenders. Ratings reflect a rating agency’s opinion of our financial strength,
operating performance, strategic position, and ability to meet our obligations. We have received a credit rating of
83CRISIL A-/Positive from CRISIL Ratings Limited with respect to our borrowing facilities availed from lenders.
Any deterioration in our financial strength, operating performance or strategic position or a general downturn in
the industry could result in a downgrade of our credit ratings, which could in turn lead to an increase in our
borrowing costs and constrain our access to funds and debt markets, which could adversely affect our business.
In addition, any downgrade of our credit ratings could result in a default under our financing arrangements or
lenders imposing additional terms and conditions in any future financing or refinancing arrangements. Since April
1, 2022, our credit ratings have not been downgraded.
51. All sales of our Company’s products to new customers overseas shall be made by All Time Plastics
Pte. Limited, our Company’s subsidiary, which will have the effect of decreasing the amount of
revenue our Company would have made if our Company made these sales directly. In addition,
Dragon Bridge Pte. Ltd, a company over which we have no control, is responsible for global (excluding
India) sales and marketing of our products and if Dragon Bridge Pte. Ltd fails to perform its
obligations it could have a material adverse effect on our sale of products to new customers overseas.
As per the joint venture agreement dated December 27, 2024, as amended through the amendment agreement
dated February 1, 2025, executed amongst our Company, Dragon Bridge Pte. Ltd and All Time Plastics Pte.
Limited (the “Joint Venture Agreement”), All Time Plastics Pte. Limited, our Company’s subsidiary, shall
undertake the business of enhancing the geographical reach of the products manufactured by our Company and
also provide product development inputs to our Company. As per the Joint Venture Agreement, sales made to our
Company’s existing customers overseas shall continue to be made by our Company and all sales made to new
customers overseas shall be made by All Time Plastics Pte. Limited. As per the Joint Venture Agreement, Dragon
Bridge Pte. Ltd is responsible for global (excluding India) sales and marketing and if Dragon Bridge Pte. Ltd fails
to perform its obligations it could have a material adverse effect on our sale of products to new customers overseas.
For more details, see “Our Business-Our Strategies-Selective Expansion into Overseas Markets” and “History
and Certain Corporate Matters-Other Material Agreements” on pages 275 and 314, respectively. While our
Company will have to incur less expenses due to not having to incur sales-related costs to sell our products to new
customers overseas, this will have the effect of decreasing the revenue our Company would have made had our
Company made such sales directly to the new customers overseas to the extent of the difference between the price
our Company sold the goods to All Time Plastics Pte. Limited for and the price that All Time Plastics Pte. Limited
sold the goods to the end customer for.
Our Company currently owns 100% of the shares in All Time Plastics Pte. Limited. However, pursuant to the
Joint Venture Agreement, it is agreed between the parties that Dragon Bridge Pte. Ltd will subscribe to or acquire
from our Company, by way of a secondary transfer, such number of shares of All Time Plastics Pte. Limited, such
that the shareholding of our Company and Dragon Bridge Pte. Ltd in All Time Plastics Pte. Limited shall be
51.00% and 49.00%, respectively.
52. We may be subject to fraud, theft or such similar incidents which may have an adverse effect on our
business operations and financial conditions.
Our business is exposed to the risk of incidents of theft, fraud, pilferage by employees, misappropriation of funds
or inventory and such similar incidents. An increase in the levels of shrinkage at our Manufacturing Facilities or
warehouses may require us to deploy more security staff and increase surveillance which would increase our
operational costs and adversely affect our profitability. We have security measures set up at our Manufacturing
Facilities and warehouses such as security cameras, deployment of security guards and processes of period stock
checking. Since April 1, 2022, to our knowledge, there have been no incidents of theft, fraud, pilferage by
employees, misappropriation of funds or inventory and such similar incidents. While we take steps towards
preventing loss of stock, there is no assurance that we will be successful in preventing losses and will not
experience any instances of theft, fraud, negligence, or such similar instances in the future which may adversely
affect our business, results of operations and financial conditions. For further details, see “- Our operations are
subject to various risks, including breakdowns, third party liability claims and infrastructure failure, as well as
fire, theft, robbery, earthquake, flood, acts of terrorism and other force majeure events. If any of the foregoing
risks occur, our insurance coverage may not be adequate to protect us against all losses, which could have an
adverse effect on our business, financial condition, results of operations and cash flows.” on page 75.
53. Some of our Directors, Promoters, members of the Promoter Group, Key Managerial Personnel,
Senior Management Personnel and their relatives could have interest in us other than normal
remuneration benefits or reimbursements of expenses incurred.
84In addition to payment of remuneration, we have entered into related party transactions with our Promoters, our
Directors and Key Managerial Personnel in relation to availment of borrowings, payment of interest on such
borrowings and payment of rent. For details, see Note 42 to our Restated Consolidated and Standalone Financial
Information included in “Financial Statements - Restated Consolidated and Standalone Financial Information”
and “— We have entered into, and will continue to enter into, related party transactions. We cannot assure you
that we could not have achieved more favourable terms had such transactions not been entered into with related
parties.” on pages 353 and 48, respectively.
Further, our Promoters, certain members of the Promoter Group, Key Managerial Personnel, Senior Management
Personnel and some of their relatives are also interested in our Company to the extent of Equity Shares held by
them. Additionally, as at June 30, 2025, our Promoters have provided personal guarantees for certain of our
borrowings, which amounted to ₹2,214.34 million on a consolidated basis (which comprised ₹2,090.34 million
for fund-based borrowings and ₹124.00 million for non-fund based borrowings) and our business, financial
condition, results of operations and prospects may be adversely affected by the revocation of all or any of the
guarantees provided by our Promoters in connection with our Company’s borrowings. For details, see “— Our
Promoters have provided personal guarantees for loan facilities obtained by our Company, and any failure or
default by our Company to repay such loans in accordance with the terms and conditions of the financing
documents could trigger repayment obligations on them, which may impact their ability to effectively service their
obligations and thereby, impact our business and operations” and Notes 22 and 25 to our Restated Consolidated
and Standalone Financial Information included in “Financial Statements - Restated Consolidated and Standalone
Financial Information” on pages 76, 353, respectively.
54. While we have undertaken a bonus issue of Equity Shares in the past, there can be no assurances that
we will undertake a bonus issue of Equity Shares going forward.
Pursuant to the board resolution dated May 15, 2024 and Shareholders’ resolution dated May 21, 2024, our
Company capitalised a sum from and out of the amount standing to the credit of the retained earnings of the
Company for the purpose of issuance and allotment of Equity Shares by way of bonus issue to all its Shareholders
as on the record date of May 24, 2024, in compliance with the applicable provisions of the Companies Act, 2013.
The allotment was in the ratio of 9:1 (i.e., nine equity shares for every one equity share held). For details, see
“Capital Structure – Issue of shares for consideration other than cash or by way of bonus issue or out of
revaluation reserves” on page 115. As at March 31, 2024, our retained earnings stood at ₹1,913.71 million.
Following the bonus issue, which required the utilization of ₹94.50 million from these reserves, our retained
earnings were reduced to ₹1,819.20 million. The utilisation of the Company’s free reserves in the past to undertake
the aforesaid bonus issue may impact our Company’s ability to declare dividends and undertaken bonus issuances
in the future. As at March 31, 2025, our retained earnings were ₹2,287.79 million (on a consolidated basis).
55. The requirements of being a publicly listed company could strain our resources.
We are not a publicly listed company and have not, historically, been subjected to the increased scrutiny of our
affairs by shareholders, regulators and the public at large that is associated with being a listed company. As a
listed company, we will incur significant legal, accounting, corporate governance and other expenses that we did
not incur as an unlisted company. We will be subject to the SEBI Listing Regulations, which will require us to
file audited annual and unaudited quarterly reports with respect to our business and financial condition. If we
experience any delays, we may fail to satisfy our reporting obligations and/or we may not be able to readily
determine and accordingly report any changes in our results of operations as promptly as other listed companies.
Further, as a publicly listed company, we will need to maintain and improve the effectiveness of our disclosure
controls and procedures and internal control over financial reporting, including keeping adequate records of daily
transactions. In order to maintain and improve the effectiveness of our disclosure controls and procedures and
internal control over financial reporting, significant resources and management attention will be required. As a
result, our management’s attention could be diverted from our business concerns, which could adversely affect
our business, prospects, results of operations and financial condition. In addition, we may need to hire additional
legal and accounting staff with appropriate experience and technical accounting knowledge, which would increase
our overall compliance costs. We cannot assure you that we will be able to recruit these personnel promptly or
efficiently.
8556. Our funding requirements and the proposed deployment of Net Proceeds have not been appraised and
our management will have broad discretion over the use of the Net Proceeds.
We intend to utilise the Net Proceeds towards prepayment or repayment of all or a portion of certain outstanding
borrowings availed by our Company, purchase of equipment and machinery for the Manekpur Facility and
installation of automated storage and retrieval systems (ASRS) for the warehouse in the Manekpur Facility, and
general corporate purposes. For further details, see “Objects of the Offer – Utilisation of Net Proceeds” on page
129. The objects of the Offer have not been appraised by any bank or financial institution, and our funding
requirement is based management estimates, current circumstances of our business and prevailing market
conditions, which are subject to changes in external factors, such as financial and market conditions, market
feedback and demand of our products, competition, business strategy and interest/exchange rate fluctuations,
which may not be within the control of our management. Based on the competitive nature of our industry, we may
have to revise our business plan and/or management estimates from time to time and consequently our funding
requirements may also change. Such internal estimates may differ from the value that would have been determined
by third party appraisals, which may require us to reschedule or reallocate our expenditure, subject to applicable
laws. In case of an increase in actual expenses or shortfall in requisite funds, additional funds for a particular
activity will be met by any means available to us, including internal accruals and additional equity and/or debt
arrangements, and may have an adverse impact on our business, results of operations, financial condition and cash
flows. Accordingly, investors in our Equity Shares will be relying on the judgment of our management regarding
the application of the Net Proceeds.
Further, pursuant to Section 27 of the Companies Act and other applicable law, any variation in the Objects of the
Offer would require a special resolution of the shareholders and the Promoters or controlling shareholders will be
required to provide an exit opportunity to the shareholders who do not agree to such proposal to vary the Objects
of the Offer, at such price and in such manner in accordance with applicable law.
Our Company, in accordance with the applicable law and to attain the objects set out above, will have the
flexibility to deploy the Net Proceeds. Pending utilization of the Net Proceeds for the purposes described above,
our Company may temporarily deposit the Net Proceeds within one or more scheduled commercial banks included
in the Second Schedule of Reserve Bank of India Act, 1934 as may be approved by our Board. We will appoint a
Monitoring Agency for monitoring the utilization of Net Proceeds in accordance with Regulation 41 of the SEBI
ICDR Regulations and the Monitoring Agency will submit its report to us on a quarterly basis in accordance with
the SEBI ICDR Regulations.
57. The average cost of acquisition of Equity Shares by the Selling Shareholders could be less than the
Offer Price.
The average cost of acquisition of Equity Shares by the Selling Shareholders may be less than the Offer Price.
The details of the average cost of acquisition of Equity Shares held by the Selling Shareholders are set out below.
Weighted average cost of
Name of the Selling Shareholder Number of the Equity Shares held acquisition per Equity Shares
(in ₹)(1)
Kailesh Punamchand Shah 16,740,174 1.31
Bhupesh Punamchand Shah 16,745,174 1.31
Nilesh Punamchand Shah 16,740,174 1.31
Note:
(1) As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), by their certificate dated August 11, 2025.
The Offer Price is not indicative of the price at which our Company has issued the Equity Shares in the past or
that will prevail in the open market following listing of the Equity Shares.
58. We have issued Equity Shares in the last 12 months prior to the date of this Prospectus at prices that
could be lower than the Offer Price.
On June 30, 2025, our Company allotted 2,822,580 Equity Shares of face value ₹2 each at a price of ₹248.00 per
Equity Share aggregating to ₹700.00 million by way of the Pre-IPO Placement. For more details of the Equity
Shares issued in the preceding one year from the date of this Prospectus, see “Capital Structure – Notes to Capital
Structure – Share Capital History of our Company” on page 113. The price at which Equity Shares have been
issued by our Company in the preceding one year, including the issuance through the Pre-IPO Placement, could
86be lower than the Offer Price and may not be indicative of the price at which they will be issued or traded after
listing.
59. We have included certain non-GAAP financial measures and certain statistical information related to
our business, financial condition, results of operations and cash flows in this Prospectus. These non-
GAAP financial measures and statistical information could vary from any standard methodology that
is applicable across the manufacturing industry, and therefore may not be comparable with non-
GAAP financial measures or statistical information of similar nomenclature computed and presented
by other companies
In evaluating our business, we consider and use certain non-GAAP financial measures and statistical information,
such as Gross Profit, Gross Margin, EBITDA, EBITDA Margin, PAT Margin, ROCE, ROE, Gross Fixed Asset
Turnover Ratio, Net Working Capital Days, Trade Receivable Days, Trade Payables Days, Inventory Turnover
Ratio and Net Debt-to-Equity Ratio, which are not required by, or presented in accordance with, Ind AS or any
other generally accepted accounting principles. Further, these non-GAAP financial measures and statistical
information are not a measurement of our financial performance or liquidity under Ind AS or any other generally
accepted accounting principles and should not be considered in isolation or construed as an alternative to cash
flows, profit/ (loss) for the year or any other measure of financial performance or as an indicator of our operating
performance, liquidity, profitability or cash flows generated by operating, investing or financing activities derived
in accordance with Ind AS or any other generally accepted accounting principles. We compute and disclose such
non-GAAP financial measures and such other statistical information as we consider such information to be useful
measures of our business and financial performance. These non-GAAP financial measures and other statistical
information may not be computed on the basis of any standard methodology that is applicable across the industry
and, therefore, may not be comparable to financial measures and statistical information of similar nomenclature
that may be computed and presented by other companies.
Certain of our non-GAAP financial measures and statistical information (referred to as KPIs) are disclosed in
“Basis for Offer Price – Key Performance Indicators (“KPIs”)” on page 164. After the listing of the Equity Shares
on the Stock Exchanges, we will continue to disclose the KPIs in accordance with the applicable regulations.
However, as the industry in which we operate continues to evolve, the KPIs by which we evaluate our business
may change in the future.
We have also included certain non-GAAP financial measures and statistical information of our competitors listed
on the Stock Exchanges in “Basis for Offer Price – Key Performance Indicators (“KPIs”)” on page 164, which
may not be based on any standard methodology and are subject to various assumptions.
EXTERNAL RISKS
60. Any downturn in the macroeconomic environment or geopolitical risks in the European Union, the
United Kingdom, the United States or India could adversely affect our business, financial condition,
results of operations and cash flows.
Our performance and the growth of our business are dependent to some extent on the health of the economies of
the European Union, the United Kingdom, the United States and India, which is where we sell almost all of our
products. The table below sets forth our revenue from operations from customers in the European Union, the
United Kingdom, the United States, India and others for the Fiscals indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Location of
Revenue from % of revenue Revenue from % of revenue Revenue from % of revenue
customer
operations from operations from operations from
(₹ in million) operations (₹ in million) operations (₹ in million) operations
European 3,247.67 58.18% 2,921.42 56.96% 2,516.03 56.73%
Union
United 882.56 15.81% 1,005.14 19.60% 849.85 19.16%
Kingdom
United 623.11 11.16% 580.68 11.32% 512.57 11.56%
States
Others 27.70 0.50% 28.08 0.55% 58.21 1.31%
87Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Location of
Revenue from % of revenue Revenue from % of revenue Revenue from % of revenue
customer
operations from operations from operations from
(₹ in million) operations (₹ in million) operations (₹ in million) operations
Total 4,781.05 85.66% 4,535.32 88.43% 3,936.65 88.77%
outside
India
India 847.17 15.18% 617.57 12.04% 507.16 11.44%
Less-Claims, 46.55 0.83% 24.36 0.47% 8.96 0.20%
Damages &
Discount
Total 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
Any downturn in the macroeconomic environment or geopolitical risks in the European Union, the United
Kingdom, the United States or India could adversely affect our business, financial condition, results of operations
and cash flows. Since we primarily export our products to customers in the European Union, the United Kingdom,
and the United States, we are exposed to various geopolitical risks that could adversely affect our business,
financial condition, results of operations, and cash flows. Geopolitical tensions, trade policies, and regulatory
changes in these regions can lead to increased tariffs, trade barriers, or sanctions, impacting our ability to export
products and maintain our competitive position. While we strive to mitigate these risks through strategic planning
and market diversification, there can be no assurance that we will be able to fully shield our business from the
impacts of geopolitical events. Our business was not materially adversely affected by any downturn in the
macroeconomic environment or geopolitical risks in the European Union, the United Kingdom, the United States
or India in Fiscals 2025, 2024 and 2023.
61. The occurrence of natural disasters and man-made disasters could adversely affect our business,
financial condition, results of operations and cash flows.
Our Daman Facility, Silvassa Facility and Manekpur Facility are all located in western India. For details, see “Our
Business-Manufacturing” on page 278. In addition, we export our products and import some of our raw materials
from the ports of Hazira and Nhava Sheva, which are also in western India. The occurrence of natural disasters in
western India, including cyclones, storms, floods, earthquakes, tsunamis, fires, explosions, pandemics (such as
COVID-19) and epidemics, and man-made disasters, including acts of terrorism, other acts of violence and war,
could adversely affect our business, financial condition, results of operations and cash flows. While we maintain
insurance coverage in relation to our manufacturing facilities, it may be insufficient to protect us against all
potential losses, which could adversely affect our results of operations, cash flows, and financial condition.
In addition, terrorist attacks and other acts of violence or war as well as civil unrest or rioting in India could create
a perception that investment in Indian companies involves a higher degree of risk, thereby adversely affecting the
market price of the Equity Shares. Since April 1, 2022, the occurrence of natural disasters or man-made disasters
has not had a material adverse effect on our business, financial condition, results of operations or cash flows.
62. Changing laws, rules and regulations and legal uncertainties, including any adverse application of
tax laws and regulations leading to new compliance requirements could have a material adverse effect
on our business, financial condition, results of operations and cash flows.
The regulatory and policy environment in which we operate are evolving and are subject to change. Our business
and financial condition could be materially adversely affected by changes in the laws, rules or regulations
applicable to us, or the interpretations of such existing laws, rules and regulations, or the promulgation of new
laws, rules and regulations. The governmental and regulatory bodies could notify new regulations and/ or policies,
which could require us to obtain approvals and licenses from the government and other regulatory bodies, impose
onerous requirements and conditions on our operations. Uncertainty in the applicability, interpretation or
implementation of any amendment to, or change in, governing law, regulation or policy, including by reason of
an absence, or a limited body, of administrative or judicial precedent could be time-consuming as well as costly
for us to resolve and could affect the viability of our current business or restrict our ability to grow our business
in the future.
In addition, unfavourable changes in or interpretations of existing laws, or the promulgation of new laws, rules
and regulations, including foreign investment laws governing our business, operations and investments in our
88Company by non-residents, could result in us being deemed to be in contravention of such laws and/ or could
require us to apply for additional approvals.
Tax and other levies imposed by the central and state governments in India that affect our tax liability include
central and state taxes and other levies, income tax, turnover tax, goods and service tax, stamp duty and other
special taxes and surcharges that are introduced on a temporary or permanent basis from time to time. The final
determination of our tax liabilities involves the interpretation of local tax laws and related regulations in each
jurisdiction as well as the significant use of estimates and assumptions regarding the scope of future operations
and results achieved and the timing and nature of income earned and expenditures incurred. Moreover, the central
and state tax scheme in India is extensive and subject to change from time to time. Any future increases or
amendments could affect the overall tax efficiency of companies operating in India and could result in significant
additional taxes becoming payable. If the tax costs associated with certain transactions because of a particular tax
risk materializing are greater than anticipated, it could affect the profitability of such transactions.
The Government introduced (a) the Code on Wages, 2019 (“Wages Code”); (b) the Code on Social Security,
2020 (“Social Security Code”); (c) the Occupational Safety, Health and Working Conditions Code, 2020; and
(d) the Industrial Relations Code, 2020, which consolidate, subsume and replace numerous existing central labour
legislations. While the rules for implementation under these codes have not been notified, we are yet to determine
the impact of all or some such laws on our business and operations, which could restrict our ability to grow our
business in the future. For example, the Social Security Code aims to provide uniformity in providing social
security benefits to employees, which were previously segregated under different acts and had different
applicability and coverage. The Social Security Code has introduced the concept of workers outside traditional
employer-employee work-arrangements (including online and digital platforms), such as ‘gig workers’ and
‘platform workers’ and provides for the mandatory registration of such workers in order to enable these workers
to avail benefits of, among others, life and disability cover, health and maternity benefits and old age protection,
under schemes framed under the Social Security Code from time to time. The Social Security Code also provides
that such schemes could, among other things, be partly funded by contributions from online platforms. Further,
the Wages Code limits the amounts that could be excluded from being accounted toward employment benefits
(such as gratuity and maternity benefits) to a maximum of 50% of the wages payable to employees. The
implementation of such laws have the ability to increase our employee and labour costs, thereby adversely
affecting our results of operations and cash flows.
We could incur increased costs and other burdens relating to compliance with such new requirements, which could
also require significant management time and other resources, and any failure to comply could adversely affect
our business, results of operations and prospects.
Changes in laws, rules and regulations and legal uncertainties, including any adverse application of tax laws and
regulations, did not have a material adverse effect on our business, financial condition, results of operations and
cash flows in Fiscals 2025, 2024 and 2023.
63. Our ability to borrow in foreign currencies is restricted by Indian law.
Indian companies are subject to foreign exchange regulations that regulate borrowing in foreign currencies,
including those specified under FEMA. Such regulatory restrictions limit our ability to borrow in foreign
currencies and, therefore, could negatively affect our ability to obtain financing on competitive terms. In addition,
we cannot assure you that any required approvals for borrowing in foreign currency will be granted to us without
onerous conditions, or at all. These limitations on raising foreign capital could adversely affect our business,
results of operations, financial condition and cash flows. These limitations on raising foreign capital did not have
a material adverse effect on our business, results of operations, financial condition and cash flows in Fiscals 2025,
2024 and 2023.
64. A third party could be prevented from acquiring control over our Company because of anti-takeover
provisions under Indian law.
There are provisions in Indian law that could delay, deter or prevent a future takeover or change in control of our
Company. These provisions could discourage or prevent certain types of transactions involving actual or
threatened change in control of our Company. Under the Takeover Regulations, an acquirer has been defined as
89any person who, directly or indirectly, acquires or agrees to acquire shares or voting rights or control over a
company, whether individually or acting in concert with others. Although these provisions have been formulated
to ensure that interests of investors/shareholders are protected, these provisions could also discourage a third party
from attempting to take control of our Company.
65. A downgrade in India’s sovereign debt rating by international rating agencies could adversely affect
our debt ratings and the terms on which we are able to raise additional borrowings or refinance any
existing borrowings.
India’s sovereign debt rating could be downgraded due to several factors, including changes in tax or fiscal policy
or a decline in India’s foreign exchange reserves, all of which are outside our control. Any adverse changes to
India’s sovereign debt rating by international rating agencies could adversely affect our debt ratings and the terms
on which we are able to raise additional borrowings or refinance any existing borrowings, which could have an
adverse effect on our business, financial condition, results of operations and cash flows. There has been no
downgrade in India’s sovereign debt rating by international rating agencies that has adversely affected our debt
ratings and the terms on which we were able to raise additional borrowings or refinance any existing borrowings
in Fiscals 2025, 2024 and 2023.
66. If inflation rises in India, increased costs could result in a decrease in our profits.
Increasing inflation in India could cause the costs of rent, wages, raw materials and other expenses to rise. If we
are unable to increase our revenues sufficiently to offset our increased costs due to inflation, it could have an
adverse effect on our business, financial condition, results of operations and cash flows. The effects of inflation
in India did not have a material adverse effect on our business, financial condition, results of operations and cash
flows in Fiscals 2025, 2024 and 2023.
Risks Relating to the Equity Shares and the Offer
67. Statistical and industry data in this Prospectus are derived from the Technopak Report, which was
commissioned and paid for by us for the purpose of the Offer. Reliance on information from the
Technopak Report for making an investment decision in the Offer is subject to inherent risks.
This Prospectus includes information that is derived from the Technopak Report, which was prepared by
Technopak and commissioned and paid for by us for the purpose of the Offer pursuant to an engagement letter
dated May 20, 2024, as amended pursuant to a letter of authorisation dated June 11, 2025. Technopak is not in
any manner related to our Company, our Directors or our Promoters. A copy of the Technopak Report will be
available on our Company’s website at https://www.alltimeplastics.com/files/IndustryReport.pdf.
The Technopak Report is subject to various limitations and based upon certain assumptions that are subjective in
nature. The Technopak Report contains estimates, projections and forecasts as well as forward looking statements
that could prove to be incorrect. The Technopak Report is not a recommendation to buy or sell securities in any
company covered in the Technopak Report. Accordingly, prospective investors should not place undue reliance
on or base their investment decision solely on information derived from the Technopak Report included in this
Prospectus.
68. The determination of the Price Band is based on various factors and assumptions and the Offer Price
of the Equity Shares could not be indicative of the market price of the Equity Shares upon listing on
the Stock Exchanges. Investors bear the risk of fluctuations in the price of Equity Shares and there
can be no assurance that a liquid market for the Equity Shares will develop following the listing of the
Equity Shares on the Stock Exchanges.
There has been no public market for the Equity Shares prior to the Offer, the determination of the Price Band is
based on various factors and assumptions and will be determined by our Company in consultation with the
BRLMs. The Offer Price will be determined by our Company in consultation with the BRLMs, through the Book
Building Process in terms of Regulation 28 and Schedule XIII of SEBI ICDR Regulations. The relevant financial
parameters based on which the Price Band will be determined shall be disclosed in the advertisement that will be
issued for the publication of the Price Band. The Offer Price will be based on numerous factors, as described
under in “Basis for Offer Price” on page 161. This price may not necessarily be indicative of the market price of
90the Equity Shares after the Offer is completed. You may not be able to re-sell your Equity Shares at or above the
Offer Price and could, as a result, lose all or part of your investment. The price at which the Equity Shares will
trade at after the Offer will be determined by the marketplace and could be influenced by many factors, including:
• our financial condition, results of operations and cash flows;
• the history of and prospects for our business;
• an assessment of our management, our past and present operations and the prospects for as well as
timing of our future revenues and cost structures;
• the valuation of publicly traded companies that are engaged in business activities similar to ours;
• quarterly variations in our results of operations;
• results of operations that vary from the expectations of securities analysts and investors;
• results of operations that vary from those of our competitors;
• changes in expectations as to our future financial condition, including financial estimates by
research analysts and investors;
• a change in research analysts’ recommendations;
• announcements by us or our competitors of significant acquisitions, strategic alliances, joint
operations or capital commitments;
• announcements of significant claims or proceedings against us;
• new laws and government regulations that directly or indirectly affect our business;
• additions or departures of Key Managerial Personnel;
• changes in interest rates;
• fluctuations in stock market prices and volume; and
• general economic conditions.
The Indian stock markets have, from time to time, experienced significant price and volume fluctuations that have
affected market prices for the securities of Indian companies. As a result, investors in the Equity Shares could
experience a decrease in the value of the Equity Shares regardless of our financial condition, results of operations
and cash flows.
The Equity Shares are expected to trade on NSE and BSE after the Offer, but there can be no assurance that active
trading in the Equity Shares will develop after the Offer, or if such trading develops that it will continue. Investors
may not be able to sell the Equity Shares at the quoted price if there is no active trading in the Equity Shares.
69. Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares
they purchase in the Offer.
The Equity Shares will be listed on the Stock Exchanges. Pursuant to applicable Indian laws, certain actions must
be completed before the Equity Shares can be listed and trading in the Equity Shares may commence. The
Allotment of Equity Shares in this Offer and the credit of such Equity Shares to the applicant’s demat account
with depository participant could take approximately two Working Days from the Bid/ Offer Closing Date and
trading in the Equity Shares upon receipt of final listing and trading approvals from the Stock Exchanges is
expected to commence within three Working Days of the Bid/ Offer Closing Date. There could be a failure or
delay in listing of the Equity Shares on the Stock Exchanges. Any failure or delay in obtaining the approval or
otherwise any delay in commencing trading in the Equity Shares would restrict investors’ ability to dispose their
Equity Shares. There can be no assurance that the Equity Shares will be credited to investors’ demat accounts, or
that trading in the Equity Shares will commence, within the time periods specified in this risk factor. We could
also be required to pay interest at the applicable rates if allotment is not made, refund orders are not dispatched or
demat credits are not made to investors within the prescribed time periods.
70. Investors could be subject to Indian taxes arising out of capital gains and stamp duty on the sale of
the Equity Shares and will be subject to India taxes on any dividends.
Under current Indian tax laws, unless specifically exempted, capital gains arising from the sale of equity shares
held as investments in an Indian company are generally taxable in India. A securities transaction tax (“STT”) is
levied on and collected by an Indian stock exchange on which equity shares are sold. Any gain realised on the
91sale of listed equity shares on a stock exchange held for more than 12 months could be subject to long-term capital
gains tax in India at the specified rates depending on certain factors, such as STT paid, the quantum of gains and
any available treaty exemptions. Accordingly, you could be subject to payment of long-term capital gains tax in
India, in addition to payment of STT, on the sale of any equity shares held for more than 12 months. STT will be
levied on and collected by a domestic stock exchange on which the Equity Shares are sold. Further, any gain
released on the sale of our equity shares held for a period of 12 months or less will be subject to short-term capital
gains tax in India. Capital gains arising from transfer of long-term capital assets and short-term capital assets on
or after July 23, 2024 is taxed at the rate of 12.5% and 20%, respectively.
Capital gains arising from the sale of the Equity Shares will not be chargeable to tax in India in cases where relief
from such taxation in India is provided under a treaty between India and the country of which the seller is resident
read with the Multilateral Instrument, if and to the extent applicable, and the seller is entitled to avail benefits
thereunder. Generally, Indian tax treaties do not limit India’s ability to impose tax on capital gains. As a result,
residents of other countries may be liable for tax in India as well as in their own jurisdiction on a gain upon the
sale of the Equity Shares. Our Company may or may not grant the benefit of a tax treaty (where applicable) to a
non-resident Shareholder for the purposes of deducting tax at source pursuant to any corporate action including
dividends.
No dividend distribution tax is required to be paid in respect of dividends declared, distributed or paid by a
domestic company after March 31, 2020, and accordingly, such dividends would not be exempt from taxation the
hands of the Shareholders, both resident as well as non-resident.
Potential investors are advised to consult their own tax advisors and to carefully consider the potential tax
consequences of owning Equity Shares.
71. QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of
quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
Pursuant to the SEBI ICDR Regulations, QIBs and Non-Institutional Bidders are required to pay the Bid Amount
on submission of the Bid and are not permitted to withdraw or lower their Bids (in terms of quantity of Equity
Shares or the Bid Amount) at any stage after submitting a Bid. Retail Individual Investors and Eligible Employees
Bidding in the Employee Reservation Portion can revise their Bids during the Bid/ Issue Period and withdraw
their Bids until Bid/ Issue Closing Date. While our Company is required to complete Allotment within six
Working Days from the Bid or Offer Closing Date, events affecting the Bidders’ decision to invest in the Equity
Shares, including material adverse changes in international or national monetary policy, political or economic
conditions, or changes to our business or financial condition, could arise between the date of submission of the
Bid and Allotment. Our Company may complete the Allotment of the Equity Shares even if such events occur,
and such events could limit the Bidders’ ability to sell the Equity Shares Allotted pursuant to the Offer or cause
the trading price of the Equity Shares to decline on listing.
72. Fluctuations in the exchange rate between the Rupee and other currencies could have an adverse
effect on the value of the Equity Shares in those currencies, independent of our results of operations.
Upon listing, the Equity Shares will be quoted in Rupees on the Stock Exchanges. Any dividends in respect of the
Equity Shares will be paid in Rupees and subsequently converted into the relevant foreign currency for
repatriation, if required. Any adverse movement in currency exchange rates during the time it takes to undertake
such conversion could reduce the net dividend received by investors. In addition, any adverse movement in
currency exchange rates during a delay in repatriating the proceeds from a sale of Equity Shares outside India, for
example, because of a delay in regulatory approvals that may be required for the sale of Equity Shares, could
reduce the net proceeds received by investors. The exchange rate between the Rupee and other currencies (such
as the U.S. dollar, the Euro, the pound sterling, the Hong Kong dollar and the Singapore dollar) has changed
substantially in the past and could fluctuate substantially in the future, which could have an adverse effect on the
value of the Equity Shares and returns from the Equity Shares in foreign currency terms, independent of our
operating results.
73. Foreign investors are subject to investment restrictions under Indian law that limit our ability to attract
foreign investors, which could adversely affect the trading price of the Equity Shares.
92Under foreign exchange regulations currently in force in India, transfers of shares between non-residents and
residents are freely permitted (subject to certain restrictions), if they comply with the valuation and reporting
requirements specified by the RBI. If a transfer of shares is not in compliance with such requirements and does
not fall under any of the exceptions specified by the RBI, then the RBI’s prior approval is required. Additionally,
shareholders who seek to convert Rupee proceeds from a sale of shares in India into foreign currency and repatriate
that foreign currency from India require a no-objection or a tax clearance certificate from the Indian income tax
authorities. Further, this conversion is subject to the shares having been held on a repatriation basis and, either the
security having been sold in compliance with the pricing guidelines or, the RBI’s approval having been obtained
for the sale of shares and corresponding remittance of the sale proceeds. We cannot assure you that any required
approval from the RBI or any other governmental agency can be obtained with or without any particular terms or
conditions.
Further, in accordance with Press Note No. 3 (2020 Series), dated April 17, 2020, issued by the Department for
Promotion of Industry and Internal Trade, Government of India, and the Foreign Exchange Management (Non-
debt Instruments) Amendment Rules, 2020, which came into effect from April 22, 2020, investments where the
beneficial owner of the Equity Shares is situated in or is a citizen of a country which shares land border with India,
can only be made through the Government approval route, as prescribed in the FDI Policy. These investment
restrictions shall also apply to subscribers of offshore derivative instruments. We cannot assure you that any
required approval from the RBI or any other governmental agency can be obtained on any particular terms or at
all.
Our ability to raise foreign capital under the FDI route is therefore constrained by Indian law, which could
adversely affect our business, financial condition, results of operations and cash flows. For further information,
see “Restrictions on Foreign Ownership of Indian Securities” on page 513.
74. Holders of Equity Shares could be restricted in their ability to exercise pre-emptive rights under Indian
law and could thereby suffer future dilution of their ownership position.
Under the Companies Act, a company incorporated in India must offer holders of its equity shares pre-emptive
rights to subscribe and pay for a proportionate number of shares to maintain their existing ownership percentages
prior to the issuance of any new equity shares, unless the pre-emptive rights have been waived by the adoption of
a special resolution by holders of three-fourths of the equity shares who have voted on such resolution.
However, if the law of the jurisdiction that you are in does not permit the exercise of such pre-emptive rights
without our Company filing an offering document or registration statement with the applicable authority in such
jurisdiction, you will be unable to exercise such pre-emptive rights unless our Company makes such a filing. Our
Company may elect not to file a registration statement in relation to pre-emptive rights otherwise available by
Indian law to you. To the extent that you are unable to exercise pre-emptive rights granted in respect of the Equity
Shares, you could suffer future dilution of your ownership position and your proportional interests in our Company
would be reduced.
75. Subsequent to the listing of the Equity Shares on the Stock Exchanges, we could be subject to
surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance
Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the
interest of investors.
Subsequent to the listing of the Equity Shares, we could be subject to Additional Surveillance Measures (“ASM”)
and Graded Surveillance Measures (“GSM”) by the Stock Exchanges. These measures are in place to enhance the
integrity of the market and safeguard the interest of investors. The criteria for shortlisting any security trading on
the Stock Exchanges for ASM is based on objective criteria, which includes market-based parameters such as
high low price variation, concentration of client accounts, close to close price variation, market capitalization,
average daily trading volume and its change, and average delivery percentage, among others. Securities are subject
to GSM when its price is not commensurate with the financial health and fundamentals of the issuer.
Specific parameters for GSM include net worth, net fixed assets, price to earnings ratio, market capitalization and
price to book value, among others. Factors within and beyond our control could lead to our securities being subject
to GSM or ASM. In the event our Equity Shares are subject to such surveillance measures implemented by any
of the Stock Exchanges, we could be subject to certain additional restrictions in connection with trading of our
Equity Shares such as limiting trading frequency (for example, trading either allowed once in a week or a month)
93or freezing of price on upper side of trading which could have an adverse effect on the market price of our Equity
Shares or could in general cause disruptions in the development of an active trading market for our Equity Shares.
76. Any future issuance of Equity Shares or convertible securities or other equity-linked securities by us
could dilute your shareholding and sales of the Equity Shares by our major shareholders could
adversely affect the trading price of the Equity Shares.
We could be required to finance our growth through future equity offerings. Any future issuance of our Equity
Shares, convertible securities or securities linked to our Equity Shares by us, including through exercise of
employee stock options may dilute your shareholding in us. Any future equity issuances by us, including a primary
offering, may lead to the dilution of investors’ shareholdings in us. Any disposal of Equity Shares by our major
shareholders or the perception that such issuance or sales could occur, including to comply with the minimum
public shareholding norms applicable to listed companies in India could adversely affect the trading price of the
Equity Shares, which could lead to other adverse consequences including difficulty in raising capital through
offering of the Equity Shares or incurring additional debt. We cannot assure you that we will not issue further
Equity Shares or that the shareholders will not dispose of, pledge or encumber the Equity Shares in the future.
Any future issuances could also dilute the value of your investment in the Equity Shares. In addition, any
perception by investors that such issuances or sales might occur could also affect the market price of the Equity
Shares.
77. It may not be possible for investors to enforce any judgment obtained outside India against our
Company, the Directors or the Key Managerial Personnel in India, respectively, except by way of a
lawsuit in India on such judgment.
Our Company is a company incorporated under the laws of India and all our Directors and Key Managerial
Personnel are located in India. All our assets are located in India. As a result, it may not be possible for investors
to effect service of process upon our Company or such persons in jurisdictions outside India, or to enforce
judgments obtained against such parties outside India. Furthermore, it is unlikely that an Indian court would
enforce foreign judgments if that court was of the view that the amount of damages awarded was excessive or
inconsistent with public policy, or if judgments are in breach or contrary to Indian law. In addition, a party seeking
to enforce a foreign judgment in India is required to obtain approval from the RBI to execute such a judgment or
to repatriate outside India any amounts recovered.
Recognition and enforcement of foreign judgments is provided for under Section 13 and Section 44A of the Code
of Civil Procedure, 1908. India is not a party to any international treaty in relation to the recognition or
enforcement of foreign judgments. India has reciprocal recognition and enforcement of judgments in civil and
commercial matters with only a limited number of jurisdictions, including the United Kingdom, United Arab
Emirates, Singapore and Hong Kong. In order to be enforceable, a judgment from a jurisdiction with reciprocity
must meet certain requirements established in the Indian Code of Civil Procedure, 1908. The Code of Civil
Procedure, 1908 only permits the enforcement and execution of monetary decrees in the reciprocating jurisdiction,
not being in the nature of any amounts payable in respect of taxes, other charges, fines or penalties. Judgments or
decrees from jurisdictions which do not have reciprocal recognition with India cannot be enforced by proceedings
in execution in India. Therefore, a final judgment for the payment of money rendered by any court in a non-
reciprocating territory for civil liability, whether or not predicated solely upon the general laws of the non-
reciprocating territory, would not be directly enforceable in India. The party in whose favour a final foreign
judgment in a non-reciprocating territory is rendered may bring a fresh suit in a competent court in India based
on the final judgment within three years of obtaining such final judgment. However, it is unlikely that a court in
India would award damages on the same basis as a foreign court if an action were brought in India or that an
Indian court would enforce foreign judgments if it viewed the amount of damages as excessive or inconsistent
with the public policy in India. Further, we cannot assure you that a suit brought in an Indian court in relation to
a foreign judgment will be disposed of in a timely manner. In addition, any person seeking to enforce a foreign
judgment in India is required to obtain the prior approval of the RBI to repatriate any amount recovered, and we
cannot assure that such approval will be forthcoming within a reasonable period of time, or at all, or that conditions
of such approval would be acceptable. Such an amount may also be subject to income tax in accordance with
applicable law.
78. There is no guarantee that our Equity Shares will be listed, or continue to be listed, on the Indian
stock exchanges in a timely manner, or at all, and prospective investors will not be able to immediately
sell their Equity Shares on NSE and BSE.
94In accordance with Indian law and practice, final approval for listing and trading of our Equity Shares will not be
granted until after certain actions have been completed in relation to this Offer and until our Equity Shares have
been issued and allotted. Such approval will require the submission of all other relevant documents authorizing
the issuance of our Equity Shares. In accordance with current regulations and circulars issued by SEBI, our Equity
Shares are required to be listed on the BSE and NSE within such time as mandated under UPI Circulars, subject
to any change in the prescribed timeline in this regard. Accordingly, we cannot assure you that the trading in our
Equity Shares will commence in a timely manner or at all and there could be a failure or delay in listing our Equity
Shares on the NSE and BSE, which would adversely affect your ability to sell our Equity Shares.
95SECTION III: INTRODUCTION
THE OFFER
The following table summarises the details of the Offer:
Equity Shares offered
Offer of equity shares of face value ₹2 each (1) 14,570,760* equity shares of face value ₹2 each, aggregating to
₹4,006.03*# million
of which:
Fresh Issue(1)(4)(&) 10,185,198* equity shares of face value ₹2 each, aggregating to
₹2,800.00 million*(8)
Offer for Sale(2) 4,385,562 equity shares of face value ₹2 each, aggregating to
₹1,206.03 million*
Including
Employee Reservation Portion(7)(8) 35,750 equity shares of face value ₹2 each, aggregating to
₹8.90 million
Accordingly,
The Net Offer 14,535,010* equity shares of face value ₹2 each, aggregating to
₹3,997.13 million*(8)
The Net Offer comprises of:
A) QIB Portion(3)(4)(6) Not more than 7,267,504* equity shares of face value ₹2 each,
aggregating to ₹1,998.56 million*
of which:
a. Anchor Investor Portion 4,360,502* equity shares of face value ₹2 each
b. Net QIB Portion (assuming Anchor Investor 2,907,002* equity shares of face value ₹2 each
Portion is fully subscribed)
of which:
(a) Mutual Fund Portion (5) 145,351*equity shares of face value ₹2 each
(b) Balance for all QIBs including Mutual Funds 2,761,651* equity shares of face value ₹2 each
B) Non-Institutional Portion(4)(6) Not less than 2,180,252* equity shares of face value ₹2 each,
aggregating to ₹599.57* million*
of which:
One-third of the Non-Institutional Portion available for 7,26751* equity shares of face value ₹2 each
allocation to Bidders with an application size of more than
₹0.20 million and up to ₹1.00 million
Two-third of the Non-Institutional Portion available for 1,453,501* equity shares of face value ₹2 each
allocation to Bidders with an application size of more than
₹1.00 million
C) Retail Portion(4)(6) Not less than 5,087,254* equity shares of face value ₹2 each,
aggregating to ₹1,398.99 million*
Pre and post Offer Equity Shares
Equity Shares outstanding prior to the Offer (as at the date 55,322,580 equity shares of face value ₹2 each
of this Prospectus)
Equity Shares outstanding after the Offer 65,507,778* equity shares of face value ₹2 each
Utilisation of Net Proceeds See “Objects of the Offer” on page 128 for information about
the use of proceeds from the Fresh Issue. Our Company will not
receive any proceeds from the Offer for Sale
& A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of ₹248.00 per Equity Shares
(including a premium of ₹246.00 per Equity Share), for an amount aggregating to ₹700.00 million. Accordingly, the size of the Fresh Issue
has been reduced by ₹700.00 million and the revised Fresh Issue size aggregates to ₹ 2,800.00 million. The Pre-IPO Placement did not exceed
20% of the Fresh Issue. Our Company has appropriately intimated the subscribers to the Pre-IPO Placement, prior to allotment pursuant to
the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer or the Offer will be successful and will result
in the listing of the Equity Shares on the Stock Exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to
the Pre-IPO Placement have been appropriately made in the relevant sections of the Red Herring Prospectus and this Prospectus.
* Subject to finalisation of the Basis of Allotment
Notes:
(1) The Offer has been authorised by resolution passed by our Board of Directors in their meeting held on August 16, 2024. Our
Shareholders authorised the Fresh Issue vide special resolution passed in their AGM held on September 4, 2024.
96(2) Each of the Selling Shareholders, severally and not jointly, confirmed that their respective portion of the Offered Shares were eligible
for being offered for sale in terms of Regulation 8 of the SEBI ICDR Regulations. Each of the Selling Shareholders severally and not
jointly, has consented to participate in the Offer for Sale. The details of their respective Offered Shares are as follows:
Sr. Name of the Selling Date of the consent letter to
Offered Shares
No. Shareholder participate in the Offer for Sale
Selling Shareholders
1. Kai lesh Punamchand Shah 1,461,854* equity shares of face June 30, 2025
value ₹2 each
2. Bhu pesh Punamchand Shah 1,461,854* equity shares of face June 30, 2025
value ₹2 each
3. Nile sh Punamchand Shah 1,461,854* equity shares of face June 30, 2025
value ₹2 each
* Subject to finalisation of the Basis of Allotment
Our Board of Directors have taken on record the consents for participation in the Offer for Sale by the Selling Shareholders pursuant
to its resolutions dated August 16, 2024 and June 30, 2025. For further details, see “Other Regulatory and Statutory Disclosures” on
page 464.
(3) Our Company, in consultation with the BRLMs, allocated up to 60% of the QIB Portion to Anchor Investors on a discretionary basis
in accordance with the SEBI ICDR Regulations. One-third of the Anchor Investor Portion was reserved for domestic Mutual Funds,
subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of
under-subscription in the Anchor Investor Portion, the remaining Equity Shares could be added to the QIB Portion. 5% of the QIB
Portion (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only, and the
remainder of the QIB Portion was available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors),
including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from
Mutual Funds was less than as specified above, the balance Equity Shares available for allotment in the Mutual Fund Portion could
be added to the QIB Portion and allocated proportionately to the QIB Bidders (other than Anchor Investors) in proportion to their
Bids. For further details, see “Offer Procedure” on page 489.
(4) Subject to valid Bids being received at or above the Offer Price, undersubscription in any portion except the QIB Portion, would be
allowed to be met with spill over from any other category, or combination of categories, as applicable, at the discretion of our Company,
in consultation with the BRLMs and the Designated Stock Exchange, subject to applicable law. In the event of under-subscription in
the Offer, subject to receiving minimum subscription for 90% of the Fresh Issue and compliance with Rule 19(2)(b) of the SCRR, the
Allotment for the balance valid Bids will be made proportionately towards Fresh Issue and the Offered Shares.
(5) Subject to valid Bids being received at, or above, the Offer Price.
(6) Allocation to Bidders in all categories, except Anchor Investors, if any, Non-Institutional Investors and Retail Individual Investors,
shall be made on a proportionate basis subject to valid Bids received at or above the Offer Price. The allocation to each Retail
Individual Investor shall was not less than the minimum Bid Lot, subject to availability of Equity Shares in the Retail Portion and the
remaining available Equity Shares, if any, were allocated on a proportionate basis. Allocation to Anchor Investors shall be on a
discretionary basis. For details, see “Offer Procedure” on page 489. The allocation to each Non-Institutional Investor was not be less
than the minimum Non-Institutional Investor application size, subject to availability of Equity Shares in the Non-Institutional Portion
and the remaining available Equity Shares, if any, were allocated on a proportionate basis in accordance with the conditions specified
in this regard in Schedule XIII of the SEBI ICDR Regulations. Further, (a) 1/3rd of the portion available to Non-Institutional Investors
was reserved for applicants with application size of more than ₹0.20 million and up to ₹1.00 million and (b) 2/3rd of the portion available
to Non-Institutional Investors was reserved for applicants with application size of more than ₹1.00 million. Provided that the
unsubscribed portion in either of the sub-categories specified in clauses (a) or (b), may be allocated to applicants in the other sub-
category of Non-Institutional Investors.
(7) The initial Allotment to an Eligible Employee in the Employee Reservation Portion did not exceed ₹0.20 million, however, an Eligible
Employee could submit a Bid for a maximum Bid Amount of ₹0.50 million under the Employee Reservation Portion..
(8) Our Company, in consultation with the BRLMs, offered an Employee Discount of 9.45% to the Offer Price (equivalent of ₹26 per Equity
Share), which was announced at least two Working Days prior to the Bid/Offer Opening Date.
For details in relation to the terms of the Offer, see “Terms of the Offer” on page 477. For details, including in
relation to grounds for rejection of Bids, refer to “Offer Structure” and “Offer Procedure” on pages 484 and 489,
respectively.
97SUMMARY OF FINANCIAL INFORMATION
The following tables provide the summary of financial information of our Company derived from the Restated
Consolidated and Standalone Financial Information as at and for the Financial Years ended March 31, 2025,
March 31, 2024 and March 31, 2023. The summary financial information presented below should be read in
conjunction with the Restated Consolidated and Standalone Financial Information, the notes thereto, and
“Financial Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” on pages 349 and 410, respectively.
[Remainder of this page has been intentionally left blank]
9899100101GENERAL INFORMATION
Our Company was incorporated as “All Time Plastics Private Limited”, a private limited company under the
Companies Act, 1956 on March 8, 2001, and was granted the certificate of incorporation by the RoC. Pursuant
to a special resolution passed by our Shareholders at the EGM on May 21, 2024 approving the conversion of our
Company into a public limited company, the name of our Company was changed to “All Time Plastics Limited”,
and the RoC issued a fresh certificate of incorporation on August 5, 2024. For further details, see “History and
Certain Corporate Matters” on page 309.
Registered and Corporate Office of our Company
The address and certain other details of our Registered and Corporate Office are as follows:
All Time Plastics Limited
B-30, Royal Industrial Estate
Wadala, Mumbai – 400 031
Maharashtra, India
There have been no changes in our Registered and Corporate Office since incorporation.
Company Registration Number and Corporate Identity Number
The registration number and corporate identity number of our Company are as follows:
a. Registration number: 131139
b. Corporate identity number: U25209MH2001PLC131139
The Registrar of Companies
Our Company is registered with the Registrar of Companies, Maharashtra at Mumbai which is situated at the
following address:
100, Everest, Marine Drive
Mumbai- 400 002
Maharashtra, India
Board of Directors
The following table sets out the brief details of our Board as on the date of this Prospectus:
Name Designation DIN Address
Kailesh Chairman and 00268442 1502, Springs, GD Ambekar Road, Dadar East, Near Wadala
Punamchand Shah Managing Director Telephone Exchange, Dadar, Mumbai – 400014, Maharashtra,
India
Bhupesh Whole-time Director 00281295 Flat No 174, Floor 17th, A Wing, Kalpataru Avana, off Dr. S.
Punamchand Shah S Rao Road, Near ITC Central, Parel East, Mumbai – 400012,
Maharashtra, India
Nilesh Whole-time Director 00281407 701, Rustom Villa, 751, Dr Ghanti Road, Parsi Colony, Dadar
Punamchand Shah East, Dadar, Mumbai – 400014, Maharashtra, India
Belur Krishna Independent Director 03498701 1002, Tower 6, 10th Floor Emerald Isle, Saki Vihar Road,
Murthy Sethuram Powai, Sakinaka, Mumbai Suburban- 400072, Maharashtra,
India
Lakshmi Nadkarni Independent Director 07076164 D-706 Manhattan Sai World City, Survey No.95, 1 Village
Kolkhe Panvel, Raigad, - 410206, Maharashtra, India
Shrinivas Independent Director 02707840 E-1104, Mahindra Splendour, LBS Marg, Bhandup West,
Damodar Joshi Mumbai – 400078, Maharashtra, India
For further details of our Board of Directors, see “Our Management” on page 319.
102Company Secretary and Compliance Officer
Antony Pius Alapat is the Company Secretary and Compliance Officer of our Company. His contact details are
as follows:
Antony Pius Alapat
B-30, Royal Industrial Estate
Wadala, Mumbai – 400 031
Maharashtra, India
Tel.: (+91 22) 6620 8900
E-mail: companysecretary@alltimeplastics.com
Book Running Lead Managers
Intensive Fiscal Services Private Limited DAM Capital Advisors Limited
914, 9th Floor, Raheja Chambers Altimus 2202, Level 22
Free Press Journal Marg Pandurang Budhkar Marg
Nariman Point, Mumbai 400 021 Worli, Mumbai 400 018
Maharashtra, India Maharashtra, India
Tel: (+91 22) 2287 0443 Tel: (+91 22) 4202 2500
E-mail: Alltime.ipo@intensivefiscal.com E-mail: atpl.ipo@damcapital.in
Investor Grievance E-mail: Investor Grievance E-mail:
grievance.ib@intensivefiscal.com complaint@damcapital.in
Website: www.intensivefiscal.com Website: www.damcapital.in
Contact Person: Harish Khajanchi / Anand Rawal Contact Person: Puneet Agnihotri
SEBI Registration No.: INM000011112 SEBI Registration No.: MB/INM000011336
Statement of inter-se allocation of responsibilities among the BRLMs
The responsibilities and coordination by the BRLMs for various activities in the Offer are as follows:
Sr. No Activities Responsibility Coordination
1. Capital structuring with the relative components and formalities such BRLMs Intensive
as composition of debt and equity, type of instruments, and positioning
strategy
2. Due diligence of Company including its operations / management / BRLMs Intensive
business plans / legal etc., drafting and design of the Draft Red Herring
Prospectus, the Red Herring Prospectus and this Prospectus. Ensure
compliance and completion of prescribed formalities with the Stock
Exchanges, SEBI including finalisation of RHP, Prospectus, Offer
Agreement, and Underwriting Agreements and RoC filing
3. Drafting and approval of all statutory advertisements BRLMs Intensive
4. Drafting and approval of all publicity material other than statutory BRLMs DAM Capital
advertisements as mentioned in point 3 above, including corporate
advertising and brochures and filing of media compliance report with
SEBI
5. Appointment of Registrar and Ad agency (including coordination of all BRLMs Intensive
agreements)
6. Appointment of all other intermediaries including printer, Banker (s) to BRLMs Intensive
the Issue, sponsor bank, syndicate members, share escrow agent,
monitoring agency, etc. (including coordination of all agreements)
7. Preparation of road show presentation and FAQs for the road show BRLMs DAM Capital
team
8. International institutional marketing of the Offer, which will cover, BRLMs DAM Capital
inter alia:
• Institutional marketing strategy
• Finalising the list and division of international investors for one-to-
one meetings
• Finalising international road show and investor meeting schedules
103Sr. No Activities Responsibility Coordination
9. Domestic institutional marketing of the Offer, which will cover, inter BRLMs Intensive
alia:
• Finalising the list and division of domestic investors for one-to-one
meetings
• Finalising domestic road show and investor meeting schedules
10. Conduct non – institutional marketing and retail marketing of the Offer, BRLMs Intensive
which will cover, inter-alia:
• Finalising media, marketing, public relations strategy and publicity
budget including list of frequently asked questions at retail road
shows;
• Finalising collection centres
• Finalising centres for holding conferences for brokers etc.
• Finalising commission structure and co-ordinate with RTA for
commission payouts
• Follow-up on distribution of publicity and Offer material including
form, RHP / Prospectus and deciding on the quantum of the Offer
material
11. Coordination with Stock Exchanges for book building software, BRLMs DAM Capital
bidding terminals and mock trading, anchor coordination, anchor CAN
and initiation of anchor allocation
12. Managing the book and finalisation of pricing in consultation with BRLMs Intensive
Company
13. Post-Offer activities – management of escrow account, coordinate non- BRLMs DAM Capital
institutional allocation, coordination with registrar, SCSBs and banks,
intimation of allocation and dispatch of refund to bidders etc.
Post-Offer activities, which shall involve essential follow-up steps
including allocation to anchor investors, follow-up with bankers to the
Offer and SCSBs to get quick estimates of collection and advising the
issuer about the closure of the Offer, finalisation of the basis of
allotment or weeding out of multiple applications, coordination with
various agencies connected with the post-offer activity such as registrar
to the offer, bankers to the offer, Self-Certified Syndicate Banks etc.,
including responsibility for underwriting arrangements, as applicable,
listing of instruments, demat credit and refunds / unblocking of funds,
payment of the applicable STT on behalf of the Selling Shareholder,
coordination for investor complaints related to the Offer, submission of
final post issue report.
Legal counsel to our Company as to Indian Law
Khaitan & Co
Embassy Quest
3rd Floor, 45/1 Magrath Road
Bengaluru – 560 025
Karnataka, India
Tel: +91 80 4339 7000
Registrar to the Offer
KFin Technologies Limited
Selenium Tower B, Plot No. 31 and 32
Financial District, Nanakramguda
Serilingampally Hyderabad
Rangareddi – 500 032
Telangana, India
Investor Grievance Email: einward.ris@kfintech.com
Website: www.kfintech.com
Contact Person: M. Murali Krishna
E-mail: atpl.ipo@kfintech.com
104Tel.: +91 40 6716 2222 / 18003094001
SEBI Registration No.: INR000000221
Banker(s) to the Offer
Public Offer Account Bank
Axis Bank Limited
Dhiraj Baug LBS Marg
Near Hariniwas Circle, Thane - 400602
Tel: 022 43253669
E-mail: Thane.Branchhead@axisbank.com
Website: www.axisbank.com
Contact Person: Priya Srivastava
SEBI Registration No.: INBI00000017
Escrow Collection Bank and Refund Bank
ICICI Bank Limited
Capital Market Division
5th Floor, HT Parekh Marg
Churchgate, Mumbai 400 020
Maharashtra, India
Tel: 022 68052182
E-mail: ipocmg@icicibank.com
Website: www.icicibank.com
Contact Person: Varun Badai
SEBI Registration No.: INBI00000004
Sponsor Banks
Axis Bank Limited
Dhiraj Baug LBS Marg
Near Hariniwas Circle, Thane - 400602
Tel: 9167543104
E-mail: Thane.Branchhead@axisbank.com
Website: www.axisbank.com
Contact Person: Priya Srivastava
SEBI Registration No.: INBI00000017
ICICI Bank Limited
Capital Market Division
5th Floor, HT Parekh Marg, Churchgate
Mumbai 400 020, Maharashtra, India
Tel: 022 68052182
E-mail: ipocmg@icicibank.com
Website: www.icicibank.com
Contact Person: Varun Badai
SEBI Registration No.: INBI00000004
Syndicate Member
Sharekhan Limited
1st Floor, Tower No. 3, Equinox Business Park,
LBS Marg, Off BKC, Kurla (West),
Mumbai – 400 070, Maharashtra, India
Tel: +91 22 6750 2000
E-mail: pravin@sharekhan.com
Website: www.sharekhan.com
Contact Person: Pravin Darji
105SEBI Registration No.: INB231073330 / INB011073351
Designated Intermediaries
Self-Certified Syndicate Banks
The list of SCSBs notified by SEBI for the ASBA process is available at
http://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes, or at such other website as may be
prescribed by SEBI from time to time. A list of the Designated SCSB Branches with which an ASBA Bidder
(other than a UPI Bidder), not bidding through Syndicate/Sub Syndicate or through a Registered Broker, RTA or
CDP may submit the Bid cum Application Forms, is available at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34 and for a list of the
Designated SCSB Branches with which a UPI Bidder may submit the Bid cum Application Forms, is available at
https://sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40, or at such other websites as
may be prescribed by SEBI from time to time.
SCSBs and mobile applications enabled for UPI Mechanism
In accordance with SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019 and SEBI
Circular No. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, SEBI Circular No.
SEBI/HO/CFD/DIL2/CIR/P/2022/45 dated April 5, 2022 (to the extent not rescinded by the SEBI ICDR Master
Circular), and the SEBI RTA Master Circular, UPI Bidders could apply through the SCSBs and mobile
applications using the UPI handles specified on the website of the SEBI
(https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40) and
(https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43) respectively, as
updated from time to time. A list of SCSBs and mobile applications, which are live for applying in public issues
using UPI mechanism is available on
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35 and
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43, respectively. A list
of SCSBs and mobile applications, which are live for applying in public issues using UPI mechanism is provided
as ‘Annexure A’ for the SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019.
Syndicate SCSB Branches
In relation to Bids (other than Bids by Anchor Investors and RIIs) submitted to a member of the Syndicate, the
list of branches of the SCSBs at the Specified Locations named by the respective SCSBs to receive deposits of
Bid cum Application Forms from the members of the Syndicate being available on the website of the SEBI at
http://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes&intmId=35, as updated from time to
time or any such other website as may be prescribed by SEBI from time to time. For more information on such
branches collecting Bid cum Application Forms from the Syndicate at Specified Locations, see the website of the
SEBI at http://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes&intmId=35 or any such other
website as may be prescribed by SEBI from time to time.
Registered Brokers
Bidders could submit ASBA Forms in the Offer using the stockbroker network of the stock exchange, i.e., through
the Registered Brokers at the Broker Centres. The list of the Registered Brokers eligible to accept ASBA Forms,
including details such as postal address, telephone number and email address, is provided on the websites of the
Stock Exchanges at www.bseindia.com and www.nseindia.com, as updated from time to time.
Registrar and Share Transfer Agents
The list of the RTAs eligible to accept ASBA Forms at the Designated RTA Locations, including details such as
address, telephone number and email address, is provided on the websites of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=10 and the Stock
Exchanges at www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx? and
www.nseindia.com/products/content/equities/ipos/asba_procedures.htm, respectively, as updated from time to
time.
Collecting Depository Participants
106The list of the CDPs eligible to accept ASBA Forms at the Designated CDP Locations, including details such as
their name and contact details, is provided on the websites of the Stock Exchanges at
www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx? and at
https://www.nseindia.com/products/content/equities/ipos/asba_procedures.htm, respectively, as updated from
time to time.
Experts
Except as stated below, our Company has not obtained any expert opinions:
Our Company has received the written consent dated August 1, 2025 from Walker Chandiok & Co LLP, holding
a valid peer review certificate from ICAI, to include their name as required under section 26(1) of the Companies
Act, 2013 read with SEBI ICDR Regulations, in the Red Herring Prospectus and this Prospectus, and as an
“Expert” as defined under section 2(38) of the Companies Act, 2013 to the extent and in their capacity as our
Statutory Auditors, and in respect of their (i) examination report dated July 20, 2025 on our Restated Consolidated
and Standalone Financial Information; and (ii) their report dated July 20, 2025 on the statement of special tax
benefits available to the Company and its Shareholders, in this Prospectus and such consent has not been
withdrawn as on the date of this Prospectus.
Our Company has received a written consent dated August 11, 2025 from Maheshwari & Co., Chartered
Accountants (FRN:105834W), holding a valid peer review certificate from ICAI, to include their name as required
under Section 26(5) of the Companies Act 2013 read with SEBI ICDR Regulations in the Red Herring Prospectus
and this Prospectus, and as an “Expert” as defined under Section 2(38) of Companies Act 2013 in respect of the
certificates issued by them in their capacity as an independent chartered accountant to our Company.
Our Company has received a written consent dated August 1, 2025 from Vinod Ashok Sanjivani Palande, as
chartered engineer to include his name as required under Section 26(5) of the Companies Act, 2013, read with
SEBI ICDR Regulations, in the Red Herring Prospectus and this Prospectus, and as an “Expert” as defined under
Section 2(38) of the Companies Act, 2013, to the extent and in his capacity as independent chartered engineer, in
respect of his certificate dated August 1, 2025 on, inter alia, our Company’s manufacturing capacity and its
utilization at certain manufacturing facilities.
Statutory Auditors to our Company
Walker Chandiok & Co LLP
16th Floor, Tower III, One International Center
S B Marg, Prabhadevi (W), Mumbai – 400 013
Maharashtra, India
E-mail: rajni.mundra@walkerchandiok.in
Tel.: +91 22 6626 2699
Firm registration number: 001076N/N500013
Peer review number: 020566
Except as stated below, there has been no change in our Statutory Auditors of our Company in the last five years:
Particulars Date of change Reason for change
Walker Chandiok & Co July 7, 2021 Appointment as the Statutory Auditors to fill casual vacancy upon
LLP resignation by Mihir Shah & Associates, Chartered Accountants.
Mihir Shah & June 11, 2021 Resignation by Mihir Shah & Associates, Chartered Accountants as
Associates, Chartered statutory auditors of our Company with a view to bring synergies in
Accountants audit work.
Bankers to our Company
Citibank, N.A
First International Financial Centre
10th Floor, Plot No C-54, C-55, G Block
Bandra (East), Mumbai – 400 098, Maharashtra, India
Tel: 9967639100
107Contact Person: Sonil Gandhi
Website: www.citigroup.com
Email ID: sonil.gandhi@citi.com
DBS Bank India Limited
Ground Floor, Nos 11 & 12, Capitol Point
Baba Kharak Singh Marg, Connaught Place
Delhi – 110 001, Delhi, India
Tel: 91 22 6638 8888
Contact Person: Saiprasad Shetye
Website: https://www.dbs.com/
Email ID: saiprasadshetye@dbs.com
HDFC Bank Limited
4th Floor, Peninsula Business Park
Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel: 9004979192
Contact Person: Krishanu Mitra
Website: https://www.hdfcbank.com
Email ID: krishanu.mitra@hdfcbank.com
The Hongkong and Shanghai Banking Corporation Limited
52/60, Mahatma Gandhi Road
Fort, Mumbai – 400 001, Maharashtra, India
Tel: +91 1800 267 3456
Contact Person: Sayantan Ghoshal
Website: www.hsbc.co.in
Email ID: Sayantan.ghoshal@hsbc.co.in
Grading of the Offer
No credit agency registered with SEBI has been appointed for obtaining grading for the Offer.
Appraising Entity
No appraising entity has been appointed in relation to the Offer. For further information, see “Risk Factors – Our
funding requirements and the proposed deployment of Net Proceeds have not been appraised and our
management will have broad discretion over the use of the Net Proceeds.” on page 86.
Monitoring Agency
Crisil Ratings Limited (A subsidiary of Crisil Limited)
Crisil Limited, Lightbridge IT Park
Saki Vihar Road, Andheri East
Mumbai – 400 072, Maharashtra, India
Tel: 022 33423000 (B)
Contact Person: Shounak Chakravarty
Website: www.crisilratings.com
Email ID: crisilratingdesk@crisil.com
SEBI Registration number: IN/CRA/001/1999
Our Company, in compliance with Regulation 41 of the SEBI ICDR Regulations, has appointed Crisil Ratings
Limited as the Monitoring Agency for monitoring the utilization of the Gross Proceeds from the Fresh Issue and
proceeds of Pre-IPO Placement. For details in relation to the proposed utilisation of the Net Proceeds, see the
section titled “Objects of the Offer” on page 128.
Credit Rating
As the Offer is of Equity Shares, credit rating is not required.
108Debenture Trustee
As the Offer is of Equity Shares, the appointment of debenture trustee is not required.
Green Shoe Option
No green shoe option is contemplated under the Offer.
Filing
A copy of the Draft Red Herring Prospectus was filed electronically on the SEBI’s online portal at
https://siportal.sebi.gov.in as required under Regulation 25(8) of the SEBI ICDR Regulations and in accordance
with SEBI master circular bearing reference SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023.
It was also filed with SEBI at the following address:
Securities and Exchange Board of India
Corporation Finance Department
Division of Issues and Listing
SEBI Bhavan, Plot No. C4 A, ‘G’ Block
Bandra Kurla Complex, Bandra (E)
Mumbai, 400 051, Maharashtra, India
A copy of the Red Herring Prospectus, along with the material contracts and documents required to be filed under
Section 32 of the Companies Act, 2013 has been filed with the RoC and a copy of this Prospectus to be filed under
Section 26 of the Companies Act, 2013 is filed with the RoC at its office and through the electronic portal of
MCA.
Book Building Process
Book building, in the context of the Offer, refers to the process of collection of Bids from investors on the basis
of this Prospectus and the Bid cum Application Forms and the Revision Forms within the Price Band. The Price
Band and the minimum Bid Lot size was decided by our Company, in consultation with the BRLMs, and was
advertised in all editions of the Financial Express, an English national daily newspaper, all editions of Jansatta, a
Hindi national daily newspaper and Mumbai edition of Navshakti, a Marathi daily newspaper (Marathi being the
regional language of Maharashtra, where our Registered and Corporate Office is located), at least two Working
Days prior to the Bid/Offer Opening Date and shall be made available to the Stock Exchanges for the purposes of
uploading on their respective websites. The Offer Price was determined by our Company, in consultation with the
BRLMs, after the Bid/Offer Closing Date. For details, see “Offer Procedure – Book Building Procedure” on page
490.
All Bidders, other than Anchor Investors, only participated through the ASBA process by providing the details
of their respective ASBA Account in which the corresponding Bid Amount was blocked by the SCSBs. UPI
Bidders participated through the ASBA process using the UPI Mechanism. Anchor Investors were not permitted
to participate in the Offer through the ASBA process.
In accordance with the SEBI ICDR Regulations, QIBs and Non-Institutional Investors were not permitted to
withdraw or lower the size of their Bids (in terms of the quantity of the Equity Shares or the Bid Amount) at any
stage. Retail Individual Investors subject to the Bid Amount being upto ₹0.20 million, and Eligible Employees
Bidding in the Employee Reservation Portion could revise their Bids during the Bid/ Offer Period and withdraw
their Bids until the Bid/ Offer Closing Date. Further, Anchor Investors could not withdraw their Bids after the
Anchor Investor Bidding Date. Allocation to QIBs (other than Anchor Investors) was on a proportionate basis
while allocation to Anchor Investors was on a discretionary basis. For further details, see “Terms of the Offer”
and “Offer Procedure” beginning on pages 477 and 489, respectively.
The Book Building Process and the Bidding process are subject to change from time to time, and the
Bidders were advised to make their own judgment about investment through this process prior to
submitting a Bid in the Offer.
109Bidders should note that the Offer is also subject to (i) filing of this Prospectus by our Company with the
RoC; and (ii) our Company obtaining final listing and trading approvals from the Stock Exchanges, which
our Company shall apply for after Allotment.
For further details on the method and procedure for Bidding, an illustration of the Book Building Process and the
price discovery process see “Offer Procedure” and “Terms of the Offer” beginning on pages 489 and 477,
respectively.
Underwriting Agreement
Prior to the filing of this Prospectus with the RoC, our Company and the Selling Shareholders entered into an
Underwriting Agreement with the Underwriters for the Equity Shares proposed to be offered through the Offer.
The extent of underwriting obligations and the Bids to be underwritten by each Underwriter shall be as per the
Underwriting Agreement. Pursuant to the terms of the Underwriting Agreement, the obligations of the
Underwriters will be several and will be subject to certain conditions to closing, as specified therein.
The Underwriting Agreement is dated August 11, 2025. The Underwriters have indicated their intention to
underwrite the following number of Equity Shares:
Name, address, telephone and email of the Underwriters Indicative number of Amount
Equity Shares to be Underwritten (₹ in
Underwritten million)
Intensive Fiscal Services Private Limited 7,285,380 2,003.01
914, 9th Floor, Raheja Chambers, Free Press Journal Marg
Nariman Point, Mumbai – 400 021, Maharashtra, India
Email: Alltime.ipo@intensivefiscal.com
Attention: Harish Khajanchi
DAM Capital Advisors Limited 7,285,280 2,002.99
Altimus 2202, Level 22, Pandukar Budhkar Marg, Worli
Mumbai – 400018 Maharashtra, India
Email: sonal@damcapital.in
Attention: Sonal Katariya
Sharekhan Limited 100 0.03
PG 1 Gr Floor, Rotunda Building, Bombay Stock Exchange Building
Dalal Street, Mumbai – 400001, Maharashtra, India
Email: pravin@sharekhan.com/ipo@sharekhan.com
Attention: Pravin Darji
The abovementioned underwriting commitment is indicative and will be finalised after finalisation of the Basis
of Allotment and actual allocation in accordance with the SEBI ICDR Regulations, and will be subject to the
provisions of Regulation 40(2) of the SEBI ICDR Regulations.
In the opinion of our Board of Directors (based on representations made to our Company by the Underwriters),
the resources of the Underwriters are sufficient to enable them to discharge their respective underwriting
obligations in full. The Underwriters are registered with the SEBI under Section 12(1) of the SEBI Act read with
the SEBI Merchant Bankers Regulations or registered as brokers with the Stock Exchange(s). Our IPO Committee,
at its meeting held on August 11, 2025, has accepted and entered into the Underwriting Agreement mentioned
above on behalf of our Company.
Allocation among the Underwriters may not necessarily be in proportion to their underwriting commitments.
Notwithstanding the above table, the Underwriters shall be severally responsible for ensuring payment with
respect to Equity Shares allocated to investors procured by them in accordance with the Underwriting Agreement.
110CAPITAL STRUCTURE
The Equity Share capital of our Company as on the date of this Prospectus is as set forth below:
(in ₹, except share data or indicated otherwise)
Aggregate value at Offer
Particulars Aggregate value at face value
Price**
A AUTHORIZED SHARE CAPITAL
100,000,000 equity shares of face value ₹2 each 200,000,000 -
B ISSUED, SUBSCRIBED AND PAID-UP CAPITAL BEFORE THE OFFER
55,322,580 equity shares of face value ₹2 each 110,645,160 -
C PRESENT OFFER IN TERMS OF THIS PROSPECTUS
Offer of 14,570,760** equity shares of face value 29,141,520 4,006,029,500
₹2 each aggregating to ₹4,006.03 (1)** comprising
of:
i. Fresh Issue of 10,185,198** equity shares of 20,370,396 2,799,999,950
face value ₹2 each aggregating to ₹2,800
million (3)
ii. Offer for Sale of 4,385,562** equity shares of 8,771,124 1,206,029,550
face value ₹2 each by the Selling
Shareholders aggregating to ₹1,206.03
million (1) (2)**
Which includes:
Employee Reservation Portion of 35,750** 71,500 8,901,750
equity shares of face value ₹2 each
aggregating to ₹8.90 million (4)**
Net Offer of 14,535,010** equity shares of face 29,070,020 3,997,127,750
value ₹2 each aggregating to ₹3,997.13 million**
D ISSUED, SUBSCRIBED AND PAID-UP CAPITAL AFTER THE OFFER
65,507,778 equity shares of face value ₹2 each** 131,015,556 -
E SECURITIES PREMIUM
Before the Offer 788,457,479
After the Offer** 3,568,087,033
** Subject to finalisation of the Basis of Allotment.
(1) The Offer has been authorized by resolution of our Board dated August 16, 2024 and the Fresh Issue has been authorised
by resolution of our Shareholders dated September 4, 2024. Further, the Selling Shareholders have consented to
participate in the Offer for Sale pursuant to their respective consent letters and our Board has taken on record such
consents/authorisations of the Selling Shareholders by a resolutions dated August 16, 2024 and June 30, 2025. For
further details of consents and authorisations of the Selling Shareholders in relation to the Offered Shares and the Offer,
see “Other Regulatory and Statutory Disclosures – Authority for the Offer” on page 464.
(2) Each of the Selling Shareholder, severally and not jointly, confirmed that the Equity Shares being offered by it were
eligible for being offered for sale pursuant to the Offer in terms of Regulation 8 of the SEBI ICDR Regulations.
(3) A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of ₹248.00
per Equity Shares (including a premium of ₹246.00 per Equity Share), for an amount aggregating to ₹700.00 million.
Accordingly, the size of the Fresh Issue has been reduced by ₹700.00 million and the revised Fresh Issue size aggregates
to ₹ 2,800.00 million. The Pre-IPO Placement did not exceed 20% of the Fresh Issue. Our Company has appropriately
intimated the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there
is no guarantee that our Company will proceed with the Offer or the Offer will be successful and will result in the listing
of the Equity Shares on the Stock Exchanges. Further, relevant disclosures in relation to such intimation to the
subscribers to the Pre-IPO Placement have been appropriately made in the relevant sections of the Red Herring
Prospectus and relevant sections of this Prospectus.
(4) Eligible Employees bidding in the Employee Reservation Portion must ensure that the maximum Bid Amount does not
exceed ₹0.50 million. However, the initial Allotment to an Eligible Employee in the Employee Reservation Portion did
not exceed ₹0.20 million. Our Company, in consultation with the BRLMs, offered an Employee Discount of 9.45% to
the Offer Price (equivalent of ₹26 per equity share of face value ₹2 each), which shall be announced at least two Working
Days prior to the Bid/Offer Opening Date.
111Changes in the authorized share capital of our Company
For details of the changes to the authorized share capital of our Company in the past 10 years, see “History and
Certain Corporate Matters – Amendments to the Memorandum of Association” on page 309.
[The remainder of this page is intentionally left blank]
112Notes to the Capital Structure
1. Share Capital history of our Company
The following table sets forth the history of the Equity Share capital of our Company:
Primary issuances of equity shares
Number of Issue Cumulative
Face value Cumulative
Date of equity price per Nature of paid-up equity
per equity Nature of allotment Details of allottees number of
allotment shares equity consideration share capital
share (₹) equity shares
allotted share (₹) (₹)
March 8, 2001^ 10,000 10.00 10.00 Cash Initial subscription to the 10,000 100,000
MoA Equity shares
Name of allottee
allotted
Punamchand Hansraj Shah 5,000
Kailesh Punamchand Shah 5,000
May 25, 2007 200 10.00 10.00 Cash Further issue 10,200 102,000
Equity shares
Name of allottee
allotted
Bhupesh Punamchand
100
Shah*
Nilesh Punamchand Shah* 100
September 21, 989,800 10.00 56.00 Cash Further issue 1,000,000 10,000,000
2010 Equity shares
Name of allottee
allotted
Vasanti Shah 247,700
Kailesh Punamchand Shah 244,000
Rupal Kailesh Shah 100
Bhupesh Punamchand Shah 248,900
Kajal Bhupesh Shah 100
Nilesh Punamchand Shah 248,900
Sangeeta Nilesh Shah 100
March 30, 2021 50,000 10.00 981.44 Cash Rights issue (1) 1,050,000 10,500,000
Equity shares
Name of allottee
allotted
Kailesh Punamchand Shah 16,661
Bhupesh Punamchand
16,662
Shah
Nilesh Punamchand Shah 16,662
Rupal Kailesh Shah 5
Kajal Bhupesh Shah 5
Sangeeta Nilesh Shah 5
113Pursuant to a resolution of our Board passed in their meeting held on May 15, 2024, and a resolution of our Shareholders passed in their EGM held on May 21, 2024, each fully paid – up
equity share of our Company of face value ₹10 was split into 5 equity shares of ₹2 each, and accordingly, the issued, subscribed and paid-up equity share capital of our Company was sub-
divided from 1,050,000 equity shares of ₹10 each to 5,250,000 Equity Shares of ₹2 each.
July 3, 2024 47,250,000 2.00 NA NA Bonus issue (2) 52,500,000 105,000,000
Equity shares
Name of allottee
allotted
Kailesh Punamchand Shah 15,740,775
Bhupesh Punamchand
15,745,275
Shah
Nilesh Punamchand Shah 15,740,775
Rupal Kailesh Shah 4,725
Kajal Bhupesh Shah 4,725
Sangeeta Nilesh Shah 4,725
Akshay Nilesh Shah 4,500
Dhvanit Kailesh Shah 4,500
June 30, 2025 2,822,580 2.00 248.00 Cash Private placement (Pre-IPO 55,322,580 110,645,160
Placement)(3) Equity shares
Name of allottee
allotted
Abakkus Four2Eight
2,822,580
Opportunities Fund
* There have been certain inadvertent errors in making relevant filings with the RoC in this regard. For details in relation to risk pertaining to such errors, see “Risk Factors – There have been certain instances of errors
in the past in relation to form filings with the Registrar of Companies, Maharashtra at Mumbai (“RoC”). For instance, we inadvertently listed the spouses of Bhupesh Punamchand Shah and Nilesh Punamchand Shah
as joint holders of the 100 equity shares of face value ₹10 each allotted to them on May 25, 2007, as part of the relevant RoC filing. We may be subject to regulatory actions and penalties for any such past or future non-
compliance or delays or inconsistencies, which could have an adverse effect on our reputation, business, financial condition, results of operations and cash flows.” on page 68.
^ The date of subscription to the Memorandum of Association is March 2, 2001. Our Company obtained the certificate of incorporation from the RoC on March 8, 2001. The allotment of equity shares pursuant to the
initial subscription was taken on record by our Board on March 8, 2001.
(1) Rights issue of equity shares in the ratio 1:20 (i.e., one equity share of face value ₹10 each for every 20 equity shares of face value ₹10 held) authorised by a resolution of our Board dated March 30, 2021.
(2) Bonus issue of Equity Shares in the ratio 9:1 (i.e., 9 Equity Shares for every one Equity Share held) authorised by a resolution of our Board dated May 15, 2024 and a resolution of our Shareholders dated May
21, 2024.
(3) The Equity Shares were allotted through a private placement in terms of the share subscription agreement dated June 27, 2025. For further details, see “History and Certain Corporate Matters – Shareholders’
Agreements” on page 313.
1142. Preference Share capital
Our Company has not issued any preference shares as on the date of the filing of this Prospectus.
3. Issue of shares for consideration other than cash or by way of bonus issue or out of revaluation reserves
(a) Our Company has not issued any Equity Shares out of revaluation reserves since its incorporation.
(b) Except as stated below, our Company has not issued any Equity Shares for consideration other than
cash or by way of bonus issue, as on the date of this Prospectus:
Number of Face Benefits
Issue price
Date of equity value per Reason for accrued to
per equity Names of allottees
allotment shares equity allotment our
share (₹)
allotted share (₹) Company
Issue of equity shares by way of bonus issue
July 3, 47,250,000 2.00 NA Bonus issue - i. Kailesh Punamchand Shah
2024 of Equity ii. Bhupesh Punamchand Shah
Shares in ratio iii. Nilesh Punamchand Shah
of 9:1 (i.e., 9 iv. Rupal Kailesh Shah
Equity Shares v. Kajal Bhupesh Shah
for every one vi. Sangeeta Nilesh Shah
Equity Share vii. Dhvanit Kailesh Shah
held) viii. Akshay Nilesh Shah
For further details, please see “- Share Capital History of our Company” on page 113.
4. Issue of shares at a price lower than the Offer Price in the last year
Except as disclosed in “– Share capital history of our Company” on page 113 above, our Company has not
issued any Equity Shares at a price that may be lower than the Offer Price during the last one year.
5. Issue of Equity Shares pursuant to schemes of arrangement
Our Company has not allotted any equity shares in terms of any scheme of arrangement approved under
sections 391- 394 of the Companies Act, 1956 or sections 230-234 of the Companies Act, 2013.
6. Build-up of Promoters’ shareholding, Minimum Promoter’s Contribution and lock-in
As on the date of this Prospectus, following are the details of the shareholding of the Promoters:
Percentage of equity share
Name of the Promoter Number of equity shares of face value ₹ 2 each
capital (%)
Kailesh Punamchand Shah 16,740,174 30.26
Bhupesh Punamchand Shah 16,745,174 30.27
Nilesh Punamchand Shah 16,740,174 30.26
Total 50,225,522 90.79
For further details, see “Our Promoters and Promoter Group” on page 343.
All the Equity Shares held by our Promoters were fully paid-up on the respective dates of allotment/
acquisition of such Equity Shares.
Build-up of the shareholding of our Promoters in our Company
The details regarding the build-up of shareholding of Kailesh Punamchand Shah in our Company since
incorporation is set forth in the table below:
115Face Transfer
Date of Number of Value price/ Percentage Percentage
transfer/ equity shares Nature of Nature of per issue of the pre- of the post-
allotment of allotted/ transaction consideration equity price per Offer capital Offer capital
equity Shares transferred share equity (%) (%)*
(₹) share (₹)
March 8, 5,000 Initial Cash 10.00 10.00 0.01 0.01
2001^ subscription to the
MoA
September 21, 244,000 Further issue Cash 10.00 56.00 0.44 0.37
2010
March 30, 16,661 Rights issue (1) Cash 10.00 981.44 0.03 0.03
2021
August 25, 84,234 Transfer from NA 10.00 NA 0.15 0.13
2021 Vasanti
Punamchand Shah
by way of gift (2)
April 26, 2024 (100) Transfer to NA 10.00 NA (Negligible) (Negligible)
Dhvanit Kailesh
Shah by way of
gift (3)
Pursuant to a resolution of our Board passed in their meeting held on May 15, 2024, and a resolution of our
Shareholders passed in their EGM held on May 21, 2024, each fully paid – up equity share of our Company of face
value ₹10 was split into 5 equity shares of ₹2 each. Accordingly, the issued and paid-up equity share capital of our
Company was sub-divided from 1,050,000 equity shares of face value of ₹10 each to 5,250,000 equity shares of face
value of ₹2 each and the shareholding of Kailesh Punamchand Shah was changed from 349,795 equity shares of face
value ₹10 each to 1,748,975 equity shares of face value ₹2 each.
July 3, 2024 15,740,775 Bonus issue in the NA 2.00 NA 28.45 24.03
ratio 9:1 (4)
June 27, 2025 (41,000) Transfer to Kahini Cash 2.00 248.00 (0.07) (0.06)
Amar Patel
(50,000) Transfer to Cash 2.00 248.00 (0.09) (0.08)
Thinqwise Wealth
Managers LLP
(20,200) Transfer to Viraj Cash 2.00 248.00 (0.04) (0.03)
Raman Mehta
(14,000)(6) Transfer to Cash 2.00 248.00 (0.03) (0.02)
Divyesh Hasmukh
Mehta
(6,200)(7) Transfer to Cash 2.00 248.00 (0.01) (0.01)
Falguni Divyesh
Mehta
(20,200)(8) Transfer to Sejal Cash 2.00 248.00 (0.04) (0.03)
Bhavesh Mehta
(21,780) Transfer to Nalini Cash 2.00 248.00 (0.04) (0.03)
Gattani
(2,550) Transfer to Sakshi Cash 2.00 248.00 (Negligible) (Negligible)
Manoj Agarwal
June 30, 2025 (403,226) Transfer to Cash 2.00 248.00 (0.73) (0.62)
Abakkus
Four2Eight
Opportunities
Fund(5)
(41,000)(9) Transfer to Sanjay Cash 2.00 248.00 (0.07) (0.06)
Natverlal Shah
(50,000)(10) Transfer to Drasti Cash 2.00 248.00 (0.09) (0.08)
Aagam Sheth
(20,200) Transfer to Rajesh Cash 2.00 248.00 (0.04) (0.03)
Dharamchand
Mehta
(29,220) Transfer to Cash 2.00 248.00 (0.05) (0.04)
Manish Gattani
(20,000) Transfer to Cash 2.00 248.00 (0.04) (0.03)
Krutika Pragnesh
Shah
116Face Transfer
Date of Number of Value price/ Percentage Percentage
transfer/ equity shares Nature of Nature of per issue of the pre- of the post-
allotment of allotted/ transaction consideration equity price per Offer capital Offer capital
equity Shares transferred share equity (%) (%)*
(₹) share (₹)
(10,000) Transfer to Cash 2.00 248.00 (0.02) (0.02)
Mugdha Amit
Kulkarni
Total 16,740,174 30.26 25.55
* Subject to finalisation of the Basis of Allotment
^ The date of subscription to the Memorandum of Association is March 2, 2001. Our Company obtained the certificate of incorporation
from the RoC on March 8, 2001. The allotment of equity shares pursuant to the initial subscription was taken on record by our Board
on March 8, 2001.
(1) Rights issue of equity shares in the ratio 1:20 (i.e., one equity share of face value ₹10 each for every 20 equity shares of face value
₹10 held) authorised by a resolution of our Board dated March 30, 2021.
(2) Pursuant to the letter dated August 21, 2021, Vasanti Punamchand Shah, gifted 84,234 equity shares face value ₹10 each of our
Company to Kailesh Punamchand Shah.
(3) Pursuant to the gift deed dated May 3, 2024, entered between Kailesh Punamchand Shah and Dhvanit Kailesh Shah, 100 equity
shares face value ₹10 each of our Company were transferred to Dhvanit Kailesh Shah.
(4) Bonus issue of Equity Shares in the ratio 9:1 (i.e., 9 Equity Shares for every one Equity Share held) authorised by a resolution of
our Board dated May 15, 2021 and a resolution of our Shareholders dated May 21, 2024.
(5) The Equity Shares were transferred in terms of the share purchase agreement dated June 27, 2025. For further details, see “History
and Certain Corporate Matters – Shareholders’ Agreements on page 313.
(6) Equity Shares are jointly held by Divyesh Hasmukh Mehta and Falguni Divyesh Mehta.
(7) Equity Shares are jointly held by Falguni Divyesh Mehta and Divyesh Hasmukh Mehta.
(8) Equity Shares are jointly held by Sejal Bhavesh Mehta and Devansh Bhavesh Mehta.
(9) Equity Shares are jointly held by Sanjay Natverlal Shah and Nandita Sanjay Shah.
(10) Equity Shares are jointly held by Drasti Aagam Sheth and Aagam A Sheth.
The details regarding the build-up of shareholding of Bhupesh Punamchand Shah in our Company since
incorporation is set forth in the table below:
Face Transfer
Number of
Value price/ Percentage Percentage
Date of transfer/ equity
Nature of Nature of per issue of the pre- of the post-
allotment of shares
transaction consideration equity price per Offer Offer
equity Shares allotted/
share equity capital (%) capital (%)*
transferred
(₹) share (₹)
May 25, 2007 100 Further issue Cash 10.00 10.00 Negligible Negligible
September 21, 248,900 Further issue Cash 10.00 56.00 0.45 0.38
2010
March 30, 2021 16,662 Rights issue (1) Cash 10.00 981.44 0.03 0.03
August 25, 2021 84,233 Transfer from NA 10.00 NA 0.15 0.13
Vasanti
Punamchand
Shah by way of
gift (2)
Pursuant to a resolution of our Board passed in their meeting held on May 15, 2024, and a resolution of our
Shareholders passed in their EGM held on May 21, 2024, each fully paid – up equity share of our Company of face
value ₹10 was split into 5 equity shares of ₹2 each. Accordingly, the issued and paid-up equity share capital of our
Company was sub-divided from 1,050,000 equity shares of face value of ₹10 each to 5,250,000 equity shares of face
value of ₹2 each. And the shareholding of Bhupesh Punamchand Shah was changed from 349,895 equity shares of face
value ₹10 each to 1,749,475 equity shares of face value ₹2 each.
July 3, 2024 15,745,275 Bonus issue in NA 2.00 NA 28.46 24.04
the ratio 9:1(3)
June 27, 2025 (346,350) Transfer to Cash 2.00 248.00 (0.63) (0.53)
Marwadi
Chandarana
Intermediaries
Brokers Private
Limited
June 30, 2025 (403,226) Transfer to Cash 2.00 248.00 (0.73) (0.62)
Abakkus
Four2Eight
117Face Transfer
Number of
Value price/ Percentage Percentage
Date of transfer/ equity
Nature of Nature of per issue of the pre- of the post-
allotment of shares
transaction consideration equity price per Offer Offer
equity Shares allotted/
share equity capital (%) capital (%)*
transferred
(₹) share (₹)
Opportunities
Fund(4)
Total 16,745,174 30.27 25.56
* Subject to finalisation of the Basis of Allotment
(1) Rights issue of equity shares in the ratio 1:20(i.e., one equity share of face value ₹10 each for every 20 equity shares of face value
₹10 held) authorised by a resolution of our Board dated March 30, 2021.
(2) Pursuant to the letter dated August 21, 2021, Vasanti Punamchand Shah, gifted 84,233 equity shares face value ₹10 each of our
Company to Bhupesh Punamchand Shah.
(3) Bonus issue of Equity Shares in the ratio 9:1 (i.e., 9 Equity Shares for every one Equity Share held) authorised by a resolution of
our Board dated May 15, 2021 and a resolution of our Shareholders dated May 21, 2024.
(4) The Equity Shares were transferred in terms of the share purchase agreement dated June 27, 2025. For further details, see “History
and Certain Corporate Matters – Shareholders’ Agreements on page 313.
The details regarding the build-up of the Equity Shares held by Nilesh Punamchand Shah in our Company
since incorporation is set forth in the table below:
Face Transfer
Number of
Value price/ Percentage of Percentage
Date of transfer/ equity
Nature of Nature of per issue the pre- of the post-
allotment of shares
transaction consideration equity price per Offer capital Offer
equity Shares allotted/
share equity (%) capital (%)*
transferred
(₹) share (₹)
May 25, 2007 100 Further issue Cash 10.00 10.00 Negligible Negligible
September 21, 248,900 Further issue Cash 10.00 56.00 0.45 0.38
2010
March 30, 2021 16,662 Rights issue (1) Cash 10.00 981.44 0.03 0.03
August 25, 2021 84,233 Transfer from NA 10.00 NA 0.15 0.13
Vasanti
Punamchand
Shah by way of
gift (2)
April 26, 2024 (100) Transfer to NA 10.00 NA (Negligible) (Negligible)
Akshay Nilesh
Shah by way of
gift (3)
Pursuant to a resolution of our Board passed in their meeting held on May 15, 2024, and a resolution of our
Shareholders passed in their EGM held on May 21, 2024, each fully paid – up equity share of our Company of face
value ₹10 was split into 5 equity shares of ₹2 each. Accordingly, the issued and paid-up equity share capital of our
Company was sub-divided from 1,050,000 equity shares of face value of ₹10 each to 5,250,000 equity shares of face
value of ₹2 each and the shareholding of Nilesh Punamchand Shah was changed from 349,795 equity shares of face
value ₹10 each to 1,748,975 equity shares of face value ₹2 each.
July 3, 2024 15,740,775 Bonus issue in NA 2.00 NA 28.45 24.03
the ratio 9:1(4)
June 27, 2025 (12,000) Transfer to Cash 2.00 248.00 (0.02) (0.02)
Mansi Ratan
Bhambhani
(12,000)(6) Transfer to Cash 2.00 248.00 (0.02) (0.02)
Aditya Nayak
June 30, 2025 (403,226) Transfer to Cash 2.00 248.00 (0.73) (0.62)
Abakkus
Four2Eight
Opportunities
Fund(5)
(97,650) Transfer to Cash 2.00 248.00 (0.18) (0.15)
Marwadi
Chandarana
Intermediaries
Brokers Private
Limited
118Face Transfer
Number of
Value price/ Percentage of Percentage
Date of transfer/ equity
Nature of Nature of per issue the pre- of the post-
allotment of shares
transaction consideration equity price per Offer capital Offer
equity Shares allotted/
share equity (%) capital (%)*
transferred
(₹) share (₹)
(11,550) Transfer to Cash 2.00 248.00 (0.02) (0.02)
Sakshi Manoj
Agarwal
(100,150) Transfer to Cash 2.00 248.00 (0.18) (0.15)
Vidhi Kiran
Sheth
(41,000)(7) Transfer to Cash 2.00 248.00 (0.07) (0.06)
Chhaya Kiran
Sheth
(25,000)(8) Transfer to Cash 2.00 248.00 (0.05) (0.04)
Kiran Manharlal
Sheth
(25,000)(9) Transfer to Cash 2.00 248.00 (0.05) (0.04)
Ronak
Mannharlal
Sheth
(10,000)(10) Transfer to Cash 2.00 248.00 (0.02) (0.02)
Sonali Ronak
Sheth
(4,000) Transfer to Cash 2.00 248.00 (0.01) (0.01)
Sheeba Dawar
(8,000) Transfer to Cash 2.00 248.00 (0.01) (0.01)
Jayshree Sudhir
Gandhi
Total 16,740,174 30.26 25.55
* Subject to finalisation of the Basis of Allotment
(1) Rights issue of equity shares in the ratio 1:20 (i.e., one equity share of face value ₹10 each for every 20 equity shares of face value
₹10 held) authorised by a resolution of our Board dated March 30, 2021.
(2) Pursuant to the letter dated August 21, 2021, Vasanti Punamchand Shah, gifted 84,233 equity shares of face value ₹10 each of our
Company to Nilesh Punamchand Shah.
(3) Pursuant to the gift deed dated May 3, 2024, entered between Nilesh Punamchand Shah and Akshay Nilesh Shah, 100 equity shares
face value ₹10 each of our Company were transferred to Akshay Nillesh Shah.
(4) Bonus issue of Equity Shares in the ratio 9:1 (i.e., 9 Equity Shares for every one Equity Share held) authorised by a resolution of
our Board dated May 15, 2021 and a resolution of our Shareholders dated May 21, 2024.
(5) The Equity Shares were transferred in terms of the share purchase agreement dated June 27, 2025. For further details, see “History
and Certain Corporate Matters – Shareholders’ Agreements on page 313.
(6) Equity Shares are jointly held by Aditya Nayak and Mansi Ratan Bhambhani.
(7) Equity Shares are jointly held by Chhaya Kiran Sheth and Kiran Manharlal Sheth.
(8) Equity Shares are jointly held by Kiran Manharlal Sheth and Chhaya Kiran Sheth.
(9) Equity Shares are jointly held by Ronak Manharlal Sheth and Sonali Ronak Sheth.
(10) Equity Shares are jointly held by Sonali Ronak Sheth and Ronak Manharlal Sheth.
7. Secondary transfers by members of Promoter Group (holding Equity Shares in our Company as on
the date of this Prospectus) and Selling Shareholders
For details in relation to secondary transfers of equity shares of our Company by the Selling Shareholders
since incorporation, see “Build-up of the shareholding of our Promoters in our Company” on page 115.
The details regarding the secondary transfers of equity shares of our Company by members of our Promoter
Group (holding Equity Shares in our Company as on the date of this Prospectus) since incorporation is set
forth in the table below:
119Percentage
Percentage
Face Transfe of the post-
Date of Number of Nature of the pre-
Nature value r price Offer
transfer of equity Details of Details of of Offer
of per per equity
equity shares transferor transferee(s) consider equity
transfer equity equity share
shares transferred ation share
share (₹) share (₹) capital
capital (%)
(%)*
September 5,000 Punamcha Vasanti Transmis 10.00 NA NA 0.01 0.01
30, 2008 nd Shah Punamchand sion (1)
Shah
August 25, 252,700 Vasanti 84,234 equity Gift (2) 10.00 NA NA 0.46 0.39
2021 Punamcha shares to
nd Shah Kailesh
Punamchand
Shah, 84,233
equity shares
to Bhupesh
Punamchand
Shah and
84,233 equity
shares to
Nilesh
Punamchand
Shah
April 26, 100 Nilesh Akshay Gift (3) 10.00 NA NA Negligible Negligible
2024 Punamcha Nilesh Shah
nd Shah
April 26, 100 Kailesh Dhvanit Gift (4) 10.00 NA NA Negligible Negligible
2024 Punamcha Kailesh Shah
nd Shah
June 27, 20,200 Kailesh Viraj Raman Transfer 2.00 248.00 Cash 0.04 0.03
2025 Punamcha Mehta
nd Shah
June 27, 14,000(5) Kailesh Divyesh Transfer 2.00 248.00 Cash 0.03 0.02
2025 Punamcha Hasmukh
nd Shah Mehta
June 30, 41,000(6) Nilesh Chhaya Kiran Transfer 2.00 248.00 Cash 0.07 0.06
2025 Punamcha Sheth
nd Shah
June 30, 8,000 Nilesh Jayshree Transfer 2.00 248.00 Cash 0.01 0.01
2025 Punamcha Sudhir
nd Shah Gandhi
* Subject to finalisation of the Basis of Allotment
(1) 5,000 equity shares of face value ₹10 each were transmitted to Vasanti Punamchand Shah in her capacity as his nominee and
wife, upon demise of Late Punamchand Shah through operation of law.
(2) Pursuant to letters dated August 21, 2021, Vasanti Punamchand Shah gifted 84,234 equity shares of face value ₹10 of our
Company to Kailesh Punamchand Shah, 84,233 equity shares face value ₹10 of our Company to Bhupesh Punamchand Shah and
84,233 equity shares face value ₹10 of our Company to Nilesh Punamchand Shah, respectively.
(3) Pursuant to the gift deed dated May 3, 2024, entered between Nilesh Punamchand Shah and Akshay Nilesh Shah, 100 equity
shares face value ₹10 each of our Company were transferred to Akshay Nilesh Shah.
(4) Pursuant to the gift deed dated May 3, 2024, entered between Kailesh Punamchand Shah and Dhvanit Kailesh Shah, 100 equity
shares face value ₹10 each of our Company were transferred to Dhvanit Kailesh Shah.
(5) Equity Shares are jointly held by Chhaya Kiran Sheth and Kiran Manharlal Sheth.
(6) Equity Shares are jointly held by Divyesh Hasmukh Mehta and Falguni Divyesh Mehta.
8. As on date of this Prospectus, none of the Equity Shares held by our Promoters are pledged.
9. Equity shareholding of our Promoters and Promoter Group
Set forth below is the equity shareholding of our Promoters and the Promoter Group in our Company as on
the date of this Prospectus:
120Pre-Offer Post-Offer*
Sr. Percentage of Number of Percentage of
Name of shareholder Number of
No. Equity Share Equity Equity Share
Equity Shares
capital (%) Shares capital (%)
(A) Promoters
1. Kailesh Punamchand Shah 16,740,174 30.26 1,52,78,320 23.32
2. Bhupesh Punamchand Shah 16,745,174 30.27 1,52,83,320 23.33
3. Nilesh Punamchand Shah 16,740,174 30.26 1,52,78,320 23.32
Total (A) 50,225,522 90.79 45,839,960 69.98
(B) Promoter Group
4. Rupal Kailesh Shah 5,250 0.01 5,250 0.01
5. Kajal Bhupesh Shah 5,250 0.01 5,250 0.01
6. Sangeeta Nilesh Shah 5,250 0.01 5,250 0.01
7. Akshay Nilesh Shah 5,000 0.01 5,000 0.01
8. Dhvanit Kailesh Shah 5,000 0.01 5,000 0.01
9. Viraj Raman Mehta 20,200 0.04 20,200 0.03
10. Divyesh Hasmukh Mehta 14,000(1) 0.03 14,000(1) 0.02
11. Chhaya Kiran Sheth 41,000(2) 0.07 41,000(2) 0.06
12. Jayshree Sudhir Gandhi 8,000 0.01 8,000 0.01
Total (B) 108,950 0.20 108,950 0.17
Total (A+B) 50,334,472 90.99 45,948,910 70.14
* Subject to finalisation of the Basis of Allotment
Notes:
(1) Equity Shares are jointly held by Divyesh Hasmukh Mehta and Falguni Divyesh Mehta.
(2) Equity Shares are jointly held by Chhaya Kiran Sheth and Kiran Manharlal Sheth.
10. Details of Promoters’ contribution and lock-in for three years
(a) Pursuant to Regulations 14 and 16(1) of the SEBI ICDR Regulations, an aggregate of 20% of the fully
diluted post-Offer Equity Share capital of our Company held by the Promoters shall be locked in for a
period of three years as minimum promoters’ contribution from the date of Allotment (“Promoters’
Contribution”), and the Promoters’ shareholding in excess of 20% of the fully diluted post-Offer Equity
Share capital shall be locked-in for a period of one year from the date of Allotment.
(b) Details of the Equity Shares to be locked-in for three years, or such other period as prescribed under the
SEBI ICDR Regulations, from the date of Allotment as Promoters’ Contribution are set forth in the table
below:
Issue/ Percentage of Date up to which
Date of No. of Face No. of Equity
Name of the Nature of acquisition price the post-Offer the Equity Shares
allotment of the Equity value Shares locked-
Promoter transaction per Equity paid-up are subject to
Equity Shares Shares (₹) in*
Share (₹) capital * (%) lock-in*
Kailesh
July 3, 2024
Punamchand Bonus Issue 15,740,775 2 NA 4,367,200 6.67 August 14, 2028
Shah
Bhupesh
Punamchand July 3, 2024 Bonus Issue 15,745,275 2 NA 4,367,200 6.67 August 14, 2028
Shah
Nilesh
Punamchand July 3, 2024 Bonus Issue 15,740,775 2 NA 4,367,200 6.67 August 14, 2028
Shah
Total 13,101,600 20.00
* Subject to finalisation of the Basis of Allotment.
(c) Our Promoters have given consent to include such number of Equity Shares held by them as may
constitute 20% of the fully diluted post-Offer Equity Share capital of our Company as Promoters’
Contribution. Our Promoters have agreed not to sell, transfer, charge, pledge or otherwise encumber in
any manner, the Promoters’ Contribution from the date of filing this Prospectus until the expiry of the
121lock-in period specified above, or for such other time as required under SEBI ICDR Regulations, except
as may be permitted, in accordance with the SEBI ICDR Regulations.
(d) Our Company undertakes that the Equity Shares that shall be locked-in are not and will not be ineligible
for computation of Promoters’ Contribution in terms of Regulation 15 of the SEBI ICDR Regulations.
In this connection, we confirm the following:
(i) The Equity Shares offered for Promoters’ Contribution do not include equity shares acquired in the
three immediately preceding years from the date of the Draft Red Herring Prospectus (a) for
consideration other than cash involving revaluation of assets or capitalization of intangible assets;
or (b) resulting from a bonus issue of Equity Shares out of revaluation reserves or unrealized profits
of our Company or from a bonus issuance of equity shares against Equity Shares, which are
otherwise ineligible for computation of Promoters’ Contribution;
(ii) The Promoters’ Contribution does not include any Equity Shares acquired during the immediately
preceding one year from the date of the Draft Red Herring Prospectus at a price lower than the price
at which the Equity Shares are being offered to the public in the Offer;
(iii) Our Company has not been formed by the conversion of a partnership firm or a limited liability
partnership firm into a company and hence, no Equity Shares have been issued in the one year
immediately preceding the date of the Draft Red Herring Prospectus pursuant to conversion from a
partnership firm; and
(iv) The Equity Shares forming part of the Promoters’ Contribution are not subject to any pledge.
11. Details of Equity Shares locked- in for six months
In terms of Regulation 17 of the SEBI ICDR Regulations, the entire pre-Offer equity share capital of our
Company held by persons other than our Promoters will be locked-in for a period of six months from the date
of Allotment except for (i) the Equity Shares offered pursuant to the Offer for Sale; and (ii) any Equity Shares
held by a VCF or Category I AIF or Category II AIF or foreign venture capital investors (as defined under
the SEBI (Foreign Venture Capital Investor) Regulations, 2009) (“FVCI”), as applicable, provided that (a)
such Equity Shares shall be locked in for a period of at least six months prescribed under the SEBI ICDR
Regulations from the date of purchase by such shareholders and (b) such VCF or AIF of category I or category
II or a FVCI holds, individually or with persons acting in concert, less than 20% of pre-Offer Equity Share
capital of the Company (on a fully diluted basis).
Except for Abakkus Four2Eight Opportunities Fund, an alternative investment scheme of India – Ahead
Private Equity Trust, which is registered as a Category II AIF, none of our Equity Shares are held by any
VCF or Category I AIF or Category II AIF or FVCI as on the date of this Prospectus.
Any unsubscribed portion of the Offered Shares would also be locked-in as required under the SEBI ICDR
Regulations.
12. Lock-in of Equity Shares Allotted to Anchor Investors
Any Equity Shares Allotted to Anchor Investors in the Anchor Investor Portion shall be locked in the
following manner: There shall be a lock-in of 90 days on 50% of the Equity Shares Allotted to the Anchor
Investors from the date of Allotment, and a lock-in of 30 days on the remaining 50% of the Equity Shares
Allotted to the Anchor Investors from the date of Allotment.
13. Recording on non-transferability of Equity Shares locked-in
As required under Regulation 20 of the SEBI ICDR Regulations, our Company shall ensure that the details
of the Equity Shares locked-in are recorded by the relevant Depository.
14. Other requirements in respect of lock-in
Pursuant to Regulation 21 of the SEBI ICDR Regulations, Equity Shares held by our Promoters and locked-
in, as mentioned above, may be pledged as collateral security for a loan with a scheduled commercial bank,
122a public financial institution, Systemically Important Non-Banking Financial Company or a deposit accepting
housing finance company, subject to the following:
(a) With respect to the Equity Shares locked-in for one year from the date of Allotment, such pledge of
the Equity Shares must be one of the terms of the sanction of the loan.
(b) With respect to the Equity Shares locked-in as Promoters’ Contribution for three years from the date
of Allotment, the loan must have been granted to our Company for the purpose of financing one or
more of the objects of the Offer.
However, the relevant lock-in period shall continue post the invocation of the pledge referenced above, and
the relevant transferee shall not be eligible to transfer to the Equity Shares till the relevant lock-in period has
expired in terms of the SEBI ICDR Regulations.
In terms of Regulation 22 of the SEBI ICDR Regulations, Equity Shares held by our Promoters and locked-
in, may be transferred to any member of our Promoter Group or a new promoter, subject to continuation of
lock-in applicable with the transferee for the remaining period and compliance with provisions of the
Takeover Regulations.
Further, in terms of Regulation 22 of the SEBI ICDR Regulations, Equity Shares held by persons other than
our Promoters prior to the Offer and locked-in for a period of six months, may be transferred to any other
person holding Equity Shares which are locked in along with the Equity Shares proposed to be transferred,
subject to the continuation of the lock in with the transferee and compliance with the provisions of the
Takeover Regulations.
[The remainder of this page is intentionally left blank]
12315. Shareholding Pattern of our Company
The table below presents the shareholding pattern of our Company as on the date of this Prospectus:
Shareholding, Number of
Shareholding as a % Number of Equity Shares
Number of Voting Rights held in each class
as a % of Number of assuming full Locked in pledged or
Number of securities
total number shares conversion of Equity Shares otherwise
of Number of Total number (IX) Number of
Number of of Equity Underlying convertible (XII) encumbered
Partly shares of Equity Equity Shares
Category of Number of fully paid up Shares Outstanding securities (as (XIII)
Category paid-up underlying Shares held held in
Shareholder Shareholders Equity Shares (calculated Number of Voting Rights convertible a percentage As a
(I) Equity Depository (VII) As a dematerialized
(II) (III) held as per securities of diluted % of
Shares Receipts =(IV)+(V)+ % of form
(IV) SCRR, 1957) Total as a (including share capital) total
held (VI) (VI) Number Number total (XIV)
(VIII) As a Class: Equity % of Warrants) (XI)= Equity
(V) Total (a) (a) Shares
% of Shares (A+B+ C) (X) (VII)+(X) As Shares
held
(A+B+C2) a % of held
(b)
(A+B+C2) (b)
(A) Promoter 12 50,334,472 - - 50,334,472 90.98 50,334,472 90.98 - 90.98 - - - - 50,334,472
and 50,334,472
Promoter
Group
(B) Public 21 4,988,108 - - 4,988,108 9.02 4,988,108 4,988,108 9.02 - 9.02 - - - - 4,988,108
(C) Non - - - - - - - - - - - - - - - -
Promoter-
Non Public
(C1) Shares - - - - - - - - - - - - - - - -
underlying
DRs
(C2) Shares held - - - - - - - - - - - - - - - -
by
Employee
Trusts
Total 33 55,322,580 - - 55,322,580 100 55,322,580 55,322,580 100 - 100 - - - - 55,322,580
12416. Other details of Shareholding of our Company
(a) As on the date of the filing of this Prospectus, our Company has 33 Shareholders.
(b) Set forth below is a list of Shareholders holding 1% or more of the paid-up Equity Share capital of
our Company, as on the date of this Prospectus:
Number of equity
Percentage of Equity Share
S. No. Name of the Promoter shares of face value ₹ 2
capital (%)
each
1. Bhupesh Punamchand Shah 16,745,174 30.27
2. Kailesh Punamchand Shah 16,740,174 30.26
3. Nilesh Punamchand Shah 16,740,174 30.26
Abakkus Four2Eight Opportunities 4,032,258 7.29
4.
Fund
Total 54,257,780 98.08
(c) Set forth below is a list of Shareholders holding 1% or more of the paid-up equity share capital of our
Company, as of 10 days prior to the date of this Prospectus:
Number of equity
Percentage of Equity Share
S. No. Name of the Promoter shares of face value ₹ 2
capital (%)
each
1. Bh upesh Punamchand Shah 16,745,174 30.27
2. Ka ilesh Punamchand Shah 16,740,174 30.26
3. Ni lesh Punamchand Shah 16,740,174 30.26
Abakkus Four2Eight Opportunities 4,032,258 7.29
4.
Fund
Total 54,257,780 98.08
(d) Set forth below is a list of Shareholders holding 1% or more of the paid-up equity share capital of our
Company, as of one year prior to the date of this Prospectus:
Number of equity
Percentage of equity share capital
S. No. Name of the Promoter shares of face value ₹ 2
(%)
each
1. Bhupesh Punamchand Shah 17,494,750 33.32
2. Kailesh Punamchand Shah 17,489,750 33.31
3. Nilesh Punamchand Shah 17,489,750 33.31
Total 52,474,250 99.95
(e) Set forth below is a list of Shareholders holding 1% or more of the paid-up equity share capital of our
Company, as of two years prior to the date of this Prospectus:
Number of equity
Percentage of equity share capital
S. No. Name of the Promoter shares of face value ₹
(%)
10 each
1. Bhupesh Punamchand Shah 349,895 33.32
2. Kailesh Punamchand Shah 349,895 33.32
3. Nilesh Punamchand Shah 349,895 33.32
Total 1,049,685 99.97
17. Except for the allotment of Equity Shares pursuant to the Fresh Issue, our Company presently does not intend
or propose to alter its capital structure for a period of six months from the Bid/Offer Opening Date, by way
of split or consolidation of the denomination of Equity Shares or further issue of Equity Shares (including
issue of securities convertible into or exchangeable, directly or indirectly for Equity Shares) whether on a
preferential basis or by way of bonus issue of Equity Shares or on a rights basis or by way of further public
issue of Equity Shares or qualified institutions placements or otherwise.
12518. There are no outstanding options or convertible securities, including any outstanding warrants or rights to
convert debentures, loans or other instruments convertible into our Equity Shares as on the date of this
Prospectus.
19. All Equity Shares held by our Promoters are in dematerialized form as on the date of this Prospectus.
20. As on the date of this Prospectus, except for Kailesh Punamchand Shah, Bhupesh Punamchand Shah, Nilesh
Punamchand Shah and Manish Gattani, none of our other Directors or Key Managerial Personnel and Senior
Management Personnel hold any Equity Shares of our Company. For further details, please see “Our
Management – Shareholding of Directors in our Company” and “Our Management – Shareholding of Key
Managerial Personnel and Senior Management Personnel” on pages 323 and 340, respectively.
21. Except as disclosed below, none of the members of the Promoter Group, the Promoters, or the Directors and
their relatives have purchased or sold any securities of our Company during the period of six months
immediately preceding the date of this Prospectus:
Transfer /
Face
Number of issue price
Date of Name of the value per
Name of transferee Equity per Equity
transfer transferor Equity
Shares Share (in
Share (₹)
₹)
June 27, Kailesh Punamchand Kahini Amar Patel 41,000 2.00 248.00
2025 Shah(1) Thinqwise Wealth Managers LLP 50,000 2.00 248.00
Viraj Raman Mehta(2) 20,200 2.00 248.00
Divyesh Hasmukh Mehta(2) 14,000(3) 2.00 248.00
Falguni Divyesh Mehta 6,200(4) 2.00 248.00
Sejal Bhavesh Mehta 20,200(5) 2.00 248.00
Nalini Gattani 21,780 2.00 248.00
Sakshi Manoj Agarwal 2,550 2.00 248.00
Bhupesh Punamchand Marwadi Chandarana 346,350 2.00 248.00
Shah(1) Intermediaries Brokers Private
Limited
Nilesh Punamchand Mansi Ratan Bhambhani 12,000 2.00 248.00
Shah(1) Aditya Nayak 12,000(6) 2.00 248.00
June 30, Kailesh Punamchand Abakkus Four2Eight Opportunities 403,226 2.00 248.00
2025 Shah(1) Fund
Sanjay Natverlal Shah 41,000(7) 2.00 248.00
Drasti Aagam Sheth 50,000(8) 2.00 248.00
Rajesh Dharamchand Mehta 20,200 2.00 248.00
Manish Gattani 29,220 2.00 248.00
Krutika Pragnesh Shah 20,000 2.00 248.00
Mugdha Amit Kulkarni 10,000 2.00 248.00
Bhupesh Punamchand Abakkus Four2Eight Opportunities 403,226 2.00 248.00
Shah(1) Fund
Nilesh Punamchand Abakkus Four2Eight Opportunities 403,226 2.00 248.00
Shah(1) Fund
Marwadi Chandarana 2.00 248.00
Intermediaries Brokers Private
Limited 97,650
Sakshi Manoj Agarwal 11,550 2.00 248.00
Vidhi Kiran Sheth 100,150 2.00 248.00
Chhaya Kiran Sheth(2) 41,000(9) 2.00 248.00
Kiran Manharlal Sheth 25,000 2.00 248.00
Ronak Mannharlal Sheth 25,000(10) 2.00 248.00
Sonali Ronak Sheth 10,000(11) 2.00 248.00
Sheeba Dawar 4,000 2.00 248.00
Jayshree Sudhir Gandhi(2) 8,000 2.00 248.00
(1) Also a Director of our Company.
(2) Members of our Promoter Group.
(3) Equity Shares are jointly held by Divyesh Hasmukh Mehta and Falguni Divyesh Mehta.
(4) Equity Shares are jointly held by Falguni Divyesh Mehta and Divyesh Hasmukh Mehta.
(5) Equity Shares are jointly held by Sejal Bhavesh Mehta and Devansh Bhavesh Mehta.
(6) Equity Shares are jointly held by Aditya Nayak and Mansi Ratan Bhambhani.
(7) Equity Shares are jointly held by Sanjay Natverlal Shah and Nandita Sanjay Shah.
126(8) Equity Shares are jointly held by Drasti Aagam Sheth and Aagam A Sheth.
(9) Equity Shares are jointly held by Chhaya Kiran Sheth and Kiran Manharlal Sheth.
(10) Equity Shares are jointly held by Ronak Manharlal Sheth and Sonali Ronak Sheth.
(11) Equity Shares are jointly held by Sonali Ronak Sheth and Ronak Manharlal Sheth.
22. There have been no financing arrangements whereby our Promoters, members of the Promoter Group, our
Directors and their relatives have financed the purchase by any other person of securities of our Company
during a period of six months immediately preceding the date of this Prospectus.
23. Our Company, the Promoters, the Directors and the BRLMs have no existing buyback arrangements or any
other similar arrangements for the purchase of Equity Shares being offered through the Offer.
24. All Equity Shares issued pursuant to the Offer shall be fully paid-up at the time of Allotment and there are
no partly paid-up Equity Shares as on the date of this Prospectus.
25. As on the date of this Prospectus, the BRLMs and their respective associates (as defined under the SEBI
Merchant Bankers Regulations) do not hold any Equity Shares of our Company. Further, none of the BRLMs
are associates of our Company as per Regulation 21A of the SEBI Merchant Bankers Regulations.
The BRLMs and their respective associates and affiliates in their capacity as principals or agents have
engaged or may engage in transactions with, and perform services for, our Company, Directors and/or
officers, partners, trustees, affiliates, associates or third parties in the ordinary course of business or may
in the future engage in commercial banking and investment banking transactions with our Company,
Directors and/or officers, partners, trustees, affiliates, associates or third parties, for which they have received,
and may in the future receive, customary compensation.
26. None of the Promoters or other members of our Promoter Group will participate in the Offer except to the
extent of their participation in the Offer for Sale.
27. Except for issuance of Equity Shares pursuant to the Fresh Issue, there will be no further issue of Equity
Shares whether by way of issue of bonus shares, preferential allotment, rights issue or in any other manner
during the period commencing from filing of this Prospectus with SEBI until the Equity Shares are listed on
the Stock Exchanges pursuant to the Offer or all application monies have been refunded, or the application
moneys are unblocked in the ASBA Accounts on account of non-listing, under-subscription etc., as the case
may be.
28. Our Company shall ensure that any transaction in the Equity Shares by our Promoters and our Promoter
Group during the period between the date of filing this Prospectus and the date of closure of the Offer shall
be reported to the Stock Exchanges within 24 hours of such transaction.
29. No person connected with the Offer, including, but not limited to, the BRLMs, the members of the Syndicate,
our Company, our Directors, our Promoters or members of our Promoter Group, shall offer or make payment
of any incentive, whether direct or indirect, in the nature of discount, commission and allowance, except for
fees or commission for services rendered in relation to the Offer, in any manner, whether in cash or kind or
services or otherwise, to any Bidder for making a Bid.
30. There shall be only one denomination of the Equity Shares, unless otherwise permitted by law.
31. Our Company is in compliance with the Companies Act, 2013, to the extent applicable, with respect to
issuance of securities since inception till the date of filing of this Prospectus.
Employee stock option
As on date of this Prospectus, our Company does not have any employee stock option plan.
127OBJECTS OF THE OFFER
The Offer comprises a Fresh Issue of 10,185,198* equity shares of face value of ₹2 each, aggregating to ₹2,800.00
million*^ by our Company and an Offer for Sale of 4,385,562* equity shares of face value of ₹2 each, aggregating
to ₹1,206.03 million* by the Selling Shareholders. For details, see “The Offer” beginning on page 96.
*Subject to finalisation of the Basis of Allotment
^A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for an amount aggregating to
₹700.00 million. Accordingly, the size of the Fresh Issue has been reduced by ₹700.00 million and the revised Fresh Issue size
aggregates to ₹2,800.00 million.
Offer for Sale
The details of the Offer for Sale and the pre-Offer and post-Offer shareholding of the Selling Shareholders is as
set forth below:
Pre-Offer Post-Offer*
Name of the
S. Number of equity Percentage of Maximum number Number of equity Percentage of
Selling
No. shares of face value equity share of Offered Shares shares of face value equity share
Shareholder
₹ 2 each capital (%) ₹ 2 each capital (%)
16,740,174 30.26 1,461,854* equity 15,278,320 23.32
Kailesh
1. shares of face value
Punamchand Shah
of ₹2 each
16,745,174 30.27 1,461,854* equity 15,283,320 23.33
Bhupesh
2. shares of face value
Punamchand Shah
of ₹2 each
16,740,174 30.26 1,461,854* equity 15,278,320 23.32
Nilesh Punamchand
3. shares of face value
Shah
of ₹2 each
Total 50,225,522 90.79 45,839,960 69.98
* Subject to finalisation of the Basis of Allotment.
Our Company will not receive any proceeds from the Offer for Sale. The proceeds of the Offer for Sale shall be
received by the Selling Shareholders and will not form part of the Net Proceeds. Each of the Selling Shareholders
will be entitled to its respective portion of the proceeds of the Offer for Sale after deducting its respective
proportion of the Offer expenses and relevant taxes thereon. For further details, please see “– Offer Expenses” on
page 157.
Requirement of funds
Our Company proposes to utilize the Net Proceeds towards funding the following objects (collectively, referred
to as the “Objects”):
1. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company;
2. Purchase of equipment and machinery for the Manekpur Facility and installation of automated storage and
retrieval system (ASRS) for warehouse in Manekpur Facility; and
3. General corporate purposes.
In addition, our Company expects to receive the benefits of listing of the Equity Shares on the Stock Exchanges
which will result in the enhancement of our brand name and creation of a public market for our Equity Shares in
India.
The main objects clause and the objects incidental and ancillary to the main objects as set out in the
Memorandum of Association enables us: (i) to undertake our existing business activities; (ii) to undertake the
activities for which the funds are being raised by us through the Fresh Issue; (iii) to undertake the activities for
which the relevant loans were raised, which are proposed to be prepaid or repaid from the Net Proceeds.
Net Proceeds
The details of the proceeds from the Fresh Issue are summarised in the following table:
128Estimated amount
Particulars
(in ₹ million)
Gross proceeds of the Fresh Issue(1) 2,800.00(3)
(Less) Offer expenses in relation to the Fresh Issue(2)(3) 228.91*
Net Proceeds (3) 2,571.09
* The estimated expenses in relation to the Pre-IPO Placement have not been considered while calculating this amount.
(1) A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of ₹248.00 per Equity Share
(including a premium of ₹246 per Equity Share), aggregating to an amount of ₹700.00 million. Accordingly, the size of the Fresh Issue
has been reduced by ₹700.00 million and the revised Fresh Issue size aggregates to ₹2,800.00 million. The Pre-IPO Placement did not
exceed 20% of the Fresh Issue. Prior to the completion of the allotment of Equity Shares pursuant to the Pre-IPO Placement, our Company
appropriately intimated the subscribers to the Pre-IPO Placement, that there is no guarantee that our Company will proceed with the
Offer or the Offer will be successful and will result in the listing of the Equity Shares on the Stock Exchanges. Further, relevant disclosures
in relation to such intimation to the subscribers to the Pre-IPO Placement have been appropriately made in the relevant sections of the
Red Herring Prospectus and relevant sections of this Prospectus.
(2) The aggregate proceeds of the Pre-IPO Placement and the Fresh Issue is ₹3,500.00 million and the Offer expenses apportioned to our
Company (including the expenses for the Pre-IPO Placement) is ₹255.93 million and accordingly, the aggregate of the Net Proceeds and
the proceeds of the Pre-IPO Placement is ₹3,244.07 million. For details with respect to sharing of fees and expenses in relation to the
Offer amongst our Company and the Selling Shareholders, please refer to “- Offer Expenses” on page 157.
(3) Subject to finalisation of the Basis of Allotment.
Utilisation of Net Proceeds
The Net Proceeds are proposed to be utilised in the manner set forth below:
Estimated amount from Net
Particulars
Proceeds (in ₹ million) (1)(2)
Prepayment or repayment of all or a portion of certain outstanding borrowings 1,430.00
availed by our Company
Purchase of equipment and machinery for the Manekpur Facility and installation 1,137.14
of automated storage and retrieval system (ASRS) for warehouse in Manekpur
Facility
General corporate purposes (2)(3)(4) 3.95
Total (2) 2,571.09
(1) A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of ₹248.00 per Equity Share
(including a premium of ₹246.00 per Equity Share), aggregating to an amount of ₹700.00 million. Accordingly, the size of the Fresh
Issue has been reduced by ₹700.00 million and the revised Fresh Issue size aggregates to ₹2,800.00 million. The Pre-IPO Placement
did not exceed 20% of the Fresh Issue. Prior to the completion of the allotment of Equity Shares pursuant to the Pre-IPO Placement,
our Company appropriately intimated the subscribers to the Pre-IPO Placement, that there is no guarantee that our Company will
proceed with the Offer or the Offer will be successful and will result in the listing of the Equity Shares on the Stock Exchanges. Further,
relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement have been appropriately made in the
relevant sections of the Red Herring Prospectus and relevant sections of this Prospectus.
(2) The aggregate proceeds of the Pre-IPO Placement and the Fresh Issue is ₹3,500.00 million and the Offer expenses apportioned to our
Company (including the expenses for the Pre-IPO Placement) is ₹255.93 million and accordingly, the aggregate of the Net Proceeds
and the proceeds of the Pre-IPO Placement is ₹3,244.07 million. For details with respect to sharing of fees and expenses in relation to
the Offer amongst our Company and the Selling Shareholders, please refer to “- Offer Expenses” on page 157.
(3) Subject to finalisation of the Basis of Allotment. The amount to be utilised for general corporate purposes shall not exceed 25% of the
gross proceeds from the Fresh Issue.
(4) The proceeds from the Pre-IPO Placement (excluding the expenses for the Pre-IPO Placement) aggregating to ₹672.98 million shall
be utilised towards general corporate purposes.
Proposed schedule of implementation and deployment of Net Proceeds
We propose to deploy the Net Proceeds towards the Objects in accordance with the estimated schedule of
implementation and deployment of funds as follows:
(in ₹ million)
Total amount to be
Estimated deployment of the Net
Particulars funded from Net
Proceeds (1)(2)
Proceeds (F iscal 2026)
Prepayment or repayment of all or a portion of certain 1,430.00 1,430.00
outstanding borrowings availed by our Company
Purchase of equipment and machinery for the Manekpur 1,137.14 1,137.14
Facility and installation of automated storage and retrieval
system (ASRS) for warehouse in Manekpur Facility
General corporate purposes (2)(3)(4) 3.95 3.95
129Total amount to be
Estimated deployment of the Net
Particulars funded from Net
Proceeds (1)(2)
Proceeds (F iscal 2026)
Total(1)(2) 2,571.09 2,571.09
(1) A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of ₹248.00 per Equity Share
(including a premium of ₹246.00 per Equity Share), aggregating to an amount of ₹700.00 million. Accordingly, the size of the Fresh
Issue has been reduced by ₹700.00 million and the revised Fresh Issue size aggregates to ₹2,800.00 million. The Pre–IPO Placement
did not exceed 20% of the Fresh Issue. Prior to the completion of the allotment of Equity Shares pursuant to the Pre-IPO Placement,
our Company appropriately intimated the subscribers to the Pre-IPO Placement, that there is no guarantee that our Company will
proceed with the Offer or the Offer will be successful and will result in the listing of the Equity Shares on the Stock Exchanges. Further,
relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement have been appropriately made in the
relevant sections of the Red Herring Prospectus and relevant sections of this Prospectus.
(2) The aggregate proceeds of the Pre-IPO Placement and the Fresh Issue is ₹3,500.00 million and the Offer expenses apportioned to our
Company (including the expenses for the Pre-IPO Placement) is ₹255.93 million and accordingly, the aggregate of the Net Proceeds
and the proceeds of the Pre-IPO Placement is ₹3,244.07 million. For details with respect to sharing of fees and expenses in relation to
the Offer amongst our Company and the Selling Shareholders, please refer to “Objects of the Offer - Offer Expenses” on page 157.
(3) Subject to finalisation of the Basis of Allotment. The amount to be utilised for general corporate purposes shall not exceed 25% of the
gross proceeds from the Fresh Issue.
(4) The proceeds from the Pre-IPO Placement (excluding the expenses for the Pre-IPO Placement) aggregating to ₹672.98 million shall
be utilised towards general corporate purposes.
The fund requirements, deployment of funds and the intended use of the Net Proceeds as described in this
Prospectus are based on our current business plan, management estimates, prevailing market conditions and other
commercial considerations, which are subject to change and may not be within the control of our management.
However, such fund requirements and deployment of funds have not been appraised by any external agency or
any bank or financial institution or any other independent agency. We may have to revise our funding requirements
and deployment, as required, on account of internal factors such as our business and growth strategies and other
external factors such as changes in the business environment. This may entail rescheduling the proposed utilisation
of the Net Proceeds and changing the allocation of funds from its planned allocation at the discretion of our
management, subject to compliance with applicable laws.
For further information on factors that may affect our internal management estimates, see “Risk Factors – Our
funding requirements and the proposed deployment of Net Proceeds have not been appraised and our
management will have broad discretion over the use of the Net Proceeds” on page 86.
Subject to applicable law, if the actual utilisation towards any of the Objects is lower than the proposed
deployment, such balance will be used for general corporate purposes to the extent that the total amount to be
utilized towards general corporate purposes will not exceed 25% of the Gross Proceeds in accordance with
Regulation 7(2) of the SEBI ICDR Regulations. Further, in case of variations in the actual utilisation of funds
earmarked for the purposes set forth above, increased fund requirements for a particular purpose may be financed
by surplus funds, if any, available in respect of the other purposes for which funds are being raised in the Offer.
To the extent our Company is unable to utilise any portion of the Net Proceeds towards the aforementioned
Objects, per the estimated scheduled of deployment specified above, our Company shall deploy the Net Proceeds
in subsequent Fiscal towards the aforementioned Objects.
Means of Finance
The entire fund requirements for our Objects are proposed to be funded from the Net Proceeds and internal
accruals. Accordingly, we confirm that there are no requirements to make firm arrangements of finance through
verifiable means towards at least 75% of the stated means of finance, in addition to the Net Proceeds, under
Regulation 7(1)(c) of the SEBI ICDR Regulations and Paragraph 9(c)(1) of Part A of Schedule VI of the SEBI
ICDR Regulations. Subject to applicable law, in case of a shortfall in raising requisite capital from the Net
Proceeds or an increase in the total estimated cost of the Objects, business considerations may require us to explore
a range of options including utilising our internal accruals and seeking additional debt from existing and future
lenders.
130Details of the Objects
1. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our
Company
Our Company has entered into various financing arrangements from time to time, with various lenders. The
financing arrangements entered into by our Company include, inter alia, term loans and working capital
facilities. For further details in relation to our borrowings, please see “Financial Indebtedness” on page 448.
As at June 30, 2025, our total outstanding borrowings amounted to ₹2,225.59 million (with fund-based
facilities aggregating to ₹2,101.59 million and non-fund based facilities aggregating to ₹124.00 million). Our
Company proposes to utilise an estimated amount of up to ₹ 1,430.00 million from the Net Proceeds towards
pre-payment or scheduled repayment of all or a portion of certain term loans and working capital facilities
availed by our Company.
We believe that such pre-payment or scheduled repayment will help reduce our existing borrowings, assist
us in maintaining a favourable debt-equity ratio and enable utilisation of our internal accruals for further
investment in business growth and expansion. In addition, we believe that the strength of our balance sheet
and our leverage capacity will further improve, which shall enable us to raise further capital or financing in
the future at competitive rates to fund potential business development opportunities and plans to grow and
expand our business in the coming years.
The following table provides details of loans and facilities availed by our Company as at June 30, 2025, out
of which we propose to pre-pay or repay, either in full or in part of the below mentioned loans and/or facilities,
up to an amount aggregating to ₹ 1,430.00 million from the Net Proceeds:
[Remainder of this page has been intentionally left blank]
131Date of Amount Amount outstanding Interest rate
Sr. Nature of
Name of the lender sanction Purpose sanctioned (in as at June 30, 2025 as at June Repayment Schedule Prepayment Penalty
No. borrowing
letter ₹ Million) (In ₹ Million) 30, 2025
1. HDFC Bank Limited October 21, Term Loan For capital 98.00 15.83 8.65% Start date: October 29, 2021 2% Per annum over and
2020 expenditure End date: October 29, 2026 above agreed rate of
EMI (quarterly): ₹5.28 million interest
2. HDFC Bank Limited August 19, Term Loan For capital 500.00 313.36 8.10% Start date: December 31, 2023 2% Per annum over and
2022 expenditure End date: September 29, 2029 above agreed rate of
EMI (quarterly): ₹18.33 interest
million
3. HDFC Bank Limited September 9, Term Loan For capital 250.00 205.76 9.31% Start Date: November 3, 2024 2 % o n outstanding
2024 expenditure End Date: October 3, 2027 p r i n cipal amount under the
EMI (monthly): ₹7.35 million loan as on the date of the
end of the notice period as
mentioned.
4. Citibank, N.A September 20, Term Loan For capital 150.00 58.88 8.05% Start date: August 1, 2022 Prepayment penalty at the
2021 expenditure End date: August 1, 2027 rate of 2% of principal
EMI (monthly): ₹2.76 million outstanding
5. The Hongkong and January 13, Term Loan To finance import 110.00 36.67 8.30% Start date: July 31, 2022 Prepayment of the facilities
Shanghai Banking 2022 / domestic End date: December 31, 2026 would be subject to funding
Corporation Limited payables of the EMI (monthly): ₹2.04 million penalties at the bank
borrower discretion
6. The Hongkong and March 1, 2021 Term Loan To finance import 130.00 21.67 7.57% Start date: March 31, 2022 Prepayment of the facilities
Shanghai Banking / domestic End date: February 28, 2026 would be subject to funding
Corporation Limited payables of the EMI (monthly): ₹2.71 million penalties at the bank
borrower discretion
7. The Hongkong and June 21, 2021 Term Loan To finance import 88.00 5.28 8.30% Start date: June 30. 2021 Prepayment of the facilities
Shanghai Banking / domestic End date: September 30, 2025 would be subject to funding
Corporation Limited payables of the EMI (monthly): ₹1.76 million penalties at the bank
borrower discretion
8. The Hongkong and March 25, Term Loan To finance import 78.00 52.00 7.57% Start date: March 31, 2024 Prepayment of the facilities
Shanghai Banking 2022 / domestic End date: February 28, 2028 would be subject to funding
Corporation Limited payables of the EMI (monthly): ₹1.63 million penalties at the bank
borrower discretion
9. DBS Bank India June 15, 2023 Term Loan For capital 250.00 211.33# 6.83% Start date: October 18, 2024 Prepayment is minimum
Limited expenditure End date: July 18, 2028 amount of USD 200,000.
EMI (monthly): ₹15.92 15 Business days prior
million written to consent letter.
Approval from RBI as may
be applicable from time to
time
10. DBS Bank India August 6, Term Loan For capital 250.00 256.63## 6.80% Start Date: September 19, Any Prepayment will be
Limited 2024 expenditure 2025 with prior arrangement
132Date of Amount Amount outstanding Interest rate
Sr. Nature of
Name of the lender sanction Purpose sanctioned (in as at June 30, 2025 as at June Repayment Schedule Prepayment Penalty
No. borrowing
letter ₹ Million) (In ₹ Million) 30, 2025
End Date: September 19, 2029 with the bank after due
EMI (quarterly): ₹21.38 notice and would entail
million payment of prepayment
penalty as levied by the
bank.
11. DBS Bank India August 9, Working For financing 300.00 116.05 11.50% - -
Limited 2024 Capital working capital
requirements
12. The Hongkong and March 24, Working For financing 250.00 134.98 12.08% - -
Shanghai Banking 2025 Capital working capital
Corporation Limited requirements
13. HDFC Bank Limited January 10, Working For financing 200.00 151.33 8.50% - -
2025 Capital working capital
requirements
14. Citibank, N.A. April 17, 2025 Working For financing 400.00 173.44 10.25% - -
Capital working capital
requirements
Total 3,054.00 1,753.21
* As certified by Walker Chandiok & Co LLP, pursuant to their certificate dated August 1, 2025.
# The facility limit sanctioned for the term loan was USD 3.05 million (equivalent to ₹ 250 million at the time of grant). The outstanding balance as on the reporting date amounting to ₹211.33 million is on account of
foreign currency rate fluctuation adjustment as on the date of reporting.
## The facility limit sanctioned for the term loan was USD 3.00 million (equivalent to ₹ 250 million at the time of grant). The outstanding balance as on the reporting date amounting to ₹256.63 million is on account of
foreign currency rate fluctuation adjustment as on the date of reporting.
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133In accordance with Clause 9(A)(2)(b) of Part A of Schedule VI of the SEBI ICDR Regulations which requires
a certificate from the statutory auditors certifying the utilization of loan for the purpose availed, our Company
has obtained the requisite certificate dated August 11, 2025 from our Statutory Auditors, for the loans to be
prepaid by our Company, confirming that such loans were utilised for the purposes specified in the respective
financing documents with the lenders.
For further details in relation to our borrowings, please see “Financial Indebtedness” on page 448.
The selection of borrowings proposed to be prepaid or repaid out of the borrowings provided in the table above,
shall be based on various factors including (i) any condition (including prepayment related conditions) attached
to the borrowings restricting our ability to prepay the borrowings and time taken to fulfil such requirements;
(ii) other commercial considerations including, among others, the interest rate on the loans and/or facilities, the
amount of the loan outstanding and the remaining tenor of the loan; (iii) terms and conditions of consents for
prepayment from the respective lenders and waivers required, if any; (iv) levy of any prepayment
penalties/premium and the quantum thereof and other related costs; (v) nature and/or repayment schedule of
borrowings; and (vi) provisions of any laws, rules and regulations governing such borrowings. Pursuant to the
terms of the borrowing arrangements, prepayment of certain indebtedness may attract prepayment charges as
prescribed by the respective lender. Payment of additional interest, prepayment penalty or premium, if any, and
other related costs shall be made by us out of the internal accruals or out of the Net Proceeds as may be decided
by our Company.
Given the nature of the above-mentioned borrowings and the terms of repayment, the aggregate outstanding
borrowing amounts which we propose to repay may vary from time to time. In light of the above, if at the time
of filing this Prospectus or after that date, any of the above-mentioned borrowings may be repaid in part or full
or refinanced and our Company may also avail additional borrowings and/or draw down further funds under
existing loans from time to time after the filing of this Prospectus.
For the purposes of the Offer, our Company has obtained necessary consent from its lenders, as is respectively
required under the relevant facility documentation for undertaking activities in relation to this Offer and for the
deployment of the Net Proceeds towards the Objects.
2. Purchase of equipment and machinery for the Manekpur Facility and installation of automated storage
and retrieval system (ASRS) for warehouse in Manekpur Facility
Our manufacturing facilities are equipped to undertake a variety of processes, including injection moulding,
screen printing, pad printing, injection mould labelling, hot foil stamping, ultra-sonic welding, stretch wrapping
and palletising, enabling us to manufacture a wide range of products, across the following categories: Prep
Time (kitchen tools for preparing cooking ingredients); Containers (food storage containers); Organization
(miscellaneous storage containers); Hangers (various types of hangers); Meal Time (kitchenware); Cleaning
Time (cleaning equipment); Bath Time (bathroom products); and Junior (child-friendly tableware, cutlery and
other items). For further details see “Our Business – Our Products” on page 275. With the aim of growing our
manufacturing capabilities, we aim to purchase a variety of equipment and machinery to be installed in our
Manekpur Facility.
The total estimated expenditure for purchase, installation and commissioning of equipment and machinery
(including moulds) for the initial planned total installed production capacity of 16,500 tonnes per annum at the
Manekpur Facility is approximately ₹1,631.42 million and installation of the automated storage and retrieval
system (ASRS) is approximately ₹282.29 million. Our Company proposes to utilise an aggregate of up to
₹1,137.14 million from the Net Proceeds towards purchase, installation and commissioning of equipment,
machinery and ASRS system, of which, (A) ₹984.14 million will be utilized for procurement of equipment and
machinery for Manekpur Facility; and (B) ₹153.00 million will be utilized for installation of automated storage
and retrieval system (ASRS) and ancillary equipment at the warehouse in Manekpur Facility. Our Company
will also utilize a portion of the Net Proceeds towards freight and packing of such machines and equipment.
134A. Procurement of equipment and machinery for Manekpur Facility
For expansion of manufacturing of our plastic consumerware products, our Company has commenced
production at our third fully integrated manufacturing facility in Manekpur, Gujarat (the “Manekpur
Facility”). In relation to the same, we have obtained the license to work a factory from Directorate Industrial
Safety and Health, Gujarat State and the consolidated consent of authorisation under the Air (Prevention and
Control of Pollution) Act, 1981, Water (Prevention and Control of Pollution) Amendment Act, 1988 and
Hazardous and other Wastes (Management and Transboundary) Rules, 2016. For further details, please see
“Government and Other Approvals” on page 457.
The land on which the Manekpur Facility is located is approximately 46,950 square meters. The current building
comprises of total area 15,700 square meters and it has further scope to expand by 7,500 square meters. The
Manekpur Facility has a planned total installed production capacity of 22,500 tonnes per annum based on 121
“all electrical” automatic injection moulding machines and ancillary equipment.
Our Company plans to set up an initial installed production capacity of 16,500 tonnes per annum for which we
are required to procure a total of 85 “all electrical” injection moulding machines and ancillary equipment. The
total estimated expenditure for purchase, installation and commissioning of equipment and machinery for the
initial planned total installed production capacity of 16,500 tonnes per annum is approximately ₹1,631.42
million.
Out of the 85 “all electrical” injection moulding machines, in June 2024, we placed an order for 19 “all
electrical” injection moulding machines at a cost of ₹138.32 million, and the said 19 “all electrical” injection
moulding machines were installed in Manekpur Facility in October 2024. We commenced operations at the
Manekpur Facility using the 19 “all electrical” injection moulding machines and ancillary equipment, with a
total installed capacity of 4,000 tonnes per annum in December 2024. Between March 2025 to June 2025, we
placed an order for additional 30 “all electrical” injection moulding machines, at an aggregate cost of ₹255.98
million. Pursuant to installation of these additional 30 “all electrical” injection moulding machines, our total
installed capacity will increase from 4,000 tonnes per annum to 9,000 tonnes per annum.
The payments for the aforementioned 49 “all electrical” injection moulding machines aggregating to ₹394.30
million were made by our Company through internal accruals and borrowings availed by our Company, and
the same has been certified by by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to
their certificate dated August 11, 2025.
We propose to utilize the Net Proceeds to procure 36 additional “all electric” injection moulding machines and
ancillary equipment, which will result in an increase of the installed production capacity to 16,500 tonnes per
annum. A detailed description of such equipment and machinery is provided below. The Manekpur Facility
will be digitally connected to our enterprise resource planning systems for production recording and will be
automated with robots and automatic guided vehicles for smooth handling of parts.
Additionally, the Manekpur Facility features an interconnected warehouse designed to optimize storage for
raw materials, packing materials and finished goods. This warehouse has a storage capacity of 1,000 tonnes for
raw materials and 16,492 pallets for finished goods, supported by an automated storage and retrieval system.
For details pertaining to the installation of automated storage and retrieval system (ASRS) at the warehouse in
Manekpur Facility, see “- Installation of automated storage and retrieval system (ASRS) at the warehouse in
the Manekpur Facility” below. We plan to increase the installed production capacity at our Manekpur Facility
to 16,500 tonnes per annum by adding 65 additional “all-electrical” injection moulding machines by the end of
Fiscal 2026. Thereafter, we plan to further increase the total installed production capacity to 22,500 tonnes per
annum by adding 36 “all-electrical” injection moulding machines in a phased manner to help ensure that we
utilize our capacity at optimal levels. The table below sets forth our current plans for the installed capacity at
the Manekpur Facility as at the dates indicated.
Planned Installed Capacity
Particulars
(in tonnes)
As at March 31, 2026 16,500
As at March 31, 2027 22,500
135The actual installed capacity at the Manekpur Facility may vary subject to demand for our products. As such,
there can be no assurance that the actual installed capacity will be increased in accordance with the above table.
The proposal to increase the storage and production capacity of the Company has been approved by the Board
of Directors by way of its resolution dated September 24, 2024.
The table below sets forth the detailed description of the equipment and machinery proposed to be procured for
the Manekpur Facility from Net Proceeds:
Total amount to be
Name of the
Sr. funded from Net
Machinery/ Description of the Machinery/ Equipment
No. Proceeds
Equipment
(in ₹ million)
1. Injection An injection molding machine is a machine for manufacturing 378.23
moulding machine plastic products by the injection molding process. It consists
of two main parts, an injection unit and a clamping unit. The
injection molding machine is utilized in our operations for the
purposes of manufacturing different articles of various sizes
and weights
2. Liquid silicon Liquid silicon rubber injection moulding machines are the 5.36
rubber injection machines which are utilised for manufacturing different
moulding articles of various size and weight
machines
3. Blow moulding Blow molding machine is a machine which blows the plastic 20.19
machine to the mould cavity with certain shape using air when the liquid
plastic start to spry out. It is used for manufacturing products
such as bottles, jars and other articles.
4. Moulds A mould is a hollow metal block into which molten plastic is 343.00
injected to from a certain fixed shape. The mould tool is the
key component in the injection moulding of plastic: It provides
a passageway for molten plastic to travel from the injection
cylinder (barrel) to the mould cavity. It allows the air which
would be trapped inside when the mould closes to escape. As
per the requirement of production different cavity plans are
designed.
5. Robots An industrial robot automates intensive production tasks such 38.20
as navigating a constantly moving assembly line and for taking
out parts from injection moulding machines. Utilization of the
same will increase efficiency in production processes and will
reduce labour cost.
6. Label printing Custom label printers are specifically designed for label 15.04
machines and printing tasks, offering several advantages over regular
other printers printers. Label printers are built to produce high-quality prints.
We intend on using the same at multiple stages for traceability
7. Barcode label Barcode printers are commonly used to label cartons before 2.33
printers shipment, or to label retail items with universal product codes
or European article numbers. Purchase of the same will help in
label printing for boxes and master cartons
8. Pallet strapping, We intend on using the fully automatic lines for doing multiple 22.54
stretch wrapping operations like strapping, wrapping and labelling
and labelling
automatic line
9. Shrink wrapping Shrink wrap machine wraps an item in a free sleeve or a loose 6.57
machines polyolefin shrink film and heat is used to shrink the film tightly
around. Shrink packing machines are very handy when a bulk
of goods needs to be shrink-wrapped. Purchase of the same
will help us in consumer product wrapping
10. Tool room Tool room machinery is used for manufacturing moulds for 46.34
machinery injection moulding machines. We aim at utilizing the same for
production of various articles
11. Crane We intend to use the crane for the transportation of moulds 12.49
136Total amount to be
Name of the
Sr. funded from Net
Machinery/ Description of the Machinery/ Equipment
No. Proceeds
Equipment
(in ₹ million)
12. Fork lifts A forklift is a powered industrial truck used to lift and move 9.68
materials over short distances and moving goods on a pallet
within the premises of a warehouse, storage facilities and
distribution centre. We intend on using the same for the
abovementioned purpose.
13. Silos A silos is a tall cylindrical vessel used to store raw material in 68.91
bulk form for ease of storage and delivering material to
machines. This will help us save storage space.
14. Screw compressed A screw compressed air system traps air between two meshed 4.77
air system rotors which results in the reduction of air volume. The
reduction in volume results in compressed air which is then
used for a variety of applications. These are designed to
produce a consistent flow rate and are generally energy
efficient and generate less heat than normal air compressors.
15. Transformers The function of an isolation transformer for injection moulding 1.82
machine is to reduce the voltage spikes occurring in supply
lines from sources like lighting, static electricity, or sudden
surges
16. Raw material Raw material handling system is automatic delivery of raw 2.91
handling system materials to the injection moulding machine. The material
handling system consists of different items such as pressurised
conveying system, gravimetric loaders connected in one line.
Material handling encompasses a range of components to keep
the supply of raw materials of the machines without spillage
and proper accountability.
17. Hanger labelling Automatic plastic hanger hook inserting and labeling machine 2.30
machines for is used to insert hook and label on the plastic hanger
sputik hanger
18. Debagging Opening sacks machine and compactor for automatic 3.46
machine emptying of raw material bags
Total 984.14
B. Installation of automated storage and retrieval system (ASRS) at the warehouse in Manekpur Facility
For storage of finished products manufactured at the Manekpur Facility, we are in the process of installing the
automated storage and retrieval system (ASRS), which consists of a variety of computer-controlled systems for
automatically placing and retrieving loads from defined storage locations. Automated storage and retrieval
system (ASRS) are typically used in applications where:
1. plastics articles take high volume and less weight so using vertical space helps in reducing overall space
requirement for storage.
2. there is a very high volume of pallets being moved internally and for shipment.
3. accuracy of stock helps us in planning and reducing working capital requirement.
4. all our customers require full product traceability based on FIFO basic and we can secure this very
efficiently with automated storage and retrieval system (ASRS).
5. we are already using automated storage and retrieval system (ASRS) in our existing facilities and we are
already getting the benefits. It’s a tried and proven system for us.
6. the labour requirement for moving material reduces significantly, thereby saving long term cost.
The table below sets forth the detailed description of the equipment for installation of the automated storage
and retrieval system (ASRS) at the warehouse situated in the Manekpur Facility:
137Name of the Total amount to be funded
Sr.
Machinery/ Description of the Machinery/ Equipment from Net Proceeds
No.
Equipment (in ₹ million)
1. Automated storage The automated storage and retrieval system (ASRS) 132.20
and retrieval consists of a variety of computer-controlled systems for
system (ASRS) automatically placing and retrieving loads from defined
storage locations to reduce human interaction in the
movement of raw material and finished goods.
2. Wooden pallets for A pallet is a portable, rigid platform that's flat and can 20.80
finished goods carry the load. It improves warehouse operational
efficiency by allowing easy movement of stacked goods
using forklifts and battery operated pallet truck.
Total 153.00
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138A. Procurement of equipment and machinery for Manekpur Facility
Details of equipment and machinery for which orders have been placed
A list of equipment and machinery that we have placed order for, along with details of the purchase orders we have received in this respect is set forth below, which
has been certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their certificate dated August 11, 2025.
Amount which
Date of Cost per Total cost as
Sr. will be financed Estimated time
Description placement of unit (in ₹ Quantity per purchase Name of the vendor
No. from Net Proceeds of delivery
the order million) order
(in ₹ million) (1)
Moulds
1. Mould suitable for 650t moulding June 24, 2025 13.42 2 CNY 2,244,516 16.10 Shenzhen Mould-Tip September 09,
machine for spruttig hanger (61- Injection Tech. Co., 2025
100) Limited
2. Mould suitable for 650t moulding June 24, 2025 13.42 2 CNY 2,244,516 16.11 Shenzhen Mould-Tip September 16,
machine for spruttig hanger (101- Injection Tech. Co., 2025
140) Limited
Sub-total (A1) 32.21
Robots
3. Double arms 5 axis servo injection July 1, 2025 1.55 4 USD 72,468 4.34 Guangdong Switek August 30, 2025
robot -SW6718D Technology Co.
Tool room machinery
4. CNC spark erosion machine (SG28- June 17, 2025 9.98 1 INR 9,975,000 8.98 MC Machinery Systems August 31, 2025
D-Cubes) India Private Limited
5. CNC spark erosion machine June 17, 2025 7.80 1 INR 7,800,000 7.02 MC Machinery Systems August 31, 2025
(SV12P-D-Cubes) India Private Limited
6. Vertical machining center VC-Ez June 17, 2025 6.80 1 INR 6,799,000 6.12 Yamazaki Mazak Machine September 30,
(660 IP) Tools Private Limited 2025
7. Vertical machining center VC-Ez June 17, 2025 6.41 1 INR 6,406,000 5.77 Yamazaki Mazak Machine September 30,
(510 IP) Tools Private Limited 2025
8. Surface grinding machine June 24, 2025 2.80 1 INR 2,800,000 C o s m o s I m p ex (India) September 25,
2.52 Private Limited 2025
Sub-total (A2) 30.41
Hanger labelling machines for sputik hanger
9. Hanger labelling (cloths) machine June 01, 2025 1.44 4 USD 67,180 2.30 Shenzhen Azone August 31, 2025
with offloading gantry Machinery Co., Limited
Debagging machine
10. Op ening sack machine with all July 8, 2025 6.92 1 USD 80,940 3.46 Kahl Group S.A. September 24,
accessories 2025
Total (A) 72.72
Notes
139For the purpose of conversions of certain other currencies used in the above table into Indian Rupees, we have considered the following exchange rates as on June 30, 2025: (i) 1 USD = INR 85.54, (ii) 1
CNY = INR 11.96.
1. The amount is net of advance payment made by our Company at the time of placing the orders.
Pursuant to the purchase orders issued for the aforementioned equipment and machinery, our Company has made an advance payment of an cost of ₹33.62 million
out of internal accruals, which has been certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their certificate dated August 11,
2025.
Details of equipment and machinery for which orders are yet to be placed:
A list of equipment and machinery for which we have obtained quotations, along with details of the quotations received in this respect is set forth below, which has
been certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their certificate dated August 11, 2025.
Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
Injection moulding machine
1. Toyo all electric injection 5.05 3 JPY 25,680,000 15.15 Alvin Robot and July 4, 2025 December 31, 3 to 3.5 months from the date of
moulding machine (Si-130-7 Machinery 2025 purchase order and advance
GS F200E) payment.
2. Toyo all electric injection 5.64 2 JPY 19,120,000 11.28 Alvin Robot and July 4, 2025 December 31, 3 to 3.5 months from the date of
moulding machine (Si-130-7 Machinery 2025 purchase order and advance
F200E) payment.
3. Toyo all electric injection 6.55 1 JPY 11,110,000 6.55 Alvin Robot and July 4, 2025 December 31, 3 to 3.5 months from the date of
moulding machine (Si-180-7 Machinery 2025 purchase order and advance
G370F) payment.
4. Toyo all electric injection 7.14 1 JPY 12,110,000 7.14 Alvin Robot and July 4, 2025 December 31, 3 to 3.5 months from the date of
moulding machine (Si-180-7 Machinery 2025 purchase order and advance
H370F) payment.
5. Toyo all electric injection 8.03 1 JPY 13,610,000 8.03 Alvin Robot and July 4, 2025 December 31, 3 to 3.5 months from the date of
moulding machine (Si-230-7 Machinery 2025 purchase order and advance
H370F) payment.
6. Toyo all electric injection 9.71 2 JPY 34,920,000 19.42 Alvin Robot and July 4, 2025 December 31, 3 to 3.5 months from the date of
moulding machine (Si 280-7 Machinery 2025 purchase order and advance
J450 F with screw LD ratio payment.
22:1)
7. Toyo all electric injection 10.30 2 JPY 32,920,000 20.60 Alvin Robot and July 4, 2025 December 31, 3 to 3.5 months from the date of
moulding machine (Si 280-7 Machinery 2025 purchase order and advance
J450 F with screw LD ratio payment.
20:1)
140Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
8. Toyo all electric injection 10.87 4 JPY 73,720,000 43.49 Alvin Robot and June 14, 2025 December 31, 100 to 120 days from the date of
moulding machine (Si-350-7) Machinery 2025 purchase order and advance
payment.
9. Toyo all electric injection 14.67 3 JPY 44.00 Alvin Robot and June 14, 2025 December 31, 100 to 120 days from the date of
moulding machine (Si-450-7) 745,800,000 Machinery 2025 purchase order and advance
payment.
10. Roboshot alpha (S100iB) 5.12 7 JPY 60,718,000 35.82 FANUC July 5, 2025 December 31, 3-4 months after the receipt of
Corporation 2025 the firm L/C.
11. Roboshot alpha (S150iB) 7.06 2 JPY 23,928,000 14.12 FANUC July 5, 2025 December 31, 3-4 months after the receipt of
Corporation 2025 the firm L/C.
12. Roboshot alpha (S220iB) 8.99 2 JPY 30,490,000 17.99 FANUC India June 16, 2025 December 31, 3-4 months after the receipt of
Private Limited 2025 purchase order and advance
payment.
13. Roboshot alpha (S300iB) 12.07 3 JPY 61,395,000 36.22 FANUC India June 16, 2025 December 31, 3-4 months after the receipt of
Private Limited 2025 purchase order and advance
payment.
14. ZERES V injection moulding 17.73 2 USD 4,14,600 35.46 Haitian Huayuan July 2, 2025 December 31, 90 days from date of purchase
machines (Singapore) Pte. 2025 order & advance from Ningbo
Limited Port.
15. a) Two component servo 4.47 1 USD 52,264 4.47 Fu Chun Shin July 1, 2025 September 30, 100-130 days from the date of
power saving injection Machinery 2025 tehno-commercially clear
moulding machine (FB- Manufacture Co., purchase order and advance
160 R) Limited payment.
b) Two component servo 4.85 1 USD 56,741 4.85 Fu Chun Shin July 1, 2025 September 30, 100-130 days from the date of
power saving injection Machinery 2025 tehno-commercially clear
moulding machine (FB- Manufacture Co., purchase order and advance
200 R) Limited payment.
c) Two component servo 5.40 1 USD 63,092 5.40 Fu Chun Shin July 1, 2025 September 30, 100-130 days from the date of
power saving injection Machinery 2025 tehno-commercially clear
moulding machine (FB- Manufacture Co., purchase order and advance
230 R) Limited payment.
d) Two component servo 6.41 1 USD 74,961 6.41 Fu Chun Shin July 1, 2025 September 30, 100-130 days from the date of
power saving injection Machinery 2025 tehno-commercially clear
moulding machine (FB- Manufacture Co., purchase order and advance
280 R) Limited payment.
e) Two component servo 8.19 1 USD 95,783 8.19 Fu Chun Shin July 1, 2025 September 30, 100-130 days from the date of
power saving injection Machinery 2025 tehno-commercially clear
moulding machine (FB- Manufacture Co., purchase order and advance
400 R) Limited payment.
141Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
f) Two component servo 12.56 1 USD 1,46,799 12.56 Fu Chun Shin July 1, 2025 September 30, 100-130 days from the date of
power saving injection Machinery 2025 tehno-commercially clear
moulding machine (FB- Manufacture Co., purchase order and advance
550 R) Limited payment.
16. JENIUS (two platen) injection 21.04 1 USD 246,000 21.04 Haitian Huayuan July 5, 2025 December 31, 90 days from date of purchase
moulding machines (Singapore) PTE. 2025 order & advance from Ningbo
Limited Port.
Sub-total (B1) 378.23
Liquid silicon rubber injection moulding machine
17. a) LSR injection molding 5.39 1 USD 63,000^ 5.24 Guangdong June 27, 2025 120 Days Within 45 working days, begin
machine with dosing Kraton Precision with the next day after received
machine (including color Machinery Co., 60% deposit.
pump) Ltd
b) Vacuum system 40m³/h 0.13 1 USD 1,520^ 0.13 Guangdong June 27, 2025 120 Days Within 45 working days, begin
Kraton Precision with the next day after received
Machinery Co., 60% deposit.
Ltd
Sub-total (B2) 5.36(1)
Blow moulding machine
18. a) MSZ 70S blow molding 7.26 1 USD 85,000 7.26 Jiangsu Victor June 27, 2025 September 30, Within 50-55 working days
machine with servo motor Machinery Co., 2025 from the date of advance
Limited payment and approved drawing.
b) IBM mold set BO bottle 1.59 1 USD 18,500 1.59 Jiangsu Victor June 27, 2025 September 30, Within 50-55 working days
design Machinery Co., 2025 from the date of advance
Limited payment and approved drawing.
19. PETG/PCTG stretch blow 4.04 1 USD 47,200 4.04 Link-Tech June 13, 2025 180 Days In 60-75 days after receiving
molding machine Machinery Co., deposit and bottle drawings
Limited of confirmation.
Guangzhou
20. Fully automatic extrusion 3.65 2 INR 7,299,000 7.30 Central June 2, 2025 180 Days Within 6 to 8 weeks from date of
blow moulding machine Machinery & receipt of advance payment and
Plastic Products purchase order.
Sub-total (B3) 20.19
Moulds
21. Mould suitable for 220T 1.30 6 INR 7,800,000 7.80 I-Kay Mouldtech June 10, 2025 December 31, 16 weeks from mould design
moulding machine for Prep 2025 confirmation.
Time range
22. Mould suitable for 100T 0.50 3 INR 1,500,000 1.50 Devaki Tool & June 12, 2025 December 31, Within 6 weeks after receiving
injection moulding machine Engineering 2025 purchase order along with
for Prep Time range advance payment.
142Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
23. Mould suitable for 315T 2.00 6 INR 12,000,000 12.00 I-Kay Mouldtech June 10, 2025 December 31, 16 weeks from mould design
moulding machine for Prep 2025 confirmation.
Time range
24. Mould suitable for 180T 0.83 6 INR 4,950,000 4.95 Polytech Plastic June 20, 2025 December 31, 14 weeks from purchase order.
moulding machine for Mould 2025
Cleaning Time range Manufacturers
25. Mould suitable for 550T 4.28 7 USD 350,000 29.94 Taizhou Usee June 20, 2025 December 31, 50-60 days after product and
moulding machine for Plastic Mould Co., 2025 mould drawing confirmation.
Organization range Limited
26. Mould suitable for 450T 3.08 6 USD 216,000 18.48 Taizhou Usee February 18, December 31, 50-60 days after product and
moulding machine for Plastic Mould Co., 2025 2025 mould drawing confirmation.
Organization range Limited
27. Mould suitable for 350T 7.88 6 CNY 3,951,996 47.27 Shenzhen Mould- June 20, 2025 December 31, 18 weeks from the date of
moulding machine for Tip Injection 2025 approval of mould drawings and
Containers Technology Co., payment of deposit.
Limited
28. Mould suitable for 700T 1.33 7 CNY 780,199 9.33 Shenzhen Mould- June 20, 2025 December 31, 18 weeks from the date of
moulding machine Cleaning Tip Injection 2025 approval of mould drawings and
Time range Technology Co., payment of deposit.
Limited
29. Mould suitable for 850T 13.45 3 CNY 3,373,140 40.34 Shenzhen Mould- June 20, 2025 December 31, 18 weeks from the date of
moulding machine for Tip Injection 2025 approval of mould drawings and
Hangers Technology Co., payment of deposit.
Limited
30. Mould suitable for 350T 1.60 3 INR 4,800,000 4.80 Accurate Tools June 12, 2025 December 31, Within 16 working weeks after
moulding machine for 2025 tool design approval and receipt
Containers of advance along with purchase
order.
31. a) Mould suitable for 100T 1.38 1 INR 1,376,450 1.38 Accurate Tools June 12, 2025 December 31, Within 13 working weeks after
moulding machine for 2025 tool design approval and receipt
sittipine knob fully HR of advance along with purchase
mould order.
b) Mould suitable for 180T 2.07 1 INR 2,066,900 2.07 Accurate Tools June 12, 2025 December 31, Within 13 working weeks after
moulding machine for 2025 tool design approval and receipt
sittipine shaper fully HR of advance along with purchase
mould order.
32. a) Mould suitable for 100T 2,29 1 INR 2,290,000 2.29 Accurate Tools June 12, 2025 December 31, Within 13 working weeks after
moulding machine for 2025 tool design approval and receipt
standard matt shaker lid of advance along with purchase
order.
143Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
b) Mould suitable for 280T 2.59 1 INR 2,590,000 2.59 Accurate Tools June 12, 2025 December 31, Within 13 working weeks after
moulding machine for 2025 tool design approval and receipt
standard matt shaker jug of advance along with purchase
order.
33. a) Mould suitable for 550T 8.40 1 INR 8,400,000 8.40 I-Kay Mouldtech June 10, 2025 December 31, 16 weeks from T1*.
moulding machine for 2025
Hanger T-1
b) Mould suitable for 550T 8.25 1 INR 8,250,000 8.25 I-Kay Mouldtech June 10, 2025 December 31, 20 weeks from T1*.
moulding machine for 2025
Hanger T-2
c) Mould suitable for 550T 8.25 1 INR 8,250,000 8.25 I-Kay Mouldtech June 10, 2025 December 31, 24 weeks from T1*.
moulding machine for 2025
Hanger T-3
d) Mould suitable for 550T 1.38 1 INR 1,375,000 1.38 I-Kay Mouldtech June 10, 2025 December 31, 20 weeks from T1*.
moulding machine for 2025
Hanger hook
34. Mould suitable for 230T 2.27 1 INR 2,266,000 2.27 I-Kay Mouldtech June 10, 2025 December 31, 16 weeks from T1*.
moulding machine for water 2025
can
35. Mould suitable for 550T 3.27 1 INR 3,273,000 3.27 I-Kay Mouldtech June 10, 2025 December 31, 12-14 weeks from T1*.
moulding machine for 2025
altappen
36. a) Mould suitable for 550T 5.08 1 CNY 425,002 5.08 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
lättsam-PP Limited week to purchase steel.
b) Mould suitable for 450T 5.08 1 CNY 425,002 5.08 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
lättsam-TPE Limited week to purchase steel.
37. a) Mould suitable for 280T 3.11 1 CNY 260,364 3.11 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
lockig potty base Limited week to purchase steel.
b) Mould suitable for 280T 2.07 1 CNY 172,672 2.07 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
lockig TPE anti slip Limited week to purchase steel.
c) Mould suitable for 180T 1.57 1 CNY 130,982 1.57 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
lockig potty insert Limited week to purchase steel.
38. a) Mould suitable for 350T 1.89 1 CNY 157,760 1.89 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
lövkvast-lid rim 50L Limited week to purchase steel.
144Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
b) Mould suitable for 280T 1.45 1 CNY 121,168 1.45 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
lövkvast-lid 50L Limited week to purchase steel.
c) Mould suitable for 850T 5.51 1 CNY 460,886 5.51 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
lövkvast-bin 50L Limited week to purchase steel.
39. a) Mould suitable for 850T 3.50 1 CNY 292,417 3.50 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
pepprig caddy Limited week to purchase steel.
b) Mould suitable for 850T 4.11 1 CNY 343,632 4.11 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
pepprig long bucket body Limited week to purchase steel.
c) Mould suitable for 850T 1.33 1 CNY 111,220 1.33 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
pepprig long bucket handle Limited week to purchase steel.
d) Mould suitable for 850T 2.13 1 CNY 178,010 2.13 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
pepprig bucket body Limited week to purchase steel.
e) Mould suitable for 850T 1.08 1 CNY 90,056 1.08 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
pepprig bucket handle Limited week to purchase steel.
f) Mould suitable for 850T 0.97 1 CNY 80,930 0.97 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
pepprig lid Limited week to purchase steel.
g) Mould suitable for 850T 1.40 1 CNY 117,270 1.40 Zhejiang Kaihua June 10, 2025 December 31, After receiving purchase order,
moulding machine for Moulds Co. 2025 need 2 weeks to design, and 1
pepprig wash tub Limited week to purchase steel.
40. a) Öringabborre sealing clip 1.90 1 INR 1,899,951 1.90 VJ precision June 11, 2025 December 31, 8-12 weeks from receipt of
s9 multicolour AP moulds Private 2025 purchase order & Advance
(81x33x17) Limited Payment.
b) Öringabborre sealing clip 1.41 1 INR 1,412,168 1.41 VJ precision June 11, 2025 December 31, 8-12 weeks from receipt of
s9 multicolour AP moulds Private 2025 purchase order & advance
(41x32x17) Limited payment.
c) Öringabborre sealing clip 1.74 1 INR 1,735,568 1.74 VJ precision June 11, 2025 December 31, 8-12 weeks from receipt of
s9 multicolour AP moulds Private 2025 purchase order & advance
(35x25x7) Limited payment.
41. a) Attachment fitting 1.42 1 USD 16,600 1.42 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
b) Flooring edge 1.33 1 USD 15,600 1.33 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
145Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
c) Corner 0.43 1 USD 5,000 0.43 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
d) Measuring US cup 250ml 0.86 1 USD 10,000 0.86 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
e) Measuring US cup 60ml 0.77 1 USD 9,000 0.77 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
f) Measuring US cup 125ml 0.77 1 USD 9,000 0.77 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
g) Measuring US cup 70ml 0.77 1 USD 9,000 0.77 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
h) Small box 3.5L lid 1.49 1 USD 17,400 1.49 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
i) Small box 3.5L Box 2.48 1 USD 29,000 2.48 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
j) Big box 9L Lid 1.24 1 USD 14,500 1.24 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
k) Big box 9L 2.08 1 USD 24,300 2.08 DEK Tooling June 11, 2025 December 31, 7.5 weeks after mold drawing is
Limited 2025 approved.
42. a) Building beaker (uppsta-7) 1.18 1 RMB 99,000 1.18 Brother In- June 11, 2025 December 31, 40 days after confirmed mold
moldmatic 2025 drawing.
company
b) Building beaker (uppsta- 4.44 1 RMB 371,400 4.44 Brother In- June 11, 2025 December 31, 40 days after confirmed mold
1,3,4) moldmatic 2025 drawing.
company
c) Building beaker (uppsta-6) 4.68 1 RMB 391,000 4.68 Brother In- June 11, 2025 December 31, 40 days after confirmed mold
moldmatic 2025 drawing.
company
d) Building beaker (uppsta-2) 4.68 1 RMB 391,000 4.68 Brother In- June 11, 2025 December 31, 40 days after confirmed mold
moldmatic 2025 drawing.
company
e) Building beaker (uppsta-5) 4.91 1 RMB 410,300 4.91 Brother In- June 11, 2025 December 31, 40 days after confirmed mold
moldmatic 2025 drawing.
company
43. a) 550x295x140 Body – 3.21 1 USD 37,500 3.21 DEK Tooling July 3, 2025 December 31, 7.5 weeks after approval of
YUDO 2 Drop hot runner Limited 2025 mold design.
value gate
b) 550x295x140 Lid – YUDO 2.10 1 USD 24,500 2.10 DEK Tooling July 3, 2025 December 31, 7.5 weeks after approval of
2 Drop hot runner value Limited 2025 mold design.
gate
146Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
c) 550x395x140 Body – 3.89 1 USD 45,500 3.89 DEK Tooling July 3, 2025 December 31, 7.5 weeks after approval of
YUDO 2 Drop hot runner Limited 2025 mold design.
value gate
d) 550x395x140 Lid – YUDO 2.35 1 USD 27,500 2.35 DEK Tooling July 3, 2025 December 31, 7.5 weeks after approval of
2 Drop hot runner value Limited 2025 mold design.
gate
e) 295x275x140 Body – 2.18 1 USD 25,500 2.18 DEK Tooling July 3, 2025 December 31, 7.5 weeks after approval of
YUDO 2 Drop hot runner Limited 2025 mold design.
value gate
f) 295x275x140 Lid – YUDO 1.67 1 USD 19,500 1.67 DEK Tooling July 3, 2025 December 31, 7.5 weeks after approval of
2 Drop hot runner value Limited 2025 mold design.
gate
Sub-total (B4) 310.78
Robots
44. W908 Robot for 100T, 130T, 0.89 12 EUR 106,800 10.73 Wittmann Robot June 20, 2025 December 31, In several phase 6 to 8 weeks.
180T & 230T (Kunshan) Co., 2025
Limited
W918 for 280T, 315T & 230 T 0.99 13 EUR 128,700 12.93 Wittmann Robot June 20, 2025 December 31, In several phase 6 to 8 weeks.
(Kunshan) Co., 2025
Limited
W928 for 450T 1.26 4 EURO 50,000 5.02 Wittmann Robot June 20, 2025 December 31, In several phase 6 to 8 weeks.
(Kunshan) Co., 2025
Limited
W928 for 550T 1.30 4 EURO 51,600 5.18 Wittmann Robot June 20, 2025 December 31, In several phase 6 to 8 weeks.
(Kunshan) Co., 2025
Limited
Sub-total (B5) 33.86
Label printing machines and other printers
45. a) High speed die cutting 2.04 1 INR 2,040,000 2.04 Moksha June 20, 2025 December 31, 30-35 days from the date of
machine Engineering 2025 purchase order received with
b) Label slitting machine 1 Works advance payment.
c) Core cutting machine 1
46. a) JETSCI YUV 324 mm 1 I N R 6 ,600,000 6.60 Monotech June 19, 2025 December 31. Current lead time is 4-6 weeks
6.60 Systems Limited 2025 from the date of receipt advance
payment and confirmed
purchase order with advance
payment, due to current
availability of couple of slitters
rewinder in ready stock.
147Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
Standard delivery is 10-12
weeks.
b) License for printing PDF 1 I N R 500,000 0.50 Monotech June 19, 2025 December 31. Current lead time is 4-6 weeks
files 0.50 Systems Limited 2025 from the date of receipt advance
payment and confirmed
purchase order with advance
payment, due to current
availability of couple of slitters
rewinder in ready stock.
Standard delivery is 10-12
weeks.
c) Additional UV dryer 1 I N R 750,000 0.75 Monotech June 19, 2025 December 31. Current lead time is 4-6 weeks
0.75 Systems Limited 2025 from the date of receipt advance
payment and confirmed
purchase order with advance
payment, due to current
availability of couple of slitters
rewinder in ready stock.
Standard delivery is 10-12
weeks.
d) Additional UV LED 1 I N R 950,000 0.95 Monotech June 19, 2025 December 31. Current lead time is 4-6 weeks
0.95 Systems Limited 2025 from the date of receipt advance
payment and confirmed
purchase order with advance
payment, due to current
availability of couple of slitters
rewinder in ready stock.
Standard delivery is 10-12
weeks.
e) VSRI 330 servo driven web 1 I N R 4 ,200,000 4.20 Monotech June 19, 2025 December 31. Current lead time is 4-6 weeks
transport 4.20 Systems Limited 2025 from the date of receipt advance
payment and confirmed
purchase order with advance
payment, due to current
availability of couple of slitters
rewinder in ready stock.
Standard delivery is 10-12
weeks.
Sub-total (B6) 15.04
Barcode label printers
148Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
47. a) Printer BA410 2 I N R 154,000 G r e a t E a s t e r n June 18, 2025 December 31, Ex-stock. 4-6 weeks.
0.08 0.15 Idtech Private 2025
Limited
b) B-EX4T3-HS12 QM-R 4 I N R 909,792 G r e a t E a s t e r n June 18, 2025 December 31, Ex-stock. 4-6 weeks.
Printer 0.23 0.91 Idtech Private 2025
Limited
c) B-852 printer 2 I N R 454,896 G r e a t E a s t e r n June 18, 2025 December 31, Ex-stock. 4-6 weeks.
0.23 0.45 Idtech Private 2025
Limited
d) BV420-T printer 8 I N R 192,000 G r e a t E a s t e r n June 18, 2025 December 31, Ex-stock. 4-6 weeks.
0.02 0.19 Idtech Private 2025
Limited
e) B EX6T3 printer 2 I N R 349,920 G r e a t E a s t e r n June 18, 2025 December 31, Ex-stock. 4-6 weeks.
0.17 0.35 Idtech Private 2025
Limited
f) MC11 rewinder 4 I N R 151,200 G r e a t E a s t e r n June 18, 2025 December 31, Ex-stock. 4-6 weeks.
0.04 0.15 Idtech Private 2025
Limited
g) PA720E plus (2D) 2 I N R 120,000 G r e a t E a s t e r n June 18, 2025 December 31, Ex-stock. 4-6 weeks.
0.06 0.12 Idtech Private 2025
Limited
Sub-total (B7) 2.33
Pallet strapping, stretch wrapping and labelling automatic line
48. a) Powered roller conveyor, 2.94 1 INR 2,941,292 2.94 Signode India June 20, 2025 December 31, 5-6 months from receipt techno-
transfer shuttle, turn table, Limited 2025 commercially clear purchase
scissor lift order.
b) Strapping machine- top 3.82 1 INR 3,820,968 3.82
sealing with retractable
lance
c) Stretch wrapping machine 9.01 1 INR 9,019,572 9.01
d) Print and apply 2.83 1 INR 2,832,500 2.83
e) Electrical, automation, IT 3.09 1 INR 3,090,000 3.09
and safety
f) Freight and I & C 0.83 1 INR 833,333 0.83
Sub-total (B8) 22.54
Shrink wrapping machines
49. a) Semi-automatic L sealer 0.06 6 INR 378,000 0.38 Compak June 12, 2025 December 31, Within 30 working days on
without PTA 2025 receipt confirmed purchase
b) Big shrink tunnel machine 0.10 INR 588,000 0.59 order along with advance
payment.
149Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
50. a) Automatic L sealer 2 I N R 2 ,300,000 C o m p a k June 12, 2025 December 31, 8 to 12 weeks from receipt of
(1975x990x1570) 1.15 2.30 2025 confirmed purchase order.
b) Shrink tunnel machine
(1200x670x1290)
51. a) Automatic L sealer 2 I N R 3 ,300,980 C o m p a k June 12, 2025 December 31, 8 to 12 weeks from receipt of
(1890x1335x1290) 2.15 3.30 2025 confirmed purchase order.
b) Shrink tunnel machine
(1200x670x1290)
Sub-total (B9) 6.57
Tool room machinery
52. Hydraulic cylindrical grinding 1 I N R 2 ,234,500 H I - L i f e M a c h i n e June 9, 2025 December 31, 8 to 10 weeks after receipt of
machine 2.23 2.23 Tools Limited 2025 your technically and
commercially clear purchase
order, along with necessary
advance payment
53. U-960 with two ATC (16T) 5.13 1 USD 60,000 V a n t o I n d u s t r i e s June 11, 2025 December 30, 45 days
for drill bush 5.13 Private Limited 2025
54. Joemars superdrill EDM with 1 U S D 28,300 C o s m o s I m p e x June 11, 2025 December 31, Within 4 – 6 weeks after receipt
power supply unit and with 2.42 2.42 (India) Private 2025 of advance
dielectric unit Limited
CNC wire cut ED machine 1 I N R 4 ,389,000 E l e c t r o n i c a June 12, 2025 December 31, 2-3 months subject to
55. 4.39 4.39 Hitech Machine 2025 reconfirmation, from the date of
Tools receipt of technically and
PrivateLimited commercially clear order with
30% of total value as advance
56. BLUM TC52 work probe & 1 I N R 982,368 B l u m - N o v o t e s t July 3, 2025 October 1, 2025 3-4 weeks from the date of
laser LC50 L=200 0.98 0.98 Measuring and receipt of purchase order
Testing
Technology
Private Limited
57. BLUM machine preparation & 1 I N R 783,195 B l u m - N o v o t e s t July 3, 2025 October 1, 2025 3-4 weeks from the date of
laser LC50 L=200 0.78 0.78 Measuring and receipt of purchase order
Testing
Technology
Private Limited
Sub-total (B10) 15.94
Cranes
150Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
58. 15-ton double girder EOT 1 I N R 4 ,280,307 M . M . T e c h n o June 11, 2025 180 days 10-12 weeks after the receipt of
crane 4.28 4.28 Engineering Co. purchase order and payment of
advance
59. 5-ton double girder EOT crane 2 I N R 5 ,742,648 M . M . T e c h n o June 11, 2025 180 days 8-10 weeks after the receipt of
2.87 5.74 Engineering Co. purchase order and payment of
advance
60. 3-ton double girder EOT crane 1 I N R 2 ,465,399 M . M . T e c h n o June 11, 2025 180 days 8-10 weeks after the receipt of
2.47 2.47 Engineering Co. purchase order and payment of
advance
Sub-total (B11) 12.49
Fork lifts
61. Electric forklift truck model 1 I N R 2 ,110,300 T o y o t a M a t e r i a l June 11, 2025 September 30, 5 to 6 months from date of
8FBR18 2.11 2.11 Handling India 2025 purchase order
Private Limited
62. Electric forklift truck model 1 I N R 2 ,110,300 T o y o t a M a t e r i a l June 21, 2025 September 30, 5 to 6 months from date of
8FBR18 2.11 2.11 Handling India 2025 purchase order
Private Limited
63. Electric forklift truck model 3 I N R 4 ,450,500 T o y o t a M a t e r i a l June 11, 2025 September 30, 5 to 6 months from date of
8FBE15 1.48 4.45 Handling India 2025 purchase order
Private Limited
64. LPN200 battery operated 1 I N R 431,300 T o y o t a M a t e r i a l June 11, 2025 September 30, 4 to 6 months from receipt of
pallet truck 0.43 0.43 Handling India 2025 purchase order and payment of
Private Limited advance
65. LWE200 powered pallet truck 1 I N R 575,000 T o y o t a M a t e r i a l June 11, 2025 September 30, 8 to 9 months from receipt of
0.58 0.58 Handling India 2025 purchase order and payment of
Private Limited advance
Sub-total (B12) 9.68
Silos
66. a) Silo 72000 LTR Square 3.03 16 INR 43.60 Invoit Plast June 09, 2025 December 31, 10 to 12 weeks after receipt of
43,603,200^ Machinery Private 2025 confirmed purchase order and
b) Air brither SS for silo 0.02 16 INR 338,400^ 0.34 Limited payment of advance
c) Vibrating fork level sensor 0.00 16 INR 108,800^ 0.11
d) Suction box 0.04 16 INR 583,200^ 0.58
67. a) Silo 36000 LTR Square 1.43 18 INR 22.68 Invoit Plast June 13, 2025 December 31, 10 to 12 weeks after receipt of
25,776,000^ Machinery Private 2025 confirmed purchase order and
b) Air brither SS for silo 0.02 18 INR 423,000^ 0.38 Limited payment of advance
c) Ralling for square silos 0.02 18 INR 360,000^ 0.32
d) Vibrating fork level sensor 0.01 36 INR 244,800 0.24
e) Suction box 0.04 18 INR 729,000^ 0.66
Sub-total (B13) 68.91(2)
151Cost per Amount to be utilised from
Period/Date of
Description unit Net Proceeds Name of the Date of
S. No. Quantity validity of Estimated time of delivery
in ₹ Amount as per Amount in vendor quotation
quotation
million quotation ₹ million
Screw compressed air system
68. a) Screw air compressor 1 I N R 5 , 6 37,000^ K a e s e r June 11, 2025 December 31. Within 10-12 weeks or earliest
(DSDX305/8.5) 5.64 3.95 Compressors 2025 basis the stock availability
(India) Private
Limited
b) Screw air compressor 1 I N R 1 , 1 83,000^ K a e s e r June 11, 2025 December 31, Within 10-12 weeks or earliest
(ASD40/8.5) 1.18 0.83 Compressors 2025 basis the stock availability
(India) Private
Limited
Sub-total (B14) 4.77(3)
Transformers
69. a) Industrial grade step down 5 I N R 725,000 A l v i n R o b o t a n d July 5, 2025 December 31, 6-8 weeks from the date of
transformer Toyo (Si-130- 0.15 0.73 Machinery 2025 purchase order with advance.
7)
b) Industrial grade step down 2 I N R 330,000 A l v i n R o b o t a n d July 5, 2025 December 31, 6-8 weeks from the date of
transformer Toyo (Si-180- 0.17 0.33 Machinery 2025 purchase order with advance.
7)
c) Industrial grade step down 1 I N R 190,000 A l v i n R o b o t a n d July 5, 2025 December 31, 6-8 weeks from the date of
transformer Toyo (Si 230- 0.19 0.19 Machinery 2025 purchase order with advance.
7)
d) Industrial grade step down 3 I N R 570,000 A l v i n R o b o t a n d July 5, 2025 December 31, 6-8 weeks from the date of
transformer step Toyo (Si- 0.19 0.57 Machinery 2025 purchase order with advance.
280-7)
Sub-total (B15) 1.82
Raw material handling system
70. a) Hot air dyer with 1 I N R 1 , 729,000^ 1.12 Prasad Koch- July 5, 2025 September 30, 10 weeks after receipt of your
accessories 1.73 Technik Private 2025 technically and commercially
Limited. clear order with advance.
b) Central conveying system 1 I N R 2 , 441,200^ 1.59 Prasad Koch- July 5, 2025 September 30, 10 weeks after receipt of your
2.44 Technik Private 202560 days technically and commercially
Limited clear order with advance.
c) Installation and 1 I N R 300,000^ 0.20 Prasad Koch- July 5, 2025 September 30, 10 weeks after receipt of your
commissioning charges 0.30 Technik Private 2025 technically and commercially
Limited clear order with advance.
Sub-total (B16) 2.91(4)
Total (B) 911.43
Total (A+B) 984.14
Notes –
For the purpose of conversions of certain other currencies used in the above table into Indian Rupees, we have considered the following exchange rates as on June 30, 2025: (i) 1 USD = INR 85.54, (ii)
1 EURO = INR 100.44, (iii) 1 JPY = INR 0.59, and (iv) 1 CNY = INR 11.96.
152^ Does not account for a discount offered by the vendor.
1. The amount is net of discount aggregating to ₹0.16 million offered by the vendor
2. The amount is net of discount aggregating to ₹8.07 milion offered by the vendor
3. The amount is net of discount offered by the vendor at the rate of 30% of the cost of the product
4. The amount is net of discount offered by the vendor at the rate of 35% of the cost of the product
B. Automated storage and retrieval system (ASRS)
Details of equipment and machinery for which orders have been placed:
A list of equipment and machinery for ASRS System that we have placed order for, along with details of the purchase orders we have received in this respect is set
forth below, which has been certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their certificate dated August 11, 2025.
Amount which will
Date of Cost per Total cost as
Sr. be financed from Estimated time
Description placement unit (in ₹ per purchase Quantity Name of the vendor
No. Net Proceeds (in ₹ of delivery
of the order million) order
million) (1)
Automated storage and retrieval system (ASRS) for finished goods
1. a) 3D shuttles system May 20, 2.69 INR 4 8.61 Armstrong Robotics & January 26, 2026
2025 10,761,972 Technologies Private Limited
b) 3D shuttle automatic 0.22 INR 5 0.89
charging stations for 1,114,160
ASRS System
2. a) ASRS pallet racking and May 20, 0.003 INR 7,326 32.29 Armstrong Robotics & January 26, 2026
fencing 2025 40,366,260 Technologies Private Limited
b) Conveyors with May 20, 13.98 INR 1 12.65 Armstrong Robotics & January 26, 2026
accessories and vertical 2025 13,978,192 Technologies Private Limited
reciprocating conveyor for June 24, INR 1 August 25, 2025
ASRS System 2025 1,834,783
c) ASRS Scanner 5 Sided May 20, 0.84 INR 2 1.35 Armstrong Robotics & January 26, 2026
2025 1,688,068 Technologies Private Limited
d) Electrical controls for May 20, 11.68 INR 1 9.35 Armstrong Robotics & January 26, 2026
ASRS 2025 10,505,689 Technologies Private Limited
June 24, INR 1 Armstrong Robotics & August 25, 2025
2025 1,182,121 Technologies Private Limited
e) ASRS warehouse control May 20, 26.20 INR 1 2.10 Armstrong Robotics & January 26, 2026
system software 2025 2,620,401 Technologies Private Limited
f) Packing and freight May 20, 3.18 INR 1 2.55 Armstrong Robotics & January 26, 2026
2025 3,113,898 Technologies Private Limited
June 24, INR 75,000 Armstrong Robotics & August 25, 2025
2025 Technologies Private Limited
3. Installation and May 20, 4.87 INR 1 4.87 Armstrong Robotics & February 2, 2026
commissioning services 2025 4,688,485 Technologies Private Limited
153Amount which will
Date of Cost per Total cost as
Sr. be financed from Estimated time
Description placement unit (in ₹ per purchase Quantity Name of the vendor
No. Net Proceeds (in ₹ of delivery
of the order million) order
million) (1)
June 24, INR 180,000 1 August 30, 2025
2025
Sub-total (C1) 74.66
Automated storage and retrieval system (ASRS) for raw material area
4. a. ASRS pallet racking and May 20, 0.01 INR 456 4.05 Armstrong Robotics & October 26, 2025
fencing 2025 5,065,248 Technologies Private Limited
b. Conveyors with 3.45 INR 1 2.76
accessories and vertical 3,451,646
reciprocating conveyor
for ASRS System
c. Electrical controls for 1.98 INR 1 1.58
ASRS 1,980,772
d. ASRS warehouse control 0.57 INR 573,467 1 0.46
system software
e. Packing and freight 0.20 INR 195,524 1 0.16
5. Installation and May 20, 0.50 INR 499,811 1 0.50 October 30, 2025
commissioning services 2025
Sub-total (C2) 9.51
Total (C) 84.17
Notes –
(1) The amount is net of advance payment may by our Company at the time of placing the orders
Pursuant to the purchase orders issued for the aforementioned equipment and machinery forming part of the ASRS System, our Company has made an advance
payment of ₹19.70 million out of internal accruals, which has been certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their
certificate dated August 11, 2025.
Details of equipment and machinery for which orders are yet to be placed:
A list of equipment and machinery for ASRS System for which we have obtained quotations, along with details of the quotations received in this respect is set forth
below, which has been certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their certificate dated August 11, 2025.
Amount which will be
Cost per Period/Date Estimated
Sr. Amount as per financed from Net Name of the Date of
Description unit (in ₹ Quantity of validity of time of
No. quotation Proceeds (in ₹ vendor quotation
million) quotation delivery
million)
1. Automated storage and retrieval system (ASRS) for finished goods
a. 4 way shuttle for ASRS 2.69 5 INR 13,452,463 13.45 Armstrong June 12, December 31, 6-7 months
System Robotics & 2025 2025 from date of
154Amount which will be
Cost per Period/Date Estimated
Sr. Amount as per financed from Net Name of the Date of
Description unit (in ₹ Quantity of validity of time of
No. quotation Proceeds (in ₹ vendor quotation
million) quotation delivery
million)
b. 4 way/3D shuttle automatic 0.22 3 INR 668,497 0.67 Technologies purchase
charging stations for ASRS Private order.
c. Racking, fencing for ASRS 0.0002 4,654 INR 26,597,266 26.60 Limited
System
d. Electrical controls for 1.86 1 INR 1,865,088 1.87
ASRS System
e. WCS software for ASRS 0.87 1 INR 873,467 0.87
System
f. Packing and freight 1.95 - INR 1,951,887 1.95
g. Conveyor systems 2.62 - INR 2,620,479 2.62
accessories for ASRS
System
Sub-total (D1) 48.03
2. Wooden pallets for finished goods
Wooden pallet 0.0004 8,000 INR 20,800,000 20.80 Wood Paker June 12, December 31, 60 to 90 days
2025 2025
Sub-total (D2) 20.80
Total (D) 68.83
Total (C + D) 153.00
Grand total (A+B+C+D) 1,137.14
[The remainder of this page is intentionally left blank]
155We are yet to place orders for such machineries and equipment for an aggregate amount of ₹980.26 million.
Accordingly, we are yet to place orders for 86.20% of the total estimated cost proposed to be funded from
the Net Proceeds towards purchase of equipment and machinery for the Manekpur Facility and installation
of automated storage and retrieval system (ASRS) for warehouse in Manekpur Facility. No second-hand or
used machinery is proposed to be purchased out of the Net Proceeds. Each of the units mentioned above is
proposed to be acquired and installed.
All quotations received from the vendors mentioned above are valid as on the date of this Prospectus. Some
of the quotations mentioned above exclude cost of freight and insurance, as these can be determined only at
the time of placing of orders. Further, certain prices mentioned above exclude applicable taxes. Such
additional taxes shall be funded from internal accruals, if required. Further, certain quotations stipulate that
actual purchase price and delivery periods are subject to change at the time of placing of the orders.
Except as disclosed under “– Procurement of equipment and machinery for Manekpur Facility – Details of
equipment and machinery for which orders have been placed” and “ – Automated storage and retrieval system
(ASRS) - Details of equipment and machinery for which orders have been placed” on pages 139 and 153
above, we have not issued purchase orders with any of these vendors and there can be no assurance that the
same vendors would be engaged to eventually supply the equipment or provide the service at the same costs.
For risks pertaining to increased costs, please see “Risk Factors – We intend to utilize a portion of the Net
Proceeds for funding our capital expenditure requirements, which includes, among other things, the
expansion of capacity through the purchase of equipment for our Manekpur Facility. Such expansion of our
manufacturing capacities may be subject to operational challenges in implementing such expansion. In
addition, we cannot assure you that we will be able to undertake such capital expenditure within the cost
indicated by such quotations or that there will not be cost escalations. If we are unable to successfully
implement such capacity expansion within the cost indicated it could have a material adverse effect on our
business, financial condition, results of operation and cash flows.” on page 57.
Further, in terms of certain quotations obtained by our Company, the prices in relation to the equipment and
machinery may be subject to revisions during the validity period of such quotations, pursuant to inter alia
any update to the pricing list of the vendor, prices of the raw materials or pursuant to foreign exchange
currency fluctuations or policy changes. If there is any increase in the costs of equipment and machinery,
such additional costs shall be funded by our Company from its internal accruals. The quantity of equipment
to be purchased is based on the present estimates of our management. For risks pertaining to such uncertainty,
please see “Risk Factors - Our funding requirements and the proposed deployment of Net Proceeds have not
been appraised and our management will have broad discretion over the use of the Net Proceeds” on page
86.
Our Promoters, Directors, Key Managerial Personnel and Senior Management do not have any interest in the
proposed acquisition of equipment and machinery, or in the entities from whom we have obtained quotations
in relation to such activities.
3. General corporate purposes
We propose to utilise up to ₹3.95 million of the Net Proceeds towards general corporate purposes and the
business requirements of our Company as approved by the Board, from time to time, subject to such utilisation
for general corporate purposes not exceeding 25% of the gross proceeds from the Fresh Issue, in compliance
with the SEBI ICDR Regulations. Further, the proceeds from the Pre-IPO Placement (excluding the expenses
for the Pre-IPO Placement) aggregating to ₹672.98 million shall be utilised towards general corporate
purposes.
The general corporate purposes for which our Company proposes to utilise the Net Proceeds include, without
limitation, meeting ongoing general corporate contingencies, expenses incurred in ordinary course of
business, meeting our business and working capital requirements, including towards efficiently and
effectively managing the business processes funding growth opportunities, advertisement and marketing, IT
upgradation and any other purpose, as may be approved by our Board or a duly constituted committee thereof
from time to time, subject to compliance with applicable law, including provisions of the Companies Act. In
the event our Company is unable to utilise the Net Proceeds towards the Objects set out above for any of the
reasons as aforementioned, our Company may utilise such Net Proceeds towards general corporate purposes,
provided that the aggregate amount deployed towards general corporate purposes shall not exceed 25% of
the Gross Proceeds from the Fresh Issue.
156The quantum of utilisation of funds towards each of the above purposes will be determined by our Board or
a duly constituted committee thereof from time to time, subject to compliance with applicable law, based on
the amount available under this head and the business requirements of our Company, from time to time. Our
Company’s management shall have flexibility in utilising surplus amounts, if any.
Offer Expenses
The total expenses of the Offer are estimated to be approximately ₹329.63 million. The expenses of this Offer
include, among others, listing fees, selling commission and brokerage, fees payable to the BRLMs, fees payable
to legal counsels, fees payable to the Registrar to the Offer, Escrow Collection Bank(s) and Sponsor Bank(s) to
the Offer, processing fee to the SCSBs for processing application forms, underwriting commission, brokerage and
selling commission payable to members of the Syndicate, Registered Brokers, RTAs and CDPs, printing and
stationery expenses, advertising and marketing expenses, fees payable to consultants and Statutory Auditors for
deliverables in connection with the Offer and all other incidental and miscellaneous expenses for listing the Equity
Shares on the Stock Exchanges.
Other than (i) the listing fees, which shall be solely borne by the Company; and (ii) fees for counsel to the Promoter
Selling Shareholders, if any, which shall be solely borne by the respective Promoter Selling Shareholders, the
Company and the Promoter Selling Shareholders agree, severally and not jointly, to share the costs and expenses
(excluding all applicable taxes except STT, which shall be solely borne by the respective Promoter Selling
Shareholder) directly attributable to the Offer, in proportion to Equity Shares issued pursuant to the Fresh Issue
and the Offered Shares, respectively. However, expenses relating to the Offer for Sale may be paid by the
Company on behalf of the Promoter Selling Shareholders in the first instance and the Promoter Selling
Shareholders agree that each Promoter Selling Shareholder shall, severally and not jointly, reimburse the
Company for such expenses paid by the Company on behalf of such Promoter Selling Shareholder, in proportion
of their respective portion of the Offered Shares.
The break-up of the estimated Offer expenses is set forth below:
As a % of the total As a % of the
Estimated expenses*
Activity estimated Offer total Offer
(in ₹ million)
expenses size***
Fees payable to the BRLMs and commissions
(including underwriting commission, brokerage and 141.81 43.02 3.54
selling commission, as applicable)
Commission/processing fee for SCSBs, Banker(s) to
the Offer and fee payable to the Sponsor Bank for Bids
made by RIIs and Eligible Employees. Brokerage,
11.55 3.50 0.29
underwriting commission and selling commission and
bidding charges for Members of the Syndicate,
Registered Brokers, RTAs and CDPs(1)(2)(3)(4)(5)
Fees payable to Registrar to the Offer 1.02 0.31 0.03
Fees payable to other advisors to the Offer (including
statutory auditors$, industry expert^, chartered 28.09 8.52 0.70
engineer# and independent chartered accountant**)
Others:
(i) Listing fees, SEBI filing fees, upload fees, BSE
and NSE processing fees, book building 30.50 9.25 0.76
software fees and other regulatory expenses;
(ii) Printing and distribution of stationery; 9.22 2.80 0.23
(iii) Fees payable to legal counsel; 55.52 16.84 1.39
(iv) Advertising and marketing expenses; and 34.33 10.41 0.86
(v) Miscellaneous. 17.60 5.34 0.44
Total estimated Offer expenses 329.63 100.00 8.23
* Offer expenses include goods and services tax, where applicable. Offer expenses are estimates and are subject to change.
$ For preparation of the Restated Consolidated and Standalone Financial Information and issue of certifications in connection with and for
the purpose of the Offer.
^ For preparation of the industry report commissioned and paid for by our Company, exclusively for the purpose of the Offer.
# For certification pertaining to the Company’s manufacturing capacity and its utilization of such manufacturing facilities in connection with
and for the purpose of the Offer.
** Assisting the Company in issue of certifications in connection with and for the purpose of the Offer
*** Subject to finalisation of the Basis of Allotment.
157(1) Selling commission payable to SCSBs, on the portion for Retail Individual Investors, Non-Institutional Investors and Eligible Employees
which are directly procured and uploaded by the SCSBs, would be as follows:
Portion for Retail Individual Investors* 0.35% of the Amount Allotted (plus applicable taxes)
Portion for Non-Institutional Investors* 0.20% of the Amount Allotted (plus applicable taxes)
Portion for Eligible Employees* 0.25% of the Amount Allotted (plus applicable taxes)
* Amount Allotted is the product of the number of Equity Shares Allotted and the Offer Price. Selling Commission payable to the SCSBs
was determined on the basis of the bidding terminal id as captured in the Bid book of BSE or NSE.
No additional uploading/ processing fees shall be payable by our Company and the Selling Shareholders to the SCSBs on the Bid cum
Application Form directly procured by them.
(2) Processing fees payable to the SCSBs on the portion for Retail Individual Investors, Non-Institutional Investors and Eligible Employees
which are procured by the Members of the Syndicate/sub-Syndicate/Registered Broker/RTAs/ CDPs and submitted to SCSBs for blocking,
would be as follows:
Portion for Retail Individual Investors, Non-Institutional Investors and Eligible ₹10 per valid application (plus applicable taxes)
Employees*
* Processing fees payable to the SCSBs for capturing Syndicate Member/Sub-syndicate (Broker)/Sub-broker code on the ASBA Form for
Non-Institutional Investors, Eligible Employees and Qualified Institutional Buyers with bids above ₹0.50 million would be ₹10 plus
applicable taxes, per valid Bid cum Application Form.
The total processing fees payable to SCSBs as mentioned above will be subject to a maximum cap of ₹ 1.00 million (plus applicable
taxes). In case the total uploading charges/processing fees payable exceeds ₹ 1.00 million (plus applicable taxes), then the amount payable
to SCSBs, would be proportionately distributed based on the number of valid applications such that the total uploading charges
/processing fees payable does not exceed ₹ 1.00 million (plus applicable taxes)
(3) Brokerage, selling commission and processing/uploading charges on the portion for Retail Individual Investors (using the UPI
mechanism), Non-Institutional Investors and Eligible Employees which are procured by members of the Syndicate (including their sub-
Syndicate Members), Registered Brokers, RTAs and CDPs or for using 3-in-1 type accounts- linked online trading, demat & bank account
provided by some of the brokers which are members of Syndicate (including their sub-Syndicate Members) would be as follows:
Portion for Retail Individual Investors* 0.35% of the Amount Allotted (plus applicable taxes)
Portion for Non-Institutional Investors* 0.20% of the Amount Allotted (plus applicable taxes)
Portion for Eligible Employees* 0.25% of the Amount Allotted (plus applicable taxes)
* Amount Allotted is the product of the number of Equity Shares Allotted and the Offer Price
The selling commission payable to the Syndicate / Sub-Syndicate Members will be determined (i) for Retail Individual Investors, Non-
Institutional Investors and Eligible Employee (up to ₹ 0.50 million), on the basis of the application form number / series, provided that
the Bid cum Application Form is also bid by the respective Syndicate / Sub-Syndicate Member. For clarification, if a Syndicate ASBA
application on the application form number / series of a Syndicate / Sub-Syndicate Member, is bid by an SCSB, the selling commission
will be payable to the SCSB and not the Syndicate / Sub-Syndicate Member; and (ii) for Non-Institutional Investors (above ₹ 0.50 million),
Syndicate ASBA form bearing SM Code and Sub-Syndicate code of the application form submitted to SCSBs for blocking of the fund and
uploading on the exchanges platform by SCSBs. For clarification, if a Syndicate ASBA application on the application form number / series
of a Syndicate / Sub-Syndicate Member, is bid by an SCSB, the selling commission will be payable to the Syndicate / Sub Syndicate
members and not the SCSB.
(4) Bidding Charges payable to members of the Syndicate (including their sub-Syndicate Members) on the applications made using 3-in-1
accounts would be ₹ 10 plus applicable taxes, per valid application bid by the Syndicate (including their sub-Syndicate Members). Bidding
charges payable to SCSBs on the QIB Portion and Non-Institutional Investors (excluding UPI Bids) which are procured by the
Syndicate/sub-Syndicate/Registered Broker/RTAs/ CDPs and submitted to SCSBs for blocking and uploading would be ₹ 10 per valid
application (plus applicable taxes)
The total processing fees payable to Syndicate (Including their Sub syndicate Members) as mentioned above will be subject to a maximum
cap of ₹ 1.00 million (plus applicable taxes). In case the total uploading charges/processing fees payable exceeds ₹ 1.00 million (plus
applicable taxes), then the amount payable to Members of the Syndicate (Including their Sub syndicate Members), would be
proportionately distributed based on the number of valid applications such that the total uploading charges / processing fees payable
does not exceed ₹ 1.00 million (plus applicable taxes)
The selling commission and bidding charges payable to Registered Brokers, the RTAs and CDPs will be determined on the basis of the
bidding terminal ID as captured in the Bid book of BSE or NSE.
Selling commission/ bidding charges payable to the Registered Brokers on the portion for Retail Individual Investors procured through
UPI Mechanism and Non-Institutional Investors which are directly procured by the Registered Broker and submitted to SCSB for
processing, would be as follows:
Portion for Retail Individual Investors, Non-Institutional Investors and Eligible ₹10 per valid application (plus applicable taxes)
Employees
(5) Uploading charges/processing fees for applications made by Retail Individual Investors, Non- Institutional Investors and Eligible
Employee (up to ₹ 0.50 million) using the UPI Mechanism would be as follows:
158Members of the Syndicate / RTAs / CDPs / Registered ₹30 per valid application (plus applicable taxes)
Brokers*
Axis Bank Limited - ₹ NIL for 4.25 lakh applications made by UPI
Bidders using the UPI mechanism. ₹6.50 (plus applicable taxes) per
applications above 4.25 lakh applications made by UPI Bidders using
the UPI mechanism.
ICICI Bank Limited - ₹ NIL for 1.50 lakh applications made by UPI
Sponsor Banks Bidders using the UPI mechanism. ₹6.50 (plus applicable taxes) per
applications above 1.50 lakh applications made by UPI Bidders using
the UPI mechanism.
The Sponsor Banks shall be responsible for making payments to the third
parties such as remitter bank, NCPI and such other parties as required
in connection with the performance of its duties under the SEBI
circulars, the Syndicate Agreement and other applicable law
*The total uploading charges / processing fees payable to members of the Syndicate, RTAs, CDPs, Registered Brokers will be subject to
a maximum cap of ₹ 3.00 million (plus applicable taxes). In case the total uploading charges/processing fees payable exceeds ₹3.00
million (plus applicable taxes), then the amount payable to members of the Syndicate, RTAs, CDPs, Registered Brokers would be
proportionately distributed based on the number of valid applications such that the total uploading charges / processing fees payable
does not exceed ₹ 3.00 million (plus applicable taxes).
All such commissions and processing fees set out above shall be paid as per the timelines in terms of the Syndicate Agreement and Cash
Escrow and Sponsor Bank Agreement. The processing fees for applications made by UPI Bidders may be released to the remitter banks
(SCSBs) only after such banks provide a written confirmation on compliance with SEBI Circular No:
SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 read with SEBI Circular No: SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M
dated March 16, 2021 and such payment of processing fees to the SCSBs shall be made in compliance with SEBI Circular No:
SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 and SEBI Circular No. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30,
2022.
Interim use of funds
Pending utilization for the purposes described above, we undertake that no lien of any nature shall be created on
underlying funds and to temporarily invest such portion funds from the Net Proceeds in deposits only with one or
more scheduled commercial banks included in the second schedule of the Reserve Bank of India Act, 1934, as
amended. In accordance with Section 27 of the Companies Act, 2013, our Company confirms that it shall not use
the Net Proceeds for buying, trading or otherwise dealing in shares of any other listed company or for any
investment in the equity markets.
Bridge loan
Our Company has not raised any bridge loans from any banks or financial institutions as on the date of this
Prospectus, which are proposed to be repaid from the Net Proceeds.
Appraising Entity
None of the Objects for which the Net Proceeds will be utilised have been appraised by any agency, including any
bank or finance institutions.
Monitoring of utilisation of funds
In accordance with Regulation 41 of the SEBI ICDR Regulations, our Company has appointed Crisil Ratings
Limited as the Monitoring Agency for monitoring the utilization of Gross Proceeds, as the Fresh Issue size exceeds
₹1,000 million.
Our Audit Committee and the Monitoring Agency will monitor the utilization of the Gross Proceeds and the
proceeds from the Pre-IPO Placement and the Monitoring Agency shall submit the report required under
Regulation 41(2) of the SEBI ICDR Regulation, on a quarterly basis, until such time as the Gross Proceeds and
the proceeds from the Pre-IPO Placement have been utilised in full. Our Company undertakes to place the report(s)
of the Monitoring Agency on receipt before the Audit Committee without any delay. Our Company will disclose
the utilization of the Gross Proceeds, including interim use under a separate head in its balance sheet for such
periods as required under the SEBI ICDR Regulations, the SEBI Listing Regulations and any other applicable
laws or regulations, clearly specifying the purposes for which the Gross Proceeds have been utilized. Our
Company will also, in its balance sheet for the applicable periods, provide details, if any, in relation to all such
Gross Proceeds that have not been utilized, if any, of such currently unutilized Gross Proceeds.
159Pursuant to Regulation 32(3) and Part C of Schedule II of the SEBI Listing Regulations, our Company shall, on a
quarterly basis, disclose to the Audit Committee the uses and applications of the Gross Proceeds. The Audit
Committee shall make recommendations to our Board for further action, if appropriate. On an annual basis, our
Company shall prepare a statement of funds utilized for purposes other than those stated in this Prospectus and
place it before the Audit Committee and make other disclosures as may be required until such time as the Gross
Proceeds remain unutilized. Such disclosure shall be made only until such time that all the Gross Proceeds have
been utilized in full. The statement shall be certified by our Statutory Auditors. Furthermore, in accordance with
Regulation 32(1) of the SEBI Listing Regulations, our Company shall furnish to the Stock Exchanges on a
quarterly basis, a statement indicating (i) deviations, if any, in the actual utilization of the proceeds of the Fresh
Issue from the Objects as stated above; and (ii) details of category wise variations in the actual utilization of the
proceeds of the Fresh Issue from the Objects as stated above. This information will also be published in
newspapers simultaneously with the interim or annual financial results and explanation for such variation (if any)
will be included in our Director’s report, after placing the same before the Audit Committee.
Variation in Objects
In accordance with Sections 13(8) and 27 of the Companies Act, 2013 and applicable rules thereunder, our
Company shall not vary the Objects of the Offer unless our Company is authorized to do so by way of a special
resolution of its Shareholders and such variation will be in accordance with the applicable laws including the
Companies Act, 2013 and the SEBI ICDR Regulations. In addition, the notice issued to the Shareholders in
relation to the passing of such special resolution (“Postal Ballot Notice”) shall specify the prescribed details as
required under the Companies Act, 2013 and applicable rules and such Postal Ballot Notice shall be placed on
website of our Company. The Postal Ballot Notice shall simultaneously be published in the newspapers, one in
English and one in Marathi, being the regional language of Maharashtra, where our Registered Office and
Corporate Office is situated in accordance with the Companies Act, 2013 and applicable rules. Our Promoters
will be required to provide an exit opportunity to such Shareholders who do not agree to the proposal to vary the
Objects, at such price, and in such manner, in accordance with Section 13(8) and other applicable provisions of
the Companies Act, our Articles of Association, and the SEBI ICDR Regulations.
Other confirmations
Except to the extent of the proceeds received by the Selling Shareholders pursuant to the Offer for Sale portion,
none of our Promoters, members of the Promoter Group, Directors, Key Managerial Personnel or Senior
Management Personnel will receive any portion of the Gross Proceeds (except any portion of Offer Expenses
paid, if any) and there are no existing or anticipated transactions in relation to utilization of the Net Proceeds with
our Promoters or members of the Promoter Group, Directors, Key Managerial Personnel or Senior Management
Personnel. Further, except in the ordinary course of business, there is no existing or anticipated interest of such
individuals and entities in the Objects as set out above. Further, no portion of the Net proceeds from the Fresh
Issue which is being utilised for prepayment or repayment of all or a portion of certain outstanding borrowings
availed by our Company shall be indirectly routed to our Promoters or members of the Promoter Group.
160BASIS FOR OFFER PRICE
The Price Band, and Offer Price was determined by our Company, in consultation with the BRLMs, on the basis
of assessment of market demand for the Equity Shares offered through the Book Building Process and on the basis
of the quantitative and qualitative factors described below. The face value of the Equity Shares is ₹2 each and the
Offer Price is 137.50 times the face value. Investors should also refer to “Our Business”, “Risk Factors”,
“Financial Statements - Restated Consolidated and Standalone Financial Information” and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” on pages 258, 37, 353 and 410,
respectively, to have an informed view before making an investment decision.
Qualitative factors
1. Our Company owns and operate strategically located and integrated manufacturing facilities, enabling high
volume, low-cost and high quality plastic consumerware production:
(a) Our manufacturing facilities are strategically located within the industrial processing zones of
western India and in close proximity to ports (for exporting our products and obtaining raw
materials) and petrochemical plants (for obtaining our key raw materials) (source: Technopak
Report);
(b) Our manufacturing facilities are designed to operate seamlessly with all-electric machines,
complemented by robotics and automatic assembly systems. This integration ensures efficient, high-
precision production processes; and
(c) In Fiscals 2025, 2024 and 2023, our EBITDA Margin was 18.16% (consolidated), 18.93% and
16.55%, respectively.
2. Our Company offers a wide and growing range of plastic consumerware products, supported by our in-
house product and mould design teams:
(a) As at March 31, 2025, we had 1,848 SKUs across our eight product categories;
(b) For certain retailers, including IKEA, we create consumerware that aligns with the retailer’s brand
identity and customer preferences; and
(c) During Fiscals 2025, 2024 and 2023, we launched 598, 553 and 609 new SKUs, respectively.
3. Our Company has long-standing relationships with global retailers including IKEA, Asda, Michaels and
Tesco, and Indian retailers:
(a) Our Company and Pyramid Plastics, the entity whose business/ operational assets were acquired by
our Company, have been selling products to IKEA, our largest customer in Fiscal 2025, for more
than 27 fiscal years, Asda, our second largest customer in Fiscal 2025, for more than 14 fiscal years,
and Michaels, our third largest customer in Fiscal 2025, for more than four fiscal years, and Tesco,
our fourth largest customer in Fiscal 2025, for more than 17 fiscal years.
4. Our Company has demonstrated focus on sustainable practices and environmental responsibility, and
maintains a landfill-free policy, ensuring zero landfill waste from our operations:
(a) We maintain a landfill-free policy, ensuring zero landfill waste from our operations. Our
manufacturing process also results in no air pollution;
(b) Our manufacturing facilities are 100% energy neutral, wherein all energy utilized at our
manufacturing facilities is from our 1.5 MWp of solar power installed at our manufacturing facilities
(combined) or offset by renewable sources and/or energy-conservation initiatives such as purchasing
I-RECs equivalent to electricity purchased from the grid; and
(c) As part of our ongoing commitment to environmental sustainability, we also engage in initiatives
such as the Amfori Business Environmental Performance Initiative (BEPI).
5. Our Company exhibits strong financial performance and financial metrics with our revenue from operations
increasing from ₹4,434.86 million for Fiscal 2023 to ₹5,581.67 million for Fiscal 2025 (consolidated),
representing a CAGR of 12.19%. In Fiscal 2025, our ROE was 19.01% (consolidated) and our EBITDA
Margin was 18.16% (consolidated).
1616. Our Company is led by experienced Promoters with more than 40 years of experience in plastic
consumerware manufacturing.
For further details, see “Our Business – Our Strengths” on page 264.
Quantitative factors
The information presented below relating to our Company is based on the Restated Consolidated and Standalone
Financial Information. For further information, see “Financial Statements” on page 349.
Some of the quantitative factors which may form the basis for calculating the Offer Price are as follows:
I. Basic and diluted earnings per share (“EPS”)
As derived from the Restated Consolidated and Standalone Financial Information
Financial Year ended Basic EPS (₹) Diluted EPS (₹) Weight
March 31, 2025 9.01 9.01 3
March 31, 2024 8.53 8.53 2
March 31, 2023 5.38 5.38 1
Weighted Average 8.25 8.25
Notes:
• Basic and diluted earnings/ (loss) per equity share: Basic and diluted earnings/ (loss) per equity share are computed in accordance
with Indian Accounting Standard 33 notified under the Companies (Indian Accounting Standards) Rules of 2015 (as amended).
• Pursuant to a resolution of our Board dated May 15, 2024 and a resolution of our shareholders dated May 21, 2024, (i) each equity
share of our Company of ₹10 each was sub-divided into 5 equity shares of ₹2 each; and (ii) issue bonus equity share of face value
₹2 each in the ratio of 9:1 (i.e., 9 Equity Shares for every one Equity Share held). The Earnings per Equity Share (basic and diluted)
has been calculated after giving effect to such sub-division and bonus issue in accordance with principles of Ind AS 33 – “Earnings
per share”.
• Basic earnings per share (₹) = Restated profit for the year / Weighted average number of equity shares in calculating basic EPS.
• Diluted earnings per share (₹) = Restated profit for the year / Weighted average number of equity shares in calculating diluted EPS.
• Weighted average = Aggregate of year-wise weighted EPS divided by the aggregate of weights i.e. (EPS x Weight) for each year/Total
of weights.
II. Price/Earning (“P/E”) ratio in relation to Price Band of ₹260 to ₹275 per Equity Share:
P/E at the lower end of the P/E at the higher end of
Particulars Price Band the Price Band
(number of times) (number of times)
Based on basic EPS for Fiscal 2025 as per the 28.86 30.52
Restated Consolidated and Standalone Financial
Information
Based on diluted EPS for Fiscal 2025 as per the 28.86 30.52
Restated Consolidated and Standalone Financial
Information
III. Industry Peer Group P/E ratio
Particulars Industry P/E
Highest 80.69
Lowest 40.71
Average 60.70
Notes:
(i) Company has two listed peers as of the date of this Prospectus i.e., Shaily Engineering Plastics Limited and Cello World
Limited. Accordingly, the details above, represent the P/E of such listed peers
(ii) The financial information for the listed industry peer mentioned above is on a consolidated basis and is sourced from the
annual audited financial results of the company for the year ended March 31, 2025.
(iii) P/E Ratio has been computed based on the closing market price of equity shares on BSE on July 17, 2025 divided by the
Diluted EPS provided.
IV. Return on Net Worth (“RoNW”)
162Financial Year ended RoNW (%) Weight
March 31, 2025 19.01 3
March 31, 2024 22.18 2
March 31, 2023 17.93 1
Weighted Average 19.89
Notes:
(i) RoNW is calculated as restated profit for the year divided by the net worth at the end of the respective year.
(ii) Net worth means aggregate of equity share capital and other equity as at the end of the year as per the Restated Consolidated
and Standalone Financial Information.
(iii) Weighted average return on net worth = Product of return on net worth and the respective assigned weight, dividing the
resultant by the total aggregate weight.
V. Net asset value per Equity Share (face value of ₹ 2 each)
Restated Net Asset Value per Equity Share as per the Restated Consolidated and Standalone Financial
Information:
(₹)
Net Asset Value per Equity Share Particulars
As on March 31, 2025 47.39
After the Offer
(i) At Floor Price 90.60
(ii) At Cap Price 91.41
At Offer Price 91.41
Notes:
1. Net Asset Value per equity share = Net worth at the end of the financial year, as restated, divided by the number of Equity
Shares outstanding at the end of the year.
2. Net worth means aggregate of equity share capital and other equity as at the end of the year as per the Restated Consolidated
and Standalone Financial Information.
3. Pursuant to a resolution of our Board dated May 15, 2024 and a resolution of our shareholders dated May 21, 2024, (i) each
equity share of our Company of ₹10 each was sub-divided into 5 equity shares of ₹2 each; and (ii) issue bonus equity share of
face value ₹2 each in the ratio of 9:1 (i.e., 9 Equity Shares for every one Equity Share held). The Net Asset Value per Equity
Share has been calculated after giving effect to such sub-division and bonus issue.
VI. Comparison of accounting ratios with listed industry peers
Market
Revenue
Capitalisatio
from Face EPS Retur NAV Market
EPS n to EV to
Name of operation Value Price to (Basic n on per Capitalisatio
(Diluted Revenue EBITD
the s for (₹ per Earning ) (₹ Net share n to
) (₹ per from A (x
Company Fiscal share s per Worth (₹ per Total Income
share) Operations times)
2025 (₹ in ) share) (%) share) (x times)
(x
millions)
times)
Our
5,581.67 2 30.52 9.01 9.01 19.01 47.39 3.23 3.33 19.84
Company
Listed Peers
Shaily
Engineerin 119.1
7,867.98 2 80.69 20.29 20.23 17.00 9.53 9.51 43.54
g Plastics 8
Limited
Cello
World 21,363.88 5 40.71 15.50 15.50 16.82 98.12 6.52 6.39 27.16
Limited
Source: All the financial information for the listed industry peer mentioned above is on a consolidated basis and is sourced from the
annual report of the company for the financial year ended March 31, 2025. The financial information of our Company is based on the
Restated Consolidated and Standalone Financial Information of our Company as at and for the financial year ended March 31, 2025.
Notes:
(i) P/E Ratio has been computed based on the closing market price of equity shares on BSE on July 17, 2025 divided by the Diluted
EPS provided.
(ii) Return on Net Worth (RoNW) is calculated as profit for the year divided by the net worth at the end of the respective year.
163(iii) NAV per equity share has been computed as the net worth at the end of the year divided by the weighted average number of
Equity Shares outstanding at the end of the year.
(iv) Market Capitalisation to Revenue from Operations is computed as closing market price of equity shares on BSE on July 17,
2025 multiply by number of shares outstanding as at March 31, 2025 and divide by revenue from operations of Fiscal 2025.
(v) Market Capitalisation to Total Income is computed as closing market price of equity shares on BSE on July 17, 2025 multiply
by number of shares outstanding as at March 31, 2025 and divide by total income of Fiscal 2025.
(vi) EV to EBIDTA is computed as the market capitalisation on BSE on July 17, 2025 plus the net debt of the respective company
as at March 31, 2025 divided by the EBIDTA of Fiscal 2025.
(vii) Pursuant to a resolution of our Board dated May 15, 2024 and a resolution of our shareholders dated May 21, 2024, (i) each
equity share of our Company of ₹10 each was sub-divided into 5 equity shares of ₹2 each; and (ii) issue bonus equity share of
face value ₹2 each in the ratio of 9:1 (i.e., 9 Equity Shares for every one Equity Share held). Earnings per Equity Share (basic
and diluted) and net asset value per share has been calculated after giving effect to such subdivision and bonus issue.
(viii) Net worth aggregate of equity share capital and other equity as at the end of the year.
VII. Key Performance Indicators (“KPIs”)
In evaluating our business, we consider and use certain KPIs as a supplemental measure to review and assess
our financial and operating performance. The presentation of these KPIs is not intended to be considered in
isolation or as a substitute for the Restated Consolidated and Standalone Financial Information. We use these
KPIs to evaluate our financial and operating performance. These KPIs have limitations as analytical tools.
Further, these KPIs may differ from the similar information used by other companies and hence their
comparability may be limited. Therefore, these metrics should not be considered in isolation or construed as
an alternative to Ind AS measures of performance or as an indicator of our operating performance, liquidity
or results of operation. Although these KPIs are not a measure of performance calculated in accordance with
applicable accounting standards, our Company’s management believes that it provides an additional tool for
investors to use in evaluating our ongoing operating results and trends and in comparing our financial results
with other companies in our industry because it provides consistency and comparability with past financial
performance, when taken collectively with financial measures prepared in accordance with Ind AS.
Investors are encouraged to review the Ind AS financial measures and to not rely on any single financial or
operational metric to evaluate our business. For details, see “Risk Factors – We have included certain non-
GAAP financial measures and certain statistical information related to our business, financial condition,
results of operations and cash flows in this Prospectus. These non-GAAP financial measures and statistical
information could vary from any standard methodology that is applicable across the manufacturing industry,
and therefore may not be comparable with non-GAAP financial measures or statistical information of similar
nomenclature computed and presented by other companies” on page 87.
The KPIs disclosed below have been approved and confirmed by a resolution of our Audit Committee dated
August 11, 2025 and certified by our Chief Financial Officer, Manish Gattani, on behalf of the management
of the Company by way of certificate dated August 11, 2025. The management and the members of our Audit
Committee have confirmed that the KPIs disclosed below have been identified and disclosed in accordance
with the SEBI ICDR Regulations and the Industry Standards on Key Performance Indicators Disclosures in
the Draft Offer Document and Offer Document (“KPI Standards”). Further, the management and members
of our Audit Committee have verified the details of all KPIs pertaining to the Company and confirmed that
the KPIs pertaining to our Company, as disclosed below, have been identified from the Selected Data as
defined in KPI Standards (which also includes the data disclosed to investors at any point of time during the
three years prior to the date of filing of this Prospectus), and have been subject to verification and have been
certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), by their certificate dated August
11, 2025. The aforementioned certificate has been included in “Material Contracts and Documents for
Inspection”.
For details of our other operating metrics disclosed elsewhere in this Prospectus, see “Our Business” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” starting on pages
258 and 410, respectively. We have described and defined the KPIs, as applicable, in the section “Definitions
and Abbreviations” on page 5.
Our Company confirms that it shall continue to disclose all the KPIs included in this section on a periodic
basis, at least once in a year (or any lesser period as determined by the Board of our Company), for a duration
of one year after the date of listing of the Equity Shares on the Stock Exchange or till the utilisation of the
164Offer Proceeds as per the disclosure made in the section “Objects of the Offer” on page 128 of this Prospectus,
whichever is later, or such other duration as may be required under the SEBI ICDR Regulations.
Set forth below are the list of our KPIs and certain Ind AS financial measures:
(₹ in million)
Key Performance Indicator / Ind AS
Sr. No. Units Fiscal 2025 Fiscal 2024 Fiscal 2023
financial measure
GAAP Financial Measures
1. Revenue from operations ₹ in million 5,581.67 5,128.53 4,434.86
2. Domestic Revenue ₹ in million 824.26 599.24 494.98
3. Export Revenue ₹ in million 4,757.41 4,529.29 3,939.88
4. Profit for the year (“PAT”) ₹ in million 472.94 447.90 282.70
Non-GAAP Financial Measures
5. Revenue Growth – YoY % 8.84 15.64 10.55
Domestic Revenue to revenue from 14.77
6. % 11.68 11.16
operations
Export Revenue to Revenue from 85.23 88.84
7. % 88.32
Operations
8. Gross Profit (1) ₹ in million 2,229.46 2,085.78 1,684.92
9. Gross Margin (2) % 39.94 40.67 37.99
10. EBIDTA (3) ₹ in million 1,013.37 971.01 733.82
11. EBIDTA Growth – YoY % 4.36 32.32 26.79
12. EBIDTA Margin (4) % 18.16 18.93 16.55
13. PAT Growth – YoY % 5.59 58.44 15.22
14. PAT Margin (5) % 8.46 8.68 6.37
15. ROCE (6) % 16.99 22.64 17.16
16. ROE (7) % 19.01 22.18 17.93
17. Gross Fixed Assets Turnover Ratio (8) Times 1.36 1.80 1.69
18. Net Working Capital Days (9) No. of Days 74 57 69
19. Trade Receivables Days (10) No. of Days 57 34 35
20. Trade Payables Days (11) No. of Days 39 37 46
21. Inventory Turnover Ratio (12) Times 7.61 9.85 7.13
22. Net Debt to Equity Ratio (13) Times 0.84 0.65 0.99
Notes:
1. Gross Profit is calculated as revenue from operations minus Material Cost. Material Cost is calculated as cost of materials
consumed plus changes in inventory of finished goods, stock-in-trade and work-in-progress.
2. Gross Margin is calculated Gross Profit expressed as a percentage of revenue from operations.
3. EBITDA is calculated as aggregate of profit before tax, depreciation and amortization expense and finance costs, less other income.
4. EBITDA Margin is calculated as EBITDA expressed as a percentage of revenue from operations.
5. PAT Margin is calculated as profit for the year expressed as a percentage of total income.
6. ROCE (return on Capital Employed) is calculated as earnings before interest and tax divided by Capital Employed. Earnings before
interest and tax is calculated as the aggregate of profit before tax, finance costs, less other income. Capital Employed is calculated
as the aggregate of total equity, Total Borrowings (comprising current borrowings and non-current borrowings) less cash and cash
equivalents and bank balances other than cash and cash equivalents as at the end of the respective Fiscal.
7. ROE (return on equity) is calculated as profit for the year divided by total equity as at the end of the respective Fiscal.
8. Gross Fixed Assets Turnover Ratio is calculated as revenue from operations divided by the sum of gross block of property, plant
and equipment as at the end of the respective Fiscal.
9. Net Working Capital Days is calculated by dividing number of days of respective Fiscal by the working capital ratio, which is
calculated as revenue from operations divided by Net Working Capital. “Net Working Capital” is calculated as total current assets
less (i) cash and cash equivalents, (ii) bank balances other than cash and cash equivalents, and (iii) total current liabilities,
excluding current borrowings as at the end of the respective Fiscal.
10. Trade Receivables Days is calculated by dividing trade receivables as at the end of the respective Fiscal by revenue from operations
and multiplying it by number of days of respective Fiscal.
11. Trade Payables Days is calculated by dividing trade payables as at the end of the respective Fiscal by purchases and multiplying it
by number of days of respective Fiscal.
12. Inventory Turnover Ratio is calculated as revenue from operations divided by inventory as at the end the respective Fiscal.
13. Net Debt to Equity Ratio is calculated as Total Borrowings (comprising current borrowings and non-current borrowings) less cash
and cash equivalent) divided by total equity as at the of the respective Fiscal.
Description on the historic use of the KPIs and certain Ind AS financial measures by our Company to
analyze, track or monitor the operational and/or financial performance of our Company
Brief description of the relevance of the KPIs and certain Ind AS financial measures for our business operations
is set forth below:
165Sr. No. Metric Description
1. Revenue from operations This is a direct measure of how well the company is performing in terms of its
core business activities. It is an Ind AS financial measure.
2. Domestic Revenue This is a direct measure of how well the company is performing in terms of its
business in domestic market. It is an Ind AS financial measure.
3. Export Revenue This is a direct measure of how well the company is performing in terms of its
business in export market. It is an Ind AS financial measure.
4. PAT Profit for the year is used by the management to track the overall profitability
of the business. It is an Ind AS financial measure.
5. Revenue Growth – YoY We believe that tracking year-on-year revenue growth from operations helps
analyse the relative business and financial performance of our Company and
assists in understanding the market opportunities and our ability to focus, scale
and deliver.
6. Domestic Revenue to Domestic revenue expressed as a percentage of revenue from operations.
Revenue from Operations
7. Export Revenue to Revenue Export revenue expressed as a percentage of revenue from operations.
from Operations
8. Gross Profit The difference between the revenue generated from the sale of goods and the
cost of materials used to produce those goods
9. Gross Margin Gross Margin expressed as a percentage of revenue from operations, indicating
the efficiency of managing material costs relative to sales
10. EBIDTA This measure is used to measure the operational profitability of the business
and serves as a performance indicator for valuation.
11. EBIDTA Growth – YoY Like Revenue Growth, measures the change in EBITDA year-over-year
12. EBIDTA Margin It indicates the percentage of revenue from operations that translates into
EBITDA
13. PAT Growth – YoY Measures the change in Profit After Tax year-over-year
14. PAT Margin Profit After Tax expressed as a percentage of total revenue, indicating the
percentage of revenue that translates into net profit.
15. ROCE Return on Capital Employed measures a company's profitability and the
efficiency with which it utilizes its capital to generate profits.
16. ROE Return on Equity measures a company's profitability by revealing how much
profit a company generates with the money shareholders have invested.
17. Gross Fixed Assets Turnover As the gross fixed assets constitute a significant part of the overall balance
Ratio sheet it is important to track how effectively the company uses its fixed assets
to generate sales.
18. Net Working Capital Days Given the nature of business there are huge working capital requirements
therefore it is important metric driving operational excellence and financial
health of the business.
19. Trade Receivables Days This metric reflects the efficiency of the company's credit and collection
processes, impacting cash flow and liquidity management.
20. Trade Payables Days This metric indicates how well the company manages its short-term liabilities
and cash flows.
21. Inventory Turnover Ratio The inventory turnover ratio reflects how quickly a company sells and replaces
its inventory, showcasing operational efficiency and liquidity management.
22. Net Debt to Equity Ratio This is a performance indicator as lenders and investors use this ratio to assess
a company's creditworthiness and financial stability.
Comparison of the KPIs and certain Ind AS financial measures of our Company and our listed peers
The following table provides a comparison of the KPIs and certain Ind AS financial measures of our Company
with our peer group. The peer group has been determined on the basis of companies listed on Indian stock
exchanges, whose business profile is comparable to our businesses in terms of our size and our business model,
there are no other comparable listed company whose business profile is comparable to our businesses in terms of
our size and business model in India or globally:
166Shaily Engineering Plastics Limited Cello World Limited
Key Performance All Time Plastics Limited
Sr. (Consolidated) (Consolidated)
Indicator/ Units
No. Fiscal 2025 Fiscal 2024 Fiscal 2023
Ind AS financial measure Fiscal 2025 Fiscal 2024 Fiscal 2023 Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
GAAP Financial Measures
1. Revenue from operations ₹ in
5,581.67 5,128.53 4,434.86 7,867.98 6,438.71 6,070.66 21,363.88 20,002.64 17,966.95
million
2. Domestic Revenue ₹ in
824.26 599.24 494.98 NA^ 1,625.98 1,377.27 NA^ 18,110.46 16,564.88
million
3. Export Revenue ₹ in
4,757.41 4,529.29 3,939.88 NA^ 4,812.73 4,693.39 NA^ 1,892.18 1,402.07
million
4. PAT ₹ in
472.94 447.90 282.70 931.19 572.91 351.50 3,645.67 3,561.84 2,850.51
million
Non GAAP Financial Measures
5. Revenue Growth – YoY % 8.84 15.64 10.55 22.20 6.06 6.93 6.81 11.33 32.19
6. Domestic Revenue to %
14.77 11.68 11.16 NA^ 25.25 22.69 NA^ 90.54 92.20
Revenue from Operations
7. Export Revenue to Revenue %
85.23 88.32 88.84 NA^ 74.75 77.31 NA^ 9.46 7.80
from Operations
8. Gross Profit (1) ₹ in
2,229.46 2,085.78 1,684.92 3,710.17 2,737.75 2,205.84 11,048.52 10,518.40 9,011.82
million
9. Gross Margin (2) % 39.94 40.67 37.99 47.16 42.52 36.34 51.72 52.59 50.16
10. EBIDTA (3) ₹ in
1,013.37 971.01 733.82 1,760.57 1,169.39 918.91 5,100.59 5,092.34 4,205.26
million
11. EBIDTA Growth – YoY % 4.36 32.32 26.79 50.55 27.26 13.18 0.16 21.09 26.07
12. EBIDTA Margin (4) % 18.16 18.93 16.55 22.38 18.16 15.14 23.87 25.46 23.41
13. PAT Growth – YoY % 5.59 58.44 15.22 62.54 62.99 (0.33) 2.35 24.95 29.85
14. PAT Margin (5) % 8.46 8.68 6.37 11.80 8.81 5.75 16.72 17.59 15.72
15. ROCE (6) % 16.99 22.64 17.16 18.80 12.67 10.37 21.54 31.27 60.43
16. ROE (7) % 19.01 22.18 17.93 17.00 12.48 8.76 16.82 30.99 84.72
17. Gross Fixed Assets Times
1.36 1.80 1.69 0.84# 1.08 1.27 0.81# 3.58 4.31
Turnover Ratio(8)
18. Net Working Capital Days No. of
74 57 69 90 85 79 281 190 180
(9) Days
19. Trade Receivables Days (10) No. of
57 34 35 80 67 55 112 111 94
Days
20. Trade Payables Days (11) No. of
39 37 46 95# 66 56 NA^ 54 52
Days
21. Inventory Turnover Ratio Times
7.61 9.85 7.13 5.71 7.70 8.32 4.07 4.33 4.18
(12)
167Shaily Engineering Plastics Limited Cello World Limited
Key Performance All Time Plastics Limited
Sr. (Consolidated) (Consolidated)
Indicator/ Units
No. Fiscal 2025 Fiscal 2024 Fiscal 2023
Ind AS financial measure Fiscal 2025 Fiscal 2024 Fiscal 2023 Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
22. Net Debt to Equity Ratio (13) Times 0.84 0.65 0.99 0.30 0.40 0.41 (0.04) 0.26 0.82
^ Information is not available as on the date of this Prospectus.
#^ Information is taken from the Technopak Report.
(Sources: Information of the listed peers have been derived based on data sourced from audited financial results of peers published on stock exchanges, Annual Reports & Technopak report where data is not available.
Computation of amounts, percentages and ratios, not directly available in the source data have been computed following the same principles as followed during computation of the Company’s KPIs.)
Notes:
1. Gross Profit is calculated as revenue from operations minus Material Cost. Material Cost is calculated as cost of materials consumed plus changes in inventory of finished goods, stock-in-trade and work-in-progress.
2. Gross Margin is calculated as Gross Profit expressed as a percentage of revenue from operations.
3. EBITDA is calculated as the aggregate of profit before tax, depreciation and amortization expense and finance costs, less other income.
4. EBITDA Margin is calculated as EBITDA expressed as a percentage of total revenue from operations.
5. PAT Margin is calculated as PAT expressed as a percentage of total income.
6. ROCE (return on Capital Employed is calculated as earnings before interest and tax divided by capital employed. Earnings before interest and tax is calculated as aggregate of restated profit before tax, finance
costs, less other income for the relevant year. Capital Employed is calculated as aggregate of total equity, Total Borrowings (comprising current borrowings and non-current borrowings) less cash and cash
equivalents and bank balances other than cash and cash equivalents as at the end of the respective Fiscal.
7. Return on equity is calculated as profit for the year divided by total equity at the end of the Fiscal.
8. Gross Fixed Asset Turnover Ratio is calculated as revenue from operations divided by the sum of gross block of property, plant and equipment as at the end of the respective Fiscal.
9. Net Working Capital Days is calculated by dividing number of days of respective Fiscal by the working capital ratio, which is calculated as revenue from operations divided by Net Working Capital. “Net Working
Capital” is calculated as total current assets less (i) cash and cash equivalents, (ii) bank balances other than cash and cash equivalents, and (iii) total current liabilities, excluding current borrowings as at the end
of the respective Fiscal.
10. Trade Receivables Days is calculated by dividing trade receivables at the end of the Fiscal by revenue from operations and multiplying it by number of days of respective Fiscal.
11. Trade Payables Days is calculated by dividing trade payables at the end of the Fiscal by purchases for the Fiscal and multiplying it by number of days of respective Fiscal.
12. Inventory Turnover Ratio is calculated as revenue from operations divided by inventory as at the end of the respective Fiscal.
13. Debt to Equity Ratio is calculated as Total Borrowings (comprising current borrowings and non-current borrowings) less cash and cash equivalent) divided by total equity as at the end of the respective Fiscal.
168VIII. Weighted average cost of acquisition, floor price and cap price*
(a) Price per share of our Company (as adjusted for corporate actions, including split, bonus
issuances) based on primary issuances of Equity Shares or convertible securities (excluding
Equity Shares issued under Employee Stock Option Plan and issuance of Equity Shares
pursuant to a bonus issue) during the 18 months preceding the date of this Prospectus, where
such issuance is equal to or more than 5% of the fully diluted paid-up share capital of the
Company in a single transaction or multiple transactions combined together over a span of
rolling 30 days (“Primary Issuances”)
The details of the Equity Shares issued during the 18 months preceding the date of this Prospectus,
where such issuance is equal to or more that 5% of the fully diluted paid-up share capital of our
Company excluding issuance of Equity Shares pursuant to employee stock option schemes and
issuance of Equity Shares pursuant to a bonus issue (calculated based on the pre-Offer capital before
such transaction(s)), in a single transaction or multiple transactions combined together over a span
of rolling 30 days, is as follows:
Issue
Number of Total
Date of Name of price per
Nature of Nature of equity shares considerati
allotme the Equity
consideration allotment of face value ₹2 on (in ₹
nt allottee Share (in
each allotted million)
₹)
Abakkus
Four2Eig Private
June 30,
ht Cash Placement (Pre- 2,822,580 248.00 700.00
2025
Opportun IPO placement)
ities Fund
Weighted average cost of acquisition (“WACA”) for Primary Issuances 248.00*
*As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), by their certificate dated August 11, 2025.
(b) Price per share of our Company (as adjusted for corporate actions, including bonus issuances)
based on secondary sale or acquisition of equity shares or convertible securities (excluding
gifts) involving the Promoters, members of the Promoter Group, the Selling Shareholder or
other Shareholders of the Company with rights to nominate directors during the 18 months
preceding the date of filing of this Prospectus, where the acquisition or sale is equal to or more
than 5% of the fully diluted paid-up share capital of our Company (calculated based on the
pre-Offer capital before such transaction/s, and excluding ESOPs granted but not vested) in a
single transaction or multiple transactions combined together over a span of rolling 30 days
(“Secondary Transactions”)
The details of secondary transactions in Equity Shares, where the Promoters, members of the
promoter Group, the Selling Shareholders or other Shareholders having the right to nominate
Director(s) on our Board, are a party to the transaction, during the 18 months preceding the date of
this Prospectus, where either acquisition or sale is equal to or more than 5% of the fully diluted paid
up share capital of our Company (calculated based on the pre-Offer capital before such
transaction/s), in a single transaction or multiple transactions combined together over a span of
rolling 30 days, is as follows:
Number of Total
Transfer
equity conside
Date of Name of the price per
Name of transferee shares of ration
transfer transferor Equity
face value (in ₹
Share (in ₹)
₹2 each million)
June 27, Kailesh Kahini Amar Patel 41,000 248.00 10.17
2025 Punamchand Shah Thinqwise Wealth Managers LLP 50,000 248.00 12.40
Viraj Raman Mehta 20,200 248.00 5.01
Divyesh Hasmukh Mehta(1) 14,000 248.00 3.47
Falguni Divyesh Mehta(2) 6,200 248.00 1.54
Sejal Bhavesh Mehta(3) 20,200 248.00 5.01
Nalini Gattani 21,780 248.00 5.40
Sakshi Manoj Agarwal 2,550 248.00 0.63
169Number of Total
Transfer
equity conside
Date of Name of the price per
Name of transferee shares of ration
transfer transferor Equity
face value (in ₹
Share (in ₹)
₹2 each million)
Bhupesh Marwadi Chandarana 346,350 248.00 85.89
Punamchand Shah Intermediaries Brokers Private
Limited
Nilesh Mansi Ratan Bhambhani 12,000 248.00 2.98
Punamchand Shah Aditya Nayak(4) 12,000 248.00 2.98
June 30, Kailesh Abakkus Four2Eight 403,226 248.00 100.00
2025 Punamchand Shah Opportunities Fund
Sanjay Natverlal Shah(5) 41,000 248.00 10.17
Drasti Aagam Sheth(6) 50,000 248.00 12.40
Rajesh Dharamchand Mehta 20,200 248.00 5.01
Manish Gattani 29,220 248.00 7.25
Krutika Pragnesh Shah 20,000 248.00 4.96
Mugdha Amit Kulkarni 10,000 248.00 2.48
Bhupesh Abakkus Four2Eight 403,226 248.00 100.00
Punamchand Shah Opportunities Fund
Nilesh Abakkus Four2Eight 403,226 248.00 100.00
Punamchand Shah Opportunities Fund
Marwadi Chandarana 97,650 248.00 24.22
Intermediaries Brokers Private
Limited
Sakshi Manoj Agarwal 11,550 248.00 2.86
Vidhi Kiran Sheth 100,150 248.00 24.84
Chhaya Kiran Sheth(7) 41,000 248.00 10.17
Kiran Manharlal Sheth 25,000 248.00 6.20
Ronak Mannharlal Sheth(8) 25,000 248.00 6.20
Sonali Ronak Sheth(9) 10,000 248.00 2.48
Sheeba Dawar 4,000 248.00 0.99
Jayshree Sudhir Gandhi 8,000 248.00 1.98
WACA for Secondary Transactions 248.00*
*As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), by their certificate dated August 11, 2025.
(1) Equity Shares are jointly held by Divyesh Hasmukh Mehta and Falguni Divyesh Mehta.
(2) Equity Shares are jointly held by Falguni Divyesh Mehta and Divyesh Hasmukh Mehta.
(3) Equity Shares are jointly held by Sejal Bhavesh Mehta and Devansh Bhavesh Mehta.
(4) Equity Shares are jointly held by Aditya Nayak and Mansi Ratan Bhambhani.
(5) Equity Shares are jointly held by Sanjay Natverlal Shah and Nandita Sanjay Shah.
(6) Equity Shares are jointly held by Drasti Aagam Sheth and Aagam A Sheth.
(7) Equity Shares are jointly held by Chhaya Kiran Sheth and Kiran Manharlal Sheth.
(8) Equity Shares are jointly held by Ronak Manharlal Sheth and Sonali Ronak Sheth.
(9) Equity Shares are jointly held by Sonali Ronak Sheth and Ronak Manharlal Sheth.
(c) Price per share based on last five primary issuances or secondary transactions
Since there are transactions to report under (a) and (b) above, therefore, information based on last
five primary (excluding bonus issue) or secondary transactions (where Promoters, members of the
Promoter Group, the Selling Shareholder or Shareholder(s) having the right to nominate Director(s)
on our Board, are a party to the transaction), in the three years prior to the date of this Prospectus,
irrespective of the size of such transactions is not applicable.
WACA, Floor Price and Cap Price
The Floor Price is 1.05 times and the Cap Price us 1.11 times the weighted average cost of acquisition based on
the Primary Issuances and Secondary Transactions as disclosed below:
WACA (₹ per No. of times at Floor No. of times at Cap
Types of transactions
Equity Share)* Price (i.e., ₹ 260) Price (i.e., ₹275)
A. WACA for Primary Issuances 248.00 1.05 1.11
B. WACA for Secondary Transactions 248.00 1.05 1.11
Since there are transactions to report under (A) and (B) above, therefore, information for price per Equity Share of our
Company based on last five primary (excluding bonus issue) or secondary transactions (where Promoters, members of the
Promoter Group, the Selling Shareholder or Shareholder(s) having the right to nominate Director(s) on our Board, are a
170WACA (₹ per No. of times at Floor No. of times at Cap
Types of transactions
Equity Share)* Price (i.e., ₹ 260) Price (i.e., ₹275)
party to the transaction), in the three years prior to the date of this Prospectus, irrespective of the size of such transactions
is not applicable.
* As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), by their certificate dated August 11, 2025.
Detailed explanation for Offer Price/Cap Price being 1.11 times of weighted average cost of acquisition of
primary issuance price/secondary transaction price of Equity Shares (as set out above) along with our
Company’s key financial and operational metrics and financial ratios for Fiscals 2025, 2024 and 2023:
• We are a manufacturing company with 14 years of experience of producing plastic consumerware products
for everyday household needs;
• Strategically located and integrated manufacturing facilities, enabling high volume, low-cost and high
quality plastic consumerware production;
• Wide and growing range of plastic consumerware products, with in-house product design and mould design
teams;
• Long-standing relationships with global retailers, including IKEA, Asda, Michaels and Tesco, and Indian
retailers;
• Demonstrated focus on sustainable practices and environmental responsibility;
• Strong financial performance and financial metrics; and
• Experienced Promoters with deep expertise in plastic consumerware manufacturing.
The Offer price is 137.50 times of the face value of the Equity Shares
The Offer Price of ₹275 has been determined by our Company, in consultation with the BRLMs, on the basis of
market demand from investors for Equity Shares through the Book Building Process.
Investors should read the abovementioned information along with “Risk Factors”, “Our Business”,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Financial
Statements” on pages 37, 258, 410 and 349, respectively, to have a more informed view.
171STATEMENT OF SPECIAL TAX BENEFITS
To,
The Board of Directors,
All Time Plastics Limited,
(Formerly known as All Time Plastics Private Limited)
B-30, Royal Industrial Estate,
Wadala, Mumbai – 400031
Maharashtra, India
Date: 20 July 2025
Statement of Special Tax Benefits (the ‘Statement’) available to All Time Plastics Limited (formerly known
as All Time Plastics Private Limited) (the ‘Issuer’ or ‘Company’) and its shareholders prepared in
accordance with the requirement under Schedule VI – Part A - Clause (9) (L) of the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (‘the SEBI
ICDR Regulations’)
This report is issued in accordance with the Engagement Letter dated 29 July 2024 read with addendum dated 24
September 2024 and 05 June 2025 respectively.
We hereby report that the enclosed Annexure II and Annexure III prepared by the Company, initialled by us for
identification purpose, states the special tax benefits available to the Company and its shareholders, under direct
and indirect taxes (‘Tax Laws’), presently in force in India as on the 20 July 2025, which are defined in Annexure
I, as amended by the Finance Act, 2025. These Special Tax Benefits are dependent on the Company and its
shareholders fulfilling the conditions prescribed under the relevant provisions of the Tax Laws. Hence, the ability
of the Company and its shareholders to derive these special tax benefits is dependent upon their fulfilling such
conditions, which is based on business imperatives the Company may face in the future and accordingly, the
Company and its shareholders may or may not choose to fulfil.
The benefits discussed in the enclosed Annexure II and Annexure III cover the special tax benefits available to
the Company and its shareholders and do not cover any general tax benefits available to the Company and its
shareholders. Further, the preparation of the enclosed Annexures II, Annexure III and its contents is the
responsibility of the management of the Company and has been approved by the Board of Directors of the
Company at its meeting held on 20 July 2025. We were informed that the Statement is only intended to provide
general information to the investors and is neither designed nor intended to be a substitute for professional tax
advice. Further, the benefits discussed in the Annexures II and III are not exhaustive. In view of the individual
nature of the tax consequences and the changing tax laws, each investor is advised to consult his or her own tax
consultant with respect to the specific tax implications arising out of their participation in the proposed offering
of equity shares of Rs. 2 each of the Company (the ‘Issue’) particularly in view of the fact that certain recently
enacted legislation may not have a direct legal precedent or may have a different interpretation on the special tax
benefits, which an investor can avail. Neither we are suggesting nor advising the investors to invest money based
on the Statement.
We conducted our examination in accordance with the ‘Guidance Note on Reports or Certificates for Special
Purposes (Revised 2016)’ (the ‘Guidance Note’) issued by the Institute of Chartered Accountants of India (the
‘ICAI’). The Guidance Note requires that we comply with ethical requirements of the Code of Ethics issued by
the ICAI.
We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Control for Firms that Perform Audits and Reviews of Historical Financial information, and Other Assurance and
Related Services Engagements.
We do not express any opinion or provide any assurance as to whether:
i) the Company and its shareholders will continue to obtain these special tax benefits in future; or
ii) the conditions prescribed for availing the special tax benefits where applicable, have been/would
be met with.
172The contents of the enclosed Annexures are based on the information, explanation and representations obtained
from the Company, and on the basis of our understanding of the business activities and operations of the Company.
Our views expressed herein are based on the facts and assumptions indicated to us. No assurance is given that the
revenue authorities/ courts will concur with the views expressed herein. Our views are based on the existing
provisions of the Tax Laws (as amended vide Finance Act, 2025) and its interpretation, which are subject to
change from time to time. We do not assume responsibility to update the views consequent to such changes. We
shall not be liable to the Company for any claims, liabilities or expenses relating to this assignment except to the
extent of fees relating to this assignment, as finally judicially determined to have resulted primarily from bad faith
or intentional misconduct. We will not be liable to the Company and any other person in respect of this Statement,
except as per applicable law.
This report is addressed to and is provided to enable the Board of Directors of the Company to include this report
in the Red Herring Prospectus and Prospectus, prepared in connection with the Issue to be filed by the Company
with the Securities and Exchange Board of India, Registrar of Companies, Maharashtra at Mumbai (‘ROC’) and
the concerned stock exchanges. It is not to be used, referred to or distributed for any other purpose without our
prior written consent.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No. 001076N/N500013
Huned Contractor
Partner
Membership No.: 41456
UDIN: 25041456BMRKKD4438
Date: 20 July 2025
Place: Mumbai
173Annexure I
List of Direct and Indirect Tax Laws (“TAX LAWS”)
S.no Details of tax laws
1 Income-tax Act, 1961 and Income Tax Rules, 1962 (read with Income Tax Rules, circulars, notifications) as
amended by the Finance Act, 2025
2 Central Goods and Services Tax Act, 2017 read with corresponding Rules and Regulations
3 Integrated Goods and Services Tax Act, 2017 read with corresponding Rules and Regulations
4 State Goods and Services Tax Act, 2017 read with corresponding Rules and Regulations
5 Customs Act, 1962 read with corresponding Rules and Regulations
6 Customs Tariff Act, 1975 read with corresponding Rules and Regulations
7 Foreign Trade (Development and Regulation) Act, 1992 (read with Foreign Trade Policy 2023, read with
corresponding Rules and Regulations)
174Annexure II
STATEMENT OF SPECIAL TAX BENEFITS AVAILABLE TO ALL TIME PLASTICS LIMITED AND
ITS SHAREHOLDERS UNDER THE APPLICABLE DIRECT TAX LAWS IN INDIA.
A. Direct Taxation
Benefits available to M/s. All Time Plastics Limited (the ‘Company’) (previously known as All Time
Plastics Private Limited) and the Shareholders of the Company under the Income-tax Act, 1961 (the ‘Act’)
(read with Income Tax Rules, circulars, notifications) as amended by the Finance Act 2025 (hereinafter
referred to as ‘Indian Income Tax Regulations’):
1 Special Tax Benefits available to the Company
a) Section 115BAA of the Act, introduced vide The Taxation Laws (Amendment) Act, 2019, lays down certain
conditions on fulfillment of which domestic companies are entitled to avail a beneficial tax rate of 22% (plus
applicable surcharge and cess). The option to apply this tax rate is made available from Financial Year (‘FY’)
2019-20 relevant to Assessment Year (‘AY’) 2020-21.
The Company has opted to pay tax as per new tax regime under Section 115BAA of the Act, from FY 2020-
21. Such option once exercised shall apply to all subsequent assessment years. Where such an option is exercised,
the Company will not be allowed to claim any of the following deductions/exemptions:
(i) Deduction under Section 10AA of the Act (deduction for units in Special Economic Zone);
(ii) Deduction under clause (iia) of sub-section (1) of Section 32 of the Act (Additional depreciation);
(iii) Deduction under Section 32AD, Section 33AB, or Section 33ABA of the Act (Investment allowance in backward
areas, Investment deposit account, site restoration fund);
(iv) Deduction under sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) or
sub-section (2AB) of Section 35 of the Act (Expenditure on scientific research);
(v) Deduction under Section 35AD or Section 35CCC of the Act (Deduction for specified business, agricultural
extension project);
(vi) Deduction under Section 35CCD of the Act (Expenditure on skill development);
(vii) Deduction under any provisions of Chapter VI-A other than provisions of Section 80JJAAand/ or Section 80M of
the Act;
(viii) Deduction under Section 80LA of the Act other than deduction applicable to a unit in the International Financial
Services Centre, as referred to in sub-section (1A) of Section 80LA of the Act;
(ix) No set off of any loss brought forward or unabsorbed depreciation from any earlier assessment year(s), if such
loss or depreciation is attributable to any of the deductions referred from clause (i) to (viii) above; and
(x) No set off of any loss or allowance for unabsorbed depreciation deemed so under Section 72A of the Act, if such
loss or depreciation is attributable to any of the deductions referred from clause (i) to (viii) above.
Additionally, the provisions of Section 115JB of the Act i.e., Minimum Alternate Tax (‘MAT’) shall not apply
since the Company has opted to pay tax under Section 115BAA of the Act, as specified under sub-section (5A)
of Section 115JB of the Act. Further, the Company is not allowed to carry forward and set off any credit under
Section 115JAA of the Act, if any, commonly referred to as MAT credit. To avail benefit of Section 115BAA of
the Act, Form 10-IC is required to be electronically filed before filing the Income-tax return for the year in which
such option is exercised. The Company has filed Form 10-IC on 14 February 2022, i.e. before the due date of
filing tax return for FY 2020-21.
b) As per the provisions of Section 80JJAA of the Act, the Company to which Section 44AB of the Act applies and
derives income from business, is entitled to a deduction of an amount equal to thirty percent in respect of additional
employee cost (relating to specified category of employees) incurred during the previous year. Such a deduction
is available for a period of three assessment years effective from the year in which such employment is provided.
The eligibility to claim the deduction is subject to fulfilment of prescribed conditions specified in sub-section (2)
of Section 80JJAA of the Act. The Company is also required to submit the prescribed form with the Income-tax
authorities within the specified due date. the Company has not onboarded specified category of employees till
date. Accordingly, it has not claimed the benefit under Section 80JJAA of the Act.
175c) As per Section 80M of the Act, dividend received by the Company from any other domestic company, or a foreign
company shall be eligible for deduction while computing its total income for the relevant year. The amount of
such deduction would be restricted to the amount of dividend distributed by the Company upto one month prior
to the date of filing of its Income-tax return for the relevant year. Currently the Company has not made investments
in other companies.
d) As per the provisions of Section 35D of the Act, the Company may be entitled to amortize preliminary
expenditure, being specific expenditure incurred in connection with the issue for public subscription or being other
expenditure as prescribed under this Section. This is subject to the specified limit under the Act i.e., maximum
5% of the cost of the project or 5% of the capital employed in the business of the company. The deduction is
allowable for an amount equal to one-fifth of such expenditure for each of five successive previous years
beginning with the previous year in which the business commences or, the previous year in which the extension
of the undertaking is completed, or the new unit commences production or operation. The Company is also
required to submit the prescribed form with the Income-tax authorities within the specified due date. (can consider
adding a concluding line if the company has or has not claimed a deduction in the last ITR filed)
2 Special Tax Benefits available to the Shareholders of the Company
• Section 115BAC of the Act provides for the concessional tax regime to any person being an Individual or Hindu
Undivided Family or Association of Persons (other than a co-operative society), or Body of Individuals, whether
incorporated or not, or an artificial juridical person. With effect from Assessment Year 2026-27 onwards, income
tax under the said provision shall be computed as per rates mentioned in below table:
Sr. No. Total income Proposed tax rates
1 Upto INR 4,00,000/- Nil
2 INR 4,00,001/- to INR 8,00,000/- 5%
3 INR 8,00,001/- to INR 12,00,000/- 10%
4 INR 12,00,001/- to INR 16,00,000/- 15%
5 INR 16,00,001/- to INR 20,00,000/- 20%
6 INR 20,00,001/- to INR 24,00,000/- 25%
7 Above INR 24,00,000/- 30%
The concessional tax regime is default tax regime for the abovementioned persons. However, the option to
opt out of the concessional tax regime and opt for old tax regime is available to the above class of taxpayers.
The person willing to opt out shall exercise such option:
(i) by filing the prescribed form, on or before the due date specified under sub-section (1) of Section 139 of
the Act for furnishing the return of income for the relevant assessment year in case of a person having
income from business or profession, and such option once exercised shall apply to subsequent assessment
years. However, option of old tax regime exercised can be withdrawn only once during a previous year
other than the year in which it was exercised. Once withdrawn, the person shall never be eligible to exercise
the option of old tax regime except where such person ceases to have any income from business or
profession; or
(ii) in all other cases, along with the return of income to be furnished under sub-Section (1) of Section 139 of
the Act for the relevant assessment year.
Under the concessional tax regime, the person shall not be allowed to claim any of the following
deductions/exemptions:
1. exemption or deduction under the provisions of clause (5) or clause (13A) or prescribed under clause (14)
(other than those as may be prescribed for this purpose) or clause (17) or clause (32), of Section 10 of the
Act;
2. deduction under Section 10AA of the Act (deduction for units in Special Economic Zone);
3. deduction under clause (ii) or clause (iii) of Section 16 of the Act;
4. deduction under clause (b) of Section 24 of the Act [in respect of the property referred to in sub-section (2)
of Section 23 of the Act];
1765. deduction under clause (iia) of sub-section (1) of Section 32 of the Act (Additional depreciation);
6. deduction under Section 32AD, Section 33AB, or Section 33ABA of the Act (Investment allowance in
backward areas, Investment deposit account, site restoration fund);
7. deduction under sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA)
of Section 35 of the Act (Expenditure on scientific research);
8. deduction under Section 35AD or Section 35CCC of the Act (Deduction for specified business, agricultural
extension project);
9. deduction under any provisions of Chapter VI-A other than the provisions of sub-section (2) of Section
80CCD or sub-section (2) of Section 80CCH or Section 80JJAA of the Act;
10. no set off of any loss brought forward or unabsorbed depreciation from any earlier assessment year(s), if such loss
or depreciation is attributable to any of the deductions referred from clause 1 to 9 above; and
11. no set off of loss under the head ‘Income from House Property’ with any other head of income.
• Dividend income earned by the shareholders would be taxable in their hands at the applicable rates.
However, in the case of a domestic corporate shareholder, benefit of deduction under Section 80M of the
Act would be available on fulfilling the conditions (as discussed in 1(c) above).
In case of the shareholders who are individuals, Hindu Undivided Family, Association of Persons, Body of
Individuals, whether incorporated or not and every artificial juridical person, the surcharge would be
restricted to 15%, irrespective of the amount of dividend.
Further, the shareholders would be entitled to take credit of the Tax Deducted at Source, if any, by the Company
against the taxes payable by them.
• As per Section 115A of the Act, dividend income earned by a non-resident (not being a company) or by a foreign
company, shall be taxed at the rate of 20% (plus applicable surcharge and cess).
• As per Section 112A of the Act, long-term capital gains arising from the transfer of an equity share on
which securities transaction tax (‘STT’) is paid at the time of acquisition and sale, shall be taxed at the rate
of 12.5% (plus applicable surcharge and cess) (of such capital gains w.e.f. 23 July 2024. This is subject to
fulfilment of prescribed additional conditions as per Notification No. 60/2018/F. No.370142/9/2017-TPL
dated 01 October 2018. It is worthwhile to note that tax shall be levied where such aggregate capital gains
exceed INR 1,25,000/- in a year.
• As per Section 111A of the Act, short-term capital gains arising from transfer of equity shares on which Securities
Transaction Tax (‘STT’) is paid at the time of acquisition and sale, shall be taxed at the rate of 20% (plus applicable
surcharge and cess). This is subject to fulfilment of prescribed conditions under the Act.
• The surcharge on long-term capital gains taxable as per Section 112A and short-term capital gains taxable
under Section 111A, is restricted to 15%.
• As per Section 90(2) of the Act, non-resident shareholders are entitled to be governed by the beneficial
provisions under the respective Double Taxation Avoidance Agreement (‘DTAA’), if any, applicable to
such non-residents. This is subject to fulfilment of conditions prescribed to avail treaty benefits.
Further, any income by way of capital gains, dividends accruing to non-residents may be subject to
withholding tax per the provisions of the Act or under the relevant DTAA, whichever is beneficial.
However, where such non-resident has obtained a lower withholding tax certificate from the tax authorities,
the withholding tax rate would be as per the said certificate. The non-resident shareholders may be able to
avail credit of any taxes paid by them in India, subject to local laws of the country in which such shareholder
is resident.
Notes:
1. These special tax benefits are dependent on the Company or its shareholders fulfilling the conditions prescribed
under the relevant provisions of the Indian Income Tax Regulation. Hence, the ability of the Company or its
shareholders to derive the tax benefits is dependent upon fulfilling such conditions, which based on the business
imperatives, the Company or its shareholders may or may not choose to fulfil.
1772. The special tax benefits discussed in the Statement are not exhaustive and is only intended to provide general
information to the investors and hence, is neither designed nor intended to be a substitute for professional tax
advice. Given the individual nature of the tax consequences and the changing tax laws, each investor is advised
to consult his or her tax consultant for the specific tax implications arising out of their participation in the issue.
3. The Statement has been prepared on the basis that the shares of the Company are proposed to be listed on a
recognized stock exchange in India.
4. The Statement is prepared based on information available with the Management of the Company and there is no
assurance that:
i. the Company or its shareholders will continue to obtain these benefits in future;
ii. the conditions prescribed for availing the benefits have been/ would be met with; and
iii. the revenue authorities/courts will concur with the view expressed herein.
5. The above views are based on the existing provisions of law as amended vide Finance Act, 2025 and its
interpretation, which are subject to change from time to time.
6. The Statement sets out the provisions of law in a summarized manner only and is not a complete analysis or listing
of all potential tax consequences of the purchase, ownership, and disposal of shares.
178Annexure III
STATEMENT OF SPECIAL TAX BENEFITS AVAILABLE TO THE COMPANY AND ITS
SHAREHOLDERS UNDER THE APPLICABLE INDIRECT TAX REGULATIONS IN INDIA.
Benefits available to All Time Plastics Limited (formerly known as All Time Plastics Private Limited) (“The
Company”) and the shareholders of the Company under the Central Goods and Services Tax Act, 2017, Integrated
Goods and Services Tax Act, 2017, respective State Goods and Services Tax Act, 2017, Customs Act, 1962,
Customs Tariff Act, 1975 as amended read with the rules and regulations under each of these statutes, the Foreign
Trade (Development and Regulation) Act, 1992 (read with Foreign Trade Policy 2023, read with corresponding
rules and regulations) (collectively referred to as “Indirect Tax Regulations”) are as under:
1. Special Tax Benefits available to the Company
The Company was incorporated on 08 March 2001 and is engaged in the business of manufacturing plastic molded
articles. The Company has its registered office in Wadala, Mumbai. The Company has three manufacturing
locations, one at Silvassa which is a 100% export-oriented unit, one at Daman which was acquired as a going
concern from 1st April 2014 and one at Manekpur which is a 100% export-oriented unit.
The Company discharges GST on outward transactions wherever applicable and utilizes input tax credit for the
purpose of discharging GST liability.
The Company is engaged in undertaking exports without payment of GST under a Letter of Undertaking (‘LUT’)
and claims refund of unutilized Input Tax Credit.
The Company claims Duty drawback and avails benefits under Remission of Duties and Tax on Exports Products
Scheme (‘RoDTEP’ scheme)
The Company imports capital goods under the Export Promotion Capital Goods (EPCG) Scheme
The Company claims benefit under Advance Authorization Scheme.
Specific imports are made in the Export Oriented unit in Silvassa and Manekpur without payment of taxes.
Apart from above, none of any special indirect tax benefits are available to the Company under the Indirect Tax
Regulations in India.
2. Special Tax Benefits available to Shareholders of the Company
The shareholders of the Company are not required to discharge any GST on transaction in securities of the
Company. Securities are excluded from the definition of Goods as defined u/s 2(52) of the Central Goods and
Services Tax Act, 2017 as well as from the definition of Services as defined u/s 2(102) of the Central Goods and
Services Tax Act, 2017.
Apart from above, the shareholders of the Company are not eligible to special tax benefits under the provisions
of the Customs Tariff Act, 1975 and / or Central Goods Services Tax Act, 2017, Integrated Goods and Services
Tax Act, 2017, respective Union Territory Goods and Services Tax Act, 2017, respective State Goods and Services
Tax Act, 2017, Goods and Services Tax (Compensation to States) Act, 2017 including the relevant rules,
notifications and circulars issued there under as well as the Foreign Trade (Development and Regulation) Act,
1992 (read with Foreign Trade Policy 2023, read with corresponding rules and regulations).
For and on behalf of All Time Plastics Limited
(Formerly known as All Time Plastics Private Limited)
179Kailesh Punamchand Shah
Chairman and Managing Director
Place: Mumbai
Date: 20 July 2025
180SECTION IV: ABOUT OUR COMPANY
INDUSTRY OVERVIEW
All information in this section is sourced from the Technopak Report, which was prepared by Technopak Advisors
Private Limited (referred to in this section as Technopak) in connection with the Offer and commissioned and
paid for by our Company pursuant to an engagement letter dated May 20, 2024, as amended pursuant to a letter
of authorisation dated June 11, 2025. Except as noted otherwise, all forward looking statements, estimates and
projections in this section are Technopak’s forward-looking statements, estimates and projections. For risks in
relation to the Technopak Report, see “Risk Factors - Statistical and industry data in this Prospectus are derived
from the Technopak Report, which was commissioned and paid for by us for the purpose of the Offer. Reliance
on information from the Technopak Report for making an investment decision in the Offer is subject to inherent
risks” on page 90.
1. Global Macroeconomic Indicators & Trends
1.1 Global Macroeconomic Indicators
• GDP and GDP Growth
The global nominal GDP is forecast to grow from USD 113.8 trillion in CY2025 to USD 144.6 trillion by CY2030,
thus growing at a CAGR of 4.9% during the forecast period. Also, the CAGR of major economies such as China
(CAGR 6.1%), UK (CAGR 5.3%), Japan (CAGR 3.6%), Germany (CAGR 3.3%), USA (CAGR 4.0%) and India
(CAGR 11.5%) is expected to grow favorably for the similar period between CY2025 to CY2030 showcasing an
upward trajectory in these years. India is ranked fifth in the world in terms of nominal GDP for CY2024 and is
the third-largest economy in the world in terms of purchasing power parity ("PPP"). India is expected to be a
~USD 6.8 trillion economy by CY2029 and is estimated to become the third largest economy, surpassing
Germany, and Japan.
Exhibit 1.1: GDP at Current Prices (Nominal GDP) (In USD Trillion) CY and GDP Ranking of Key Economies
(CY 224)
CAGR
Rank in CAGR
(CY
Country GDP 2019 2020 2021 2022 2023 2024 2025E 2030P (CY 2020 -
2025 -
(CY 24) 25)
30P)
USA 1 21.4 21.1 23.3 25.5 27.4 28.8 30.5 37.2 7.7% 4.0%
China 2 14.3 14.7 17.8 18.0 17.7 18.5 19.2 25.8 5.5% 6.1%
Germany 3 3.9 3.9 4.3 4.1 4.5 4.6 4.7 5.6 4.0% 3.3%
Japan 4 5.1 5.1 5.0 4.3 4.2 4.1 4.2 5.0 -3.7% 3.6%
India 5 2.4 2.3 2.8 3.2 3.5 3.9 4.4 7.6 14.0% 11.5%
UK 6 2.9 2.7 3.1 3.1 3.3 3.5 3.8 5.0 7.3% 5.3%
France 7 2.7 2.6 3.0 2.8 3.0 3.1 3.2 3.8 4.0% 3.2%
Brazil 10 1.9 1.5 1.7 1.9 2.2 2.2 2.1 2.7 7.6% 4.7%
Australia 14 1.4 1.3 1.6 1.7 1.7 1.8 1.8 2.2 5.9% 4.3%
World - 87.8 85.3 97.2 100.9 105.6 110.6 113.8 144.6 5.9% 4.9%
Source: World Bank, IMF, India Data from RBI
Note: For India CY2017 refers to FY2018 and so on, 1 USD = INR 85
The real global GDP grew by 3.3% in CY2024, and this positive trend is expected to continue into CY2025, with
a growth rate of 2.8%. Major economies like the United States and India reported GDP growth rates of 2.8% and
6.5% respectively during CY2024.
Exhibit 1.2: Real GDP Growth rate of Key Economies (CY) (%)
Country 2019 2020 2021 2022 2023 2024 2025E 2030P
USA 2.6% -2.2% 6.1% 2.5% 2.9% 2.8% 1.8% 2.1%
China 6.0% 2.2% 8.4% 3.0% 5.2% 5.0% 4.0% 3.4%
Germany 1.0% -4.1% 3.7% 1.4% -0.3% -0.2% 0.0% 0.7%
181Country 2019 2020 2021 2022 2023 2024 2025E 2030P
Japan -0.4% -4.2% 2.7% 1.2% 1.7% 0.1% 0.6% 0.5%
India 3.9% -5.8% 9.7% 7.6% 9.2% 6.5% 6.5% 6.5%
UK 1.6% -10.3% 8.6% 4.8% 0.3% 1.1% 1.1% 1.4%
France 2.1% -7.6% 6.8% 2.6% 1.1% 1.1% 0.6% 1.2%
Brazil 1.2% -3.3% 4.8% 3.0% 2.9% 3.4% 2.0% 2.5%
Australia 1.8% -2.1% 5.5% 3.9% 2.0% 1.0% 1.6% 2.3%
World 2.9% -2.7% 6.6% 3.6% 3.3% 3.3% 2.8% 3.1%
Source: IMF
For India, RBI Data is considered. CY2019 in India refers to FY2020 and so on
• Inflation
Inflation, measured by the consumer price index (CPI), reflects changes in the prices of commonly purchased
goods and services. Global inflation spiked to ~6.6% in CY2023. The increase in global crude oil and commodity
prices, along with COVID-19 supply chain disruptions, have driven inflation, prompting countries to raise interest
rates in response. Global inflation has eased to ~5.7% in CY2024, with a projected rate of ~4.3% for CY2025.
Pre-pandemic inflation was ~3.5% in CY2019.
India’s CPI inflation is expected to drop from ~5.4% in CY2023 to ~4.7% in CY2024, and ~4.2% in CY2025. In
the USA and Germany, inflation is projected to fall from ~4.1% and ~6.0% in CY2023 to ~3.0% and ~2.5% in
CY2024, reaching ~3.0% & 2.1% respectively in CY2025.
Exhibit 1.3: Global Inflation Rate, Average Consumer Price Index (%) of Key Economies (CY)
Country 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026P 2027P 2028P
USA 2.1% 2.4% 1.8% 1.2% 4.7% 8.0% 4.1% 3.0% 3.0% 2.5% 2.1% 2.2%
China 1.6% 2.1% 2.9% 2.5% 0.9% 2.0% 0.2% 0.2% 0.0% 0.6% 1.4% 1.8%
Japan 0.5% 1.0% 0.5% 0.0% (0.2%) 2.5% 3.3% 2.7% 2.4% 1.7% 2.0% 2.0%
Germany 1.7% 1.9% 1.4% 0.4% 3.2% 8.7% 6.0% 2.5% 2.1% 1.9% 2.1% 2.2%
India 3.6% 3.4% 4.8% 6.2% 5.5% 6.7% 5.4% 4.7% 4.2% 4.1% 4.0% 4.0%
UK 2.7% 2.5% 1.8% 0.9% 2.6% 9.1% 7.3% 2.5% 3.1% 2.2% 2.0% 2.0%
France 1.2% 2.1% 1.3% 0.5% 2.1% 5.9% 5.7% 2.3% 1.3% 1.6% 1.9% 1.9%
Brazil 3.4% 3.7% 3.7% 3.2% 8.3% 9.3% 4.6% 4.4% 5.3% 4.3% 3.4% 3.0%
Australia 2.0% 1.9% 1.6% 0.9% 2.8% 6.6% 5.6% 3.2% 2.5% 3.5% 2.6% 2.5%
World 3.3% 3.6% 3.5% 3.2% 4.7% 8.7% 6.6% 5.7% 4.3% 3.6% 3.3% 3.2%
Source: IMF Projections, Technopak Analysis
• Interest Rates
Inflation impacts the prices of goods and services and influences the interest rates charged by commercial banks.
The current prevailing central bank policy interest rates in major economies like USA, China, India and UK are
4.5%, 3.0%, 5.5% and 4.25%, respectively as of May 2025.
Exhibit 1.4: Interest Rates for Key Economies in May 2025 (%)
18216.00% 14.75%
14.00%
12.00%
10.00%
8.00%
5.50%
6.00% 4.50% 4.25%
3.85%
4.00% 3.00% 2.90% 2.90%
2.00% 0.50%
0.00%
USA China Japan Germany India UK France Brazil Australia
Source: CEIC Data, Tradingview Data, India data from RBI, Secondary Research
Note: Data for Germany and Japan is for Feb 2025 and India for June 2025
• Purchasing Manager’s Index (PMI)
PMI is an index of the prevailing direction of economic trends in the manufacturing and service sectors which is
derived from the monthly surveys covering questions on output, employment, new orders, prices, costs and other
aspects of the business activity of the private sector companies. It is conducted to provide information about
current and future business conditions to company decision-makers, analysts and investors. It is identified as a
number between 0 to 100 in which points above 50 indicate expansion, while a score below 50 denotes contraction
and a reading at 50 indicates no change.
India has shown a slight growth in the manufacturing sector with 57.6 points in May 2025 as compared to 57.5
points in May 2024 but slower growth in the services sector with 58.8 points in May 2025 as compared to 60.0
points in May 2024.
Exhibit 1.5: Purchasing Manager’s Indices of Key Economies for Manufacturing and Services Sectors (in
points)
PMI, %
May2024 May 2025 % change PMI, Services May2024 May 2025
Manufacturing change
USA 51.3 52.0 1.4% USA 54.9 53.7 -2.2%
China 51.6 48.3 -6.4%% China 53.8 51.1 -5.0%
Japan 50.6 49.4 -2.4% Japan 53.5 51.0 -4.7%
Germany 45.2 48.3 6.9% Germany 54.1 47.1 -12.9%
India 57.5 57.6 0.2% India 60.0 58.8 -2.0%
UK 51.1 46.4 -9.2% UK 52.9 50.9 -3.8%
France 46.2 49.8 7.8% France 49.1 48.9 -0.4%
Brazil 52.1 49.4 -5.2% Brazil 55.1 49.6 -10.0%
Australia 49.9 51.0 2.2% Australia 52.8 50.6 -4.2%
Source: Secondary Research and Technopak analysis
1.2 Growing Consumption and Discretionary Spending
• Household’s and NPISHs (Non-Proft Institutes Serving Households) Final Consumption Expenditure
(formerly Private Consumption)
GDP growth in India is expected to be driven by rising households and NPISHs consumption. India is a private
consumption-driven economy, where the share of domestic consumption is measured in Household’s and NPISHs
final consumption expenditure. This comprises both goods (food, lifestyle, home, pharmacy, etc.) and services
(food services, education, healthcare, etc.). The high share of this consumption to GDP has the advantage of
insulating India from volatility in the global economy. It also implies that sustainable economic growth directly
translates into sustained consumer demand for goods and services. India’s domestic consumption has grown at a
183CAGR of 10.1% between CY2018 and CY2023, while China’s growth during the similar period is estimated at
5.4%. Other economies such as Germany, UK and US grew at a CAGR of 1.8%, 2.1% and 6.2% respectively.
In CY2023, private consumption accounted for 60.2% of India’s GDP. This was higher than that in China (39.0%),
but lesser than large economies such as US (68.0%) and UK (61.0%) in similar period of CY2023.
Exhibit 1.6: Households and NPISHs Final Consumption Expenditure (In USD Trillion) for Key Economies
(CY)
Contribution to GDP CAGR
Country 2018 2019 2020 2021 2022 2023 (CY 2018-
2019 2022 2023 23)
USA 13.9 14.4 14.2 16.1 17.7 18.8 67.0% 68.0% 68.0% 6.2%
Germany 2.1 2.0 2.0 2.1 2.1 2.3 51.0% 50.0% 50.0% 1.8%
Japan 2.8 2.8 2.7 2.7 2.4 NA 55.0% 56.0% NA NA
UK 1.9 1.8 1.6 1.9 1.9 2.1 64.0% 61.0% 61.0% 2.1%
France 1.5 1.5 1.4 1.6 1.5 1.6 54.0% 53.0% 53.0% 1.7%
China 5.4 5.6 5.6 6.8 6.7 7.0 39.0% 37.0% 39.0% 5.4%
India 1.3 1.4 1.4 1.7 1.9 2.1 61.0% 61.5% 60.2% 10.1%
World 48.7 49.5 47.4 53.7 56.2 60.0 73.0% 72.6% 73.4% 4.2%
Source: World Bank, RBI for India data, Technopak’s analysis
* For India, CY 2017 refers to FY 2018 and so on, 1 USD= INR 85
• Purchasing Power Parity (PPP)
Purchasing Power Parity measures the total amount of goods and services that a single unit of a particular
country’s currency can buy in another country. It compares economic growth and the standard of living in different
countries with a common currency by eliminating the differences in price levels between countries. The
purchasing power parity for the USA, India, Germany, and France has been on the rise from the period between
CY 2018 to CY 2024 with an average growth rate of CAGR 5.1%, 8.8%, 4.6% and 4.7% respectively.
Exhibit 1.7: GNI Per Capita, PPP (Current International $) of Key Economies in CY (Current Prices USD)
CAGR
Country 2018 2019 2020 2021 2022 2023 2024
(CY 2018-24)
USA 63,900 66,290 64,770 71,130 77,950 82,340 85,980 5.1%
China 15,940 16,610 17,070 19,350 21,250 24,360 26,920 9.1%
Japan 43,750 44,350 43,920 46,440 49,820 52,750 55,120 3.9%
Germany 57,060 60,430 59,560 64,330 69,210 72,990 74,880 4.6%
India 6,640 6,830 6,430 7,220 8,230 10,020 11,000 8.8%
UK 46,450 52,340 46,980 53,130 57,750 56,780 60,090 4.4%
France 47,620 51,580 49,880 55,020 58,610 59,070 62,620 4.7%
Brazil 15,030 14,900 14,590 15,750 17,270 20,470 21,650 6.3%
Australia 48,600 50,970 52,840 56,780 62,920 67,460 68,800 6.0%
World 17,029 17,653 17,287 19,634 21,637 22,625 24,083 5.9%
Source: World Bank, Technopak’s Analysis
• GNI Per Capita
In recent years, the rate of growth of per capita GNI has accelerated for India, indicating that the economy has
been growing at a faster rate as compared to USA, UK and France. The per capita GNI for India stood at USD
2,723 in CY2024, compared to USD 1,658 in CY2018, exhibiting a CAGR of 8.6% during the period as compared
to a CAGR of (4.7%) USA, (2.5%) UK, (6.2%) China and France (1.6%) for the same period.
184Exhibit 1.8: GNI per capita of Key Economies (in USD)
CAGR (CY
Country 2018 2019 2020 2021 2022 2023 2024
2018-24)
USA 63,360 66,120 64,670 71,390 76,770 80,450 83,660 4.7%
China 9,540 10,310 10,520 11,950 12,850 13,390 13,660 6.2%
Japan 41,800 41,970 40,940 43,670 42,550 39,350 36,030 -2.4%
Germany 47,540 49,410 47,970 52,050 54,030 54,800 54,960 2.4%
India 1,658 1,747 1,700 2,005 2,256 2,506 2,723 8.6%
UK 42,020 43,240 38,750 45,550 48,520 47,700 48,610 2.5%
France 41,170 42,460 39,250 43,810 45,180 45,180 45,180 1.6%
Brazil 9,320 9,220 7,910 7,850 8,140 9,280 9,950 1.1%
Australia 53,080 54,970 53,630 57,240 60,840 63,150 62,550 2.8%
World 11,060 11,513 11,059 12,116 12,871 13,179 13,439 3.3%
Source: World Bank, India Data from RBI, 1USD=INR 85
• Export Trends
The global export landscape is dynamic and influenced by multiple factors including technological advancements,
trade policies, geopolitical shifts, and changes in consumer preferences. The rise of e-commerce and digital
platforms has facilitated international trade allowing businesses of all sizes to reach global markets by optimizing
supply chains and manufacturing processes. However, the annual growth rate of the exports of goods and services
saw a decline during the COVID-19 period but has been recovering over the period. During CY 2023, the export
growth rate for USA, France, Germany, India and UK was 2.8%, 2.1%, (0.3%), 2.6% and (2.2%) followed by
3.3%, 1.3%, (1.1%), 7.1%, (1.2 %) in CY 2024. India has shown the highest growth rate among the key economies
in export trends and is expected to perform similarly in the coming years with the help of various government
initiatives.
Exhibit 1.9: Export of Goods and Services y-o-y Growth of Key Economies (CY) (%)
Country 2017 2018 2019 2020 2021 2022 2023 2024
USA 4.1% 2.9% 0.5% (13.1% 6.5% 7.5% 2.8% 3.3%
France 4.4% 4.5% 1.6% (16.6%) 11.3% 8.2% 2.1% 1.3%
Germany 4.9% 2.2% 2.3% (9.5%) 10.0% 3.1% (0.3%) (1.1%)
India 4.6% 11.9% (3.4%) (7.0%) 29.6% 13.4% 2.6% 7.1%
UK 6.8% 3.1% 2.0% (11.5%) 3.2% 12.6% (2.2%) (1.2%)
World 5.2% 4.4% 1.2% (8.5%) 10.1% 6.4% 0.9% 2.5%
Source: World Bank
1.3 Demographics
• Increasing Young Population
India has one of the youngest populations globally compared to other leading economies. The median age in India
was ~29.8 years in CY 2024 as compared to 38.9 years and 40.2 years in the United States and China, respectively
and is expected to remain under 30 years until 2030. The younger segment of the population is naturally pre-
disposed to adopting new trends and changes given their educational profile and their exposure to media and
technology, which presents an opportunity for domestic consumption in the form of branded products and
organized retail, among others. In addition, the advantage of a higher percentage of the working-age population
in India compared to other economies serves as a positive factor for the production side of its economy fostering
an environment conducive to growth, innovation and sustained economic development.
185Exhibit 1.10: Median Age of Key Global Economies (CY 2024)
Country USA China Germany Japan India UK France Brazil Australia
Median Age
38.9 40.2 46.8 49.9 29.8 40.8 42.6 35.1 38.1
(Yrs.)
Source: World Population Review
• Increasing Urbanization
Increasing urbanization is a key trend to note with strong implications for a country’s economic growth. It is due
to the change in the standard of living, employment opportunities, industrialization, commercialization, rural-
urban changes, and other social benefits that lead to the movement towards the urban areas. Almost, 58% of the
world’s population was classified as urban in CY 2024 as compared to China (66%), the USA (84%), Australia
(87%) etc. as of CY 2024. It is expected that the world’s urban population will increase to ~68% by 2050.
Exhibit 1.11: Urban Population as a Percentage of Total Population of Key Economies (CY 2024)
Country World USA China Germany Japan India UK France Brazil Australia
Urban
Population 58% 84% 66% 78% 92% 37% 85% 82% 88% 87%
Share
Source: World Bank
Exhibit 1.12: Urban Population y-o-y Growth of Key Economies (CY) (%)
Country 2017 2018 2019 2020 2021 2022 2023 2024
USA 0.9% 0.8% 0.7% 1.2% 0.4% 0.6% 0.7% 1.2%
China 2.7% 2.5% 2.3% 2.1% 1.8% 1.6% 1.5% 1.4%
Japan 0.0% 0.0% (0.1%) (0.2%) (0.4%) (0.3%) (0.4%) (0.3%)
Germany 0.4% 0.4% 0.3% 0.2% 0.2% 0.9% (0.5%) (0.3%)
India 2.4% 2.4% 2.3% 2.3% 2.2% 2.1% 2.2% 2.3%
UK 1.0% 0.9% 0.9% 0.7% 0.2% 1.4% 1.1% 1.4%
France 0.6% 0.7% 0.7% 0.6% 0.7% 0.7% 0.7% 0.7%
Brazil 1.1% 1.1% 1.1% 1.0% 0.7% 0.6% 0.7% 0.7%
Australia 1.8% 1.6% 1.6% 1.4% 0.3% 1.4% 2.6% 2.2%
World 2.0% 1.9% 1.9% 1.8% 1.6% 1.7% 1.7% 1.7%
Source: World Bank, For India, CY 2017 data refer to FY 2018 and so on
• Nuclearization
The growth in the number of households exceeds population growth, which indicates an increase in nuclearization.
In CY 2021, the average household sizes of people in USA, Germany and UK were 2.55, 2.0 and 2.4, respectively,
and the decadal growth rate of households in these countries between CY 2011 and CY 2021 was 8.3%, 5.3% and
6.4%. respectively. The growth in the number of nuclear families is leading to an increase in the number of
households, thereby creating a strong demand for housing units and consumer-driven businesses.
Exhibit 1.13: Total Number of Households (in Mn) (CY) and Decadal Growth Rate (%) in Key Economies
Average
Decadal
Household
Country CY 2011 CY 2021 CY 2024 Growth Rate
Size of People,
of Households
CY 2021
USA 119.9 129.9 132.7 8.3% 2.55
China 438 474 522.7 8.2% 2.98
India 248.9 297.1 299.7 19.4% 4.4
Germany 39.5 41.6 40.6 5.3% 2.0
UK 26.4 28.1 29.5 6.4% 2.4
186Average
Decadal
Household
Country CY 2011 CY 2021 CY 2024 Growth Rate
Size of People,
of Households
CY 2021
Australia 8.4 10 10.2 19.0% 2.59
France 29.7 31 30.2 4.4% 2.18
Source: GlobalData, World Population Review and Technopak Analysis
1.4 Digital Economy, Online Shoppers, and Internet Penetration
The digitization of the economy creates benefits and efficiencies as digital technologies drive innovation and fuel
job opportunities and economic growth. The digital economy also drives all aspects of society, influencing the
way people interact and bringing about broad sociological changes. According to the World Bank report titled
“Digital Progress and Trends Report 2023”, the world gained 1.5 billion new internet users from CY 2018 to CY
2022. The number of internet users reached 5.3 billion in CY 2022, representing two-thirds of the global
population. However, only one out of four individuals in low-income countries used the internet in CY 2022
(source: Digital Progress and Trends Report 2023). With the increasing penetration of the internet, people are
turning towards making online purchases along with physical shopping which gives them access to a wider market
and greater convenience.
Exhibit 1.14: Individuals using the Internet (% of population) and Digital Transactions (% of Population) in Key
Economies
Made or received a digital
Individuals using the
payment (% of population ages Online Shoppers (In Mn),
Country internet (% of
15+), CY 2024
population), CY 2023
CY 2021
USA 92% 93% ~273
China 76% 86% ~904
Japan 83% 96% ~94
Germany 92% 99% ~62
India 46% 35% ~280
UK 97% 99% ~55
France 85% 98% ~48
Brazil 81% 77% ~125
Australia 96% 99% ~9.8
Source: Individuals using the internet and Digital transactions data from World Bank report titled “Digital Progress and Trends Report
2023”and Online Shoppers data through Secondary Research
1.5 Manufacturing in India Gaining Traction
Manufacturing has emerged as one of the high growth sectors in India, with notable performances in key sectors
like automotive, engineering, chemicals, pharmaceuticals, and consumer durables. It is due to factors like long-
term employment prospects, skill upgradation, expanding exports, localising imports, internal demand and
contract manufacturing. According to the Department for Promotion of Industry and Internal Trade (DPIIT), India
received a total foreign direct investment (FDI) inflow of USD ~44.42 billion in FY 2024, and manufacturing
exports reached their highest ever annual exports of USD 447.46 billion with 6.03% growth during FY 2023,
surpassing the previous year FY 2022 recorded exports of USD 422 billion.
The manufacturing Gross Value Added (GVA) at current prices was INR 25.66 trillion (USD 301.96 billion) in
FY 2018, which is estimated to reach INR41.69 trillion (USD 490.47 Bn) in FY 2025 at a CAGR of 6.8%.
Furthermore, the Indian manufacturing sector is experiencing a surge in investments with various government
initiatives such as ’Make in India,’ and the Production-linked incentive (PLI) scheme.
187Exhibit 1.15: Manufacturing GVA at Current Prices (In INR trillion) (FY)
Source: RBI 1 USD= INR 85
Under the provisions of the FDI policy, the government has allowed 100% FDI under an automatic route in
contract manufacturing in India. Manufacturing activities may be conducted either by the investee entity or
through contract manufacturing in India under a legally tenable contract, whether on Principal-to-Principal basis
or Principal to Agent basis. The contract manufacturers can also sell products produced in India after abiding by
the 30% local sourcing norm for foreign single-brand retail companies.
2. Global Consumerware Market
2.1 Global Consumerware Market
The global consumerware market has exhibited continuous growth over the years. The consumerware market
includes a wide range of products used in household for various purposes, such as kitchenware, tableware,
cookware, cleaning tools and accessories etc, made from different materials like glass, plastic, bamboo, ceramic
and others.
It has grown at a CAGR of ~3.8% from USD 98 billion in CY 2019 to USD 114 billion in CY 2023. As of CY
2024, the global consumerware market was valued at USD 120 billion. Various factors like rising disposable
income, increasing influence of home interiors on consumers due to urbanization and social media, and growing
demand for modular kitchens and functional living spaces are further adding to the growth of the global
consumerware industry. Consequently, the market size is projected to reach USD 163 billion by CY 2029, growing
at a CAGR of 6.3% between CY 2024 and 2029.
Exhibit 2.1 Market Size of Global Consumerware Market (in USD Billion) (CY)
Source: Secondary Research, Technopak Analysis. Note: Percentage on arrows represent CAGR
188
66.52 21.82 50.72 00.82
29.33 43.53
12.93
96.14
2018 2019 2020 2021 2022 2023 2024 2025E
163
6.3%
5.3%
120
3.8% 114
98
2019 2023 2024 2029PThe consumerware market can be segmented by category type and material type, comprising of products made
with different materials like glass, plastic, metal, ceramic, bamboo, and others. Innovations in design and
technology, and portfolio extension are driving the global consumerware market in different material segments.
consumerware product category segmentation:
• Houseware: This category includes products used for daily household living, it includes bottles, jugs, flasks
and other products made of different materials like plastic, steel, glass, bamboo, a mix of materials, insulated,
etc.
• Cookware: Products used for cooking are generally made of cast iron, aluminium, stainless steel and others.
It includes products like pans, cookers, etc.
• Tableware and Kitchenware: It includes dining items and serveware products which includes plates, bowls,
dinner sets, spatulas, colanders, lime juicers, etc. made from various materials like plastics, glass, ceramics,
bamboo, etc. Kitchen Accessories include spatulas, icetrays, saltshakers, chopping boards etc.
• Insulated ware: It can be made from a mix of materials and is insulated to keep the food fresh or at a certain
temperature. It includes products like thermos flasks, insulated lunch boxes, etc.
• Bathware: It includes items used for hygiene and storage purposes in the bathroom like soap dispensers,
buckets, wash tubs, etc. made from plastics.
189• Food and Storage Containers: It includes products like lunch boxes, food storage boxes, kitchen storage
containers, etc. made from plastic, metal, ceramic and other materials.
• Home Organizations: It includes a range of products designed for organization in the household, it includes
organizers and storage bins for bedrooms, living rooms and others.
• Glassware: It includes mainly drinkware and barware accessories like glasses, jugs, pitchers, decanter etc.
made from glass.
Note: Images taken from Ikea, Amazon websites for representation purposes
Consumerware market segmentation basis material type as:
• Plastic- Plastic as a material is widely used in consumerware products due to its versatility, affordability, and
lightweight nature. It can be easily carried, stacked or stored, is shatterproof and does not wear and tear
easily which makes it a preferred choice for consumerware products.
Plastic consumerware includes various products like food storage containers, kitchen accessories and tools like
spatulas, lime juicers, ice trays etc., bathroom supplies like buckets, soap dispensers, dustpans etc., home
organization storage racks and others.
190• Glass- Glass consumerware includes drinkware (glasses, pitchers etc.), bakeware, microwave safe dishes,
storage containers like jars and bottles, dinnerware, and others. Glass is a non-reactive, heat-resistant material
making it an ideal option for food and beverage. Glass can be crafted into various designs with intricate
motifs and patterns making it a preferred choice for special occasions drinkware and dinnerware.
• Ceramic- Ceramic consumerware includes dinnerware, cutlery etc. It can be further classified by material
type into porcelain, bone China, stoneware and others. Ceramic is a durable, heat-resistant material and offers
a non-porous surface making it beneficial in the usage of food related products. Apart from these properties,
ceramic can also be glazed and decorated with intricate patterns enhancing its aesthetic appeal and making
it a preferred choice for dinnerware.
• Bamboo- Bamboo consumerware is a rather recent introduction in the consumerware market which is slowly
gaining popularity. It includes primarily tableware products like cutlery, plates, and bowls. Bamboo is a
sustainable and eco-friendly material, which is known for its strength, antimicrobial properties, natural
organic look and appeal.
• Metal- Metal consumerware mainly consists of products made from various metals like Stainless Steel,
Aluminium, Cast iron and others. Stainless steel is primarily used for products like lunchboxes, plates,
glasses, storage containers, cookware and others. Aluminium and cast iron are mainly used in cookware and
bakeware products like pans, skillets, etc.
191Note: Images taken from websites like Walmart and Ikea for representation purposes
Exhibit 2.2 Global Consumerware Market Segmentation- by Material Type (in USD billion and % share) (CY)
2024 2029 P
(Total Market USD 120 Bn) (Total Market USD 163 Bn)
2.7% 2.9%
11.2% 10.7%
Metal Metal
Plastic Plastic
11.8% 11.8%
48.9% 49.4%
Ceramic Ceramic
Glass Glass
25.4% 25.3%
Bamboo Bamboo
Source: Secondary research, Technopak analysis
Metal Includes: Aluminium, Cast iron and Stainless-steel products (excluding utensils)
In the global consumerware market, metal consumerware products, comprising of aluminium, cast iron, and
stainless-steel products, hold the maximum share of ~48.9% (USD 58 billion) as of CY 2024. Metal consumerware
products are expected to increase their share to ~49.4% (USD 80 billion) by CY 2029, growing at a CAGR of
6.5% between CY 2024 and CY 2029. Plastic is the second largest segment with a share of ~25.4% in CY 2024
(USD 31 billion). Even though, plastic will continue to be the second largest segment in the global consumerware
market by CY 2029 (USD 41 billion) growing at a CAGR of ~6.2%, it is going to observe a reduction in its share
to 25.3%, owing to rising awareness about sustainability among consumers. Nowadays, consumers are
increasingly becoming environment conscious, and consumer above certain income strata prefer to opt for eco-
friendly options when it comes to household products. Ceramic holds the third largest market with a share of
~11.8% in CY 2023 (USD 14 billion) and is expected to maintain a steady growth CAGR of ~6.2% through the
forecast period, maintain its share of ~11.7% in global consumerware market by CY 2029 (USD 19 billion).
Whereas glass is expected to observe a decrease in its share from 11.2% in CY 2024 (USD 13 billion) to 10.7%
in CY 2029 (USD 18 billion) growing at a CAGR of ~5.3%. This decrease in share can be attributed to the logistics
and weight properties of glass, which is making it a less preferred choice. Bamboo consumerware products are
expected to see steady growth with a share of ~2.7% in CY 2024 (USD 3 billion) increasing to ~2.9% in CY 2027
(USD 5 billion) growing at a CAGR of ~8.0%.
192Exhibit 2.3 Global Consumerware Market Share by Material- by Value (in USD Billion) (CY)
CAGR
163 6.3%
5
8.0%
18 Bamboo
120 Glass 5.5%
19
3 Ceramic 6.2%
13
41 Plastic
14 6.5%
Metal
6.8%
31
80
59
2024 2029 P
Source: Secondary research, Technopak analysis
The Key consumption markets in the global consumerware industry are USA, APAC (China being the dominant
country followed by Japan in the APAC region), and Europe (UK and Germany being the dominant countries
within Europe). Growth in these key markets is driven due to increasing urbanization, rising disposable income,
growth of e-commerce etc.
Exhibit 2.4 Key Consumption Market in the Global Consumerware Industry-by Value (in USD Billion) (CY)
CAGR 6.8% 7.7% 6.8% 6.9% 7.0% 10.7%
40.7
29.3
14.7
10.1 8.2 11.4 7.3 10.1 5.8 8.1 6.2
3.7
USA China Germany UK Japan India
2024 2029P
Source: Secondary Research, Technopak Analysis
For India data is in the financial year FY 2024 and FY 2028
In the global consumerware market, USA is the largest consumption market with a share of ~24.4% (USD 29.3
billion) in CY 2024. It will continue to remain the largest market by CY 2029 (USD 40.7 billion), growing at a
steady CAGR of 6.8%. China is the second largest market in the consumerware industry with a share of ~7.7% as
of CY 2024. Other key consumption market in the industry are Germany, UK, and Japan with a share of ~6.8%,
~6.9% and ~7.0% respectively. While India holds a share of ~2.7% in the global consumerware market, it is
expected to exhibit a high compound annual growth rate of ~10.7% from CY 2024 to CY 2029.
The Indian consumerware market is highly fragmented, but with a growing economy and changing consumer
preferences towards product design and aesthetic appeal in addition to functionality, there is a rising demand for
branded consumerware products. This demand is being met through organized format stores and online channels
like D-mart, Vishal Mega Mart, Home Centre, and others. Players like Amazon and Reliance have their private
label brands selling consumerware products, for example, Amazon’s private label Amazon Basics sells closet
193organization, cookware and other consumerware products. Similarly, China also has a fragmented market with
local and regional players like SANHO offering low-cost products. Consumer preferences are changing towards
better quality and new designs for which they are willing to pay a premium price, and to meet this demand,
international companies are entering the Chinese market with their premium product offerings. Meanwhile,
Japan’s consumerware market is maturing and requires manufacturers to focus on innovation and product
differentiation to stay competitive.
The US market is highly competitive, with well-established companies like Wayfair, Rubbermaid, Kitchenaid,
and Rosanna constantly innovating and launching new products to meet the demands, along with large retailers
like Walmart having presence across more than 5000+ retail locations within the region.
Germany and the United Kingdom are also important markets for consumerware products. In Germany, the market
is highly regulated, and with strict quality standards for manufacturers. The UK market is highly fragmented, with
various small and medium-sized players competing against larger and established players like IKEA, Tesco Plc,
ASDA etc. which have a wide range of products and a strong presence within the region.
Key Growth Drivers
1. Introduction of New Technology and Advanced Materials: Currently, the global consumerware industry has
been witnessing the introduction of advanced and quality materials at affordable prices. For instance,
ceramicware has gained popularity in hotels due to its durability, heat resistance, and aesthetic appeal. New
materials like bioplastic have been introduced which are eco-friendly but have properties like conventional
plastics. Other materials like Bamboo and recycled plastics are also gaining popularity and acceptance amongst
consumers, especially in developed markets like Europe. New shapes, designs and colour options are being
offered in consumerware at affordable rates. The availability of such innovative and technologically advanced
materials at reasonable prices has expanded the market and driven the adoption of consumerware products.
2. Rise in demand of Aesthetic Consumerware and Contemporary Kitchen: The surge in popularity of modular
kitchens and the growing demand for aesthetic consumerware products have sparked increased spending on
remodelling and improvement endeavours. Consumers are increasingly inclined to invest in premium
cookware and tableware, that is not just functional but also aesthetically pleasing and complements the
contemporary designs of modular kitchens. This prevailing trend is stimulating the expansion of the
consumerware market, specifically for products that cater to aesthetic preferences. Notably, consumers are
also actively opting for visually appealing daily essentials like bottles, lunch boxes, and other related items
that harmonize with the overall aesthetic appeal of their home and reflect a certain lifestyle.
3. Increasing Spend on House Projects: The COVID-19 pandemic accelerated the need for beautiful and
functional homes as more people spent increased time indoors in 2020 and 2021. While the pandemic
undoubtedly accelerated this phenomenon, it is crucial to acknowledge that other driving forces, such as the
growing trend of households becoming smaller and more independent and the increasing urban population
density and related societal transformations, have significantly contributed to the heightened demand for
consumerware products including cookware, tableware, and home decor, as consumers sought to create
comfortable and aesthetically pleasing living spaces.
4. Social Media Influence: With the rise in penetration of the internet, influencer marketing, has become an
integral marketing strategy in majority of the industries. The rise of social media influencers, particularly in
the consumerware industry, has had a significant impact on consumer behaviour. Influencers with expertise in
interior design, home organization, and culinary arts have gained large followings on platforms like Instagram,
YouTube, and Pinterest. They showcase consumerware products, provide inspiration, and offer tips on styling
and usage. These social media personalities have created an audience who follow, get inspired and acts based
on their recommendation, there by leading to increased consumer awareness and desire for consumerware
products, resulting in higher consumption.
5. Increasing Disposable Income: Rising disposable income has resulted in an increase in demand for premium
and high-quality houseware products. Consumers are increasingly opting for products that offer functionality,
durability, and aesthetics.
194Key Trends
1. Evolving Distribution Channels: The distribution channels in the consumerware market have been evolving.
Offline channels, which includes traditional brick-and-mortar stores and various modern trade channels like
chain supermarkets, hypermarkets, modern retail chains etc., still dominate the market globally with ~86% of
the total market share. The offline market share remains significant as customers prefer to physically verify
products like cookware before purchasing because prices vary significantly because of material, design,
quality, and size. However, online channels have been gaining traction, consumers are showing a growing
interest in branded products available through online platforms, especially among young working
professionals, who value the convenience of ordering, delivery, and easy returns. For example, in the US
market, the online sales accounted for 16.2% of the total retail sales in the first quarter of 2025 which was
6.1% higher than the same quarter in 2024, thus showing growth in the online sales. With the increasing online
sales, the consumerware product sales through the channel are expected to get a boost.
2. Growing Trend of Omni Channel market: In the evolving consumerware market, branded retailers are
embracing omni-channel strategies to enhance the consumer experience with branded products. By
establishing a strong online presence and partnering with e-commerce marketplaces, reputable retailers make
sure that their branded products are easily accessible to consumers across different channels. The inclusion of
branded products within this omni-channel approach instils trust and credibility, as consumers can recognize
and rely on the brand's reputation and consistency. Many retailers have implemented click-and-collect
services, allowing customers to conveniently place orders online and pick up their purchases from nearby
physical stores. Moreover, retailers leverage data analytics and customer insights to provide personalized
recommendations of branded houseware products, strengthening the bond between consumers and the brands
they trust.
3. Premiumisation though branded products: A significant trend that can be seen in most emerging global
markets is the premiumization of branded products, driven by consumers' increasing willingness to invest in
top-quality offerings. Branded consumerware items have gained popularity among consumers with higher
disposable incomes, who seek assurance of superior quality, innovative designs, and enhanced functionality.
Consumers look for quality products at low costs, which modern trade retailers may find difficult to source
from the domestic market and hence are turning towards outsourcing. To satisfy the aspiration for
personalization, brands are offering exclusive and innovative products. Social media and lifestyle trends play
a role in showcasing branded products as desirable and aspirational, contributing to the overall success of
trusted brands in the consumerware market.
Key Challenges and Threats:
1. Low product replacement in certain categories: A few categories of consumerware products are often
purchased for a long-term use. This reduces the frequency of product purchases as replacements, slowing the
market’s pace and limiting growth. In many developing countries and regions, houseware products are
purchased only when required. This consumer behaviour can negatively impact the growth of the market and
hence limits player’s growth within those markets.
2. Economic conditions and cross border tensions: Economic downturns and market depression can result in
reduced spending power and consumer prioritizing to limit their purchases to essentials houseware products;
this can slow down the overall consumerware market growth. Along with economic conditions, cross border
tensions or wars like Russia and Ukraine can lead to disruption in the supply chain, increased raw material
costs and product dispatch delays resulting in loss of business or reduction in profitability. Such factors can
pose a threat for the businesses to sustain and maintain their market share and margins.
3. Competitive market: The global consumerware market is a highly competitive market consisting of many
players. The market is divided into many segments based on material type and product categories, with high
competition for market share. Players, hence, need to continuously innovate, optimise costs and maintain
quality standards. There are large retailers who are selling their private labels as well as regional and local
brands, all competing within the segment to meet consumer demands. This results in increasing availability of
alternatives for consumers making it hard for players to retain their market share and can also drive down
prices and profit margins. Additionally, the players need to allocate additional funds to marketing and
innovation to meet the changing demands and preferences of consumers, which may strain financial and
operational resources, making it tough for the players to maintain sustainable growth.
195Global Consumerware Retailers
The global consumerware market consists of large multinational companies with a global presence as well as
small and regional retailers. The market is highly competitive and the factors that help retailers to compete and
grow in the market are innovative products, quality, aesthetic appeal, packaging, product assortment, pricing and
distribution capabilities.
The growth of retailers in the consumerware market has been driven by post-pandemic home focus. The Covid-
19 pandemic forced people to spend more time indoors, focusing on home improvement and kitchen activities
which led to a shift towards home organization, cooking and indoor projects. Along with that, the shift in the sales
channel from offline to e-commerce / omni-channel, made it easier for people to browse and accelerate online
shopping along with offline shopping. Regional factors such as rising disposable income in India, sustainability
focus across Europe and strong e-commerce expansion in USA, helped the industry grow.
Exhibit 2.5 Global Consumerware Retailer Growth (FY)
Revenue (USD Mn) Country Global Store Sales
Retailers Type
2021 2022 2023 2024 of Origin Presence Channel
Helen of Troy
Online Retail
(Hydro Flask, 727 866 916 906.3 US 90+ countries
Offline er
Osprey, oxo)
US, Canada, Puerto
Rico, Australia, UK,
Williams- countries in the Online Retail
8,246 8,674 7,750 7711.5 US
Sonoma inc. Middle East, the Offline er
Philippines and
Mexico
Bed Bath and Retail
2,800 1,900 1,600 1.092 US Online only Online
Beyond er
63 countries and 5
Inter IKEA Sweden Online Retail
27,904 29,975 31,675 28,926 territories globally, 4
Inc. (Europe) Offline er
stores in India
United States,
The Home UK Canada, Mexico Online Retail
151,157 157,403 152,669 159,514
Depot (Europe) 2000+ stores in North Offline er
America
John Lewis & UK Online Retail
13,860 13,470 11,751.3 12,113.2 363 stores
Partners (Europe) Offline er
Source: Secondary Research, Annual Reports, Company Website
Note: Consolidated revenue for all players. Euro to USD conversion rate 1.09. Fiscal Year ending for 2024, Helen of Troy-
Feb’25, William Sonoma- Feb’25, Bed Bath and Beyond- Dec’24, Ikea Inc. – Aug’24, Home Depot-Feb’25, John Lewis-
Jan’25
Revenue for home segments considered for Helen of Troy and John Lewis & Partners
Local and regional players boost the growth within a particular region / country. Whereas large retailers in the
consumerware market shape the trends and consumer preference in the industry. They provide consumers with an
extensive product range, innovative designs etc. Large retailers leverage the power of data to understand consumer
preferences and have the financial capabilities to spend on research and development to manufacture those
products. Large retailers’ global presence helps in popularizing new trends in multiple regions, hence accelerating
acceptance of new products and innovation across the globe.
The offline sales channel in the global consumerware market accounts for ~85% of the market share and is
expected to dominate the consumerware retail sales for the next five years. Offline sales channels include general
trade and modern trade stores. Within the offline sales channel, modern trade stores contribute a share of ~48%
of the sales. Modern trade stores like supermarkets, hypermarkets and large retail chains are a preferred choice
for buying consumerware products in most developed economies. Walmart, Target, Kohl’s etc. are some examples
of modern trade retailers.
196Exhibit 2.6 Global Consumerware Large Retailer Contribution (Fiscal)
Revenue Revenue
Country of
Retailer 2023 (USD 2024 (USD Consumerware Contribution
Origin
Billion) Billion)
Walmart is one of the largest retailers globally and its
consumerware segment includes kitchenware,
bathroom accessories and houseware products which
contribute approximately 17% to its total revenue.
Walmart 642.6 674.5 US
Within the United Sates, Walmart has stores in 50
states and has stores in Puerto Rico, offering low prices
on an assortment of products through a variety of
formats
Target offers high quality, on-trend merchandise at
discounted prices through its consumer-friendly stores
Target 107 106.5 US and online channels (store count- 1900+ as of
December 2023). Its beauty and home segment
together contributes around 30% of its revenue.
Lowe's consists of consumerware range including
kitchenware, bathroom accessories, home organization
Lowe's Companies 86.4 83.7 US
and storage. The kitchen and bath category contributes
7% of its revenue
Khol's is a prominent player in home merchandise sale.
Kohl's 17.5 16.2 US Its home and houseware and textile accounted for 16%
of its sales in 2022
Carrefour is one of the leading retailers globally,
operating hypermarkets and supermarkets, consisting
Carrefour sa 92.5 93.1 Europe
of consumerware range including bath, kitchen, home
organization and storage
Tesco consumerware products are mainly offered
Tesco plc 74 76.2 UK
under its own private label brands
Reliance Retail operates many hypermarkets and
supermarkets along with online marketplaces like
Reliance Retail* 36.3 N/A India
Jiomart which sells household consumerware products
contributing to the overall revenue of Reliance Retail
William Sonoma consists of brands like William
William Sonoma Sonoma, Pottery Barn, West Elm which are houseware
7.8 7.7 US
Inc. brands in the premium segment of consumerware
market
Ikea is a significant player in the consumerware market
Ikea 32 28.9 Europe
with a presence in more than 50 countries
Crate and barrel are known for its contemporary and
stylish houseware and kitchenware, primarily in North
Crate and Barrel 1.6 2.5 US
America with an expansion in other regions through
partnership and online platforms
Source: Secondary Research, Annual Reports, Company Website
Note: The revenue of the companies is the consolidated revenue of the entire company
*Reliance Retail Revenue is Standalone revenue. Euro to USD Conversion rate 1.09. INR to USD Conversion rate 80
Fiscal Year ending for 2024: Walmart- Jan’25, Target- Jan’25, Lowe’s Company-Jan’25, Khol’s- Feb’25, Carrefour SA- Not
available, Tesco PLC-Feb’25, , William Sonoma- Feb’25, Ikea Inc. – Aug’24, Crate and Barrel- Not available
2.2 Global Plastic Houseware Market
The global plastic houseware market has been growing at a steady pace over the years. It has grown at a CAGR
of ~4.5% from USD 24.3 billion in CY 2019 to USD 29.0 billion in CY 2023. As of CY 2024, the global
consumerware market was valued at USD 30.5 billion. Plastic houseware includes wide range of products used
in the household for various purposes, such as kitchenware, tableware, cookware, cleaning tools and accessories,
etc., made from materials such as Polypropylene (PP) and Polyethylene (PE) and others. Plastic houseware
products offer properties such as water resistance, durability, resistance to chemicals, light weight, etc., making it
a good option for everyday use and contributing towards the growth of the market. The market is expected to
reach USD 41.2 billion by CY 2029, growing at a CAGR of ~6.2% between CY 2024 and CY 2029.
197Exhibit 2.7 Global Plastic Houseware Market Size (CY) (in USD Billion)
41.2
6.2%
4.5% 5.2%
30.5
29.0
24.3
2019 2023 2024 2029P
Source: Secondary Research, Technopak Analysis
Note: Percentage on arrows represent CAGR
Plastic Houseware includes Tableware: Dinnerware and Serveware (Plates, bowls, cups, serving bowls or trays and others).
Kitchenware and accessories: cooking spoons, spatulas, lime juicer, chopping board, and others. Food Storage Containers:
Lunchboxes and food containers (Including products like lunch boxes, lid containers for food storage and others). Home
Organization: Storage units (it includes storage units with lids, bins, racks and others), Bathware: Bathroom products (It
includes buckets, soap dishes, wash tubs and others)
The key consumption regions of the plastic houseware market are Asia Pacific and North America, followed by
Europe. Asia-Pacific dominates the Plastic Houseware market. It has the highest share of ~35% in the Global
Plastic Houseware market as of CY 2024 and is expected to continue to be the largest segment by CY 2029,
constituting a ~36.0% share, growing at a CAGR of ~6.8%. Rising disposable income, changing consumer
preferences due to urbanization and introduction of new and innovative designs and products are some of the
factors responsible for the growth of plastic houseware products in the Asia-Pacific region. USA and Canada are
key consumption countries in the North American region. Online shopping has become the fastest growing
segment in USA and with companies adopting omni-channel strategies. The share of North America in the market
thereby is expected to increase from ~28% in CY 2024 to ~29.0% in CY 2029 (CAGR ~6.9%). The share of
Europe is expected to decline from ~24% in CY 2024 to ~21.7% in CY 2029 (CAGR ~4.1%), due to the strict
rules and regulation that are being taken to reduce plastic usage. The share of South America (CAGR ~7.0%) and
Middle East and Africa (CAGR ~6.6%) in the Global Plastic Houseware market is growing at a steady pace from
~7% and ~6.0% to ~7.2% and ~6.1% respectively.
Exhibit 2.8 Global Plastic Houseware Key Geographies Market Share (in %) (CY)
2024 2029P
(Total market USD 30.5 Bn) (Total market USD 41.2 Bn)
6.0% APAC 6.1% APAC
7.0% 7.2%
North America North America
35.0% 36.0%
Europe Europe
24.0% 21.7%
South America South America
28.0%
29.0%
Middle East and Middle East and
Africa Africa
Region Market Size
APAC North America Europe South America Middle East and Africa
(USD Bn)
2024 10.7 8.5 7.3 2.1 1.8
198Region Market Size
APAC North America Europe South America Middle East and Africa
(USD Bn)
2029P 14.8 12.0 8.9 3.0 2.5
CAGR 24-29P 6.8% 6.9% 4.1% 6.8% 6.6%
Source: Secondary Research, Technopak Analysis
Key Growth Drivers
1. Cost effectiveness and versatile characteristics of Plastic: Plastic is known for its cost-effectiveness due to
its relatively low production expenses compared to other materials. It is highly versatile, as it can be moulded
into virtually any shape. It is also easy to carry or stack, making it a preferred choice for everyday use.
Additionally, plastic's lightweight nature contributes to reduced transportation costs. These characteristics
of plastics make it a suitable material for houseware products.
2. Increase in online shopping: Post pandemic there has been a rapid surge in online shopping. Right from
daily essentials to houseware products, people prefer to buy everything online from the convenience of their
home supported by smartphones. With rise in urbanisation and nuclearization, more and more people prefer
shopping online to save time. Such shift in consumer behaviour towards online shopping is also going to
drive the global plastic houseware market.
3. Growing middle class population boosting sale: As per the world population data, the middle-class
population is growing in emerging Asian countries like India and China. The increase in disposable income
of the middle-class population, has shifted their preference from essential products to premium household
products that offer aesthetic appeal. The rise in demand for such premium plastic houseware is also going to
drive the global plastic houseware industry.
4. Product development and innovations: Changing consumer preference for houseware products that demand
design along with functionality, has led to innovation in the plastic houseware industry. As a result,
manufacturers are coming up with new products, encompassing improved designs and properties such as
durability and resistance to staining or odours etc., which are going to propel the industry towards growth.
5. Sustainable innovations: With a growing emphasis on sustainability and environmentally friendly solutions,
there has been an increase in demand for alternatives to existing plastic material. To meet these consumer
demands, manufacturers are conducting research and developing alternatives such as biodegradable or
compostable plastic containers, bioplastics etc. or have introduced recycling programs, adhering to the
government norms to reduce plastic waste. For instance, India has introduced plastic recycling norms and
the Extended Producers Responsibility (ERP) regime to monitor plastic waste management. With help of
such norms and recycling programs, companies are coming forward with innovative alternative solutions to
conventional plastics, thereby giving a boost to the plastic houseware industry.
Key Challenges and Threats to All Time Plastics and Other Players in the Industry:
1. Rise in raw material cost and supply chain disruptions: Plastic raw materials saw a surge in prices, post
pandemic and also factors like recession and war, can cause disruption in the overall supply chain. These
fluctuations in the raw material prices become a challenge for the companies as it impacts their profitability
and cost predictability. Similarly, disruption in the supply chain due to trade barriers or war scenarios such
as the Russia- Ukraine war results into delays in product deliveries and hampers the sale of the products.
Within the plastic houseware market, many large retailers and players are dependent on outsourcing
products, any major delays or disruption in the supply chain can be a threat to the players and this can
negatively impact the overall growth of the market.
2. Stringent regulation and environmental concerns: Every country has their own set of norms and standards
to regulate the use of plastics and polymer. As the demand for sustainable products has increased, rules and
regulations simultaneously have also become more stringent. Adhering to these rules and regulations can
become a challenge for the companies. For example, India has initiated EPR regime to monitor the recycling
of plastic waste, and it is the responsibility of the producer to collect and recycle or sound disposal of the
plastic waste. Similarly, many countries and regions implement ban and restriction on certain type of plastics.
These regulations compel companies to adapt their materials often at higher costs.
3. Lack of aesthetic appeal and consumer perception on quality and sustainability: Consumer preference is
shifting towards aesthetically appealing houseware products. In order to meet this demand, plastic
manufacturers have to compete with other alternative houseware products with materials like ceramic and
glass, which offer innovative and intricate patterns. Another factor of quality perception is a challenge for
plastic material manufacturers as consumers often perceive it as a less premium quality product.
Additionally, there is an ongoing concern about the health effects of chemicals used in plastic products due
to which consumer are seeking BPA-free plastic. Also, with rising environmental concerns, acceptance of
199alternative eco-friendly and sustainable material products is increasing, and few consumers are shifting
towards opting for such products made from materials like bamboo and ceramics, even at a premium price.
This shift can be a threat to the plastic houseware market and hence plastic players are looking for sustainable
and recyclable plastic options along with expansion to newer material types.
4. Competitive market: The plastic houseware market is fragmented with numerous brands, making it difficult
for companies to capture a large chunk of the market share. The competition lies not just within the plastic
houseware industry but also with other material industries such as glass, metal, ceramics etc. Though plastic
is often cost effective as compared to these materials, with changing consumer preferences and trend towards
premiumisation, higher income consumers often opt for other more aesthetic and sustainable materials.
Recycled plastic products are a preferred option if given a choice over non-recycled products
There are growing concerns regarding the use of plastic in houseware products. Even though plastic is a very
versatile material, it is not very environmentally friendly. With the increase in environmental awareness, a shift
can be seen, with consumers preferring or opting for eco-friendly options / recycled plastic products over
conventional plastic products. Due to this shift, there is an increase in demand for recycled plastic products in the
market and as a result, several players in the industry are coming up with various options. For instance,
1. Ikea is offering products made from recycled plastic with up to 90% recycled plastic content, mostly post-
consumer recycled plastic and selling those at a lower price. For example, “Hallabar Collection”, includes
sorting bins made from recycled plastics.
2. Walmart is also offering products under its private label that use recycled plastic. It has launched a product
range of tableware with recycled plastic, which includes products like bowls, tumblers, cutlery and other
products.
200Branded Play vs Unbranded Play
Exhibit 2.9 Global Plastic Houseware Market Split- Branded v/s Unbranded Share (%) (CY) (in USD Billion)
CAGR
30.5 41.2
6.2%
2.3%
29.0%
35.0%
Unbranded
8.1% Branded
71.0%
65.0%
2024 2029P
Source: Secondary Research, Technopak Analysis
Note: Percentage on arrows represent CAGR
As of CY 2024, the branded players accounted for 65% of the global plastic houseware market and this is projected
to increase to 71% by CY 2029. The branded market is growing faster than the overall market with a CAGR of
~8.1% as compared to the overall CAGR of 6.2% from CY 2024 to CY 2029. Branded players with their
innovation & marketing budgets, advertising strategies, strong social media presence and omni-channel retail
presence, enhance their product visibility amongst consumers, thereby driving the growth of branded play in the
industry.
Exhibit 2.10 Global Retailers Outsourcing Plastic Houseware Products
Country of Food storage and Tablew Kitchenw Home Bath
Retailer
Origin Containers are are organization Accessories
Walmart USA ✓ ✓ ✓ ✓ ✓
Ikea Europe ✓ ✓ ✓ ✓ ✓
Target USA ✓ ✓ ✓ ✓ ✓
Oxo USA ✓ ✓ ✓ ✓ ✓
Sainsbury’s UK ✓ ✓ ✓ ✓ ✓
Michaels USA ✓ ✓ ✓ ✓ ✓
ASDA UK ✓ ✓ ✓ ✓ ✓
Kmart
Australia ✓ ✓ ✓ ✓ ✓
Australia
Bed Bath &
New Jersey ✓ ✓ - ✓ ✓
Beyond
B&Q UK ✓ ✓ ✓ ✓ ✓
Dollar Tree USA ✓ ✓ ✓ ✓ ✓
The Container North America ✓ - ✓ ✓ ✓
Store
Hema Europe ✓ ✓ ✓ ✓ -
Wayfair USA ✓ ✓ ✓ ✓ ✓
House Australia ✓ ✓ ✓ ✓ ✓
Casa & Video South America ✓ - ✓ ✓ -
Mr. DIY Malaysia ✓ ✓ ✓ ✓ ✓
Source: Secondary Research, Company Website
(✓) denotes present in the category
201Contract Manufacturing in the Global Plastic Houseware Industry
Outsourcing or contract manufacturing a process of involving a third-party to manufacture the products for the
retailers. This arrangement has it owns set of benefits including cost savings, access to specialized expertise and
technology along with advanced processes and flexibility in production capacity. Outsourcing helps retailers to
focus on their core competencies without having to invest a substantial amount of capital in machinery and
facilities. In today’s time with ever evolving trends and consumer demands, it is not easy for companies to keep
adding new machinery or tools to provide the products, hence outsourcing it to a third-party which already has
the equipment and expertise not only saves costs but also helps to meet the demand at a faster rate.
Exhibit 2.11 Plastic Houseware Contract Manufacturing Players (CY)
Revenue
Consumer Other Exporting
Company 2023 Country Number Customer
ware Product Product to
Name (USD of Origin of Plants Name
Category Category Countries
Million)
Household Sports goods,
Tongda
Utensils, Consumer Ikea,
Smart Tech USA,
835** China 8 Suction cup electronics GEODIS
(Shishi) Co. Europe
hooks, baby and structure USA
Ltd.
seats components
IKEA, Sit
Food
Manufacturi
Containers
Pezzutti Industrial ng Na De,
96.64* Italy 4 Cutlery USA
Aldo Sri Components Leggett &
Children
Platt Global
Bottles
Services
USA,
Construction
Poland,
Food Industry,
SLG Belgium,
containers components
Kunstsoff 80.54 Germany 2 IKEA Czech
Home for electronic
GmbH Republic,
organization products,
Botswana,
Furniture
Netherland
Ikea,
Dongguan GEODIS
Rongsheng USA,
- China - - - USA
Furniture OHL
Co. Ltd. International
PNY
Plastic
Bucket, Plastic POS
Cutlery, display, PET Europe,
FOW
- China - Household products, - America,
Mould
products, Solar Russia
Storage units, panelparts
Baby products
Source: Secondary Research, Company Website
* Pezzutti Aldo Sri Revenue for 2021
** Tongda smart tech ltd. Household and Sports Goods share is 13.6% of the total revenue
Asia Pacific is the dominant region in contract manufacturing for plastic houseware products. It comprises
countries like China and India which are some of the largest hubs for contract manufacturing with ~70% of
outsourcing happening from China, while around 15%-20% happening from India. One factor behind the
dominance of China and India are manufacturing infrastructure since the domestic consumption is already high
due to which manufacturing setups with required skills already exist in the regions. This combined with lower
202production cost due to low labour costs helps retailers acquire products with economical costs and quality. In
developed markets like USA, Europe, Australia, 80% of retailers like Walmart, Ikea, Target, Kohl’s outsource
through contract manufacturing. While in developing markets 40%-45% of the products are outsourced through
contract manufacturing.
2.3 Global Bamboo Houseware Market
As of CY 2024, the global bamboo houseware market was valued at ~USD 3.2 billion. It is expected to grow at a
CAGR of ~8.0% between CY 2024 and 2029, reaching a value of ~USD 4.7 billion by CY 2029. Bamboo is a
sustainable and eco-friendly material that helps in reducing carbon footprints, reduces soil erosion and is
biodegradable. Other properties of bamboo include durability, water resistance and natural aesthetic appeal.
Factors like increased acceptance of eco-friendly materials by consumers are adding to the growth of the bamboo
houseware market. The global bamboo houseware market includes various products for household use such as
Tableware, drinkware, and other home and kitchen accessories like dish drying racks, soap dishes, cabinets and
others.
Exhibit 2.12 Global Bamboo Houseware Market (CY) (in USD Billion)
4.7
8.0%
7.0% 3.2
3.0
2.5%
2.7
2019 2023 2024 2029P
Source: Secondary Research, Technopak Analysis. Bamboo Houseware Market includes Dinnerware: It includes plates, cups,
bowls, cutlery, and others. Drinkware: It includes glasses, pitchers and others. Kitchen and Home accessories: It includes
dish drying racks, soap dishes, small storage cabinets, spice box and others. Note: Percentage on arrows represent CAGR
Key Categories
Companies in the global bamboo houseware Industry are diversifying and innovating to introduce new products
and categories into the market. Some of the key categories include dinnerware, drinkware, kitchen tools and kids’
collection.
Tableware- The tableware category in the bamboo houseware market includes products such as plates, bowls,
serving bowls, flatware, cups, dinnerware sets, salt and pepper holders etc. It also includes dinnerware sets and
kids collection. Brands like Bamboobamboo offer a wide range of bamboo kids collections including plates, and
dinner sets, while other brands like Lekoch offer a wide range of designs in bamboo dinnerware category.
Source: Company website
203Drinkware- The drinkware category in the bamboo houseware industry includes products such as glasses, bottles,
takeaway mugs, pitchers, jugs, toddlers drinking jars with straws and kids’ collections including products such as
sippers, jars with straws, mugs and others.
Source: Company website
Kitchen tools and other home accessories- The kitchen tools and accessories in the bamboo houseware industry
includes products such as chopping, cutting and bread board, dish drying rack, cooking spatula and tongs, honey
dipper kitchen organizers, soap dishes and others.
Source: Company website
Branded Play vs Unbranded Play
Exhibit 2.13 Global Bamboo Houseware Market Branded v/s Unbranded Split (%) (CY) (in USD Billion)
3.2 8.0% 4.7
5.3%
60.0%
68.0% Unbranded
Branded
12.9%
40.0%
32.0%
2024 2029P
Source: Secondary Research, Technopak Analysis
The global bamboo houseware market is dominated by unbranded play. The share of the unbranded market was
68% and by CY 2029, the unbranded play is expected to reduce to 60%. As opposed to that, branded play is
expected to increase from 32% in CY 2024 to 40% in CY 2029. Bamboo Houseware is a niche market which is
gaining popularity with increasing acceptance of eco-friendly products among consumers. As a result, an
increasing number of branded retailers are introducing innovative bamboo housewares in their product assortment
as they have resources to spend on R&D to develop bamboo products which takes significant time and a strong
supplier base to support wide-scale manufacturing. Additionally branded players also have the requisite finances
204to spend on marketing activities to spread awareness among consumers about the benefits of bamboo products,
which is a prerequisite for the global bamboo market to grow. Along with such factors that are expected to drive
the growth of branded play in future, acceptance of bamboo products by large retailers is another factor as large
retailers have a global presence and an influence on market trends and consumer trust. This is because large
retailers have processes and audits that ensure sustainable sourcing of bamboo. Such retailers also support the
supply chain and manufacturing ecosystem of Bamboo product manufacturing as they generate a larger demand
for the product for their worldwide presence. Hence, branded play within the Bamboo houseware market is poised
for growth.
With the rising consumer acceptance of Bamboo products, the retailers’ offerings are also expanding. Large
retailers like Ikea have introduced a range of kitchenware bamboo products like bowls, chopping boards, trays,
utensil stands, etc. Similarly, other prominent retailers like Walmart, Target, William Sonoma and others have
also introduced bamboo kitchenware and tableware product ranges including products like flatware organizers,
laundry organizers, trays, cutlery, chopping boards etc.
Some of the key players in the global bamboo houseware market are Lekoch, Ecosoul, Bambu home etc. While
in terms of regions, China is the manufacturing key hub for bamboo products, India is another important hub for
Bamboo products, with diverse bamboo species present in the country. Lekoch is one of the key players in the
global bamboo houseware market with its reach in regions like Europe, America and Asia. In addition to that,
they also have multiple cargo warehouses in countries like the United States, Germany, UK and China. Similarly,
Morgiana is also shipping worldwide through its own websites and through various marketplaces.
Exhibit 2.14 Global Bamboo Houseware Market Key Players
Revenue
2024 Year of
Player Name Country Type Categories
(USD inception
Million)
Retail + Dinnerware
Lekoch China 20.0* 2003
Manufacture Drinkware
Bamboo Dinnerware
UK - 2015 Retail
Bamboo Drinkware (for Kids)
Dinnerware
Retail +
Ecosoul India 3.3 2020 Drinkware
Manufacture
Kitchen and other accessories
Dinnerware
Drinkware
Bambu home USA 6.1* 2003 Retail
Kitchen and other accessories
(for Kids and Adults)
Morgiana France - - Retail Dinnerware
Flatware
Totally Retail +
California - - Organizers
Bamboo Manufacture
Kitchen accessories
Source: Secondary Research, Company website. Consolidated revenue for all players
*Revenue data for 2023
3. Global Trade in Consumerware Category
3.1 Global Consumerware Trade
The Global Consumerware Market is broadly divided into two categories, Consumer Houseware and Consumer
Glassware. The Consumer Houseware market can be further segmented by material type into plastic, bamboo,
ceramic, metal, and melamine. Likewise, the Consumer Glassware market can be subcategorised into Opalware,
Glassware and Porcelain.
3.1.1 Global Trade in Consumerware Market
The global exports for the consumerware market were valued at USD 84.0 Bn in CY 2024, having grown with a
CAGR of 5.0% from USD 65.9 Bn in CY 2019. The market is projected to grow at a CAGR of 10.1% between
CY 2024 and CY 2029 reaching a value of USD 135.9 Bn by CY 2029. Rising disposable income, changing
consumer preferences due to urbanization and the introduction of new and innovative designs and products are
some of the factors responsible for the growth. The growth witnessed in CY 2021 and CY 2022 can be largely
205attributed to the pent-up demand following the COVID-19 pandemic. However, the industry is now gradually
stabilizing its growth pattern.
Exhibit 3.1: Global Exports of Consumerware in US$ Billion (CY) – By Value
135.9
85.3 88.9 83.9 84.0
65.9
57.0
2014 2019 2021 2022 2023 2024 2029E
Source - ITC Trade Map and Technopak Analysis.
HS Code for Plastic Houseware – 3924; HS Code for Bamboo consumerware – 441911, 441912, 441919; HS code for
Ceramic and related items – 691200; HS Code for Melamine and related items – 390920; HS Code for Metal and related
articles – 8211, 8215, 761519, 7323(excluding 732710); HS Code for Glassware and related articles – 701337, 701090,
691110, 701342, 701349.
3.1.2 Key Traded Categories
In the Global consumerware exports market, Glassware occupied the largest share in CY 2024, constituting 36%
by value, followed by Plastic and Metal constituting ~32% and ~27% by value respectively. As of CY 2024, the
exports in the Global Plastic houseware market were valued at USD 27.1 Bn, having grown from USD 20.1 Bn
in CY 2019 at a CAGR of 6.1%. Similarly, exports in the Global Bamboo houseware market were valued at USD
0.99 Bn in CY 2024, having grown from USD 0.7 Bn in CY 2019 at a CAGR of 7.2%. Although Bamboo
houseware does not have a significant share in global exports, it has seen a growing trend numerically since CY
2014.
Exhibit 3.2: Key Traded Categories (Exports) – Global Consumerware Market in US$ Billion (CY)
USD 57 Bn USD 65.9 Bn USD 85.3 Bn USD 88.9 Bn USD 83.9 Bn USD 84.0 Bn USD 135.9 Bn
4% 5% 5% 5% 5% 5% 6%
29% 28% 31% 28% 27% 27% 28%
37% 37% 33% 35% 37% 36% 35%
30% 31% 31% 32% 31% 32% 31%
CY 2014 CY 2019 CY 2021 CY 2022 CY 2023 CY 2024 CY 2029E
Plastic Glassware Metal Others
206Source – ITC Trade Map and Technopak Analysis.
Note: Others include Bamboo (USD 0.99 Bn), Ceramic (USD 2.36 Bn) and Melamine (USD 0.57 Bn). Exports figures are as
of CY 2024.
HS Code for Plastic Houseware – 3924; HS Code for Bamboo consumerware – 441911, 441912, 441919; HS code for
Ceramic and related items – 691200; HS Code for Melamine and related items – 390920; HS Code for Metal and related
articles – 8211, 8215, 761519, 7323(excluding 732710); HS Code for Glassware and related articles – 701337, 701090,
691110, 701342, 701349
3.1.3 Share of Major Exporting Countries
Global consumerware industry exported products valued at approximately USD 84.0 Bn in CY 2024. China was
the leading exporter, having exported products valued USD 46.0 Bn in CY 2024, accounting to ~55% of the total
trade value. Germany, Italy and the United States of America constituted 5%, ~3% and ~2% respectively of the
total global exports. India exported ~2% of the total trade value of consumerware products.
Exhibit 3.3: Consumerware Export Share of Different Countries (CY 2024)
China
Germany
33%
Italy
USA
55%
India
2% Others
2%
5%
3%
Source – ITC Trade Map and Technopak Analysis.
Note – HS Code for Plastic Houseware – 3924; HS Code for Bamboo consumerware – 441911, 441912, 441919; HS code for
Ceramic and related items – 691200; HS Code for Melamine and related items – 390920; HS Code for Metal and related
articles – 8211, 8215, 761519, 7323(excluding 732710); HS Code for Glassware and related articles – 701337, 701090,
691110, 701342, 701349
3.1.4. Major Consumerware Importing Countries
The Global consumerware industry had imported products valued at approximately USD 76.7 Bn in CY 2024.
USA was the leading importer, having imported products valued USD 18.4 Bn in CY 2024, accounting for ~24%
of the total trade value. Germany, France and the United Kingdom constituted ~6%, ~5% and ~3% respectively
of the total global imports. India imported ~0.6% of the total trade value of consumerware products in the same
period.
Exhibit 3.4: Consumerware Import Share of Different Countries (CY 2024)
USA
24% Germany
France
6% United Kingdom
61.4%
5% India
3%
Others
0.6%
207Source – ITC Trade Map and Technopak Analysis.
HS Code for Plastic Houseware – 3924; HS Code for Bamboo consumerware – 441911, 441912, 441919; HS code for Ceramic
and related items – 691200; HS Code for Melamine and related items – 390920; HS Code for Metal and related articles –
8211, 8215, 761519, 7323(excluding 732710); HS Code for Glassware and related articles – 701337, 701090, 691110,
701342, 701349
3.1.5 Total Exports from India, and Export Split Country-wise
The consumerware industry exported products from India were valued at approximately USD 1,381 Mn in CY
2024, seeing a growth from USD 1,110 Mn in CY 2019 at a CAGR of 4.5%. The market is projected to grow at
a CAGR of 5.2% between CY 2024 and CY 2029 reaching a value of USD 1,781 Mn by CY 2029. India mainly
exported to USA, which constitutes approximately 30% of exports, followed by UAE (~7%) and UK (~4%). In
the year 2020, a drop in exports was observed due to the COVID-19 outbreak which disrupted international trade.
Exhibit 3.5: Consumerware exports from India (In USD Million)
1,781
1,360 1,370 1,307 1,381
1,198 1,110
CY 2014 CY 2019 CY 2021 CY 2022 CY 2023 CY 2024 CY 2029E
Source – ITC Trade Map and Technopak Analysis
Note - HS Code for Plastic Houseware – 3924; HS Code for Bamboo consumerware – 441911, 441912, 441919; HS code for
Ceramic and related items – 691200; HS Code for Melamine and related items – 390920; HS Code for Metal and related
articles – 8211, 8215, 761519, 7323(excluding 732710); HS Code for Glassware and related articles – 701337, 701090,
691110, 701342, 701349
Exhibit 3.6: Export share by countries of consumerware from India (CY 2024)
USA
30% UAE
United Kingdom
53% Saudi Arabia
7% Nepal
Others
4%
3% 3%
Source – ITC Trade Map and Technopak Analysis
HS Code for Plastic Houseware – 3924; HS Code for Bamboo consumerware – 441911, 441912, 441919; HS code for
Ceramic and related items – 691200; HS Code for Melamine and related items – 390920; HS Code for Metal and related
articles – 8211, 8215, 761519, 7323(excluding 732710); HS Code for Glassware and related articles – 701337, 701090,
691110, 701342, 701349
2083.2 Global Plastic Houseware Trade
Plastic Houseware includes tableware (includes items such as plates, cutlery, bowls, etc), kitchenware (includes
items such as mixing bowls, chopping boards, spoons, storage boxes etc), household and cleaning articles
(includes home organizers, hangers, mops, bins etc) and bath accessories (includes items like buckets, mugs, soap
dispensers etc).
3.2.1 Global Trade in Plastic Houseware Products
Globally, the exports in the plastic houseware market were valued at USD 27.1 Bn in CY 2024, which had grown
from USD 20.1 Bn in CY 2019 at a CAGR of 6.2 %. China, being the largest exporter in the category, had exported
products valued at USD 16 Bn in CY 2024, accounting for ~60% of the total trade value.
Exhibit 3.7: Exports of Plastic Houseware in US$ Billion – By Value (CY)
26.5 28.2 26.3 27.1
20.1
16.9
CY 2014 CY 2019 CY 2021 CY 2022 CY 2023 CY 2024
Source – ITC Trade Map and Technopak Analysis, HS Code: 3924.
Globally, the imports in the Plastic houseware market were valued at USD 25.2 Bn in CY 2024, seeing growth
from USD 19.5 Bn in CY 2019 at a CAGR of 5.3%. USA, being the largest importer in the category, had imported
products valued USD 8.7 Bn in CY 2024, accounting for ~34% of the total trade value.
209Exhibit 3.8: Import of Plastic Houseware – By Value (in USD Billion) (CY)
23.7 25.3 23.2 25.2
19.5
17.1
CY 2014 CY 2019 CY 2021 CY 2022 CY 2023 CY 2024
Source – ITC Trade Map and Technopak Analysis. HS Code: 3924.
3.2.2 Key exporting countries for plastic houseware products
The Global Plastic Houseware industry witnessed exports valued at approximately USD 27.1 Bn in CY 2024.
China was the leading exporter, accounting for approximately 60% of exports, followed by USA (~4%) and
Germany (~3%). India exported ~1.0% of the total trade value of plastic houseware products.
Exhibit 3.9: Plastic Houseware Export Share of Different Countries (CY 2024)
China
29%
USA
Germany
Netherlands
1.0%
60% India
3% Others
3%
4%
Source – ITC Trade Map and Technopak Analysis. HS Code: 3924.
3.2.3 Key importing countries for plastic houseware products
The Global Plastic Houseware industry saw imports valued at approximately USD 25.2 Bn in CY 2024. USA was
the leading importer, accounting for ~35%, followed by Germany (~5%) and France (~3%). India imported ~0.3%
of the total trade value of plastic houseware products.
210Exhibit 3.10: Plastic Houseware Import Share of Different Countries (CY 2024)
USA
Germany
35%
Canada
France
51%
United Kingdom
India
5%
Others
3%
0.3% 3% 3%
Source – ITC Trade Map and Technopak Analysis. HS Code: 3924.a
3.2.4 Total Exports from India and Export Split Country-wise
Indian Plastic Houseware industry witnessed exports valued at approximately USD 237.8 Mn in CY 2024, which
had grown from USD 191 Mn in CY 2019, at a CAGR of ~4.5%. The market is projected to grow at a CAGR of
9.6% between CY 2024 and CY 2029 reaching a value of USD 375 Mn by CY 2029. As of CY 2024, India
primarily exported to USA constituting approximately 17% of exports by value, followed by UK (~9%) and
Nigeria (~8%). In CY 2021, India experienced a significant increase in exports due to pent-up demand following
the COVID-19 outbreak and China’s zero COVID policy. Rising disposable income, changing consumer
preferences due to urbanization and introduction of new and innovative designs and products are some of the
factors responsible for the growth.
In FY 2024, All Time Plastics exported products valued ~USD 54.4 Mn which accounts for approximately 24.6%
of the total plastic houseware products exported from India. On the other hand, Shaily Engineering Plastics also
exported products valued ~USD 56.8 Mn accounting to 25.7% of the exports by value. All Time Plastics and
Shaily Engineering Plastics together account for more than 50% of the Indian export of plastic houseware.
Princeware, Milton, Asian Plastoware are other major exporters.
Exhibit 3.11: Plastic Houseware Exports from India - By Value (in USD Million) (CY)
375
241 236 221 238
185 191
CY 2014 CY 2019 CY 2021 CY 2022 CY 2023 CY 2024 CY 2029E
Source – ITC Trade Map and Technopak Analysis
211Exhibit 3.12: Export share by countries of Plastic Houseware from India (CY 2024)
USA
17%
United Kingdom
Nigeria
47% 9% UAE
Australia
8%
Germany
Saudi Arabia
7%
Others
4% 4%
4%
Source – ITC Trade Map and Technopak Analysis
3.3 Key Trends in Global Consumerware Trade
3.3.1 China Plus One Strategy
In 1990s, many global manufacturing entities in geographies such as US and Europe shifted their production
facilities to China owing to favorable factors of production, which made it the center of global supply chain.
However, in 2013, the China Plus One Strategy (C+1) emerged due to concerns over global dependency on China
and gained further relevance post-COVID. It is a supply chain strategy that encourages companies to diversify
their supply chain and manufacturing activities away from China to mitigate risk. By diversifying their
manufacturing footprint, companies can better navigate the dynamic global market landscape. Henceforth, the
China Plus One strategy presents a great opportunity for India because of its large manufacturing base, favourable
factors of production, strong business ecosystem, incentivizing government policies, favourable geo-political
relations and logistics advantages, which in turn, are expected to help in growing the exports market of Indian
consumerware industry.
3.3.2 Benefits of Outsourcing for Large Retailers
There has been a significant shift in the consumerware industry, with major brands increasingly relying on
overseas manufacturing for consumerware production. This trend is driven by several key advantages:
Cost Reduction:
• Lower Labor Costs: Developing countries often offer significantly lower labour costs compared to developed
nations. This translates to substantial cost savings for large brands, allowing them to:
o Increase Profit Margins: These savings can be used to invest in growth initiatives like marketing
campaigns, product development, and retail expansion.
o Offer Competitive Prices: Large players can offer consumers lower prices, making their products more
accessible to a wider audience.
• Asset light: By outsourcing the manufacturing of goods, businesses minimize the ownership of the physical
assets making them asset-light. By minimizing capital investment, they improve return ratio, capital allocation
and increase efficiency as well as flexibility of the business.
Focus on Core Competencies:
• Freeing Up Resources: By outsourcing production, large brands can free up valuable resources and expertise
that were previously dedicated to manufacturing. They can then refocus on core competencies such as:
o Design and Innovation: Investing in design and technology creates unique and trendsetting products that
differentiate the brand in the marketplace.
212o Brand Marketing: Developing strong brand storytelling and targeted marketing campaigns builds brand
awareness, loyalty, and emotional connection with consumers.
o Customer Relationship Management: Prioritizing exceptional customer service, personalized
experiences, and loyalty programs fosters lasting customer relationships.
Examples of Large Players:
Brands like IKEA and Target heavily rely on global sourcing, particularly from countries like China, India, and
Vietnam, to achieve their rapid production cycles and low prices for household items such as kitchenware,
furniture, and home decor. Leading brands like Tesco outsource a significant portion of their production to
countries with expertise in manufacturing durable and innovative houseware products, such as cookware, storage
containers, etc.
It's important to note that outsourcing isn't without its challenges:
o Quality Control: Maintaining consistent quality across a geographically dispersed supply chain can be
difficult. Large brands need to implement rigorous vetting processes, require various certifications from global
agencies and conduct regular inspections to ensure suppliers meet quality standards.
o Ethical Concerns: Labor exploitation and unsafe working conditions can be issues in some countries. Large
players have a responsibility to ensure ethical sourcing practices throughout their supply chains.
o Lead Times: Long production and shipping schedules associated with overseas manufacturing can make it
difficult to react quickly to trends or respond to unexpected demand surges.
Despite these challenges, the cost advantages and focus on core competencies make global sourcing an attractive
strategy for large players in the consumerware industry. However, successful implementation requires careful
planning, strong supplier relationships, and a commitment to ethical practices.
3.3.3 Growing market for Bamboo Houseware Products
The Bamboo market revolves around the adaptability and eco-friendly nature of bamboo plants. The Global
Bamboo Consumerware Market was valued at USD 3.2 Bn in CY 2024 and is predicted to reach USD 4.7 Bn by
CY 2029, growing at a CAGR of 8%. As sustainability becomes a more significant consideration among
consumers, the bamboo market will tend to continue its growth and evolution by providing eco-friendly
alternatives to multiple industries and consumers worldwide. The increasing demand among a niche segment of
consumers for kitchenware and dinnerware made from bamboo is driving the expansion of this market segment.
As a result of its durability and endurance, bamboo has become the material of choice for utensils, dishes, and
bowls. Its eco-friendly properties and good aesthetics make it an excellent option for those who value both style
and sustainability.
3.3.4 Manufacturing of bamboo houseware products
Bamboo houseware manufacturing is a significant industry in various parts of the world, particularly in regions
where bamboo is abundant. China is the largest producer and exporter of bamboo houseware due to its abundant
bamboo resources and well- established manufacturing infrastructure. Other leading countries in this segment are
Vietnam, Indonesia, Thailand and India.
Exhibit 3.12: Manufacturing of Bamboo Houseware Products- Key Countries
% Share of
Country Prominent Regions
Manufacturing
China ~70-75% Zhejiang, Fujian, Jiangxi, Sichuan, and Guangdong
provinces
Vietnam ~10-15% Hanoi, Ho Chi Minh City, and the Mekong Delta
region
Indonesia ~5-7% Java, Bali, and Sumatra
Thailand ~3-5% Chiang Mai, Chiang Rai, and the central plains
India ~3-4% Assam, Tripura, Karnataka, Kerala, and West
Bengal
213Source: Secondary Research, Technopak Analysis
3.3.5 Global Trade in Bamboo Houseware
Globally, the exports in the bamboo houseware market were valued at USD 998.6 Mn in CY 2024, which had
grown from USD 614.3 Mn in CY 2019 at a CAGR of 10.2 %. China, being the largest exporter in the category,
had exported products valued at USD 785.03 Mn in CY 2024, accounting to ~79% of the total trade value followed
by Netherlands and Germany.
Exhibit 3.13: Country wise Share of Exports
Exports (In USD
Country % Share
Mn)
China 785 78.6%
Netherlands 28.5 2.9%
Germany 28.2 2.8%
Thailand 18.9 1.9%
Viet Nam 14.5 1.5%
France 20.4 2%
United States of America 9.5 1%
India 2.8 0.3%
Source: Secondary Research, Technopak Analysis
3.3.6 Export Incentives & Manufacturing Incentives
Globally, USA, Europe, India etc. have policies and schemes pertaining to export promotion to help domestic
companies take advantage of global export market opportunities in consumerware industry. For instance, various
policy interventions introduced by the Government of India to promote the export of goods and services are
expected to further boost the exports market for consumerware products in India. Advance Authorization Scheme
(AAS) and the Export Promotion Capital Good (EPCG) Scheme are being implemented to enable duty free import
of raw materials and capital goods for export production. The Remission of Duties or Taxes on Export Products
(RoDTEP) scheme has also been introduced which rebates various central, state, and local duties/ taxes on
exported products. Government initiatives like the National Manufacturing Policy aims to increase
manufacturing's share of the GDP. The PLI scheme for manufacturing, which was launched in 2022 targets to
develop the country's core manufacturing sector at par with global manufacturing standards.
4. Consumerware Market in India
4.1 Consumerware Market
The Indian Consumerware market was valued at INR 144.0 Bn in FY 2015 and grew at a CAGR of 7.4% in the
next eight years to reach a market size of INR 273.6 Bn in FY 2024. The market is further expected to reach INR
299.9 Bn in FY 2025. Factors such as rising disposable income, the nuclearization of families, and the demand
for organized and functional kitchen spaces contributed to this growth. Projections indicate continued growth with
a CAGR of 10.7% in the subsequent four years, reaching a market size of INR 498.7 Bn by FY 2030. This growth
is driven by demographic shifts, such as changes in kitchen responsibilities and an increase in working women,
alongside rising product ownership per individual. The evolving Indian consumer, characterized by higher
discretionary spending and improved product accessibility through online platforms and multi-brand outlets,
further fuels market expansion. Moreover, the emphasis on innovative and aesthetically pleasing products that
prioritize functionality has propelled the growth of branded players and the industry as a whole.
214Exhibit 4.1: Market size of Indian Consumerware Industry (In INR Billion) (FY)
Consumerware
498.7
299.9
273.6
204.5
144.0
2015 2020 2024 2025E 2030P
Source: Technopak Analysis
Houseware: Hydration (Includes Bottles, jugs, flasks made of plastic, steel, glass, mix of materials, insulated etc.). Cookware
(Includes Cooking range of pans, cookers, kadhais etc made of steel, non-stick, cast iron, aluminium etc). Insulated ware
(Includes casseroles made of plastic, steel, mix of materials). Lunchboxes (Made of plastic, steel, glass, mix of materials).
Storage containers (Made of plastic, steel, glass, mix of materials). Kitchen Accessories includes spatulas, icetrays,
saltshakers, chopping boards etc) and Bath & Cleaning includes buckets, mugs, soap dishes, dustbins, wipers etc)
Glassware: Glass, opal, porcelain made—dinner sets, cups/mugs, bowls, bakeware, serving plates and glasses (Excluding
glassware covered in Consumer houseware categories i.e. glass bottles, flasks, Insulated Ware, lunchboxes, containers
Consumerware Market Segmentation
The Indian Consumerware Market is broadly divided into three categories, Consumer Houseware, Consumer
Glassware and Small Kitchen Appliances. These markets are further segmented into various subcategories like:
Consumer Houseware: Hydration, Cookware, Insulated Ware, Lunchboxes, Storage Containers, Bath &
Cleaning, Kitchen Accessories and Melamine products
Consumer Glassware: Glassware (includes Sodalime, Borosilicate and Crystal), Opalware and Porcelain
Exhibit 4.2: Category wise Segmentation of Indian Consumerware Market (FY 2025)
Source: Technopak Analysis
Both the Houseware and Glassware categories have shown steady growth over the period of time. Looking ahead,
the Houseware industry is projected to continue growing, from a market size of INR 256.3 Bn in FY 2025 to reach
215INR 415.9 Bn by FY 2030, growing at a CAGR of 10.2%, indicating strong growth potential for companies
operating within this space.
Exhibit 4.3: Indian Consumerware Market Size Segregation Basis Consumer Houseware & Consumer Glassware
(In INR Billion)
ConsumerHouseware
416
256
235
179
129
2015 2020 2024 2025E 2030P
Source: Technopak Analysis
Consumer Houseware includes Hydration, Cookware, Insulated Ware, Lunchboxes, Storage Containers, Bath & Cleaning,
Kitchen Accessories and Melamine products
The Consumer Glassware industry has been growing at a double-digit CAGR over the years and it is projected to
continue the growth momentum reaching INR 82.9 Bn by FY 2030.
Consumer Glassware
83
44
39
25
15
2015 2020 2024 2025E 2030P
Source: Technopak Analysis
Consumer Glassware includes Glassware (includes Sodalime, Borosilicate and Crystal), Opalware and Porcelain
Consumerware Channel Segmentation and Share of B2B Market
The Indian Consumerware market has witnessed a significant transformation in its channel segmentation over the
years. In FY 2015, the general trade held a dominant position, accounting for a substantial market share of 86.5%.
However, as the market evolved, there has been a gradual decline in the general trade's contribution, but
nevertheless, it remains the dominant channel for this category.
The institutional sales/ B2B channel has emerged as a significant segment in the Indian Consumerware market.
Starting with a 10% market share in FY 2015, this channel has shown consistent growth, reaching 16% by FY
2025. This increase reflects the growing importance of bulk purchases by organizations such as hotels, restaurants,
corporate offices, and educational institutions. Key drivers include increased demand from the hospitality sector,
rising corporate wellness initiatives leading to bulk orders of categories like water bottles and lunch boxes and a
growing awareness of hygiene and sanitation in institutional settings. The channel's success is underpinned by
216unique advantages such as customization options, bulk pricing, and direct relationships with manufacturers. As
businesses and institutions place greater emphasis on employee welfare and operational efficiency, the demand
for high-quality, durable consumerware products in large quantities is expected to further fuel the growth of this
segment
The modern trade segment experienced steady growth during the same period. In FY 2015, the modern trade
channel held a modest market share of 1.5%, which increased to 8.0% by FY 2025. This growth can be attributed
to the rising demand for branded products, increased consumer preference for organized retail experiences, and
the expansion of organized retail chains across the country.
The emergence of e-commerce has also played a pivotal role in shaping the Consumerware market's channel
segmentation. In FY 2015, e-commerce held a relatively small market share of 2%. However, as consumers
increasingly embraced online shopping due to deeper internet penetration, especially in tier-2 and beyond towns,
the e-commerce sector experienced rapid growth, capturing a market share of ~10% by FY 2025. This growth is
likely to continue, with a projected market share of 12% by FY 2030, driven by factors such as convenience, wider
product selection, competitive pricing, and the increasing penetration of internet connectivity in India.
Exhibit 4.4: Channel-wise Market Segmentation of Domestic Sales in Indian Consumerware Market (FY)
INR 144.0 Bn INR 204.5 Bn CINhRa 2r7t 3T.6i tBlen INR299.9 Bn INR 498.7Bn
2.0% 3.5% 10.0%
1.5%
4.3% 10.0% 12.0%
10.0%
14.0% 8.0% 8.0% 9.0%
16.0% 16.0%
22.0%
86.5%
78.3%
66.0% 66.0%
57.0%
2015 2020 2024 2025E 2030 P
General Trade Institutional/ B2B Sales Modern Trade E-commerce
Source: Technopak Analysis
Branded Indian Consumerware Market
As of FY 2025, branded play dominated by occupying nearly 54% (~INR 162.3 Bn) of the Consumerware market
in India. This represents a significant increase from the market share of around 43% (~INR 62.0 Bn) recorded in
FY 2015, reflecting a CAGR of 17.0% for the branded market. The branded play is projected to capture ~60%
(~INR 299.9 Bn) market share by FY 2030 at a CAGR of 13.0% for the period FY 2025-30 as the branded
market continues to grow with a double-digit CAGR.
217Exhibit 4.5: Market Share Segregation- Branded & Unbranded Consumerware (FY)
INR 144.0Bn INR 203.5 Bn INR273.6Bn INR299.9Bn INR 498.7 Bn
5.3% 4.5% 8.9% 7.7%
40.0%
46.0% 46.0%
52.0%
57.0%
13.0% 60.0%
54.0% 54.0%
48.0%
43.0% 9.7% 10.5% 10.2%
2015 2020 2024 2025E 2030P
Branded Unbranded
Source: Technopak Analysis
Growth Drivers for Branded Market
1. Rising Awareness among consumers towards safety and quality
The escalating consumer awareness regarding safety and quality has become a significant driver for the growth
of branded players in the Indian market. Consumers in India exhibit brand consciousness, perceiving branded
products as indicators of trust, superior quality, and safety. This trend has resulted in a preference for branded
offerings across various income segments, providing branded players with ample opportunities to expand their
market share through strategic investments in marketing and advertising initiatives, thereby enhancing brand
visibility and consumer awareness.
2. E-commerce and Organised Retail Synergy
The growth of the Indian consumerware market has been driven by two complementary factors: increased e-
commerce penetration post COVID-19 and growing consumer adoption of organised retail formats. The pandemic
accelerated online shopping, expanding the reach of branded products, especially in tier-2 and 3 cities.
Simultaneously, the shift towards organised retail formats has favoured branded items due to their established
quality and support. This synergy has widened market reach, enhanced consumer trust, and fuelled the growth of
branded consumerware across both online and offline organised retail channels.
3. Technological Intervention
Branded players in the Indian Consumerware market are making significant investments in research and
development to drive technological innovation and offer novel products that cater to the changing needs and
preferences of consumers. This strategic approach enables branded players to differentiate themselves from
unbranded alternatives by delivering superior innovation and product quality. Today, one of the main focuses of
branded players is on technologically advanced Consumerware products that enhance convenience and
functionality. Many such players have brought innovations such as microwave-safe and oven-proof glassware and
plasticware, electric lunch boxes with inbuilt heating capabilities, and insulated casseroles and lunch boxes
designed to keep food warm for extended periods. These innovations address the growing demand for on-the-go
food containers and provide added value to consumers seeking convenient meal solutions.
4. Evolving Aspirations: From Utility to Lifestyle
In tandem with the rise in disposable income, the aspirations of Indian consumers have undergone a significant
transformation. There is a shift from houseware being perceived as utilitarian essentials to viewing them as
lifestyle-enhancing accessories. Today, consumers are actively seeking products that not only fulfil their basic
needs but also align with their unique personal taste, style, and individuality. To effectively tap into these evolving
aspirations, brands are offering innovative designs, appealing aesthetics, and captivating product experiences. By
218doing so, they are trying to position themselves to capture the attention and loyalty of Indian consumers, ultimately
driving their purchasing decisions.
5. GST Regime
The introduction of the Goods and Services Tax (GST) regime has had a significant impact on the transparency
of the entire value chain from manufacturers to retailers. This has resulted in a strong disincentive for trade
practices such as underreporting of production and sales, non-billed transactions, and non-compliant behaviour.
Additionally, the availability of input tax credits for taxes paid at different stages of the value chain has made the
trade of branded products more acceptable. As a result, GST compliance has increased input costs for unbranded
players, thereby narrowing the price gap between branded and unbranded products and hence creating an
opportunity for branded players to increase their market share.
Consumerware- Material wise Segmentation
The Indian Consumerware market shows distinct segmentation based on materials, with plastic, metal, glass, and
other materials each playing significant roles.
The plastic segment has demonstrated significant growth in the Consumerware market expanding the addressable
market for players like All Time Plastics, Shaily Engineering and others. With a market size of INR 66.8 Bn in
FY 2020, it has shown steady growth, reaching INR 93.1 Bn by FY 2024 and estimated at INR 103.6 Bn in FY
2025. This segment is projected to continue its strong performance, with an estimated market size of INR 179.2
Bn by FY 2030, implying a CAGR of 11.6% from FY 2025 to 2030. This significant expansion is driven by the
material's versatility and affordability, which make it accessible to a broad consumer base. Innovations in BPA-
free and food-grade plastics have addressed health concerns, further enhancing its appeal. The lightweight nature
of plastic makes it ideal for products such as hydration bottles and lunch boxes, while modern formulations offer
improved durability and heat resistance. Additionally, the ease of manufacturing and lower production costs
allows for competitive pricing. The ongoing demand for convenient and portable products in urban lifestyles
underscores the sustained growth of the plastic segment.
Metal continues to dominate the Consumerware market, with its value growing from INR 99.8 Bn in FY 2020 to
a size of INR 183.3 Bn in FY 2025 at a CAGR of 6.0%.
Consumer Glassware including Glassware (Borosilicate, Sodalime, Crystal), Porcelain and Opalware has shown
fast growth in the last 5 years growing from a market size of INR 30.8 Bn in FY 2020 to INR 52.8 Bn in FY 2025
at CAGR of 11.4%. The market is further projected to grow at CAGR of 13.5% in the next four years to reach a
market size of INR 99.5 Bn in FY 2030.
The “Others” segment includes materials like clay, ceramic, wood, and melamine, although smaller in market
share, is projected to grow to INR 14.1 Bn by 2030.
219Exhibit 4.6: Market size segregation of Consumerware basis Material (In INR Billion) (FY)
INR 144.0 Bn INR 204.5 Bn INR 273.6 Bn INR 299.9 Bn INR 498.7 Bn
14.1
99.5
10.0
9.2
205.8
52.8
7.1 46.9
30.8
5.2 133.3
124.4
18.2
99.8
77.8 179.2
93.1 103.6
66.8
42.8
2015 2020 2024 2025E 2030P
Plastic Metal Glass Others
Material FY 2015-20 FY 2020-24 FY 2024-25 FY 2025-30
9.3% 8.6%
Plastic
11.3% 11.6%
5.1% 5.7%
Metal
7.2% 9.1%
11.2% 11.1%
Glass
12.6% 13.5%
6.2% 6.9%
Others
8.3% 7.2%
Source: Technopak Analysis
Note: “Others” include material like clay, ceramic, wood and melamine. Glass segment includes share of products covered
in Glassware (glass, opal, crystal, sodalime, porcelain made—dinner sets, cups/mugs, bowls, bakeware, serving plates and
glasses) and Houseware products made of glass.
Above classification does not include Bamboo, which has been covered in a separate section
4.2 Indian Consumer Houseware Market
The Indian Houseware Market was estimated at INR 256.3 Bn in FY 2025, and is further projected to reach INR
415.9 Bn, growing at a CAGR of 10.2% over the four-year period of FY 2025-30.
Houseware Material Segmentation
The Indian Houseware market demonstrates clear segmentation across various materials, each showing distinct
growth trends:
Non-Insulated Plastic: Non-insulated plastic constituted ~22% of the plastic houseware market and is projected
to expand from INR 57.2 Bn in FY 2025 to INR 82.6 Bn by FY 2030, growing at CAGR of 11.0%. This growth
reflects the material's versatility and affordability in everyday items such as storage containers and kitchen
accessories. Innovations in BPA-free and food-grade plastics have also contributed to its growth owing to their
relatively safer profile.
Insulated Plastic: The segment constituted ~18% of the consumer houseware market with a market size of INR
46.4 Bn in FY 2025. The market is further projected to grow at a CAGR of 12.3% to reach a market of INR 82.6
Bn by FY 2030. The growth is driven by rising demand for temperature-retaining products like insulated water
bottles and lunch boxes, particularly in urban areas with busy lifestyles.
220Metal: As the largest segment constituting ~52%, metal is projected to grow from INR 133.3 Bn in FY 2025 to
INR 205.9 Bn by FY 2030 at a projected CAGR of 9.1%. Its durability perceived premium quality and suitability
for cookware and kitchen appliances drive its strong market position, with the trend towards home cooking further
boosting this segment.
Glass: This segment shows rapid growth from INR 9.4 Bn in FY 2025 to a projected INR 16.6 Bn by FY 2030,
attributed to increasing health consciousness, a preference for transparent food storage, and the material's eco-
friendly nature. Advancements in durability have also expanded its applications.
Others: Encompassing materials like clay, ceramic, and wood, this segment is expected to grow from INR 9.9
Bn in FY 2025 to INR 14.1 Bn by FY 2030. The growth is driven by niche demands for traditional, artisanal, and
eco-friendly products, catering to specific consumer preferences and use cases.
Exhibit 4.7: Market share segregation of Consumer Houseware basis Material (In INR Billion) (FY)
INR129.5Bn INR 179.3 Bn INR 235.0 Bn INR256.3 Bn INR 415.9 Bn
14.1
16.6
10.0 205.8
8.4
9.4
7.4
7.1
5.6 133.3
5.2 124.4
82.8
3.6 99.8
77.8 41.8 46.4
30.5 96.5
22 20 .. 63 36.4 51.2 57.1
2015 2020 2024 2025E 2028 P
Non-Insulated Plastic Insulated Plastic Metal Glass Others
Material FY 2015-20 FY 2020-24 FY 2024-25 FY 2045-30
Non-Insulated Plastic 10.0% 8.9% 11.6% 11.0%
Insulated Plastic 8.5% 8.2% 11.0% 12.3%
Metal 5.1% 5.7% 7.2% 9.1%
Glass 9.5% 10.2% 13.0% 12.2%
Others 6.2% 6.9% 8.3% 7.2%
Source: Technopak Analysis
Note: “Others” include Melamine, Clay, Ceramic and Wood. Glass segment includes houseware products made of glass only like glass
water bottles, lunch boxes, containers etc)
Branded Vs Unbranded
As of FY 2020, branded play controlled nearly 47% (~INR 83.7 Bn) of the Houseware market in India. The
branded market grew at a CAGR of 10.0% in the following five years to reach a market share of 52% (~INR 134.1
Bn) in FY 2025. The Branded play is projected to capture ~58% (~INR 241.9 Bn) market share by FY 2030 at a
CAGR of 12.5% for the period FY 2025-30. The branded market is growing at a higher rate compared to the
unbranded market driving the growth of the Houseware market.
221Exhibit 4.8: Market share segregation basis Branded & Unbranded Consumer Houseware (FY)
INR 129.5 Bn INR 179.3 Bn INR 235.0 Bn INR 256.7 Bn INR 415.9Bn
4.9% 53% 4.1% 48% 5.5% 48% 7.3% 42%
58%
12.5% 58%
10.0% 52% 9.4% 52%
9.2% 47%
42%
2015 2020 2024 2025E 2028 P
Branded Unbranded
Source: Technopak Analysis
Houseware Category Segmentation
The Consumer Houseware market in India includes a diverse range of products with Cookware accounting for
35% of the total market in FY 2025. This was followed by Hydration at 26% and Storage Containers at 13% for
the same period. Lunchboxes and Insulated ware constituted 10% and 6% respectively. The growth of this market
can be attributed to factors such as increasing disposable incomes, changing lifestyle preferences, and the increase
in nuclear families.
Contract Manufacturing in the Domestic Houseware Market
The Indian houseware market is a diverse and dynamic sector, encompassing a wide range of products such as
water bottles, cookware, kitchen accessories, casseroles, lunch boxes, storage containers, and bath & cleaning
items. With rising consumer demand and the increasing complexity of manufacturing processes, many companies
are turning to contract manufacturing to optimize costs and enhance production efficiency.
Role of contract manufacturing in the Indian houseware market, focusing on the distinct dynamics of the insulated
and non-insulated ware segments-
Insulated Ware Segment
Within this market, contract manufacturing plays an important role, particularly in the insulated ware segment.
The manufacturing process for insulated ware is complex and requires significant investment in specialized
equipment and facilities. As a result, contract manufacturing accounts for 40-50% of the business in this segment.
The insulated ware manufacturing process involves intricate steps such as starting and pre-filling, which cannot
be easily interrupted once initiated. This process requires long production cycles, and if a manufacturer has low
sales volumes, investing in their own production facility can lead to smaller runs and significantly higher
manufacturing costs. Consequently, many companies in the insulated ware segment opt for contract
manufacturing, where they provide their moulds to established manufacturers who produce their products
alongside those of other players. This approach allows for economies of scale and cost optimization, as contract
manufacturers can leverage their existing infrastructure and distribute costs across multiple clients.
Non-Insulated Ware Segment
In contrast, the non-insulated ware segment, which primarily involves injection moulding, has a lower reliance on
contract manufacturing, accounting for only 10-15% of the business. Injection moulding is a relatively
straightforward process that requires lower investment compared to insulated ware manufacturing. As a result,
222most established companies in the non-insulated ware segment prefer to have their own production facilities to
maintain cost control and quality standards.
Regional Manufacturing Hubs: The major hubs for contract manufacturing in the Indian houseware market are
located in Kanpur, Daman, and Vasai. These regions have emerged as manufacturing centres due to their strategic
locations, availability of skilled labour, etc. Supportive industrial infrastructure projects are poised to provide a
boost to connectivity, like the upcoming Delhi-Mumbai Industrial Corridor (a substantial portion of which will
be in the industrial region of Gujarat). Companies like All Time Plastics benefit from reduced lead times and
transportation costs due to their manufacturing presence in the industrial processing zones of western India. All
Time Plastics’ manufacturing facilities in Dadra and Nagar Haveli, Daman and Diu, and Manekpur, Gujarat are
located in close proximity to ports (aiding in exporting of products and for procurement of raw materials) and
petrochemical plants (aiding in sourcing key raw materials). The Nhava Sheva port is ~200 km and Hazira port is
~150 km from the aforesaid manufacturing facilities. All Time Plastics’ manufacturing facilities are also in close
proximity to ICD Tumb, which helps reduce logistics costs and providing inland container depot services for
efficient transportation and handling of goods., ensuring close proximity to ports for exporting their products and
obtaining raw materials from petrochemical plants. All Time Plastics’ proximity to raw material sources also
ensures timely access to essential inputs like commodity plastics and recycled polymers, enhancing its logistical
and operational advantages.
Contract Manufacturing vs Original Equipment Manufacturing (OEM): Contract manufacturing differs
from Original Equipment Manufacturing (OEM). OEM arrangements involve joint investment in moulds and
equipment by both the customer and the manufacturer. Companies like All Time Plastics and Nirmal Polyplast
are prominent OEM manufacturers, catering to global retail chains like IKEA, Walmart, Carrefour, and Kmart.
As international retailers explore the "China+1" strategy to diversify their supply chains, India is emerging as an
attractive manufacturing destination. OEM players like All Time Plastics and Nirmal Polyplast are well-positioned
to capture this growing demand from global big-box retailers seeking reliable and cost-effective manufacturing
partners.
4.3 Indian Plastic Consumer Houseware Market
The Indian Plastic Consumer Houseware market has witnessed steady growth over the years, driven by the
increasing demand for convenient and durable household products. This market encompasses a wide range of
plastic products used in households, such as water bottles (insulated & non-insulated), storage containers,
lunchboxes (insulated & non-insulated), kitchen accessories, bath & cleaning products and insulated plastic
casseroles. The plastic consumer houseware market was estimated at INR 103.6 Bn in FY 2025, and is further
projected to grow at a CAGR of 11.6% in the next five years to reach a market size of INR 179.2 Bn in FY 2030.
This growth is fueled by several factors such as urbanization, rising disposable incomes, changing consumer
preferences, the increasing popularity of organized retail channels, and the introduction of innovative and
sustainable plastic products in the market.
Exhibit 4.9: Market Size of the Indian Consumer Plastic Houseware Market (INR Bn) (FY)
179.2
103.6
93.1
66.3
42.5
2015 2020 2024 2025E 2030P
Source: Technopak Analysis
223Plastic Houseware Category Segmentation
The plastic houseware market in India is diverse and dynamic, with several key categories serving various
household needs. Overall, the total plastic houseware market is projected to expand from an estimated INR 103.6
Bn in FY 2025 to INR 179.2 Bn in FY 2030, growing at a CAGR of 11.6%. This growth reflects the increasing
demand for durable, convenient, and innovative household products across urban and rural India.
The Hydration category, leading the market with a 34% share (INR 35.3 Bn) in FY 2025, is further projected to
grow at a CAGR of 13.5% to reach a share of 37% (INR 66.4 Bn) by FY 2030. This category includes water
bottles, insulated flasks, and mugs, catering to the growing health awareness and on-the-go lifestyle.
Storage Containers follow at 19% with a market size of INR 19.7 Bn for FY 2025.The market is further projected
to reach INR 21.7 Bn by FY 2030, growing at a CAGR of 11.5% for the five-year period. These products, essential
for kitchen organization, include airtight and stackable containers for storing dry goods and keeping food fresh as
well as for home organisation.
The Lunchboxes category with an estimated market share of 17% stood at INR 17.4 Bn in FY 2025 and is
projected to grow at a CAGR of 10.9% for the next five years to reach INR 29.2 Bn by FY 2030. This category
reflects the Indian culture of carrying home-cooked meals, offering both insulated and non-insulated options.
Insulated Ware category (Casseroles) constituted 13% of the plastic houseware market with a size of INR 13.6
Bn in FY 2025. This market is further projected to reach INR 21.7 Bn by FY 2020 with a 9.8% CAGR for the
period FY 2025-30. This category includes insulated food containers, popularly known as casseroles used for
maintaining the temperature of the food kept in it.
224Kitchen Accessories and Bath & Cleaning products held ~ 9% (INR 8.9 Bn) and 8% (INR 7.5 Bn) market shares
respectively in FY 2025. These categories cater to various household needs, complementing the core plastic
houseware products.
Exhibit 4.10: Category wise segmentation of Indian Consumer Plastic Houseware Market (in INR Billion)
INR 179.2Bn
13.6
14.3
INR103.6 Bn
INR 93.1Bn 33.9
INR 66.8Bn 9.5
8.9 29.2
8.1
INR 42.8Bn 7.2 7.5 19.7 21.7
17.6
5.6 17.4
5.3 12.9 15.7
13.6
3.8 11.4 12.3 66.4
8.2
7.4 9.2
6.4 31.1 35.3
20.1
11.3
2015 2020 2024 2025E 2030P
Hydration Insulated Ware Lunchboxes
Storage Containers Bath & Cleaning Kitchen Accesssories
Category CAGR 2015-20 CAGR 2020-24 CAGR 2024-25 CAGR 2025-30
Hydration 12.2% 11.5% 13.5% 13.5%
Insulated Ware 7.5% 7.6% 10.2% 9.8%
Lunchboxes 9.0% 8.4% 10.8% 10.9%
Storage Containers 9.5% 8.1% 11.8% 11.5%
Bath & Cleaning 8.1% 7.5% 9.2% 12.0%
Kitchen Accessories 6.3% 5.2% 7.0% 7.5%
Source: Technopak Analysis
Note: Numbers in the box shows total consumer plastic houseware market in India
225Branded Vs Unbranded Segmentation
As of FY 2025, branded play controlled nearly 61% (~INR 63.6 Bn) of the Houseware market in India. This is a
significant increase from the market share of around 55% (~ INR 23.4 Bn) recorded in the FY 2015, reflecting a
CAGR of 10.5% for the branded market. The branded play is projected to capture ~66% (~INR 117.4 Bn) market
share by FY 2030at a CAGR of 13.0% for the period FY 2025-30. The branded market is growing at a higher rate
compared to the unbranded market driving the growth of the plastic houseware market.
Exhibit 4.11: Market share segregation basis Branded & Unbranded Consumer Plastic Houseware (FY)
INR 42.8Bn INR 66.8Bn INR93.1 Bn INR 103.6Bn INR 179.2Bn
35%
45% 42% 39% 39%
66%
55% 58% 61% 61%
2015 2020 2024 2025E 2030P
Branded Unbranded
Source: Technopak Analysis
Sales Channel Segmentation and share of B2B Market
The sales channel mix for the Plastic Houseware Market in India comprises General Trade, Modern Trade, E-
commerce, and Institutional Sales (B2B). This market is predominantly distribution-driven, with an extensive and
efficient distribution network playing a crucial role in market penetration. As of FY 2025, General Trade remained
the dominant sales channel, with a share of 62% of sales, this represents a significant decline from 83% in FY
2015. This channel is projected to further decrease to 55% by FY 2030, indicating a shift in consumer purchasing
patterns.
Institutional Sales have seen substantial growth, increasing from 10% in FY 2015 to a19% share in FY 2025,
with projections to reach 20% by FY 2030. This channel encompasses corporate bulk purchases for employee and
client gifting, sales to military and police canteens (CSD and KPKB), OEM business, and partnerships with
FMCG companies for promotional activities.
This evolving sales channel mix reflects the changing retail landscape and consumer preferences in India's Plastic
Houseware Market, with a clear trend towards increased diversity in distribution strategies.
Modern Trade has been steadily gaining importance, increasing from 4% in FY 2015 to a share of 8% in FY 2025,
and projections to reach 10% by FY 2030. This channel, including multi-brand outlets (MBOs) and exclusive
brand outlets (EBOs), enhances brand visibility and facilitates expansion into Tier II and III cities. EBOs
strengthen customer relationships and provide faster feedback loops.
E-commerce has shown remarkable growth, rising from 3% in FY 2015 to 12% in FY 2025, with projections
indicating a 16% share by FY 2030. This channel allows companies to access a broader customer base across
multiple cities and states without the need for physical stores.
226Exhibit 4.12: Channel-wise Market Segmentation of Domestic Sales of Indian Consumer Plastic Houseware
Market
INR 42.8 Bn INR 66.8 Bn INR 93.1 Bn INR 103.6 Bn INR 179.2Bn
10%
3% 15% 19% 19% 20%
4%
5%
6% 11% 12%
16%
8% 8%
10%
83%
74%
62% 62%
55%
2015 2020 2024 2025E 2030P
General Trade Modern Trade E-commerce Institutional / B2B
Source: Technopak Analysis
Relevant Players in the Market
Key domestic manufacturers in the plastic houseware segment include All Time Plastics, Shaily Engineering
Plastics Ltd, Ratan Plastics, Aristoplast Products Pvt Ltd, Asian Plastoware, and Polyset Plastics Pvt Ltd.
Exhibit 4.13: Details of Key Players in Plastic Consumer Houseware Market
FY 2025 FY 2024**
FY
Revenue Marketing
2025
Player (INR Spend Retail Channels in case of B2C Key Clients in B2B
Gross
Millions (INR
Margin
) Millions)
All Time 5,582 39.9% 18.4 Modern trade retail- D- IKEA (1), Asda (2),
Plastics Mart, Metro, Reliance, Michaels (3), Tesco(4) ,
Max, Baazar Style, V2, Walmart, Target, CSD
Vmart, Vishal Mega Mart and CPC
Shaily 7,868 47.2% 7.0 NA IKEA, Spin Master,
Engineering Himalaya, P&G,
Plastics Ltd WestRock, Sanofi,
Teva, SunPharma,
Zydus, Glenmark
Ratan Plastics NA NA NA Modern trade retail- Dmart, Institutional clients-
(Nirmal Poly Reliance Retail, Metro, More, gits, Jyothy labs,
Plast) Spar, Star, Home centre, Nestle, Gits, LT Foods,
Super99, Market99, Style Zodiac, Prahbhat Dairy,
Bazaar, Lulu, Asia RSPL, Fena
Hypermarket, Vijetha,
Spencers, Vishal mega mart
E-commerce- Zepto, Dmart
Ready, Jio mart
Online marketplaces- Flipkart,
Amazon
227FY 2025 FY 2024**
FY
Revenue Marketing
2025
Player (INR Spend Retail Channels in case of B2C Key Clients in B2B
Gross
Millions (INR
Margin
) Millions)
Aristoplast 2,216 39.70% 6.40 NA Future (Pantaloon)
Products Pvt Retail (India) Limited,
Ltd.* Aaditya Birla Retail
Ltd, D-mart, Hariyali
Kisaan Bazar.
Asian 1,587 46.80% NA Modern trade retail- SPAR NA
Plastoware* Hypermarket, Spencer’s,
STAR, Bazaar Kolkata,
CityKart, m Bazaar, Vishal
Mega Mart, Smart Superstore,
Style Baazar, more, MR
D.I.Y., Mega Shop,
Ratnadeep, V mart, Reliance
SMART, D Mart, METRO
Cash & Carry
Online marketplaces-
Amazon, Flipkart, Paytm
Mall, Bigbasket, Zepto, Jio
Mart
Polyset 1,196 63.60% NA NA Indian Railways and
Plastics Pvt Indian Defence
Ltd*
Source: Annual Reports, Secondary Research, Technopak Analysis, MCA reports
Gross Profit = (Revenue from operations – Cost of Goods Sold)
Gross Profit Margin (%) = Gross Profit / Revenue from operations
All figures are standalone except for Shaily Engineering and FY 2025 of All Time Plastics Ltd.
* For players Aristoplast Products Pvt Ltd.* Asian Plastoware* & Polyset Plastics Pvt Ltd* the revenue and gross margin figures are for FY
2024
** Marketing spend for players are not available for FY 25
Notes:
(1) Inter IKEA Systems B.V., trading as IKEA, is a Swedish multinational conglomerate that designs and sells ready-to-
assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home services.
As of May 27, 2024, there were 473 IKEA stores in 63 markets.
(2) Asda Stores Limited, trading as Asda (“Asda”) and often styled as ASDA, is a British supermarket and petrol station
chain. In FY2023, Asda’s store portfolio and colleague base expanded to over 1,200 stores and food service sites
(3) Michaels Stores, Inc., trading as Michaels (“Michaels”), owns a chain of arts and crafts stores in USA and
Canada. Michaels had over 1,300 stores in the USA as of August 2024.
(4) Tesco Plc (“Tesco”) is a multinational retailer with its headquarters in the United Kingdom. As per their Annual
Report of FY2024, they had 4,506 stores globally, with 3,786 of them in the United Kingdom
NA refers to Data Not Available
4.4 Key Growth Drivers of the Indian Consumerware Market
1. Demographic Shifts Shaping Kitchen Dynamics: The prevailing trend in the Consumerware sector
reflects a demographic shift, with individuals of all ages and genders actively participating in kitchen
responsibilities. The surge in working women, driven by urbanization and the nuclearization of families, has
altered kitchen dynamics, prompting a demand for streamlined, aesthetically pleasing, and time-efficient
kitchen products & tools. This shift fuels the increasing demand for Consumerware products across categories.
2. Evolving Consumer Landscape – Enhanced Spending and Accessibility: The Indian consumer has
evolved significantly over time, particularly in the Consumerware segment, where there has been an increase
in discretionary spending on products that are easy to handle and operate. Increased availability of products
due to the expansion of online platforms, as well as the launch of exclusive and multi-brand outlets in tier II
and III cities, providing greater access to different brands and product offerings. This gives the consumers
the option to compare the product quality with each other and make better buying decisions which ultimately
creates discretionary demand.
2283. Increasing ownership of products per person: The nuclearization of families and a growing working-
class population have led to a rise in product ownership per person or household. Consumers now seek better
organized and functional kitchen setups, driving an overall surge in demand for Consumerware. For instance,
personalized bottle ownership by family members and distinct Consumerware purchases based on occasions
and cuisines signify this ownership surge. Also, consumers are buying Consumerware products based on
occasion, cuisine etc. For example, use of mixing & measuring bowls, spoons and cups for various recipes,
differently shaped ice cube trays for parties and kids etc.
4. India becoming a spending economy from a saving economy: Over the past decade, there has been a
downward trend in the savings rate within the Indian economy and a decrease in the proportion of gross
domestic savings (GDS) relative to the GDP. By the end of FY 2021, gross savings in India had decreased to
28.2%, primarily due to increased individual spending. With this increased discretionary spending, consumers
spend more on products that upgrade their lifestyle, convenience, and comfort resulting in a natural boost in
demand for consumer goods, including Consumerware. In addition to this, in FY 2024, the share of private
final consumption expenditure (PFCE) accounted for ~60.3% of India’s GDP. A high share (PFCE) to GDP
implies a strong consumer base driving the economy and indicates sustained demand.
5. Gifting trends: Gifting of Consumerware products have always been a key trend over the years be it a
housewarming gift, a wedding gift, a festive gift etc. Customers often prefer to purchase Consumerware
products as gifts for occasions like weddings & festivals due to their affordability, attractive colours and
designs, and practical utility in the kitchen rather than passing it as a gift to someone else. Many brands offer
their Gifting collection as a separate product category to provide extra comfort and variety for consumers to
choose from.
6. Increase in export market due to China +1 strategy: India has the opportunity to cash in on the “China
Plus One” strategy as more firms seek to diversify their supply chains by adding an alternate manufacturing
or sourcing location to China. It is imperative to reduce reliance on one manufacturing hub, like China, as it
is critical to manage risk, offset escalating labour costs, and bolster supply chain resilience. This situation in
the plastic Consumerware market allows for the potential to access new export markets through the creation
of production facilities in locations beyond China. This not only assists in reducing risks linked to excessive
dependence on Chinese manufacturing but also enables companies to better adhere to local market
preferences and regulations.
7. Shift Toward Eco-Friendly Supply Chains and ESG-Focused Retailers: In the past, industries such
as plastics have had a disorganized manufacturing sector with numerous small and informal businesses.
However, with the increasing focus on eco-friendly and ESG adherent supply chains, there is a move towards
more structured and regulated manufacturing facilities. Players are prioritising sustainability and ethical
practices in their operations by establishing standards and certifications due to consumer demand and
regulatory pressures. Players such as All Time Plastics Ltd and Shaily Engineering Plastics Ltd are increasing
their commitments to using renewable energy and recycled materials in their production practices. All Time
Plastics is an energy neutral company and that used 20.23% of recycled plastic in its production process and
utilises renewable energy in its production (for FY 2024). All Time Plastics manufacturing facilities are 100%
energy neutral, wherein all energy utilized at manufacturing facilities is from 1.5 MWp of solar power
installed at manufacturing facilities (combined) or offset by renewable sources and/or energy-conservation
initiatives such as purchasing I-RECs equivalent to electricity purchased from the grid. Shaily Engineering
Plastics Ltd uses ~60% renewable energy for company energy. Pearlpet offers products that are 100%
recyclable.
8. Impulse purchase is high in this category increasing replacement rates: In the Indian consumerware
market, there are high impulse purchases and increasing replacement rates primarily due to affordable prices
and convenience. Affordable prices allow products to be easily attainable, while convenience caters to hectic
schedules, leading consumers to choose disposable or easily replaceable products. Consumers are also
motivated to make frequent upgrades by trend-driven consumption in terms of design, functionality, and
sustainability. Players are continuously introducing new products with innovative features or eco-friendly
materials to capture consumer interest. For instance, All Time Plastics Ltd has an in-house Design Lab for
making products that are user-friendly and versatile. Shaily Engineering Plastics Ltd has recycled polymer in
their material usage of up to 35%. Novelty and desire to stay current with trends drives impulse purchases
and contribute to the need for frequent replacements as consumers upgrade to newer models and designs.
2299. Shift towards sustainable products like recycled plastic: The Consumerware market is witnessing a
notable shift towards sustainable & premium products, particularly those made from recycled plastic. This
trend reflects growing consumer awareness and demand for sustainable options, as they seek products that
aligns with their values. In addition to providing quality and durability, premium Consumerware made from
recycled plastic also addresses concerns about plastic waste and environmental impact. As sustainability
becomes a key consideration for a section of consumers, manufacturers are responding by investing in
innovative materials and production processes to meet this demand, driving the rise of premium recycled
plastic products in the market.
Key Threats and Challenges for All Time Plastics and other players in this industry:
1. Shifting customer preferences: The ever-evolving landscape of Consumerware witnesses continuous shifts
in consumer preferences, encompassing product quality, colour, design, and aesthetics, and presents challenges in
below three key areas:
o Sustainability Demands: Consumers are shifting towards eco-friendly materials like biodegradable
plastics or alternatives such as bamboo or metal. Companies that rely heavily on traditional plastics face
challenges in quickly adopting sustainable production methods or sourcing alternative materials without
raising costs.
o Personalization and Design Innovation: Customers are now seeking more unique, customizable
designs, which can be difficult for companies with standardized, mass-production models. Adapting to
these demands requires flexible manufacturing and rapid product development cycles.
o Digital Comparison: With consumers comparing products online, companies must be competitive in
terms of quality, features, and price. Maintaining an edge without drastically affecting profit margins is
challenging, especially for smaller manufacturers. They may struggle with keeping up with innovation
cycles, price wars, or immediate feedback from online reviews
2. Macro-Economic factors: The situations of economic constraints such as the COVID-19 crisis or lower than
expected GDP growth etc. can lead to job losses and in turn reduce spending on non-essential goods by the
consumers. This affects the Consumerware segment as consumers postpone purchases of discretionary products
and focus on necessities due to decreased discretionary spending. Consequently, the overall demand for such
products decreases, impacting the sector.
• Increased Competition: The emergence of new players offering similar product categories has increased
competition in terms of product quality, pricing, colour, and design. India's mass-economy market demands
value products, and lower-priced goods can disrupt the market with aggressive pricing and heavy discounts,
more so in E-commerce sales. Competitors are introducing innovative products at reasonable prices,
intensifying overall market competition, and affecting profit margins for players.
• Volatility in raw material commodity prices: Fluctuations in global demand, supply, and currency
exchange rates can increase the base price of various raw materials for players. The prices of commodity
plastics, engineering compounds, and recycled components, which serve as the primary raw materials for
plastic houseware products, have historically been sensitive to fluctuations in crude oil prices. Since plastics
are derived from petrochemicals, changes in crude oil prices directly affect the cost of production for raw
materials. When crude oil prices rise, the cost of manufacturing plastics increases, leading to higher raw
material costs for manufacturers. Conversely, falling oil prices can lower material costs but may still involve
some volatility due to market supply-demand dynamics and external factors like geopolitical instability. This
inherent volatility requires manufacturers to closely monitor raw material pricing and implement hedging
practices and flexible cost management strategies to maintain profitability. Raw materials like plastic and
glass are largely imported from China, so any price changes in China's Price Index affect material prices for
other importing countries. Established companies often pass on higher raw material costs to consumers due
to their strong brand, but failure to do so may impact operating margins and create pressure in the near term.
• Presence of Unbranded players: There are several unbranded players present across various categories in
the Consumerware segment that sell through unorganized market and E-commerce platforms. Owing to the
cheaper prices and similar-looking product offerings, they occupy a noticeable market share in this category.
230• Change in Geo-political situation: The relationship between countries often plays a crucial role in the
domestic market. Any disruptions or stress may have an adverse impact and could pose a considerable risk
for the consumer business especially when one country is dependent on the other for raw materials etc. It
may create disruptions in the supply chains leading to delays in procuring raw materials, finished products
or capital goods, gaps in fulfilment of demands and project implementation. In the Consumerware segment
in India, a considerable number of products and raw materials are being imported from China and political
relations often impact trade posing a risk factor.
4.6 Indian Consumer Bamboo Houseware Market
Indian Consumer Bamboo Houseware Market Size and Growth
The Indian Bamboo Consumer Houseware market was valued at approximately INR 1.2 - 1.5 Bn in FY 2023. In
FY 2024, the market grew at ~8% and is projected to grow at a CAGR of ~10% for the next four years till FY
2028. As of FY 2024, branded play controlled nearly 50-55% (~INR 0.6 - 0.8 Bn) of the Bamboo Consumer
Houseware market in India.
Exhibit 4.14: Market Size of the Indian Consumer Bamboo Houseware Market (in INR Billion) (FY)
~INR 1.9-2.3 Bn
~INR 1.3-1.6Bn
~INR 1.2-1.5 Bn
2023 2024 2028P
Source: Technopak Analysis
Key Players in the India Market
The market for bamboo houseware in India is still in its early stage, with small domestic companies focusing on
innovation. These companies are spearheading the market's early growth, showing great potential for further
expansion. The growing emphasis on sustainable and eco-friendly options is leading to increased interest in
bamboo houseware, creating a promising industry with many growth possibilities. A few players in this sector
include The Bamboo Bae, Bamboo India, Woody Grass, The Bamboo Co, BambooPecker, GoBamboos, EcoSoul
Home Inc, Fackelmann etc.
Exhibit 4.15: Key Players Profile Overview
Revenue FY 2023 Revenue FY 2024
Player Name Inception Year Headquarters (INR Mn) (INR Mn)
The Bamboo Bae 2020 Noida, Uttar 70** NA
Pradesh
Bamboo India 2016 Pune, Maharashtra 241 NA
Woody Grass 2021 Sindhudurg, NA NA
Maharashtra
The Bamboo Co 2022 Gurgaon, Haryana NA NA
231Revenue FY 2023 Revenue FY 2024
Player Name Inception Year Headquarters (INR Mn) (INR Mn)
BambooPecker 2019 Bengaluru, NA NA
Karnataka
GoBamboos 2021 Ghaziabad, Uttar NA NA
Pradesh
EcoSoul Home 2020 Bellevue, 188.3 267.9
Inc India Launch- 2022 Washington
Fackelmann* 1919 Hersbruck, 186.7* NA
India Launch- 2007 Germany
Source: Company website, annual reports, secondary research
*Revenue for Fackelmann India Kitchenware Private Limited
** represents revenue for 2022
NA refers to Data Not Available
Key Categories
Consumerware products can be categorised based on the purpose they serve/product utility. The segmentation
here is done basis-
• Kitchenware: which is further segmented into-
o Tableware: Plates, bowls, cutlery, serving trays etc
o Drinkware: Bottles, mugs, glasses etc
o Kitchen tools and accessories: Chopping board, spatula etc
o Lunch boxes and storage: Lunch boxes with bamboo lid
• Bath ware & Personal Care: which includes hairbrushes, combs, razors, toothbrushes, soap cases, bathroom
sets etc
• Home organisers: which consists of baskets, mobile and desk organisers etc
These products come in various designs, colours and price ranges to meet the demands of consumers. The use of
bamboo as a material was first predominantly evident in the kitchenware segment, with it now making its presence
in the other segments as well.
Exhibit 4.16: Key players and their Bamboo Product Portfolio Matrix by Business Units in the Indian Bamboo
Consumer Houseware Market
Name of player Bamboo Bamboo Bathware Bamboo Home Other Bamboo
Kitchenware & Personal Care Organisers categories
Home décor,
The Bamboo Bae ✓ ✓ ✓
stationery
Bamboo India ✓ ✓ ✓ Stationery
Lighting, home
Woody Grass ✓ ✓
décor, furniture
The Bamboo Co ✓
Lighting, lifestyle
& fashion,
BambooPecker ✓ ✓
construction
fencing, trellis,
232Name of player Bamboo Bamboo Bathware Bamboo Home Other Bamboo
Kitchenware & Personal Care Organisers categories
panels & ceilings,
window blinds
GoBamboos ✓ ✓ ✓ Home décor
EcoSoul Home Inc ✓
Fackelmann ✓
Source: Company website, annual reports, secondary research
Note: (✓) Refers to presence in categories, Others refer to additional categories the players are present in.
Regulations and Policies Favouring the Growth of Bamboo Consumerware Manufacturing in India
Bamboo is a traditional, versatile and renewable resource in India and used in a wide variety of ways including
food, shelter and fuel etc. The Indian government has taken several initiatives to promote bamboo use, to increase
its cultivation and marketing promotion to aid in the growth of the bamboo industry. Various government
initiatives to promote Bamboo in India are-
• National Bamboo Mission (NBM) - To tackle all aspects of the bamboo sector including high input costs
and to holistically grow and promote the sector, the Government of India (GOI) launched the National
Bamboo Mission (NBM) as a Centrally Sponsored Scheme (CSS) in 2018. Since the year 2022-23, the NBM
has been merged with the Mission for Integrated Development of Horticulture (MIDH) scheme.
The restructured National Bamboo Mission primarily focuses on increasing the growth of bamboo on land
that is not part of a forest and helping to connect farmers with buyers. It aids in supplying planting materials
and promoting plantations, setting up collection and processing facilities, improving marketing efforts, and
developing skills etc.
• Bamboo Market Page on Govt e-Marketplace (GeM) Portal- The National Bamboo Mission and the
Government e-Marketplace (GeM) launched a dedicated window called the “The Green Gold Collection” for
bamboo products on the GeM portal for marketing Bamboo Goods (Bamboo based products & Quality
Planting Materials) in 2021. The window provides an electronic platform for the small manufacturers and
niche sellers thereby increasing their reach to attract buyers, with a push for bamboo kitchenware as a
sustainable & healthier addition to the kitchen and houseware products.
• Reclassification of Bamboo- The Indian Forest Act of 1927 was modified in 2017, changing the
classification of bamboo from "tree" to its present status. Before, bamboo was categorized as a tree and
considered as "timber" when it was cut down or harvested, regardless of its source. This categorization gave
state governments the authority to oversee the buying and moving of bamboo. Following the latest
amendment, people can now grow and trade bamboo and its products without having to obtain approval
beforehand for cutting down or moving them. This modification is intended to promote the growth and use
of bamboo as a renewable resource, representing a substantial shift in the bamboo industry.
• GST Reduction- The Goods and Services Tax (GST), introduced in India in 2017, initially taxed bamboo
products at 18%, making them less competitive than plastic alternatives. In 2018, the government reduced
the GST rate on bamboo products to 12%, making these products more affordable and boosting market
demand for bamboo Consumerware.
• Prime Minister’s Employment Generation Programme (PMEGP)- The Ministry of MSME has
implemented a credit-linked subsidy programme named the Prime Minister’s Employment Generation
Programme (PMEGP) for generating employment in the country by setting up micro-enterprises in the non-
farm sector including under Bamboo industry. The number of PMEGP units assisted under the Bamboo
industry during the FY18-22 is given as follows:
Exhibit 4.17: Year-wise number of PMEGP units assisted and margin money subsidy disbursed under the Bamboo
Industry
Margin money subsidy
Year No. of bamboo units assisted
disbursed (i n INR Mn)
2332018-19 228 28.2
2019-20 264 29.0
2020-21
274 37.4
2021-22 (up to 21.3.2021) 309 46.2
Source: Ministry of Micro, Small & Medium Enterprises
• Scheme of Fund for Regeneration of Traditional Industries (SFURTI)- The Ministry of MSME has
implemented a Scheme of Fund for Regeneration of Traditional Industries (SFURTI) to organize traditional
industries and artisans into collectives, making them competitive, providing sustained employment, and
enhancing marketability of products. The scheme supports the creation of Common Facility Centers (CFCs),
procurement of new machinery, production infrastructure, setting up raw material banks, skill development
and training, market promotion initiatives, etc. Under this scheme, financial assistance of up to Rs. 2.5 cr. is
given to 'Regular Clusters' having up to 500 artisans, and up to Rs. 5 cr. to 'Major Clusters' having more than
500 artisans. Major sectors supported under SFURTI are Bamboo, Honey, Textiles, Agro Processing,
Handicraft, Khadi, Coir, etc. From 2014-15 to 2022, 41 bamboo clusters have been approved, with the
Government of India’s assistance of Rs. 98.64 cr. benefiting 9197 artisans.
• State offering Government Subsidies for Bamboo Processing and Bamboo Product Development: The
Assam Bamboo & Cane Policy, 2019, effective from January 1, 2020, offers various incentives under the
National Bamboo Mission, including subsidies for propagation, cultivation, treatment, preservation, product
development, and market infrastructure. Government sectors receive up to 100% subsidies, while private
sectors get 33-60% for different initiatives. Additional incentives include a 50% capital investment subsidy,
grants for startups, free distribution of tools and machinery, 100% sponsorship for skill development, and
subsidies for establishing souvenir shops and online marketing portals. The policy also promotes free sapling
distribution for small-scale plantations.
State-wise Production of Bamboo in India
Bamboo bearing area
Bamboo bearing area refers to the total land area where bamboo is grown. The total area under bamboo in India
was 14.94 million hectares during the year 2021. India is the second-largest country in the world in terms of
bamboo forest area. The share of the North-eastern Region to India was ~33.8% i.e. occupying 5,229,600 hectares
of area in 2023 and showed an increasing trend from the previous year of 2019. The share of western and central
region was ~32.9% i.e. occupying 5,096,800 hectares of area in 2023.
Exhibit 4.18: State wise bamboo bearing area comparison between 2019-2023 (in hectares)
Increase/ Decrease n
Bamboo bearing area Bamboo bearing area Bamboo bearing
State/UTs area in 2023 w.r.t.
as per 2023 as per 2021 area as per 2019
2019
Andhra Pradesh 637,000 6,10,400 700,300 -63,300
Arunachal Pradesh 1,842,400 1,573,900 1,498,100 3,44,300
Assam 1,124,600 1,065,900 1,052,500 72,100
Bihar 110,900 110,300 113,600 -2,700
Chhattisgarh 1,113,900 1,046,700 1,125,500 -11,600
Goa 23,500 28,800 41,800 -18,300
Gujarat 389,500 354,700 339,300 50,200
Maharashtra 1,357,200 1,352,600 1,540,800 -1,83,600
Haryana 4,200 3,900 7,200 -3,000
Himachal Pradesh 11,5400 102,700 65,000 50,400
Jharkhand 374,600 371,700 412,300 -37,700
Karnataka 733,400 862,400 1,018,100 -2,84,700
234Increase/ Decrease n
Bamboo bearing area Bamboo bearing area Bamboo bearing
State/UTs area in 2023 w.r.t.
as per 2023 as per 2021 area as per 2019
2019
Kerala 244,300 240,400 284,900 -40,600
Madhya Pradesh 2,042,100 1,839,400 2,086,700 -44,600
Manipur 751,700 837,700 990,300 -2,38,600
Meghalaya 534,700 500,700 541,000 -6,300
Mizoram 477,200 456,100 347,600 1,29,600
Nagaland 398,000 394,700 428,400 -30,400
Odisha 1,232,800 1,119,900 1,182,700 50,100
Punjab 31,100 28,000 25,500 5,600
Rajasthan 170,600 155,500 187,400 -16,800
Sikkim 101,000 99,400 117,600 -16,600
Tamil Nadu 321,700 400,100 435,700 -1,14,000
Telangana 380,100 453,500 543,800 -1,63,700
Tripura 446,600 420,100 378,300 68,300
Uttar Pradesh 159,800 183,200 123,500 36,300
Uttarakhand 130,700 120,100 148,900 -18,200
West Bengal 75,400 70,200 85,500 -10,100
Andaman &
142,600 141,300 181,400 -38,800
Nicobar Islands
Total 15,467,000 14,944,300 16,003,700 -5,36,700
Source: India State of Forest Report, Forest Survey of India, 2023
State-wise Green Equivalent Weight of Bamboo
The total green equivalent weight of bamboo considers both the dry weight and the green (fresh) weight of
bamboo. Dry weight refers to the weight of bamboo after it has been dried thoroughly. This is commonly used for
construction and furniture. The green weight represents the fresh weight of bamboo immediately after harvesting,
and before drying. This is mainly used for building temporary structures like small shelters, garden supports, and
crafts and artwork like baskets and decorative pieces.
Exhibit 4.19: State wise Green Equivalent Bamboo Weight in India (in thousand tonnes)
Increase/
Green weight Dry weight
State/UTs Total for 2021 Total for 2019 Decrease
2021 2021
w.r.t. 2019
Andhra Pradesh 12,262 14,957 27,219 16,157 11,062
Arunachal Pradesh 38,083 8,463 46,546 27,932 18,614
Assam 33,978 4,622 38,600 24,064 14,536
Bihar 1,249 423 1,672 1,822 (150)
Chhattisgarh 7,940 8,840 16,780 11,743 5,037
Goa 15 242 257 202 55
Gujarat 6,663 3,897 10,560 8,877 1,683
Maharashtra 15,856 13,256 29,112 26,515 2,597
Haryana 29 4 33 - 33
Himachal Pradesh 1,833 1,043 2,876 1,975 901
Jharkhand 3,846 2,301 6,147 4,573 1,574
Karnataka 20,579 14,429 35,008 26,456 8,552
Kerala 9,109 5,572 14,681 13,092 1,589
235Increase/
Green weight Dry weight
State/UTs Total for 2021 Total for 2019 Decrease
2021 2021
w.r.t. 2019
Madhya Pradesh 12,501 9,783 22,284 14,088 8,196
Manipur 7,778 3,543 11,321 7,754 3,567
Meghalaya 19,096 5,649 24,745 12,323 12,422
Mizoram 9,606 2,979 12,585 8,812 3,773
Nagaland 24,039 8,363 32,402 20,547 11,855
Odisha 14,556 9,160 23,716 16,131 7,585
Punjab 61 52 113 47 66
Rajasthan 17,009 931 2,640 2,520 120
Sikkim 533 91 624 429 195
Tamil Nadu 2,842 6,373 9,215 7,779 1,436
Telangana 6,055 6,461 12,516 6,781 5,735
Tripura 9,193 3,220 12,413 6,295 6,118
Uttar Pradesh 759 775 1,534 974 560
Uttarakhand 1,172 1,667 2,839 1,390 1,449
West Bengal 1,013 458 1,471 1,110 361
Andaman & Nicobar
1,201 890 2,091 7,199 (5,108)
Islands
Total 263,556 138,444 4,02,000 2,77,597 124,413
Source: India State of Forest Report, Forest Survey of India, 2021
In 2021, the Northeastern Region contributed ~45% of the total green equivalent weight of bamboo of India
(4,02,000 thousand Tonnes). Nagaland had the highest decadal growth rate among the states at 345.5%, followed
by Arunachal Pradesh at 222.5% and Meghalaya at 230.3%. Assam had a growth of 214.4%, whereas Tripura
saw a growth of 150%. The States of Manipur (18%), Mizoram (~5) and Sikkim (~30%) experienced a decline in
growth except an increasing growth in the year 2019. The National Bamboo Mission has contributed significantly
to the increasing production of bamboo plants despite the reduction in the bamboo bearing areas.
Exhibit 4.20: Green Equivalent Weight of Bamboo of the Northeastern Region of India (in thousand tonnes)
(between 2011-21)
Decade
State/UTs 2011 2017 2019 2021 change from
2011-19 (%)
Arunachal Pradesh 14,431 18,863 27,932 46,546 222.54
Assam 12,286 14,912 24,064 38,600 214.18
Manipur 13,738 15,469 7,754 11,321 -17.59
Meghalaya 7,491 11,462 12,323 24,745 230.33
Mizoram 13,187 6,217 8,812 12,585 -4.57
Nagaland 7,274 11,269 20,547 32,402 345.45
Sikkim 887 305 429 624 -29.65
Decade
State/UTs 2011 2017 2019 2021 change from
2011-19 (%)
Tripura 4,965 6,494 6,295 12,413 150.01
Total 74,259 84,991 108,156 179,236 141.37
Percentage in India’s
(43.86) (45.05) (38.96) (44.59)
total production
236India 1,69,312 1,88,680 2,77,587 4,02,000 137.43
Source: India State of Forest Report, Forest Survey of India 2017, 2019, 2021. Note: Base period 2011; figures in parentheses
indicate percentage to total
5. Operational Benchmarking
5.1 Key Players Business Overview
The Indian Consumerware Market is broadly divided into two categories, Consumer Houseware and Consumer
Glassware. The Consumer Houseware and Consumer Glassware markets are further segmented into various
subcategories:
Consumer Houseware: Kitchenware- Kitchen Accessories, Small Kitchen Appliances, Cookware, Insulated
Ware, Table Ware, Hydration, Food Storage, Lunchboxes; Storage Containers, Bath & Cleaning Products,
and Furniture
Consumer Glassware: Opalware, Glassware and Porcelain
The key consumerware manufacturers in India can be segregated into those that primarily sell white label products
(i.e., products with the brands of their customers) to other businesses (B2B) and those that primarily see their
products under their own brand names (B2C).
The key consumer houseware manufacturers in India across primarily B2B category are All Time Plastics Ltd,
Shaily Engineering Plastics Ltd, Ratan Plastics (Nirmal Poly Plast), Aristoplast Products Pvt Ltd, Asian
Plastoware, and Polyset Plastics Pvt Ltd.
The key consumer houseware manufacturers in India across primarily B2C category include Gluman (Precision
Moulds and Dies), Milton (Hamilton Housewares), Cello World Limited, Princeware (Prince Corp), Freudenberg
Gala Household Products Pvt. Ltd., Pearlpet (Pearl Polymers Ltd), Ski Plastoware, and LocknLock (Rajprabhu
Traders).
All Time Plastics Ltd. has a wide range of products in the Consumer Houseware market across different product
categories and price points. All Time Plastics has an extensive product range including kitchen accessories for
prepping and meal, containers, organisers, bathware, and cleaning supplies. In addition to this, they also provide
a separate category for kids called “junior” and a premium category in kitchenware. Their extensive portfolio
positions them strongly in the Global and Domestic Markets. The company has over 1000 employees, exports to
28 countries, and has established long-term business relations (viz OEMs) with top international retail giants
worldwide.
Exhibit 5.1: Key Players Profile Overview
Primarily
Player Name Inception Year Headquarters
B2B/B2C
Mumbai,
All Time Plastics Ltd 2001 Primarily B2B
Maharashtra
Shaily Engineering Plastics Ltd 1987 Vadodara, Gujarat Primarily B2B
Mumbai,
Ratan Plastics (Nirmal Poly Plast) 1989 Primarily B2B
Maharashtra
Mumbai,
Aristoplast Products Pvt Ltd 1982 Primarily B2B
Maharashtra
Mumbai,
Asian Plastoware 1970 Primarily B2B
Maharashtra
Mumbai,
Polyset Plastics Pvt Ltd 1969 Primarily B2B
Maharashtra
Gluman (Precision Moulds and Dies) 2005 Faridabad, Haryana Primarily B2C
Mumbai,
Milton (Hamilton Housewares) 1972 Primarily B2C
Maharashtra
237Primarily
Player Name Inception Year Headquarters
B2B/B2C
Mumbai,
Cello World Limited 1982 Primarily B2C
Maharashtra
Princeware (Prince Corp) 1952 Mumbai Primarily B2C
Freudenberg Gala Household Products Mumbai,
1986 Primarily B2C
Pvt. Ltd. Maharashtra
Mumbai,
Ski Plastoware 1996 Primarily B2C
Maharashtra
Source: Company website, annual reports, secondary research
Exhibit 5.2: Primarily B2B Key Players Revenue from Operations, including Domestic Revenue and Export
Revenue (in INR million) (FY 2024)
Name of Player Revenue** Domestic Revenue Export Revenue
*All Time Plastics Ltd 5,129 582 4,529
Shaily Engineering Plastics Ltd 6,439 1,603 4,534
Aristoplast Products Pvt Ltd 2,216 2,090 126
NA
Ratan Plastics (Nirmal Poly plast) NA NA
Asian Plastoware 1,587 1,015 546
Polyset Plastics Pvt Ltd 1,196 119,1 5
Source: Company website, annual reports, secondary research
Note: *Domestic revenue and export revenue of All Time Plastics Ltd. reached 796 Mn and 4,757 Mn respectively in FY
2025.** Revenue from operations is the sum of total domestic sales, export sales, and other operating revenue
All figures are standalone except for Shaily Engineering.
Exhibit 5.3: Primarily B2C Key Players Revenue from Operations, including Domestic Revenue and Export
Revenue (in INR million) (FY 2024)
Name of Player Revenue** Domestic Revenue Export Revenue
Milton (Hamilton Housewares) 23,289 22,429 664
Cello World Limited 20,003 19,678 209
Freudenberg Gala Household
5,158 5,150 NA
Products Pvt. Ltd.
Princeware (Prince Corp) 1,991 643 1,027
Ski Plastoware NA NA NA
Gluman (Precision Moulds and
522 522 NA
Dies)*
Source: Company website, annual reports, secondary research
Note: **Revenue from operations is the sum of total domestic sales, export sales, and other operating revenue
*Pertain to revenue of Precision Moulds and Dies
All figures are standalone except for Cello World Limited and Milton (Hamilton Housewares)
5.2 Product Portfolio by Material Type
Key players in the consumerware industry focus on various materials such as plastic, steel, and glass. Plastic is
often the material of choice due to its cost effectiveness, availability, recyclability, and durability. All Time
Plastics Ltd’s specialisation in plastic and manufacturing expertise enables them to offer a wide range of products
in plastic which cover varied houseware needs.
Consumerware is primarily manufactured from plastic, steel, and glass. Plastic is often the material of choice due
to its cost effectiveness, availability, recyclability, and durability.
Exhibit 5.4: Primarily B2B Key Players Presence Across Key Material Types in Consumerware
Name of Player Plastic Steel Glass
All Time Plastics Ltd
238Shaily Engineering Plastics
Ltd
Aristoplast Products Pvt Ltd
Ratan Plastics (Nirmal Poly
plast)
Asian Plastoware
Polyset Plastics Pvt Ltd
Source: Company website, annual reports, secondary research. None of the players manufacture bamboo consumer
houseware products.
Manufacturers products using this
material
Exhibit 5.5: Primarily B2C Key Players Presence Across Key Material Types in Consumerware
Name of Player Plastic Steel Glass
Milton (Hamilton
Housewares)
Cello World Limited
Freudenberg Gala
Household Products Pvt Ltd.
Princeware (Prince Corp)
Ski Plastoware
Gluman (Precision Moulds
and Dies)
Source: Company website, annual reports, secondary research. None of the players manufacture bamboo consumer
houseware products.
Manufactures products using this
material
5.3 Product Portfolio by Categories
In the Consumerware industry, product categorization can be done based on the purpose they serve/ product utility
i.e. Kitchenware, Packaging and Storage, Cleaning Products, and Bathware etc. These products come in various
designs, colours and price range to meet the demands of the consumers. The constant innovation in houseware
over the years has made the life of people simpler and easier. For instance, people are shifting from floor cloths
to wipers and mops for cleaning purposes, foldable storage containers to save space, and infuser water bottles
giving users an option to infuse their water with natural flavours.
Consumerware products can categorised based on the purpose they serve/product utility, e.g., kitchenware,
packaging and storage, cleaning products, bathware, and furniture. These products come in various designs,
colours and price ranges to meet the demands of consumers.
Exhibit 5.6: Primarily B2B Key Players and their Product Portfolio Matrix by Categories
Storage Cleaning Bath Kids
Name of player Kitchenware Furniture Others
Containers Products Products Range
All Time ✓ ✓ ✓ ✓ - ✓ -
Plastics Ltd
Shaily ✓ ✓ ✓ - ✓ - Healthcare,
Engineering lighting,
Plastics Ltd appliances,
automotives
Aristoplast ✓ ✓ ✓ ✓ ✓ - Industrial
Products Pvt products-
Ltd material
handling
Ratan Plastics ✓ ✓ ✓ ✓ ✓ ✓ -
(Nirmal Poly
plast)
239Storage Cleaning Bath Kids
Name of player Kitchenware Furniture Others
Containers Products Products Range
Asian ✓ ✓ ✓ ✓ - ✓ -
Plastoware
Polyset Plastics ✓ ✓ ✓ ✓ ✓ ✓ -
Pvt Ltd
Source: Company website, annual reports, secondary research
Note: ✓ Refers to presence in categories, NA refers to Not Available, Others refer to additional categories the players are
present in. Kids Range has been highlighted as a separate category as major players consider it an important market and have
created a separate category for the same in their portfolios
Exhibit 5.7: Primarily B2C Key players and their Product Portfolio Matrix by Categories
Name of Storage Cleaning Bath Kids
Kitchenware Furniture Others
player Containers Products Products Range
Milton ✓ - ✓ ✓ - ✓ -
(Hamilton
Housewares)
Cello World ✓ - ✓ - ✓ ✓ Writing
Limited Instruments,
Air coolers,
Pallets,
Extrusion
Sheets,
Tools and
Dies
Freudenberg - - ✓ ✓ - - -
Gala
Household
Products Pvt.
Ltd.
Princeware ✓ ✓ ✓ ✓ ✓ ✓ Travelware-
(Prince Corp) Luggage
and
Accessories
Ski ✓ ✓ ✓ ✓ ✓ ✓ -
Plastoware
Gluman ✓ ✓ ✓ ✓ - ✓ -
(Precision
Moulds and
Dies)
Source: Company website, annual reports, secondary research
Note: ✓ Refers to presence in categories, NA refers to Not Available, Others refer to additional categories the players are
present in. Kids range has been highlighted as a separate category as major players consider it an important market and have
created a separate segment for the same in their portfolios
5.3.1 Product Portfolio by Category- Kitchenware
The kitchenware category can be further sub-categorised as shown below-
Kitchen accessories (consists of items used for various tasks in the kitchen, such as chopping boards, mixing
bowls, citrus juicers, strainers, etc.).
Cookware (consists of items used for cooking, including pots and pans).
Insulated ware (consisting of casserole dishes).
Table ware (consists of items used for setting and serving food at the table, including cutlery, plates, and bowls,
etc.).
Hydration (consists of items used for serving and consuming beverages).
Food storage (consists of items used for storing and preserving food); and
Lunchboxes (insulated and non-insulated types).
240All Time Plastics is a key player in the kitchenware category, boasting a highly diversified portfolio with quality
products and price ranges to cater to all segments of the market.
Exhibit 5.8: Primarily B2B Key Players’ Product Sub-Categories, Price Range, and SKUs in Kitchenware
Name of player Product Sub-Category No. of SKUs
All Time Plastics Ltd Kitchen accessories 639
Tableware 77
Food Storage 702
Shaily Engineering Plastics Ltd NA NA
Ratan Plastics (Nirmal Poly plast) Kitchen accessories 10
Tableware 24
Hydration 11
Food Storage 143
Aristoplast Products Pvt Ltd Kitchen accessories 34
Tableware 55
Hydration 103
Food Storage 116
Asian Plastoware Kitchen accessories 5
Tableware 9
Hydration 61
Insulated ware 138
Food Storage 56
Lunch boxes 39
Polyset Plastics Pvt Ltd Kitchen accessories 36
Tableware NA
Hydration 313
Food Storage 387
Lunchboxes 88
Sources: Companies’ websites and catalogues, secondary research
Note: Prices are MRP price.
NA refers to data not available
Exhibit 5.9: Primarily B2C Key Players’ Product Sub-Categories, Price Range, and SKUs in Kitchenware
Name of Player Product Sub-Category No. of SKUs
Milton (Hamilton Housewares) Kitchen Accessories 27
Cookware 228
Tableware 65
Insulated ware 345
Hydration 1,007
Food Storage 216
Lunchboxes 284
Cello World Limited Kitchen accessories 19
Cookware 30
Tableware 11
Insulated ware 8
Hydration 247
Food Storage 6
241Name of Player Product Sub-Category No. of SKUs
Lunch boxes 36
Princeware (Prince Corp) Kitchen accessories 5
Tableware NA
Hydration 46
Insulated ware 16
Lunchboxes NA
Food Storage 52
Ski Plastoware Kitchen accessories 1
Insulated ware 12
Tableware 39
Hydration 60
Food storage 17
Lunchboxes 13
Gluman (Precision Moulds and Dies) Kitchen accessories 45
Cookware 1
Tableware 56
Hydration 78
Food Storage 65
Lunchboxes 9
Source: Company website and catalogues, online marketplaces - Amazon, secondary research
Note: Prices are MRP prices
NA refers to data not available
5.3.2 Product Portfolio by Category- Storage Containers, Bath and Cleaning Products, and Kids Range
Exhibit 5.10: Primarily B2B Key Player’s Product Categories, Price Range and SKU Count in Storage
Containers, Bath and Cleaning Products, and Kids Range
Name of player Product Category No of SKUs
All Time Plastics Storage Containers 147
Bath Products 170
Cleaning Products 54
Kids Range 59
Shaily Engineering Plastics Storage Containers NA
Ltd Cleaning Products NA
Ratan Plastics (Nirmal Storage Containers 4
Polyplast) Bath Products 31
Cleaning Products 99
Kids Range 8
Aristoplast Products Pvt Storage Containers 60
Ltd Bath Products 111
242Name of player Product Category No of SKUs
Cleaning Products 67
Kids Range 57
Asian Plastoware Storage Containers 18
Bath Products 7
Cleaning Products 27
Kids Range 46
Polyset Plastic Pvt Ltd Storage Containers 135
Cleaning Products 124
Bath Products 278
Kids Range 70
Source: Company website and catalogues, secondary research
Note: Prices are MRP prices
NA refers to Data Not Available
Exhibit 5.11: Primarily B2C Key Player’s Product Categories, Price Range and SKU Count in Storage
Containers, Bath and Cleaning Products, and Kids Range
Name of player Product Category No of SKUs
Milton (Hamilton Housewares) Bath Products 22
Cleaning Products 93
Kids Range 218
Cello World Limited Cleaning Products 10
Kids Range 52
Princeware Storage Containers NA
Bath Products 9
Cleaning Products 7
Kids Range 28
Freudenberg Gala Household Products Bath Products 4
Pvt. Ltd. Cleaning Products 50
Kids Range -
Ski Plastoware Storage Containers 4
Bath Products 40
Cleaning Products 4
Kids Range 128
Gluman (Precision Moulds and Dies) Storage Containers 23
Cleaning Products 6
Bath Products 20
Kids Range 105
Source: Company website and catalogues, secondary research
Note: Prices are MRP prices
NA refers to Data Not Available
5.4 Distribution and Retail Network
With the objective of penetrating further into the market and enhancing the presence of brands, companies are
extending their retail and distribution networks. Players are also expanding their presence and distribution network
in tier II, tier III and tier IV cities in the Consumerware segment. All Time Plastics sells its products in India
through a network of modern trade retailers, super distributors who sell to other distributors, and distributors who
sell to general trade stores.
Exhibit 5.12: Retail and Distribution Network for Key Primarily B2B Players
Retail Channels in case of
Name of player Presence Key Clients in B2B
B2C
All Time Plastics Supplying to 29 countries Traditional retail outlets Domestic- Vishal MegaMart,
outside India Online marketplaces, E- Max , Zepto( Kiranakart),
commerce Lifestyle
243Retail Channels in case of
Name of player Presence Key Clients in B2B
B2C
International – IKEA (1), Asda
(2), Michaels(3), Tesco(4)
Shaily Supplying to 40+ countries NA IKEA, Spin Master, Himalaya,
Engineering P&G, WestRock, Sanofi, Teva,
Plastics Ltd SunPharma, Zydus, Glenmark
Ratan Plastics Across India and presence in Modern trade retail- Dmart, Institutional clients- gits,
(Nirmal Poly more than 45 countries Reliance Retail, Metro, More, Jyothy labs, Nestle, Gits, LT
plast) Spar, Star, Home centre, Foods, Zodiac, Prahbhat Dairy,
Super99, Market99, Style RSPL, Fena
Bazaar, Lulu, Asia
Hypermarket, Vijetha,
Spencers, Vishal mega mart
E-commerce- Zepto, Dmart
Ready, Jio mart
Online marketplaces- Flipkart,
Amazon
Aristoplast Across India and exports General Trade, Modern Trade Future (Pantaloon) Retail
Products Pvt Ltd internationally (India) Limited, Aaditya Birla
Online marketplaces- Flipkart, Retail Ltd, D-mart, Hariyali
Amazon Kisaan Bazar.
Asian Plastoware International reach in 60+ Online marketplaces, E- NA
countries including India, commerce
Australia, Middle East, Modern trade retail- SPAR
Germany, United Kingdom, Hypermarket, Spencer’s,
USA, North Africa, South STAR, Bazaar Kolkata,
Africa CityKart, m Bazaar, Vishal
Mega Mart, Smart Superstore,
Style Baazar, more, MR
D.I.Y., Mega Shop, Ratnadeep,
V mart, Reliance SMART, D
Mart, METRO Cash & Carry
Online marketplaces- Amazon,
Flipkart, Paytm Mall,
Bigbasket, Zepto, Jio Mart
Source: Data for dealers/ distributors taken from company website, annual reports, and secondary research and is updated
as of June 31, 2024
Notes:
(1) Inter IKEA Systems B.V., trading as IKEA, is a Swedish multinational conglomerate that designs and sells ready-to-
assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home services. As of
May 27, 2024, there were 473 IKEA stores in 63 markets.
(2) Asda Stores Limited, trading as Asda (“Asda”) and often styled as ASDA, is a British supermarket and petrol station
chain. In FY2023, Asda’s store portfolio and colleague base expanded to over 1,200 stores and food service sites
(3) Michaels Stores, Inc., trading as Michaels (“Michaels”), owns a chain of arts and crafts stores in America and
Canada. Michaels had over 1,300 stores in the US as of August 2024.
(4) Tesco Plc (“Tesco”) is a multinational retailer with its headquarters in the United Kingdom. As per their Annual Report
of FY2024, they had 4,506 stores globally, with 3,786 of them in the United Kingdom
NA refers to Data Not Available
Exhibit 5.13: Retail and Distribution Network for Key Primarily B2C Players
Name of player Presence Retail Channels in case of Retail Presence
B2C
Milton (Hamilton Across India Traditional retail, Modern Retail outlets- Big Bazaar,
Housewares) retail stores, E-commerce, Spencers, Trent, Vishal,
Large Format Stores Reliance Retail, SPAR
hypermarket, D mart,
Metro
244Online marketplaces-
Amazon, Flipkart, etc.
Cello World Limited Across India Traditional retail, Modern Retail outlets- Big Bazaar,
retail stores, E-commerce Spencers, Trent, Vishal,
Reliance Retail, SPAR
hypermarket, D mart,
Metro etc.
Online marketplaces-
Amazon, Flipkart, etc.
Princeware Across India and exports Traditional retail, Modern Retail Outlets- BigBazar,
Homeware and Material retail stores, Online Metro, Star Bazar, More,
handling products to over marketplaces, E-commerce Dmart, Lulu, Spencers
70 countries
Online marketplaces-
Amazon, Flipkart,
Snapdeal, HomeShop18,
Rediff.com, etc.
Freudenberg Gala Household International Traditional Retail, Modern Retail outlets- More,
Products Pvt. Ltd. trade retail, Online Reliance retail, Spencers,
marketplaces, Ecommerce Dmart, Vishal mega mart,
Online marketplaces-
Amazon, Jiomart, Flipkart,
Zepto etc.
Ski Plastoware Across India and export to Retail Outlets- Walmart, Institutional Clients- HUL,
major markets in Middle Hypercity, Big Bazar, P&G, Piramal Enterprises,
East, Europe, Africa, and Dmart, Aditya Birla Retail, Samsung India Electronics,
American Markets Metro etc. IPCA Laboratories
Gluman (Precision Moulds Across India and products Modern retail outlets, Retail Outlets- Firstcry,
and Dies) exported to Europe, USA, Online marketplaces Spencers, Bigbazar,
Middle East, Mauritius & Easyday, More
Sri Lanka Online marketplaces-
Amazon, Flipkart, Meesho,
Exported to Europe, USA,
Middle East, Mauritius, Sri
Lanka
Source: Data for dealers/ distributors taken from company website, annual reports, and secondary research and is updated
as of June 31, 2024
NA refers to Data Not Available
5.5 Manufacturing Capabilities, Certifications, and Sustainability Initiatives
Exhibit 5.14: Manufacturing Capabilities, Certifications, and Sustainability Initiatives for Key Primarily B2B
Players
Name of player Manufacturing Manufacturing Certifications Sustainability
Plants Capabilities initiatives
All Time Daman and Silvassa 3 plants spread over ISO 9001:2015 Targeting to fulfil 100%
Plastics plant near the Nhava 49,700 sq. metres ISO 14001:2015 of their energy
Sheva port, Mumbai 33,000 metric tons of ISO 45001:2018 requirement from
and Manekpur plant in annual processing 'C' in CDP Score renewable sources
Gujarat capacity Report- Climate Change Utilise recycled and
140 injection 2021 FSC (Forest
moulding machines Higg Index Completion Stewardship Council)-
of Verified Module certified paper
2020- Sustainable All packaging materials
Apparel Coalition are FSC certified
SEDEX/SMETA Usage of rainwater
approved factories harvesting at all
Global Recycled facilities to save water
Standard (GRS) Scope 8,000 KWH energy
Certification saved/year Renewable
energy and energy-
245Name of player Manufacturing Manufacturing Certifications Sustainability
Plants Capabilities initiatives
saving measures
implemented, e.g.,
installation of solar
panels at Daman
Facility and Silvassa
Facility. These
installations have a
combined capacity of
approximately 1.5
MWp, and generated
approximately 1,812
MWh of energy in FY
2025
Shaily Near Vadodara, 210 injection Quality Certifications: Green plastics- up to
Engineering Gujarat moulding machines ISO 9001:2015, 35% of their material
Plastics Ltd 7 manufacturing units IATF 16949:2016, usage is recycled
The only licensed ISO 13485:2016, and polymer
processor of Torlon ISO 15378:2017, Have converted
in India MDSAP Security products manufactured
Sheet Metal Furniture Certifications: from virgin materials to
Plant- 70,000 sq. ft. GSV / SCAN, AEO both recycled plastics as
processing 6,000 tons well as bioplastics
of steel per annum- Use 60% renewable
for cabinets, drawer energy
units, tables, and
storage units
Ratan Plastics Daman and 75+ advanced ISO 9001:2008 Products are reusable,
(Nirmal Poly Ahmedabad injection moulding safe, and eco friendly
plast) machines and tool
room with in-house
design
Fully automated all
electric technology
Aristoplast Daman Manufacture and ISO 9001:2008 NA
Products Pvt Ltd export over 600+
plastic house wares,
novelties and 150+
industrial crates
Asian Daman 3 factory buildings in NA NA
Plastoware Daman
Polyset Plastics Daman and Talasari NA • ISO 9001:2015 NA
Pvt Ltd
Source: Data for manufacturing capabilities taken from company website, annual reports, and secondary research and is
updated as of June 31, 2024
Note: RBA- Responsible Business Alliance, URSA- Understanding Responsible Sourcing Audit, GSV- Global Security
Verification, URS Certification Government Recognised STAR Export House- businesses having made significant contribution
to India's foreign exchange inflow and excelled in international trade based on financial performance annually, SEDEX
Certified- facilities are certified as operating responsible supply chains that are zero polluting, anti-child labour and robust
grievance redressal in place, Higg Index is a suite of five tools that assess and measure the social and environmental
performance of the value chain to monitor and elevate companies’ environmental performance across their operations, GRS
certification is issued by GCL International, an organization that provides third-party certification services globally. The
Global Recycled Standard is an international, voluntary, full product standard that sets requirements for third-party
certification of recycled content, chain of custody, social and environmental practices, and chemical restrictions
NA refers to Data Not Available
Exhibit 5.15: Manufacturing Capabilities, Product SKUs, Certifications, and Sustainability Initiatives for key
primarily B2C players
Name of player Manufacturing Manufacturing Certifications Sustainability
Plants Capabilities initiatives
246Milton (Hamilton Silvassa, Haridwar, NA ISO 9001:2000 NA
Housewares) Chaygaon
(Guwahati)
Cello World Himachal Pradesh, 13 manufacturing ISO 9001:2015 or ISO NA
Limited Uttrakhand, West facilities across 5 140001:2015 certified
Bengal, Andhra locations in India
Pradesh, 2.6 million sq. ft
Maharashtra manufacturing
facility
15,000 tonnes p.a.
Opal ware capacity
(Additional 10,000
tonnes under
construction)
~20,000 tonnes p.a.
Setting up a new
Glassware
manufacturing
facility in Rajasthan
Princeware (Prince India and Africa NA ISO 9001:2015 certified NA
Corp) SEDEX/SMETA
approved factory
Gluman (Precision Sahibabad, NA NA NA
Moulds and Dies) Ghazibad, Uttar
Pradesh Nalagarh,
Himanchal Pradesh
Source: Data for manufacturing capabilities taken from company website, annual reports, and secondary research and is
updated as of June 31, 2024
NA refers to data not available
Sustainability Initiatives:
As more companies continue to expand globally and increase their export, they encounter certain challenges and
entry barriers. Growing consumer and investor awareness of environmental issues and resource depletion has led
to a preference for eco-friendly brands that demonstrate a genuine commitment to sustainability and transparency
in their business practices, which in-turn is making retailers to procure from eco-friendly manufacturers.
In parallel, governments worldwide are enforcing stricter environmental regulations, making compliance essential
to avoid legal consequences and market restrictions in international markets. Third-party audits and environmental
certifications further act as significant entry barriers for manufacturers to supply to international retailers,
particularly in the export businesses for consumerware products. These certifications, often required by importing
companies, ensure that products meet specific environmental, ethical, and safety standards and certain
certifications are often essential to enter and function in international markets.
The process of obtaining these certifications can be costly and time consuming, involving detailed audits of
company activities, limiting market access for smaller firms or those lacking the adequate infrastructure, giving
certified and bigger firms a competitive advantage. At the same time, the Fourth Industrial Revolution has pushed
companies to adopt Industry 4.0 standards, which is a trend towards modernizing their operations and business
practices and strengthening their market position through automation and data exchange in manufacturing
technologies and processes. Industry 4.0 allows businesses to manage resources efficiently and respond faster to
market demands, which is crucial to stay competitive in the global landscape. However, transitioning to Industry
4.0 requires significant investment in technology infrastructure and training, posing additional challenges,
especially for smaller firms.
6. Financial Benchmarking
6.1 Revenue from Operations
Revenue from Operations reflects a company's ability to generate revenue through its core activities. High revenue
from operations typically signals strong market demand and effective business strategies. All Time Plastics’
revenue from operations in FY 2025 was INR 5,581.67 million, making it the second largest primarily B2B player
in India in terms of revenue from operation for FY 2025
247Exhibit 6.1: Revenue from Operations (in INR Million) (FY)
CAGR 2021-
Player 2021 2022 2023 2024 2025
2025
Primarily B2B Players
All Time Plastics Ltd 2,802.99 4,011.52 4,434.86 5,128.53 5,581.67 18.79%
Shaily Engineering Plastics Ltd. 3,605.96 5,677.07 6,070.66 6,438.71 7,867.98 21.54%
Ratan Plastics (Nirmal Poly Plast)* 1,145.02 1,861.65 2,037.40 2,509.74 NA 29.90%
Aristoplast Products Pvt Ltd.* 1,594.48 1,867.88 2,226.28 2,215.70 NA 11.59%
Asian Plastoware* 752.48 1,017.47 1,436.04 1,586.83 NA 28.24%
Polyset Plastics Pvt Ltd* 960.85 1,167.88 1,229.14 1,195.88 NA 7.57%
Primarily B2C Players
14,542.9 18,594.0 23,679.3 23,288.6
Milton (Hamilton Housewares)* NA 16.99%
2 9 7 3
10,494.5 13,591.7 17,966.9 20,002.6 21,363.8
Cello World Limited 19.45%
5 6 5 4 8
Freudenberg Gala Household Product Pvt
3,569.26 4,238.89 4,908.83 5,158.14 NA 13.06%
Ltd.*
Princeware (Prince Corp)* 1,748.28 1,943.27 1,669.91 1,990.70 NA 4.42%
Ski Plastoware* 691.70 1,027.29 1,626.29 1,584.69 NA 31.83%
Precision Mould and Dies* 383.89 452.26 587.51 522.11 NA 10.79%
Source: Annual Reports, Secondary Research, Technopak Analysis, MCA reports
Financials of Gluman were not available so financials of its parent company – Precision Moulds and Dies were considered.
It has been categorized as Primary B2C owing to the brand Gluman, which operates in the houseware categories.
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) ,FY 2022-2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
CAGR for companies marked with * is calculated for the period FY 2021-2024, and the rest is calculated till FY 2025.
6.2 Gross Margin
Gross margin measures the proportion of revenue left after deducting the cost of goods sold. It indicates a
company's efficiency in managing production costs and pricing. A higher gross margin indicates better
profitability and operational efficiency.
Exhibit 6.2: Gross Margin (%) (FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 43.73% 34.83% 37.99% 40.67% 39.94%
Shaily Engineering Plastics Ltd. 40.30% 37.03% 36.34% 42.52% 47.16%
Ratan Plastics (Nirmal Poly Plast) 43.69% 41.24% 43.18% 49.95% NA
Aristoplast Products Pvt Ltd. 46.66% 43.59% 39.47% 39.73% NA
Asian Plastoware 47.18% 41.50% 44.37% 46.81% NA
Polyset Plastics Pvt Ltd 61.05% 56.47% 55.06% 63.57% NA
Primarily B2C Players
Milton (Hamilton Housewares) 40.37% 40.41% 41.53% 43.87% NA
Cello World Limited 50.31% 50.08% 50.16% 52.58% 51.72%
Freudenberg Gala Household Product Pvt Ltd. 45.41% 43.90% 43.16% 49.23% NA
Princeware (Prince Corp) 52.27% 46.33% 51.57% 44.12% NA
Ski Plastoware 34.24% 27.83% 31.66% 33.84% NA
Precision Mould and Dies 43.22% 41.54% 50.51% 50.92% NA
Source: Annual Reports, Technopak Analysis
Gross Profit = (Revenue from operations – Cost of Goods Sold)
Gross Profit Margin (%) = Gross Profit / Revenue from operations
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) and FY 2022-2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
2486.3 EBITDA and EBITDA Margin
EBITDA (earnings before interest, taxes, depreciation, and amortization) measures a company's operating
performance by excluding finance costs, taxes and non-cash accounting items. It provides an insight into a
company's profitability from core operations. All Time Plastics’ EBITDA in FY 2025 was INR 1,013.37 million
making it the second largest primarily B2B player in India in terms of EBITDA among the mentioned players.
Exhibit 6.3: EBITDA (INR Million) (Years in FY)
CAGR
Player 2021 2022 2023 2024 2025 2021-
2025
Primarily B2B Players
All Time Plastics Ltd 505.17 578.74 733.82 971.01 1,013.37 19.01%
Shaily Engineering Plastics Ltd. 595.57 811.89 918.91 1,169.40 1,760.57 31.12%
Ratan Plastics (Nirmal Poly Plast)* 128.34 220.05 240.97 464.19 NA 53.50%
Aristoplast Products Pvt Ltd.* 278.27 308.08 303.85 227.47 NA -6.50%
Asian Plastoware* 86.84 91.93 163.83 197.73 NA 31.56%
Polyset Plastics Pvt Ltd* 120.25 76.04 78.58 250.05 NA 27.64%
Primarily B2C Players
Milton (Hamilton Housewares)* 2,369.31 2,581.29 3,357.68 3,427.11 NA 13.09%
Cello World Limited 2,767.41 3,335.71 4,205.38 5,092.34 5,101 16.52%
Freudenberg Gala Household Product Pvt
538.39 531.50 603.28 956.12 NA 21.10%
Ltd.*
Princeware (Prince Corp)* 243.09 232.90 242.42 258.98 NA 2.13%
Ski Plastoware* 143.16 72.08 98.85 102.84 NA -10.44%
Precision Mould and Dies* 32.33 20.77 30.46 24.60 NA -8.70%
Source: Annual Reports, Secondary Research, Technopak Analysis, MCA reports.
EBITDA= (Finance Cost + Depreciation & Amortization + Profit before Tax-Other income).
Note: NA: Not Available
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) and FY 2022-2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
CAGR for companies marked with * is calculated for the period FY21-24, and the rest is calculated till FY 2025.
EBITDA Margin indicates the proportion of revenue that translates into EBITDA, reflecting operational efficiency
and profitability before the impact of finance costs, taxes and non-cash accounting items. In FY 2025, All Time
Plastics had an EBITDA Margin of 18.16%, which was second highest among primarily B2B players mentioned.
Exhibit 6.4: EBITDA Margin (%) (FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 18.02% 14.43% 16.55% 18.93% 18.16%
Shaily Engineering Plastics Ltd. 16.52% 14.30% 15.14% 18.16% 22.38%
Ratan Plastics (Nirmal Poly Plast) 11.21% 11.82% 11.83% 18.50% NA
Aristoplast Products Pvt Ltd. 17.45% 16.49% 13.65% 10.27% NA
Asian Plastoware 11.54% 9.04% 11.41% 12.46% NA
Polyset Plastics Pvt Ltd 12.51% 6.51% 6.39% 20.91% NA
Primarily B2C Players
Milton (Hamilton Housewares) 16.29% 13.88% 14.94% 14.87% NA
Cello World Limited 26.37% 24.54% 23.41% 25.46% 23.87%
Freudenberg Gala Household Product Pvt Ltd. 15.08% 12.54% 12.29% 18.54% NA
Princeware (Prince Corp) 13.90% 11.98% 14.52% 13.01% NA
Ski Plastoware 20.70% 7.02% 6.08% 6.49% NA
Precision Mould and Dies 8.42% 4.59% 5.19% 4.71% NA
Source: Annual Reports, Secondary Research, Technopak Analysis, MCA reports.
EBITDA Margin (%) = EBITDA before exceptional items/Revenue from Operations,
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) and FY 2022-2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
2496.4 PAT and PAT Margin
Profit after tax (PAT) and PAT Margin (PAT as a percentage of revenue from operations) are essential metrics
for assessing a company's profitability after all operating and overhead expenses are accounted for. These metrics
provide insights into the effectiveness of a company's operations and its ability to generate net income,
highlighting financial health and operational efficiency. In FY 2025, All Time Plastics had a PAT of INR 472.94
million, which was second highest among primarily B2B players.
Exhibit 6.5: PAT (INR Million) (Years in FY)
CAGR
Player 2021 2022 2023 2024 2025
2021-2025
Primarily B2B Players
All Time Plastics Ltd 241.91 245.33 282.71 447.90 472.94 18.25%
Shaily Engineering Plastics Ltd. 220.21 352.66 351.50 572.91 931.19 43.40%
Ratan Plastics (Nirmal Poly Plast)* 16.33 63.85 71.03 244.74 NA 146.53%
Aristoplast Products Pvt Ltd.* 231.03 267.14 274.50 249.54 NA 2.60%
Asian Plastoware* 54.07 59.40 115.55 131.79 NA 34.58%
Polyset Plastics Pvt Ltd* 47.91 10.54 24.50 276.65 NA 79.41%
Primarily B2C Players
Milton (Hamilton Housewares)* 1,448.46 1,531.52 2,147.53 2,201.09 NA 14.97%
Cello World Limited 1,655.48 2,195.23 2,850.66 3,561.84 3,645.67 21.82%
Freudenberg Gala Household Product
354.30 358.69 419.79 710.58 NA 26.11%
Pvt Ltd.*
Princeware (Prince Corp)* 19.54 35.87 32.23 53.43 NA 39.84%
Ski Plastoware* 2.48 46.50 58.40 37.74 NA 147.74%
Precision Mould and Dies* 7.83 3.81 10.11 7.87 NA 0.14%
Source: Annual Reports, Secondary Research, Technopak Analysis, MCA reports.
Note: NA: Not Available, Na (1): can’t be calculated due to one of the figures being 0, unavailability, negative numerator,
denominator or both.
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) and FY 2022-2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
CAGR for companies marked with * is calculated for the period FY 2021-2024, and the rest is calculated till FY 2025.
Exhibit 6.6: PAT Margin (%) (Years in FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 8.56% 6.07% 6.37% 8.68% 8.46%
Shaily Engineering Plastics Ltd. 6.06% 6.12% 5.75% 8.81% 11.80%
Ratan Plastics (Nirmal Poly Plast) 1.40% 3.41% 3.45% 9.60% NA
Aristoplast Products Pvt Ltd. 13.88% 13.68% 11.81% 10.54% NA
Asian Plastoware 7.03% 5.73% 7.92% 8.19% NA
Polyset Plastics Pvt Ltd 4.93% 0.90% 1.96% 22.81% NA
Primarily B2C Players
Milton (Hamilton Housewares) 9.90% 8.15% 9.00% 9.33% NA
Cello World Limited 15.62% 15.96% 15.72% 17.59% 16.72%
Freudenberg Gala Household Product
9.89% 8.44% 8.52% 13.61% NA
Pvt Ltd.
Princeware (Prince Corp) 1.10% 1.80% 1.88% 2.61% NA
Ski Plastoware 0.35% 4.47% 3.57% 0.09% NA
2.03% 0.84% 1.71% 1.49% NA
Precision Mould and Dies
250Source: Annual Reports, Secondary Research, Technopak Analysis, MCA reports.
PAT Margin (%) = PAT/ Total Income
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) and FY 2022-2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
6.5 Net Debt-Equity Ratio
The Net Debt to Equity Ratio is a financial leverage ratio that compares a company’s net debt to its shareholders’
equity. It indicates how much debt a company is using to finance its operations relative to its equity.Net Debt-
Equity ratio stood at 0.84 for All Time Plastics Ltd. in FY 2025.
Exhibit 6.7: Debt-Equity Ratio (Years in FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 1.08 1.22 0.99 0.65 0.84
Shaily Engineering Plastics Ltd. 1.08 0.35 0.41 0.40 0.30
Ratan Plastics (Nirmal Poly Plast) 2.42 1.95 1.59 0.86 NA
Aristoplast Products Pvt Ltd. 0.06 0.04 0.02 0.04 NA
Asian Plastoware -0.39 -0.35 -0.32 -0.23 NA
Polyset Plastics Pvt Ltd 0.00 0.00 0.00 0.00 NA
Primarily B2C Players
Milton (Hamilton Housewares) 0.04 0.06 -0.01 0.00 NA
Cello World Limited 0.02 0.05 0.03 0.26 -0.04
Freudenberg Gala Household Product
Pvt Ltd. -0.65 -0.61 -0.69 -0.56 NA
Princeware (Prince Corp) 1.18 1.11 1.14 1.22 NA
Ski Plastoware 1.40 1.16 0.98 0.77 NA
Precision Mould and Dies 0.01 0.01 0.01 0.00 NA
Source: Annual Reports, Technopak Analysis
Debt = Current Borrowings + Noncurrent borrowings -Cash and cash Equivalents-Other Bank Balances
Net Debt Equity Ratio= Net Debt/Shareholder’s Equity
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) and FY 2022 -FY 2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
6.6 Return on Equity
Return on equity (ROE) measures a company's profitability by showing how effectively it generates profit from
shareholders' equity. It is calculated by dividing profit after tax (PAT) by shareholders' equity. ROE provides
insight into how well a company uses investors' funds to generate earnings, serving as a key indicator of financial
performance and management effectiveness. In FY 2024, All Time Plastics Ltd had a ROE of 22.18%, which was
second highest among primarily B2B players.
Exhibit 6.8: Return on Equity (%) (Years in FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 23.05% 18.92% 17.93% 22.18% 19.01%
Shaily Engineering Plastics Ltd. 12.11% 9.61% 8.76% 12.48% 17.00%
Ratan Plastics (Nirmal Poly Plast) 4.94% 16.17% 15.25% 34.44% NA
Aristoplast Products Pvt Ltd. 16.59% 16.10% 14.19% 11.43% NA
Asian Plastoware 10.79% 10.60% 17.10% 16.32% NA
Polyset Plastics Pvt Ltd 4.72% 1.03% 2.33% 28.11% NA
Primarily B2C Players
Milton (Hamilton Housewares) 15.63% 14.24% 16.72% 14.68% NA
Cello World Limited -157.59% 250.47% 84.72% 30.99% 16.82%
Freudenberg Gala Household Product Pvt Ltd. 63.94% 59.61% 41.09% 86.55% NA
Princeware (Prince Corp) 2.07% 3.23% 2.82% 4.47% NA
Ski Plastoware 7.52% 7.03% 7.09% 7.12% NA
251Precision Mould and Dies 4.25% 2.03% 5.10% 3.82% NA
Source: Annual Reports, Technopak Analysis
Return on Equity= Profit after Tax (PAT)/ Shareholder’s Equity
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) and FY 2022-2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
6.7 Return on Capital Employed
Return on capital employed (ROCE) measures a company's profitability and efficiency in using its capital. ROCE
provides insight into how effectively a company is generating profits from its total capital, highlighting overall
financial performance and operational efficiency. In FY 2025, All Time Plastics Ltd had a ROCE of 16.99%,
which was third highest among primarily B2B players.
Exhibit 6.9: Return on Capital Employed (%) (Years in FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 17.55% 14.54% 17.16% 22.64% 16.99%
Shaily Engineering Plastics Ltd. 10.58% 11.07% 10.38% 12.67% 18.80%
Ratan Plastics (Nirmal Poly Plast) 4.30% 11.98% 12.65% 27.46% NA
Aristoplast Products Pvt Ltd. 16.49% 15.99% 13.85% 8.28% NA
Asian Plastoware 20.42% 18.18% 29.33% 25.43% NA
Polyset Plastics Pvt Ltd 5.70% 2.75% 3.40% 25.61% NA
Primarily B2C Players
Milton (Hamilton Housewares) 20.03% 17.47% 21.19% 17.99% NA
Cello World Limited 123.46% 58.92% 60.43% 31.27% 21.54%
Freudenberg Gala Household Product Pvt
247.86% 201.73% 174.83% 253.27% NA
Ltd.
Princeware (Prince Corp) 7.52% 7.03% 7.09% 7.12% NA
Ski Plastoware 22.14% 13.07% 16.93% 15.99% NA
Precision Mould and Dies 2.85% 1.25% 3.35% 2.33% NA
Source: Annual Reports, Technopak Analysis
Return on Capital Employed= (PBT + Finance Cost-Other Income) / (Total Debt + Total Equity- Cash and cash equivalents
– Bank balances other than cash and cash equivalents); All figures are standalone except for Cello World Limited, Milton
(Hamilton Housewares) , FY 2022-2025 of Shaily Engineering and FY 2025 of All Time Plastics Ltd.
6.8 Trade Receivables and Payables Days
Receivable days measure the average number of days a company takes to collect payments from its customers.
This metric reflects the efficiency of the company's credit and collection processes, impacting cash flow and
liquidity management. In FY 2025 All Time Plastics registered the lowest Trade Receivable Days among
primarily B2B players, which was 56.61 days.
Exhibit 6.10: Trade Receivables Days (Years in FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 36.79 42.87 35.20 34.41 56.61
Shaily Engineering Plastics Ltd. 70.38 65.38 55.27 63.35 79.66
Ratan Plastics (Nirmal Poly Plast) 98.46 97.41 70.30 65.62 NA
Aristoplast Products Pvt Ltd. 35.40 37.33 37.74 40.52 NA
Asian Plastoware 86.34 79.53 73.80 62.73 NA
Polyset Plastics Pvt Ltd 203.19 88.99 91.04 63.90 NA
Primarily B2C Players
Milton (Hamilton Housewares) 43.66 38.19 30.70 35.50 NA
Cello World Limited 129.18 109.22 93.92 111.42 112.38
Freudenberg Gala Household Product Pvt Ltd. 31.84 29.32 41.22 38.48 NA
Princeware (Prince Corp) 164.55 125.66 125.09 120.28 NA
252Ski Plastoware 112.35 91.71 75.68 75.31 NA
Precision Mould and Dies 134.49 114.31 89.76 97.60 NA
Source: Annual Reports, Technopak Analysis
Trade Receivable Days= 365/(Revenue from Operations/ Trade Receivables)
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) and 2022-2025of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
Note: NA: Not Available, Na (1): can’t be calculated due to one of the figures being 0, unavailability, negative numerator,
denominator or both.
Trade payable days measure the average number of days a company takes to pay its suppliers. This metric indicates
how well the company manages its short-term liabilities and cash flow. In FY 2025, All Time Plastics registered
the lowest Trade Payables Days among primarily B2B players, which was 38.76 days.
Exhibit 6.11: Trade Payables Days (Years in FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 68.93 35.42 45.88 37.45 38.76
Shaily Engineering Plastics Ltd. 73.36 78.12 56.59 66.19 95.47
Ratan Plastics (Nirmal Poly Plast) NA(1) NA(1) NA(1) NA(1) NA
Aristoplast Products Pvt Ltd. NA(1) NA(1) NA(1) NA(1) NA
Asian Plastoware NA(1) NA(1) NA(1) 5876 NA
Polyset Plastics Pvt Ltd 337.75 91.10 198.36 276.56 NA
Primarily B2C Players
Milton (Hamilton Housewares) 94.14 123.36 91.96 89.38 NA
Cello World Limited 230.89 228.77 51.73 53.62 NA
Freudenberg Gala Household Product Pvt
85.81 104.81 91.29 97.10 NA
Ltd.
Princeware (Prince Corp) 12252.10 8030.22 69799.59 NA(1) NA(1)
Ski Plastoware 1174.65 1199.62 806.99 17900.84 NA
Precision Mould and Dies NA NA NA NA NA
Source: Annual Reports, Technopak Analysis
Trade Payable Days= 365/(Purchases during the year/ Trade Payable)
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares), FY 2022-2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
6.9 Working Capital Cycle
The working capital cycle represents the time it takes for a company to convert its current assets into cash to cover
its short-term liabilities. In FY 2025, All Time Plastics registered the lowest working capital cycle among
primarily B2B players, which was 74.24 days.
Exhibit 6.12: Working Capital Days (Years in FY)
Players 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 74.01 75.67 69.32 56.84 74.24
Shaily Engineering Plastics Ltd. 103.87 87.28 78.01 85.11 89.51
Ratan Plastics (Nirmal Poly
90.46 70.39 59.85 67.27 NA
Plast)
Aristoplast Products Pvt Ltd. 36.48 64.19 58.78 58.40 NA
Asian Plastoware 74.77 71.61 49.22 63.00 NA
Polyset Plastics Pvt Ltd 347.18 245.29 188.37 176.54 NA
Primarily B2C Players
Milton (Hamilton Housewares) 135.69 127.78 109.71 131.89 NA
Cello World Limited 68.08 228.90 190.73 189.71 281.25
Freudenberg Gala Household
(8.23) 17.91 1.59 1.18 NA
Product Pvt Ltd.
Princeware (Prince Corp) 165 126 125 120 NA
253Ski Plastoware 87.57 63.26 53.66 56.84 NA
Precision Mould and Dies 171.52 146.84 95.48 102.98 NA
Source: Annual Reports, Technopak Analysis
Working Capital Cycle= 365/(Revenue from Operations/(Total current assets – Cash & Cash Equivalents – Other Bank
Balances)-(Total Current Liabilities - Current Borrowings))
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) ,2022-2025 of Shaily Engineering
and FY 2025 of All Time Plastics Ltd.
6.10 Inventory Turnover Ratio
The inventory turnover ratio reflects how quickly a company sells and replaces its inventory, showcasing
operational efficiency and liquidity management.
Exhibit 6.13: Inventory Turnover (Years in FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 5.31 7.17 7.13 9.85 7.61
Shaily Engineering Plastics Ltd. 5.39 5.09 8.32 7.70 5.71
Ratan Plastics (Nirmal Poly Plast) 10.36 11.42 12.61 11.52 NA
Aristoplast Products Pvt Ltd. 15.01 10.99 13.40 13.60 NA
Asian Plastoware 8.74 8.74 15.65 17.48 NA
Polyset Plastics Pvt Ltd 2.45 2.23 3.39 3.15 NA
Primarily B2C Players
Milton (Hamilton Housewares) 4.44 3.68 4.66 5.21 NA
Cello World Limited 3.42 3.61 4.18 4.33 4.07
Freudenberg Gala Household Product Pvt
21.70 12.06 12.01 14.26 NA
Ltd.
Princeware (Prince Corp) 2.04 2.30 1.72 2.06 NA
Ski Plastoware 4.55 7.22 9.00 12.55 NA
Precision Mould and Dies 6.16 5.90 8.59 6.39 NA
Source: Annual Reports, Technopak Analysis
Inventory Turnover= (Revenue from operation/ Inventory)
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares) ,FY 2022-2023 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
6.11 Total Assets Turnover Ratio
The total asset turnover ratio measures how efficiently a company uses all its assets to generate sales revenue. It
provides insight into how well the company is utilizing its resources to drive business performance and generate
revenue. In FY 2025, All Time Plastics registered the highest total assets turnover ratio among primarily B2B
players, which was 0.99.
Exhibit 6.14: Total Assets Turnover Ratio (Years in FY)
Player 2021 2022 2023 2024 2025
Primarily B2B Players
All Time Plastics Ltd 0.93 1.13 1.11 1.23 0.99
Shaily Engineering Plastics Ltd. 0.77 0.84 0.88 0.82 0.84
Ratan Plastics (Nirmal Poly Plast) 0.76 1.00 1.19 1.34 NA
Aristoplast Products Pvt Ltd. 0.96 1.03 1.08 0.92 NA
Asian Plastoware 1.11 1.34 1.54 1.53 NA
Polyset Plastics Pvt Ltd 0.59 0.81 0.96 1.00 NA
Primarily B2C Players
Milton (Hamilton Housewares) 1.21 1.29 1.52 1.34 NA
Cello World Limited 0.92 1.02 1.16 1.01 0.81
Freudenberg Gala Household Product Pvt Ltd. 2.77 2.95 2.30 2.49 NA
Princeware (Prince Corp) 0.56 0.63 0.53 0.58 NA
Ski Plastoware 1.30 1.66 2.13 2.27 NA
254Precision Mould and Dies 0.72 0.78 1.08 0.99 NA
Source: Annual Reports, Technopak Analysis
Total Assets Turnover= (Revenue from Operations/Total Assets)
All figures are standalone except for Cello World Limited, Milton (Hamilton Housewares),FY 2022-2025 of Shaily
Engineering and FY 2025 of All Time Plastics Ltd.
[Remainder of the page has been intentionally left blank]
255Glossary
Abbreviations Full Form
AAS Advance Authorization Scheme
B2B Business to Business
B2C Business to Customer
Bn Billion
BPA Bisphenol
CAGR Compound Annual Growth Rate
CFCs Common Facility Centres
COVID/Covid Coronavirus Disease
CPI Consumer Price Index
Cr Crore
CSD and KPKB Military and Police Canteens
CSS Centrally Sponsored Scheme
CY Calendar Year
EBOs Exclusive brand outlets
EPCG Export Promotion Capital Good
EPR Extended Producer Responsibility
ESG Environmental, Social, and Governance
FMCG Fast Moving Consumer Goods
FSC Forest Stewardship Council
FY Financial Year
GDP Gross Domestic Product
GDS Gross Domestic Savings
GeM Government e-Marketplace
GHG Greenhouse Gas
GNP Gross National Product
GOI Government of India
GRS Global Recycled Standard
GST Goods and Service Tax
GSV Global Security Verification
GT General Trade
HS Code Harmonised System Code
IMF International Monetary Fund
ISO International Organisation For Standardisation
ITC Input Tax Credit
KL Kilolitre
KWH Kilowatt Hour
MBOs Multi-brand outlets
MIDH Mission for Integrated Development of Horticulture
Mn Million
MSME Micro, Small, and Medium Enterprises
MT Modern Trade
MT Million Tonnes
MWH Megawatt Hour
NBM National Bamboo Mission
OEM Original Equipment Manufacturer
PCI Per Capita Income
PFCE Private Final Consumption Expenditure
PLI Production Linked Incentive
PMEGP Prime Minister’s Employment Generation Programme
256Abbreviations Full Form
PMI Purchasing Manager's Index
PPP Purchasing Power Parity
Q-o-Q Quarter on Quarter
RBA Responsible Business Alliance
RBI Reserve Bank of India
RoDTEP Remission of Duties or Taxes on Export Products
SFURTI Scheme of Fund for Regeneration of Traditional Industries
SGST State Goods and Service Tax
SQ. FT. Square Feet
Tn Trillion
URSA Understanding Responsible Sourcing Audit
VAT Value Added Tax
257OUR BUSINESS
To obtain a complete understanding of our business, prospective investors should read this section in conjunction
with “Risk Factors”, “Industry Overview”, “Financial Statements” and “Management’s Discussions and
Analysis of Financial Condition and Results of Operations” on pages 37, 181, 349 and 410, respectively.
This section contains forward-looking statements that involve risks and uncertainties. Our actual results could
differ materially from those anticipated in such forward-looking statements. For details, see “Forward-Looking
Statements” on page 22.
All references in this section to a particular Financial Year or FY or Fiscal, unless stated otherwise, are to the
12-month period ended on March 31 of that particular calendar year.
We have included certain non-GAAP financial measures and other performance indicators relating to our
financial performance and business in this section. Such measures and indicators are not standardized terms and
hence a direct comparison of these measures and indicators between companies may not be possible. For further
details, see “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of
Presentation – Non-GAAP Financial Measures” on page 20
Prior to November 13, 2024, our Company did not have any subsidiaries. Unless stated otherwise, all financial
and statistical information as at and for the year ended March 31, 2025 and post March 31, 2025 is given on a
consolidated basis and all financial and statistical information as at and for the years ended March 31, 2024 and
2023 is given on a standalone basis.
Unless otherwise indicated, industry and market data used in this section have been derived from the Technopak
Report, which was prepared by Technopak. We commissioned Technopak to prepare the Technopak Report
specifically for the purpose of the Offer for an agreed fee pursuant to the engagement letter dated May 20, 2024,
as amended pursuant to a letter of authorisation dated June 11, 2025. For more details on the Technopak Report,
see “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation –
Industry and Market Data” on page 20. A copy of the Technopak Report will be available on our Company’s
website at https://www.alltimeplastics.com/files/IndustryReport.pdf.
OVERVIEW
We are a manufacturing company with 14 years of experience of producing plastic consumerware products for
everyday household needs. We primarily produce consumerware for customers to market under their own brand
names (i.e., on a business-to-business (“B2B”) basis), which is known as white-label manufacturing. However,
we also sell our consumerware products under our proprietary brand name (“All Time Branded
Products”) (i.e., on a business-to-consumer (“B2C”) basis).
The following table sets forth our revenue from sales of our white label products and All Time Branded Products
as well as miscellaneous revenue from operations, and claims, damages and discount for the Fiscals indicated:
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Product category Revenue % of revenue Revenue % of revenue Revenue % of revenue
(₹ in from (₹ in from (₹ in from
million) operations million) operations million) operations
White label products 5,116.24 91.66% 4,764.77 92.91% 4,075.52 91.90%
All Time Branded 422.24 7.56% 349.56 6.82% 299.04 6.74%
Products
Miscellaneous(1) 89.74 1.61% 38.56 0.75% 69.25 1.56%
Less- Claims, (46.55) (0.83)% (24.36) (0.47)% (8.96) (0.20)%
Damages and
Discount
Revenue from 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
operations
Note:
(1) Miscellaneous includes sales of raw material, scrap, and packing material.
258As at March 31, 2025, we had 1,848 stock-keeping units (“SKUs”) across eight categories: Prep Time (kitchen
tools for preparing cooking ingredients); Containers (food storage containers); Organization (miscellaneous
storage containers); Hangers (various types of hangers); Meal Time (kitchenware); Cleaning Time (cleaning
equipment); Bath Time (bathroom products); and Junior (child-friendly tableware, cutlery and other items).
The graphic below provides an overview of our various product categories.
The following table set forth our revenue from the sale of products across our product categories and our
miscellaneous revenue from operations as well as the number of SKUs across the product categories for the Fiscals
indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Product % of % of % of
Revenue No. of Revenue No. of Revenue No. of
category revenue revenue revenue
(₹ in SKUs (₹ in SKUs (₹ in SKUs
from from from
million) (10) million) (10) million) (10)
operations operations operations
Prep Time(1) 1,996.29 35.77% 639 1,958.69 38.19% 582 1,617.91 36.48% 513
Containers(2) 1,948.55 34.91% 702 1,685.66 32.87% 586 1,261.58 28.45% 450
Organization(3) 502.32 9.00% 47 515.21 10.05% 39 568.92 12.83% 34
Hangers(4) 386.03 6.92% 100 406.30 7.92% 105 369.60 8.33% 97
Meal Time(5) 302.01 5.41% 77 257.17 5.01% 62 229.78 5.18% 86
Cleaning Time(6) 172.82 3.10% 54 133.28 2.60% 51 183.74 4.14% 49
Bath Time(7) 133.30 2.39% 170 89.58 1.75% 140 67.54 1.52% 129
Junior(8) 97.14 1.74% 59 68.44 1.33% 43 75.50 1.70% 49
Miscellaneous(9) 89.74 1.61% - 38.56 0.75% - 69.25 1.56% -
Less-Claims, (46.55) (0.83)% N.A. (24.36) (0.47)% N.A. (8.96) (0.20)% N.A.
Damages and
Discount
Total 5,581.67 100.00% 1,848 5,128.53 100.00% 1,608 4,434.86 100.00% 1,407
Notes:
(1) Prep Time includes chopping boards, strainers, mixing bowls, colander, measuring jugs, measuring cups and spoons,
kitchen tools, spatula and spreader sets, and orange squeezers.
259(2) Containers includes crisper containers, store fresh containers, lock and safe containers, bestow boxes, frostee
containers, polka containers, prism round containers, prism square containers, food saver containers, canisters, twister
containers and other storage containers.
(3) Organization includes crystal jars, smart storage boxes, secure storage boxes and other organizers.
(4) Hangers includes hangers, teen hangers, smart hangers with loop, section hangers and rotating hook hangers.
(5) Meal Time includes tableware, salt and pepper shakers, ice cube trays, serving trays, fast food trays and butter dish.
(6) Cleaning Time includes dish drainers, bins, dustpans and drums.
(7) Bath Time includes buckets, mugs, soap dishes, basins, bathroom stools, wash rubs and satin range.
(8) Junior includes joy plates, joy bowls, joy glasses, joy cutlery sets, treats plates, treats bowls, treats glasses and treats
cutlery sets.
(9) Miscellaneous includes sales of raw material, scrap, and packing material.
(10) As at the end of the Fiscal.
In Fiscals 2025, 2024 and 2023, we launched 598, 553 and 609 new SKUs, respectively, and discontinued 358,
352 and 674 SKUs, respectively. The table below sets forth the breakdown of new SKUs launched and
discontinued SKUs by category in Fiscals 2025, 2024 and 2023.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Product
Number of Number of Number of
Category Number of Number of Number of
discontinued discontinued discontinued
new SKUs new SKUs new SKUs
SKUs SKUs SKUs
Prep Time 173 116 191 122 234 194
Containers 259 143 251 115 200 203
Organization 24 16 13 8 3 8
Hangers 31 36 39 31 37 49
Meal Time 26 11 11 35 26 115
Cleaning Time 9 6 10 8 19 27
Bath Time 51 21 33 22 72 40
Junior 25 9 5 11 18 28
Miscellaneous 0 0 0 0 0 10
Total 598 358 553 352 609 674
We primarily export our products to retailers in the European Union, the United Kingdom and the United States,
and also sell our products in India to IKEA and other modern trade retailers, super distributors (who sell to
distributors) and distributors (who sell to general trade stores).
Our products were exported to 29 countries in Fiscal 2025. The map below shows the countries to which our
products were exported in Fiscal 2025.
260We have long-standing relationships with global retailers, including IKEA, Asda Stores Limited, trading as Asda
(“Asda”), Michaels Stores, Inc., trading as Michaels (“Michaels”) and Tesco Plc (“Tesco”). Further, we also sell
our products to Indian retailers, including Spencer’s Retail Limited, among others. Our Company and Pyramid
Plastics, the entity whose business/ operational assets were acquired by our Company, have been selling products
to IKEA, our largest customer in Fiscal 2025, for more than 27 fiscal years, Asda, our second largest customer in
Fiscal 2025, for more than 14 fiscal years, Michaels, our third largest customer in Fiscal 2025, for more than four
fiscal years, and Tesco, our fourth largest customer in Fiscal 2025, for more than 17 fiscal years.
For our All Time Branded Products, we collaborate with super distributors, distributors, and modern trade
retailers, who play key roles in the distribution process. During Fiscal 2025, we sold our All Time Branded
Products to 22 modern trade retailers, including Spencer’s Retail Limited, as well as five super distributors and
38 distributors with whom we do business directly across 23 states and six union territories in India.
Set forth below is a table showing details in relation to the number of our customers for each of the periods
indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
Particulars
(Consolidated) (Standalone) (Standalone)
Number of customers for the previous period 124 88 86
Add: Number of customers in the period who 37 56 31
were not customers in the previous period
Less: Number of customers in the previous 41 20 29
period who were not customers in this period
Total number of customers for the period 120 124 88
We currently manufacture our products from our fully integrated manufacturing facilities in Daman, Dadra and
Nagar Haveli and Daman and Diu (the “Daman Facility”), Silvassa, Dadra and Nagar Haveli and Daman and
Diu (the “Silvassa Facility”) and Manekpur, Gujarat (the “Manekpur Facility”). Our manufacturing facilities
are strategically located. Please see the map showing the locations of our manufacturing facilities and the nearest
ports of Nhava Sheva and Hazira as well as to the Tumb inland container depot in Vapi, Gujarat, set forth in “-
261Our Strengths – Strategically located and integrated manufacturing facilities, enabling high volume, low-cost and
high quality plastic consumerware production” on page 264.
Our manufacturing facilities use robotics and automatic assembly machines, and other modern machinery
including “all electrical” injection moulding machines purchased from Japanese manufacturers. Further, we track
the movement of our products using an Enterprise Resource Planning (“ERP”) system throughout the entire
supply chain from manufacturing to distribution to our end customers. This system of tracking allows us to
monitor and manage every stage of the product journey, ensuring efficiency and transparency. Our inventory
management is facilitated by a fully palletized system through Serialised Inventory Control, which enables
efficient storage, faster product movement through conveyor belts, and reduced human interaction, minimizing
errors and accelerating turnaround times. Our manufacturing facilities had a combined total installed production
capacity of 33,000 tonnes per annum as at March 31, 2025. Our capacity utilization for Fiscals 2025, 2024 and
2023 was 79.48%, 84.59% and 74.81%, respectively.
We are committed to producing environmentally friendly and sustainable products through energy-efficient and
eco-conscious manufacturing practices. For Fiscals 2025, 2024 and 2023, 27.21% (consolidated), 20.23% and
18.71% of our raw materials consumed by volume were recycled raw materials, respectively. We have obtained
certificates such as the Global Recycled Standard (GRS) scope certification for the Silvassa Facility from third
party organizations and our manufacturing facilities have been subject to third party audits such as the Sedex
Members Ethical Trade Audit. While third-party audits and environmental certifications act as significant entry
barriers, particularly in the export businesses for consumerware products (source: Technopak Report), they also
affirm our commitment to environmental, social and ethical compliance.
Our workforce comprises our employees and contract labour. As at March 31, 2025, we had 690 employees and
1,589 persons working as contract labour. We place a strong emphasis on fostering an inclusive and supportive
work environment, which is reflected in the various welfare initiatives we have undertaken to ensure that the
diverse needs of our workforce are addressed. As at March 31, 2025, women represented 63.70% of our
employees. Our manufacturing facilities operate across three eight-hour shifts, with women participating equally
in all shifts. By offering this flexibility, we support the career development and work-life balance of our female
employees, while reinforcing our commitment to diversity and inclusion. In order to cater to evolving customer
demands, we leverage the expertise of our in-house product design and mould design teams.
We have received numerous awards over the years that bear testimony to our ability to successfully meet our
clients’ requirements. Some of our more recent awards include the ‘Home and Clothing Partnership Award 2024’
by Tesco, ‘Plexconcil Award’ by the Plastics Export Promotion Council in 2024 and the ‘Rusta 2023 Simplicity
Award’ by Rusta AB.
We can trace our roots back to 1971, when the Promoters’ father, the late Punamchand Hansraj Shah, set up a
small factory in Mumbai for manufacturing plastic articles under the name “Chhaya Plastics”. In 1995, B.T. Plastic
& Allied Industries was set up to manufacture all kinds of plastic materials from Daman, Dadra and Nagar Haveli
and Daman and Diu. In 1995, Pyramid Plastics, a partnership, was set up to manufacture all kinds of plastic
materials from Daman, Dadra and Nagar Haveli and Daman and Diu. Our Company was incorporated in 2001 to
secure the “alltime” brand name. In 2011, our Company set up the Silvassa Facility. In 2014, we enhanced our
manufacturing capabilities by acquiring the manufacturing business of Pyramid Plastics (which also included the
operational assets (excluding building and land) that it acquired from B.T. Plastic & Allied Industries in 2010)
through a slump sale by way of a business transfer agreement.
We have an experienced management team led by our Promoters, Kailesh Punamchand Shah, Bhupesh
Punamchand Shah and Nilesh Punamchand Shah. Our Promoters’ expertise spans across the various facets of our
business, from design and manufacturing to distribution and customer relationships. Kailesh Punamchand Shah,
our Chairman and Managing Director, who has more than 40 years of experience in the consumerware industry,
spearheads the finance, manufacturing operations and purchase verticals of our Company. Bhupesh Punamchand
Shah, one of our Directors, who has more than 40 years of experience in the consumerware industry, is involved
in overseeing the general administration and logistics operations within our Company. Nilesh Punamchand Shah,
one of our Directors, who has more than 40 years of experience in the consumerware industry, leads the strategy,
information technology and sales and marketing verticals within our Company. The majority of our Key
Managerial Personnel and Senior Management Personnel (combined) have been with our Company for more than
five years. Collectively, they bring extensive experience in the plastic manufacturing industry, with some having
worked in this sector for several decades.
262Our revenue from operations increased from ₹4,434.86 million for Fiscal 2023 to ₹5,581.67 million (consolidated)
for Fiscal 2025, representing a CAGR of 12.19%. Our EBITDA (calculated as the aggregate of profit before tax,
depreciation and amortization expense and finance costs less other income) (“EBITDA”) increased from ₹733.82
million for Fiscal 2023 to ₹1,013.37 million (consolidated) for Fiscal 2025, representing a CAGR of 17.51%. Our
profit for the year increased from ₹282.70 million for Fiscal 2023 to ₹472.94 million (consolidated) for Fiscal
2025, representing a CAGR of 29.34%.
Set forth below are certain Ind AS financial measures, Non-GAAP financial measures and statistical measures as
at the dates and for the periods indicated:
As at and for the year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
₹ in million, except as noted
Revenue from operations 5,581.67 5,128.53 4,434.86
Gross Profit(1)(*) 2,229.46 2,085.78 1,684.92
EBITDA(2)(*) 1,013.37 971.01 733.82
Profit for the year 472.94 447.90 282.70
Gross Margin(3)(*) (%) 39.94% 40.67% 37.99%
EBITDA Margin(4)(*) (%) 18.16% 18.93% 16.55%
PAT Margin(5)(*) (%) 8.46% 8.68% 6.37%
Return on Equity(6)(*)(%) 19.01% 22.18% 17.93%
Return on Capital Employed(7)(*)(%) 16.99% 22.64% 17.16%
Net Debt-to-Equity Ratio(8)(*) 0.84 0.65 0.99
Inventory Turnover Ratio(9) (*) 7.61 9.85 7.13
Net Fixed Asset Turnover Ratio(10)(*) 1.98 2.26 2.14
Net Working Capital Days(11) (*) (days) 74 57 69
Trade Receivables Days (12) (days) 57 34 35
Trade Payables Days (13) (days) 39 37 46
Notes:
(1) Gross Profit is calculated as revenue from operations minus Material Cost (“Gross Profit”). Material Cost is calculated
as cost of materials consumed plus changes in inventory of finished goods, stock-in-trade and work-in-progress.
(2) EBITDA is calculated as aggregate of restated profit before tax, depreciation and amortization expense and finance costs,
less other income (“EBITDA”).
(3) Gross Margin is calculated as Gross Profit expressed as a percentage of revenue from operations (“Gross Margin”).
(4) EBITDA Margin is calculated as EBITDA expressed as a percentage of revenue from operations (“EBITDA Margin”).
(5) PAT Margin is calculated as profit for the year expressed as a percentage of total income (“PAT Margin”).
(6) Return on Equity is calculated as profit for the year divided by total equity at the end of the year (“Return on Equity”
or “ROE”).
(7) Return on Capital Employed is calculated as earnings before interest and tax divided by Capital Employed. Earnings
before interest and tax is calculated as aggregate of profit before tax, finance costs, less other income. Capital Employed
is calculated as aggregate of total equity, total borrowings less cash and cash equivalent and bank balances other than
cash and cash equivalents (“Return on Capital Employed” or “ROCE”).
(8) Net Debt-to-Equity Ratio is calculated as Total Borrowings (calculated as the sum of non-current borrowings and current
borrowings) less cash and cash equivalent and bank balances other than cash and cash equivalents divided by total equity
(“Net Debt-to-Equity Ratio”).
(9) Inventory Turnover Ratio is calculated as revenue from operations divided by inventory at the end of the year (“Inventory
Turnover”).
(10) Net Fixed Asset Turnover Ratio is calculated as revenue from sale of products divided by average fixed assets (which
includes property, plant and equipment), calculated as (fixed assets as at the beginning of the year plus fixed assets as at
the end of the year) divided by two (“Net Fixed Asset Turnover Ratio”).
(11) Net Working Capital Days is calculated by dividing the number of days during the year by the working capital ratio,
which is calculated as revenue from operations divided by Net Working Capital, which is calculated as total current
assets less (i) cash and cash equivalents, (ii) bank balances other than cash and cash equivalents, and (iii) total current
liabilities, excluding current borrowings (“Net Working Capital Days”).
(12) Trade Receivables Days is calculated by dividing trade receivables as at the end of the year by revenue from operations
and multiplying it by the number of days during the year.
(13) Trade Payables Days is calculated by dividing trade payables as at the end of the year by purchases and multiplying it
by the number of days during the year.
263(*) Non-GAAP Financial Measure. For a table reconciling this Non-GAAP Financial Measure to an Ind AS measure, see
“Management’s Discussion and Analysis of Financial and Results of Operations-Reconciliation of Non-GAAP Financial
Measures” on page 416.
We received a debt rating of CRISIL A-/Positive from CRISIL Ratings Limited in December 2024 with respect
to our borrowing facilities availed from lenders.
As at the date of this Prospectus, our Company has two subsidiaries, namely: All Time Plastics Pte. Limited, a
wholly-owned subsidiary incorporated on November 13, 2024 under the laws of Singapore; and All Time Bamboo
Private Limited, a wholly-owned subsidiary incorporated on July 5, 2025 under the laws of India. As per joint
venture agreement dated December 27, 2024, as amended through the amendment agreement dated February 1,
2025, executed amongst All Time Plastics Pte. Limited, our Company, Dragon Bridge Pte. Ltd and All Time
Plastics Pte. Limited (the “Joint Venture Agreement”), All Time Plastics Pte. Limited shall undertake the
business of enhancing the geographical reach of the products manufactured by our Company and also provide
product development inputs to our Company. Pursuant to the Joint Venture Agreement, it is agreed between the
parties that Dragon Bridge Pte. Ltd will subscribe to or acquire from our Company, by way of a secondary transfer,
such number of shares of All Time Plastics Pte. Limited, such that the shareholding of our Company and Dragon
Bridge Pte. Ltd in All Time Plastics Pte. Limited shall be 51.00% and 49.00%, respectively. All Time Bamboo
Private Limited was incorporated to operate the business relating to bamboo consumerware. For further details,
see “History and Certain Corporate Matters” on page 309, Our Company does not have any associates.
OUR STRENGTHS
1. Strategically located and integrated manufacturing facilities, enabling high volume, low-cost and high
quality plastic consumerware production
We own and operate three fully integrated manufacturing facilities at (a) Daman, Dadra and Nagar Haveli and
Daman and Diu, (b) Silvassa, Dadra and Nagar Haveli and Daman and Diu and (c) Manekpur, Gujarat. Our
manufacturing facilities are strategically located within the industrial processing zones of western India and in
close proximity to ports (for exporting our products and obtaining raw materials) and petrochemical plants (for
obtaining our key raw materials) (source: Technopak Report). The Nhava Sheva port is approximately 200
kilometres from our Daman Facility, Silvassa Facility and Manekpur Facility, and the Hazira port is approximately
150 kilometers away from these facilities (source: Technopak Report). These ports facilitate efficient export of
our products and shipping of raw materials from our foreign suppliers. Our manufacturing facilities are also in
close proximity to the Tumb inland container depot in Vapi, Gujarat (“ICD Tumb”), which enhances our logistics
by not only reducing our logistics costs but also providing inland container depot services for efficient
transportation and handling of goods (source: Technopak Report). Additionally, our facilities are situated near
petrochemical plants, ensuring timely access to our key raw materials, including commodity plastics, engineering
compounds and recycled polymers. Moreover, upcoming infrastructure developments, such as the Delhi Mumbai
Industrial Corridor (a substantial portion of which will be in the vast industrial region of Gujarat), are poised to
provide a boost to connectivity (source: Technopak Report). This enhanced connectivity will lead to reduced lead
times and lower transportation costs, further strengthening our logistical advantages (source: Technopak Report).
The map below indicates the locations of our manufacturing facilities and the nearby ports of Nhava Sheva and
Hazira as well as the ICD Tumb.
264(Map not to scale)
Our manufacturing facilities are designed to operate seamlessly with “all electrical” machines, complemented by
robotics and automatic assembly systems. This integration ensures efficient, high-precision production processes.
The advanced automation in our operations enhances productivity, consistency, and quality control, allowing us
to meet the highest industry standards. As at March 31, 2025, 99 out of our 140, or 70.71%, of our injection
moulding machines are “all electrical” injection moulding machines purchased from Japanese manufacturers.
These advanced machines offer several benefits, including power consumption savings, faster cycle times,
increased output, higher uptime, and lesser noise. They also eliminate the need for oil, making them safer for the
moulds and ensuring consistent quality in our production processes, and makes cleaning and maintenance of the
machines and the workshop easier.
Our manufacturing facilities use robotics and automatic assembly machines, and other modern machinery, such
as pad printing machines, automatic orientation heat transfer machines and packing machines. Our facilities are
equipped with advanced digital technologies, with many processes operating in a digital environment. We have
implemented barcode labelling and ERP software to track product movement and utilize real time production
monitoring, serialized inventory control, and warehouse management systems to optimize efficiency. Our
automation systems are designed to maximize productivity and minimize downtime, while the ERP system
streamlines data collection and reporting. Our continued focus on process optimization helps to increase our
production efficiency.
As part of our commitment to manufacturing high-quality plastic consumerware products, our Daman Facility,
Silvassa Facility and Manekpur Facility are certified under the ISO 9001:2015 Quality Management System
(QMS). For further details in relation to our facilities, see “ - Manufacturing” on page 278.
Our fully integrated manufacturing facilities allow us to manufacture high volumes of low-cost and high quality
plastic consumerware products.
The following table presents our production volume for Fiscals 2025, 2024 and 2023:
Fiscal 2025 Fiscal 2024 Fiscal 2023
Particulars
(Consolidated) (Standalone) (Standalone)
Production of products (in tonnes) 26,230.05 22,838.95 19,451.00
For Fiscal 2025, our EBITDA Margin was 18.16% (consolidated), which was the second highest among both
primarily B2B players in this industry in India (source: Technopak Report). EBITDA Margin indicates the
proportion of revenue that translates into EBITDA, reflecting operational efficiency and profitability before the
impact of finance costs, taxes and non-cash accounting items (source: Technopak Report).
265The following table presents the total refunds made to customers, damages incurred, and claims filed in relation
to our products (calculated as the sum of refunds made to our customers for products returned and the damages
and claims recovered by customers) and expressed as a percentage of revenue from operations for Fiscals 2025,
2024 and 2023:
Fiscal 2025 Fiscal 2024 Fiscal 2023
Particulars
(Consolidated) (Standalone) (Standalone)
Products returned by customers (calculated as the 14.27 11.57 9.38
amount of refunds to customers) [A] (₹ in million)
Damages and claims recovered by customers [B] 1.13
1.72 0.33
(₹ in million)
Total refunds, damages and claims [C = A +B] 15.40
13.29 9.70
(₹ in million)
Total refunds, damages and claims as a percentage of 0.28% 0.26% 0.22%
revenue from operations [D = C/E] (%)
Revenue from operations (₹ in million) [E] 5,581.67 5,128.53 4,434.86
Further, we hold a Three Star Export House certificate from the Directorate General of Foreign Trade, Ministry
of Commerce and Industry, Government of India, which grants us certain benefits, such as self-declaration for
customs clearance, bank guarantee exemptions, priority in input-output norms, and preferential handling of
consignments, facilitating a seamless export process.
2. Wide and growing range of plastic consumerware products, with in-house product design and mould
design teams
Our wide spectrum of consumerware products cater to a diverse range of needs. As at March 31, 2025, we had
1,848 SKUs across our eight product categories: Prep Time (kitchen tools for preparing cooking ingredients),
Containers (food storage containers); Organization (miscellaneous storage containers); Hangers (various types of
hangers); Meal Time (kitchenware); Cleaning Time (cleaning equipment); Bath Time (bathroom products); and
Junior (child-friendly tableware, cutlery and other items). For further details on our products, see “– Our Products”
on page 275.
In order to cater to evolving customer demands, we launch new products by leveraging our experience, market
knowledge, in-house product design team and mould design team. Our in-house product design team, which was
established more than 20 years ago, enables us to offer customized designs as per our customers’ requests without
them incurring additional time and expenses associated with outsourcing design tasks to a third party. The product
design team allows us to translate customer requirements into product prototypes in a seamless manner. This
involves thorough research and creating customer profiles based on feedback from end customers, which
accelerates our product development process. Further, the product design team analyses global trends to create
compelling designs, driving repeat customer orders. For certain retailers, including IKEA, Asda, Tesco, Michaels,
and a multinational retail corporation based in the USA, we create consumerware that aligns with the retailer’s
brand identity and customer preferences. As at March 31, 2025, we had six employees in our product design team.
Further, our B2C business complements our B2B business by allowing us to offer a wider variety of products to
our clients. This approach attracts B2B clients by eliminating the lead-time for product development and allowing
for lower commitments, while also increasing visibility for new products and providing valuable insights into
consumer perceptions. Since these are existing products in our proprietary line, clients may place smaller initial
orders and test the popularity of the product in select markets before committing to a wider launch. For instance,
certain of our All Time Branded Products, such as dish drainer and lunch box, were selected by IKEA for
manufacturing under its brand name.
Our in-house mould design team also broadens our scope for innovation and customization and helps us to develop
new products by facilitating the development of new technologies. As at March 31, 2025, we had eight employees
in our mould design team. Their skills in customizing and designing moulds enables us to improve our quality
control processes by ensuring that each mould is tailored to precise specifications, reducing defects and
inconsistencies in our products. They also play a crucial role in our research and development efforts, helping us
to explore and develop new product lines and enhance existing ones.
In Fiscal 2023, we introduced vacuum flasks in collaboration with IKEA and a line of secure storage boxes in
collaboration with Michaels. In Fiscal 2025, we launched a product named ‘Krisper Container’. In Fiscals 2025,
2024 and 2023, we launched 598, 553 and 609 new SKUs, respectively. The table below sets forth the breakdown
of new SKUs by category for Fiscals 2025, 2024 and 2023.
266Fiscal 2025 Fiscal 2024 Fiscal 2023
Product Category (Consolidated) (Standalone) (Standalone)
Number of new SKUs
Prep Time 173 191 234
Containers 259 251 200
Organization 24 13 3
Hangers 31 39 37
Meal Time 26 11 26
Cleaning Time 9 10 19
Bath Time 51 33 72
Junior 25 5 18
Total 598 553 609
3. Long-standing relationships with global retailers, including IKEA, Asda, Michaels and Tesco, and
Indian retailers
As shown in the table below, we have relationships spanning three fiscal years or more with many well-known
companies, including retailers in the United Kingdom, the European Union, the United States and India.
Number of fiscal years of customer
S. No Name of the company or description of the company relationship as at March 31, 2025(1)
(Consolidated)
1. IKEA(2) 27
2. Amar Distribution 17
3. Tesco 17
4. A retail chain based in India 17
5. A retail chain based in India 17
6. A houseware distributer in Europe 17
7. Asda 14
8. A supermarket chain in India 13
9. A retain chain in India 13
10. A household products distributer in Germany 13
11. A retailer chain in Germany 12
12. Rusta AB 10
13. A home furnishings company based in France 7
14. A home furnishings retailer in the UK 7
15. A supermarket chain in the UK 7
16. A retail chain based in the UK 6
17. A retail chain in Europe 6
18. A supermarket chain in the UK 6
19. A multinational retail corporation based in the USA 5
20. Michaels 4
Notes:
(1) The number of years of customer relationships listed includes relationships with our Company as well as with Pyramid
Plastics, the entity whose business/ operational assets were acquired by our Company.
(2) We sell our products to IKEA Supply AG, which supplies IKEA stores outside India, and to an Indian company that
supplies IKEA stores in India (together, “IKEA”).
Our Company and Pyramid Plastics, the entity whose business/ operational assets were acquired by our Company,
have been selling products to IKEA, our largest customer in Fiscal 2025 for more than 27 fiscal years, Asda, our
second largest customer in Fiscal 2025, for more than 14 fiscal years, Michaels, our third largest customer in
Fiscal 2025, for more than four fiscal years, and Tesco, our fourth largest customer in Fiscal 2025, for more than
17 fiscal years.
Inter IKEA Systems B.V., trading as IKEA, is a Swedish multinational conglomerate that designs and sells ready-
to-assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home
services. We sell our products to IKEA Supply AG, which supplies IKEA stores outside India, and to an Indian
company that supplies IKEA stores in India. As at May 27, 2024, there were 473 IKEA stores in 63 markets
(source: Technopak Report). As at March 31, 2025, our Company distributes products to IKEA, through 40 IKEA
distribution centres, supplying 464 IKEA stores located across 58 countries. Michaels owns a chain of arts and
crafts stores in the USA and Canada and operates over 1,300 stores in the USA as of August 2024 (source:
267Technopak Report). Asda is a British supermarket and petrol station chain. In the year ended December 31, 2022,
Asda served over 15 million customers each week from over 600 stores located around the UK with its team of
over 140,000 colleagues (source: Technopak Report). Tesco is a multinational retailer with its headquarters in the
United Kingdom.
The table below sets forth our revenue from operations from sales of products to IKEA, Asda, Michaels, Tesco
and other customers for Fiscals 2025, 2024 and 2023 and as a percentage of total revenue from operations for
those respective Fiscals.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Particulars % of revenue Revenue % of revenue Revenue % of revenue
Revenue
from (₹ in from (₹ in from
(₹ in million)
operations million) operations million) operations
IKEA (1) 3,309.49 59.29% 3,095.68 60.36% 2,596.25 58.54%
Asda 508.53 9.11% 506.27 9.87% 425.46 9.59%
Michaels 347.06 6.22% 448.21 8.74% 433.75 9.78%
Tesco 211.83 3.80% 221.98 4.33% 210.09 4.74%
Other customers 1,251.31 22.42% 880.75 17.17% 778.27 17.55%
Less-Claims, (46.55) (0.83)% (24.36) (0.47)% (8.96) (0.20)%
Damages and
Discount
Revenue from 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
operations
Note:
(1) We sell our products to IKEA Supply AG, which supplies IKEA stores outside India, and to an Indian company that supplies
IKEA stores in India (together, “IKEA”).
4. Demonstrated focus on sustainable practices and environmental responsibility
In line with our policy on sustainability, we take active efforts towards ensuring that our manufacturing processes
and products have minimal impact on the environment.
We maintain a landfill-free policy, ensuring zero landfill waste from our operations. Our manufacturing process
also results in no air pollution.
We use water in our manufacturing process solely for cooling moulds and machines through a circulation process,
and any loss occurs only through evaporation. Additionally, we undertake rainwater harvesting at our facilities.
We have implemented renewable energy and energy-saving measures throughout our manufacturing facilities.
These initiatives include the installation of solar panels on the roofs at our Daman Facility and Silvassa Facility.
In Fiscal 2025 and these installations had a combined capacity of approximately 1.5 MWp and generated
approximately 1,812 MWh of energy, accounting for approximately 9.52% of our overall energy requirements at
our Daman Facility and Silvassa Facility. In April 2025, solar panels were installed on the roofs at our Manekpur
Facility. Our energy saving initiatives also include the use of energy-efficient compressors, transitioning to light
emitting diode (LED) lightbulbs from compact fluorescent lamp (CFL) lightbulbs, installation of insulation jackets
on heating barrels to minimize heat loss, and the utilization of “all electrical” injection moulding machines. As
March 31, 2025, 99 out of our 140, or 70.71%, of our injection moulding machines are “all electrical” injection
moulding machines purchased from Japanese manufacturers, which consume less power compared to other types
of injection moulding machines. Our manufacturing facilities are 100% energy neutral, wherein all energy utilized
at our manufacturing facilities is sourced from the solar power generated from the solar panels installed at these
manufacturing facilities or offset by renewable sources and/or energy-conservation initiatives, such as purchasing
I-RECs equivalent to electricity purchased from the grid.
As part of our ongoing commitment to environmental sustainability, we also engage in initiatives such as the
Amfori Business Environmental Performance Initiative (BEPI) and employ assessment methodologies, such as
the Higg Index. The Higg Index is a suite of five tools that assess and measure the social and environmental
performance of the value chain to monitor and elevate companies’ environmental performance across their
operations (source: Technopak Report). Our Silvassa Facility is certified for environmental system standard ISO
14001:2015 and energy management system standard 50001:2018.
268As part of our commitment to sustainability, we integrate recycled materials into our manufacturing processes.
These include recycled polypropylene (RPP), recycled ABS-PC blends, and recycled polyethylene terephthalate
(R-PET). These materials help reduce environmental impact while maintaining quality standards. The table below
provides a breakdown of our recycled materials purchased from third parties consumed and virgin materials
consumed for the Fiscals indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Type of Raw Quantity of % of Total Quantity of % of Total Quantity of % of Total
Material Raw Materials Quantity of Raw Materials Quantity of Raw Materials Quantity of
Consumed Raw Materials Consumed Raw Materials Consumed Raw Materials
(in tonnes) Consumed (in tonnes) Consumed (in tonnes) Consumed
Recycled(1) 7,136.19 27.21 4,620.13 20.23 3,639.23 18.71
Virgin 19,093.86 72.79 18,218.82 79.77 15,811.77 81.29
materials
Total 26,230.05 100.00% 22,838.95 100.00% 19,451.00 100.00%
Note:
(1) A raw material is generally classified as recycled if it has been used once in any manufacturing process and has been
reprocessed and recycled for subsequent use.
Our packaging materials exclusively utilize recycled and FSC® certified paper, which is wood that has been
harvested to produce paper in a responsible manner. Our quality and procurement team carries out a continuous
audit process to ensure that all our packing material suppliers are FSC®-certified.
We have also received the Global Recycled Standard (GRS) scope certification for the Silvassa Facility, which
affirms our commitment to sustainable manufacturing practices and the use of recycled materials in our
manufacturing processes. The GRS certification is issued by GCL International, an organization that provides
third-party certification services globally. The Global Recycled Standard is an international, voluntary, full
product standard that sets requirements for third-party certification of recycled content, chain of custody, social
and environmental practices, and chemical restrictions (source: Technopak Report).
5. Strong financial performance and financial metrics
Our revenue from operations increased from ₹4,434.86 million for Fiscal 2023 to ₹5,581.67 million for Fiscal
2025 (consolidated), representing a CAGR of 12.19%. Our EBITDA increased from ₹733.82 million for Fiscal
2023 to ₹1,013.37 million for Fiscal 2025 (consolidated), representing a CAGR of 17.51%. Our profit for the year
increased from ₹282.70 million for Fiscal 2023 to ₹472.94 million for Fiscal 2025 (consolidated), representing a
CAGR of 29.34%.
In Fiscal 2025, the latest fiscal year for which the below financial information for all primarily B2B players in the
consumerware industry in India was included in the Technopak Report:
• our ROE was 19.01% (consolidated), which was the highest among primarily B2B players in the industry
in India;
• our EBITDA Margin was 18.16% (consolidated), which was the second highest among primarily B2B
players in the industry in India;
• our revenue from operations was ₹5,581.67 million (consolidated), which was second highest among
primarily B2B players in the industry in India;
• our profit for the year was ₹472.94 million (consolidated), which was second highest among primarily B2B
players in the industry in India; and
• our ROCE was 16.99% (consolidated), which was the second highest among the accounted B2B players in
the industry in India.
For tables comparing certain Ind AS measures and Gross Fixed Assets Turnover Ratio for us and other primarily
B2B players in the consumerware industry in India, see “Industry Overview- Financial Benchmarking” beginning
269on page 247.
6. Experienced Promoters with deep expertise in plastic consumerware manufacturing
We have an experienced management team led by our Promoters: Kailesh Punamchand Shah; Bhupesh
Punamchand Shah; and Nilesh Punamchand Shah. Our Promoters’ expertise spans across the various facets of our
business, from design and manufacturing to distribution and customer relationships. Our Promoters inherited the
business from their father, the late Punamchand Hansraj Shah, who set up a small factory in Mumbai for
manufacturing plastic articles under the name “Chhaya Plastics” in 1971. In 1995, B.T. Plastic & Allied Industries
was set up to manufacture all kinds of plastic materials from Daman, Dadra and Nagar Haveli and Daman and
Diu. In 1995, Pyramid Plastics, a partnership, was set up to manufacture all kinds of plastic materials from Daman,
Dadra and Nagar Haveli and Daman and Diu. Our Company was incorporated in 2001 to secure the “alltime”
brand name. In 2011, our Company set up the Silvassa Facility. In 2014, we enhanced our manufacturing
capabilities by acquiring the manufacturing business of Pyramid Plastics (which also included the operational
assets (excluding building and land) that it acquired from B.T. Plastic & Allied Industries in 2010) through a
slump sale by way of a business transfer agreement.
Over the years, our Promoters have leveraged their vast experience and involvement in our day-to-day operations
to significantly scale up our business. This journey includes key milestones, such as expanding production
capabilities, entering new markets, and innovating product lines to meet evolving customer needs. Our Promoters’
leadership has played a pivotal role in our growth and success to date.
Kailesh Punamchand Shah, our Chairman and Managing Director, who has more than 40 years of experience in
the consumerware industry, spearheads the finance, manufacturing operations and purchase verticals of our
Company. Bhupesh Punamchand Shah, one of our Directors, who has more than 40 years of experience in the
consumerware industry, is involved in overseeing the administration and logistics operations within our Company.
Nilesh Punamchand Shah, one of our Directors, who has more than 40 years of experience in the consumerware
industry, leads the strategy, IT, and sales and marketing verticals within our Company.
OUR STRATEGIES
1. Expand our existing production capacity
We currently manufacture our products from our fully integrated manufacturing facilities in (a) Daman, Dadra
and Nagar Haveli and Daman and Diu, (b) Silvassa, Dadra and Nagar Haveli and Daman and Diu and (c)
Manekpur, Gujarat, which had a combined total installed production capacity of 33,000 tonnes per annum as at
March 31, 2025. For details of our capacity utilization for Fiscals 2025, 2024 and 2023, see “-Manufacturing” on
page 278.
The global plastic houseware market has grown at a CAGR of approximately 4.5% from USD 24.3 billion in 2019
to USD 29.0 billion in 2023 (source: Technopak Report). For 2024, the global plastic houseware market had an
estimated value of USD 30.5 billion (source: Technopak Report). The market is expected to reach USD 41.2
billion by 2029, growing at a CAGR of approximately 6.2% between 2024 and 2029 (source: Technopak Report).
Further, for 2024, the branded products accounted for 65% of the global plastic houseware market and is projected
to increase to 71% by 2029 (source: Technopak Report). The Indian consumerware export market is projected to
grow at a CAGR of 5.2% between 2024 and 2029, reaching a value of USD 1,781 million by 2029 (source:
Technopak Report). Additionally, India stands to benefit from the “China Plus One” strategy, as more companies
seek to diversify their supply chains by adding alternate manufacturing or sourcing locations outside China
(source: Technopak Report).
In order to take advantage of these opportunities and the forecast rise in demand for plastic homeware products
and to enable us to expand our product offerings, we are planning to increase our installed capacity at our
Manekpur Facility. We started operations at the Manekpur Facility in December 2024, using 19 “all-electrical”
automatic injection moulding machines. As at March 31, 2025, our Manekpur Facility had a total installed capacity
of 4,000 tonnes per annum.
The Manekpur Facility features an interconnected warehouse designed to optimize storage for raw materials,
packing materials and finished goods. This warehouse has a storage capacity of 1,000 tonnes for raw materials
and packing materials and 16,492 pallets for finished goods, supported by an automated storage and retrieval
systems. We plan to increase the installed production capacity at our Manekpur Facility to 16,500 tonnes per
270annum by adding 65 additional “all-electrical” injection moulding machines by the end of Fiscal 2026. Thereafter,
we plan to further increase the total installed production capacity to 22,500 tonnes per annum by adding 36 “all-
electrical” injection moulding machines in a phased manner to help ensure that we utilize our capacity at optimal
levels. The table below sets forth our current plans for the installed capacity at the Manekpur Facility as at the
dates indicated.
Planned Installed Capacity
Particulars
(in tonnes)
As at March 31, 2026 16,500
As at March 31, 2027 22,500
The actual installed capacity at the Manekpur Facility may vary subject to demand for our products. As such,
there can be no assurance that the actual installed capacity will be increased in accordance with the above table.
The proposal to increase the storage and production capacity of the Company has been approved by the Board of
Directors by way of its resolution dated September 24, 2024.
2. Propel manufacturing processes through digital innovation and enhancement of our automation and
mould development capabilities
We have made significant strides in digitalizing our manufacturing operations, with a significant portion of our
processes operating in a digital environment. For details, see “– Manufacturing” on page 278. We intend to
continue to make investments to digitalize our manufacturing processes, wherever economically viable, to achieve
greater manufacturing efficiency.
To expedite the launch of new products, improve our manufacturing efficiency and reduce costs, we aim to
enhance our automation and mould development capabilities. Industry 4.0, also called the Fourth Industrial
Revolution, is the trend towards modernizing operations through automation and data exchange in manufacturing
technologies and processes. Industry 4.0 allows businesses to manage resources efficiently and respond faster to
market demands, which is crucial to stay competitive in the global landscape (source: Technopak Report). In line
with Industry 4.0 standards, we plan to invest in advanced technologies at our Manekpur Facility, including
software tools such as NX Mold Wizard and Moldflow®. In Fiscal 2025 we purchased and installed the
Supervisory Control and Data Acquisition (SCADA) software. These tools make it easier for employees to run
our manufacturing processes.
These investments will streamline our mould design process, facilitate quicker mould designs, and enable
predictive simulations of material behaviour, thus reducing testing times and allowing for advanced planning and
decision-making. This approach will help us reduce product rejection rates through improved process control.
Additionally, we intend to deploy automation solutions in packaging that operate seamlessly across various
product types.
To enhance our operational efficiency, in August 2023, we initiated internal mould manufacturing processes.
Developing moulds in-house decreases our moulds procurement costs and reduces our reliance on third-party
suppliers, which helps us expedite manufacturing timelines, leading to quicker product launches. We have
dedicated in-house teams for mould design and mould maintenance. We have an in-house mould design team,
which we set up in Fiscal 2002, which helps to broaden our scope for innovation and customization and helps us
develop new products. As at March 31, 2025, we had eight employees in our mould design team. Our mould
design team has experience in mould and die engineering, tooling, and product design. Going forward, we aim to
accelerate our in-house mould development capabilities. To this end, we plan on hiring additional experienced
employees for our mould design team and further training our workforce.
Additionally, to optimize operational efficiency, we plan to, over a period of time, replace certain of our older
machines with new all electric machines and upgrade our existing facilities. We believe that taking these initiatives
will further drive digital innovation, propelling us to operate within a completely digitalized environment.
3. Continue to expand our plastic homeware product offerings
Our production and design capabilities, evolved over decades, have enabled us to add new products over time. In
Fiscals 2025, 2024 and 2023, we launched 598, 553 and 609 new SKUs, respectively. As at March 31, 2025, we
271had 1,848 SKUs. The following table provides the revenue from operations from the new SKUs and the percentage
of total revenue from operations attributed to new SKUs for Fiscals 2025, 2024 and 2023.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Particulars Revenue Revenue % of revenue
% of revenue Revenue (₹ % of revenue
(₹ in (₹ in from
from operations in million) from operations
million) million) operations
New SKUs 1,224.42 21.94% 1,522.58 29.69% 941.45 21.23%
introduced in
Fiscal 2023 [A]
New SKUs 1,460.79 26.17% 808.97 15.77% N.A. N.A.
introduced in
Fiscal 2024 [B]
New SKUs 706.31 12.65% N.A. N.A. N.A. N.A.
introduced in
Fiscal 2025[C]
Total 3,391.52 60.76% 2,331.55 45.46% 941.45 21.23%
[D=A+B+C]
Revenue from 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
operations
The market for hydration products in the Indian consumerware sector grew at a CAGR of 12.2% from Fiscal 2015
to 2020, accelerating to 11.5% from Fiscal 2020 to 2024, and is projected to further increase to 13.5% from Fiscal
2025 to 2030 (source: Technopak Report). Similarly, the market for storage containers grew at a CAGR of 9.5%
from Fiscal 2015 to 2020, reaching 8.1% from Fiscal 2020 to 2024, with a projected growth to 11.5% from Fiscal
2025 to 2030 (source: Technopak Report). To capitalize on this and in pursuit of continued growth, we are
planning to expand our product categories to include hydration-related products. The lightweight nature of plastic
makes it ideal for hydration bottles (source: Technopak Report). We are also planning to increase the number of
our SKUs in our “Organization” and “Junior” product categories. Introducing products and new SKUs serves a
dual purpose: reaching a wider customer base and increasing sales opportunities within our existing customer
base. We are currently in the process of shortlisting machines and moulds to support this endeavour. We are also
exploring the inclusion of silicon-based parts in our “Junior” product range, and are looking to expand into the
baking products category. In November 2024, we installed a machine to manufacture silicon-based parts at the
Manekpur Facility.
We also intend to bolster our research and development (“R&D”) capabilities to enable us to expand our plastic
homeware product offerings. We have an in-house product design team that is involved in identifying and
addressing gaps in our product range, creating product prototypes, and working closely with the marketing, sales,
and manufacturing teams to validate product designs. Our product design team enables us to offer customized
designs as per our customers’ requests without them incurring additional time and expenses associated with
outsourcing design tasks to a third party. The product design team allows us to translate customer requirements
into product prototypes in a seamless manner, which accelerates our product development process. As at March
31, 2025, our product design team had six personnel.
We plan to bolster our R&D capabilities to ensure that we remain at the forefront of innovation in the homeware
industry. To this end, we intend to actively participate in industry forums, which will help us remain updated on
emerging trends and technological developments in the homeware industry. Further, to facilitate skill
enhancement, we also plan on organizing sessions where our suppliers demonstrate practical applications of their
product at our facilities. We also plan to equip our product design and mould design teams with modern software
tools, including in areas such as mould design, to stay abreast of technological advancements and drive innovation.
If the need arises, we plan to outsource certain work to R&D professionals to gain access to specialized expertise.
Further, we collaborate with designers from the United Kingdom who, through corporate presentations provide
us with insights that enhance our understanding of consumer preferences, which we believe help our product
designs resonate more effectively with our target market. We plan to continue collaborating with such designers
and also intend to engage with design students in the United Kingdom. If this approach proves to be successful,
we plan to collaborate with designers and design students in other countries. Through these efforts, we aim to
strengthen our product R&D capabilities.
2724. Diversify our revenue stream through the manufacturing of bamboo products
As part of our growth initiatives and a result of rising demand for sustainable homeware products, we are
considering expanding our product offerings to include bamboo homeware products. As a result of its durability
and endurance, bamboo has become the material of choice for utensils, dishes, and bowls. Bamboo’s eco-friendly
properties and good aesthetics make it an excellent option for those who value both style and sustainability
(source: Technopak Report). The global bamboo consumerware market was valued at USD 3.2 billion in 2024
and is predicted to reach USD 4.7 billion in 2029, growing at a CAGR of approximately 8.0% (source: Technopak
Report). As sustainability becomes a more significant consideration among consumers, the bamboo market will
tend to continue its growth and evolution by providing eco-friendly alternatives to multiple industries and
consumers worldwide (source: Technopak Report). The increasing demand among a niche segment of consumers
for kitchenware and dinnerware made from bamboo is driving the expansion of this market segment (source:
Technopak Report). The main target market for our bamboo homeware products will be the export market.
To this end, we commenced a pilot project to manufacture sample bamboo boards and products at a strategic
location in Guwahati, Assam in April 2025. The north-east region of India contributes to approximately 33.82%
of the bamboo bearing area in India, while the Government of Assam offers subsidies for bamboo processing and
bamboo product development (source: Technopak Report). The pilot project will help us evaluate the feasibility
and quality standards associated with the manufacturing of bamboo consumerware products. We entered into an
agreement dated November 6, 2024 to lease a facility in Guwahati, Assam for a period of five years, which facility
is to be used for the pilot project. We have purchased and installed machinery for manufacturing of bamboo boards
and products to be produced from such bamboo boards. Samples of the bamboo boards are currently undergoing
testing and evaluation at a third-party laboratory. The budget for the bamboo pilot project was set at ₹18.00 million
of which ₹12.72 million has been spent as at March 31, 2025.
If the pilot project is successful and we receive sufficient customer orders to justify expanding into bamboo
homeware products, we plan to use the facility we have leased in Guwahati, Assam for pre-processing bamboo
for producing bamboo boards. We plan to start manufacturing on a commercial basis in the third quarter of Fiscal
2026 after customer demand is analysed, based on quotations sent out. Our Company’s wholly-owned subsidiary,
All Time Bamboo Private Limited was incorporated on July 5, 2025, under the laws of India, to operate the
business relating to bamboo consumerware.
We would also need to obtain bamboo for manufacturing bamboo products on a commercial basis. We have had
preliminary discussions with a number of bamboo suppliers but have not yet entered into agreements for the
purchase of bamboo. If these initiatives produce commercially viable results, we plan to establish a new facility
for producing finished products in Manekpur, Gujarat, near the existing Manekpur Facility. No steps have been
taken at this stage towards the establishment of the new bamboo manufacturing facility in Manekpur, Gujarat.
We intend to finance this by availing term loans from banks and using our general reserves. However, the actual
costs could be much higher than the budgeted amount given that we have not acquired the land for the facility or
entered into any agreements for constructing the facility or purchasing additional machines for the facility. The
proposal to diversify into bamboo manufacturing has been approved by the Board of Directors by way of its
resolution dated September 24, 2024. Our total budget for setting up the new facilities for manufacturing bamboo
products is ₹200.00 million (over a three-year period).
5. Acquire new customers and sell more products to our existing customers
To differentiate ourselves from our competitors and capture the interest of potential new customers, we plan to
implement a multifaceted strategy. This involves implementing targeted marketing initiatives, expanding our
range of product offerings to appeal to a broader range of customers, investing in advanced product design
capabilities to innovate and meet customer demands.
We intend to focus our marketing strategies towards establishing ourselves as the preferred consumerware
supplier. To this end, we aim to utilize our newly developed website to showcase our products and engage with
our customers in a user-friendly manner. Additionally, we plan to make product demonstration videos available
to view on our website to provide our existing customers and potential customers with details on the features of
our products. Further, we intend to increase our presence in public exhibitions and conduct more dealer and
distributor seminars in India to expand our distributor-base in India. We also aim to boost our social media
presence to connect with a broader audience, while keeping marketing costs low.
273Primarily, we are directing our attention towards increasing our revenue from the United States and Indian
markets, recognizing their substantial growth potential.
The market for consumerware products in North America is forecast to increase at a CAGR of approximately
6.9% from a market share of approximately 28% in 2024 to approximately 29.0% in 2029 (source: Technopak
Report). The United States is our fastest growing market, with our revenue from operations from sales of our
products to customers in the United States increasing from ₹512.57 million in Fiscal 2023 to ₹623.11 million in
Fiscal 2025, representing a CAGR of 10.26%. We had three main customers in the United States in Fiscal 2025:
Michaels; a retail chain in the United States (having over 1,300 stores as of August 2024, as well as operating
through digital channels) and a multinational retail corporation based in the USA (having stores in 50 states in the
United States and in Puerto Rico, offering low prices on an assortment of products through a variety of formats
(source: Technopak Report)). We started selling our products to Michaels, our first customer in the United States,
in Fiscal 2021, and we started selling our products to a retail chain based in the USA, and a multinational retail
corporation based in the USA in Fiscals 2022 and 2018, respectively. Set forth below is a breakdown of our
revenue from operations from sales of our products to customers in the United States for the Fiscals 2025, 2024
and 2023.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of % of % of
Particulars Revenue Revenue Revenue
revenue revenue revenue
(₹ in (₹ in (₹ in
from from from
million) million) million)
operations operations operations
Michaels 347.06 6.22% 448.21 8.74% 433.75 9.78
A multi-national retail 114.05 2.04% 90.33 1.76% 23.32 0.53%
corporation based in the USA
A retail chain based in the USA 159.22 2.85% 31.09 0.61% 49.04 1.11%
Others 2.78 0.05% 11.05 0.22% 6.46 0.15%
Total in the United States 623.11 11.16% 580.68 11.32% 512.57 11.56%
Revenue from operations 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
The plastic consumer houseware market in India was estimated at ₹103,600 million in Fiscal 2025 (source:
Technopak Report). The market is projected to grow at a CAGR of 11.6% in the next five years to reach a market
size of ₹179,200 million in Fiscal 2030. (source: Technopak Report). As of Fiscal 2025, branded play are
estimated to account for approximately 52% of the consumerware market in India, growing at a CAGR of 10.0%
since Fiscal 2020. This share is projected to rise to approximately 58% by Fiscal 2030, with a CAGR of 12.5%
from Fiscal 2025-30, driven by increasing customer aspirations for branded products, which are seen as
benchmarks for quality and safety (source: Technopak Report). This trend is expected to contribute to a rise in
the market share of modern trade and e-commerce sales channels up to Fiscal 2030 (source: Technopak Report).
One of our goals is to take advantage of this forecast growth and increase our sales in India, particularly to modern
trade retailers (which refers to retail stores that are better organized, which include supermarkets, hypermarkets,
and large-format stores, which are typically owned by large retail chains or corporations). In India, we sell our
products to IKEA and other modern trade retailers, super distributors (who sell to distributors and general trade
stores) and distributors (who sell to general trade stores). Set forth below is a breakdown of our revenue from
operations from sales of our products by type of customers in India for the Fiscals indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Particulars % of revenue % of revenue % of revenue
Revenue Revenue (₹ Revenue
from from from
(₹ in million) in million) (₹ in million)
operations operations operations
Distributors [A] 228.00 4.08% 185.03 3.61% 153.89 3.47%
Modern trade 313.69 5.62% 190.69 3.72% 89.83 2.03%
retailers [B]
IKEA(1) [C] 161.96 2.90% 161.44 3.15% 156.08 3.52%
Govt. Institutions 38.46 0.69% 35.17 0.69% 35.31 0.80%
[D]
Others [E] 105.06 1.88% 45.24 0.88% 72.06 1.62%
Total in India 847.17 15.17% 617.57 12.04% 507.16 11.44%
[F=A+B+C+D+E]
Revenue from 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
operations
274Note:
(1) We sell our products to an Indian company that supplies IKEA stores in India.
Currently, our engagement with modern trade retailers entails tailoring our products to meet their specific needs
based on product need at specific price points. Consumers look for quality products at low costs, which modern
trade retailers may find difficult to source from the domestic market (source: Technopak Report). We work with
modern trade retailers on a cost-plus model instead of a manufacturer’s retail price (MRP)-discount model, which
is attractive to them because they can provide consumers with good quality products at lower prices. We tailor
our product offerings to different types of retailers as well – for instance, we may offer different sizes or colours
of the same product, or different combinations of product sets, so that our products can be packaged and sold
differently to cater to different price points. Our strategy includes increasing our network of modern trade retailers
by targeting additional retail partners. We will also aim to broaden our product offerings by adding more SKUs
to our portfolio. To strengthen our presence in the Indian B2B market, drawing from our international market
experience, we plan to improve our engagement with modern trade retailers by providing them with a wider
selection of products to cater to their needs. We also aim to engage more actively with Indian modern trade
retailers to develop new products featuring innovative designs tailored specifically for the Indian market. We
believe this strategy will enable us to increase penetration among our current customers, expand our presence in
more geographies, thereby boosting the sales of our existing products to reach a wider customer base, and
introduce a greater variety of SKUs. Further, we plan to invest in machinery for reusable bottle manufacturing to
better serve the needs of modern trade retailers in India. We are focusing on one-step injection stretch-blow
moulding (ISBM) technology, which produces glass-like plastic bottles from recyclable materials such as PET
(Polyethylene Terephthalate) and PP (Polypropylene). This process offers surface quality, customizable shapes,
and material savings, while creating thick-walled bottles that mimic the appearance and feel of glass.
Selective Expansion into Overseas Markets
We plan to expand into new geographies and enhance our product offerings across various categories by entering
into strategic joint ventures with partners who have expertise in consumerware design and distribution.
Establishing such joint ventures will not only enable us to attract new customers but also reduce our reliance on
existing client relationships. In alignment with this strategy, our Company entered into a joint venture agreement
dated December 27, 2024, read with the amendment agreement dated February 1, 2025, with an entity in
Singapore, namely, Dragon Bridge Pte. Ltd., to co-develop and distribute our products. The joint venture
operations are intended to be carried out through our wholly-owned subsidiary, All Time Plastics Pte. Limited, a
private limited company limited by shares incorporated on 13 November 2024 under the laws of Singapore, in
accordance with the joint venture agreement. This joint venture aims to distribute the products that we manufacture
in our existing facilities. We intend to capitalize on our partner’s expertise in global sales and marketing to enhance
our market presence in key categories, such as kitchen accessories, garden accessories, camping accessories, pet
accessories, bathroom accessories, restaurant supply products, and food storage solutions. Through our
partnership, we aim to benefit from our partner’s support in overseeing product design and conducting competitive
analysis, positioning us to remain responsive to market trends and deliver innovative solutions. By utilizing the
strengths of our partner, we intend to drive efficiencies in product development and manufacturing processes and
enhance the geographical reach of the products manufactured by us. We plan to fund our investment in the joint
venture through internal accruals and loans from banks and other financial institutions. The proposal to expand
into new geographies was approved by the Board of Directors by way of its resolution dated September 24, 2024.
We also plan to leverage our relationships with our international customers to help accelerate our expansion into
new geographies where they have operations.
OUR PRODUCTS
Our wide spectrum of consumerware products caters to a diverse range of needs. As at March 31, 2025, we had
1,848 SKUs across our eight product categories, namely: Prep Time; Containers; Organization; Hangers; Meal
Time; Cleaning Time; Bath Time; and Junior. The table and images below set forth an overview of our range of
products under our product categories:
275Number of
SKUs as at
Product Category Products Product Images March 31,
2025
(Consolidated)
Prep Time Chopping boards, strainers, mixing 639
bowls, colander, measuring jugs,
measuring cups and spoons, kitchen
tools, spatula and spreader set, orange
squeezer
Containers Crisper containers, store fresh 702
containers, lock and safe containers,
bestow boxes, frostee containers,
polka containers, prism round
containers, prism square containers,
food saver containers, canisters,
twister containers, other storage
containers
Organization Crystal jars, smart storage boxes, 47
secure storage boxes, other
organizers
Hangers Hanger, teen hanger, smart hanger 100
with loop, section hanger, rotating
hook hanger
Meal Time Tableware, salt and pepper shakers, 77
ice cube trays, serving trays, fast food
tray, butter dish
Cleaning Time Dish drainers, bins, dustpans, drums 54
Bath Time Buckets, mugs, soap dishes, basins, 170
bathroom stool, wash tubs, satin
range
276Number of
SKUs as at
Product Category Products Product Images March 31,
2025
(Consolidated)
Junior Joy plates, joy bowls, joy glasses, joy 59
cutlery set, treats plate, treats bowl,
treats glass, treats cutlery set
Total SKUs 1,848
For a table setting forth our revenue from the sale of products across our product categories for Fiscals 2025, 2024
and 2023, see “-Overview” beginning on page 258.
The following table sets forth our revenue from these product types and all other products as well as miscellaneous
revenue from operations and claims, damages and discount for the fiscals indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Product category Revenue % of revenue Revenue % of revenue Revenue % of revenue
(₹ in from (₹ in from (₹ in from
million) operations million) operations million) operations
Prep Time 1,996.29 35.77% 1,958.69 38.19% 1,617.91 36.48%
Containers 1,948.55 34.91% 1,685.66 32.87% 1,261.58 28.45%
Organization 502.32 9.00% 515.21 10.05% 568.92 12.83%
Hangers 386.03 6.92% 406.30 7.92% 369.60 8.33%
Meal Time 302.01 5.41% 257.17 5.01% 229.78 5.18%
Cleaning Time 172.82 3.10% 133.28 2.60% 183.74 4.14%
Bath Time 133.30 2.39% 89.58 1.75% 67.54 1.52%
Junior 97.14 1.74% 68.44 1.33% 75.50 1.70%
Miscellaneous(1) 89.74 1.61% 38.56 0.75% 69.25 1.56%
Less-Claims, (46.55) (0.83)% (24.36) (0.47)% (8.96) (0.20)%
Damages and
Discount
Revenue from 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
operations
Note:
(1) Miscellaneous includes sales of raw material, scrap, and packing material.
The table below sets forth our cost of materials consumed (including changes in inventories of finished goods and
work in progress) and the breakdown of the same for our top five product categories set forth in the table above
for Fiscals 2025, 2024 and 2023.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of total % of total % of total
cost of cost of cost of
materials materials materials
Product consumed consumed consumed
category plus changes plus changes plus changes
₹ in million ₹ in million ₹ in million
in inventories in inventories in inventories
of finished of finished of finished
goods and goods and goods and
work in work in work in
progress progress progress
Cost of materials 3,352.21 100.00% 3,042.75 100.00% 2,749.94 100.00%
consumed plus
changes in
inventories of
finished goods
277Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of total % of total % of total
cost of cost of cost of
materials materials materials
Product consumed consumed consumed
category plus changes plus changes plus changes
₹ in million ₹ in million ₹ in million
in inventories in inventories in inventories
of finished of finished of finished
goods and goods and goods and
work in work in work in
progress progress progress
and work in
progress
Of which:
Prep Time 1,185.12 35.35% 1,108.02 36.42% 970.80 35.30%
Containers 1,049.95 31.32% 868.91 28.56% 702.26 25.54%
Organization 352.32 10.51% 357.50 11.75% 397.28 14.45%
Hangers 277.36 8.27% 315.99 10.39% 287.12 10.44%
Meal Time 248.76 7.42% 196.56 6.46% 180.88 6.58%
We engage primarily in white-label manufacturing, where we produce consumerware for customers to market
under their own brand names. However, we also sell our All Time Branded Products. We showcase our All Time
Branded Products to our B2B clients, and some of them request us to manufacture similar products under their
own brand names. For instance, certain of our All Time Branded Products, such as dish drainer and lunch box,
were selected by IKEA for manufacturing under its brand name. Thus, our B2C business complements our B2B
business by allowing us to offer a wider variety of products to our customers. This approach attracts B2B clients
by eliminating the lead-time for product development and allowing for lower commitments. Since these are
existing products in our proprietary line, customers may place smaller initial orders and test the popularity of the
product in select markets before committing to a wider launch.
The following table sets forth our revenue from sales of our white label products and All Time Branded Products
as well as miscellaneous revenue from operations, and claims, damages and discount for the Fiscals indicated:
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Product category Revenue % of revenue Revenue % of revenue Revenue % of revenue
(₹ in from (₹ in from (₹ in from
million) operations million) operations million) operations
White label products 5,116.24 91.66% 4,764.77 92.91% 4,075.52 91.90%
All Time Branded 422.24 7.56% 349.56 6.82% 299.04 6.74%
Products
Miscellaneous(1) 89.74 1.61% 38.56 0.75% 69.25 1.56%
Less- Claims, (46.55) (0.83)% (24.36) (0.47)% (8.96) (0.20)%
Damages and
Discount
Revenue from 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
operations
Note:
(1) Miscellaneous includes sales of raw material, scrap, and packing material.
Further, our products are recognized for their reliability and quality, as evidenced by our low rejection rates over
the last three fiscal years. The total refunds, damages and claims in relation to our products (calculated as the
amount of refunds to customers and the damages and claims recovered by customers) as a percentage of revenue
from operations, was 0.28%,0.26% and 0.22% in the Fiscals 2025, 2024 and 2023, respectively.
MANUFACTURING
We own and operate three fully integrated manufacturing facilities at (a) Daman, Dadra and Nagar Haveli and
Daman and Diu, (b) Silvassa, Dadra and Nagar Haveli and Daman and Diu and (c) Manekpur, Gujarat, which had
a combined total installed production capacity of 33,000 tonnes per annum as at March 31, 2025. All of our
manufacturing facilities are situated on non-agricultural land. As at March 31, 2025, we had 140 injection
moulding machines across our facilities from reputable manufacturers, including Japanese manufacturers.
278Our manufacturing facilities are strategically located. Please see the map showing the locations of our
manufacturing facilities and the nearest ports of Nhava Sheva and Hazira as well as to the Tumb inland container
depot in Vapi, Gujarat set forth in “- Our Strengths – Strategically located and integrated manufacturing facilities,
enabling high volume, low-cost and high quality plastic consumerware production” on page 264.
Set forth below is a table summarizing each of our manufacturing facilities.
Particulars Daman Facility Silvassa Facility Manekpur Facility
Address (1) Survey No. 371/1-C, Survey No. 190/1/2, 190/1/1/2, Survey No. 2124, Manekpur
Kachigam Char Rasta, 190/1/3, Gandhigram, Dokmardi- Khatalwada Road, Taluka
Kachigam, Daman, Dadra and Kilvani Road, Amli-Silvassa, Dadra Umbergaon, Khatalwada,
Nagar Haveli and Daman and and Nagar Haveli and Daman and Khotalwada, Valsad, Gujarat –
Diu – 396210, India. Diu – 396230, India. 396120
(2) Survey No. 377/1(1) and
377/1(2) Kachigam Char Rasta,
Kachigam, Daman, Dadra and
Nagar Haveli and Daman and
Diu – 396210, India
(3) Survey No. 371/1(2)
Kachigam Char Rasta,
Kachigam, Daman, Dadra and
Nagar Haveli and Daman and
Diu – 396210, India.
Owned/ (1) Survey No. 371/1-C, Owned Owned
Leased/ Kachigam Char Rasta,
Licensed Kachigam, Daman, Dadra and
Nagar Haveli and Daman and
Diu – 396210, India - Owned#
(2) Survey No. 377/1(1) and
377/1(2) Kachigam Char Rasta,
Kachigam, Daman, Dadra and
Nagar Haveli and Daman and
Diu – 396210, India - Owned##
(3) Survey No. 371/1(2)
Kachigam Char Rasta,
Kachigam, Daman, Dadra and
Nagar Haveli and Daman and
Diu – 396210, India – Leased
(April 1, 2025 to March 31,
2030)^
Operational 1995 2010 2024
since
Certifications ISO 9001: 2015 ISO 9001:2015 ISO 9001: 2015
ISO 90001:2015 ISO 14001:2015 SMETA 4 Pillars Certified
SMETA 4 Pillars Certified ISO 45001:2018 Factory
Factory ISO 50001:2018
SMETA 4 Pillars Certified Factory
Products Multiple component assembly High volume single shot parts for All types of injection moulded
manufactured parts and short run parts for plastic consumerware plastic consumerware
plastic consumerware
Markets Domestic and exports 100% Export Oriented Unit 100% Export Oriented Unit
(“EOU”) (EOU)
Notes:
# Our Company has acquired the said properties from Pyramid Plastics, a member of our Promoter Group, pursuant to sale deeds each
dated September 18, 2024, for ₹133.65 million. Prior to the sale, we used the premises pursuant to memoranda of understanding for use of
premises between our Company and Pyramid Plastics, each dated April 1, 2020, which were valid up to March 31, 2025. The rent payable
for Fiscal 2025 was ₹0.90 million per month.
## Our Company has acquired the said property from Pyramid Plastics, a member of our Promoter Group, pursuant a sale deed dated
September 18,2024 for ₹90.77 million. Prior to the sale, we used the premises pursuant to a memoranda of understanding for use of
279premises between our Company and Pyramid Plastics, each dated April 1, 2020, which were valid up to March 31, 2025. The rent payable
for Fiscal 2025 was ₹0.87 million per month.
^ Our Company has obtained the license from B T Plastics & Allied Industries, a member of our Promoter Group, to use the said property,
by way of a lease deed dated June 24, 2025, for a period of sixty months from April 1, 2025, up to March 31, 2030. The rent payable for
Fiscal 2026 is ₹0.43 million per month.
Installed Capacity
The table below sets forth the installed capacity at each of our manufacturing facilities as at the dates indicated.
Facility As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Installed capacity(1)(2) in metric tonnes per annum
Daman Facility 9,500 9,000 9,000
Silvassa Facility 19,500 18,000 17,000
Manekpur Facility(3) 4,000 N.A. N.A.
Total 33,000 27,000 26,000
Notes:
(1) Installed capacity is based on the machine make, specifications and mix of various products manufactured on the respective machines for
300 working days in a financial year.
(2) As certified by Vinod Ashok Sanjivani Palande, Chartered Engineer, by way of the certificate dated August 1, 2025.
(3) Commercial production began in the Manekpur Facility in December 2024.
Capacity Utilisation
The table below sets forth the combined installed capacity at our Daman Facility, Silvassa Facility and Manekpur
Facility, the polymers processed and capacity utilisation for the Fiscals 2025, 2024 and 2023, as certified by Vinod
Ashok Sanjivani Palande, Chartered Engineer, pursuant to the certificate dated August 1, 2025:
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Installed capacity for the Fiscal(1) 33,000 27,000 26,000
(in tonnes) [A]
Polymers processed for the Fiscal 26,230 22,839 19,451
(in tonnes) [B]
Capacity utilization (%) [C=B/A] 79.48% 84.59% 74.81%
Note:
(1) Installed capacity is at the end of the fiscal year. Installed capacity is based on the machine make, specifications and mix of various
products manufactured on the respective machines for 300 working days in a financial year.
Machines
The table below sets forth the number of injection moulding machines as at the dates indicated.
Facility As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Number of injection moulding machines(1)
Daman Facility 40 38 38
Silvassa Facility 80 78 75
Manekpur Facility 20 N.A. N.A.
Total 140 126 113
Note:
(1) As certified by Vinod Ashok Sanjivani Palande, Chartered Engineer, by way of the certificate dated August 1, 2025.
Our manufacturing facilities feature “all electrical” injection moulding machines purchased from Japanese
manufacturers, which are complemented by robotics and automatic assembly machines. These “all electrical”
injection moulding machines offer several benefits, including power consumption savings, faster cycle times,
increased output, higher uptime, and lesser noise. They also eliminate the need for oil, making them safer for the
moulds and ensuring consistent quality in our production processes, and makes cleaning and maintenance of the
machines and the workshop easier. The following table shows the power consumption savings of “all electrical”
machines compared to servo hydraulic machines using various products for comparison:
“All electrical” Servo hydraulic Power Consumption
Product
(Average of KWh/kgs)(1) (Average of KWh/kgs) (1) Savings(1)
5 litre bowl 0.21 0.60 36%
10 litre dustbin 0.26 0.51 50%
2,200 millilitre container 0.25 1.04 25%
3,600 millilitre container 0.34 1.00 34%
280“All electrical” Servo hydraulic Power Consumption
Product
(Average of KWh/kgs)(1) (Average of KWh/kgs) (1) Savings(1)
50 litre dustbin top 0.39 0.61 64%
Baby chair 0.29 0.44 67%
Dustbin Handle 0.24 0.72 33%
Lid for container 0.31 0.73 42%
Net-Strainer 0.36 0.62 58%
Laundry Basket 0.29 0.39 74%
Big Lid for container 0.23 0.42 55%
Utensil Tray 0.26 0.64 41%
Note:
(1) As certified by Vinod Ashok Sanjivani Palande, Chartered Engineer, by way of the certificate dated August 1, 2025.
The following table shows the cycle time savings of all-electric machines compared to servo hydraulic machines
using various products for comparison:
“All electrical” Servo hydraulic
Percentage Time Savings
Product (Average of cycle time in (Average of cycle time in
(%)(1)
seconds)(1) seconds) (1)
16.5 cm Bowl 21 22 4.55%
22 cm Bowl Lid 17 18 5.56%
Bottom Vacuum Storage 21 21 -
450 ml
Clubs ice Tray 22 22 -
Soup Mug 700 ml 20 21 4.76%
Note:
(1) As certified by Vinod Ashok Sanjivani Palande, Chartered Engineer, by way of the certificate dated August 1, 2025.
Our manufacturing facilities also include, among others, moulds, barcode and labelling machines, pad printing
machines, automatic orientation heat transfer machines, packing machines, automatic and semi-automatic
assembly machines, automatic dosing system, grinding machines, raw material silos, shrink wrapping machines,
pallet stretch wrapping machines and automated storage and retrieval systems.
We use a variety of moulds to facilitate our manufacturing processes, particularly in relation to injection moulding.
We have procured these moulds from third-party vendors primarily located in India, China, and Taiwan. We have
an in-house mould design team, which we set up in Fiscal 2002, which helps to broaden our scope for innovation
and customization and helps us to develop new products. As at March 31, 2025, we had eight employees in our
mould design team. Our mould design team has experience in mould and die engineering, tooling, and product
design. Our mould design team contributes to time and cost savings by managing mould maintenance and repairs.
It facilitates preventative maintenance and quality checks, helping to prevent damage to machines and supporting
consistent throughput and efficiency.
We have a dedicated in-house team for mould maintenance at our Daman Facility and Silvassa Facility and are in
the process of hiring an in-house team at our Manekpur Facility. As at March 31, 2025, our mould maintenance
team comprised 21 employees.
We have completed the process of assigning barcode labels to all our products, which helps us track the movement
of our product using the ERP software deployed by us. Further, we have implemented our digital transformation
plan for enhancing our operational efficiency through technological innovation and integration. As part of this,
we have implemented, amongst others, a real time production monitoring system, inventory management system,
and warehouse management system, which optimize resource allocation, enhance inventory accuracy, and
improve order fulfilment efficiency. Our ERP system tracks machines and inventory in real time, allowing for
efficient machine allocation and minimizing downtime. It also ensures material availability before order
processing, providing real-time alerts for material shortages. Additionally, it monitors the supply chain for
inefficiencies such as machinery breakdowns. We have also successfully implemented an ERP system, which has
helped streamline data collection and reporting, thereby enabling process optimization. We have also provided
training programs on the utilization of digital manufacturing technologies to our employees.
To enhance the production capacity at our Daman Facility, Silvassa Facility and Manekpur Facility, we have
aligned machine utilization with our business needs, taking into account customer demand and the space
constraints of our current facilities. When large or long-term orders are received, our sales team promptly shares
this information with the production planning team, which then assesses the necessary resources, including
281moulds, material, machines, and manpower. Overall machine occupancy is also reviewed with top management
on a quarterly basis. This process allows us to make informed decisions regarding capital expenditure for new
machinery.
As part of our commitment to social and ethical compliance, we have integrated various initiatives into our
operations. This includes our participation in the Amfori Business Social Compliance Initiative (BSCI),
underscoring our commitment to upholding labour rights and ensuring fair working conditions, and Amfori
Business Environment Performance Initiative (BEPI), indicating our commitment to addressing sustainability
issues and focus on improvement efforts for key environmental performance areas. The Daman Facility, Silvassa
Facility and Manekpur Facility have been subject to SMETA (Sedex Members Ethical Trade Audit), which is an
ethical audit methodology that encompasses all aspects of responsible business practice, and they are each a
SMETA 4 Pillars Certified Factory.
Above: photo of the Daman Facility.
282Above: photo of the Silvassa Facility.
Above: photo of the Manekpur Facility.
We started commercial production at our Manekpur Facility in December 2024, which has a planned total installed
production capacity of 22,500 tonnes per annum. We started operations at the Manekpur Facility using 19 “all-
electrical” automatic injection moulding machines, with a total installed capacity of 4,000 tonnes per annum. We
plan to increase the installed production capacity at our Manekpur Facility in a phased manner to help ensure that
we utilize our capacity at optimal levels. Between March 2025 to June 2025, we placed an order for an additional
28330 “all-electrical” injection moulding machines, which would increase our total installed capacity at the Manekpur
Facility from 4,000 tonnes per annum to 9,000 tonnes per annum. We propose to utilize the Net Proceeds to
procure 36 additional “all-electric” injection moulding machines and ancillary equipment, which will result in an
increase of the installed production capacity to 16,500 tonnes per annum. For further details, please see “Objects
of the Offer – Details of the Objects” on page 131. All types of injection moulded plastic consumerware are
capable of being manufactured at this facility.
The land on which the Manekpur Facility is located is approximately 46,950 square metres. The current building
comprises a total area of 15,700 square metres, with the potential for expansion by an additional 7,500 square
metres.
In relation to the Manekpur Facility, we have obtained the consolidated consent and authorization from the Gujarat
Pollution Control Board under the Water (Prevention and Control of Pollution) Amendment Act, 1988, the Air
(Prevention and Control of Pollution) Act, 1981 and Hazardous and other Wastes (Management and
Transboundary) Rules, 2016, and the license to work a factory issued by the Directorate Industrial Safety and
Health, Gujarat. For further details, please see “Government and Other Approvals” on page 457.
Although we produce the majority of our products at our own facilities, certain items are manufactured by our
subcontractors.
Manufacturing Process
Set forth below is a description of the key manufacturing processes for our products at our manufacturing facilities:
We manufacture our plastic consumerware using polymers and other raw materials through an injection moulding
process. Our manufacturing process begins by feeding plastic granules into the hopper of our injection moulding
machines. These granules pass through a heated barrel under injection pressure, and the molten material is injected
into a steel mould. The mould, crafted to specific sizes and shapes, determines the final form of our products.
As the molten material cools in the mould, it solidifies and forms the desired article. We then remove and refine
the article to create our final product. If our products require colouring, we add concentrated mixtures of pigments
or additives referred to as master batches, or colours, to the raw materials before feeding them into the machine,
resulting in coloured components.
After production, the components are assembled and packed. The packed goods are placed in boxes or pallets for
shipment. Throughout the moulding process, we manage wastage, such as short pieces, runners, and rejected
articles due to flow marks, sink marks, etc. These wastages are handled according to our standard input and output
norms.
Set forth below is a flowchart describing the key manufacturing processes for our products at our manufacturing
facilities:
284Upon receiving a new product development request, we look into aspects of product design that go beyond mere
aesthetics and functionality. We conduct an assessment to gauge the suitability of moulds for automation, focusing
on aspects such as part extraction, label positioning, and robotic stacking to reduce manual intervention.
Thereafter, we conduct rigorous packaging tests to ensure minimal product breakage during transit, ensuring a
positive customer experience. These practices are pivotal in our product design stage, where our teams
meticulously analyse risks and implement customized strategies to achieve optimal results.
Above: Photo of injection moulding machines at the Silvassa Facility
Energy and Water
Our manufacturing processes require uninterrupted and constant voltage power. Our manufacturing facilities are
100% energy neutral, wherein all energy utilized at our manufacturing facilities is sourced from the solar power
generated from the solar panels installed at these manufacturing facilities or offset by renewable sources and/or
285energy-conservation initiatives, such as purchasing I-RECs equivalent to electricity purchased from the grid. The
solar panels installed on the roofs at our Daman Facility and Silvassa Facility in Fiscal 2025 had a combined
capacity of approximately 1.5 MWp and generated approximately 1,812 MWh of energy, accounting for
approximately 9.52% of our overall energy requirements at our Daman Facility and Silvassa Facility. In April
2025, 630 KVA of solar panels were installed on the roofs at our Manekpur Facility, which supports our
requirement for a 500 KVA load effectively.
We consume water for our manufacturing process, which we source from a bore well at each facility. We
undertake water conservation measures on an ongoing basis and reuse water in order to reduce wastage.
Government Incentives
We operate our Silvassa Facility and Manekpur Facility as “Export-Oriented Units” under the Export-Oriented
Unit Scheme (“EOU Scheme”), which is an initiative by the Government of India to promote exports and support
and enhance export-oriented enterprises. Through the EOU Scheme, we gain advantages that bolster our
operational efficiency and global competitiveness. These benefits include duty-free import of raw materials and
capital goods, which reduce our production costs and enable us to invest in technology. Furthermore, the
streamlined export procedures under the EOU Scheme facilitate smoother and more efficient international
transactions. With effect from June 1, 2025, the Government reintroduced the remission of duties and taxes on
export products (RoDTEP) licensing scheme aimed at promoting exports by providing refunds of duties and taxes
not refunded through the existing schemes. Our benefit from RoDTEP, typically amounts to 0.6% of the Free on
Board (FOB) export value for most of our product categories.
RAW MATERIALS AND SUPPLIERS
We use a wide range of raw materials in our manufacturing process. The primary raw materials consumed
comprise commodity plastics, engineering compounds and recycled polymers.
Commodity Plastics: We source plastics that are fundamental to consumerware manufacturing. Commodity
plastics include polypropylene (PP), low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE),
high-density polyethylene (HDPE), high-impact polystyrene (HIPS), and polystyrene (PS).
Engineering Compounds: For manufacturing plastic consumerware products, we utilize thermoplastic elastomer
(TPE), acrylonitrile butadiene styrene (ABS), ABS-PC blends, polycarbonate (PC), nylon, glass-filled nylon, and
styrene acrylonitrile (SAN).
Recycled Compounds: As part of our commitment to sustainability, we integrate recycled materials into our
manufacturing processes. These include recycled polypropylene (RPP), recycled ABS-PC blends, and recycled
polyethylene terephthalate (R-PET). These materials help reduce environmental impact while maintaining quality
standards. A raw material is generally classified as recycled if it has been used once in any manufacturing process
and has been reprocessed and recycled for subsequent use. For Fiscals 2025, 2024 and 2023, 27.21%, 20.23% and
18.71% of our raw materials consumed in terms of quantity were recycled raw materials, respectively. For further
details, see “ – Our Strengths – Demonstrated focus on sustainable practices and environmental responsibility”
on page 268.
We do not enter into long term contracts with raw material suppliers. We purchase our raw materials on a purchase
order basis. We source our raw materials from a number of Indian suppliers and foreign suppliers, including
suppliers in the United Arab Emirates and Saudi Arabia. Our foreign suppliers ship their raw materials to the ports
at Nhava Sheva and Hazira, which are close to our manufacturing facilities. In order to get better pricing by buying
in larger volumes, we generally buy raw materials from a fixed set of suppliers. We inspect the raw materials
supplied to us and assess the performance of our suppliers based on our supplier evaluation criteria. These criteria
consider factors such as the quality of raw materials and adherence to delivery schedules, ensuring our supply
chain maintains standards of efficiency and reliability.
The tables below set forth our cost of materials procured from our top 10 suppliers for Fiscals 2025, 2024 and
2023, as well as such cost as percentage of our total cost of materials purchased for each of these fiscals.
286Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of cost % of cost
Cost Cost Cost % of cost of
Top 10 of Top 10 of Top 10
(₹ in (₹ in (₹ in materials
suppliers materials suppliers materials suppliers
million) million) million) purchased
purchased purchased
Borouge 751.13 21.26% Borouge 677.15 22.86% Borouge 657.95 23.65%
Pte Ltd Pte Ltd Pte Ltd
Supplier 2 429.00 12.15% Supplier 2 420.48 14.19% Supplier 2 384.33 13.82%
Nanofil 389.81 11.04% Nanofil 222.03 7.49% Supplier 3 194.35 6.99%
Technologies Technologies
Private Private
Limited Limited
Supplier 4 238.25 6.74% Supplier 4 184.18 6.22% Nanofil 180.29 6.48%
Technologies
Private
Limited
Riyo 192.49 5.45% Riyo 178.26 6.02% Sabic Asia 155.37 5.59%
Parapack Pvt Parapack Pvt Pacific Pte
Ltd Ltd Ltd.
Sabic Asia 166.65 4.72% Sabic Asia 170.41 5.75% Riyo 142.70 5.13%
Pacific Pte Pacific Pte Parapack Pvt
Ltd. Ltd. Ltd
Supplier 7 166.11 4.70% Supplier 7 134.25 4.53% Supplier 7 139.16 5.00%
Star Offset 110.83 3.14% Star Offset 86.84 2.93% Supplier 8 112.47 4.04%
Aarya Corp 72.47 2.05% Aarya Corp 79.27 2.68% Star Offset 74.88 2.69%
Supplier 10 70.22 1.99% Supplier 10 76.01 2.57% Pranesh 62.17 2.23%
Packaging
Pvt Ltd
Total of top 2,586.96 73.24% Total of top 2,228.90 75.24% Total of top 2,103.66 75.62%
10 suppliers 10 suppliers 10 suppliers
Cost of 3,532.26 100.00% Cost of 2,962.50 100.00% Cost of 2,781.80 100.00%
materials materials materials
purchased purchased purchased
Note: We have not received consents from all of our top 10 suppliers to disclose their names in this Prospectus.
The table below sets forth our cost of materials purchased broken down into Indian suppliers and foreign suppliers
for Fiscals 2025, 2024, and 2023.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Cost of Cost of Cost of
Supplier % of cost of % of cost of % of cost of
materials materials materials
materials materials materials
purchased purchased purchased
purchased purchased purchased
(₹ in million) (₹ in million) (₹ in million)
Indian 2,203.62 65.12% 1,820.28 61.44% 1,622.74 58.33%
suppliers [A]
Foreign 1,328.64 34.88% 1,142.22 38.56% 1,159.06 41.67%
suppliers [B]
Total 3,532.26 100.00% 2,962.50 100.00% 2,781.80 100.00%
[C=A+B]
QUALITY ASSURANCE AND QUALITY CONTROL
Adherence to quality standards is crucial in the plastic consumerware manufacturing industry. To uphold our
quality standards and comply with customer specifications, we implement a rigorous quality control system. Our
quality control process involves several stages. At the procurement stage, we inspect raw materials upon receipt,
and make entries in the ERP system. We request for replacement of raw materials from our suppliers if necessary.
At the production and packaging stages of our manufacturing process, we examine products to ensure no defects
are carried over from the previous step. We conduct data analysis for the rejected items and take appropriate
287corrective action. Additionally, representatives from our customers regularly inspect our manufacturing facilities
and processes to confirm that our quality and compliance align with their expectations.
To uphold our commitment to delivering durable consumerware products, we engage certified testing laboratories
to conduct thorough product evaluations. The independent and comprehensive test reports from these labs are
readily available for consumer review. Additionally, while most pre-dispatch inspections are carried out by our
in-house team, which is authorized by many of our customers, we also accommodate random inspections
performed by third-party agencies appointed by our customers. Further, to enhance transparency, each All Time
Branded Product manufactured and sold domestically includes a label depicting a unique QR code that, when
scanned, will direct customers to the corresponding test report. This system enables immediate verification and
review of the quality standards upheld by us.
Further, as part of our commitment to delivering high-quality plastic consumerware products, the Daman Facility,
Silvassa Facility and Manekpur Facility are certified under the ISO 9001:2015 Quality Management System
(QMS).
For details in relation to the total refunds made to customers, damages incurred, and claims filed in relation to our
products for Fiscals 2025, 2024 and 2023, see “Our Strengths – Strategically located and integrated
manufacturing facilities, enabling high volume, low-cost and high quality plastic consumerware production” on
page 264.
SALES AND MARKETING
Sales
White Label Products
Our sales team reaches out to potential and existing customers to pitch our new products, highlighting their unique
selling points. Through personalized interactions and presentations, our sales team help showcase the advantages
and benefits of choosing our white label products.
For our white label products, we follow a make-to-order manufacturing model, where international and domestic
customers place orders specifying their desired product characteristics, quantities, and delivery or handover dates.
This model allows us to customize consumerware products according to individual specifications, optimize
inventory by producing only what is required, and align our production schedules with customer demand for
efficient raw material sourcing and product delivery.
We do not have long-term purchase agreements with our customers and instead we typically rely on purchase
orders issued by them from time to time. The purchase orders issued by customers specify the type of
consumerware, the quantity and the cost for each batch of orders placed. However, in case of certain customers,
we sell the products under the terms of a master agreement. For further details, see “Risk Factors – We do not
have long-term agreements for the sale of our products with a majority of our customers. If our customers choose
not to source their requirements from us, it could have a material adverse effect on our business, financial
condition, results of operations and cash flows.” on page 39.
As at March 31, 2025, we had a dedicated sales team comprising 53 employees who were involved in facilitating
the sale of our white label products, with 10 employees catering to international sales and 43 employees catering
to domestic sales. They play an important role in facilitating the supply of our white label products, working
closely with customers to understand their unique needs, and ensure seamless order fulfilment.
All Time Branded Products
For our All Time Branded Products, we collaborate with super distributors, distributors, and modern trade
retailers, who play key roles in the distribution process. Super distributors and distributors facilitate the sale of
products to retailers in bulk, including general trade retailers, who in turn sell directly to consumers. While super
distributors help mitigate payment risk, we use local distributors in cities for better reach. Additionally, in high-
density domestic regions, we prefer working with distributors to reduce costs.
In Fiscal 2025, we sold our All Time Branded Products to 22 modern trade retailers, including Spencer’s Retail
Limited, as well as five super distributors and 38 distributors with whom we do business directly.
288We typically enter into agreements or rely on purchase orders for dealing with distributers and retailers. These
agreements and purchase orders outline terms such as pricing and delivery schedules.
As at March 31, 2025, we had a dedicated sales team comprising 43 employees who were involved in facilitating
the sale of our All Time Branded Products.
Sales Process
Set forth below is a flowchart describing the sales process for our white label products and All Time Branded
Products, illustrating the steps from customer outreach and order placement to manufacturing and delivery.
Note:
(1) For a flowchart on the manufacturing process, see “-Manufacturing Process” on page 284.
289Marketing
White Label Products
Our primary marketing strategy for our white label products is participating in exhibitions, which not only allows
us to showcase our latest innovations, but also provides us a platform to engage directly with potential customers.
We design our exhibition booths to reflect our brand identity and highlight the unique features of our products.
All Time Branded Products
Our marketing strategy for our All Time Branded Products involves an approach aimed at improving brand
recognition and maximizing engagement with distributors and retailers. Our participation in exhibitions allows us
to not only identify customers for our white label products, but also helps us showcase our All Time Branded
Products to customers at a global stage.
We also leverage our social media presence, such as our Facebook and Instagram accounts, to reach a broader
audience, which helps us improve the recognition of our “alltime” brand.
CUSTOMERS
We primarily export our products to customers in the European Union, the United Kingdom and the United States,
and also sell our products to customers in India.
The following table set forth our revenue from sales of our white label products and All Time Branded Products
by domestic and export sales, the number of SKUs across the product categories for the Fiscals indicated, as well
as miscellaneous revenue from operations, and claims, damages and discount for the Fiscals indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Domestic Product Revenue % of No. of Revenue % of No. of Revenue % of No. of
/ Export Category (₹ in revenue SKUs(2) (₹ in revenue SKUs(2) (₹ in revenue SKUs(2
million) from million) from million) from
operations operations operations
White label 345.01 6.18% 326 240.52 4.69% 169 171.19 3.86% 88
products
All Time 412.42 7.39% 1,038 338.49 6.60% 1,187 266.72 6.01% 1,066
Branded
Domestic Products
Miscellaneous 89.74 1.61% - 38.56 0.75% - 61.96 1.40% -
(1)
Domestic 847.17 15.18% 1,364 617.57 12.04% 1,356 499.87 11.27% 1,154
Total
White label 4,771.22 85.48% 479 4,524.25 88.22% 245 3,904.33 88.04% 208
products
All Time 9.82 0.18% 5 11.07 0.21% 7 32.32 0.73% 45
Branded
Export
Products
Miscellaneous - 0.00% - - - - 7.30 0.16% -
(1)
Export Total 4,781.05 85.66% 484 4,535.32 88.43% 252 3,943.95 88.93% 253
Less-Claims, Damages (46.55) (0.83)% - (24.36) (0.47)% - (8.96) (0.20)% -
and Discount
Total 5,581.67 100.00% 1,848 5,128.53 100.00% 1,608 4,434.86 100.00% 1,407
Notes:
(1) Miscellaneous includes sales of raw material, scrap, and packing material.
(2) As at the end of the respective Fiscals.
The table below shows our revenue from operations based on the location of the customer for the Fiscals indicated.
290Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Location of
% of revenue % of revenue % of revenue
customer Revenue Revenue Revenue
from from from
(₹ in million) (₹ in million) (₹ in million)
operations operations operations
European 3,247.67 58.18% 2,921.42 56.96% 2,516.03 56.73%
Union
United 882.56 15.81% 1,005.14 19.60% 849.85 19.16%
Kingdom
United States 623.11 11.16% 580.68 11.32% 512.57 11.56%
Others 27.70 0.50% 28.08 0.55% 58.21 1.31%
Total exports 4,781.05 85.66% 4,535.32 88.43% 3,936.65 88.77%
India 847.17 15.18% 617.57 12.04% 507.16 11.44%
Less-Claims, (46.55) (0.83)% (24.36) (0.47)% (8.96) (0.20)%
Damages
and Discount
Total 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
Our products were shipped to 29 countries outside India in Fiscal 2025. For a map showing these countries, see
“-Overview” on page 258.
We primarily sell our products in the European Union to IKEA Supply AG, which supplies to IKEA stores in the
European Union.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Location of
% of revenue % of revenue % of revenue
customer Revenue Revenue Revenue
from from from
(₹ in million) (₹ in million) (₹ in million)
operations operations operations
European 3,247.67 58.18% 2,921.42 56.96% 2,516.03 56.73%
Union
Of which:
IKEA(1) 3,147.54 56.39% 2,805.82 54.71% 2,440.17 55.02%
Revenue 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
from
operations
Note:
(1) Inter IKEA Systems B.V., trading as IKEA, is a Swedish multinational conglomerate that designs and sells ready-to-
assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home services. We
sell our products to IKEA Supply AG, which supplies to IKEA stores in the European Union.
For details on our customers in the United States, see “- Our Strategies –Acquire new customers and sell more
products to our existing customers” on page 273.
Set forth below is a breakdown of our revenue from operations from sales of our products to customers in the
United Kingdom for the Fiscals indicated.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Particulars % of revenue % of revenue Revenue % of revenue
Revenue Revenue (₹
from from (₹ in from
(₹ in million) in million)
operations operations million) operations
Asda 508.53 9.11% 506.27 9.87% 425.46 9.59
Tesco 211.83 3.80% 221.98 4.33% 210.09 4.74
A retail chain in - 0.00% 17.10 0.33% 109.79 2.48
the UK
A supermarket 56.23 1.01% 52.08 1.02% 45.26 1.02
chain in the UK
A supermarket 37.87 0.68% 32.62 0.64% 42.43 0.96
chain in the UK
A home 2.63 0.05% 2.63 0.05% 8.20 0.18
furnishings
retailer in the
UK
291Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Particulars % of revenue % of revenue Revenue % of revenue
Revenue Revenue (₹
from from (₹ in from
(₹ in million) in million)
operations operations million) operations
Others 65.47 1.17% 172.46 3.36% 8.62 0.19%
Total in the 882.56 15.82% 1,005.14 19.60% 849.85 19.16%
United
Kingdom
Revenue from 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
operations
For details on our customers in India, see “- Strategies –Acquire new customers and sell more products to our
existing customers” on page 273.
We have long-standing relationships with certain global retailers, including IKEA, Asda, Michaels and Tesco,
and Indian retailers. Our Company and Pyramid Plastics, the entity whose business/ operational assets were
acquired by our Company, have been selling products to IKEA, our largest customer in Fiscal 2025, for more than
27 fiscal years, Asda, our second largest customer in Fiscal 2025, for more than 14 fiscal years, Michaels, our
third largest customer in Fiscal 2025, for more than four fiscal years, and Tesco, our fourth largest customer in
Fiscal 2025, for more than 17 fiscal years. The table below sets forth our revenue from operations from IKEA,
Asda, Michaels, Tesco and other customers for Fiscals 2025, 2024 and 2023 and as a percentage of total revenue
from operations for those respective Fiscals.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
Particulars % of revenue % of revenue % of revenue
Revenue Revenue Revenue
from from from
(₹ in million) (₹ in million) (₹ in million)
operations operations operations
IKEA 3,309.49 59.29% 3,095.68 60.36% 2,596.25 58.54%
Asda 508.53 9.11% 506.27 9.87% 425.46 9.59%
Michaels 347.06 6.22% 448.21 8.74% 433.75 9.78%
Tesco 211.83 3.80% 221.98 4.33% 210.09 4.74%
Other 1,251.31 22.42%
880.75 17.17% 778.27 17.55%
customers
Less-Claims, (46.55) (0.83)% (24.36) (0.47)% (8.96) (0.20)%
Damages and
Discount
Total 5,581.67 100.00% 5,128.53 100.00% 4,434.86 100.00%
The tables below set forth our revenue from our top 10 customers for Fiscals 2025, 2024 and 2023, as well as
such revenue as percentage of our revenue from operations for each of those Fiscals.
Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of % of % of
Revenue Revenue Revenue
Top 10 revenue Top 10 revenue Top 10 revenue
(₹ in (₹ in (₹ in
customers from customers from customers from
million) million) million)
operations operations operations
IKEA (1) 3,309.49 59.29% IKEA(1) 3,095.68 60.36% IKEA(1) 2,596.25 58.54%
Asda 508.53 9.11% Asda 506.27 9.87% Michaels 433.75 9.78%
Michaels 347.06 6.22% Michaels 448.21 8.74% Asda 425.46 9.59%
Tesco 211.83 3.80% Tesco 221.98 4.33% Tesco 210.09 4.74%
A retail chain 159.22 2.85% Amar 90.81 1.77% A retail chain 109.79 2.48%
in the USA Distribution in the UK
A 114.05 2.04% A 88.49 1.73% Amar 62.90 1.42%
multinational multinational Distribution
retail retail
corporation corporation
based in the based in the
USA USA
Amar 111.81 2.00% A 52.08 1.02% A retail chain 49.04 1.11%
Distribution supermarket in the USA
292Fiscal 2025 Fiscal 2024 Fiscal 2023
(Consolidated) (Standalone) (Standalone)
% of % of % of
Revenue Revenue Revenue
Top 10 revenue Top 10 revenue Top 10 revenue
(₹ in (₹ in (₹ in
customers from customers from customers from
million) million) million)
operations operations operations
chain in the
UK
A 105.02 1.88% A retain chain 48.84 0.95% A 45.26 1.02%
supermarket in India supermarket
chain in the chain in the
UK UK
Rusta AB 75.37 1.35% A household 39.15 0.76% A 42.43 0.96%
products supermarket
distributer in chain in the
Germany UK
A 56.23 1.01% Rusta AB 36.32 0.71% A retain 42.02 0.95%
supermarket chain in India
chain in the
UK
Total top 10 4,998.61 89.55% Total top 10 4,627.84 90.24% Total top 10 4,016.99 90.58%
customers customers customers
Revenue 5,581.67 100.00% Revenue 5,128.53 100.00% Revenue 4,434.86 100.00%
from from from
operations operations operations
Notes:
(1) Inter IKEA Systems B.V., trading as IKEA, is a Swedish multinational conglomerate that designs and sells ready-to-
assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home services.
We sell our products to IKEA Supply AG, which supplies IKEA stores outside India, and to an Indian company that
supplies IKEA stores in India (together, “IKEA”)
(2) We have not received consents from all of our top 10 customers to disclose their names in this Prospectus.
For further details, see “Risk Factors – Our business largely depends upon our top four customers and in
particular our top customer. For Fiscals 2025, 2024 and 2023, our revenue from our top customer represented
59.29% (consolidated), 60.36% and 58.54% of our revenue from operations, respectively, and our revenue from
our top four customers represented 78.42% (consolidated), 83.30% and 82.65% of revenue from operations
respectively. The loss of any of our top four customers, and in particular our top customer, or the loss of revenue
from sales to these top customers could have a material adverse effect on our business, financial condition, results
of operations and cash flows.” on page 37.
For more details on our long-standing customer relationships, see “ – Our Strengths –Long-standing relationships
with global retailers, including IKEA, Asda, Michaels and Tesco, and Indian retailers” on page 267.
PRODUCT AND MOULD DESIGN
In order to cater to evolving customer demands, we have developed new products by leveraging our experience,
market knowledge, product design team and mould design team. With over 20 years of product design experience
and 20 years in product development, we create user-friendly and innovative products that meet modern consumer
needs.
Our in-house product design team, which was established more than 20 years ago, enables us to offer customized
designs as per our customers’ requests without them incurring additional time and expenses associated with
outsourcing design tasks to a third party. The product design team allows us to translate customer requirements
into product prototypes in a seamless manner, which accelerates our product development process. As at March
31, 2025, we had six employees in our product design team. Our product design team comprises individuals with
industry expertise. Our in-house product design team, operating through our design lab, are sensitive to user needs,
user experience, cultural differences, ergonomics, CMF (colour, material, finish) trends, and texture. The team
improves design through appropriate material selection, optimisation, refined mould design, and streamlined
processes. These capabilities help us develop consumerware that match customer expectations while maintaining
high standards. For details in relation to the new product categories and SKUs introduced during Fiscals 2025,
2024 and 2023, see “ – Strengths – Wide and growing range of plastic consumerware products, with in-house
product design and mould design teams” on page 266.
293Our in-house mould design team also broadens our scope for innovation and customization and helps us to develop
new products. As at March 31, 2025, we had eight employees in our mould design team. Our mould design team
has experience in mould and die engineering, tooling, and product design.
Our design capabilities are supported by our efficient supply chain, which is managed through our ERP system
which tracks average purchase prices and helps us manage working capital effectively. This enables us to optimize
costs and respond to the cyclicality of raw material prices.
INVENTORY MANAGEMENT
We currently use warehouses in three locations: (a) Daman, Dadra and Nagar Haveli and Daman and Diu, which
we lease; (b) Silvassa, Dadra and Nagar Haveli and Daman and Diu, which we own, and (c) Manekpur, Gujarat,
which we own. For details, see “– Properties” on page 300.
Our inventory management is facilitated by a fully palletized system through automated storage and retrieval
systems (“ASRS”) and Serialised Inventory Control. The palletized system, which forms part of our ASRS, uses
standardized pallets for organized storage and efficient retrieval, enhancing both the organization and accessibility
of goods within our warehouses. Every pallet is scanned for physical defects before being stored in the ASRS. As
at March 31, 2025, our warehouses have a total of 32,832 pallet locations, which enhances organization, facilitates
inventory management, and enables efficient movement of goods within the warehouse.
All inventory products are assigned barcode labels, enabling precise tracking through Serialized Inventory
Control, which is integrated with our ERP software. This system allows for real-time monitoring of inventory
levels and movements, ensuring up-to-date information on stock status. Additionally, we conduct periodic
inventory verifications with our internal audit team members.
Raw materials are stored in silos and managed through a centralized conveying system. This system connects the
silos to all production machines through pipes. The machines, linked to our ERP system, automatically draw the
required raw materials from the silos as needed. This automation reduces production time and minimizes
mishandling of raw materials, streamlining our production processes and improving efficiency.
LOGISTICS
We primarily operate on ex-factory terms, meaning we fulfil our responsibility to our customers by making our
products available for pickup at our manufacturing facilities or warehouses. Under this arrangement, our
customers assume responsibility not only for all transportation costs but also for arranging transport. Recognizing
the complexities inherent in international trade, we offer assistance to our customers in navigating customs
clearance procedures and maintain arrangements with customs brokers to ensure smooth handling of exports.
We have agreements with transport companies to facilitate domestic deliveries. For modern trade retailers and
institutional customers, we provide direct delivery. For distributors, we deliver partial loads to the customers’
nominated transporters, while larger orders are collected by the customers.
Further, we implement comprehensive security protocols to safeguard the security of our supply chain, ensuring
the protection of our products from manufacturing up to the point of collection. This includes meeting rigorous
client requirements for ensuring supply chain security. We have also received the Authorized Economic Operator
(AEO) certificate from the Central Board of Indirect Taxes and Customs, Ministry of Finance, Government of
India, which acknowledges our compliance in ensuring a secure and efficient supply chain. Our Daman Facility
and Silvassa Facility have undergone and our Manekepur Facility will undergo audits under the Supply Chain
Audit Network (SCAN) program to validate the adherence to security protocols, in line with globally recognized
standards.
ENVIRONMENT, SAFETY AND HEALTH
We endeavour to adhere to laws and regulations relating to protection of health, employee safety and the
environment.
We have implemented renewable energy and energy-saving measures throughout our operations. These initiatives
include the installation of solar panels at our Daman Facility, Silvassa Facility and Manekpur Facility, adoption
294of energy-efficient compressors, transitioning to light emitting diode (LED) lightbulbs from compact fluorescent
lamp (CFL) lightbulbs, installation of insulation jackets on heating barrels to minimize heat loss, and the
utilization of “all electrical” injection moulding machines. As at March 31, 2025, 99 out of our 140, or 70.71% of
our injection moulding machines were “all electrical” machines manufactured by Japanese companies, which
consume less power compared to other types of injection moulding machines. For details, see “ – Manufacturing”
on page 278.
Our Daman Facility, Silvassa Facility and Manekpur Facility operate with complete energy neutrality, wherein
all energy utilized in our operations is from our solar panels installed at our facilities or energy-conservation
initiatives. Additionally, we maintain a landfill-free policy, ensuring zero landfill waste from our operations.
Through stringent environmental controls, we ensure minimal to no emissions, safeguarding against air and water
pollution as well as groundwater contamination. We use water in our manufacturing process solely for cooling
moulds and machines through a circulation process, and any loss occurs only through evaporation. Additionally,
we undertake rainwater harvesting at our facilities. In line with our environmental principles, we use recycled
materials to manufacture some of our products. For Fiscals 2025, 2024, and 2023, 27.21%, 20.23% and 18.71%
of our raw materials consumed by volume were recycled raw materials, respectively. Additionally, our packaging
materials exclusively utilize recycled and FSC-certified paper, which is wood that has been harvested to produce
paper in a responsible manner. Our quality and procurement team carries out a continuous audit process to ensure
that all our packing material suppliers are FSC®-certified. These efforts align with our commitment to
sustainability, promoting both environmental stewardship and operational efficiency.
As part of our ongoing commitment to environmental sustainability, we engage in initiatives such as the Amfori
Business Environmental Performance Initiative (BEPI) and employs assessment methodologies like the Higg
Index. The Higg Index is a suite of five tools that assess and measure the social and environmental performance
of the value chain and the environmental impacts of products to monitor and elevate companies’ environmental
performance across their operations (source: Technopak Report). Our Silvassa Facility is certified for
environmental system standard ISO 14001:2015, energy management system standard ISO 50001:2018 and for
the occupational, health and safety system standard ISO 45001:2018.
Further, cognizant of evolving sustainability demands, we adhere to the rigorous standards set by our customers,
ensuring our practices meet their environmental criteria. We also collaborate with industry partners specializing
in sustainability assessments to fortify our environmental performance and promote sustainable practices
throughout our operations. To bolster our employees’ expertise, we facilitate their access to specialized training
from recognized third parties, including the Quality Council of India, focusing on areas such as energy
management, ESG implementation, and regulatory environmental compliance in India.
We carry out our activities while following appropriate standards of work safety and our working conditions seek
to promote a healthy and safe work environment. We have a health, safety and environment policy to promote
workplace health and safety and minimize the risk of accidents at our facilities.
We have taken initiatives to reduce the risk of accidents at our facilities. These include conducting comprehensive
risk assessment analyses to understand the risks associated with our manufacturing processes. Additionally, we
provide extensive training to our workforce, covering topics such as firefighting, handling of hazardous waste,
first aid awareness, material handling and machine safety. These measures are part of our commitment to ensuring
a safe working environment.
INTELLECTUAL PROPERTY
We rely on a combination of intellectual property laws to protect our intellectual property. As on the date of this
Prospectus, we have registered 12 trademarks in India, including , and for
which we have obtained valid registration certificates under various classes from the Trade Marks Registry,
Government of India under the Trade Marks Act, 1999, as amended. We have also made applications for
registration of two trademarks before the Trade Marks Registry, Government of India, which are currently pending
at various stages in India. Further, we have registered three “artistic works” in India under the Copyright Act,
1957. For further details of our intellectual property, see “Government and Other Approvals – Intellectual
Property Rights” on page 461.
INFORMATION TECHNOLOGY
295We have implemented a licensed ERP system, which provides an integrated solution for managing engineering,
manufacturing, and business operations. This system connects order processing, scheduling, production, quality,
accounting, and shipping processes in real time, streamlining our data collection and reporting for enhanced
process optimization. We utilize our licensed ERP system for supplier management and have deployed various
licensed ERP modules to oversee key operational areas, such as project management and maintenance. For Human
Resources functions, we use licensed SPINE software. Our design and production facilities are equipped with IT-
enabled processes, including licensed CAD software.
We have established robust security measures and disaster recovery plans to address potential vulnerabilities and
ensure data integrity. We have established a policy to implement precautions, measures, and tools aimed at
minimizing cyber risks and preventing cyber-attacks. We use licensed anti-ransomware software to mitigate cyber
threats and ensure a secure and protected computing environment, encompassing workstations, servers, emails,
and other critical systems. We have also adopted a policy that details the procedures and steps for reporting a
cyber security incident at our Company. Our data is housed in a data centre on the Azure cloud platform, which
is managed by a third-party service provider engaged through a service agreement. Our data on the Azure cloud
platform is backed up using the Azure Backup Service (site recovery service vault and subscription).
INSURANCE
Our operations are subject to various risks inherent in the manufacturing sector as well as fire, theft, earthquake,
flood, acts of terrorism and other force majeure events. We have insurance coverage which we consider is
reasonably sufficient to cover all normal risks associated with our operations and which we believe is in
accordance with industry standards in India. We maintain all risk insurance policies for our manufacturing
facilities, including buildings and machinery at Daman Facility, Silvassa Facility and Manekpur Facility as well
as warehouse insurance and fire and burglary coverage insurance at the Daman Facility. In addition, we hold
keyman insurance, motor vehicle insurance, and comprehensive commercial general liability insurance, including
group medical coverage and personal accident protection for employees arising from the course of employment.
However, our policies are subject to standard limitations. For example, in the case of business interruption,
limitations apply with respect to the length of the interruption covered and the maximum amount that can be
claimed. For details on risks related to our insurance policies, see “Risk Factors – Our operations are subject to
various risks, including breakdowns, third party liability claims and infrastructure failure, as well as fire, theft,
robbery, earthquake, flood, acts of terrorism and other force majeure events. If any of the foregoing risks occur,
our insurance coverage may not be adequate to protect us against all potential losses, which could have an
adverse effect on our results of operations, cash flows and financial condition.” on page 75.
COMPETITION
The plastic houseware market is fragmented with numerous brands, making it difficult for companies to capture
a large chunk of market share (source: Technopak Report). For 2023, the branded players accounted for 65% of
the global plastic houseware market, which is projected to increase to 70% for 2027. Branded players, with their
innovation and marketing budgets, advertising strategies, social media presence and omni-channel retail presence,
enhance their product visibility amongst the consumers, thereby driving the growth of branded players in the
industry (source: Technopak Report).
The key consumerware manufacturers in India can be segregated into those that primarily sell white label products
(i.e., products with the brands of their customers) to other businesses (B2B) and those that primarily see their
products under their own brand names (B2C). The key plastic consumerware manufacturers in India across
primarily the B2B category include our Company, Shaily Engineering Plastics Limited, Ratan Plastics, Aristoplast
Products Private Limited, Asian Plastoware, and Polyset Plastics Private Limited (source: Technopak Report).
The key plastic consumerware manufacturers in India across the primarily B2C category include Gluman
(Precision Moulds and Dies), Milton (Hamilton Housewares), Cello World Limited, Princeware (Prince Corp),
Freudenberg Gala Household Products Private Limited, Pearlpet (Pearl Polymers Limited), Ski Plastoware, and
LocknLock (Rajprabhu Traders) (source: Technopak Report). The emergence of new players offering similar
product categories has increased competition in terms of product quality, pricing, colour, and design. India’s mass-
economy market demands value products, and lower-priced goods can disrupt the market with aggressive pricing
and heavy discounts, more so in E-commerce sales (source: Technopak Report). Competitors are introducing
innovative products at reasonable prices, intensifying overall market competition, and affecting profit margins for
players (source: Technopak Report).
296For details on operational benchmarking for us and our competitors in India, see “Industry Overview-5.
Operational Benchmarking” on page 237. For details on financial benchmarking for us and our competitors in
India, see “Industry Overview-6. Financial Benchmarking” on page 247.
The following table provides a comparison of the KPIs and certain Ind AS financial measures of our Company
with our peer group. The peer group has been determined on the basis of companies listed on Indian stock
exchanges, whose business profile is comparable to our businesses in terms of our size and our business model:
Shaily Engineering Plastics Cello World Limited
All Time Plastics Limited
Limited (Consolidated) (Consolidated)
S. Key
Fiscal Fiscal Fiscal
No Performance Units
2025 2024 2023 Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
. Indicator
(Consol (Stand- (Stand- 2025 2024 2023 2025 2024 2023
idated) alone) alone)
GAAP Financial Measures
Revenue from ₹ in 20,002.6 17,966.9
1 5,581.67 5,128.53 4,434.86 7,867.98 6,438.71 6,070.66 21,363.88
Operations million 4 5
Domestic ₹ in 18,110.4 16,564.8
2 824.26 599.24 494.98 NA^ 1,625.98 1,377.27 NA^
Revenue million 6 8
Export ₹ in
3 4,757.41 4,529.29 3,939.88 NA^ 4,812.73 4,693.39 NA^ 1,892.18 1,402.07
Revenue million
₹ in
4 PAT 472.94 447.90 282.70 931.19 572.91 351.50 3,645.67 3,561.84 2,850.51
million
Non-GAAP Financial Measures
Revenue
5 Growth - % 8.84 15.64 10.55 22.20 6.06 6.93 6.81 11.33 32.19
YoY
Domestic
Revenue to
6 % 14.77 11.68 11.16 NA^ 25.25 22.69 NA^ 90.54 92.20
Revenue from
Operations
Export
Revenue to
7 % 85.23 88.32 88.84 NA^ 74.75 77.31 NA^ 9.46 7.80
Revenue from
Operations
Gross Profit ₹ in 10,518.4
8 2,229.46 2,085.78 1,684.92 3,710.17 2,737.75 2,205.84 11,048.52 9,011.82
(1) million 0
Gross Margin
9 % 39.94 40.67 37.99 47.16 42.52 36.34 51.72 52.59 50.16
(2)
₹ in
10 EBIDTA (3) 1,013.37 971.01 733.82 1,760.57 1,169.39 918.91 5,100.59 5,092.34 4,205.26
million
EBIDTA
11 Growth - % 4.36 32.32 26.79 50.55 27.26 13.18 0.16 21.09 26.07
YoY
EBIDTA
12 % 18.16 18.93 16.55 22.38 18.16 15.14 23.87 25.46 23.41
Margin (4)
PAT Growth -
13 % 5.59 58.44 15.22 62.54 62.99 (0.33) 2.35 24.95 29.85
YoY
PAT Margin
14 % 8.46 8.68 6.37 11.80 8.81 5.75 16.72 17.59 15.72
(5)
15 ROCE (6) % 16.99 22.64 17.16 18.80 12.67 10.37 21.54 31.27 60.43
16 ROE (7) % 19.01 22.18 17.93 17.00 12.48 8.76 16.82 30.99 84.72
Gross Fixed
17 Assets Times 1.36 1.80 1.69 0.84# 1.08 1.27 0.81# 3.58 4.31
Turnover (8)
Net Working
No. of
18 Capital Days 74 57 69 90 85 79 281 190 180
Days
(9)
Trade
No. of
19 receivable 57 34 35 80 67 55 112 111 94
Days
Days (10)
Trade Payable No. of
20 39 37 46 95# 66 56 NA^ 54 52
Days (11) Days
Inventory
21 Turnover Times 7.61 9.85 7.13 5.71 7.70 8.32 4.07 4.33 4.18
Ratio (12)
Net Debt to
22 Equity Ratio Times 0.84 0.65 0.99 0.30 0.40 0.41 (0.04) 0.26 0.82
(13)
^ Information is not available as on the date of this Prospectus.
# Information is taken from the Technopak Report.
297(Sources: Information of the listed peer have been derived based on data sourced from Technopak Report, Annual Reports and
audited financial results of peers as available on the website of BSE. Computation of amounts, percentages and ratios, not directly
available in the source data have been computed following the same principles as followed during computation of the Company’s
KPIs.)
Notes:
1. Gross Profit is calculated as revenue from operations minus Material Cost. Material Cost is calculated as cost of materials
consumed plus changes in inventory of finished goods, stock-in-trade and work-in-progress.
2. Gross Margin is calculated as Gross Profit expressed as a percentage of revenue from operations.
3. EBITDA is calculated as the aggregate of profit before tax, depreciation and amortization expense and finance costs, less other
income.
4. EBITDA Margin is calculated as EBITDA expressed as a percentage of revenue from operations.
5. PAT Margin is calculated as PAT expressed as a percentage of total income.
6. ROCE (Return on Capital Employed) is calculated as earnings before interest and tax divided by capital employed. Earnings
before interest and tax is calculated as aggregate of restated profit before tax, finance costs, less other income. Capital Employed
is calculated as the aggregate of total equity, Total Borrowings (comprising current borrowings and non-current borrowings)
less cash and cash equivalents and bank balances other than cash and cash equivalents as at the end of the Fiscal.
7. Return on equity is calculated as profit for the year divided by total equity at the end of the Fiscal.
8. Gross Fixed Asset Turnover Ratio is calculated as revenue from operations divided by the sum of gross block of property, plant
and equipment as at the end of the Fiscal.
9. Net Working Capital Days is calculated by dividing the number of days during the Fiscal by the working capital ratio, which is
calculated as revenue from operations divided by Net Working Capital. “Net Working Capital” is calculated as total current
assets less (i) cash and cash equivalents, (ii) bank balances other than cash and cash equivalents, and (iii) total current
liabilities, excluding current borrowings as at the end of the Fiscal.
10. Trade Receivables Days is calculated by dividing trade receivables at the end of the Fiscal by revenue from operations and
multiplying it by the number of days during the Fiscal.
11. Trade Payables Days is calculated by dividing trade payables at the end of the Fiscal by purchases for the Fiscal and multiplying
it by the number of days during the Fiscal.
12. Inventory Turnover Ratio is calculated as revenue from operations divided by inventory as at the end of the Fiscal.
13. Debt to Equity Ratio is calculated as Total Borrowings (comprising current borrowings and non-current borrowings) less cash
and cash equivalent) divided by total equity as at the end of the Fiscal.
While the plastic consumerware manufacturing industry is competitive, we believe that our core expertise in all
aspects of design and production, our diversified portfolio of products, our ability to meet our customers’ varying
requirements, and the long-standing relationships that we have built with well-known Indian and global customers
differentiate us from our competitors.
In addition, our competition lies not just within the plastic houseware industry but also with other material
industries, such as glass, metal, and ceramics (source: Technopak Report). Though plastic is often cost effective
as compared to these materials, changing consumer preferences and the trend towards premiumisation results in
higher income consumers often opting for other more aesthetic and sustainable materials than plastic (source:
Technopak Report). In order to meet this demand, plastic manufacturers have to compete with other alternative
houseware products made from materials like ceramic and glass, which offer innovative and intricate patterns
(source: Technopak Report). Another factor of quality perception is a challenge for plastic material manufacturers
as consumers often perceive it as a less premium quality product (source: Technopak Report). Additionally, there
is an ongoing concern about the health effects of chemicals used in plastic products due to which consumers are
seeking BPA-free plastic (source: Technopak Report). Also, with rising environmental concerns, acceptance for
alternative eco-friendly and sustainable material products is increasing, and some consumers are shifting towards
opting for such products made from materials like bamboo and ceramics, even at a premium price (source:
Technopak Report). This shift can be a threat to the plastic houseware market and hence plastic players are looking
for sustainable and recyclable plastic options along with expansion to newer material types (source: Technopak
Report).
For more details on competition, see “Industry Overview” beginning on page 181.
WORKFORCE
Our workforce comprises our employees and contract labour. As at March 31, 2025, we had 690 employees and
1,589 persons working as contract labour.
The following table sets forth the numbers of our employees, categorized by function, as at the dates indicated:
298As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Functions (Consolidated) (Standalone) (Standalone)
Number of Employees
Automation and projects 27 23 24
Commercial 58 57 56
Design and development 14 12 10
Finance, accounts and costing 21 21 19
Human resource and administration 74 61 62
Information technology 15 12 11
Maintenance 48 39 39
Manufacturing 220 207 215
Quality assurance and quality control 59 51 53
Sales and marketing 59 49 47
Supply chain 50 47 47
Tooling 45 31 27
Total 690 610 610
As at March 31, 2025, none of our employees were members of labour unions.
We believe our workforce is one of the critical pillars of our business. Our goal is to drive their performance and
productivity by empowering them with relevant training. This includes health and safety awareness, security
awareness, and basic business ethics training. Additionally, we offer technical training on topics such as safe
material handling, electrical safety, and robotic machine safety. These training sessions are conducted annually
or semi-annually to ensure our employees remain well-informed and adept in their roles.
We maintain gender balance, with women representing 63.70% and men representing 36.30% of our employee
base as at March 31, 2025. We are committed to promoting women’s empowerment within our workforce. As
part of our initiatives, we provide sanitary pad packs on a monthly basis to all women employees. We also offer
a crèche facility for the employees’ children. Our manufacturing facilities operate across three eight-hour shifts,
with women participating equally in all shifts. By offering this flexibility, we support the career development and
work-life balance of our female employees, while reinforcing our commitment to diversity and inclusion.
The table below sets forth the attrition and the attrition rate of our employees during the Fiscals indicated.
As at and for the year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Attrition of employees for the year [A] 114 95 93
Attrition rate of employees for the year [B = 14.18% 13.48% 13.23%
A/D] (%)
Total employees as at the end of the year [C] 690 610 610
Total employees as the end of the year plus 804 705 703
employees who left during the year [D = A + C]
In order to retain flexibility and control costs, we appoint independent contractors who in turn engage on-site
contract labour for performance of certain of our operations. For more details, see “Risk Factors – If we cannot
secure skilled and unskilled contract labour at reasonable rates, it will adversely affect our business and
operations. Additionally, if independent contractors default on wage payments, we may be liable, which could
affect our cash flows and financial condition.” on page 73. The following table sets forth the numbers of contract
workers as at the dates indicated:
As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
(Consolidated) (Standalone) (Standalone)
Number of Contract Workers
1,589 1,061 1,100
PROPERTIES
Our Company’s Registered and Corporate Office is located at B-30, Royal Industrial Estate, Naigaum Cross Road,
Wadala, Mumbai – 400031, India, which we acquired from Vasanti Punamchand Shah, the proprietor of Chhaya
Plastics and a member of our Promoter Group, by way of a transfer deed dated September 19, 2024. However,
prior to the sale, we used this office pursuant to a leave and license agreement between our Company and Vasanti
299Punamchand Shah, dated April 1, 2020, which was valid up to March 31, 2025. The rent payable for Fiscal 2025
was ₹0.06 million per month. The table below sets forth the rent payable for our Registered and Corporate Office
for the Fiscals indicated and such amount as a percentage of our revenue from operations for the Fiscals indicated.
Year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million, except as noted)
Rent payable for our 0.33 0.65 0.60
Registered and Corporate
Office [A]
Rent payable for our 0.01% 0.01% 0.01%
Registered and Corporate
Office as a percentage of our
revenue from operations
[B= A/C] (%)
Revenue from operations [C] 5,581.67 5,128.53 4,434.86
The properties that we own or lease or hold under a leave and license agreement are listed below.
Owned / Leased (Term of
Description of Lease) / Leave and
S. No Address
Property License (Term of Leave
and License)
1. O ffice Unit No. B-29, 3rd Floor, "C" Wing, Royal Industrial Estate CS Leave and License (May 1,
Ltd., 5B Nigaon Cross Road, Wadala, Mumbai 400 031, India 2022 to April 30, 2027)
2. O ffice Unit No C-35, 3rd Floor, "C" Wing, Royal Industrial Estate CS Leave and License (January
Ltd., 5B, Nigaon Cross Road, Wadala, Mumbai 400 031,India 1, 2021 to December 31,
2025)
3. O ffice Unit No C-36, 3rd Floor, "C" Wing, Royal Industrial Estate CS Leave and License (October
Ltd., 5B, Nigaon Cross Road, Wadala, Mumbai 400 031,, India 15, 2022 to October 14,
2027)
4. O ffice Unit No C-37, 3rd Floor, "C" Wing, Royal Industrial Estate CS Owned(1)
Ltd., 5B, Nigaon Cross Road, Wadala, Mumbai 400 031,, India
5. O ffice Unit No C-38, 3rd Floor, "C" Wing, Royal Industrial Estate CS Owned(2)
Ltd., 5B, Nigaon Cross Road, Wadala, Mumbai 400 031, India
6. O ffice Unit No C-39, 3rd Floor, "C" Wing, Royal Industrial Estate CS Leave and License (June 1,
Ltd., 5B, Nigaon Cross Road, Wadala, Mumbai 400 031, India 2024 to May 31, 2027)
7. O ffice Unit No C-40, 3rd Floor, "C" Wing, Royal Industrial Estate CS Leave and License
Ltd., 5B, Nigaon Cross Road, Wadala, Mumbai 400 031, India (December 1, 2022 to
November 30, 2027)
8. W arehouse and Ground Floor Gala no 797, Gangaben ki Wadi, Kachigam, Nani Leased (March 21, 2025 to
office Daman, Daman-396210, India March 20, 2027)
9. W arehouse and Survey No 65/3, House No. D.G.G.P 40/A-2, Survey No. 65/3, Leased (March 1, 2025 to
office Village Ringanwada, Nani Daman – 396210, Somnath Village, February 29, 2028)
Taluka of Daman, Sub-District of District of Daman
10. M anufacturing S no 371/1-C of village Kachigam of Nani Daman at Kachigam Owned(3)
Facility Charrasta, Behind Stone Quarry, Dist Daman, India.
11. M anufacturing S no 377/1(1) & 377/1(2) of village Kachigam of Nani Daman Owned(4)
Facility at Kachigam Charrasta, Behind Stone Quarry, Dist Daman,
India
12. M anufacturing S no 371/1(2) (2300 Sq Mt) of village Kachigam of Nani Daman Leased (April 1, 2025 to
facility at Kachigam Charrasta, Behind Stone Quarry, Dist Daman March 31, 2030)(5)
(2300 Sq Mt)
13. M anufacturing Survey No. 190/1/2, 190/1/1/2, 190/1/3, Gandhigram, Owned
Facility Dokmardi-Kilvani Road, Amli-Silvassa, Dadra and Nagar
Haveli and Daman and Diu – 396230, India
14. M anufacturing Survey No. 2124, Manekpur Khatalwada Road, Taluka Owned
Facility Umbergaon, Khatalwada, Khotalwada, Valsad, Gujarat –
396120, India
15. M anufacturing Plot No. 10A, Brahmaputra Industrial Park, Sila Sindurighopa, Leased (November 6, 2024
Facility Gouripur, Amingaon, North Guwahati, Kamrup, Assam to November 5, 2029)
781031, India
300Owned / Leased (Term of
Description of Lease) / Leave and
S. No Address
Property License (Term of Leave
and License)
16. O ffice Unit No C-41, 3rd Floor, "C" Wing, Royal Industrial Estate CS Leave and License (October
Ltd., 5B, Nigaon Cross Road, Wadala, Mumbai 400 031, India 15, 2024 to October 14,
2029)
17. O ffice Unit No C-43, 3rd Floor, "C" Wing, Royal Industrial Estate CS Leave and License
Ltd., 5B, Nigaon Cross Road, Wadala, Mumbai 400 031, India (February 15, 2025 to
February 14, 2030)
18. O ffice Unit No B-30, 3rd Floor, "C" Wing, Royal Industrial Estate CS Owned(6)
Ltd., 5B, Nigaon Cross Road, Wadala, Mumbai 400 031, India
19. A ccommodation Flat No. A/506, Fifth Floor, A-Wing building known as Leased (April 1, 2025 to
for staff “PARASMANI CO.OP.HSG. SOC. LTD.”, City Survey No. March 31, 2030)(7)
2505/B/6, 2505/B/7, Vapi Maha Nagarpalika, Vapi, Taluka
Vapi, District Valsad, State Gujarat, India
Notes:
(1) Our Company has acquired the said property from P.H. Shah HUF, a member of our Promoter Group, pursuant to a sale deed
dated September 19, 2024, for ₹22.80 million. Prior to the sale, we used the premises pursuant to a leave and license agreement
between our Company and P.H. Shah HUF, dated April 1, 2023, which was valid up to March 31, 2028. The rent payable for
Fiscal 2025 was ₹0.10 million per month.
(2) Our Company has acquired the said property from Vasanti Punamchand Shah, the proprietor of Chhaya Plastics and a member
of our Promoter Group, pursuant to a sale deed dated September 19, 2024, for ₹22.80 million. Prior to the sale, we used the
premises pursuant to a leave and license agreement between our Company and Chhaya Plastics, dated April 1, 2020, which was
valid up to March 31, 2025. The rent payable for Fiscal 2025 was ₹0.11 million per month.
(3) Our Company has acquired the said properties from Pyramid Plastics, a member of our Promoter Group, pursuant to sale deeds
each dated September 18, 2024, for ₹133.65 million. Prior to the sale, we used the premises pursuant to a memoranda of
understanding for use of premises between our Company and Pyramid Plastics, each dated April 1, 2020, which were valid up to
March 31, 2025. The rent payable for Fiscal 2025 was ₹0.90 million per month.
(4) Our Company has acquired the said property from Pyramid Plastics, a member of our Promoter Group, pursuant a sale deed dated
September 18,2024 for ₹90.77 million. Prior to the sale, we used the premises pursuant to a memoranda of understanding for use
of premises between our Company and Pyramid Plastics, each dated April 1, 2020, which were valid up to March 31, 2025. The
rent payable for Fiscal 2025 was ₹0.87 million per month.
(5) Our Company has leased the said property from B T Plastics & Allied Industries, a member of our Promoter Group, pursuant to
a lease deed dated June 24, 2025, to use the said for a period of sixty months from April 1, 2025 to March 31, 2030. The rent
payable for Fiscal 2026 is ₹0.43 million per month.
(6) Our Company has acquired the said property from Vasanti Punamchand Shah, the proprietor of Chhaya Plastics and a member
of our Promoter Group, pursuant to a sale deed dated September 19, 2024, for ₹16.20 million.
(7) Our Company has leased the said property from B T Plastics & Allied Industries, a member of our Promoter Group, pursuant to
a lease agreement dated May 23, 2025, to use the said property for a term from April 1, 2025 to March 31, 2030. The rent payable
for Fiscal 2026 is ₹0.01 million per month.
All of the aforesaid transactions entered into with the members of our Promoter Group have been conducted on
an arms-length basis and in compliance with Companies Act, 1956 or the Companies Act, 2013, as may be
applicable, and other applicable law. Other than as disclosed above, we have not leased, purchased or sold any
properties from/to our Promoters, Promoter Group, Directors or Key Managerial Personnel, or any other related
person or entity during the last five years preceding the date of this Prospectus.
CORPORATE AND SOCIAL RESPONSIBILITY
We seek to be a socially responsible company and we believe that CSR is an integral part of our operations. We
have constituted a CSR committee of our Board of Directors and have adopted and implemented a CSR policy.
This policy guides our CSR activities, focusing on areas such as livelihood enhancement projects, promoting child
education, and ensuring environmental sustainability. As part of our CSR initiatives, we are committed to
enhancing educational environments and supporting underprivileged communities. We have undertaken projects
to renovate and develop school facilities, including the installation of reverse osmosis plants and water coolers,
ensuring access to clean drinking water for students. Furthermore, we have donated lunch boxes and water bottles
to children from economically disadvantaged backgrounds. Additionally, we conduct menstrual hygiene
awareness programs and distribute sanitary pads at certain girls’ schools.
The details with respect to our required minimum expenditure on CSR activities and our actual expenditure
towards CSR activities for Fiscals 2025, 2024 and 2023 are set forth below:
301Year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Amount required to be spent during the Fiscal, including deficit of the 8.49 6.70 5.75
previous Fiscal, as per Section 135 of the Companies Act, 2013, read
with Companies (Corporate Social Responsibility Policy) Rules, 2014
[A]
Amount spent during the Fiscal [B] 8.80 7.00 5.75
Excess/(deficit) of the amount required to be spent for the Fiscal [C] 0.31 0.30 0.00
= [B] – [A]
302KEY REGULATIONS AND POLICIES
The description is a summary of the key statutes, rules, regulations, notifications, memorandums, circulars and
policies which are applicable to our Company and the business undertaken by our Company.
Taxation statutes such as the Income Tax Act, 1961, the Customs Act, 1962, professional tax legislations, wherever
applicable and the relevant goods and service tax legislation apply to us as they do to any Indian company. For
details of government approvals obtained by our Company, see “Government and Other Approvals” on page 457.
The information in this section, is based on the current provisions of key statutes, rules, regulations, notifications,
memorandums, circulars and policies which are subject to amendments, changes and/or modifications and has
been obtained from publications available in the public domain. The description of the applicable laws and
regulations, as given below, is only intended to provide general information to the investors and may not be
exhaustive and is neither designed nor intended to be a substitute for professional legal advice.
Industry Specific Regulations
Legal Metrology Act, 2009 (“Legal Metrology Act”)
The Legal Metrology Act came into effect on January 13, 2010 and has repealed and replaced the Standards of
Weights and Measures Act, 1976 and the Standards of Weights and Measures (Enforcement) Act, 1985. The Legal
Metrology Act seeks to establish and enforce standards of weights and measures, regulate trade and commerce in
weights, measures and other goods which are sold or distributed by weight, measure or number and for matters
connected therewith or incidental thereto and lists penalties for offences and compounding of offences under it.
The Legal Metrology Act provides that for prescribed specifications for all weights and measures used by an
entity to be based on metric system based on the international system of units only. Any non-compliance or
violation under the Legal Metrology Act may result in inter alia a monetary penalty on the manufacturer or seizure
of goods or imprisonment in certain cases.
Legal Metrology (Packaged Commodities) Rules, 2011 (“Packaged Commodity Rules”)
The Packaged Commodity Rules have amended the Legal metrology (Packaged Commodities) Rules, 2011,
(“2011 Rules”) and lays down specific provisions applicable to packages intended for retail sale, whole-sale and
for export and import of packaged commodities and also provide for registration of manufacturers and packers.
Pursuant to the packaged Commodity Rules, any pre-packaged commodity sold for use and consumption by the
citizens must properly mention several details such as, the description and quantity of ingredients, date of
manufacturing, date of expiry (for items prone to expiration), weight, statutory warnings, manufacturer address,
contact and some other info like consumer care details, country of origin, etc. Further, the Legal Metrology
(Packaged Commodities) Amendment Rules, 2017 laid down specific provisions for e-commerce transactions and
online sale of packaged commodities. Additionally, the Legal Metrology (Packaged Commodities) Amendment
Rules, 2021 (“2021 Amendment Rules”) prescribes mandatory declaration of maximum retail price (MRP) and
unit sale price in Indian currency and the month and year of manufacture for pre-packed commodities. The 2011
Rules and the 2021 Amendment Rules have been amended by the Legal Metrology (Packaged Commodities)
Amendment Rules, 2022 on 28th March 2022 (“2022 Amendment Rules”). The 2022 Amendment Rules, inter
alia, grants significant clarity on the affixation of “unit sale price” on pre-packaged commodities which was
introduced under the 2021 Amendment Rules.
Bureau of Indian Standards Act, 2016 (the “BIS Act”) and the Bureau of Indian Standards (Conformity
Assessment) Regulations, 2018 and amendments thereto (“Conformity Regulations”)
The BIS Act provides for the establishment of a bureau for the standardisation, marking and quality certification
of goods. The BIS Act provides for the functions of the Bureau of Indian Standards which includes, among others
(a) recognize as an Indian standard, any standard established for any article or process by any other institution in
India or elsewhere; (b) specify a standard mark to be called the, Bureau of Indian Standards Certification Mark,
which shall be of such design and contain such particulars as may be prescribed to represent a particular Indian
standard; and (c) make such inspection and take such samples of any material or substance as may be necessary
to see whether any article or process in relation to which the standard mark has been used conforms to the Indian
Standard or whether the standard mark has been improperly used in relation to any article or process with or
without a license. The Bureau of Indian Standards Rules, 2018 lay down inter alia the procedure for the
establishment and review of Indian standards, adoption of standards as Indian standards and for publishing of
Indian standards. The Bureau of Indian Standards (Conformity Assessment) Regulations, 2018 provides inter alia
303the Scheme of Inspection and Testing, Labelling and Marking requirements, conditions, validity, renewal, scope
of licence. The Bureau of Indian Standards (Conformity Assessment) Amendment Regulations, 2024 introduced
amendments relating to fee structures, providing concession in processing fee and concession to MSMEs.
Sale of Goods Act, 1930 (the “Sale of Goods Act”)
The Sale of Goods Act governs contracts relating to sale of goods in India. The contracts for sale of goods are
subject to the general principles of the law relating to contracts. A contract of sale may be an absolute one or based
on certain conditions. The Sale of Goods Act contains provisions in relation to the essential aspects of such
contracts, including the transfer of ownership of the goods, delivery of goods, rights and duties of the buyer and
seller, remedies for breach of contract and the conditions and warranties implied under a contract for sale of goods.
The Information Technology Act, 2000 (the “IT Act”) and the rules made thereunder
The IT Act seeks to: (i) provide legal recognition to transactions carried out by various means of electronic data
interchange and other means of electronic communication, commonly referred to as “electronic commerce”,
involving use of alternatives to paper-based methods of communication and storage of information; (ii) facilitate
electronic filing of documents; and (iii) create a mechanism for the authentication of electronic documentation
through digital signatures. The IT Act provides for extraterritorial jurisdiction over any offence or contravention
under the IT Act committed outside India by any person, irrespective of their nationality, if the act or conduct
constituting the offence or contravention involves a computer, computer system or computer network located in
India. The IT Act also facilitates electronic commerce by recognizing contracts concluded through electronic
means, protects intermediaries in respect of third-party information liability and subjects us to civil liability for
failure to protect sensitive personal data.
Motor Vehicles Act, 1988 (the “Motor Vehicles Act”)
The Motor Vehicles Act and the rules prescribed thereunder regulate all aspects of motor vehicles in India,
including licensing of drivers, registration of motor vehicles, control of motor vehicles through permits, special
provisions relating to state transport undertakings, insurance, liabilities, offences and penalties. Accordingly, the
Motor Vehicles Act places a liability on every owner of, or person responsible for, a motor vehicle to ensure that
every person who drives a motor vehicle holds an effective driving license. Further, the Motor Vehicles Act
requires that an owner of a motor vehicle bear the responsibility of ensuring that the vehicle is registered in
accordance with the provisions of the Motor Vehicles Act and that the certificate of registration of the vehicle has
not been suspended or cancelled. Further, the Motor Vehicles Act prohibits a motor vehicle from being used as a
transport vehicle unless the owner of the vehicle has obtained the required permits authorizing him/her to use the
vehicle for transportation purposes. The Central Motor Vehicles Rules, 1989, is a set of rules prescribed under the
Motor Vehicles Act, which lay down the procedures for licensing of drivers, driving schools, registration of motor
vehicles and control of transport vehicles through issue of tourist and national permits. It also lays down rules
concerning the construction, equipment and maintenance of motor vehicles and insurance of motor vehicles
against third party risks.
Labour law legislations
Factories Act, 1948 (the “Factories Act”)
The Factories Act defines a “factory” to cover any premises which employs 10 or more workers and in which
manufacturing process is carried on with the aid of power and any premises where there are at least 20 workers,
even while there may not be an electrically aided manufacturing process being carried on. State Governments
have the authority to formulate rules in respect of matters such as prior submission of plans and their approval for
the establishment of factories and registration and licensing of factories. The Factories Act provides that the person
who has ultimate control over the affairs of the factory and in the case of a company, any one of the directors,
must ensure the health, safety and welfare of all workers. It provides such safeguards of workers in the factories
as well as offers protection to the exploited workers and improve their working conditions.
This legislation is being enforced by the Central Government through officers appointed under the Factories Act
i.e., Inspectors of Factories, Deputy Chief Inspectors etc. who work under the control of the Chief Inspector of
Factories and overall control of the Labour Commissioner. The ambit of the Factories Act includes provisions as
to the approval of factory building plans before construction or extension, investigation of complaints,
maintenance of registers and the submission of yearly and half-yearly returns.
304Other labour law legislations
The employment of workers, depending on the nature of activity, is regulated by a wide variety of generally
applicable labour laws, including the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the
Employee’s State Insurance Act, 1948, the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952,
Payment of Gratuity Act, 1972, the Payment of Bonus Act, 1965, the Contract Labour (Regulation and Abolition)
Act, 1970, the Shops and Establishments Act, 1953, the Building and Other Construction Workers (Regulation of
Employment and Conditions of Service) Act, 1996, the Maternity Benefit Act, 1961, the Child Labour
(Prohibition and Regulation) Act, 1986 and the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.
In order to rationalize and reform labour laws in India, the Government has enacted the following codes:
(a) Code on Wages, 2019, which regulates and amalgamates wage and bonus payments and subsumes four
existing laws namely – the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the Payment of
Bonus Act, 1965 and the Equal Remuneration Act, 1976. It regulates, inter alia, the minimum wages
payable to employees, the manner of payment and calculation of wages and the payment of bonus to
employees.
(b) Industrial Relations Code, 2020, which consolidates and amends laws relating to trade unions, the
conditions of employment in industrial establishments and undertakings, and the investigation and
settlement of industrial disputes. It subsumes the Trade Unions Act, 1926, the Industrial Employment
(Standing Orders) Act, 1946 and the Industrial Disputes Act, 1947.
(c) Code on Social Security, 2020, which amends and consolidates laws relating to social security, and
subsumes various social security related legislations, inter alia including the Employee’s State Insurance
Act, 1948, the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, the Maternity Benefit
Act,1961 and the Payment of Gratuity Act, 1972. It governs the constitution and functioning of social
security organisations such as the Employee’s Provident Fund and the Employee’s State Insurance
Corporation, regulates the payment of gratuity, the provision of maternity benefits and compensation in the
event of accidents that employees may suffer, among others.
(d) The Occupational Safety, Health and Working Conditions Code, 2020, consolidates and amends the
laws regulating the occupational safety and health and working conditions of the persons employed in an
establishment. It replaces 13 old central labour laws including the Contract Labour (Regulation and
Abolition) Act, 1970 and received the presidential assent on September 28, 2020.
The provisions of these codes shall become effective on the day that the Government shall notify for this purpose.
Certain portions of the Code on Wages, 2019, have come into force upon notification by the Ministry of Labour
and Employment.
Intellectual Property Laws
The Trademarks Act, 1999 (“Trademarks Act”) and Trade Mark Rules, 2017 (“Trade Mark Rules”)
The Trade Marks Act governs the statutory protection of trademarks and prevention of the use of fraudulent marks
in India. Indian law permits the registration of trademarks for both goods and services. Under the provisions of
the Trade Marks Act, an application for trademark registration may be made with the Trade Marks Registry by
any person or persons claiming to be the proprietor of a trade mark, whether individually or as joint applicants,
and can be made on the basis of either actual use or intention to use a trademark in the future. Once granted, a
trademark registration is valid for 10 years unless cancelled, subsequent to which, it can be renewed. If not
renewed, the mark lapses and the registration is required to be restored to gain protection under the provisions of
the Trade Marks Act. The Trade Marks Act prohibits registration of deceptively similar trademarks and provides
for penalties for infringement, falsifying and falsely applying trademarks among others. The Trade Marks Rules,
lay down certain guidelines regarding procedure. Some of the salient features of the Trade Marks Rules include
the process for determination of ‘well-known’ trademarks, representation of sound marks, recognition of e-mail
as a mode of service, new registration fees and mandatory filing of statements of users. Further, pursuant to the
notification of the Trade Marks (Amendment) Act, 2010, simultaneous protection of trademark in India and other
countries has been made available to owners of Indian and foreign trademarks. It also seeks to simplify the law
305relating to the transfer of ownership of trademarks by assignment or transmission and to bring the law in line with
international practices.
The Copyright Act, 1957 and the Copyright Rules, 2013 (the “Copyright Laws”)
The Copyright Laws governs copyright protection in India. Even while copyright registration is not a prerequisite
for acquiring or enforcing a copyright in an otherwise copyrightable work, registration under the Copyright Laws
acts as prima facie evidence of the particulars entered therein and helps expedite infringement proceedings and
reduce delay caused due to evidentiary considerations. The intellectual property protected under the Copyright
Laws includes literary works, dramatic works, musical works, artistic works, cinematography and sound
recordings. The Copyright Laws prescribe a fine, imprisonment or both for violations, with enhanced penalty on
second or subsequent convictions.
The Design Act, 2000 and the Design Rules, 2001 (the “Design Laws”)
The Design Laws consolidate, amends and governs the laws relating to designs. The Act provides the protection
of designs which includes the features of shape, pattern, configuration, an ornament which is applied to any article
in three forms namely two dimensional, three dimensional or both. The Design Law protects the any new or
original design not previously published in and defines the rights conferred, the application procedure for
registration, grounds for refusal, invalidation, restoration, marking of registered designs. Design Laws also
protects the registered Designs from piracy provides remedy of damages.
Environmental Laws
The Environment (Protection) Act, 1986 (“EPA”) and Environment Protection Rules, 1986 (the “Environment
Protection Rules”)
The EPA has been enacted for the protection and improvement of the environment. It stipulates that no person
carrying on any industry, operation or process shall discharge or emit or permit to be discharged or emitted any
environmental pollutant in excess of such standards as may be prescribed. Further, no person shall handle or cause
to be handled any hazardous substance except in accordance with such procedure and after complying with such
safeguards as may be prescribed. The EPA empowers the Central Government to take all measures necessary to
protect and improve the environment such as laying down standards for emission or discharge of pollutants,
providing for restrictions regarding areas where industries may operate and generally to curb environmental
pollution. Penalties for violation of the EPA include fines of not less than ten thousand rupees, but which may
extend up to fifteen lakh rupees. As per the Environment Protection Rules, every person who carries on an
industry, operation or process requiring consent under Water Act or Air Act or both or authorization under the
Hazardous Wastes Rules is required to submit to the concerned state pollution control board an environmental
audit report for that financial year in the prescribed form.
Water (Prevention and Control of Pollution) Act, 1974 (“Water Act”)
The Water Act aims to prevent and control water pollution as well as restore water quality by establishing and
empowering the relevant state pollution control boards. Under the Water Act, any individual, industry or
institution discharging industrial or domestic waste into water must obtain the consent of the relevant state
pollution control board, which is empowered to establish standards and conditions that are required to be complied
with. The Water Act prescribes specific amounts of fine and terms of imprisonment for various contraventions.
Air (Prevention and Control of Pollution) Act, 1981 (“Air Act”)
Under the Air Act, the relevant state pollution control board may inspect any industrial plant or manufacturing
process and give orders, as it may deem fit, for the prevention, control and abatement of air pollution. Further,
industrial plants and manufacturing processes are required to adhere to the standards for emission of air pollutants
laid down by the relevant state pollution control board, in consultation with the Central Pollution Control Board.
The relevant state pollution control board is also empowered to declare air pollution control areas. Additionally,
consent of the state pollution control board is required prior to establishing and operating an industrial plant. The
consent by the state pollution control board may contain provisions regarding installation of pollution control
equipment and the quantity of emissions permitted at the industrial plant. The Air Act prescribes penalties for
contravention in terms of fine, imprisonment or both.
306Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016
Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016, lays down a categorical
list of processes and their respective hazardous wastes, and waste constituents with respective concentration limits
in the schedules. It requires that every occupier of a facility who is engaged in handling of ‘hazardous waste’ and
other wastes to obtain an authorization from the respective pollution control board. It places an obligation on the
occupier to prevent, minimize, reuse, recycle, recover, utilize including co-processing, and safe disposal of the
waste. It also makes the occupier responsible for safe and environmentally sound management of hazardous and
other wastes. It makes the occupier liable for damages caused to environment or third parties. It also prescribes
financial penalties for violation of provisions of the rules. The Hazardous and Other Wastes (Management and
Transboundary Movement) Amendment Rules, 2024 and Second Amendment Rules, 2024 amended the timelines
for filing of returns and rules for action of contravention.
Plastic Waste Management Rules, 2016 and amendments thereto
The Government of India, through the Ministry of Environment, Forest and Climate Change notified the Plastic
Waste Management Rules, 2016 (through a Gazette notification dated March 18, 2016). This supersedes the
Plastic Waste (Management and Handling) Rules, 2011 that governed such activities earlier. It is applicable to
every waste generator, local body, Gram Panchayat, manufacturer, importers, and producer. This provides the
basic framework for how plastic waste generators, manufacturers, importers etc. shall manage plastic waste by
stipulating conditions for the manufacture, importer stocking, distribution and use of plastic carry bags, plastic
sheets, packaging etc. Further, the Plastic Waste Management (Amendment) Rules, 2022 broadened the scope of
coverage of Extended Producer Responsibility. It further provides more clarity by defining terms such as
‘Obligated Entities’, “Pre-consumer plastic packaging waste”, “Pre-consumer plastic packaging waste”. The
Plastic Waste Management (Amendment) Rules, 2024 laid a stricter focus on defining biodegradable plastics and
their utilisation in manufacturing processes. Further, the Plastic Waste Management (Amendment) Rules, 2025
stipulated that specific information is to be provided in the form of a barcode, product information brochure, and
unique number and imposed liability for non-compliance with the rules.
Public Liability Insurance Act, 1991 (“PLI Act”) and Public Liability Insurance Rules, 1991 (“PLI Rules”)
The PLI Act imposes liability on the owner or controller of hazardous substances for death or injury to any person
(other than a workman) or any damage to property arising out of an accident involving such hazardous substances.
The Central Government by way of notification no. S.0. 227(E) has released a list of hazardous substances covered
by the PLI Act. The owner or handler of the hazardous substances is required to take one or more insurance
policies insuring them against any liability under the PLI Act in case of death, injury or damage to property from
an accident. Further, the PLI Rules require the owner to contribute towards the environment relief fund, a sum
equal to the premium payable on the insurance policies taken. The Public Liability Insurance Rules, 2024
introduced certain key amendments, majorly aimed at handling claims related to environmental damage resulting
from industrial accidents.
Foreign Investment Regulations
Foreign investment in India is governed by the provisions of Foreign Exchange Management Act, 1999
(“FEMA”) along with the rules, regulations and notifications made by the Reserve Bank of India thereunder, and
the consolidated FDI Policy (“FDI Policy”) issued by the Department of Industrial Policy and Promotion,
Ministry of Commerce and Industry, Government of India from time to time. Under the current FDI Policy
(effective from October 15, 2020), foreign direct investment in companies engaged in the manufacturing sector is
permitted up to 100% of the paid-up share capital of such company under the automatic route, i.e., without
requiring prior government approval, subject to compliance with certain prescribed pricing guidelines and
reporting requirements.
Foreign Trade (Development and Regulation) Act, 1992 (“FTA”)
In India, the main legislation concerning foreign trade is the FTA. The FTA read along with relevant rules provides
for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from,
India and for matters connected therewith or incidental thereto.
As per the provisions of the Act, the Government:- (i) may make provisions for facilitating and controlling foreign
trade; (ii) may prohibit, restrict and regulate exports and imports, in all or specified cases as well as subject them
to exceptions, if any; (iii) is authorized to formulate and announce an export and import policy and also amend
307the same from time to time, by notification in the Official Gazette; (iv) is also authorized to appoint a Director
General of Foreign Trade for the purpose of the Act, including formulation and implementation of the Export-
Import (EXIM) Policy.
FTA read with the Indian foreign trade policy provides that no export or import can be made by a company without
an importer-exporter code number unless such company is specifically exempt. An application for an importer
exporter code number has to be made to the office of the Joint Director General of Foreign Trade, Ministry of
Commerce.
Other laws
In addition to the above, our Company is also required to comply with the provisions of the Companies Act and
rules framed thereunder, Indian Contract Act, 1872, Transfer of Property Act, 1882, Indian Stamp Act, 1899, and
other applicable statutes imposed by the central and state governments and other authorities for our day-to-day
business and operations.
308HISTORY AND CERTAIN CORPORATE MATTERS
Brief history of our Company
Our Company was incorporated as All Time Plastics Private Limited, a private limited company under the
Companies Act, 1956 on March 8, 2001, and was granted the certificate of incorporation by the RoC. Pursuant to
a special resolution passed by our Shareholders at the EGM on May 21, 2024 approving the conversion of our
Company into a public limited company, the name of our Company was changed to “All Time Plastics Limited”,
and the RoC issued a fresh certificate of incorporation on August 5, 2024.
Changes in the registered office
There has been no change in the registered office of our Company since the date of incorporation.
Main objects of our Company
The main objects contained in our Memorandum of Association are as follows:
1. To carry on the business of manufactures, buyers, sellers, dealers, commission agents, consignment stock
agents, importers, exporters and distributors of all types of housewares, furniture, packaging products,
industrial products, wood and bamboo products, articles of metal tubes and sheets, molds for various articles.
Amendments to the Memorandum of Association
Set out below are the amendments to our Memorandum of Association in the last 10 years:
Date of
Details of the modifications
amendment
March 30, 2021 Clause C of the MoA containing other objects was deleted.
Clause V of the MoA was amended to reflect the increase in our authorised share capital from
March 30, 2021 ₹1,00,00,000 divided into 10,00,000 equity shares of ₹10 each to ₹1,50,00,000 divided into
15,00,000 equity shares of ₹10 each.
Clause I of the MoA was amended to reflect the change in the name of our Company from “All
May 21, 2024 Time Plastics Private Limited” to “All Time Plastics Limited” due to conversion from private
limited company to public limited company.
Clause V of the MoA was amended to reflect the sub-division in authorized share capital from
May 21, 2024 1,50,00,000 consisting of 15,00,000 equity shares of face value of ₹10 each to 1,50,00,000
consisting of 75,00,000 equity shares of face value of ₹2 each
Clause V of the MoA was amended to reflect the increase in our authorised share capital from
May 21, 2024 ₹1,50,00,000 divided into 75,00,000 equity shares of ₹10 each to ₹20,00,00,000 divided into
10,00,00,000 equity shares of ₹2 each.
Clause III(A) of the MoA containing the main objects to be pursued by our Company, was
May 21, 2024
substituted with the following as provided in “– Main Objects of our Company” on page 309.
Major events and milestones of our Company
Calendar Year Event
2001 Incorporation of our Company.
2011 Establishment of a plant at Silvassa and commenced operations.
2014 Purchase of the manufacturing business of Pyramid Plastics (which also included the operational
assets (excluding building and land) that it acquired from B.T. Plastic & Allied Industries in 2010)
through a slump sale by way of a business transfer agreement.
2015 Expansion of Silvassa plant.
2017 Further expansion of the Silvassa plant by installation of a new machinery.
2019 Establishment of a new warehouse at the Silvassa plant.
2021 Expansion of the Silvassa plant by installation of a new machinery.
Incorporation of All Time Plastics Pte. Ltd., our Subsidiary.
2024
Started operations at the Manekpur Facility
2024 Lease of property at Guwahati, Assam for establishing an industrial unit for the manufacture of
bamboo-based products
2025 Incorporation of All Time Bamboo Private Limited, our Subsidiary
309Awards, accreditations and recognitions received by our Company:
Calendar Year Awards and recognitions
2009 Recognized by IKEA as ‘Best Supplier’ TASA, Price Development in 2009.
2013 Recognized by Metro Cash & Carry Private Limited for partnership in ‘Sangrah 2013-Private Label
Partner’s Summit’.
2013 Awarded the ‘Merit Award’ by HyperCity in recognition of achieving the targeted sales growth for
the year 2013.
2015 Awarded the ‘EDLP Award’ under the category of “Everyday low price supplier award” for the
year 2015 by George Home.
2017 Awarded the ‘Partner Award of Excellence 2016’ by Tesco for the year 2016.
2017 Recognized for ‘Overall Logistics Development’ in purchase operations in South Asia by IKEA for
the financial year 2016.
2018 Awarded the ‘Export Award’ for houseware (other than thermoware/insulated ware) by the Plastics
Export Promotion Council Mumbai for the year 2015-16.
2018 Awarded the ‘Export Award’ for houseware (other than thermoware/insulated ware) by the Plastics
Export Promotion Council, Mumbai for the year 2016-17.
2018 Awarded the ‘Silver Trophy Award’ for outstanding export of finished plastic goods by Plasticon
technologies.
2018 Awarded the ‘Silver Trophy Award’ for best performing enterprise (turnover above 50 crores) by
Plasticon technologies.
2018 Awarded the ‘The Economic Times Polymers Award
s 2018’ for excellence in houseware and kitchenware (product: food preparation eight piece set) by
the Economic Times.
2019 Awarded the ‘India’s Greatest Brands 2018-19’ in the manufacturing industry (category: plastic
homeware) by AsiaOne.
2020 Awarded the ‘The Economic Times Polymers Awards 2020’ for excellence in kitchenware (product:
preppers set of 17) by the Economic Times.
2021 Awarded the ‘The Economic Times Promising Plants 2021 Award’ for embodying excellence at
our manufacturing facilities by the Economic Times.
2022 Awarded ISO 14001:2015 accreditation for operation of a compliant management system in Design
and Manufacture of Plastic Injection Moulded Household Articles to the Silvassa Facility.
2022 Awarded ISO 9001:2015 accreditation for operation of a compliant management system in Design,
Manufacture and Supply of Plastic Injection Moulded Household Articles to the Daman Facility.
2022 Awarded ISO 45001:2018 accreditation for operation of a compliant management system in Design
and Manufacture of Plastic Injection Moulded Household Articles to the Silvassa Facility.
2023 Recognition by the Sustainable Apparel Coalition for utilization of the Higg Index to measure and
grow its sustainability practice.
2023 Awarded the ‘Rusta 2023 Simplicity Award’ for excellence in communication, operations and
commitment towards Rusta WOWs
2024 Awarded the ‘Plexconcil Award’ for houseware (other than thermoware/insulated ware) by the
Plastics Export Promotion Council for the financial year 2022-2023.
2024 Awarded ISO 50001: 2018 accreditation for operation of a compliant management system in Design
and Manufacture of Plastic Injection Moulded Household Articles to the Silvassa Facility.
2024 Awarded the ‘Plexconcil Award’ for houseware (other than thermoware/insulated ware) by the
Plastics Export Promotion Council.-2021-2022
2024 ‘Certificate of Appreciation’ from Target at the Owned Brand Partner Summit 2024 for driving
differentiation through Target’s values by integrating responsibility into products and operations,
to build loyalty, fuel long-term growth, and future-proof Target’s business.
2024 Awarded the ‘Home and Clothing Partnership Award’ by Tesco.
2024 Awarded the ‘Plexconcil Award’ for best innovation in manufacturing, product design, material
used in production, innovation in manufacturing, process and application by the Plastics Export
Promotion Council.
2024 Awarded ISO 90001:2015 accreditation for operation of a compliant management system in
Design, Manufacture and Supply of Plastic Moulded Household Articles to the Daman Facility.
2024 Awarded ISO 50001:2018 accreditation for operation of a compliant management system in Design
and Manufacture of Plastic Injection Moulded Household Articles to the Silvassa Facility.
Time and cost over-runs
There have been no time and cost over-runs in respect of our business operations.
310Defaults or re-scheduling, restructuring of borrowings with financial institutions/banks
There have been no defaults or re-scheduling/ re-structuring in relation to borrowings availed by our Company
from any financial institutions or banks.
Significant financial or strategic partners
As of the date of this Prospectus, our Company does not have any significant financial or strategic partners.
Launch of key products or services, entry into new geographies or exit from existing markets, capacity/
facility creation or location of plants
For details of key products or services launched by our Company, entry into new geographies or exit from existing
markets, capacity/facility creation, location of our manufacturing facilities, see “Our Business – Our Products”
on page 275.
Details regarding material acquisitions or divestments of business/ undertakings, mergers, amalgamations
or any revaluation of assets, in the last 10 years
Our Company has not acquired or divested any business or undertaking and has not undertaken any merger,
amalgamation or revaluation of assets in last 10 years.
Holding Company
As of the date of this Prospectus, our Company does not have a holding company.
Subsidiaries
As of the date of this Prospectus, our Company has two subsidiaries:
1. All Time Plastics Pte. Limited; and
2. All Time Bamboo Private Limited.
The details of our Subsidiaries are set forth below:
1. All Time Plastics Pte. Limited
Corporate information
All Time Plastics Pte. Limited was incorporated as a private limited company limited by shares on November
13, 2024 under the laws of Singapore. The registration number of All Time Plastics Pte. Limited is
202446649K. The registered office of All Time Plastics Pte. Limited is situated at 1 North Bridge Road, 11-
10, High Street Centre, Singapore – 179 094.
Nature of business
All Time Plastics Pte. Limited is engaged in wholesale trade of a variety of goods without a dominant product,
as authorised under the objects clause of its memorandum of association.
As per Joint Venture Agreement executed amongst All Time Plastics Pte. Limited, our Company, Dragon
Bridge Pte. Ltd and All Time Plastics Pte. Limited, All Time Plastics Pte. Limited shall undertake the business
of enhancing the geographical reach of the products manufactured by our Company and also provide product
development inputs to our Company.
Capital structure and shareholding
The issued, subscribed and paid-up share capital of All Time Plastics Pte. Limited is SGD 1,000 divided into
1,000 ordinary shares of face value SGD 1 each.
The shareholding pattern of All Time Plastics Pte. Limited is as set forth below:
311Number of ordinary shares Percentage of the total
Name of the shareholder
of face value SGD 1 each shareholding (%)
All Time Plastics Limited 1,000 100.00
Total 1,000 100.00
As on the date of this Prospectus, none of the ordinary shares of the All Time Plastics Pte. Limited as held by
our Company are pledged.
Financial Information
The brief financial information of All Time Plastics Pte. Ltd. for Fiscals 2025, 2024 and 2023, is as follows:
(₹ in million, unless specified otherwise)
Particulars Fiscal 2025 Fiscal 2024* Fiscal 2023*
Equity share capital 0.06^ N.A. N.A.
Reserves and surplus (0.04) N.A. N.A.
Revenue from operations 0.00 N.A. N.A.
Profit/(loss) after tax for the year (0.04) N.A. N.A.
Basic earnings (₹ per share) (44.73) N.A. N.A.
Diluted earnings (₹ per share) (44.73) N.A. N.A.
Percentage of revenue contribution 0.00 N.A. N.A.
*All Time Plastics Pte. Limited was incorporated on November 13, 2024, and accordingly the audited financial information for Fiscals
2024 and 2023 is not available.
^ Equivalent to 1,000 SGD
Note: Exchange rate of ₹63.69 for one SGD as on March 31, 2025, was considered for the disclosures in the above table.
2. All Time Bamboo Private Limited
All Time Bamboo Private Limited was incorporated as a private limited company on July 5, 2025 under the
Companies Act and was granted a certificate of incorporation by the Ministry of Corporate Affairs – Central
Registration Centre on July 5, 2025. The corporate identity number of All Time Bamboo Private Limited is
U46631MH2025PTC451946. The registered office of All Time Bamboo Private Limited is situated at B-30
Royal Industrial Estate, Sewree Wadala RD, Wadala, Mumbai – 400 031, Maharashtra, India.
Nature of business
All Time Bamboo Private Limited is authorised to carry on the business of manufacturers, buyers, sellers,
dealers, commission agents, consignment stock agents, importers, exporters and distributors of all types of
housewares, furniture, packaging products, industrial products, wood & bamboo products, article of metal
tubes and sheets, molds for various articles under the objects clause of its memorandum of association.
Capital structure and shareholding
The issued, subscribed and paid-up share capital of All Time Bamboo Private Limited is ₹1,000,000 divided
into 100,000 equity shares of face value ₹10 each.*
* The initial subscription amount shall be paid upon opening of the necessary bank accounts in the name of All Time Bamboo Private
Limited.
The shareholding pattern of All Time Bamboo Private Limited is as set forth below:
Number of equity shares of Percentage of the total
Name of the shareholder
face value ₹ 10 each shareholding (%)
All time Plastics Limited 99,997 99.99
Bhupesh Punamchand Shah 1* Negligible
Nilesh Punamchand Shah 1* Negligible
Kailesh Punamchand Shah 1* Negligible
Total 100,000 100.00
* The beneficial interest of the equity share is with All Time Plastics Limited.
As on the date of this Prospectus, none of the equity shares of the All Time Bamboo Private Limited as held
312by our Company are pledged.
Common pursuits with the Subsidiaries
Except as disclosed below, there are no common pursuits between our Company and its Subsidiaries, as on the
date of this Prospectus:
Our Company and All Time Plastics Pte. Limited have common pursuits wherein, All Time Plastics Pte. Limited
will be engaged in the sale of products purchased from our Company. However, our Company shall ensure
necessary procedures and practices as permitted by law, are in place to address any instances of conflict of interest.
Accumulated profits or losses of our Subsidiaries
As on the date of this Prospectus, there are no accumulated profits or losses of our Subsidiaries that have not been
accounted for by our Company.
Business interest between our Company and our Subsidiaries
Our Subsidiaries have no business interest in our Company.
Except as disclosed below, there is no conflict of interest between the suppliers of raw materials, third party
service providers and lessors of immovable property (crucial for operations of our Company) and our Subsidiaries
and its directors, as on the date of this Prospectus.
Lease amount paid
Lessor of the Interest of the directors of our
Description of the property in Fiscal 2025 (₹
property Subsidiaries
million)
Land and building wherein the Daman B T Plastics Kailesh Punamchand Shah and Nilesh 6.04
Facility is being operated, situated at and Allied Punamchand Shah are directors on the
Survey No. 371/1(2) Kachigam Char Industries board of All Time Bamboo Private
Rasta, Kachigam, Daman, Dadra and Limited
Nagar Haveli and Daman and Diu –
396210, India
Joint venture
As of the date of this Prospectus, our Company does not have any joint venture.
Shareholders’ agreements
Shareholders’ agreement dated June 27, 2025 (“Shareholders’ Agreement”) executed amongst our Company,
Kailesh Punamchand Shah, Bhupesh Punamchand Shah, Nilesh Punamchand Shah and Abakkus
Four2Eight Opportunities Fund (“Abakkus”)
Our Company, the Promoters and Abakkus entered into the Shareholders’ Agreement to record the inter-se rights
and obligations vis-a-vis our Company, the management of our Company and certain other matters, including in
relation to undertaking an initial public offering of Equity Shares within a period of 12 months from the date of
receipt of the final observations from SEBI on the draft red herring prospectus, i.e., January 17, 2026 (“IPO Cut-
off Date”).
Pursuant to the Shareholders’ Agreement, should our Company fail to undertake the Offer prior to expiry of the
IPO Cut-off Date, (A) Abakkus will be entitled to certain rights, including, inter alia, (i) the right to appoint an
observer on the Board; (ii) affirmative voting rights on certain reserved matters; (iii) pre-emptive right in case of
further dilution of share capital by our Company; (iv) tag-along rights in the event of transfer of Equity Shares;
(v) right of first offer in case of transfers by our Promoters; and (vi) certain information and inspection rights; and
(B) our Promoters will be entitled to (i) pre-emptive right in case of further dilution of share capital by our
Company; and (ii) right of first offer in case of transfers by the Investors. Additionally, our Promoters will also
be subject to certain transfer restrictions on the Equity Shares held by them.
313Further, in terms of the Shareholders’ Agreement, the Shareholders’ Agreement, will automatically stand
terminated in its entirety without any further action upon listing of the Equity Shares of the Company on the Stock
Exchanges pursuant to the Offer.
Simultaneous with the execution of the Shareholders’ Agreement, the Company, our Promoters and Abakkus also
entered into (i) share subscription agreement dated June 27, 2025 for subscription of 2,822,580 equity shares of
face value ₹2 each by Abakkus for a consideration aggregating to ₹700.00 million, and (ii) share purchase
agreement dated June 27, 2025 for sale and transfer of 1,209,678 equity shares of face value ₹2 each by our
Promoters to Abakkus for a consideration aggregating to ₹300.00 million. For further details, see “Capital
Structure – Notes to the Capital Structure – Share Capital history of our Company – Primary issuances of equity
shares” and “Capital Structure – Build-up of Promoters’ shareholding, Minimum Promoter’s Contribution and
lock-in - Build-up of the shareholding of our Promoters in our Company” on pages 113 and 115, respectively.
Other material agreements
Joint venture agreement dated December 27, 2024, as amended through the amendment agreement dated
February 1, 2025 executed amongst our Company, Dragon Bridge Pte. Ltd. (“Dragon Bridge”) and All Time
Plastics Pte. Limited (“Joint Venture Agreement”)
Our Company, Dragon Bridge and All Time Plastics Pte. Limited entered into the Joint Venture Agreement which
sets out the key terms for the arrangement entered into between our Company and Dragon Bridge for the purpose
of jointly operating All Time Plastics Pte. Limited, a private limited company incorporated under the laws of
Singapore, which shall undertake the business of enhancing the geographical reach of the products manufactured
by our Company and also provide product development inputs to our Company.
Pursuant to the Joint Venture Agreement, it is agreed between the parties that Dragon Bridge will subscribe to or
acquire from our Company, by way of a secondary transfer, such number of shares of All Time Plastics Pte.
Limited, such that the shareholding of our Company and Dragon Bridge in All Time Plastics Pte. Limited shall
be 51.00% and 49.00%, respectively. Additionally, the Joint Venture Agreement provides that neither our
Company nor Dragon Bridge shall be permitted to sell or transfer any of the shares held by them in All Time
Plastics Pte. Limited to any third party until completion of 10 years commencing from December 27, 2024, except
as may be permitted under the Joint Venture Agreement. After the expiration of such Lock-in, if so agreed in
writing, our Company and Dragon Bridge may undertake a merger between our Company and All Time Plastics
Pte. Limited, subject to compliance with applicable laws, or failing which, may sell their respective shareholding
to third parties in accordance with the terms set out in the Joint Venture Agreement.
Agreements with Key Managerial Personnel, Director, Promoters or any other employee
There are no agreements entered into by our Key Managerial Personnel or Director or Promoters or any other
employee of our Company, either by themselves or on behalf of any other person, with any shareholder or any
other third party with regard to compensation or profit sharing in connection with dealings in the securities of our
Company.
Other agreements
Our Company has not entered into any other subsisting material agreement, including with strategic partners or
financial partners, other than in the ordinary course of business. Further, we confirm that except as disclosed in
this Prospectus, there are no other inter-se agreements or arrangements entered into by and amongst any of the
Promoters or Shareholders to which the Company is a party, or agreements of like nature, or agreements
comprising material clauses/covenants that are required to be disclosed in this Prospectus or containing
clauses/covenants that are adverse/prejudicial to the interest of minority/public shareholders.
Except as disclosed in “- Shareholders’ agreements” and “- Other material agreements” above, there are no
agreements entered into by the Shareholders, Promoters, Promoter Group entities, related parties, Directors,
KMPs, employees of our Company or of our Subsidiaries, among themselves or with our Company or with a third
party, solely or jointly, which, either directly or indirectly or potentially or whose purpose and effect is to, impact
the management or control of our Company or impose any restriction or create any liability upon our Company,
whether or not our Company is a party to such agreements. Further, there are no special rights available to the
Shareholders, which shall subsist post listing of the Equity Shares pursuant to the Offer.
314Material clauses of the AoA
Except as disclosed under the “Description of Equity Shares and Terms of Articles of Association” on page 514,
there are no material clauses of the AoA that have been left out from disclosure in this Prospectus, having bearing
on the Offer.
[The remainder of this page is intentionally left blank]
315Guarantees given by Promoters offering their shares in the Offer for Sale
The details of guarantees given by our Promoter Selling Shareholders to third parties are provided below:
Promoter Selling Financial
Guarantee Guarantee Reason for Obligation
Sr. Shareholders who Period of implication in Consideration, if
given in value(1) (in ₹ the on our Security available
No have given guarantee case of any
favour of million) Guarantee Company
Guarantee default
1 HSBC Kailesh 477.26 For credit Nil Till all the Personally First pari passu charge on property located at survey no. 2124, Village Nil
Limited Punamchand Shah, facilities loan liable to the Manekpur, Khattalwada Road, Taluka Umbergaon, District Valsad – Gujarat
Bhupesh sanctioned to obligations extent of 396120.
Punamchand Shah our Company have been guarantee First pari passu charge on industrial land & building located at survey no.
and Nilesh repaid in full amount 190/1/2, 190/1/1/2 and 190/1/3, Dokmardi Kilvani Road, Gandhigram, Near
Punamchand Shah Hindustan Lever, Silvassa – 396230.
First pari passu charge on the present and future movable fixed assets and
exclusive charge on movable fixed assets.
First pari passu charge on the stocks and receivables of our Company.
Second pari passu charge on the present and future current assets of our
Company.
2 DBS Bank Kailesh 584.01 For credit Nil Till all the Personally Term Loans ₹ 250.00 million (Sanctioned on June 15, 2023) Nil
India Limited Punamchand Shah, facilities loan liable to the Primary Security:
Bhupesh sanctioned to obligations extent of Second pari passu charge on current assets (both present and future) of our
Punamchand Shah our Company have been guarantee Company.
and Nilesh repaid in full amount First pari passu charge on the movable fixed assets of our Company.
Punamchand Shah Collateral Security:
First pari-passu charge on the immovable fixed assets (industrial land and
building) located at Survey no. 190/1/2, 190/1/1/2, and 190/1/3, Dokmardi
Kilvani Road, Gandhigram, Near Hindystan Lever, Silvassa - 396230,
belonging to the borrower
First pari-passu charge on the immovable fixed assets (factory Land and
construction thereon) located at Manekpur, Khattalwada road, Umbergaon,
belonging to the borrower. (Under Construction).
Term Loans ₹ 250.00 million (Sanctioned on August 6, 2024)
First -pari passu charge on existing and proposed movable fixed assets of the
Company.
First pari passu charge on immovable fixed assets located at (i) S.No.
377/1(1) (1), 377/1 & 371/1-C of village Kachigaml of NaniDaman at
Kachigam Charrasta, Behind Stone Quarry, Daman District; and (ii) Unit
No. B30, C37, C38, 3rd Floor, B and C wing, Royal Industrial Estate CS
Ltd, 5B, Naigum Cross Road, Wadala, Mumbai.
Secondary pari-passu charge on present and future current assets of our
Company.
316Promoter Selling Financial
Guarantee Guarantee Reason for Obligation
Sr. Shareholders who Period of implication in Consideration, if
given in value(1) (in ₹ the on our Security available
No have given guarantee case of any
favour of million) Guarantee Company
Guarantee default
3 Citibank, Kailesh 342.79 For credit Nil Till all the Personally Term Loan: Nil
N.A. Punamchand Shah, facilities loan liable to the A second pari passu charge on current assets (stock and book debts) of our
Bhupesh sanctioned to obligations extent of Company.
Punamchand Shah our Company have been guarantee A first pari passu charge on moveable fixed assets of our Company.
and Nilesh repaid in full amount A first pari passu charge on land and building situated at Khata no. 1177,
Punamchand Shah survey no. 2124, Khatalwada, Tal. Umbergaon, Dist Valsad.
A first pari passu charge on land and building situated at plot no. 190/1/1/2,
190/1/2, 190/1/3, Gandhidham, Dokmardi - Kilvani Road, Village Amli,
Silvassa -396230.
Working Capital:
A second pari passu charge on current assets (stock and book debts) of our
Company.
A first pari passu charge on moveable fixed assets of our Company.
A first pari passu charge on land and building situated at Khata no. 1177,
survey no. 2124, Khatalwada, Tal. Umbergaon, Dist Valsad.
A first pari passu charge on land and building situated at plot no. 190/1/1/2,
190/1/2, 190/1/3, Gandhidham, Dokmardi - Kilvani Road, Village Amli,
Silvassa -396230.
317Promoter Selling Financial
Guarantee Guarantee Reason for Obligation
Sr. Shareholders who Period of implication in Consideration, if
given in value(1) (in ₹ the on our Security available
No have given guarantee case of any
favour of million) Guarantee Company
Guarantee default
4 HDFC Bank Kailesh 686.28 For credit Nil Till all the Personally Cash credit facilities Nil
Limited Punamchand Shah, facilities loan liable to the Current Assets - First pari passu charge on present and future stock and book
Bhupesh sanctioned to obligations extent of debts of our Company.
Punamchand Shah our Company have been guarantee Immovable Fixed assets - First pari passu charge on the immovable fixed
and Nilesh repaid in full amount assets of our Company located at Silvassa: 190/1/1/2, 190/1/2, 190/1/3,
Punamchand Shah Ghandhidham, Dokarmdi Kivani Road, Silvassa, Dadra Nagar Haveli -
39623
Movable Fixed assets - First pari passu charge on present & future moveable
fixed assets of our Company.
Term loan facility (₹500.00 million)
Immovables - First pari passu charge on land and building purchased out of
term loan at Survey No. 2124, Village Manekpur, Khattalwada Road, Taluka
Umbergaon, District Valsad, Gujarat- 396120.
Movable Fixed Assets - First pari passu on plant and machinery at Valsad
property.
Current Assets - Second pari passu charge on present & future stock and
book debts of Company.
Term Loan facility (₹980.00 million)
Current Assets - Second pari passu charge on present & future stock and
book debts of Company
Movable Fixed Assets- First pari passu charge on present and future
moveable fixed assets of the company.
First pari passu charge on the immovable fixed assets of the company located
at Silvassa 190/1/1/2, 190/1/2, 190/1/3, Gandhidham, Dokarmdi, Kivani
Road, Silvassa, Dadar Nagar, Haveli – 396230.
Term Loan facility (₹250 million)
Current Assets - Second pari passu charge on present & future stock and
book debts of company.
Immovable Fixed Assets- First pari passu charge on:
(i) Land & factory building situated on land bearing S. No. 377/1(1), 377/1
& 371/1-C of village Kachigam of Nanidaman at Kachigam Charrasta,
Behind stone quarry, Dist. Daman.;
(ii) Unit No B-30, 3rd floor, "B" Wing, Royal Industrial Estate CS Ltd, 5B,
Naigaum Cross road, Wadala, Mumbai -400031;
(iii) Unit No C-37, 3rd floor, "C" Wing, Royal industrial Estate CS Ltd, 5B,
Naigaum Cross road, Wadala, Mumbai -400031;
(iv) Unit No C-38, 3rd floor, "C" Wing, Royal industrial Estate CS Ltd, 5B,
Naigaum Cross road, Wadala, Mumbai -400031.
(1) The guarantee value indicates the aggregate amount outstanding as on June 30, 2025.
318OUR MANAGEMENT
In terms of the Articles of Association, our Company is required to have not less than three Directors and not
more than 15 Directors. As on the date of this Prospectus, we have 6 Directors, comprising of 3 Executive
Directors and 3 Independent Directors, including one woman Independent Director. The composition of the Board
of Directors and its committees are in compliance with the corporate governance requirements under the
Companies Act, 2013 and the SEBI Listing Regulations.
The following table sets forth details regarding our Board of Directors:
Name, designation, date of birth, address,
Sr. Age
occupation, term, period of directorship Other directorships
No. (Years)
and DIN
1. K ailesh Punamchand Shah 63 Indian companies:
Designation: Chairman and Managing • All Time Bamboo Private Limited
Director
Foreign companies:
Date of birth: June 4, 1962
• All Time Plastics Pte. Limited
Address:
1502, Springs, GD Ambekar Road, Dadar
East, Near Wadala Telephone Exchange,
Dadar, Mumbai – 400014, Maharashtra,
India
Occupation: Business
Current term: Five years. Liable to retire by
rotation
Period of directorship: Since incorporation
i.e., March 8, 2001
DIN: 00268442
2. Bh upesh Punamchand Shah 61 Indian companies:
Designation: Whole-time Director • All Time Bamboo Private Limited
Date of birth: April 4, 1964 Foreign companies:
Address: Nil
Flat No 174, Floor 17th, A Wing, Kalpataru
Avana, off Dr. S. S Rao Road, Near ITC
Central, Parel East, Mumbai – 400012,
Maharashtra, India
Occupation: Business
Current term: Five years. Liable to retire by
rotation
Period of directorship: Since incorporation
i.e., March 8, 2001
DIN: 00281295
3. Ni lesh Punamchand Shah 59 Indian companies:
Designation: Whole-time Director • All Time Bamboo Private Limited
Date of birth: September 29, 1965 Foreign companies:
Address: • All Time Plastics Pte. Limited
701, Rustom Villa, 751, Dr Ghanti Road,
Parsi Colony, Dadar East, Dadar, Mumbai –
400014, Maharashtra, India
319Name, designation, date of birth, address,
Sr. Age
occupation, term, period of directorship Other directorships
No. (Years)
and DIN
Occupation: Business
Current term: Five years. Liable to retire by
rotation
Period of directorship: Since incorporation
i.e., March 8, 2001
DIN: 00281407
4. Be lur Krishna Murthy Sethuram 63 Indian companies:
Designation: Independent Director • Aarti Industries Ltd; and
• Ultramarine & Pigments Limited.
Date of birth: April 2, 1962 • GRP Limited
Address: Foreign companies:
1002, Tower 6, 10th Floor Emerald Isle, Saki
Vihar Road, Powai, Sakinaka, Mumbai Nil
Suburban- 400072, Maharashtra, India
Occupation: Self-employed
Current term: Five years. Not liable to retire
by rotation
Period of directorship: For a period of 5
years from September 4, 2024
DIN: 03498701
5. La kshmi Nadkarni 65 Indian companies:
Designation: Independent Director • NELCO Limited; and
• Ponni Sugars (Erode) Limited.
Date of birth: February 20, 1960
Foreign companies:
Address:
D-706 Manhattan Sai World City, Survey Nil
No.9, 1 Village Kolkhe Panvel, Raigad, -
410206, Maharashtra, India
Occupation: Consultant
Current term: Five years. Not liable to retire
by rotation
Period of directorship: For a period of 5
years from September 4, 2024
DIN: 07076164
6. Sh rinivas Damodar Joshi 67 Indian companies:
Designation: Independent Director Nil
Date of birth: September 22, 1957 Foreign companies:
Address: Nil
E-1104, Mahindra Splendour, LBS Marg,
Bhandup West, Mumbai – 400078,
Maharashtra, India
Occupation: Consultant
320Name, designation, date of birth, address,
Sr. Age
occupation, term, period of directorship Other directorships
No. (Years)
and DIN
Current term: Five years. Not liable to retire
by rotation
Period of directorship: For a period of 5
years from September 4, 2024
DIN: 02707840
Brief biographies of Directors
Kailesh Punamchand Shah is one of the Promoters of our Company and is currently the Chairman and Managing
Director of our Company. He holds a bachelor’s degree in commerce from Lala Lajpatrai College of Commerce
and Economics, University of Bombay. He has been associated with our Company since incorporation. He is
currently a partner of Chhaya Plastics Industries, Bombay Traders, Pyramid Plastics and B.T. Plastics and Allied
Industries. He was awarded ‘India’s Greatest Leaders 2018-19’ by Asia One. He has over 40 years of experience
in the field of finance, manufacturing operations and purchase verticals in the consumerware industry, including
in our Company.
Bhupesh Punamchand Shah is one of the Promoters of our Company and is currently the Whole-time Director
of our Company. He has pursued a bachelor’s degree in commerce from Lala Lajpatrai College of Commerce and
Economics, University of Bombay. He has also obtained a diploma in theory and practice of effective public
speaking by Nazareth Speakers Academy. He has been associated with our Company since incorporation. He is
currently a partner of Chhaya Plastics Industries, Bombay Traders, Pyramid Plastics and B.T. Plastics and Allied
Industries. He has over 40 years of experience in the field of general administration and logistics operations in the
consumerware industry, including in our Company.
Nilesh Punamchand Shah is one of the Promoters of our Company and is currently the Whole-time Director of
our Company. He holds a bachelor’s degree in commerce from Lala Lajpatrai College of Commerce and
Economics, University of Bombay. He has been associated with our Company since incorporation. He is currently
a partner of Chhaya Plastics Industries, Bombay Traders, Pyramid Plastics and B.T. Plastics and Allied Industries.
He has over 40 years of experience in the field of information technology, sales and marketing and strategy in the
consumerware industry, including in our Company.
Lakshmi Nadkarni is the Independent Director of our Company. She holds a bachelor’s degree in arts from
University of Pune, master’s degree in arts from University of Pune and master’s degree in social work from
University of Pune and a doctor of philosophy in sociology from the University of Pune. She has been associated
with our Company since September 4, 2024. She has over 30 years of experience in research, education and human
resources. Prior to joining our Company, she was associated with the Foundation for Research in Community
Health, St. Mira’s College for Girls, Sir Parashurambhau College, National School of Banking, Recckitt Benckiser
(India) Private Limited, Roham and Haas (India) Private Limited, and BASF India Limited.
Belur Krishna Murthy Sethuram is the Independent Director of our Company. He holds a bachelor’s degree in
technology (chemical engineering) from Indian Institute of Technology, Madras and a master’s degree in science
from Clarkson University. He also holds master’s degree in business administration (executive) from Sasin
Graduate Institute of Business Administration, Chulalongkorn University and Kellog School of Management. He
has been associated with our Company since September 4, 2024. He is admitted as a CEO coach upon completion
of the post graduate program in executive coaching by the Coaching Foundation Limited. He over 38 years of
experience in chemical and allied industries. Prior to joining our Company, he was associated with Roloforms
Polymer Limited, Ind-Ital Chemicals Limited, TPI Polyol Company Limited, Rhom and Haas Chemical
(Thailand) Limited, Rhom and Haas (India) Private Limited, Dow Chemical International Private Limited, and
Celanese Chemicals India Private Limited.
Shrinivas Damodar Joshi is the Independent Director of our Company. He holds a bachelor’s degree in
commerce from Shivaji University. He is a certified chartered accountant and member of the Institute of Chartered
Accountants of India. He has been associated with our Company since September 4, 2024. He has over 30 years
of experience in accountancy, banking and financial management. Prior to joining our Company, he was
associated with SVC Co-operative Bank Limited and NKGBS CO-OP Bank Limited.
Arrangement or understanding with major Shareholders, customers, suppliers or others
321As on the date of this Prospectus, there are no arrangements or understandings with the major shareholders,
customers, suppliers or others, pursuant to which any of our Directors were appointed on the Board or as a member
of the senior management.
Relationship between our Directors and Key Managerial Personnel or Senior Management Personnel
Except Bhupesh Punamchand Shah, Kailesh Punamchand Shah and Nilesh Punamchand Shah, who are brothers,
none of our Directors are related to each other or any other Key Managerial Personnel or Senior Management
Personnel in our Company.
Confirmations
None of our Directors is or was a director of any listed company which has been, or was delisted from any stock
exchange during the term of their directorship in such company.
None of our Directors is or was a director of any listed company during the last five years preceding the date of
this Prospectus, whose shares have been, or were suspended from being traded on any of the stock exchanges
during the term of their directorship in such company.
None of our Directors appear in the list of directors of struck-off companies by RoC/MCA.
No consideration, either in cash or shares or otherwise has been paid, or agreed to be paid to any of our Directors,
or to the firms or companies in which they are interested as a member by any person either to induce such director
to become, or to help such director to qualify as a Director, or otherwise for services rendered by them or by the
firm or company in which they are interested, in connection with the promotion or formation of our Company.
None of our Directors have been declared as Wilful Defaulters or Fraudulent Borrowers.
Terms of appointment of Executive Directors
Kailesh Punamchand Shah
Kailesh Punamchand Shah was appointed as the Chairman and Managing Director of our Company with effect
from May 21, 2024, pursuant to a resolution passed by our Board of Directors at their meeting held on May 15,
2024 and a resolution passed by our Shareholders’ at their EGM held on May 21, 2024. The details of the
remuneration and perquisites payable to him during the term of his office, in terms of the appointment letter dated
May 21, 2024, include the following with effect from May 21, 2024:
(a) fixed remuneration of ₹12.67 million per annum;
(b) variable remuneration of 0.20% of the turnover of the Company
(c) leave travel reimbursement for self, spouse and family as per the rules of the Company;
(d) gratuity as per the rules of the Company;
(e) encashment of leave as per the rules of the Company;
(f) other allowances, benefits and perquisites Board of Directors may decide from time to time, subject to
applicable law.
Bhupesh Punamchand Shah
Bhupesh Punamchand Shah was appointed as the Whole-time Director of our Company with effect from May 21,
2024, pursuant to a resolution passed by our Board of Directors at their meeting held on May 15, 2024 and a
resolution passed by our Shareholders’ at their EGM held on May 21, 2024. The details of the remuneration and
perquisites payable to him during the term of his office, in terms of the appointment letter dated May 21, 2024
include the following with effect from May 21, 2024:
(a) fixed remuneration of ₹6.34 million per annum;
(b) variable remuneration of 0.10% of the turnover of the Company
(c) leave travel reimbursement for self, spouse and family as per the rules of the Company;
322(d) gratuity as per the rules of the Company;
(e) encashment of leave as per the rules of the Company;
(f) other allowances, benefits and perquisites Board of Directors may decide from time to time, subject to
applicable law.
Nilesh Punamchand Shah
Nilesh Punamchand Shah was appointed as the Whole-time Director of our Company with effect from May 21,
2024, pursuant to a resolution passed by our Board of Directors at their meeting held on May 15, 2024 and a
resolution passed by our Shareholders’ at their EGM held on May 21, 2024. The details of the remuneration and
perquisites payable to him during the term of his office, in terms of the appointment letter dated May 21, 2024
include the following with effect from May 21, 2024:
(a) fixed remuneration of ₹9.50 million per annum;
(b) variable remuneration of 0.15% of the turnover of the Company
(c) leave travel reimbursement for self, spouse and family as per the rules of the Company;
(d) gratuity as per the rules of the Company;
(e) encashment of leave as per the rules of the Company;
(f) other allowances, benefits and perquisites Board of Directors may decide from time to time, subject to
applicable law.
Remuneration to Executive Directors
The details of remuneration paid to the Managing Director and the Executive Directors of our Company for the
Fiscal 2025 are as follows:
(₹ in million)
Name of Director Fiscal 2025
Kailesh Punamchand Shah 23.88
Bhupesh Punamchand Shah 11.94
Nilesh Punamchand Shah 17.91
Payment or benefit to Non-executive Directors of our Company
Our Non-executive Directors are entitled to sitting fees for attending meetings of the Board and the Committees.
Pursuant to a resolution passed by our Board of Directors at their meeting held on August 16, 2024, (i) each of
the Non-executive Directors of our Company is entitled to a sitting fee of ₹50,000 for attending each meeting of
our Board and a sitting fee of ₹25,000 for attending each meeting of the committees of our Board; and (ii) each
of the Independent Directors of our Company is entitled to a sitting fee of ₹25,000 for attending each meeting of
the Independent Directors. Additionally, pursuant to a resolution passed by our Board of Directors at their meeting
held on August 16, 2024 and a resolution passed by the shareholders of our Company at the annual general meeting
held on September 4, 2024, our Non-executive Directors are also entitled to remuneration by way of commission,
as the Board of Directors may decide from time to time, not exceeding 0.25% of the net profit of the Company,
calculated in accordance with the Companies Act.
Compensation to Non-executive Directors
The details of sitting fees paid to the Non-executive Directors of our Company for the Fiscal 2025 are as follows:
(₹ in million)
Name of Director Fiscal 2025
Belur Krishna Murthy Sethuram 0.48
Lakshmi Nadkarni 0.45
Shrinivas Damodar Joshi 0.43
Shareholding of Directors in our Company
323The Articles of Association do not require our Directors to hold any qualification shares.
The shareholding of our Directors in our Company as of the date of filing this Prospectus, is set forth below:
Percentage of the pre-Offer capital
Sr. No. Name No. of Equity Shares
(%)
1. Kailesh Punamchand Shah 16,740,174 30.26
2. Bhupesh Punamchand Shah 16,745,174 30.27
3. Nilesh Punamchand Shah 16,740,174 30.26
Borrowing Powers
At present, our Company’s borrowings are within the limits prescribed by the Companies Act, 2013 and our
Articles of Association. Pursuant to our Articles of Association and in accordance with the Companies Act, 2013,
our Board is authorised to borrow any sum or sums of money from time to time from any or more banks, NBFCs,
financial institutions, bodies corporate, mutual funds, or any other entity or person, whether by way of advances,
loans, debentures, bonds or otherwise whether unsecured or secured which together with monies already borrowed
do not exceed the sum of ₹10,000 million subject to the limits approved under Section 180(1)(c) of the Companies
Act, 2013.
In the event our Company proposes to borrow sums in excess of such limits prescribed by the Companies Act, we
will be required to obtain the consent of our shareholders through a special resolution.
Interests of Directors
Certain of our Directors may be deemed to be interested to the extent of fees and commission, if any, payable to
them for attending meetings of the Board or a committees thereof as well as to the extent of reimbursement of
expenses payable to them under our Articles of Association, and to the extent of remuneration paid to them for
services rendered as an officer or employee of our Company.
Certain of our Directors may also be regarded as interested in Equity Shares held by them, if any, or that may be
subscribed by and allotted to their relatives, or the entities with which they are associated as promoters, directors,
partners, proprietors or trustees or to the companies, firms and trust, in which they are interested as directors,
promoters, members, partners and trustees, pursuant to the Offer and to the extent of any dividend payable to them
and other distributions in respect of such Equity Shares.
Certain of our Directors may be deemed to be interested in the contracts, transactions, agreements or arrangements
entered into or to be entered into by our Company with any company in which they hold directorships or any
partnership firm in which they are partners. For details, see “Summary of the Offer Document – Summary of
Related Party Transactions” on page 31.
Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah may be considered to be
interested to the extent of personal guarantees given in favour of our Company against the loans sanctioned to our
Company. For details, see “History and Certain Corporate Matters – Guarantees given by Promoters offering
their shares in the Offer for Sale” on page 316.
As on the date of this Prospectus, none of our Directors have any interest in any venture that is involved in
activities similar to those conducted by our Company.
Except as disclosed below, there is no conflict of interest between the suppliers of raw materials, third party
service providers or lessor of the immovable properties (crucial for operations of the Company) and our Directors:
Lease amount paid in
Lessor of the
Description of the property Interest of the Director Fiscal 2025 (₹
property
million)
Land and building wherein the Daman B T Plastics Kailesh Punamchand Shah, 6.04
Facility is being operated, situated at and Allied Bhupesh Punamchand Shah
Survey No. 371/1(2) Kachigam Char Rasta, Industries and Nilesh Punamchand Shah
Kachigam, Daman, Dadra and Nagar are designated partners of B T
Haveli and Daman and Diu – 396210, India Plastics and Allied Industries
324Except, Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah, none of our
Directors have any interest in promotion or formation of our Company as on the date of this Prospectus.
(i) Interest in property
Except as disclosed under – “Interest in property, land, construction of building and supply of machinery”,
have no interest in any property acquired by our Company, or proposed to be acquired by our Company.
(ii) Business interest
Except as stated in “Summary of the Offer Document – Summary of Related Party Transactions” on page
31, and to the extent of shareholding in our Company, our Directors do not have any other interest in our
business.
(iii) Loans to Directors
No loans have been availed by the Directors from our Company.
(iv) Bonus or profit sharing plan for the Directors
Except Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah, none of the
Directors are a party to any bonus or profit-sharing plan of our Company. For more details, see “- Terms
of appointment of Executive Directors” on page 322.
(v) Service contracts with Directors
Except as stated in this section, there are no service contracts executed by our Company with the Directors
pursuant to which they are entitled to any benefits upon termination of employment.
(vi) Interest in property, land, construction of building and supply of machinery
Other than as disclosed below, our Directors do not have any interest in any property acquired by our
Company in the three years preceding the date of this Prospectus or proposed to be acquired by our
Company or in any transaction by our Company with respect to the acquisition of land, construction of
building or supply of machinery:
Consideration of
Description of the Seller of the
Interest of the director Purchase
property property
(₹ million)
Land and factory buildings Pyramid Kailesh Punamchand Shah, Bhupesh 224.43
situated at Kachigam Plastics Punamchand Shah and Nilesh Punamchand
Charrasta, Daman Shah are designated partners
Unit No B-30, Royal Chhaya Vasanti Punamchand Shah, who is the 16.20
Industrial Estate, Wadala, Plastics mother of Kailesh Punamchand Shah,
Mumbai – 400031 Bhupesh Punamchand Shah and Nilesh
Punamchand Shah, is a proprietor
Unit No C-37, Royal P.H. Shah Kailesh Punamchand Shah, Bhupesh 22.80
Industrial Estate, Wadala, HUF Punamchand Shah and Nilesh Punamchand
Mumbai – 400031 Shah are members of the HUF
Unit No C-38, Royal Chhaya Vasanti Punamchand Shah, who is the 22.80
Industrial Estate, Wadala, Plastics mother of Kailesh Punamchand Shah,
Mumbai – 400031 Bhupesh Punamchand Shah and Nilesh
Punamchand Shah, is a proprietor
325Changes in the Board in the last three years
Date of appointment / change
Name Reason
/ cessation
Shrinivas Damodar Joshi September 4, 2024 Appointment as Independent Director
Lakshmi Nadkarni September 4, 2024 Appointment as Independent Director
Belur Krishna Murthy Sethuram September 4, 2024 Appointment as Independent Director
Kailesh Punamchand Shah May 21, 2024 Appointment as Chairman
Bhupesh Punamchand Shah May 21, 2024 Appointment as Whole-time Director
Nilesh Punamchand Shah May 21, 2024 Appointment as Whole-time Director
CORPORATE GOVERNANCE
The provisions relating to corporate governance prescribed under the SEBI Listing Regulations will be applicable
to us immediately upon listing of the Equity Shares on the Stock Exchanges. We are in compliance with the
requirements of applicable regulations, including the SEBI Listing Regulations, the Companies Act, 2013 and the
SEBI ICDR Regulations, in respect of corporate governance including constitution of our Board and committees
thereof and formulation of policies. The corporate governance framework is based on an effective independent
Board, separation of the Board’s supervisory role from the executive management team and constitution of the
Board committees, as required under law.
Our Board has been constituted in compliance with the Companies Act 2013, the SEBI Listing Regulations and
in accordance with best practices in corporate governance. The Board of Directors function either as a full board,
or through various committees constituted to oversee specific operational areas. The executive management of
our Company provides the Board of Directors detailed reports on its performance periodically.
As on the date of this Prospectus, our Board has six Directors comprising of three Executive Directors, and three
Independent Directors (including one woman Independent Director). Further, all three of our non-Independent
Directors are liable to retire by rotation.
Committees of the Board
In addition to the committees of our Board detailed below, our Board may, from time to time, constitute other
committees for various functions.
I. Audit Committee
The members of the Audit Committee are:
Name of Director Position in the committee Designation
Shrinivas Damodar Joshi Chairperson Independent Director
Lakshmi Nadkarni Member Independent Director
Belur Krishna Murthy Sethuram Member Independent Director
Kailesh Punamchand Shah Member Chairman and Managing Director
The Audit Committee was constituted with effect from September 4, 2024 pursuant to a resolution of the
Board of Directors in its meetings held on August 16, 2024 and September 27, 2024. The scope and functions
of the Audit Committee are in accordance with Section 177 of the Companies Act, 2013 and Regulation 18
of the SEBI Listing Regulations read with part C of Schedule II of the SEBI Listing Regulations, and its
terms of reference are as following:
(i) The Audit Committee shall have powers, which should include the following:
(a) To investigate any activity within its terms of reference;
(b) To seek information from any employee of the Company or any associate or subsidiary, joint
venture of the Company in order to perform its duties and all employees are directed by the Board
to co-operate with any request made by the Committee from such employees;
326(c) To obtain outside legal or other professional advice;
(d) To secure attendance of outsiders with relevant expertise, if it considers necessary and to seek
their advice, whenever required as may be prescribed under the Companies Act, 2013 (together
with the rules thereunder) and SEBI Listing Regulations; and
(e) Such powers as may be prescribed under the Companies Act and SEBI Listing Regulations.
(ii) The role of the Audit Committee shall include the following:
(a) Oversight of the Company’s financial reporting process, examination of the financial statement
and the auditors’ report thereon and the disclosure of its financial information to ensure that the
financial statement is correct, sufficient and credible;
(b) Recommendation for appointment, re-appointment and replacement, remuneration and terms of
appointment of auditors, including the internal auditor, cost auditor and statutory auditor, of the
Company and the fixation of audit fee;
(c) Approval of payments to statutory auditors for any other services rendered by the statutory
auditors of the Company;
(d) Reviewing, with the management, the annual financial statements and auditor’s report thereon
before submission to the Board for approval, with particular reference to:
• Matters required to be included in the Director’s Responsibility Statement to be included in
the Board’s report in terms of section 134(3) of the Companies Act;
• Changes, if any, in accounting policies and practices and reasons for the same;
• Major accounting entries involving estimates based on the exercise of judgment by the
management of the Company;
• Significant adjustments made in the financial statements arising out of audit findings;
• Compliance with listing and other legal requirements relating to financial statements;
• Disclosure of any related party transactions; and
• Qualifications / modified opinion(s) in the draft audit report.
(e) Reviewing, with the management, the quarterly, half-yearly and annual financial statements
before submission to the Board for approval;
(f) Reviewing, with the management, the statement of uses/application of funds raised through an
issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilised for
purposes other than those stated in the offer document/prospectus/notice and the monitoring
agency report submitted by the monitoring agency monitoring the utilisation of proceeds of a
public or rights issue, and making appropriate recommendations to the Board to take up steps in
this matter. This also includes monitoring the use/ application of the funds raised through the
proposed initial public offer by the Company;
(g) Reviewing and monitoring the auditor’s independence and performance, and effectiveness of
audit process;
(h) Formulating a policy on related party transactions, which shall include materiality of related party
transactions;
(i) Approval or any subsequent modification of transactions of the Company with related parties and
omnibus approval for related party transactions proposed to be entered into by the Company
subject to such conditions as may be prescribed. Provided that only those members of the
committee, who are independent directors, shall approve related party transactions;
Explanation: The term "related party transactions" shall have the same meaning as provided in
Regulation 2(1)(zc) of the SEBI Listing Regulations and/or the applicable Accounting Standards
and/or the Companies Act.
327(j) Review, at least on a quarterly basis, the details of related party transactions entered into by the
Company pursuant to each of the omnibus approvals given;
(k) Scrutiny of inter-corporate loans and investments;
(l) Undertaking or supervising valuation of undertakings or assets of the Company, wherever it is
necessary;
(m) Evaluation of internal financial controls and risk management systems;
(n) Reviewing, with the management, performance of statutory and internal auditors, adequacy of the
internal control systems;
(o) Reviewing the adequacy of internal audit function, if any, including the structure of the internal
audit department, staffing and seniority of the official heading the department, reporting structure
coverage and frequency of internal audit;
(p) Discussion with internal auditors of any significant findings and follow up there on;
(q) Reviewing the findings of any internal investigations by the internal auditors into matters where
there is suspected fraud or irregularity or a failure of internal control systems of a material nature
and reporting the matter to the Board;
(r) Discussion with statutory auditors before the audit commences, about the nature and scope of
audit as well as post-audit discussion to ascertain any area of concern;
(s) Looking into the reasons for substantial defaults in the payment to the depositors, debenture
holders, shareholders (in case of non-payment of declared dividends) and creditors;
(t) Recommending to the board of directors the appointment and removal of the external auditor,
fixation of audit fees and approval for payment for any other services;
(u) Reviewing the functioning of the whistle blower mechanism;
(v) Approval of the appointment of the Chief Financial Officer of the Company (“CFO”) (i.e., the
whole-time finance director or any other person heading the finance function or discharging that
function) after assessing the qualifications, experience and background, etc., of the candidate;
(w) To formulate, review and make recommendations to the Board to amend the Audit Committee
charter from time to time;
(x) Overseeing a vigil mechanism established by the Company, providing for adequate safeguards
against victimisation of employees and directors who avail of the vigil mechanism and also
provide for direct access to the Chairperson of the Audit Committee for directors and employees
to report their genuine concerns or grievances;
(y) Reviewing the utilization of loans and/or advances from/investment by the Company in the
subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is
lower including existing loans/ advances/ investments existing as on April 1, 2019;
(z) Considering and commenting on rationale, cost-benefits and impact of schemes involving merger,
demerger, amalgamation etc., on the Company and its shareholders;
(aa) Approving the key performance indicators for disclosure in the offer documents.
(bb) Carrying out any other function as is mentioned in the terms of reference of the Audit Committee;
and
(cc) Carrying out any other functions and roles as required to be carried out by the Audit Committee
as may be decided by the Board as per the Companies Act, the SEBI Listing Regulations, each as
328amended and other applicable laws or by any regulatory authority and performing such other
functions as may be necessary or appropriate for the performance of its duties.
(iii) The Audit Committee shall mandatorily review the following information:
(i) Management discussion and analysis of financial condition and results of operations;
(ii) Management letters/letters of internal control weaknesses issued by the statutory auditors of the
Company;
(iii) Internal audit reports relating to internal control weaknesses;
(iv) The appointment, removal and terms of remuneration of the chief internal auditor shall be subject
to review by the Audit Committee;
(v) Statement of deviations:
• quarterly statement of deviation(s) including report of monitoring agency, if applicable,
submitted to stock exchange(s) in terms of Regulation 32(1) of the SEBI Listing Regulations;
and
• annual statement of funds utilised for purposes other than those stated in the offer
document/prospectus/notice, certified by the statutory auditors of the Company, in terms of
Regulation 32(7) of the SEBI Listing Regulations; and
(vi) Quarterly statement of variation for public issue, rights issue and preferential issue indicating
category wise variation (capital expenditure, sales and marketing, working capital etc.) between
projected utilisation of funds and the actual utilisation of funds, before the submission to stock
exchange(s); and
(vii) review the financial statements, in particular, the investments made by any unlisted subsidiary.”
II. Nomination and Remuneration Committee
The members of the Nomination and Remuneration Committee are:
Name of Director Position in the committee Designation
Belur Krishna Murthy Sethuram Chairperson Independent Director
Lakshmi Nadkarni Member Independent Director
Shrinivas Damodar Joshi Member Independent Director
The Nomination and Remuneration Committee was constituted with effect from September 4, 2024 pursuant
to a resolution of the Board of Directors in its meetings held on August 16, 2024 and September 27, 2024.
The scope and functions of the Nomination and Remuneration Committee is in accordance with Section 178
of the Companies Act, 2013 and Regulation 19 of the SEBI Listing Regulations. The terms of reference of
the Nomination and Remuneration Committee are as follows:
(i) Formulation of the criteria for determining qualifications, positive attributes and independence of a
director and recommend to the Board a policy, relating to the remuneration of the directors, key
managerial personnel and other employees;
The Nomination and Remuneration Committee, while formulating the above policy, should ensure that
(a) the level and composition of remuneration be reasonable and sufficient to attract, retain and
motivate directors of the quality required to run our Company successfully;
(b) relationship of remuneration to performance is clear and meets appropriate performance
benchmarks; and
329(c) remuneration to directors, key managerial personnel and senior management involves a balance
between fixed and incentive pay reflecting short and long term performance objectives appropriate
to the working of the Company and its goals.
(ii) Formulation of criteria for evaluation of performance of independent directors and the Board;
(iii) For every appointment of an independent director, the Nomination and Remuneration Committee shall
evaluate the balance of skills, knowledge and experience on the Board and on the basis of such
evaluation, prepare a description of the role and capabilities required of an independent director. The
person recommended to the Board for appointment as an independent director shall have the
capabilities identified in such description. For the purpose of identifying suitable candidates, the
Committee may:
(a) use the services of an external agencies, if required;
(b) consider candidates from a wide range of backgrounds, having due regard to diversity; and
(c) consider the time commitments of the candidates.
(iv) Devising a policy on Board diversity;
(v) Identifying persons who are qualified to become directors of the Company and who may be appointed
in senior management in accordance with the criteria laid down, and recommend to the Board their
appointment and removal. The Company shall disclose the remuneration policy and the evaluation
criteria in its annual report;
(vi) Analysing, monitoring and reviewing various human resource and compensation matters;
(vii) Determining the Company’s policy on specific remuneration packages for executive directors including
pension rights and any compensation payment, and determining remuneration packages of such
directors;
(viii) Recommending the remuneration, in whatever form, payable to the senior management personnel and
other staff (as deemed necessary);
(ix) Reviewing and approving compensation strategy from time to time in the context of the then current
Indian market in accordance with applicable laws;
(x) Determining whether to extend or continue the term of appointment of the independent director, on the
basis of the report of performance evaluation of independent directors;
(xi) Perform such functions as are required to be performed by the compensation committee under the
Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021;
(xii) Administering, monitoring and formulating the employee stock option scheme/plan approved by the
Board and shareholders of the Company in accordance with the applicable laws (“ESOP Scheme”)
(a) Determining the eligibility of employees to participate under the ESOP Scheme;
(b) Determining the quantum of option to be granted under the ESOP Scheme per employee and in
aggregate;
(c) Date of grant;
(d) Determining the exercise price of the option under the ESOP Scheme;
(e) The conditions under which option may vest in employee and may lapse in case of termination of
employment for misconduct;
330(f) The exercise period within which the employee should exercise the option and that option would
lapse on failure to exercise the option within the exercise period;
(g) The specified time period within which the employee shall exercise the vested option in the event
of termination or resignation of an employee;
(h) The right of an employee to exercise all the options vested in him at one time or at various points
of time within the exercise period;
(i) Re-pricing of the options which are not exercised, whether or not they have been vested if stock
option rendered unattractive due to fall in the market price of the equity shares;
(j) The grant, vest and exercise of option in case of employees who are on long leave;
(k) Allow exercise of unvested options on such terms and conditions as it may deem fit;
(l) The procedure for cashless exercise of options;
(m) Forfeiture/ cancellation of options granted;
(n) Formulating and implementing the procedure for making a fair and reasonable adjustment to the
number of options and to the exercise price in case of corporate actions such as rights issues,
bonus issues, merger, sale of division and others. In this regard following shall be taken into
consideration:
• the number and the price of stock option shall be adjusted in a manner such that total value
of the option to the employee remains the same after the corporate action;
• for this purpose, global best practices in this area including the procedures followed by the
derivative markets in India and abroad may be considered; and
• the vesting period and the life of the option shall be left unaltered as far as possible to protect
the rights of the employee who is granted such option.
(xiii) Construing and interpreting the ESOP Scheme and any agreements defining the rights and obligations
of the Company and eligible employees under the ESOP Scheme, and prescribing, amending and/or
rescinding rules and regulations relating to the administration of the ESOP Scheme;
(xiv) Framing suitable policies, procedures and systems to ensure that there is no violation of securities laws,
as amended from time to time, including:
(a) the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015,
as amended;
(b) the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices
Relating to the Securities Market) Regulations, 2003, as amended; and
(c) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
by the Company and its employees, as applicable;
(xv) Performing such other activities as may be delegated by the Board and/or are statutorily prescribed
under any law to be attended to by the Nomination and Remuneration Committee;
(xvi) Such terms of reference as may be prescribed under the Companies Act and SEBI Listing Regulations.”
III. Stakeholders’ Relationship Committee
The members of the Stakeholders’ Relationship Committee are:
331Name of Director Position in the committee Designation
Lakshmi Nadkarni Chairperson Independent Director
Bhupesh Punamchand Shah Member Whole-time Director
Nilesh Punamchand Shah Member Whole-time Director
The Stakeholders’ Relationship Committee was constituted with effect from September 4, 2024 pursuant to
a resolution of the Board of Directors in its meetings held on August 16, 2024 and September 27, 2024. The
scope and function of the Stakeholders’ Relationship Committee is in accordance with Section 178 of the
Companies Act, 2013 and Regulation 20 of the Listing Regulations. The terms of reference are as follows:
(i) transfer/transmission of shares, including non-receipt of share certificates and review of cases for
refusal of transfer/transmission of shares and debentures, dematerialisation and re-materialisation of
shares, non-receipt of balance sheet, non-receipt of declared dividends, non-receipt of annual reports,
etc., and assisting with quarterly reporting of such complaints;
(ii) Reviewing of measures taken for effective exercise of voting rights by shareholders;
(iii) Investigating complaints relating to allotment of shares, approval of transfer or transmission of shares,
debentures or any other securities;
(iv) Giving effect to all transfer/transmission of shares and debentures, dematerialisation of shares and re-
materialisation of shares, split and issue of duplicate/consolidated share certificates, compliance with
all the requirements related to shares, debentures and other securities from time to time;
(v) Reviewing the measures and initiatives taken by the Company for reducing the quantum of unclaimed
dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the
shareholders of the Company;
(vi) Reviewing the adherence to the service standards by the Company with respect to various services
rendered by the registrar and transfer agent of the Company and to recommend measures for overall
improvement in the quality of investor services;
(vii) Considering and specifically looking into various aspects of interest of shareholders, debenture holders
or holders of any other securities;
(viii) Formulation of procedures in line with the statutory guidelines to ensure speedy disposal of various
requests received from shareholders from time to time;
(ix) To approve allotment of shares, debentures or any other securities as per the authority conferred / to
be conferred to the Committee by the Board from time to time;
(x) To monitor and expedite the status and process of dematerialization and rematerialisation of shares,
debentures and other securities of the Company;
(xi) To further delegate all or any of the power to any other employee(s), officer(s), representative(s),
consultant(s), professional(s) or agent(s); and
(xii) Carrying out such other functions as may be specified by the Board from time to time or
specified/provided under the Companies Act or the SEBI Listing Regulations, or by any other
regulatory authority.”
IV. Corporate Social Responsibility Committee
The members of the Corporate Social Responsibility Committee are:
Name of Director Position in the committee Designation
Kailesh Punamchand Shah Chairperson Chairman and Managing Director
Shrinivas Damodar Joshi Member Independent Director
Bhupesh Punamchand Shah Member Whole-time Director
332The Corporate Social Responsibility Committee was constituted by a meeting of the Board of Directors held
on March 31, 2017 and was last reconstituted with effect from September 4, 2024 pursuant to a resolution
of the Board of Directors in its meetings held on August 16, 2024 and September 27, 2024. The terms of
reference of the Corporate Social Responsibility Committee of our Company are as follows:
(i) To formulate and recommend to the Board, a corporate social responsibility policy stipulating, amongst
others, the guiding principles for selection, implementation and monitoring the activities as well as
formulation of the annual action plan, which shall indicate the activities to be undertaken by the
Company as specified in Schedule VII of the Companies Act and the rules made thereunder and make
any revisions therein as and when decided by the Board;
(ii) To identify corporate social responsibility policy partners and corporate social responsibility policy
programmes;
(iii) To recommend the amount of expenditure to be incurred for the corporate social responsibility
activities, being at least two percent of the average net profits of the Company made during the three
immediately preceding financial years in pursuance of its corporate social responsibility and the
distribution of the same to various corporate social responsibility programmes undertaken by the
Company;
(iv) To formulate and recommend to the Board, an annual action plan in pursuance to the corporate social
responsibility policy, which shall include the following, namely:
(a) the list of corporate social responsibility projects or programmes that are approved to be
undertaken in areas or subjects specified in the Schedule VII of the Companies Act, 2013;
(b) the manner of execution of such projects or programmes as specified in Rule 4 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014;
(c) the modalities of utilisation of funds and implementation schedules for the corporate social
responsibility projects or programmes;
(d) monitoring and reporting mechanism for the implementation of the corporate social responsibility
projects or programmes; and
(e) details of need and impact assessment, if any, for the corporate social responsibility projects
undertaken by the company.
Provided that the Board may alter such plan at any time during the financial year, as per the
recommendations of the Corporate Social Responsibility Committee, based on the reasonable
justification to that effect.
(v) Identifying and appointing the corporate social responsibility team of the Company and delegate
responsibilities to such team and supervise proper execution of all delegated responsibilities;
(vi) To review and monitor the implementation of corporate social responsibility programmes and issuing
necessary directions as required for proper implementation and timely completion of corporate social
responsibility programmes;
(vii) To perform such other duties and functions as the Board may require the corporate social responsibility
committee to undertake to promote the corporate social responsibility activities of the Company and
exercise such other powers as may be conferred or perform such responsibilities as may be required by
the corporate social responsibility committee in terms of the provisions of Section 135 of the
Companies Act; and
(viii) Such terms of reference as may be prescribed under the Companies Act and SEBI Listing Regulations.”
V. Risk Management Committee
The members of the Risk Management Committee are:
333Name of Director Position in the committee Designation
Kailesh Punamchand Shah Chairperson Chairman and Managing Director
Belur Krishna Murthy Sethuram Member Independent Director
Nilesh Punamchand Shah Member Whole-time Director
The Risk Management Committee was constituted with effect from September 4, 2024 pursuant to a
resolution of the Board of Directors in its meetings held on August 16, 2024 and September 27, 2024. The
terms of reference of the Risk Management Committee of our Company are as follows:
(i) To formulate a detailed risk management policy which shall include:
• framework for identification of internal and external risks specifically faced by the Company, in
particular including financial, operational, sectoral, sustainability (particularly, Environmental,
Social and Governance (ESG) related risks), information, cyber security risks or any other risk as
may be determined by the committee;
• measures for risk mitigation including systems and processes for internal control of identified risks;
and
• business continuity plan.
(ii) To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate
risks associated with the business of the Company;
(iii) To monitor and oversee implementation of the risk management policy, including evaluating the
adequacy of risk management systems;
(iv) To periodically review the risk management policy, at least once in two years, including by considering
the changing industry dynamics and evolving complexity;
(v) To keep the Board informed about the nature and content of its discussions, recommendations and
actions to be taken;
(vi) The appointment, removal and terms of remuneration of the Chief Risk Officer shall be subject to
review by the Risk Management Committee;
(vii) To seek information from any employee, obtain outside legal or other professional advice and secure
attendance of outsiders with relevant expertise, if it considers necessary;
(viii) Laying down risk assessment and minimization procedures and the procedures to inform Board of the
same;
(ix) Framing, implementing, reviewing and monitoring the risk management plan for the Company and
such other functions, including cyber security, as may be delegated by the Board;
(x) Obtain outside legal or other professional advice and secure attendance of outsiders with relevant
expertise, if it considers necessary; and
(xi) Performing such other activities as may be delegated by the Board and/or are statutorily prescribed
under any law to be attended to by the Risk Management Committee.”
VI. IPO Committee
The members of the IPO Committee are:
Name of Director Position in the committee Designation
Kailesh Punamchand Shah Chairperson Chairman and Managing Director
Bhupesh Punamchand Shah Member Whole-time Director
Nilesh Punamchand Shah Member Whole-time Director
334The IPO Committee was constituted by our Board of Directors at their meeting held on August 16, 2024.
The terms of reference of the IPO Committee of our Company are as follows:
(i) To undertake as appropriate such communication with the Selling Shareholders as required under
applicable law, including inviting the existing shareholders of the Company to participate in the Offer
by making an offer for sale in relation to such number of Equity Shares held by them as may be
deemed appropriate, and which are eligible for the offer for sale in accordance with the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as
amended (the “SEBI ICDR Regulations”), and taking all actions as may be necessary or authorised
in connection with any offer for sale;
(ii) To take all actions as may be necessary and authorised in connection with the Offer for Sale and to
approve and take on record the number of Equity Shares proposed to be offered by the Selling
Shareholder(s), and transfer of Equity Shares and to decide, along with the Selling Shareholder(s), in
consultation with the book running lead manager(s) (“BRLMs”) appointed in relation to the Offer;
(iii) To decide, negotiate and finalise, in consultation with the BRLMs, on the size, timing (including
opening and closing dates), pricing and all the terms and conditions of the Offer and transfer of the
Equity Shares pursuant to the Offer, including without limitation the number of the Equity Shares to
be issued or offered pursuant to the Offer (including any reservation, green shoe option and any
rounding off in the event of any oversubscription), price and any discount as allowed under applicable
laws that may be fixed, price band, allocation/allotment to eligible persons pursuant to the Offer,
including any anchor investors, determining the anchor investor portion and allocating such number
of Equity Shares to Anchor Investors as may be decided by the Company, in consultation with the
BLRMs and in accordance with the SEBI ICDR Regulations and to accept any amendments,
modifications, variations, or alterations thereto;
(iv) To decide, negotiate and finalise in consultation with the BRLMs, all other related matters regarding
the Pre-IPO Placement if any, including the execution of the relevant documents with the investors,
and rounding off, if any, in the event of oversubscription and in accordance with applicable laws;
(v) To invite and permit existing shareholders to sell any Equity Shares held by them, determined in
accordance with the applicable law, and to accept any amendments, modifications, variations or
alterations thereto;
(vi) To appoint, instruct and enter into arrangements with the BRLMs and in consultation with BRLM(s),
appoint and enter into agreements with intermediaries, including underwriters, syndicate members,
brokers, escrow collection banks, public offer bank, refund bank, sponsor bank, auditors, independent
chartered accountants, industry expert, depositories, custodians, registrar(s), legal advisors,
advertising agency(ies), printers and any other agencies or persons or intermediaries (including any
replacements thereof) to the Offer and to negotiate and finalise the terms of their appointment,
including but not limited to execution of the engagement letter with the BRLM(s), negotiation,
finalisation and execution of the offer agreement with the BRLM(s) and Selling Shareholders, etc and
the underwriting agreement with the underwriters and to accept any amendments, modifications,
variations, or alterations thereto;
(vii) To finalise, settle, approve, file, adopt and deliver in consultation with the BRLMs and selling
shareholders, the DRHP, the RHP, the Prospectus, the abridged prospectus and application forms, the
preliminary and final international wrap and any amendments, supplements, notices or corrigenda
thereto, for the issue of Equity Shares and take all such actions in consultation with the BRLM(s) as
may be necessary for the submission and filing of these documents including incorporating such
alterations/corrections/ modifications as may be required by SEBI, RoC, or any other relevant
governmental and statutory authorities;
(viii) To make applications to, seek clarifications and obtain approvals and seek exemptions from, if
necessary, the Stock Exchanges, the RBI, the SEBI, the relevant RoC or any other statutory or
governmental authorities in connection with the Offer as required by applicable law, and to accept,
on behalf of the Board, such conditions and modifications as may be prescribed or imposed by any of
them while granting such approvals, exemptions, permissions and sanctions and, wherever necessary,
335incorporate such modifications / amendments / alterations / corrections as may be required in the
DRHP, the RHP and the Prospectus;
(ix) To approve any corporate governance requirements, approving suitable policies on insider trading,
whistle-blowing, risk management, and any other policies, code of conduct for the Board, officers and
other employees of the Company that may be considered necessary by the Board or the IPO
Committee or as may be required under the SEBI Listing Regulations or any other applicable laws;
(x) To authorise and approve notices, advertisements in relation to the Offer in such newspapers and other
media as it may deem fit and proper, in consultation with the relevant intermediaries appointed for
the Offer and in accordance with the SEBI ICDR Regulations, Companies Act, 2013, as amended and
other applicable law;
(xi) To seek, if required, the consent and waivers of the lenders to the Company and its subsidiaries, as
applicable, parties with whom the Company has entered into various commercial and other
agreements including without limitation industry data providers, customers, suppliers, strategic
partners of the Company, all concerned government and regulatory authorities in India or outside
India, and any other consents that may be required in relation to the Offer or any actions connected
therewith;
(xii) To open and operate bank account(s) of the Company in terms of the escrow agreement and cash
escrow for deposit of shares proposed to be sold in the Offer and sponsor bank agreement for handling
of refunds for the Offer, respectively and to authorise one or more officers of the Company to execute
all documents/deeds as may be necessary in this regard;
(xiii) To determine and finalise the bid opening and bid closing dates (including bid opening and bid closing
dates for anchor investors), the floor price/price band for the Offer (including issue price for anchor
investors), finalising and approving the basis of allocation and allotment of Equity Shares to the
successful allottees and credit of Equity Shares to the demat accounts of the successful allottees, in
various categories, in accordance with Applicable Laws, in consultation with the BRLM(s) and the
Selling Shareholders (to the extent applicable) and do all such acts and things as may be necessary
and expedient for, and incidental and ancillary to the Offer including any alteration, addition or
making any variation in relation to the Offer;
(xiv) All actions as may be necessary in connection with the Offer, including extending the Bid/Offer
period, revision of the price band, allow revision of the Offer portion in case any Selling Shareholder
decides to revise it, in accordance with the applicable laws;
(xv) To issue receipts/allotment letters/confirmations of allotment notes either in physical or electronic
mode representing the underlying Equity Shares and to provide for the tradability and free
transferability thereof as per market practices and regulations, including listing on one or more stock
exchange(s), with power to authorise one or more officers of the Company to sign all or any of the
aforementioned documents;
(xvi) To make applications for listing of the Equity Shares on one or more recognised stock exchange(s)
and to execute and to deliver or arrange the delivery of necessary documentation to the concerned
stock exchange(s) and to take all such other actions as may be necessary in connection with obtaining
such listing, including, without limitation, entering into the listing agreements;
(xvii) To do all such deeds and acts as may be required to dematerialise the Equity Shares of the Company
and to sign and/or modify, as the case may be, agreements and/or such other documents as may be
required with National Securities Depository Limited, Central Depository Services (India) Limited,
registrar and transfer agents and such other agencies, as may be required and in this connection with
power to authorise one or more officers of the Company to execute all or any of the afore-stated
documents;
(xviii) To authorise and approve, in consultation with the BRLM(s), the incurring of expenditure and
payment of fees, commissions, brokerage, remuneration and reimbursement of expenses in connection
with the Offer;
336(xix) To execute and deliver and/or to authorise and empower officers of the Company (each, an
“Authorised Officer”) for and on behalf of the Company to execute and deliver, any and all other
documents or instruments and doing or causing to be done any and all acts or things as the IPO
Committee and/or Authorised Officer may deem necessary, appropriate or advisable in order to carry
out the purposes and intent of the foregoing or in connection with the Offer and any documents or
instruments so executed and delivered or acts and things done or caused to be done by the IPO
Committee and/or Authorised Officer shall be conclusive evidence of the authority of the IPO
Committee and/or Authorised Officer and Company in so doing;
(xx) To authorize any director or directors of the Company or other officer or officers of the Company,
including by the grant of power of attorney, to do such acts, deeds and things as such authorized
person in his/her/its absolute discretion may deem necessary or desirable in connection with any issue,
transfer, offer and allotment of Equity Shares in the Offer;
(xxi) Giving or authorizing any concerned person on behalf of the Company to give such declarations,
affidavits, certificates, consents and authorities as may be required from time to time;
(xxii) To withdraw the DRHP or the RHP or not to proceed with the Offer at any stage, if considered
necessary and expedient, in accordance with applicable laws;
(xxiii) To submit undertakings/certificates or provide clarifications to the SEBI and the stock exchanges
where the Equity Shares of the Company are proposed to be listed; and
(xxiv) To settle any question, difficulty or doubt that may arise in connection with the Offer including the
issue and allotment of the Equity Shares as aforesaid in consultation with the BRLM(s) and to further
delegate the powers conferred hereunder subject to such restrictions and limitations as it may deem
fit and in the interest of the Company and to the extent allowed under applicable laws and to do all
such acts and deeds in connection therewith and incidental thereto, as the Committee may in its
absolute discretion deem fit.”
337MANAGEMENT ORGANISATION CHART
338KEY MANAGERIAL PERSONNEL
In addition to (i) Kailesh Punamchand Shah, our Chairman and Managing Director; (ii) Bhupesh Punamchand
Shah, our Whole-time Director; and (iii) Nilesh Punamchand Shah, our Whole-time Director, whose details are
provided in “– Brief biographies of Directors” and “– Remuneration to Executive Directors” on pages 321 and
323, respectively, the details of our other Key Managerial Personnel in terms of the SEBI ICDR Regulations as
on the date of this Prospectus are set forth below:
Manish Gattani is the Chief Financial Officer of our Company. He joined our Company on June 15, 2015. He
holds a bachelor’s degree in commerce from Maharshi Dayanad Saraswati University, Ajmer. He is an associate
member of Institute of Chartered Accountants of India. He has over 20 years of experience including in the field
of finance, accounts and operations. Prior to joining our Company, he was associated with Georgia Gullini
Fashions Private Limited, Bella Viesta Apparels Private Limited and Just Textiles Limited. He is involved in the
operations and financial functions for our Company. In Fiscal 2025, he received a remuneration of ₹7.18 million
from our Company.
Antony Pius Alapat is the Company Secretary and Compliance Officer of our Company. He joined our Company
on April 17, 2024. He holds a bachelor’s degree in management from University of Mumbai. He also holds a
bachelor’s degree in law from University of Mumbai. He is also an associate of the Institute of Company
Secretaries of India. He has eight years of experience including in the field of accounts and finance. Prior to
joining our Company, he was associated with Apex Fund Services LLP, India, Kabra Extrusiontechnik Limited
and Ecoplast Limited. He is involved in the legal and secretarial compliance for our Company. In Fiscal 2025, he
received a remuneration of ₹1.60 million from our Company.
SENIOR MANAGEMENT PERSONNEL
In addition to Manish Gattani, our Chief Financial Officer and Antony Pius Alapat, our Company Secretary and
Compliance Officer, whose details are provided in “– Key Managerial Personnel” on page 339, the details of our
other Senior Management Personnel as on the date of this Prospectus are set forth below:
Amit Kulkarni is the vice president – international business and sourcing of our Company. He joined our
Company on February 5, 2016. He holds a bachelor’s degree in enginerring (polymer) from the Maharashtra
Institute of Technology, Pune. He has several years of experience including in the field of sales and marketing.
Prior to joining our Company, he was associated with Aristos, DSM India Private Limited, IKEA Trading India
Private Limited, Oriental Rubber Industries Limited, Roplas (India) Limited and CASA Brands India Private
Limited. He is involved in the international business department of our Company. In Fiscal 2025, he received a
remuneration of ₹5.34 million from our Company.
Pragnesh Devchand Shah is the general manager – modern trade and e-commerce of our Company. He joined
our Company on July 27, 2022. He holds a bachelor’s degree in business administration from Gujarat University.
He holds a master’s degree in business administration from Gujarat University. He has several years of experience
including in the field of management. Prior to joining our Company, he was associated with Prince Corp Private
Limited. He is involved in the sales department of our Company. In Fiscal 2025, he received a remuneration of
₹5.40 million from our Company.
Tarun Kumar B Lad is the deputy general manager of our Company. He joined our Company on March 20,
1998. He holds a diploma in mechanical engineering from Technical Examinations Board Gujarat State. He has
several years of experience including in the field of production management. Prior to joining our Company, he
was associated with Pyramid Plastics. He is involved in the manufacturing operations department of our Company.
In Fiscal 2025, he received a remuneration of ₹3.61 million from our Company.
Milind Dattatraya Kulkarni is the deputy general manager of our Company. He joined our Company on January
4, 2018. He holds a bachelor’s degree in engineering from Dr. Babasaheb Ambedkar Marathwada University. He
has several years of experience including in the field of procurement. Prior to joining our Company, he was
associated with Gala Equipments Limited, Raychem RPG Limited and Gunnebo India Private Limited. He is
involved in the purchase department of our Company. In Fiscal 2025, he received a remuneration of ₹3.61 million
from our Company.
Manoj Suresh Deshmukh is the deputy general manager – human resources and compliances of our Company.
He joined our Company on December 18, 2023. He holds a bachelor’s degree in commerce from the University
of Bombay. He also holds a diploma in human resource management from Welingkar Institute of Management,
339Development and Research. He was also awarded a diploma in international executive master of business
administration in human resources from the Ural Federal University. He has several years of experience including
in the field of human resources and administration. Prior to joining our Company, he was associated with NPL
Chemicals Limited, Ram Fashion Exports Private Limited, Gala Precision Technology Private Limited and Bharat
Serums and Vaccines Limited. He is involved in the human resources department of our Company. In Fiscal 2025,
he received a remuneration of ₹2.18 million from our Company.
Sanjeev Kumar Jain is the vice president - operations of our Company. He joined our Company on November
6, 2024. He holds a bachelor’s degree in mechanical engineering from Institute of Advanced Studies in Education
University and a master’s degree in business administration from Asian Institute of Management and Technology.
He also holds a diploma in electrical engineering with specialization in control of electrical machines from Board
of Technical Education, U.P. He has several years of experience including in the field of operations and
management. Prior to joining our Company, he was associated with Kores (India) Limited, KLJ Polymer and
Chemicals Limited, BIC Cello (India) Private Limited, A.G. Industries Private Limited, Socomec India Private
Limited and Claas India Limited. He is involved in the operations department of our Company. In Fiscal 2025, he
received a remuneration of ₹1.45 million from our Company.
Rahul Vohra is the general manager – operations (bamboo division) of our Company. He joined our Company
on October 14, 2024. He holds a bachelor’s degree in law from Mahatma Jyotiba Phule Rohilkhand University.
He has several years of experience including in the field of operations. Prior to joining our Company, he was
associated with C L Gupta Exports Limited. He is involved in the operations department of our Company. In
Fiscal 2025, he received a remuneration of ₹2.34 million from our Company.
Girish Sopanrao Shete is the vice president – operations of our Company. He joined our Company on June 2,
2025. He holds a bachelor’s degree in engineering (mechanical engineering) from University of Poona and a
master’s degree in business administration from University of Pune. He has several years of experience in the
field of operations. Prior to joining our Company, he was associates with Taparia Tools Limited, EPC Industrie
Limited, Samsonite South Asia Private Limited, Tata Visteon Automotive Private Limited, Lumax Industries
Limited, Ecore & Kuroda Electric India Private Limited, Varroc Engineering Limited and Uno Minda Limited.
He is involved in the operations department of our Company. He was not paid any remuneration in Fiscal 2025,
as he joined our Company in Fiscal 2026.
Relationship between our Key Managerial Personnel and Senior Management Personnel
None of our Key Managerial Personnel or Senior Management Personnel are related to each other.
Relationship between our Key Managerial Personnel or Senior Management Personnel and Directors
None of our Key Managerial Personnel or Senior Managerial Personnel are related to any of the Directors of our
Company.
Status of Key Managerial Personnel and Senior Management Personnel
All our Key Managerial Personnel and Senior Managerial Personnel are permanent employees of our Company.
Shareholding of Key Managerial Personnel and Senior Management Personnel
Except as disclosed below, and under “– Shareholding of Directors in our Company” on page 323 above, as on
the date of filing of this Prospectus, none of our Key Managerial Personnel or Senior Management Personnel hold
Equity Shares in our Company:
Percentage of the pre-Offer capital
Sr. No. Name No. of Equity Shares
(%)
1. Manish Gattani 29,220 0.05
Arrangements and understanding with major Shareholders, customers, suppliers, or others
There is no arrangement or understanding with the major Shareholders, customers, suppliers or others, pursuant
to which any Key Managerial Personnel or Senior Management Personnel was selected as member of senior
management.
340Bonus or profit-sharing plans
Except Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah, none of our Key
Managerial Personnel or Senior Management Personnel are a party to any bonus or profit-sharing plan of our
Company. For more details, see “- Terms of appointment of Executive Directors” on page 322.
Interests of Key Managerial Personnel and Senior Management Personnel
The Key Managerial Personnel and Senior Management Personnel do not have any interest in our Company other
than (i) as stated in “Financial Statements – Restated Consolidated and Standalone Financial Information – Note
42 – Related party disclosure” and “Interests of Directors” on pages 394 and 324, respectively; or (ii) to the extent
of the remuneration or benefits to which they are entitled to as per their terms of appointment and reimbursement
of expenses incurred by them in the ordinary course of business.
Certain of our Key Managerial Personnel and Senior Management Personnel and certain relatives of our Key
Managerial Personnel and Senior Management Personnel hold Equity Shares in the Company and accordingly,
may also be deemed to be interested to the extent of any dividend payable to them and other distributions in
respect of Equity Shares held by them in our Company.
Our Key Managerial Personnel and Senior Management Personnel have not entered into any service contracts
with our Company pursuant to which they are entitled to any benefits upon termination of their employment.
Except as disclosed in “- Interest of Directors” on page 324, there is no conflict of interest between the suppliers
of raw materials, third party service providers or lessor of the immovable properties (crucial for operations of the
Company) and our Key Managerial Personnel.
Contingent and deferred compensation payable to our Key Managerial Personnel and Senior Management
Personnel and Director
There is no contingent or deferred compensation payable to our Key Managerial Personnel or Senior Management
Personnel or Directors, which does not form part of their remuneration.
Changes in the Key Managerial Personnel and Senior Management Personnel
Except as disclosed below, there have been no changes in the Key Managerial Personnel or Senior Management
Personnel in the last three years:
Date of appointment /
Name Reason
change / cessation
Girish Sopanrao Shete June 2, 2025 Appointed as vice president – operations
Sanjay Madhavarao Mahajan March 31, 2025 Resigned as vice president – operations
Sanjay Madhavarao Mahajan January 17, 2025 Appointed as vice president – operations
Shankararaman Ganapathy Iyer November 26, 2024 Cessation due to death
Sanjeev Kumar Jain November 6, 2024 Appointed as vice president – operations
Rahul Vohra October 14, 2024 Appointed as general manager – operations (bamboo
division)
Antony Pius Alapat May 15, 2024 Appointment as Company Secretary and Compliance
Officer
Antony Pius Alapat April 17, 2024 Appointment as Manager – Secretarial
Krishnanand Ramshabd Tripathi November 27, 2023 Resigned as general manager – HR
Manoj Suresh Deshmukh December 18, 2023 Appointment as deputy general manager – human
resources and compliances
Girish Pandurang Ubale November 29, 2021 Resigned as national sales manager
Pragnesh Devchand Shah July 27, 2022 Appointment as general manager – modern trade and
ecommerce
Payment or benefit to officers of our Company
No non-salary amount or benefit has been paid or given or is intended to be paid or given to any of our Company’s
employees including our Key Managerial Personnel, Senior Management Personnel and our Directors within the
two preceding years.
341Employees stock options
As on date of this Prospectus, our Company does not have any employee stock option plan.
342OUR PROMOTERS AND PROMOTER GROUP
Promoters
Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah are the Promoters of our
Company and their shareholding as on the date of this Prospectus is as set forth below:
Sr. Number of Equity Shares of Percentage holding (%) of the
Name of Promoter
No. face value ₹ 2 each paid-up share capital
1. Kailesh Punamchand Shah 16,740,174 30.26
2. Bhupesh Punamchand Shah 16,745,174 30.27
3. Nilesh Punamchand Shah 16,740,174 30.26
Total 50,225,522 90.79
For details, please see “Capital Structure – Equity shareholding of our Promoters and Promoter Group” on page
120.
Details of our Promoters are as follows:
Kailesh Punamchand Shah
Kailesh Punamchand Shah, aged 63 years, is the Chairman and
Managing Director of our Company.
Permanent Account Number: AADPS5761K
For further details in respect of his date of birth, address,
educational qualifications, professional experience, positions/
posts held in the past, other directorships, special achievements
and business and financial activities, as applicable, see “Our
Management – Brief biographies of Directors” on page 321.
Bhupesh Punamchand Shah
Bhupesh Punamchand Shah, aged 61 years, is the Whole-time
Director of our Company.
Permanent Account Number: ABCPS9614B
For further details in respect of his date of birth, address,
educational qualifications, professional experience, positions/
posts held in the past, other directorships and business and
financial activities, as applicable, see “Our Management – Brief
biographies of Directors” on page 321.
343Nilesh Punamchand Shah
Nilesh Punamchand Shah, aged 59 years, is the Whole-time
Director of our Company.
Permanent Account Number: AADPS5762L
For further details in respect of his date of birth, address,
educational qualifications, professional experience, positions/
posts held in the past, other directorships and business and
financial activities, as applicable, see “Our Management – Brief
biographies of Directors” on page 321.
Our Company confirms that the permanent account numbers, bank account numbers, passport numbers, aadhar
card numbers and driving license numbers of Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh
Punamchand Shah were submitted to the Stock Exchanges at the time of filing the Draft Red Herring Prospectus.
Change in control of our Company
Pursuant to our Board resolution dated August 16, 2024, the Board of our Company has taken on record that
Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah are the Promoter of our
Company in terms of the Companies Act and the SEBI ICDR Regulations. There has been no change in control
of our Company in the five years immediately preceding the date of this Prospectus.
Other ventures of our Promoters
Other than as disclosed in “– Promoter Group” below and in “Our Management - Board of Directors” on page
319, our Promoters are not involved in any other ventures.
Interests of Promoters
Our Promoters are interested in our Company to the extent (i) that they have promoted our Company; (ii) their
shareholding in our Company; (iii) the dividends payable thereon; and (iv) any other distributions in respect of
their shareholding in our Company. For further details, see “Capital Structure – Equity shareholding of our
Promoters and Promoter Group” beginning on page 120.
Additionally, our Promoters may be interested in transactions entered into by our Company with other entities (i)
in which our Promoters hold shares, or (ii) controlled by our Promoters. For further details of interest of our
Promoters in our Company, see “Summary of the Offer Document – Summary of Related Party Transactions” on
page 31.
Our Promoters, Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah are also
interested in our Company as the Directors and may be deemed to be interested in the remuneration payable to
them and the reimbursement of expenses incurred by them in their capacity as the Directors. For further details,
see “Our Management” on page 319. Additionally, our Promoters may be considered to be interested to the extent
of personal guarantees given in favour of our Company against the loans sanctioned to our Company. For details,
see “History and Certain Corporate Matters – Guarantees given by Promoters offering their shares in the Offer
for Sale” on page 316.
344No sum has been paid or agreed to be paid to our Promoters or to any firm or company in which our Promoters
are interested, in cash or shares or otherwise by any person, either to induce them to become or to qualify them,
as a director or Promoters or otherwise for services rendered by the Promoters, or by such firm or company, in
connection with the promotion or formation of our Company.
Except as disclosed below, there is no conflict of interest between the suppliers of raw materials, third party
service providers or lessor of the immovable properties (crucial for operations of the Company) and our Promoters
and members of the Promoter Group:
Lease amount paid
Lessor of the Interest of the Promoter / members of
Description of the property in Fiscal 2025 (₹
property the Promoter Group
million)
Land and building wherein the B T Plastics Kailesh Punamchand Shah, Bhupesh 6.04
Daman Facility is being operated, and Allied Punamchand Shah and Nilesh
situated at Survey No. 371/1(2) Industries Punamchand Shah are designated partners
Kachigam Char Rasta, Kachigam, of B T Plastics and Allied Industries, a
Daman, Dadra and Nagar Haveli and member of our Promoter Group
Daman and Diu – 396210, India
Interest in property, land, construction of building and supply of machinery
Other than as disclosed below, our Promoters do not have any interest in any property acquired by our Company
in the three years preceding the date of this Prospectus or proposed to be acquired by our Company or in any
transaction by our Company with respect to the acquisition of land, construction of building or supply of
machinery:
Consideration of
Seller of the
Description of the property Interest of the Promoter Purchase (₹
property
million)
Land and factory buildings situated Pyramid Kailesh Punamchand Shah, Bhupesh 224.43
at Kachigam Charrasta, Daman Plastics Punamchand Shah and Nilesh
Punamchand Shah are designated partners
Unit No B-30, Royal Industrial Chhaya Vasanti Punamchand Shah, who is the 16.20
Estate, Wadala, Mumbai – 400031 Plastics mother of Kailesh Punamchand Shah,
Bhupesh Punamchand Shah and Nilesh
Punamchand Shah, is a proprietor
Unit No C-37, Royal Industrial P.H. Shah Kailesh Punamchand Shah, Bhupesh 22.80
Estate, Wadala, Mumbai – 400031 HUF Punamchand Shah and Nilesh
Punamchand Shah are members of the
HUF
Unit No C-38, Royal Industrial Chhaya Vasanti Punamchand Shah, who is the 22.80
Estate, Wadala, Mumbai – 400031 Plastics mother of Kailesh Punamchand Shah,
Bhupesh Punamchand Shah and Nilesh
Punamchand Shah, is a proprietor
For further details, see “Restated Consolidated and Standalone Financial Information – Note 42 – Related party
disclosure” on page 394.
Payment or benefits to Promoters or Promoter Group
Except the remuneration paid to Kailesh Punamchand Shah who is the Chairman and Managing Director, Bhupesh
Punamchand Shah and Nilesh Punamchand Shah who are both the Whole-time Directors, of our Company as
disclosed in “Our Management – Remuneration to Executive Directors” and “Summary of the Offer Document –
Summary of Related Party Transactions” on pages 323 and 31, respectively, and Dhvanit Kailesh Shah, Akshay
Nilesh Shah, Riddhi Kailesh Shah and Malav Bhupesh Shah, who are employees of the Company, no amount or
benefit has been paid or given by our Company to our Promoters or any of the members of the Promoter Group
during the two years preceding the date of this Prospectus nor is there any intention to pay or give any benefit to
our Promoters or Promoter Group as on the date of this Prospectus.
Companies or firms with which our Promoters have disassociated in the last three years
None of our Promoters have disassociated themselves from any companies or firms in the three years preceding
the date of this Prospectus.
345Material guarantees
As on the date of this Prospectus, our Promoters have not given any material guarantee to any third party with
respect to the Equity Shares.
Other confirmations
Our Promoters are not wilful defaulters or fraudulent borrowers as defined under the SEBI ICDR Regulations.
Our Promoters are not fugitive economic offenders.
Our Promoters and members of the Promoter Group have not been prohibited from accessing the capital markets
under any order or direction passed by SEBI.
Our Promoters are not, and have not been in the past, a promoter or a director of any other company which is
prohibited from accessing or operating in capital markets under any order or direction passed by SEBI.
Our Promoters and members of the Promoter Group do not appear in the list of directors of struck-off companies
by RoC/MCA.
PROMOTER GROUP
In addition to our Promoters, the individuals and entities that form a part of the Promoter Group of our Company
in terms of Regulation 2(1) (pp) of the SEBI ICDR Regulations are set out below:
Natural persons who are part of the Promoter Group
Name of member of Promoter Relationship with the
Sr. No Name of the Promoter
Group Promoter
1. Kailesh Punamchand Shah Vasanti Punamchand Shah Mother
Rupal Kailesh Shah Spouse
Bhupesh Punamchand Shah Brother
Nilesh Punamchand Shah Brother
Chhaya Kiran Sheth Sister
Dhvanit Kailesh Shah Son
Riddhi Kailesh Shah Daughter
Raman Mulji Mehta Spouse’s Father
Viraj Raman Mehta Spouse’s Brother
Ashok Raman Mehta Spouse’s Brother
2. Bhupesh Punamchand Shah Vasanti Punamchand Shah Mother
Kajal Bhupesh Shah Spouse
Kailesh Punamchand Shah Brother
Nilesh Punamchand Shah Brother
Chhaya Kiran Sheth Sister
Malav Bhupesh Shah Son
3. Nilesh Punamchand Shah Vasanti Punamchand Shah Mother
Sangeeta Nilesh Shah Spouse
Bhupesh Punamchand Shah Brother
Kailesh Punamchand Shah Brother
Chhaya Kiran Sheth Sister
Akshay Nilesh Shah Son
Megha Nilesh Shah Daughter
Divyesh Hasmukh Mehta Spouse’s Brother
Jayshree Sudhir Gandhi Spouse’s Sister
Sonal Sunil Shah Spouse’s Sister
Entities forming part of the Promoter Group
As of the date of this Prospectus, the companies, bodies corporate, firm, and HUF forming part of our Promoter
Group are as follows:
346Sr. No Name of the Promoter Name of the entity
1. Kailesh Punamchand Shah Bombay Traders (partnership firm)
B T Plastics and Allied Industries (partnership firm)
Pyramid Plastics (partnership firm)
P H Shah (HUF)
Chhaya Plastics (proprietorship firm)
AVIVA Natural Supplements LLC
Zealthy LLC
Aviva Extraction LLC
Indus Polymers LLC
Aviva Natural Blending LLC
The Maroon Maison (partnership firm)
Mulji Mehta Pharma (partnership firm)
Studio Disrupt (partnership firm)
RKS Family Private Trust (trust)
KPS Family Private Trust (trust)
2. Bhupesh Punamchand Shah Bombay Traders (partnership firm)
B T Plastics and Allied Industries (partnership firm)
Pyramid Plastics (partnership firm)
P H Shah (HUF)
Chhaya Plastics (proprietorship firm)
The Maroon Maison (partnership firm)
ATP Bhupesh Family Private Trust (trust)
ATP Kajal Family Private Trust (trust)
3. Nilesh Punamchand Shah Bombay Traders (partnership firm)
B T Plastics and Allied Industries (partnership firm)
Pyramid Plastics (partnership firm)
P H Shah (HUF)
Chhaya Plastics (proprietorship firm)
Mulji Mehta and Sons Private Limited
The Maroon Maison (partnership firm)
Mulji Mehta and Sons (partnership firm)
Tarala Gandhi and Others (partnership firm)
Mehta Divyesh Hasmukh HUF
Nilesh ATP Family Private Trust (trust)
Sangeeta ATP Family Private Trust (trust)
347DIVIDEND POLICY
The declaration and payment of dividend on our Equity Shares of face value ₹2 each, if any, will be recommended
by our Board and approved by our Shareholders, at their discretion, subject to the provisions of our Articles of
Association and the applicable laws including the Companies Act, 2013.
The dividend distribution policy of our Company was approved and adopted by our Board on September 24, 2024
(“Dividend Policy”).
The dividend pay-out shall be determined by our Board after taking into account a number of factors, including
but not limited to: (i) internal factors such as profitable growth of our Company, cash flow position, accumulated
reserves, earning stability, future cash requirements for organic growth or inorganic growth, current and future
leverage, capital expenditure; and (ii) external factors such as business cycles, economic and regulatory
environment, cost of external financing, industry outlook, inflation rates and changes in governmental policies.
Any future determination as to the declaration and payment of dividends will be at the discretion of our Board.
Our Company has not declared any dividend on the Equity Shares of our Company in the last three Fiscals, and
the period from April 1, 2025 until the date of this Prospectus.
The amount of dividend paid in the past is not necessarily indicative of the dividend policy of our Company or
dividend amounts, if any, in the future. There is no guarantee that any dividends will be declared or paid in the
future on the Equity Shares. For details of risks in relation to our capability to pay dividend, see “Risk Factors –
We cannot assure payment of dividends on the Equity Shares in the future and our ability to pay dividends in the
future will depend upon future earnings, financial condition, cash flows, working capital requirements, capital
expenditures and restrictive covenants of our financing arrangements.” on page 81.
348SECTION V: FINANCIAL INFORMATION
FINANCIAL STATEMENTS
Sr. No. Financial Statements Page No.
1. Examination report on the Restated Consolidated and Standalone Financial Information 350 - 352
2. Restated Consolidated and Standalone Financial Information 353 - 408
[Remainder of this page has been intentionally left blank]
349Walker Chandiok & Co LLP
16th Floor, Tower III,
One International Center,
S B Marg, Prabhadevi (W),
Mumbai -400013
Maharashtra, India
T+91 22 6626 2699
F +91 22 6626 2601
Consolidated and Standalone Financial Information
To,
The Board of Directors,
All Time PlasticsLimited (formerly known as All Time Plastics Private Limited),
B-30, Royal Industrial Estate,
Wadala,
Mumbai 400031,
Maharashtra, India.
Dear Sirs,
1. We have examined the attached Restated Consolidated Financial Information of All Time Plastics Limited
(formerly knownasAllTime PlasticsPrivateLimited) (the Company or the Issuer )and its subsidiary (the
Company and its subsidiary together referred to as the Group ), comprising the Restated Consolidated
Statement of Assets and Liabilities as at 31 March 2025 and the Restated Consolidated Statements of Profit
and Loss (including other comprehensive income), the Restated Consolidated Statement of Changes in Equity
and the Restated Consolidated Cash Flow Statement for the year ended 31 March 2025 and the Restated
Standalone Statement of Assets and Liabilities as at 31 March 2024 and 31 March 2023 and the Restated
Standalone Statements of Profit and Loss (including other comprehensive income), the Restated Standalone
Statement of Changes in Equity and the Restated Standalone Cash Flow Statement for the years ended 31
March 2024 and 31 March 2023 and the Summary Statement of material accounting policies, and other
Restated Consolidated and Standalone Financial Information
as approved by the Board of Directors of the Company at their meeting held on 20July2025for the purpose of
inclusion in the Red Herring Prospectus RHP and Prospectus prepared by the Company in connection with
its proposed Initial Public Offer of prepared in terms of the requirements of:
a.
b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018, as amended ("ICDR Regulations"); and
c. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of
2. Directors is responsible for the preparation of the Restated Consolidated and
Standalone Financial Information for the purpose of inclusion in the RHP and Prospectus to be filed with
Securities and Exchange Board of India, National Stock Exchange of India LimitedandBSE Limited (collectively,
and Register of Companies, Maharashtra at Mumbai ( ROC ) in connection with the
proposed IPO. The Restated Consolidated and Standalone Financial Information have been prepared by the
management of the Company on the basis of preparation stated in note 1.1to the RestatedConsolidated and
Standalone Financial Information. The respective Board of Directors of the companies included in the Group,
responsibility includes designing, implementing and maintaining adequate internal control relevant to the
preparation and presentation of the Restated Consolidated and Standalone Financial Information. The Board of
Directors are also responsible for identifying and ensuring that the Group complies with the Act, ICDR
Regulations and the Guidance Note.
Chartered Accountants 350 Walker Chandiok & Co LLP is registered with
limited liability with identification number AAC-
Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, NewDelhi, 2085 and has its registered office at L-41,
Noida and Pune Connaught Circus, Outer Circle, New Delhi,
110001, IndiaInformation of All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
3. We have examined the Restated Consolidated and Standalone Financial Information taking into consideration:
a. The terms of reference and terms of our engagement agreed upon with you in accordance with our
engagement letter dated 29 July 2024, addendums dated 24 September 2024 and 05 June 2025, in
connection with the proposed IPO of equity shares of the Company;
b. The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements of the
Code of Ethics issued by the ICAI;
c. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence
supporting the RestatedConsolidated and Standalone Financial Information; and
d. The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to
assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations
and the Guidance Note in connection with the IPO.
4. These Restated Consolidated and Standalone Financial Information have been compiled by the
managementfromauditedconsolidatedfinancial statements of the Group as at and for the yearended 31March
2025 and the audited financial statements of the Company as at and for the years ended 31 March 2024 and
31 March 2023 prepared
read with Companies (Indian Accounting Standards) Rules 2015, as
amended,
5. For the purpose of our examination, we have relied on the a reports issued by us dated
04 June 2025 on the consolidated financial statements of the Group as at and for the year ended
31 March 2025 as referred in paragraph 4 above and the a
16 August 2024 and 27 September 2023 on the financial statements of the Company as at and for the year
ended 31 March 2024and31 March 2023respectively.
6. As indicated in our audit reporton the consolidated financial statement of the Group as at and for the year
ended 31 March 2025referred in above:
We did not audit financial statements of one subsidiary, whose share of total assets, total revenues, net cash
inflows / (outflows) and share of profit/ loss included in the consolidated financial statements for the yearended
31 March 2025 is tabulated below, which have been audited by other auditor, Ford Rhodes Parks & Co LLP,
consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of
thiscomponent, is based solely on the report of the other auditor
( in million)
Particulars As at / for the year ended
31 March 2025
Total assets 0.02
Total revenues Nil
Net cash outflows (0.04)
7. Based on our examination and according to the information and explanations given to us, we report that the
RestatedConsolidated and StandaloneFinancial Information:
a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors
and regrouping/reclassifications retrospectively forthe financial years ended31 March 2024and31 March
2023to reflect the same accounting treatment as per the accounting policies and grouping/ classifications
followed as at and for theyearended 31March2025;
b. does not contain any qualifications requiring adjustments.However, those qualifications/ observations the
Chartered Accountants 351 Walker Chandiok & Co LLP is registered with
limited liability with identification number AAC-
Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, 2085 and has its registered office at L-41,
Noida and Pune Connaught Circus, Outer Circle, New Delhi,
110001, IndiaInformation of All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
section (11) of section 143 of the Act for the years ended 31 March 2025, 31 March 2024 and
31 March 2023 which do not require any adjustments in the Restated Consolidated and Standalone
Financial Information have been disclosed in note 50 of the Restated Consolidated and Standalone
Financial Information;and
c. hasbeen prepared in accordance with the Act, ICDR Regulations and the Guidance Note.
8. The Restated Consolidated and Standalone Financial Information do not reflect the effects of events that
occurred subsequent to the respective dates of the reports on the auditedconsolidatedfinancial statementsand
audited financial statementsmentioned in paragraph 4 above.
9. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports
issued by us, nor should this report be construed as a new opinion on any of the financial statements referred
to herein.
10. We have no responsibility to update our report for events and circumstances occurring after the date of the
report.
11. Our report is intended solely for use of the Board of Directors for inclusion in the RHP and Prospectus to be
filed withthe Securities and Exchange Board of India, the Stock Exchangesand the ROCin connection with the
proposed IPO. Our report should not be used, referred to, or distributed for any other purpose except with our
prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other
purposeor to any other person to whom this report is shown or intowhose hands it may come without our prior
consent in writing.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No: 001076N/ N500013
Rajni Mundra
Partner
Membership no.: 058644
UDIN:25058644BMODLZ7157
Place:Mumbai
Date:20July2025
Chartered Accountants 352 Walker Chandiok & Co LLP is registered with
limited liability with identification number AAC-
Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, 2085 and has its registered office at L-41,
Noida and Pune Connaught Circus, Outer Circle, New Delhi,
110001, IndiaAll Time Plastics Limited (formerly known as All Time Plastics Private Limited) - - -
Restated Consolidated and Standalone Statement of Assets and Liabilities
Particulars Note As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Assets
Non-current assets
Property, plant and equipment 3 3,323.95 2,283.88 2,237.11
Right- of- use assets 4 42.92 39.63 67.47
Capital work-in-progress 5 219.27 337.96 45.69
Intangible assets 6 13.64 13.14 18.87
Intangible assets under development 7 - - -
Financial assets
- Loans 8 - - 0.17
- Other financial assets 9 30.29 32.89 32.45
Income-tax assets (net) 10 10.80 0.35 0.31
Other non-current assets 11 69.44 19.64 86.20
Total non-current assets (a) 3,710.31 2,727.49 2,488.27
Current assets
Inventories 12 733.25 520.79 622.34
Financial assets
- Investments 13 - 1.16 1.08
- Trade receivables 14 865.68 483.44 427.65
- Cash and cash equivalents 15 83.59 106.63 158.57
- Bank balances other than cash and cash equivalents 16 9.08 6.73 4.38
- Loans 17 1.03 1.53 1.31
- Other financial assets 18 11.85 6.02 1.63
Other current assets 19 208.43 300.81 299.57
Total current assets (b) 1,912.91 1,427.11 1,516.53
Total assets (a+b) 5,623.22 4,154.60 4,004.80
Equity and liabilities
Equity
Equity share capital 20 105.00 10.50 10.50
Other equity 21 2,382.79 2,008.71 1,565.96
Total equity (c) 2,487.79 2,019.21 1,576.46
Liabilities
Non-current liabilities
Financial liabilities
- Borrowings 22 1,017.56 751.66 934.25
- Lease liabilities 4 33.44 11.32 33.54
Deferred tax liabilities (net) 23 221.43 184.72 165.17
Other non-current liabilities 24 - 0.82 0.86
Total non-current liabilities (d) 1,272.43 948.52 1,133.82
Current liabilities
Financial liabilities
- Borrowings 25 1,167.55 671.80 783.15
- Lease liabilities 4 11.16 35.90 43.52
- Trade payables 26
- Total outstanding dues of micro enterprises and small enterprises 75.23 70.61 27.68
- Total outstanding dues of creditors other than micro enterprises and small enterprises 299.85 233.35 321.99
- Other financial liabilities 27 246.59 82.63 62.64
Other current liabilities 28 14.82 22.13 19.20
Provisions 29 47.80 40.54 32.40
Current tax liabilities (net) 30 - 29.91 3.94
Total current liabilities (e) 1,863.00 1,186.87 1,294.52
Total liabilities (d+e) 3,135.43 2,135.39 2,428.34
Total equity and liabilities (c+d+e) 5,623.22 4,154.60 4,004.80
TheaccompanyingsummarystatementofmaterialaccountingpoliciesandotherexplanatoryinformationareanintegralpartoftheseRestatedConsolidatedand
Standalone Financial Information.
This is the Restated Consolidated and Standalone Statement of Assets and Liabilities referred to in our report of even date.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of
Chartered Accountants All Time Plastics Limited (formerly known as All Time Plastics Private
Firm's Registration No. 001076N / N500013 Limited)
CIN: U25209MH2001PLC131139
Rajni Mundra Kailesh Punamchand Shah Bhupesh Punamchand Shah
Partner Chairman and Managing Director Whole Time Director
Membership No.: 058644 DIN No: 268442 DIN No: 281295
Place: Mumbai
Date: 20 July 2025
Manish Gattani Antony Pius Alapat
Chief Financial Officer Company Secretary
Membership No.: A34946
Place: Mumbai
Date: 20 July 2025
353All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Restated Consolidated and Standalone Statement of Profit and Loss
Particulars Note For the year ended For the year ended For the year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Income
Revenue from operations 31 5,581.67 5,128.53 4,434.86
Other income 32 10.68 30.24 2.78
Total Income 5,592.35 5,158.77 4,437.64
Expenses
Cost of materials consumed 33 3,471.16 2,992.45 2,806.16
Changes in inventories of finished goods, stock-in-trade and work-in-progress 34 (118.95) 50.30 (56.22)
Employee benefits expense 35 473.39 404.58 349.94
Finance costs 36 146.87 181.21 162.74
Depreciation and amortisation expenses 37 235.16 217.30 196.56
Impairment losses on financial assets 38 (11.22) 10.93 (7.37)
Other expenses 39 753.92 699.26 608.53
Total expenses 4,950.33 4,556.03 4,060.34
Profit before tax 642.02 602.74 377.30
Tax expense 30A
Current tax expense/ (loss):
- for the year 128.14 131.46 67.66
- pertaining to earlier year(s) 2.76 2.10 (3.38)
Deferred tax charge 38.18 21.28 30.32
Total tax expenses 169.08 154.84 94.60
Profit for the year (a) 472.94 447.90 282.70
Other comprehensive income for the year
Items that will not be reclassified to profit/ (loss)
(i) Remeasurement of defined benefit plans 45 (5.83) (6.88) (3.79)
(ii) Income-tax effect on above 30A 1.47 1.73 0.95
Other comprehensive income/ (loss) for the year (b) (4.36) (5.15) (2.84)
Total comprehensive income/ (loss) for the year (a+b) 468.58 442.75 279.86
Profit for the year attributable to:
- Owners of the Holding Company 472.94 447.90 282.70
- Non controlling interest - - -
472.94 447.90 282.70
Other comprehensive income for the year attributable to:
- Owners of the Holding Company (4.36) (5.15) (2.84)
- Non controlling interest - - -
(4.36) (5.15) (2.84)
Total comprehensive income for the year attributable to:
- Owners of the Holding Company 468.58 442.75 279.86
- Non controlling interest - - -
468.58 442.75 279.86
Earnings per equity share 43
9.01 8.53 5.38
TheaccompanyingsummarystatementofmaterialaccountingpoliciesandotherexplanatoryinformationareanintegralpartoftheseRestatedConsolidatedand
Standalone Financial Information.
This is the Restated Consolidated and Standalone Statement of Profit and Loss referred to in our report of even date.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of
Chartered Accountants All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Firm's Registration No. 001076N / N500013 CIN: U25209MH2001PLC131139
Rajni Mundra Kailesh Punamchand Shah Bhupesh Punamchand Shah
Partner Chairman and Managing Director Whole Time Director
Membership No.: 058644 DIN No: 268442 DIN No: 281295
Place: Mumbai
Date: 20 July 2025
Manish Gattani Antony Pius Alapat
Chief Financial Officer Company Secretary
Membership No.: A34946
Place: Mumbai
Date: 20 July 2025
354All Time Plastics Limited (formerly known as All Time Plastics Private Limited) - - -
Restated Consolidated and Standalone Cash Flow Statement
Particulars For the year ended For the year ended For the year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Cash flow from operating activities
Net profit before taxation 642.02 602.74 377.30
Adjustments for:
Depreciation and amortization expenses 235.16 217.30 196.56
Interest on term loans and working capital loans from banks 128.59 129.77 104.92
Interest on borrowings from related parties 9.75 35.53 37.44
Interest expenses on financial liabilities measured at amortised cost 1.72 4.47 7.70
Interest expenses on lease liability 2.65 4.70 5.73
Interest income on security deposits measured at amortised cost (0.17) (0.15) (0.10)
Interest income from banks (3.53) (2.12) (2.11)
Service income (2.58) (5.79) (6.88)
Interest on income-tax - 3.71 1.35
Loss/ (profit) on disposal of property, plant and equipment 0.35 (0.10) 0.15
Unrealised foreign exchange (gain)/ loss (3.98) (1.20) 2.45
Provision/ (Reversal) of impairment losses (11.22) 10.93 (7.37)
Sundry balances written off 3.05 0.78 1.48
Fair value gain on mutual funds measured at FVTPL 0.04 (0.08) (0.06)
(Gain) on lease modification (2.96) (0.21) -
Operating profit before working capital changes 998.89 1,000.28 718.56
Changes in working capital
Increase/ (decrease) in trade payables and other liabilities 230.96 (18.36) 99.02
Increase/ (decrease) in inventories (212.46) 101.55 (63.21)
Increase in trade and other receivables (329.29) (64.62) (26.50)
Cash generated from operating activities 688.10 1,018.85 727.87
Income-tax paid (net of refund) (171.26) (111.31) (62.66)
Net cash generated from operating activities 516.84 907.54 665.21
Cash flow from investing activities
Acquisition of property, plant and equipment and (1,137.06) (459.32) (444.05)
intangible assets ( net of capital creditors, capital work-
in-progress and advances)
Proceeds from sale of property, plant and equipment 2.39 1.52 0.02
Interest received - 0.62 1.54
Bank deposits made/ (matured) during the year 1.26 (2.49) (19.35)
Net cash used in investing activities (1,133.41) (459.67) (461.84)
Cash flow from financing activities
Proceeds from long-term borrowings 655.06 358.41 452.47
Repayment of long-term borrowings (546.22) (541.00) (286.86)
Payment of principal lease liabilities (25.02) (32.70) (27.74)
Payment of Interest on lease liabilities (2.65) (4.70) (5.73)
Proceeds from/ (repayment of) short-term borrowings (net) 652.42 (111.35) (91.05)
Finance costs paid (140.06) (168.47) (142.52)
Net cash flows (used in)/ generated from financing activities 593.53 (499.81) (101.43)
Net (decrease)/ increase in cash and cash equivalents (23.04) (51.94) 101.94
Cash and cash equivalents at the beginning of the year 106.63 158.57 56.63
Cash and cash equivalents at the end of the year 83.59 106.63 158.57
(a)TheaboveRestatedConsolidatedandStandalonecashflowstatementhasbeenprepared underthe"IndirectMethod"assetoutintheInd-AS7"statement
of cash flows ".
(This space has been intentionally left blank)
355All Time Plastics Limited (formerly known as All Time Plastics Private Limited) - - -
Restated Consolidated and Standalone Cash Flow Statement
Particulars For the year ended For the year ended For the year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
(b) Cash and cash equivalents comprise
Balances with banks:
- in current accounts 25.07 23.94 119.78
- in Exchange Earners Foreign Currency Account (EEFC) 14.02 15.51 30.34
Cash on hand 0.89 2.58 2.51
Bank deposits with original maturity of less than 3 months 43.61 64.60 5.94
Total cash and cash equivalents at end of the year 83.59 106.63 158.57
Refer note 49(ii) for reconcillation of cash flows from financing activities as required as per Ind AS 7.
The accompanying summary statement of material accounting policies and other explanatory information are an integral part of these Restated
Consolidated and Standalone Financial Information.
This is the Restated Consolidated and Standalone Cash flow Statement referred to in our report of even date.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of
Chartered Accountants All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Firm's Registration No. 001076N / N500013
CIN: U25209MH2001PLC131139
Rajni Mundra Kailesh Punamchand Shah Bhupesh Punamchand Shah
Partner Chairman and Managing Director Whole Time Director
Membership No.: 058644 DIN No: 268442 DIN No: 281295
Place: Mumbai
Date: 20 July 2025
Manish Gattani Antony Pius Alapat
Chief Financial Officer Company Secretary
Membership No.: A34946
Place: Mumbai
Date : 20 July 2025
356All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
(A) Corporate information
All Time Plastics Limited (formerly known as All Time Plastics Private Limited) (CIN:
U25209MH2001PLC131139) ( the Holding Company ) has its registered office at B-30, Royal
Industrial Estate Wadala Mumbai -400 031 and is a company domiciled in India incorporated under the
provisions of the erstwhile Companies Act, 1956 on 08 March 2001. The Holding Company has been
converted from a private limited company to a public limited company pursuant to aspecial resolution
passed at the Extraordinary General Meeting of its shareholders held on 15 May 2024 and
consequently, the name has been changed to All Time Plastics Limited and a revised certificate of
incorporation dated 05 August 2024, has been issued by the Ministry of Corporate Affairs.
The Holding Company is engaged in the business of plastic moulded articles. The Holding Company
currently has variousmanufacturing locationsin India as on reporting date.
The consolidated financial statements comprise financial statements of the Holding Company and its
subsidiary (theHoldingCompany and its subsidiary together referred to as the Group ) as under:
Name of
Name of the Nature of the Country of % Holding as at % Holding as at
subsidiary business Holding incorporation 31March 2025 31March 2024
Company
All Time Plastics
Trading of
Pte. Limited All Time
plastic
(incorporated on Plastics Singapore 100%(*) Not applicable
moulded
13 November Limited
articles
2024)
Note:
(*)The Holding Company and Dragon Bridge Pte.Limited have entered into a joint venture agreement during the
year ended 31March 2025 with a profit sharing ratio of 51:49. However, as at 31 March 2025, the said joint venture
company, All Time Plastic Pte. Limited,has been incorporated with 100% equity infusion from the Holding
Company.
(B) Material accounting policies and key accounting estimates and judgements
1.1 Basis ofpreparationand statement of compliance
(i) The Restated Consolidated and Standalone Financial Information comprising the Restated
Consolidated Statement of Assets and Liabilities as at 31 March 2025, the Restated Consolidated
Statements of Profit and Loss (including other comprehensive income), the Restated Consolidated
Statement of Changes in Equity and the Restated Consolidated Cash Flow Statement for the year
ended 31 March 2025 and the Restated Standalone Statement of Assets and Liabilities as at 31 March
2024 and 31 March 2023, the Restated Standalone Statements of Profit and Loss (including other
comprehensive income), the Restated Standalone Statement of Changes in Equity and the Restated
Standalone Cash Flow Statement for the year ended 31 March 2024 and 31 March 2023 and the
Summary Statement of Material Accounting Policies, and other explanatory information (hereinafter
referred to as the ).
The Restated Consolidated and Standalone Financial Information has been approved by the Board of
Directors of the Holding Company at their meeting held on 20 July 2025 and has been specifically
prepared by the management as per the requirements of Section 26 of Part I of Chapter III of the
Companies Act, 2013, read with Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018, as amended ( ) issued by the
Securities and Exchange Board of India ( ), in pursuance of the Securities and Exchange Board
of India Act, 1992, for inclusion in the Red Herring Prospectus ( ) and Prospectusto be prepared
by the Holding Company in connection with its proposed initial public offer of equity shares
357All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
of the Holding Company (referred to as the ) to be filed by the Holding Company with SEBI,
National Stock Exchange of India Limited and BSE Limited (together, ) and
Registrar of Companies, Maharashtra ( ROC ).
The Restated Consolidated and Standalone Financial Information has been prepared by the
management of the Holding Company to comply in all material respects with the requirements:
a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the );
b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended ( ); and
c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the
Institute of Chartered Accountants of India ( ), as amended from time to time (the
).
The Restated Consolidated and Standalone Financial Information have been compiled by the
management from audited consolidated financial statements of the Group as at and for the year ended
31 March 2025 and the audited standalone financial statements of the Company as at and for the years
ended 31 March 2024 and 31 March 2023, all of which wereprepared in accordance with the Indian
Ind AS
Companies (Indian Accounting Standards) Rules 2015, as amended, the presentation requirements of
Division II of Schedule III to the Companies Act, 2013, as amended from time to time and other
accounting principles generally accepted in India, which havebeen approved by the Board of Directors
of the Holding Company at their meetings held on 04 June 2025, 16 August 2024 and 27 September
2023,respectively.
The audited financial statements referred to
management on an accrual basis as a going concern on the basis of relevant Ind AS that are effective
or elected for early adoption at the Group .
The Restated Consolidated and Standalone Financial Information do not reflect the effects of events
that occurred subsequent to the respective dates of the board meeting for the adoption of the audited
financial statements referred toabove.
The Restated Consolidated and Standalone Financial Information havebeen prepared so as tocontain
information / disclosures and incorporating adjustments set out below in accordance with the SEBI
ICDR Regulations:
a) adjustments to the profits or losses of the earlier year(s) and of the year in which the change in
the accounting policy has taken place is recomputed to reflect what the profits or losses of those
year(s) would have been if a uniform accounting policy was followed in each of these year(s),
if any;
b) adjustments for reclassification of the corresponding items of income, expenses, assets and
liabilities, in order to bring them in line with the groupings as per the consolidated financial
statements of the Groupfor the year ended 31 March 2025 and the requirements of the SEBI
ICDR Regulations, if any; and
c) the resultant impact of tax due to the aforesaid adjustments, if any.
The Restated Consolidated and Standalone Financial Information do not reflect the effects of events
that occurred subsequent to the respective dates of the board meeting for theadoption of the audited
financial statementsreferred to above.
358All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
(ii) Basis of measurement
The Restated Consolidated and Standalone Financial Information have been prepared on a historical
cost basis, except for the following:
Financial assets and liabilities are measured at fair value or at amortised cost depending on
classification;
Derivative financial instruments is measured at fair value;
Defined benefit plans plan assets measured at fair value; and
Lease liability and right-of-use assets measured at present value of future lease payment.
(iii) Consistencyofaccountingpolicy
The accounting policies are applied consistently to all the periods presented in the Restated
Consolidated and Standalone Financial Information,unless otherwise stated.
(iv)Functionalcurrency and rounding of amounts
The Restated Consolidated and Standalone Financial Information ,
which is also the functional currency of the Holding Company. All amounts disclosed in the Restated
Consolidated and Standalone Financial Information have been rounded-off to the nearest million or
decimal thereof as per the requirements of Schedule III of the Act, unless otherwise stated. Amounts
- are Items included in the consolidated financial
is appropriate.
1.2Current and non-currentclassification
All assets and liabilities have been classified as current and non-current as per the Group's normal
operating cycle and other criteria set out in the Schedule III of the Act and Ind AS 1, Presentation of
Financial Statements.
Assets:
Anasset is classified as current when it satisfies any of the following criteria:
a) it is expected to be realised in, or is intended for sale or consumption in, the Group normal operating
cycle;
b) it is held primarily for the purpose of being traded;
c) it is expected to be realised within twelve months after the reporting date; or
d) it is cash or a cash equivalent unless it is restricted from being exchanged or used to settle a liability
for at least twelve months after the reporting date.
Liabilities:
A liability is classified as current when it satisfies any of the following criteria;
a) it is expected to be settled in the Group normal operating cycle;
b) it is held primarily for the purpose of being traded;
c) it is due to be settled within twelve months after the reporting date; or
d) the Groupdoes not have an unconditional right to defer settlement of the liability for at least twelve
months after the reporting date. Terms of a liability that could, at the option of the counterparty, result
in its settlement by the issue of equity instruments d
Current assets and liabilities include the current portion of assets and liabilities, respectively. All other
-current. Deferred tax assets and liabilities are always
disclosed as non-current.
359All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
Based on the nature of products and the time between acquisition of assets for processing and their
realisation in cash and cash equivalents, the Group has ascertained its operating cycle as 12 months
for the purpose of current or non-current classification of assets and liabilities.
1.3Use of estimates andjudgements
The preparation of Restated Consolidatedand StandaloneFinancial Informationrequires management
of the Holding Company to make judgements, estimates and assumptions that affect the reported
assets and liabilities, revenue and expenses and disclosures relating to contingent liabilities.
Management believes that the estimates used in the preparation of the Restated Consolidated and
Standalone Financial Informationare prudent and reasonable. Estimates and underlying assumptions
are reviewed by Holding
from these estimates. Any revision of these estimates is recognised prospectively in the current and
future periods.
The following are the critical judgements and estimates:
1.3.1 Judgements
(i) Leases
Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a
lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably
certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and
thereby assesses whether it is reasonably certain that any options to extend or terminate the contract
will be exercised. In evaluating the lease term, the Group considers factors such as any significant
leasehold improvements undertaken over the lease term, costs relating to the termination of the lease
and the importance of the underlying asset to Group operations taking into account the
location of the underlying asset and the availability of suitable alternatives. The lease term in future
periods is reassessed to ensure that the lease term reflects the current economic circumstances.
The Group also exercises the judgement in assessing whether the plant and machinery utilised
exclusively for production of the goods for customer is required to be considered as finance lease. In
evaluating the agreement with customers, the Group considers the factors such as control of design
and use of plant and machinery at its discretion over the economic useful life of these equipment.
(ii)Provisions and contingent liabilities
The Group exercises judgement in measuring and recognising provisions and the exposures to
contingent liabilities related to pending litigation or other outstanding claims subject to negotiated
settlement, mediation, government regulation, as well as other contingent liabilities. Judgement is
necessary in assessing the likelihood that a pending claim will succeed, or a liability will arise, and to
quantify the possible range of the financial settlement. Because of the inherent uncertainty in this
evaluation process, actual losses may be different from the originally estimated provision. Provisions
are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no
longer probable that the outflow of resources would be required to settle the obligation, the provision is
reversed.
1.3.2 Estimates
(i) Useful lives of property, plant and equipment, and intangible assets
Property, plant and equipment, and intangibles assets represent a significant proportion of the asset
base of the Group. The charge in respect of periodic depreciation is derived after determining an
useful lives and residual values of Group's assets are determined by the Management at the time the
360All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
asset is acquired and reviewed periodically, including at each financial periodend. The lives are based
on historical experience with similar assets as well as anticipation of future events, which may impact
their life, such as changes in technology.
(ii) Expected credit loss
The Group
loss allowance on the following:
Trade receivables
Financial assets measured at amortised cost (other than trade receivables).
Financialassetsmeasuredatfairvaluethroughothercomprehensiveincome( FVTOCI ).
In accordance with Ind AS 109, the Group applies ECL model for measurement and recognition of
impairment loss on the trade receivables or any contractual right to receive cash or another financial
asset that result from transactions that are within the scope of Ind AS 115.
For this purpose, the Group
on the trade receivable balances. The application of simplified approach does not require the Groupto
track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at
each reporting date, right from its initial recognition.
As a practical expedient, the Groupuses a provision matrix to determine impairment loss allowance on
portfolio of its trade receivables. The provision matrix is based on its historically observed default rates
over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every
reporting date, the historical observed default rates are updated and changes in the forward-looking
estimates are analysed.
In case of other assets, the Group determines if there has been a significant increase in credit risk of
the financial asset since initial recognition. If the credit risk of such assets has not increased
significantly, an amount equal to twelve month ECL is measured and recognised as loss allowance.
However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and
recognised as loss allowance.
(iii) Accounting for defined benefitplans
In accounting for post-retirement benefits, several statistical and other factors that attempt to anticipate
future events are used to calculate plan expenses and liabilities. These factors include expected return
on plan assets, discount rate assumptions and rate of future compensation increases. To estimate these
factors, actuarial consultants also use estimates such as withdrawal, turnover, and mortality rates which
require significant judgement. The actuarial assumptions used by the Groupmay differ materially from
actual results in future periods due to changing market and economic conditions, regulatory events,
judicial rulings, higher or lower withdrawal rates, or longer or shorter participant life spans.
(iv)Impairment of non-financial assets
-
amount exceeds its recoverable amount. To determine the recoverable amount, management
estimates expected future cash flows from each asset or cash generating unit and determines a suitable
interest rate in order to calculate the present value of those cash flows. In the process of measuring
expected future cash flows, Management makes assumptions about future operating results. These
assumptions relate to future events and circumstances. The actual results may vary and may cause
significant adjustments to the Group assets.
In most cases, determining the applicable discount rate involves estimating the appropriate adjustment
to market risk and the appropriate adjustment to asset-specific risk factors.
361All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
(v) Fair value of financialinstruments
Management uses valuation techniques in measuring the fair value of financial instruments where active
market quotes are not available. Details of the assumptions used are given in the notes regarding
financial assets and liabilities. In applying the valuation techniques, Management makes maximum use
of market inputs and uses estimates and assumptions that are, as far as possible, consistent with
observable data that market participants would use in pricing the instrument. Where applicable data is
not observable, Management uses its best estimate about the assumptions that market participants
transaction at the reporting date.
1.4 Property, plant and equipment
(i) Recognition and measurement
All items of property, plant and equipment, including freehold land, are initially recorded at cost. Cost of
property, plant and equipment comprises purchase price, non-refundable taxes, levies, and any directly
attributable cost of bringing the asset to its working condition for the intended use. The cost includes
the cost of replacing part of the property, plant and equipment and borrowing costs that are directly
attributable to the acquisition, construction or production of a qualifying property, plant and equipment.
Subsequent to initial recognition, property, plant and equipment other than freehold land are measured
at cost less accumulated depreciation and any accumulated impairment losses. Freehold land has an
unlimited useful life and therefore is not depreciated. The carrying values of property, plant and
equipment are reviewed for impairment when events or changes in circumstances indicate that the
carrying value may not be recoverable (refer to note 1.6 for more details). The Group had applied for
the one-time transition exemption of considering the carrying cost on the transition date i.e., 1 April
2020 as the deemed cost under Ind AS. Hence regarded thereafter as historical cost. When parts of an
item of property, plant and equipment have different useful lives, they are accounted for as separate
items (major components) of property, plant and equipment.
The cost of an item of property, plant and equipment is recognised as an asset if, and only if, it is
probable that future economic benefits associated with the item will flow to the Group and the cost of
the item can be measured reliably. Items such as spare parts, stand-by equipment and servicing
equipment that meet the definition of property, plant and equipment are capitalised at cost and
depreciated over their useful life. Costs in nature of repairs and maintenance are recognised in the
restated statement of profit and loss as and when incurred.
Advances paid towards the acquisition of property, plant and equipment outstanding at each reporting
date is disclosed as capital advance under non-current assets.
Capital work-in-progress included in non-current assets comprises of direct costs, related incidental
expenses and attributable interest. Capital work-in-progress are not depreciated as these assets are
not yet available for use.
(ii) Depreciation
Depreciation on the property, plant and equipment (other than freehold land) is provided based on
useful life of the assets as prescribed in Schedule II to the Act except for certain class of assets, based
on the technical evaluation and assessment, the Groupbelieves that the useful lives adopted by it best
represent the period over which an asset is expected to be available for use. Accordingly, for these
assets, the useful lives estimated by the Groupare different from those prescribed in the Schedule II.
Depreciation on property, plant and equipment, which are added/disposed-off during the period/year, is
provided on pro-rata basis with reference to the month of addition/deletion, in the restated statement of
profit and loss.
Theresidualvalues,usefullives andmethods ofdepreciationofproperty,plantandequipmentare
reviewed at each financial period end and, if expectations differ from previous estimates, the
362All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
change(s) are accounted for as a change in an accounting estimate in accordance with Ind AS 8,
Accounting Policies, Changes in Accounting Estimates andErrors.
The estimated useful lives are as follows:
Property, plant and equipment Useful life
Buildings 30 years
Plant and machinery 15 years
Furniture and fixtures 8 years
Office equipment 5 years
Computers 3 years
Vehicles 10 years
Leasehold improvements are amortised over the lower of lease period or estimated useful life, on
straight line basis from the date that they are available for use.
(iii) De-recognition
An item of property, plant and equipment, is de-recognised upon disposal or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset
(calculatedasthedifferencebetweenthenetdisposalproceedsandthecarryingamountoftheasset)
isincludedintherestated statement of profit and loss.
1.5Intangibleassets
(i) Recognition and measurement
Intangible assets consists of computer software acquired separately are measured on initial
recognition at cost. Following initial recognition, intangible assets are carried at cost less
accumulated amortisation and accumulated impairment loss, if any (refer to note 1.6 for more
details).Subsequent expenditures are capitalised only when they increase the futureeconomicbenefits
embodiedinthespecificassettowhichtheyrelate.
(ii) Amortisation
The Group amortises intangible assets with a finite useful life using the straight-line method over the
following useful lives:
Computer software 3 years
reviewed at each reporting date.
(iii) De-recognition of intangible assets
Intangible assets are de-
expected from their use. Losses arising on such de-
are measured as the difference between the net disposal proceeds, if any, and the carrying amount of
respective intangible assets as at the date of de-recognition.
1.6 Impairment of non-financialassets
The Group assesses, at each reporting date, whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group
cash- -in-use. Recoverable amount
is determined for an individual asset, unless the asset does not generate cash inflows that are largely
363All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
independent of those from other assets or groups of assets. When the carrying amount of an asset or
CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. Non-financial assets that suffered an impairment are reviewed for possible
reversal of the impairmentattheendofeachreportingperiod.
Impairment losses, including impairment on inventories, are recognised in the restated statement of
profit and loss.
1.7Borrowingcosts
Borrowing costs consists of interest, ancillary costs and other costs in connection with the borrowing of
funds and exchange differences arising from foreign currency borrowings to the extent they are
regardedasanadjustmenttointerestcosts.
Borrowing costs attributable to acquisition and/or construction of qualifying assets are capitalised as a
part of the cost of such assets, up to the date such assets are ready for their intended use. Other
borrowing costs are charged to the restated statement of profit and loss.
1.8Foreign currency transactions andbalances
Transactions in foreign currencies are translated to the respective functional currencies of the Group
Companiesat exchange rates at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation of monetary items denominated in foreign currency at prevailing reporting date exchange
rates are recognised in restated statement of profit and loss. Non-monetary items are measured at
historical cost (translated using the exchange rates at the transaction date), except for non-monetary
items measured at fair value which are translated using the exchange rates at the date when fair value
was determined.
The financial statements of foreign operations that have a functional currency different from the
presentation currency are translated as follows:
a) Assets and liabilities are translated at the closing rate prevailing on the reporting date;
b) Income and expenses are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which
case income and expenses are translated at the dates of the transactions); and
c) All resulting exchange differences are recognised in other comprehensive income.
On disposal of a foreign operation, the related cumulative translation differences recognised in equity
are re-classified to statement of profit and loss and are recognised as part of the gain or loss on disposal.
1.9 Inventories
Inventories consistsof raw materials and packing materials, stores, spares and consumables, work-in-
progress, stock-in-trade and finished goods and are measured at the lower of cost and net realizable
value after providing for obsolescence, if any.
Cost of inventories is determined on a weighted moving average basis. Net realizable value is the
estimated selling price in the ordinary course of business, less the estimated costs of completion and
costs necessary to make the sale.
Cost includes expenditures incurred in acquiring the inventories, production or conversion costs and
other costs incurred in bringing them to their existing location and condition. In the case of finished
goods and work-in-progress, cost includes an appropriate share of overheads based on normal
operating capacity.
364All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
Raw materials and packing materials are considered at replacement cost if the finished products, in
which they will be used, are expected to be sold at or above cost.
Stores and spares are inventories that do not qualify to be recognised as property, plant and equipment
and consists of packing materials, engineering spares (such as machinery spare parts), which are used
in operating machines or consumed as indirect materials in the manufacturing process.
1.10 Revenue recognition
A contract with a customer exists only when: the parties to the contract have approved it and are
committed to perform their respective obligations, the Group
Group can determine
the transaction price for the goods or services to be transferred, the contract has commercial substance
and it is probable that the Groupwill collect the consideration to which it will be entitled in exchange for
the goods or services that will be transferred to the customer.
Revenues are recorded in the amount of consideration to which the Group expects to be entitled in
exchange for performance obligations upon transfer of control to the customer and is measured at the
amount of transaction price allocated to that performance obligation. The transaction price of goods
sold and services rendered is net of estimated incentives, returns, rebates and applicable trade
discounts, allowances, Goods and Services Tax ( GST ) and amounts collected on behalf of third
parties.
(i) Sale of products
The majority of customer contracts that the Groupenters into consist of a single performance obligation
for the delivery of products. The Group recognise revenue from product sales when control of the
product transfers, generally upon shipment or delivery, to the customer. The Group records product
sales net of estimated incentives/discounts, returns, and other related charges. These are generally
accounted for as variable consideration estimated in the same period the related sales occur. The
methodology and assumptions used to estimate rebates and returns are monitored and adjusted
regularly in the light of contractual and legal obligations, historical trends, past experience and projected
market conditions. The revenue for such variable consideration is included in the Group estimate of
the transaction price only if it is highly probable that a significant reversal of revenue will not occur once
any uncertainty is resolved. In making this assessment the Group considers its historical record of
performance on similar contracts.
(ii) Interest income
Interest income from a financial asset is recognised when it is probable that the economic benefits will
flow to the Groupand the amount of income can be measured reliably. Interest income is accrued on a
time basis, by reference to the principle outstanding and at the effective interest rate applicable, which
is the rate that discounts estimated future cash receipts through the expected life of the financial asset
(iii) Other Income
Other Income consists of miscellaneous income and is recognised when it is probable that economic
benefits will flow to the Groupand amount of income can be measured reliably.
1.11Employeebenefits
(i) Short-term employeebenefits
All employee benefits payable wholly within twelve months of rendering the service are classified as
short-term employee benefits. Benefits such as salaries, wages etc., and the expected cost of ex-gratia
are recognised in the period in which the employee renders the related service. A liability is recognised
for the amount expected to be paid if the Group has a present legal or constructive obligation to pay
this amount as a result of past service provided by the employee and the obligation can be estimated
reliably.
365All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
(ii) Defined contribution
Post-
Labour Welfare Fund, Employee State Insurance Corporation ( ESIC ) are charged to the restated
statement of profit and loss for the year when the contributions to the respective funds accrue. The
Groupdoes not have any obligation other than the contribution made.
(iii) Defined benefit plans
Gratuity obligations
Post-retirement benefit plans such as gratuity is determined on the basis of actuarial valuation made by
an independent actuary as at the reporting date. Re-measurement, comprising actuarial gains and
losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets
(excluding net interest), is recognised in other comprehensive income in the period in which they occur.
Re-measurement recognised in other comprehensive income is included in retained earnings and will
not be reclassified to restated statement of profit and loss.
The present value of the defined benefit obligation is determined by discounting the estimated future
cash outflows by reference to market yields at the end of the reporting period on government bonds
that have terms approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the
restated statement of profit and loss.
Changes in the present value of the defined benefit obligation resulting from plan amendments or
curtailments are recognised immediately in restated statement of profit and loss as past service cost.
(iv)Other benefitplans
Liability in respect of compensated absences becoming due or expected to be availed within one year
from the reporting date is recognised on the basis of undiscounted value of estimated amount required
to be paid or estimated value of benefit expected to be availed by the employees. Liability in respect of
compensated absences becoming due or expected to be availed more than one year after the reporting
date is estimated on the basis of an actuarial valuation performed by an independent actuary using the
projected unit credit method at the period-end. Actuarial gains/losses are immediately taken to the
restated statement of profit and loss and are not deferred.
1.12 Taxes
Income tax expense comprises of current tax expense and deferred tax expense/benefit. Current and
deferred taxes are recognised in restated statement of profit and loss, except when they relate to items
that are recognised in other comprehensive income or directly in equity,in which case, the current and
deferred tax are also recognised in other comprehensive income or directly in equity.
(i) Currentincome-tax
Current income-tax is the amount of tax payable on the taxable income for the period/year as
determined in accordance with the provisions of the applicable income tax law. The current tax is
calculated using tax rates that have been enacted or substantively enacted, at the reporting date, and
any adjustment to tax payable in respect of previous years. Current tax assets and tax liabilities are
offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
(ii) Deferredtax
366All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
Deferred tax is recognised using the Balance Sheet approach on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available
against which the deductible temporary differences, and the carry forward of unused tax credits and
unused tax losses can be utilised, except when the deferred tax asset relating to the deductible
temporary difference arises from the initial recognition of an asset or liability in a transaction that is not
a business combination and, at the time of the transaction, affects neither the accounting profit nor the
taxableprofit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and
are recognised to the extentthatithasbecomeprobablethatfuturetaxableprofitswillallowthedeferred
taxassettoberecovered.
Deferred tax assets and liabilities are measured using substantively enacted tax rates expected to apply
to taxable income in the years in which the temporary differences are expected to be recovered or
settled.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets and liabilities.
1.13 Leases
The determination of whether an arrangement is (or contains) a lease is based on the substance of the
arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the
arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right
to use the asset or assets, even if that right is not explicitly specified in an arrangement.
Groupas a lessee
The Group lease asset classes primarily consist of leases for factory buildings and commercial
premises. The Group assesses whether a contract contains a lease, at inception of a contract. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. To assess whether a contract conveys the right to
control the use of an identified asset, the Groupassesses whether: (i) the contract involves the use of
an identified asset (ii) the Group has substantially all of the economic benefits from use of the asset
through the period of the lease and (iii) the Grouphas the right to direct the use of the asset.
At the date of commencement of the lease, the Group recognises a right-of-
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a
term of twelve months or less (short-term leases) and low value leases. For these short-term and low
value leases, the Group recognises the lease payments as an operating expense on a straight-line
basis over the term of the lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the
lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that
they will be exercised. The right-of-use assets are initially recognised at cost, which comprises the initial
amount of the lease liability adjusted for any lease payments made at or prior to the commencement
date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured
at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the
shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for
recoverability whenever events or changes in circumstances indicate that their carrying amounts may
not be recoverable.
367All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
The lease liability is initially measured at amortised cost at the present value of the future lease
payments. The lease payments are discounted using the interest rate implicit in the lease or, if not
readily determinable, using the incremental borrowing rates in the country of domicile of these leases.
Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the
Groupchanges its assessment if whether it will exercise an extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease
payments have been classified as financing cash flows.
1.14Cash and cashequivalents
Cash and cash equivalents comprise cash on hand and cash at bank including fixed deposit with original
maturity period of three months or less and short-term highly liquid investments with an original maturity
of three months or less.
1.15Cash flow statement
Cash flows are reported using the indirect method, where by profit before tax is adjusted for the effects
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts
or payments and item of income or expense associated with investing or financing cash flows. The cash
flows from operating, investing and financing activities of the Groupare segregated.
1.16Provisions
Provisions are recognised when the Grouphas a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated. Provisions are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in
settlement is determined by considering the class of obligations as a whole. A provision is recognised
even if the likelihood of an outflow with respect to any one item included in the same class of obligations
may be small.
Provisions are measured at the present value of the m
required to settle the present obligation at the end of the reporting period. The discount rate used to
determine the present value is a pre-tax rate that reflects current market assessments of the time value
ofmoney and the risks specific to the liability. The increase in the provision due to the passage of time
is recognised as interest expense.
1.17Contingencies
Disclosure of contingent liabilities is made when there is a possible obligation or a present obligation
that may, but probably will not, require an outflow of resources. Where there is possible obligation or a
present obligation in respect of which the likelihood of outflow of resources is remote, no provision or
disclosure is made.
Contingent assets are not recognised in the Financial Statements. However, contingent assets
are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the
asset and related income are recognised in the period in which the change occurs.
1.18Fair valuemeasurement
The Groupmeasures financial instruments at fair value at each reporting date.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
368All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
(i) Financial assets
(a) Classification
The Groupclassifies its financial assets in the following measurement categories:
those to be measured subsequently at fair value (either through other comprehensive income,
or through restated statement of profit and loss); and
those to be measured at amortised cost. The classification depends on
model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in restated statement of
profit and loss or other comprehensive income. Financial assets are not reclassified subsequent to their
initial recognition, except if and in the period the Group changes its business model for managing
financial assets.
(b)Initial recognition and measurement
Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e.,
the date that the Groupcommits to purchase or sell the asset. All financial assets are recognised initially
at fair value plus, in the case of financial assets not recorded at fair value through restated statement
of profit and loss, transaction costs that are attributable to the acquisition of thefinancial asset. Trade
receivables are initially recognised at transaction price as they do not contain a significant financing
component.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at fair value through profit and loss:
the asset is held within a business model whose objective is to hold assets to collect contractual cash
flows; and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair
value basis are measured at fair value through profit and loss.
All financial assets not classified as measured at amortised cost or fair value through other
comprehensive income as described above are measured at fair value through profit and loss. On initial
recognition, the Group may irrevocably designate a financial asset that otherwise meets the
requirements to be measured at amortised cost or at fair value through other comprehensive income
or as at fair value through profit and loss if doing so eliminates or significantly reduces an
accounting mismatch that would otherwise arise.
(c) Subsequent measurement
Financial assets at amortised cost are subsequently measured at amortised cost using the effective
interest method. Interest income is recognised in profit or loss. Any gain or loss on derecognition is also
recognised in the restated statement of profit and loss.
Financial assets at fair value through profit and loss are subsequently measured at fair value. Net gains
and/or losses, including any interest income are recognised in the profit or loss.
(d) De-recognition
The Groupde-recognises a financial asset only when the contractual rights to the cash flows from the
asset expires or it transfers the rights to receive the contractual cash flows in a transaction in which
substantially all of the risks and rewards of ownership of the financial asset are transferred or in which
369All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
theGroupneither transfers nor retains substantially all of the risks and rewards of ownership and does
not retain control of the financial asset.
If the Group enters into transactions whereby it transfers assets recognised on its balance sheet, but
retains either all or substantially all of the risks and rewards of the transferred assets, the transferred
assets are not de-recognised.
(e) Impairment of financial assets
The Groupassesses at each reporting date whether a financial asset or a group of financial assets is
impaired. In accordance with Ind AS 109, the Groupapplies the expected credit loss (ECL) model for
measurement and recognition of impairment loss on trade receivables or any contractual right to receive
Group
recognition of impairment loss allowance on the trade receivable balances. The application of this
proach does not require the Group to track changes in credit risk. Rather, it recognizes
impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition. As a practical expedient, the Group uses a provision matrix to determine impairment loss
allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed
default rates over the expected life of the trade receivables and is adjusted for forward-looking
estimates. At everyreporting date, the historical observed default rates are updated and changes in the
forward-looking estimates are analysed.
(ii) Financial liabilities
(a) Classification
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value profit and loss
orat amortised cost.
Financial liabilities at fair value through profit and loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit and loss. This
category also includes derivative financial instruments entered into by the Groupthat are not designated
as hedging instruments in hedge relationships as defined by Ind AS 109.
The Group financial liabilities include trade and other payables and derivative financial
instruments.
(b)Initial recognition and measurement
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
(c) Subsequent measurement
Financial liabilities at fair value through profit and loss are measured at fair value and net gains and
losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are
subsequently measured at amortised cost using the effective interest method. Interest expense and
foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is
also recognised in profit or loss.
(d)Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised
cost using the effective interest rate ( EIR ) method. Gains and losses are recognised in restated
statement of profit and loss when the liabilities are de-recognised as well as through the EIR
amortisation process.
370All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
restated statement of profit and loss.
This category generally applies to interest-bearing loans and borrowings.
(e) De-recognition
The Group derecognises a financial liability when its contractual obligations are discharged or
cancelled, or expire.
The Groupalso derecognises a financial liability when its terms are modified and the cash flows under
the modified terms are substantially different. In this case, a new financial liability based on the
modified terms is recognised at fair value. The difference between the carrying amount of the financial
liability extinguished and the new financial liability with modified termsis recognised in restated
statement of profit and loss.
(iii)Derivative financialinstruments
The Groupuses derivative financial instruments, such as foreign exchange forward to hedge its foreign
currency risks. Such derivative financial instruments are initially recognised at fair value on the date on
which a derivative contract is entered into and are subsequently re-measured at fair value. The changes
in fair value of such derivative contracts, as well as the foreign exchange gain and losses relating to
monetary items are recognised in the restated statement of profit and loss. Derivatives are carried as
financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
(iv)Offsetting financialassets and liabilities
Financial assets and liabilities are offset and the net amount is reported in the restated balance sheet
where there is a legally enforceable right to offset the recognised amounts and there is an intention to
settle on a net basis or realise the asset andsettle the liability simultaneously. The legally enforceable
right must not be contingent on future events andmustbeenforceableinthenormalcourse ofbusiness
andintheeventofdefault,insolvencyorbankruptcyoftheGrouporthecounterparty.
1.19 Earnings per share
Basic earnings per share is calculated by dividing the net profit for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year. The
weighted average numbers of equity shares outstanding during the year are adjusted for events such
as bonus issue and share split. For the purpose of calculating diluted earnings per share, the net profit
or loss for the year attributable to equity shareholders and the weighted average number of shares
outstanding during theyear are adjusted for the effects of all dilutive potential equity shares. The dilutive
potential equity shares are deemed to be converted as of the beginning of the period, unless they have
been issued at a later date.
1.20 Segment reporting
Operating segments are defined as components of an entity where discrete financial information is
and in assessing performance. The Board of Directors is its CODM. The Company
financial information presented on aggregated basis for the purposes of making operating decisions,
allocating resources, and evaluating financial performance. As such, the Company has determined that
the Group operates in one operating and reportable segment.
1.21Share issue expenses
All the initial public offer related expenditures will be adjusted against the Securities Premium, in
accordance with Section 52 of the Companies Act, 2013 on successful completion of the issue, to the
extent any balance is available for utilisation under the Securities Premium. Any amounts, in excess of
the balance in the Securities Premium account would be expensed off in the Statement of Profit and
Loss.
371All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
1.22Recent accountingpronouncements
under Companies (Indian Accounting Standards) Rules as issued from time to time. During the year
ended 31March2025, MCA has notified Ind AS 117 Insurance Contracts and amendments to Ind AS
116 Leases, relating to sale and leaseback transactions, applicable to the Group with effect from 1
April 2024. The Group has reviewed the new pronouncements and based on its evaluation has
determined that it does not have any significant impact in its Restated Consolidated and Standalone
Financial Information.
New standards and amendments to existing Standards which are issued but are not yet effective
and have not been early adopted by the Group
As on the date of preparation of these Restated Consolidated and Standalone Financial Information,
there are no new and amended standards that are issued, but not yet effective till 31 March 2025.
2 Principles of consolidation
Investment in subsidiary
Asubsidiary is an entity controlled by the Group. The Group controls an entity when it is exposed to, or
has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. The net assets and results of acquired businesses are included
in the consolidated financial statements from their respective dates of acquisition, being the date on
which the Group obtains control. The results of disposed businesses are included in the consolidated
financial statements up to their date of disposal, being the date control ceases.
The financial statements of thesubsidiary are included in these consolidated financial statements from
the date that control commences until the date that control ceases. The financial statements of the
subsidiary used for the purpose of consolidation are drawn up to the same reporting date as that of the
Group and have been prepared using uniform accounting policies for like transactions and other events
in similar circumstances and are presented to the extent possible, in the same manner, as the
Non-controlling interests represent that part of the total comprehensive income and net assets of
subsidiary attributable to the interest which is not owned, directly or indirectly, by the Holding Company.
Non-controlling interests in the net assets of aconsolidated subsidiary is identified and presented in the
consolidated Balance Sheet separately within equity.
The consolidated financial statements of the Group have been combined on a line-by-line basis by
adding together the book values of like items of assets, liabilities, income and expenses, after fully
eliminating intra-group balances and intra-group transactions and resulting unrealised profits.
Unrealised losses resulting from intra-group transactions are eliminated unless cost cannot be
recovered.
The Group treats transactions with non-controlling interests that do not result in a loss of control as
transactions with equity owners of the Group. A change in ownership interest results in an adjustment
between the carrying amounts of the controlling and non-controlling interests to reflect their relative
interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling
interests and any consideration paid or received is recognised within equity. The Group treats
transactions with non-controlling interests that do not result in a loss of control as transactions with
equity owners of the Group. A change in ownership interest results in an adjustment between the
carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the
subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any
consideration paid or received is recognised within equity.
The profit and other comprehensive income attributable to non-controlling interest of the subsidiary
are shown separately in the consolidated statement of profit and loss and consolidated statement of
changes in equity. Upon loss of control, the Group de-recognises the assets and liabilities of the
subsidiary, any non-controlling interests and the other components of equity related to the subsidiary.
Any surplus or deficit arising on the loss of control is recognised in the consolidated profit or loss. If
372All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the
Restated Consolidated and Standalone Financial Information
the Group retains any interest in the previous subsidiary, then such interest is measured at fair value
at the date that control is lost. Subsequently, it is accounted for as an equity accounted investee or as
a FVTOCI or FVTPL financial asset, depending on the level of influence retained.
373All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Restated Consolidated and Standalone Statement of Changes in Equity
(A) Equity share capital (Refer note 20)
No. of shares Amount
Balance as at 1 April 2022 (Standalone) 1,050,000 10.50
Changes during the year - -
Balance as at 31 March 2023 (Standalone) 1,050,000 10.50
Changes during the year - -
Balance as at 31 March 2024 (Standalone) 1,050,000 10.50
Add: Impact of shares split (Refer note 20(f)) 4,200,000 -
Add: Issued of bonus shares (Refer note 20(f)) 47,250,000 94.50
Changes during the year - -
Balance as at 31 March 2025 (Consolidated) 52,500,000 105.00
(B) Other equity (Refer note 21)
Reserves and surplus Total other equity
Capital reserve Securities Retained
premium earnings
Balance as at 1 April 2022 (Standalone) 0.90 94.10 1,191.10 1,286.10
Profit for the year (net of taxes) - - 282.70 282.70
Other comprehensive income for the year (net of taxes):
- Re-measurement of defined benefit plans - - (2.84) (2.84)
Total comprehensive income for the year - - 279.86 279.86
Balance as at 31 March 2023 (Standalone) 0.90 94.10 1,470.96 1,565.96
Profit for the year (net of taxes) - - 447.90 447.90
Other comprehensive income for the year (net of taxes):
- Re-measurement of defined benefit plans - - (5.15) (5.15)
Total comprehensive income for the year - - 442.75 442.75
Balance as at 31 March 2024 (Standalone) 0.90 94.10 1,913.71 2,008.71
Bonus shares issued (Refer note 20(f)) (94.50)
Profit for the year (net of taxes) - - 472.94 472.94
Other comprehensive income for the year (net of taxes):
- Re-measurement of defined benefit plans - - (4.36) (4.36)
Total comprehensive income for the year - - 374.08 468.58
Balance as at 31 March 2025 (Consolidated) 0.90 94.10 2,287.79 2,477.29
The accompanying summarystatement of material accounting policies and other explanatory information are an integral part of these Restated
Consolidated and Standalone Financial Information.
This is the Restated Consolidated and Standalone Statement of changes in equity referred to in our report of even date.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of
Chartered Accountants All Time Plastics Limited (formerly known as All Time Plastics
Firm's Registration No. 001076N / N500013 Private Limited)
CIN: U25209MH2001PLC131139
Rajni Mundra Kailesh Punamchand Shah Bhupesh Punamchand Shah
Partner Chairman and Managing Director Whole Time Director
Membership No.: 058644 DIN No: 268442 DIN No: 281295
Place: Mumbai
Date : 20 July 2025
Manish Gattani Antony Pius Alapat
Chief Financial Officer Company Secretary
Membership No.: A34946
Place: Mumbai
Date : 20 July 2025
374All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
3 Property, plant and equipment
Freehold land Buildings Plant and Furniture and Vehicles Office Computers Total
machinery fixtures equipment
Gross block
Balance as at 1 April 2022 (Standalone) 30.40 327.06 1,691.85 20.53 20.43 9.93 11.65 2,111.85
Additions for the year 148.56 3.89 350.33 0.35 10.97 1.89 2.59 518.58
Disposals for the year - - (0.79) - - - - (0.79)
Balance as at 31 March 2023 (Standalone) 178.96 330.95 2,041.39 20.88 31.40 11.82 14.24 2,629.64
Additions for the year - 1.33 207.06 6.08 6.79 4.99 2.01 228.26
Disposals for the year - - (0.81) - (2.26) - - (3.07)
Balance as at 31 March 2024 (Standalone) 178.96 332.28 2,247.64 26.96 35.93 16.81 16.25 2,854.83
Additions for the year 114.55 589.59 512.13 5.29 0.82 16.48 10.23 1,249.09
Disposals for the year - - (6.10) - (0.59) (0.11) (0.41) (7.21)
Balance as at 31 March 2025 (Consolidated) 293.51 921.87 2,753.67 32.25 36.16 33.18 26.07 4,096.71
Accumulated depreciation
Balance as at 1 April 2022 (Standalone) - 23.15 188.32 5.73 5.78 3.36 4.61 230.95
Depreciation for the year - 11.77 138.13 2.76 3.99 1.92 3.63 162.20
Disposals during the year - - (0.62) - - - - (0.62)
Balance as at 31 March 2023 (Standalone) - 34.92 325.83 8.49 9.77 5.28 8.24 392.53
Depreciation for the year - 11.87 155.09 2.78 4.38 2.37 3.58 180.07
Disposals during the year - - (0.27) - (1.38) - - (1.65)
Balance as at 31 March 2024 (Standalone) - 46.79 480.65 11.27 12.77 7.65 11.82 570.95
Depreciation for the year - 21.38 171.40 2.33 4.56 3.59 3.02 206.28
Disposals during the year - - (3.49) - (0.56) (0.32) (0.10) (4.47)
Balance as at 31 March 2025 (Consolidated) - 68.17 648.56 13.60 16.77 10.92 14.74 772.76
Net block
Carrying amount as at 31 March 2023 (Standalone) 178.96 296.03 1,715.56 12.39 21.63 6.54 6.00 2,237.11
Carrying amount as at 31 March 2024 (Standalone) 178.96 285.49 1,766.99 15.69 23.16 9.16 4.43 2,283.88
Carrying amount as at 31 March 2025 (Consolidated) 293.51 853.70 2,105.11 18.65 19.39 22.26 11.33 3,323.95
Notes:
1. Property, plant and equipment have been pledged as security for borrowings. Refer note 22 and 25.
2. The Group has not revalued its property, plant and equipment during the years ended 31 March 2025, 31 March 2024 and 31 March 2023.
3. The title deeds of the immovable property (other than properties where the Group is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the respective
companies.
4. There are no contractual obligations for the acquisition of property, plant and equipment as at the year ended 31 March 2025, 31 March 2024 and 31 March 2023.
(This space has been intentionally left blank)
375All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
4 Right-of-use assets:
4.1Group as a lessee
TheGrouphasleasesfortheofficebuildingandwarehousefacilities.Withtheexceptionofshorttermleasesandleasesoflow-valueunderlyingassets,eachleaseisreflectedonthe
balance sheet as a right-of-use asset and a lease liability.
Eachleasegenerallyimposesarestrictionthat,unlessthereisacontractualrightfortheCompanytosubleasetheassettoanotherparty,theright-of-useassetcanonlybeusedbythe
Group.TheGroupisprohibitedfromsellingorpledgingtheunderlyingleasedassetsassecurity.Further,theCompanyisrequiredtopaymaintenancefeesinaccordancewiththelease
contracts.
4.2Movement of right-of-use asset: Building Total
Gross block
Balance as at 1 April 2022 (Standalone) 112.24 112.24
Additions during the year 22.76 22.76
Balance as at 31 March 2023 (Standalone) 135.00 135.00
Additions during the year 5.01 5.01
Adjustment during the year (0.16) (0.16)
Deletions during the year (5.97) (5.97)
Balance as at 31 March 2024 (Standalone) 133.88 133.88
Additions during the year 39.13 39.13
Adjustment during the year - -
Deletions during the year (84.73) (84.73)
Balance as at 31 March 2025 (Consolidated) 88.27 88.27
Accumulated depreciation
Balance as at 1 April 2022 (Standalone) 38.79 38.79
Charge for the year 28.74 28.74
Balance as at 31 March 2023 (Standalone) 67.53 67.53
Charge for the year 31.16 31.16
Deletions during the year (4.44) (4.44)
Balance as at 31 March 2024 (Standalone) 94.25 94.25
Charge for the year 22.72 22.72
Deletions during the year (71.62) (71.62)
Balance as at 31 March 2025 (Consolidated) 45.35 45.35
Net block as on 31 March 2023 (Standalone) 67.47 67.47
Net block as on 31 March 2024 (Standalone) 39.63 39.63
Net block as on 31 March 2025 (Consolidated) 42.92 42.92
4.3i) The amounts recognised in restated consolidated statement of profit or loss:
For the year ended For the year ended For the year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Depreciation expense of right-of-use assets 22.72 31.16 28.74
Interest expense on lease liabilities 2.65 4.70 5.73
Gain on lease modification (2.96) (0.21) -
Expense relating to short term leases (Lease payments not included in measurement of liability) 0.86 1.85 1.54
23.27 37.50 36.01
ii) The amounts recognised in restated consolidated cash flow statement:
31 March 2025 31 March 2024 31 March 2023
Payment of lease liabilities- principal and interest 27.67 37.40 33.47
iii) Payments associated with short-term leases of warehouses are recognised on a straight-line basis as an expense in the restated consolidated and standalone statement of profit and
loss. Short-term leases are leases with a lease term of 12 months or less.
Building Number of Range of Range of Average Number of lease with Number of lease with Number of lease with
leases total lease (in remaining remaining extension Option Purchase Option termination Option
years) term (in lease term (in
years) years)
Office building 7 3-5 years 1-5 years 2.64 6 - 6
Warehouse facilities 3 3-5 years 3-5 years 3.80 2 - 2
4.4The following is the break-up of current and non-current lease liabilities:
i) Lease liabilities
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Current lease liabilities 11.16 35.90 43.52
Non-current lease liabilities 33.44 11.32 33.54
44.60 47.22 77.06
The following is the movement in lease liabilities:
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Opening balance 47.22 77.06 82.09
Additions 38.41 5.01 22.71
Adjustment during the year 0.06 (0.44) -
Accretion of interest 2.65 4.70 5.73
Payments (27.67) (37.40) (33.47)
Deletions (16.07) (1.71) -
Net closing balance 44.60 47.22 77.06
4.5 The table below provides details regarding the contractual maturities of lease liabilities on an undiscounted basis:
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Less than one year 11.53 35.46 37.30
One to five years 34.55 14.89 45.80
Less: financing component (1.48) (3.13) (6.04)
Lease Liability as at 31 March 2025 (Consolidated) 44.60 47.22 77.06
376All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
5 Capital work-in-progress As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) Standalone)
Balance as at the beginning of the year 337.96 45.69 210.39
Additions during the year 1,102.87 511.73 340.32
Capitalised during the year (1,221.56) (219.46) (505.02)
Balance as at the end of the year 219.27 337.96 45.69
(a) Capital work-in-progress (CWIP) ageing
As at 31 March 2025 Amount in CWIP for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
i) Projects in progress 218.72 0.14 0.41 - 219.27
ii) Projects temporarily suspended - - - - -
Total 218.72 0.14 0.41 - 219.27
As at 31 March 2024 Amount in CWIP for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
i) Projects in progress 295.35 42.17 0.44 - 337.96
ii) Projects temporarily suspended - - - - -
Total 295.35 42.17 0.44 - 337.96
As at 31 March 2023 Amount in CWIP for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
i) Projects in progress 45.25 0.44 - - 45.69
ii) Projects temporarily suspended - - - - -
Total 45.25 0.44 - - 45.69
(b)Capitalworkinprogress,whosecompletionisoverdueorexceededitscostcomparedtoitsoriginalplanasat31March2025:Nil(31March2024:Nil, 31
March 2023: Nil)
(c)CapitalworkinprogressincludesadditionsofborrowingcostsduringtheyearamountingtoNilasat31March2025(31March2024: 4.62million, 31
March 2023: Nil)
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377All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
6 Intangible assets
Gross block Software Total
Balance as at 1 April 2022 (Standalone) 4.59 4.59
Additions during the year 21.93 21.93
Balance as at 31 March 2023 (Standalone) 26.52 26.52
Additions during the year 0.34 0.34
Balance as at 31 March 2024 (Standalone) 26.86 26.86
Additions during the year 6.66 6.66
Balance as at 31 March 2025 (Consolidated) 33.52 33.52
Accumulated depreciation
Balance as at 1 April 2022 (Standalone) 2.03 2.03
Amortisation for the year 5.62 5.62
Balance as at 31 March 2023 (Standalone) 7.65 7.65
Amortisation for the year 6.07 6.07
Balance as at 31 March 2024 (Standalone) 13.72 13.72
Amortisation for the year 6.16 6.16
Balance as at 31 March 2025 (Consolidated) 19.88 19.88
Net block
Carrying amount as at 31 March 2025 (Consolidated) 13.64 13.64
Carrying amount as at 31 March 2024 (Standalone) 13.14 13.14
Carrying amount as at 31 March 2023 (Standalone) 18.87 18.87
(i) The Group has not revalued its intangible assets during the year ended 31 March 2025, 31 March 2024 and 31 March 2023.
7 Intangible assets under development (IAUD)
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) Standalone)
Opening balance - - 18.42
Additions during the year - - 3.51
Capitalised during the year - - (21.93)
Closing balance - - -
Note: Since there are no IAUD as at 31 March 2025 , 31 March 2024 and 31 March 2023, there is no requirement to furnish the ageing schedule.
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378All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
8 Non-current financial assets - Loans (unsecured, considered good) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Loan to employee - - 0.17
- - 0.17
(i)InlinewithCircularNo04/2015issuedbyMinistryofCorporateAffairsdated10March,2015,loansgiventoemployeesasperthe policyarenotconsideredforthepurposes
of disclosure under Section 186(4) of the Companies Act, 2013.
(ii) There are no loans having significant increase in credit risk or which are credit impaired or doubtful as at 31 March 2025 (Nil as at 31 March 2024 and 31 March 2023).
(iii) Refer note 47 for classification of financial instruments by category and into fair value level of hierarchy.
(iv)TherearenoloansduebydirectorsorotherofficersoftheGrouporanyofthem,eitherseverallyorjointlywithanyotherpersons,oramountsduebyfirmsorprivatecompanies
respectively in which any director is a partner or a director or a member.
(v) The Group has not granted any loans to promoters, directors, KMPs and the related parties (as defined under the Act), either severally or jointly with any other person, that are:
(a) repayable on demand; or
(b) without specifying any terms or period of repayment.
9 Other non- current financial assets (unsecured, considered good) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Bank deposits with more than 12 months maturity 16.53 23.67 23.53
Interest accrued on bank deposits with maturity for more than 12 months 0.92 1.93 1.00
Security deposits 12.84 7.29 7.92
30.29 32.89 32.45
Refer note 47 for classification of financial instruments by category and into fair value level of hierarchy.
10 Income-tax assets (net) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Prepaid taxes (net) 10.80 0.35 0.31
10.80 0.35 0.31
11 Other non-current assets (*) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Capital advances 62.59 14.80 74.15
Advances other than capital advances:
Balances with statutory authorities 3.98 3.98 10.75
Prepaid expenses 2.87 0.86 1.30
69.44 19.64 86.20
(*)TherearenoadvancestodirectorsorotherofficersoftheGroup,oranyofthemeitherseverallyorjointlywithanyotherpersons,oradvancestofirmsorprivatecompanies
respectively in which any director is a partner or a director or a member.
12 Inventories(*#) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Raw materials and components 299.04 237.94 267.89
Work-in-progress 65.19 28.82 54.84
Finished goods 290.94 208.36 232.64
Stores and spares 28.37 16.98 12.69
Goods-in-transit (raw material and components) 49.71 28.69 54.28
733.25 520.79 622.34
(*) Valued at cost or net realisable value, whichever is lower
(#) Second pari passu charge on present and future stocks and book debts of the borrower.
13 Investments As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
(Carried at fair value through profit and loss)
Investment in mutual funds (quoted) - 1.16 1.08
- 1.16 1.08
Aggregate amount of quoted investments - 1.16 1.08
Aggregate market value of quoted investments - 1.16 1.08
Aggregate amount of impairment in value of investment - - -
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379All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
14 Trade receivables (*) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Receivables considered good 872.00 487.80 436.87
Less: Allowance for expected credit loss (6.32) (4.36) (9.22)
Receivables- credit impaired 8.51 21.69 5.90
Less: Allowance for expected credit loss- credit impaired (8.51) (21.69) (5.90)
865.68 483.44 427.65
Further classified as:
Receivable from related parties - 0.25 -
Receivable from others 865.68 483.19 427.65
865.68 483.44 427.65
(*)Second pari passu charge on present and future stocks and book debts of the borrower.
(a) Trade receivables ageing schedule
As at 31 March 2025 Unbilled Current but Outstanding for following periods from due date of payment Total
(Consolidated) receivables not due Less than 6 1-2 years 2-3 years More than 3
Months 1 year years
- 771.13 94.95 1.57 2.61 0.72 1.02 872.00
good
- - - - - - - -
significant increase in credit risk
- - - - - - 4.27 4.27
Disputed trade receivables - considered good - - - - - - - -
- - - 0.36 0.09 - 3.79 4.24
significant increase in credit risk
- - - - - - - -
Less: allowance for expected credit loss - - - - - - - (14.83)
- 771.13 94.95 1.93 2.70 0.72 9.08 865.68
As at 31 March 2024 Unbilled Current but Outstanding for following periods from due date of payment Total
(Standalone) receivables not due Less than 6 1-2 years 2-3 years More than 3
Months 1 year years
- 417.71 66.30 1.58 1.11 0.19 0.91 487.80
good
- - - - - - - -
significant increase in credit risk
- - 2.83 10.80 - - 4.27 17.90
Disputed trade receivables - considered good - - - - - - - -
- - - - - 0.41 3.38 3.79
significant increase in credit risk
- - - - - - - -
Less: allowance for expected credit loss - - - - - - - (26.05)
- 417.71 69.13 12.38 1.11 0.60 8.56 483.44
As at 31 March 2023 Unbilled Current but Outstanding for following periods from due date of payment Total
(Standalone) receivables not due Less than 6 1-2 years 2-3 years More than 3
Months 1 year years
- 378.83 50.03 2.55 0.78 3.31 1.37 436.87
good
- - - - - - - -
significant increase in credit risk
- - - - - - - -
Disputed trade receivables - considered good - - - 0.24 0.16 1.70 3.80 5.90
- - - - - - - -
significant increase in credit risk
- - - - - - - -
Less: allowance for expected credit loss - - - - - - - (15.12)
- 378.83 50.03 2.79 0.94 5.01 5.17 427.65
The trade receivable are not interest bearing and are generally on credit terms of 30-90 days
(b) Movement of allowance for expected credit loss is as follows:
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Balance at the beginning of the year 26.05 15.12 22.49
Charge to profit and loss (11.22) 10.93 -
Release in profit and loss - - (7.37)
Balance at the end of the year 14.83 26.05 15.12
(c) Refer note 48 for information about market risk and credit risk of trade receivables.
(d) There are no outstanding debts due from a director or other officer of the Group.
(e) Refer note 22 for information on trade receivables pledged as a security by the Group.
380All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
15Cash and cash equivalents As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Balances with banks:
- In current accounts 25.07 23.94 119.78
- In Exchange Earning Foreign Currency (EEFC) account 14.02 15.51 30.34
- In Fixed deposits with bank (original maturity less than 3 months) (*) 43.61 64.60 5.94
Cash on hand 0.89 2.58 2.51
83.59 106.63 158.57
Note: There are no restrictions with regard to cash and cash equivalents as at the aforementioned reporting period end(s).
(*) Inter-alia,
16Bank balances other than cash and cash equivalents As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Bank deposits with original maturity of more than three months but remaining maturity less than 12 months 9.08 6.73 4.38
9.08 6.73 4.38
17Current loans (unsecured, considered good) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Loan to employees (refer note below) 1.03 1.53 1.31
1.03 1.53 1.31
Note
i.InlinewithCircularNo04/2015issuedbyMinistryofCorporateAffairsdated10thMarch,2015,loansgiventoemployeesaspertheHolding policyarenotconsidered
for the purposes of disclosure under Section 186(4) of the Companies Act, 2013.
ii. There are no loans having significant increase in credit risk or which are credit impaired or doubtful as at 31 March 2025 (Nil as at 31 March 2024 and Nil as at 31 March 2023)
iii. Refer note 47 for classification of financial instruments by category and into fair value level of hierarchy.
iv.TherearenoloansduebydirectorsorotherofficersoftheGrouporanyofthem,eitherseverallyorjointlywithanyotherpersons,oramountsduebyfirmsorprivatecompanies
respectively in which any director is a partner or a director or a member.
v.The Group has not granted any loans to promoters, directors, KMPs and the related parties (as defined under the Act), either severally or jointly with any other person, that are:
(a) repayable on demand; or
(b) without specifying any terms or period of repayment
18Other current financial assets (unsecured, considered good) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Security deposit 8.19 5.36 1.54
Interest accrued on bank deposits 3.66 0.66 0.09
11.85 6.02 1.63
19Other current assets (unsecured, considered good) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Prepaid expenses 13.12 10.25 9.84
Balance with statutory authorities 118.40 276.29 281.74
Advances to vendors 8.69 13.46 4.84
Other advances 0.51 0.81 3.15
Prepaid expenses- IPO (Refer note below) 67.71 - -
208.43 300.81 299.57
Note:TheHoldingCompanyisintheprocessoflaunchingitsinitialpublicoffer(IPO)ofequityshares,andhasincurredcertainexpensesamountingto 67.71millioninconnection
withthesaidpublicoffer.TheseIPOrelatedexpenseswillbeadjustedagainstthesecuritiespremiumtotheextentpermissibleunderSection52oftheCompaniesAct,2013on
successful completion of the IPO.
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381All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
20 Equity share capital
Number As at Number As at Number As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Authorized share capital
100,000,000 2.00 200,000,000 15.00 1,500,000 15.00
100,000,000 2.00 200,000,000 15.00 1,500,000 15.00
Equity shares
Issued, subscribed and fully paid-up shares
52,500,000 10.50 1,050,000 10.50 1,050,000 10.50
(Refer note 20(f) below)
52,500,000 10.50 1,050,000 10.50 1,050,000 10.50
(a) Reconciliation of the shares outstanding at the beginning and at the end of the year
No. of shares Amount
Issued, subscribed and fully paid-up shares
Balance as at 1 April 2022 (Standalone) 1,050,000 10.50
Add: Change during the year - -
Balance as at 31 March 2023 (Standalone) 1,050,000 10.50
Add: Change during the year - -
Balance as at 31 March 2024 (Standalone) 1,050,000 10.50
Add: Increase an account of split of shares (Refer note 20(f) below) 4,200,000 -
Add: Increase an account of bonus shares (Refer note 20(f) below) 47,250,000 94.50
Balance as at 31 March 2025 (Consolidated) 52,500,000 105.00
(b) Terms/ rights attached to equity shares
TheHoldingCompanyhasonlyoneclassofequityshareshavingaparvalueof 2pershare(31March2024and2023: 10pershare).Eachholderofequityshares
isentitledtoonevote pershareheldandisentitledtoreceivedividendproposedbytheBoardofDirectors subjecttotheapprovaloftheshareholdersintheensuing
AnnualGeneralMeeting.IntheeventofliquidationoftheHoldingCompany,theholdersofequityshareswillbeentitledtoreceiveremainingassetsofthe Holding
Company, after distribution of all preferential amounts in proportion to their shareholdings.
(c) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately
preceding the reporting date.
Except for the bonus shares issued as stated in note 21(f), the Holding Company has not issued any bonus shares, nor issued shares pursuant to contract for
consideration other than cash or bought back any shares.
(d) Shareholders holding more than 5% of the shares in the Holding Company
Equity shares As at As at As at
31 March 2025 31 March 2024 31 March 2023
Number of % of holding in Number of % of holding in Number of % of holding in
shares the class shares the class shares the class
Name of the shareholder
Kailesh Punamchand Shah 17,489,750 33.31% 349,895 0.67% 349,895 33.32%
Bhupesh Punamchand Shah 17,494,750 33.32% 349,895 0.67% 349,895 33.32%
Nilesh Punamchand Shah 17,489,750 33.31% 349,895 0.67% 349,895 33.32%
(e) Details of shares held by promoters in the Holding Company
Promoter name As at As at As at % Change during
31 March 2025 31 March 2024 31 March 2023 the period
Number of % of total Number of % of total Number of % of total shares
shares shares shares shares shares
Equity shares
Kailesh Punamchand Shah 17,489,750 33.31% 349,895 33.32% 349,895 33.32% -
Bhupesh Punamchand Shah 17,494,750 33.32% 349,895 33.32% 349,895 33.32% -
Nilesh Punamchand Shah 17,489,750 33.31% 349,895 33.32% 349,895 33.32% -
52,474,250 99.94% 1,049,685 99.96% 1,049,685 99.96% -
(f) Pursuant to the approval of shareholders at the Extraordinary General Meeting of the Holding Company held on 21 May 2024, the Holding Company has:
1.Sub-dividedtheequitysharesoftheHoldingCompanyhavinganominalfacevalueof 10eachtoequityshareshavinganominalfacevalueof 2eachwithan
3.Issuedbonussharesintheratioof9:1i.e.9bonusfullypaidupequitysharesof 2eachforevery1existingfullypaidupequitysharesof 2each.Accordingly
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382All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
21 Other equity
Reserves and surplus As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Securities premium 94.10 94.10 94.10
Capital reserve 0.90 0.90 0.90
Retained earnings 2,287.79 1,913.71 1,470.96
2,382.79 2,008.71 1,565.96
Nature and purpose of other equity components
Securitiespremium:Thisrepresentstheexcessoftheissuepriceofsharesovertheirfacevalue.Thisreservewillbeutilizedinaccordancewiththeprovisionsofthe
Companies Act, 2013.
Capital reserve: Capital reserve had been created on acquisition of property, plant and equipment in slump sale in the earlier years.
Retainedearnings:ThisrepresentsthecumulativeprofitsoftheGroupandeffectsofremeasurementofdefinedbenefitobligations.Itwillbeutilizedin accordance
with the provisions of the Companies Act, 2013.
i) Movement of reserves As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
(a) Capital reserve
Balance at the beginning of the year 0.90 0.90 0.90
Add: Movement during the year - - -
Balance at the end of the year 0.90 0.90 0.90
(b) Securities premium
Balance at the beginning of the year 94.10 94.10 94.10
Add: Movement during the year - - -
Balance at the end of the year 94.10 94.10 94.10
(c) Retained earnings
Balance at the beginning of the year 1,913.71 1,470.96 1,191.10
Add: Profit for the year 472.94 447.90 282.70
Less: Remeasurement of defined benefit plans (5.83) (6.88) (3.79)
Less: Income-tax relating to items that will not be reclassified to profit or loss 1.47 1.73 0.95
Less: Bonus shares issued (Refer note 20(f)) (94.50)
Balance at the end of the year 2,287.79 1,913.71 1,470.96
Total 2,382.79 2,008.71 1,565.96
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383All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
22 Borrowings- non current NC24
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Secured
Loans from banks NC24.1
Term loans 1,375.78 976.06 821.19
Vehicle loan NC24.3 7.39 10.08 8.69
Unsecured
Loan from directors and their relatives (Refer note 42) NC24.2 - 250.00 285.00
Loan from customer 8.36 41.35 110.95
1,391.53 1,277.49 1,225.83
Less: current maturities of long-term borrowing (Refer note 25) (373.97) (525.83) (291.58)
1,017.56 751.66 934.25
Terms and conditions: (including current maturities)
a)Securedtermloansof 1,375.78millionasat31March2025(31March2024- 976.06million,31March2023- 821.18million)hasbeenavailedbytheHoldingCompany
(31 March 2024: 6.50% to 9.75% per annum, 31 March 2023: 6.50% to 9.45% per annum).
The aforementioned loans taken during the period are secured by the :
(i)FirstparipassuchargebywayofequitablemortgageonlandandbuildinglocatedatPlot190/1/1/2,190/1/2,190/1/3,Gandhidham,Dokmardi-KilvaniRoad, VillageAmil,
Silvassa - 396230 owned by the Holding Company.
(ii)FirstparipassuchargebywayofequitablemortgageonlandandbuildinglocatedatDistrict:ValsadTaluka:UmbergaonVillage:KhatalwadaNewRevenueSurveyNo.-2124,
2125, 2200, 2203, 2204, 2210 owned by the Holding Company.
(iii)FirstpassuchargebywayofequitablemortgageonlandandbuildinglocatedatthirdfloorroyalindustrialestateCSL5BNaigaumCrossroadWadala,WestMumbaiandS.no
371/1 -C Industrial Warehouse, Village Kachigam, Nani Daman owned by Holding Company.
Further,allabovetermloansaresecuredbysecondparipassuchargeonpresentandfuturestocksandbookdebtsoftheborrower.Also,personalguaranteeshavebeengivenby
directors of the Holding Company for the term loan facilities.
b)Securedvehicleloansof 7.39millionasat31March2025(31March2024- 10.08million,31March2023- 8.69million)hasbeenavailedbytheHoldingCompany,
repayablein7to27equalmonthlyinstallments(EMI)fromtheendofreportingperiod.EMIrangesbetween: 0.03millionto0.05million(31March2024: 0.03millionto0.05
million,
31March2023: 0.02millionto0.10million)andhasinterestraterangingfrom:7.40%to8.10%perannum(31March2024:7.40%to8.01%perannum,31March2023:7.40%to
8.01% per annum) and secured by way of hypothecation of vehicle thus purchased.
c)UnsecuredloanobtainedfromDirectorsandtheirrelativesisat12%interestrateperannumandisrepayableinfulltogetherwithinterestaccruedby31March2025.TheHolding
Company has fully repaid the said loan during the year ended 31 March 2025.
(d)Loanfromcustomersignifiestheadvanceprovidedbythecustomerforprocuringtheassetsandisrepayablein24 equalmonthlyinstallments.Consideringthesignificant
financing component involved the advance have been classified as financing liabilities.
23 Deferred tax liabilities
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Deferred tax relates to the following:
Deferred tax liabilities
Property, plant and equipment, and intangible assets 239.30 206.29 181.40
Others 0.45 0.68 -
239.75 206.97 181.40
Deferred tax assets
Provision for employee benefit expenses 14.17 13.85 10.01
Expected credit loss 3.73 6.56 3.80
Impact of right of use asset and lease liabilities 0.42 1.84 2.42
Others - - -
18.32 22.25 16.23
221.43 184.72 165.17
384All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
Deferred tax liabilities (net) (cont'd)
Movement in deferred tax assets and liabilities during the year ended 31 March 2025:
As at Profit or loss Other As at
1 April 2024 comprehensive 31 March 2025
income
Provision for employee benefit expenses 13.85 (1.15) 1.47 14.17
Property, plant and equipment, and intangible (206.29) (33.01) - (239.30)
Allowance for credit loss 6.56 (2.83) - 3.73
Impact of right of use asset and lease liabilities 1.84 (1.42) - 0.42
Others (0.68) 0.23 - (0.45)
(184.72) (38.18) 1.47 (221.43)
Deferred tax liabilities (net)
Movement in deferred tax assets and liabilities during the year ended 31 March 2024:
As at Profit or loss Other As at
1 April 2023 comprehensive 31 March 2024
income
Provision for employee benefit expenses 10.01 2.11 1.73 13.85
Property, plant and equipment, and intangible (181.40) (24.89) - (206.29)
Allowance for credit loss 3.80 2.76 - 6.56
Impact of right of use asset and lease liabilities 2.42 (0.58) - 1.84
Others - (0.68) - (0.68)
(165.17) (21.28) 1.73 (184.72)
Deferred tax liabilities (net)
Movement in deferred tax assets and liabilities during the year ended 31 March 2023:
As at Profit or loss Other As at
1 April 2022 comprehensive 31 March 2023
income
Provision for employee benefit expenses 6.61 2.45 0.95 10.01
Property, plant and equipment, and intangible assets (150.49) (30.91) - (181.40)
Allowance for credit loss 5.66 (1.86) - 3.80
Impact of right of use asset and lease liabilities 2.24 0.18 - 2.42
Others 0.17 (0.18) - -
(135.81) (30.32) 0.95 (165.17)
24 Other non-current liabilities NC26
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Service fee received in advance - 0.82 0.86
- 0.82 0.86
385All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
25 Borrowings- current NC28
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Secured
Current maturities of long term borrowings (Refer note 22) 365.61 245.88 194.95
Working capital loans from banks (Refer note below) NC28.1 793.58 145.97 491.57
Unsecured
Current maturities of long term loans from customer 8.36 29.95 96.63
Current maturities of loans from directors and their relatives (Refer note 42) - 250.00 -
1,167.55 671.80 783.15
Terms and conditions:
Secured loan:
a)Securedworkingcapitalloansfrombanksof 793.58millionasat31March2025(31March2024- 145.97million,31March2023- 491.57million)aresecuredbythewayof
equitable mortgage onland and building located at Plot190/1/1/2, 190/1/2,190/1/3, Gandhidham, Dokmardi - Kilvani Road,Village Amil,Silvassa - 396230 and Manekpur,
Khattalwadaroad,UmbergaonownedbytheHoldingCompanyandpresentandfuturestocksandbookdebtsoftheborrower.CashMarginof10%againstletterofcreditandbank
guaranteefacilitiesinformoffixeddepositstobelienmarkedinfavorofthevariousbanks.Workingcapitalloanhasfixed/variableinterestratewhichrangesfrom6.75%to11.50%
per annum (31 March 2024: 6.75 % to 11.50% per annum)
b) Further personal guarantees have been given by directors of the Holding Company for the above working capital loans.
c) The loans have been utilised for the purpose they were obtained.
d)TheHoldingCompanyhasfiledquarterlyreturn/statements,inrespectofworkingcapitallimitssanctionedbythebanksandsuchreturn/statementsareinagreementwiththe
books of account of the Holding Company for the respective periods, except for the following:
As at 31 March 2025
Name of the banks Working Nature of Quarter Information Information as Difference Remarks
capital limit current disclosed as per books of
sanctioned assets per returns/ accounts
offered as statement
security
Citibank 300.00 Inventory January to
and Trade March 2025
receivables Inventory:
HDFC bank 200.00 Inventory January to 551.98 Inventory:
Inventory:
and Trade March 2025 million 736.18 million Owing to year end
(184.18) million
receivables and and book closure
and
HSBC Bank 250.00 Inventory January to Trade Trade adjustments/
Trade receivable:
and Trade March 2025 receivable: receivable: entries
56.66 million
receivables 922.34 865.68 million
DBS Bank 300.00 Inventory January to million
and Trade March 2025
receivables
As at 30 September 2024
Name of the banks Working Nature of Quarter Information Information as Difference Remarks
capital limit current disclosed as per books of
sanctioned assets per returns/ accounts
offered as statement
security
Citibank 3,000.00 Inventory July to
and Trade September
receivable 2024 Inventory:
HDFC bank 2,000.00 Inventory July to 537.60 Inventory:
Inventory:
and Trade September million 664.81 million Owing to year end
(127.21) million
receivable 2024 and and book closure
and
HSBC Bank 2,500.00 Inventory July to Trade Trade adjustments/
Trade receivable:
and Trade September receivable: receivable: entries
72.13 million
receivable 2024 646.05 573.92 million
DBS Bank 3,000.00 Inventory July to million
and Trade September
receivable 2024
As at 31 March 2024
Name of the banks Working Nature of Quarter Information Information as Difference Remarks
capital limit current disclosed as per books of
sanctioned assets per returns/ accounts
offered as statement
security
Citibank 300.00 Inventory January to
and Trade March 2024
receivables Inventory:
HDFC bank 200.00 Inventory January to 473.87 Inventory:
and Trade March 2024 million 520.80 million Inventory: (46.92) Owing to year end
receivables and and million and book closure
HSBC Bank 250.00 Inventory January to Trade Trade Trade receivable: adjustments/
and Trade March 2024 receivable: receivable: 22.74 million entries
receivables 506.18 483.43 million
DBS Bank 300.00 Inventory January to million
and Trade March 2024
receivables
(This space has been intentionally left blank)
386All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
26 Trade payables
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
- Total outstanding dues of micro enterprises and small enterprises (*) 75.23 70.61 27.68
- Total outstanding dues of creditors other than micro enterprises and small enterprises 299.85 233.35 321.99
375.08 303.96 349.67
(*)ThedisclosuresundertheMicro,SmallandMediumEnterprisesDevelopmentAct,2006(MSMEDAct)havebeenmadeinrespectofsuchvendorstotheextenttheycouldbe
identified as micro and small enterprises on the basis of information available with the Company.
Disclosure as required by Micro, Small and Medium Enterprises Development Act, 2006
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
a) The principal amount remaining unpaid to any supplier at the end of the year 75.23 70.61 27.68
b) Interest due remaining unpaid to any supplier at the end of the year - - -
c)Theamountofinterestpaidbythebuyerintermsofsection16ofMSMEDAct,alongwiththeamount - - -
of the payment made to the supplier beyond the appointed day during the year
d)Theamountofinterestdueandpayablefortheperiodofdelayinmakingpayment(whichhavebeen - - -
paidbutbeyondtheappointeddayduringtheyear)butwithoutaddingtheinterestspecifiedunderthe
MSMED Act
e) The amount of interest accrued and remaining unpaid at the end of each accounting year - - -
f)Theamountoffurtherinterestremainingdueandpayableeveninthesucceedingyears,untilsuch - - -
date when the interest dues above are actually paid to the small enterprises, for the purpose of
disallowance of a deductible expenditure under section 23 of the MSMED Act
Trade payables ageing schedule
As at 31 March 2025 Unbilled Not due Outstanding for following periods from due date of payment
(Consolidated) dues trade Less than 1 1-2 years 2-3 years More than 3 Total
payable year years
Totaloutstandingduesofmicroenterprisesand - 74.65 0.58 - - - 75.23
small enterprises
Total outstanding dues of creditors other than 19.23 250.70 29.92 - - - 299.85
micro enterprises and small enterprises
Disputed dues of micro enterprises and small - - - - - - -
enterprises
Disputed dues of creditors other than micro - - - - - - -
enterprises and small enterprises
19.23 325.35 30.50 - - - 375.08
Trade payables ageing schedule
As at 31 March 2024 Unbilled Not due Outstanding for following periods from due date of payment
(Standalone) dues trade Less than 1 1-2 years 2-3 years More than 3 Total
payable year years
Totaloutstandingduesofmicroenterprisesand - 68.27 2.34 - - - 70.61
small enterprises
Total outstanding dues of creditors other than 15.76 211.38 6.21 - - - 233.35
micro enterprises and small enterprises
Disputed dues of micro enterprises and small - - - - - - -
enterprises
Disputed dues of creditors other than micro - - - - - - -
enterprises and small enterprises
15.76 279.65 8.55 - - - 303.96
Trade payables ageing schedule
As at 31 March 2023 Unbilled Not due Outstanding for following periods from due date of payment
(Standalone) dues trade Less than 1 1-2 years 2-3 years More than 3 Total
payable year years
Totaloutstandingduesofmicroenterprisesand - 27.68 - - - - 27.68
small enterprises
Total outstanding dues of creditors other than 10.38 297.28 13.67 0.24 0.36 0.06 321.99
micro enterprises and small enterprises
Disputed dues of micro enterprises and small - - - - - - -
enterprises
Disputed dues of creditors other than micro - - - - - - -
enterprises and small enterprises
10.38 324.96 13.67 0.24 0.36 0.06 349.67
387All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
27 Other financial liabilities
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Employee benefit payable 40.03 41.27 32.80
Interest accrued but not due on borrowing 8.92 14.03 8.03
Payable for purchase of capital goods 197.64 27.33 21.81
246.59 82.63 62.64
28 Other current liabilities
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Statutory dues payable 13.52 16.68 12.72
Revenue received in advance 1.05 3.45 1.73
Service fee received in advance 0.25 2.00 4.75
14.82 22.13 19.20
29 Provisions- current
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Provision for compensated absences 35.00 27.99 23.94
Provision for gratuity (Refer note 45) 12.80 12.55 8.46
47.80 40.54 32.40
(This space has been intentionally left blank)
388All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
30 Current tax liabilities (net) As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Provision for tax (net) - 29.91 3.94
- 29.91 3.94
30ATax expense
(i) Income-tax expense
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Current tax
- for the year 128.14 131.46 67.66
- pertaining to earlier year(s) 2.76 2.10 (3.38)
Deferred tax 38.18 21.28 30.32
Income-tax expense reported in the restated statement of profit or loss 169.08 154.84 94.60
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
(ii) Net (gain)/ loss on remeasurements of defined benefit plans 1.47 1.73 0.95
Income-tax charged to OCI 1.47 1.73 0.95
(iii) Reconciliation of tax charge
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Profit before tax 642.02 602.74 377.30
Enacted tax rate in India (as per Income-Tax Act, 1961) 25.17% 25.17% 25.17%
Income-tax expense at tax rates applicable 161.58 151.70 94.96
Tax effects of amounts which are not deductible / (taxable) in calculating taxable income :
Permanent disallowances under Income- tax Act, 1961 9.08 10.32 7.68
Others (4.34) (9.28) (4.66)
Earlier years adjustments 2.76 2.10 (3.38)
169.08 154.84 94.60
(This space has been intentionally left blank)
389All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
31 Revenue from operations Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Sale of products 5,553.25 5,111.09 4,416.08
Other operating revenue:
Sale of scrap 12.16 11.11 10.27
Export incentives 13.35 0.26 0.39
Service income 2.58 5.79 6.88
Others 0.33 0.28 1.24
5,581.67 5,128.53 4,434.86
Note: The above components of Revenue from Operation also depicts the disaggregation of revenue as per Ind AS 108.
Disclosures pursuant to Ind AS 115 - Revenue from contract with customers, with respect to sale of plastic products are as follows:
(i) Geographical markets (Refer note 46) Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Within India 795.84 581.80 476.20
Outside India 4,757.41 4,529.29 3,939.88
5,553.25 5,111.09 4,416.08
(ii) Timing of revenue recognition Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
At a point in time 5,553.25 5,111.09 4,416.08
Over the period of time - - -
5,553.25 5,111.09 4,416.08
(iii) Reconciliation of revenue from sale of products with the contracted price Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Contracted price 5,614.07 5,147.02 4,433.78
Less: trade discounts and sales return (60.82) (35.93) (17.70)
5,553.25 5,111.09 4,416.08
(iv) Performance obligations
Supply of customised and non-customised plastic based space solutions products manufactured and designed as per customer requirements. There are no
amount of transaction price allocated to unsatisfied performance obligation .
(v) Information about major customers are as follows: Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
The Group earnsrevenue from two majorcustomerswho individuallycontribute more 3,656.07 3,429.99 2,863.12
(vi) Contract liabilities
The Group records a contract liability when cash payments are received in advance of its performance.
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Opening balance 3.45 1.73 2.08
Add: advance received during the year 1.05 3.45 1.73
Less: Adjusted during the year (3.45) (1.73) (2.08)
Closing balance 1.05 3.45 1.73
32 Other income Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Interest income on:
- security deposits measured at amortised cost 0.17 0.15 0.10
-fixed deposits with banks 3.53 2.12 2.11
-'income-tax refund - - 0.11
Fair value gain on mutual funds measured at FVTPL 0.04 0.08 0.06
Profit on disposal of property, plant and equipment (net) - 0.10 -
Net gain on foreign currency transactions and translation 3.98 27.58 -
Gain on lease modification 2.96 0.21 -
Miscellaneous income - - 0.40
10.68 30.24 2.78
390All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
33 Cost of materials consumed Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Raw materials at the beginning of the year 237.94 267.89 292.25
Add: Purchases during the year 3,532.26 2,962.50 2,781.80
Less: Raw materials at the end of the year (299.04) (237.94) (267.89)
3,471.16 2,992.45 2,806.16
34 Change in inventories of finished goods, stock in trade and work in progress Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Inventories at the beginning of the year
Finished goods 208.36 232.64 198.43
Work-in-progress 28.82 54.84 29.02
Stock in trade - - 3.81
237.18 287.48 231.26
Less: Inventories at the end of the year
Finished goods 290.94 208.36 232.64
Work-in-progress 65.19 28.82 54.84
Stock in trade - - -
356.13 237.18 287.48
Net (increase) / decrease (118.95) 50.30 (56.22)
35 Employee benefits expense Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Salaries, wages and bonus 436.96 373.20 320.57
Contribution to provident and other funds (Refer note 45) 13.87 12.93 11.98
Gratuity expense (Refer note 45) 6.76 5.22 4.06
Staff welfare expenses 15.80 13.23 13.33
473.39 404.58 349.94
36 Finance costs Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
At amortised cost
'- Interest on term loans and working capital loans from banks (Refer note 22 and 25) 128.59 129.77 104.92
- Interest on borrowings from related parties (Refer note 42) 9.75 35.53 37.44
- Interest expenses on financial liabilities (Refer note 22 and 25) 1.72 4.47 7.70
Interest expenses on lease liabilities (Refer note 4) 2.65 4.70 5.73
Interest on Income-tax - 3.71 1.35
Others 4.16 3.03 5.60
146.87 181.21 162.74
37 Depreciation and amortisation expenses Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Depreciation of property, plant and equipment (Refer note 3) 206.28 180.07 162.20
Depreciation on right- of- use assets (Refer note 4) 22.72 31.16 28.74
Amortisation of intangible assets (Refer note 6) 6.16 6.07 5.62
235.16 217.30 196.56
38 Impairment (reversal)/ provision on financial assets Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Provision/ (reversal) for loss allowance (11.22) 10.93 (7.37)
(11.22) 10.93 (7.37)
(This space has been intentionally left blank)
391All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
39 Other expenses Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Consumption of stores and spare parts 33.68 36.30 29.45
Power and fuel 107.32 94.66 89.32
Telephone and communication charges 6.10 5.85 4.77
Printing and stationery 4.26 3.71 4.40
Repairs and maintenance expenses
- Building 8.28 5.68 9.51
- Plant and machinery 23.53 23.75 22.25
- Others 15.66 12.79 12.08
Freight and forwarding 130.02 123.07 104.07
Travelling and conveyance 18.96 14.78 13.17
Insurance charges 16.23 14.97 14.15
Business promotion expenses 18.62 18.39 11.33
Legal and professional charges 25.95 20.21 21.21
Rent 0.86 1.85 1.54
Rates and taxes 23.06 28.77 21.44
Inspection and testing expenses 24.80 19.65 26.96
Commission 22.70 29.12 22.88
Net foreign exchange loss - - 3.31
Sundry balances written off 3.05 0.78 1.48
Auditor's remuneration (Refer note 39A) 3.17 3.52 3.19
Loss on disposal of property, plant and equipment (net) 0.35 - 0.15
Security charges 15.81 13.95 10.28
Corporate social responsibilities expenses (Refer note 40) 8.80 7.00 5.75
Contractual services 233.26 211.91 169.06
Miscellaneous expenses 9.45 8.55 6.78
753.92 699.26 608.53
39A Payments to the auditor as (*)(#): Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Auditor 3.00 2.40 2.15
For other services 0.13 1.07 1.00
For reimbursement of expenses 0.04 0.05 0.04
3.17 3.52 3.19
(*) Excluding any applicable taxes
(#)Doesnotincludeanamountof 11.78millionpaidtothestatutoryauditorof theHoldingCompanyfortheIPOrelatedwhichhasbeenreclassifiedasIPO
expenses in note 19 "Other current assets".
40 Corporate social responsibility disclosure
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
(a) Gross amount required to be spent by the Holding Company pursuant to section 135(5) of the Act 8.49 0 6.70 5.75
(b) Amount of expenditure incurred (*) 8.80 7.00 5.75
Shortfall at the end of the year - - -
Total of previous years shortfall - - -
Reason for shortfall NA NA NA
Details of related party transactions Nil Nil Nil
(c) Details of amount spent:
Year ended 31 March 2025: Amount paid Amount accrued Total
Construction/ acquisition of any asset (Refer notes below) - - -
On purposes other than above 8.80 - 8.80
Year ended 31 March 2024 : Amount paid Amount accrued Total
Construction/ acquisition of any asset (Refer notes below) - - -
On purposes other than above 7.00 - 7.00
Year ended 31 March 2023 : Amount paid Amount accrued Total
Construction/ acquisition of any asset (Refer notes below) - - -
On purposes other than above 5.75 - 5.75
Nature of CSR activities
(*) This expenditure is incurred towards women empowerment, health care, ration distribution, rehabilitation of poor women and for the benefit of blind and
handicapped people.
(d)TheHoldingCompanymeetsthecriteriaspecifiedunderSection135oftheCompanies Act, 2013andhas formedaCorporateSocialResponsibility(CSR)
CommitteetomonitortheCSRactivitiesimplementedaspertheCSRpolicyoftheHoldingCompany.TheHoldingCompanyspendsineachfinancialyearatleast
2%ofitsaveragenetprofitfortheimmediatelyprecedingthreefinancialyearsasperprovisionsofSection135oftheActandisincomplianceofitsCSRpolicy.
The funds allocated are utilised through the year on the activities which are specified in Schedule VII of the Act.
(e) The Holding Company does not have any ongoing projects as at 31 March 2025, 31 March 2024 and 31 March 2023.
392All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
41 Financial ratios
Ratio Numerator Denominator Measurement 31 March 2025 31 March 2024 % change 31 March 2023 % change
unit (Consolidated) (Standalone) (Standalone)
a. Current ratio Current assets Current liabilities Times 1.03 1.20 (14.14%) 1.17 2.56%
b. Debt-equity ratio Total debt (1) Shareholder's equity Times 0.88 0.70 24.59% 1.09 (35.78%)
c. Debt service coverage ratio Earnings available for debt Debt service (3) Times 1.18 0.99 19.53% 1.15 (13.91%)
service (2)
d. Return on equity ratio Net profit after taxes Average shareholder's Percentage 20.99% 24.91% (15.75%) 19.68% 26.59%
equity
e. Inventory turnover ratio Sales Average inventory Times 8.86 8.94 (0.93%) 7.48 19.52%
f. Trade receivables turnover ratio Net credit sales Average trade receivables Times 8.27 11.26 (26.51%) 9.87 14.08%
g. Trade payables turnover ratio Net purchases Average trade payables Times 10.40 9.06 14.83% 9.23 (1.84%)
h. Net capital turnover ratio Net sales Average Working capital (4) Times 37.13 22.19 67.34% 28.02 (20.81%)
i. Net profit ratio Net profit Net sales Percentage 8.47% 8.73% (2.98%) 6.37% 37.01%
j. Return on capital employed Earnings before interest Capital employed Percentage 16.88% 22.77% (25.86%) 16.40% 38.89%
and taxes
k. Return on investment NA NA NA NA NA NA NA NA
Note :
(1) Debt represents only borrowings
(2) Net Profit after taxes + Non-cash operating expenses like depreciation and other amortisations + Interest + other adjustments
(3) Interest and lease payments + Principal repayments
(4) Tangible net worth + deferred tax liabilities + Lease Liabilities
Explanation of change in ratio by more than 25%
% Variance in ratio % Variance in ratio Reason for variance in excess of 25% for the year Reason for variance in excess of 25% for the year
between between ended 31 March 2025 ended 31 March 2024
Particulars
31 March 2025 v/s 31 March 2024 v/s
31 March 2024 31 March 2023
Trade receivables turnover ratio (26.51%) 14.08% Trade receivable turnoverratio has decreased owing toNot applicable
increase in trade receivables owing to higher sales in
February and March vis a vis previous year
67.34% (20.81%) Improvement in ratio is primarily attributable to betterNot applicable
Net capital turnover ratio
utilisation of working capital.
Debt-equity ratio 24.59% (35.78%) Not applicable Debt equity ratio has reduced primarily owing to
repayment of debt and less utilisation of working
capital.
Return on equity ratio (15.75%) 26.59% Not applicable Improvement in ratio is primarily attributable to
increase in sales along with improvement in the
Net profit ratio (2.98%) 37.01% Not applicable Improvementinratioisprimarilyattributabletobetter
utilisation of working capital.
Return on capital employed (25.86%) 38.89% DecreaseisprimarilyowingtotheincreaseinthecapitalImprovementinratioisprimarilyattributableto better
employed on account of higher debts. utilisation of working capital.
393All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
42 Related party disclosure
InaccordancewiththerequirementsofIndAS24,'RelatedPartyDisclosures',thenamesoftherelatedpartywherecontrolexists/abletoexercisesignificantinfluencealongwith
the transactions and year-end balances with them as identified and certified by the management are given below:
a) Details of related parties:
Description of relationship Names of related parties
Key management personnel (KMP)
Director Kailesh Punamchand Shah
Director Bhupesh Punamchand Shah
Director Nilesh Punamchand Shah
Chief Financial Officer Manish Gattani (with effect from 15 May 2024)
Company Secretary Antony Alapat (with effect from 15 May 2024)
Enterprises where control exists:
Subsidiary Company (held directly) All Time Plastics Pte. Ltd, Singapore (with effect from 13 November 2024)
Vasanti P Shah
Rupal Kailesh Shah
Sangeeta Nilesh Shah
Kajal Bhupesh Shah
Relatives of KMP Akshay N. Shah
Dhvanit K. Shah
Stuti A. Shah
Riddhi K. Shah
Malav B. Shah
Megha N. Shah
Enterprises having common KMPs/ under control of KMPs Pyramid Plastics
B.T. Plastics & Allied Industries
P.H.Shah (HUF)
Non executive Director Shrinivas Damodar Joshi (with effect from 4 September 2024)
Belur Krishna Murthy Sethuram (with effect from 4 September 2024)
Lakshmi Anant Nadkarni (with effect from 4 September 2024)
b) Transaction with related parties are as follows:
Particulars Relation For the year ended For the year ended For the year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
1 Unsecured loan obtained
Kailesh Punamchand Shah Director - 22.70 38.30
Bhupesh Punamchand Shah Director - 25.70 47.20
Nilesh Punamchand Shah Director - 23.90 85.80
Rupal Kailesh Shah Relative of KMP - 7.40 20.38
Vasanti Punamchand Shah Relative of KMP - 6.30 6.50
Riddhi Kailesh Shah Relative of KMP - 9.50 9.00
Malav Bhupesh Shah Relative of KMP - 4.60 4.30
2 Unsecured loan repaid during the year
Kailesh Punamchand Shah Director 40.20 14.69 8.95
Bhupesh Punamchand Shah Director 70.15 48.11 78.42
Nilesh Punamchand Shah Director 83.36 28.37 99.85
Rupal Kailesh Shah Relative of KMP 56.29 23.54 4.46
Vasanti Punamchand Shah Relative of KMP - 6.30 6.50
Riddhi Kailesh Shah Relative of KMP - 9.50 9.00
Malav Bhupesh Shah Relative of KMP - 4.60 4.30
(This space has been intentionally left blank)
394All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
b) Transaction with related parties are as follows(contd.) :
Particulars Relation For the year ended For the year ended For the year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
3 Expenses
Short-term employee benefits:
Salary(*)
Dhvanit K. Shah Relative of KMP 3.92 3.22 2.68
Stuti A. Shah Relative of KMP 1.43 1.11 0.73
Akshay N. Shah Relative of KMP 3.80 3.22 2.68
Kailesh Punamchand Shah Director 23.88 19.60 14.87
Bhupesh Punamchand Shah Director 11.94 9.80 7.43
Nilesh Punamchand Shah Director 17.91 14.70 11.15
Manish Gattani KMP 7.18 - -
Antony Alapat KMP 1.60 - -
Riddhi Kailesh Shah Relative of KMP 0.38 - -
Malav Bhupesh Shah Relative of KMP 0.15 - -
*Aspostemploymentobligationsandotherlong-termemployeebenefits/obligationsarecomputedforallemployeesinaggregate,theamountsrelatingtokeymanagement
personnel cannot be individually computed and hence are not included in the above.
4 Rent paid
B. T. Plastics & Allied Industries Enterprise having common KMPs/ under 6.04 5.76 5.48
control of KMPs
Vasanti P. Shah Relatives of KMP 0.92 1.76 1.60
Pyramid Plastics Enterprise having common KMPs/ under 9.93 20.39 16.38
control of KMPs
P.H.Shah (HUF) Enterprise having common KMPs/ under 0.53 1.09 1.04
control of KMPs
5 Interest
Kailesh Punamchand Shah Director 1.59 4.64 3.39
Bhupesh Punamchand Shah Director 2.65 9.40 12.80
Nilesh Punamchand Shah Director 3.27 10.64 10.69
Rupal K. Shah Relative of KMP 2.23 8.45 8.45
Vasanti P. Shah Relative of KMP - 0.74 0.72
Riddhi Kailesh Shah Relative of KMP - 1.11 1.03
Malav Bhupesh Shah Relative of KMP - 0.54 0.38
6 Reimbursement of expense
B. T. Plastics & Allied Industries Enterprise having common KMPs/ under 7.99 8.44 8.20
control of KMPs
7 Purchase of property, plant and equipment
Chhaya Plastic Enterprise controlled by Relative of 39.00 - -
KMP
P.H.Shah (HUF) Enterprise having common KMPs/ 22.80 - -
under control of KMPs
Pyramid Plastics Enterprise having common KMPs/ 224.43 - -
under control of KMPs
8 Sitting fees
Shrinivas Damodar Joshi Non executive Director 0.43 - -
Belur Krishna Murthy Sethuram Non executive Director 0.48 - -
Lakshmi Anant Nadkarni Non executive Director 0.45 - -
9 Investment made (Refer Note 55)
All Time Plastics Pte. Limited, Singapore Subsidiary Company 0.06 - -
(c) Outstanding balances at the year end (included below)
1 Trade payables
B. T. Plastics and allied Industries Enterprise having common KMPs/ 1.24 0.53 0.99
Pyramid Plastics Enterprise having common KMPs/ - - 0.14
under control of KMPs
Vasanti P. Shah Relative of KMP - - 0.12
P.H.Shah (HUF) Enterprise having common KMPs/ - - 0.08
under control of KMPs
2 Trade receivables
Pyramid Plastics Enterprise having common KMPs/ - 0.25 -
under control of KMPs
3 Interest accrued on borrowing -
Kailesh Punamchand Shah Director - 1.15 0.71
Bhupesh Punamchand Shah Director - 2.01 1.46
Nilesh Punamchand Shah Director - 2.45 2.21
Rupal Kailesh Shah Relative of KMP - 1.91 1.93
4 Borrowings- current
Kailesh Punamchand Shah Director - 40.20 32.19
Bhupesh Punamchand Shah Director - 70.15 92.56
Nilesh Punamchand Shah Director - 83.36 87.82
Rupal Kailesh Shah Relative of KMP - 56.29 72.43
5 Director remuneration payable
Kailesh Punamchand Shah Director 0.82 3.69 1.68
Bhupesh Punamchand Shah Director 0.07 1.93 0.79
Nilesh Punamchand Shah Director 0.50 2.86 1.15
(d) Terms and conditions with related parties
Alltransactionswithrelatedpartiesaremadeonthetermsequivalenttothosethatprevailinarm'slengthtransactionsandwithintheordinarycourseofbusiness.Refernote
22(c) for repayment terms and other information.
(e) Personal guarantee
The secured loan and working capital is guaranteed by the directors of the Holding Company (Refer note 22and 25)
395All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
43 Earnings per share (EPS)
Basicearningspershareamountsarecalculatedbydividingtheprofitfortheyearattributabletoequityholdersbytheweightedaveragenumberofequitysharesoutstandingduringtheyear.
Diluted earnings per share is computed using the weighted average number of dilutive common equivalent shares outstanding during the year, except where result would be anti-dilutive.
The following reflects the income and share data used in the basic and diluted EPS computations:
Year ended Year ended Year ended
31 March 2025 31 March 2024 (*) 31 March 2023
(Consolidated) (Standalone) (*)
Net profit attributable to ordinary equity holders 472.94 447.90 282.70
Weighted average number of equity shares for basic and diluted EPS (in nos.) 52,500,000 52,500,000 52,500,000
2.00 2.00 2.00
9.01 8.53 5.38
*InaccordancewithIndAS33,Earningspershare,theeffectofthesharesplitandbonusshares(refernote21(f))hasbeenretrospectivelyadjustedincomputationofthebasicanddiluted
earnings per share for the year ended 31 March 2024 and 31 March 2023
44 Commitments and contingent liabilities Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
44.1Estimated amount of contracts remaining to be executed on property, plant and equipment and not provided for 343.73 117.93 330.91
(net of capital advance)
44.2Contingent liabilities
Claims against the Group not acknowledged as debt:
Customs duty 6.00 - 8.58
(a) It is not practicable for the Group to estimate the timing of cash outflows, if any, in respect to the above pending resolution of the respective proceedings.
(b) The amount disclosed above represent the best possible estimates arrived on the basis of available information.
45Employee benefits
(A)Defined contribution plans
Contribution plan recognised as an expense are included in note 35 - 'Employees benefits expense in line item 'Contribution to provident and other funds.
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Provident fund contribution (EPF) 13.87 12.93 11.98
ThecontributionaremadetorecognisedprovidentfundadministeredbytheGovernmentofIndiaforemployees@12%p.a.ofbasicsalaryperregulations.TheobligationoftheGroupislimited
to the amount contributed and it has no further contractual constructive obligation.
(B)Defined benefit plans
The Group has Gratuity as post employment benefit which is in the nature of defined benefit plan.
TheGroupoperatesgratuityplan(funded)whereineveryemployeeisentitledtothebenefitequivalenttofifteendayslastdrawnsalaryforeachcompletedyearofserviceasperthePaymentof
Gratuity Act, 1972. The same is payable on termination of service or retirement, whichever is earlier. The benefit vests after five years of continuous service.
i) Actuarial assumptions
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Discount rate (per annum) 6.78% 7.21% 7.44%
Rate of increase in Salary 7.00% 7.00% 7.00%
Expected average remaining working lives of employees (years) 11.00 11.00 11.00
Attrition rate:
For service 4 years and below: 10.00% 10.00% 15.00%
For service 5 years and above 5.00% 5.00% 5.00%
ii) Changes in the present value of defined benefit obligation
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Present value of obligation at the beginning of the year 46.60 37.08 28.94
Interest cost 3.36 2.76 2.02
Current service cost 5.86 4.59 3.92
Benefits paid (3.03) (4.43) (1.43)
Actuarial loss on obligations - Due to change in demographic assumptions - 0.45 -
Actuarial (gain) / loss on obligations - Due to change in financial assumptions 2.05 0.88 (1.47)
Actuarial loss on obligations - Due to experience 3.26 5.27 5.10
Present value of obligation at the end of the year 58.10 46.60 37.08
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396All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
45Employee benefits (cont'd)
iii) Change in the fair value of plan assets:
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Opening fair value of plan assets 34.04 28.62 26.94
Contributions by employer 12.33 8.00 1.40
Benefit paid (3.03) (4.43) (1.45)
Interest income 2.46 2.13 1.88
Return on plan assets excluding interest income (0.52) (0.28) (0.15)
Closing fair value of plan assets 45.28 34.04 28.62
The major categories of plan assets of the fair value of the total plan assets of gratuity are as follows:
Particulars Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Insured managed funds Life Insurance Corporation of India ('LIC') 45.28 34.04 28.62
(%) of total plan assets 100% 100% 100%
iv) Expense recognized in the statement of profit and loss
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Current service cost 5.86 4.59 3.92
Interest cost (net) 0.90 0.63 0.14
Total expenses recognized in the statement profit and loss 6.76 5.22 4.06
v) (Income)/ expense recognized in other comprehensive income
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Actuarial loss/ (gain) on obligation for the period 5.31 6.60 3.64
Return on plan assets excluding interest income 0.52 0.28 0.15
Net actuarial (gains) / losses recognised in OCI 5.83 6.88 3.79
vi) Assets and liabilities recognized in the balance sheet:
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Present value of unfunded obligation as at the end of the year (58.10) (46.60) (37.08)
Fair Value of plan assets at the end of the year 45.28 34.05 28.62
Net liability recognized in balance sheet (12.82) (12.55) (8.46)
vii) Expected contribution to the fund in the next year
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Gratuity 16.50 12.64 10.83
viii) A quantitative sensitivity analysis for significant assumption is as shown below:
Impact on defined benefit obligation Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Defined benefit obligation (58.10) (46.60) (37.08)
a) Impact on change in discount rate
Impact due to increase of 1 % (4.57) (3.63) (2.87)
Impact due to decrease of 1 % 5.29 4.20 3.32
b) Rate of increase in salary
Impact due to increase of 1 % 4.92 4.01 3.19
Impact due to decrease of 1 % (4.38) (3.57) (2.89)
c) Attrition rate
Impact due to increase of 1 % (0.10) (0.01) 0.05
Impact due to decrease of 1 % 0.10 (0.01) -0.06
The above sensitivity analysis are based ona change inanassumptionwhile holding all other assumptions constant. Inpractice,this isunlikely to occur,and changes insome of the
assumptionsmaybecorrelatedandhence,thissensitivityanalysismaynotberepresentativeofanactualchangeinthedefinedbenefitobligation Whencalculatingthesensitivityofdefined
benefitobligationtosignificantactuarialassumptionsthesamemethod(presentvalueofdefinedbenefitobligationscalculatedwiththeprojectedunitcreditmethodattheendofthereporting
period) has been applied as when calculate the defined benefit liability recognised in the balance sheet.
397All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
45Employee benefits (cont'd)
ix) Maturity profile of defined benefit obligation
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Expected outflow in first year 3.27 3.40 3.16
Expected outflow in second year 3.08 2.59 2.12
Expected outflow in third year 3.82 2.79 2.44
Expected outflow in fourth year 5.17 3.17 2.27
Expected outflow in fifth year 4.66 4.66 2.62
Expected outflow in six to ten years 29.27 24.09 18.67
Expected outflow in eleven years and above 68.41 59.33 50.53
Risk Remarks
Salary increases
Investment risk All plan assets are maintained in a trust fund managed by LIC, a public sector insurer. LIC has a sovereign guarantee and has been providing consistent
and competitive returns over the years. The Group has opted for a traditional fund wherein all assets are invested primarily in risk averse markets. The
Group has no control over the management of funds but this option provides a high level of safety for the total corpus. A single account is maintained for
both the investment and claim settlement and hence 100% liquidity is ensured. Also interest rate and inflation risk are taken care of.
Discount rate
Mortality and disability Actual deaths and disability cases proving lower or higher than assumed in the valuation can impact the liabilities.
Withdrawals
( C)
46Segment reporting
InaccordancewiththerequirementofIndAS108- theCompanyisprimarily engaged inthebusinessofmanufacturing ofplastic basedarticles andhasno other
reportablesegments.TheBoardofDirectorsoftherespectivecompaniesallocatestheresourcesandGroupassesstheperformanceoftheGroupasChiefOperatingDecision
TheCODMmonitorstheoperatingresultsofthebusinessasasinglesegmenthencenoseparatesegmentneedstobedisclosed.Thusthesegmentrevenue,segmentresult,totalcarrying
valueofsegmentassets,totalcarryingamountofsegmentliabilities,totalcostincurredtoacquiresegmentassets,thetotalamountofchargefordepreciationandamortizationduringtheyear
areallasreportedinthefinancialstatementsfortheyearended31March2025,31March2024and31March2023andasontherespectivedates.Refernote31forreportingbasedon
geographyandsizeofcustomer.TheHoldingCompanyisdomiciledinIndiaandthesubsidiarycompanyisyettocommenceanysignificantopertaions.Theamountofitsrevenuefromexternal
customers broken down by location of the customers is shown in the table below:
Particular Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
(i) Geographical markets
Within India 795.84 599.24 494.98
Outside India 4,757.41 4,529.29 3,939.88
Total Segment revenue 5,553.25 5,128.53 4,434.86
Analysis of non- current assets
The amount of its non-current assets broken down by location of the customers is shown in the table below.
Within India 3,679.68 2,694.60 2,455.65
Outside India - - -
Total Segment assets 3,679.68 2,694.60 2,455.65
Unallocable assets (Loans, other financial assets and Income-tax assets) 30.63 32.89 32.62
Total non current assets 3,710.31 2,727.49 2,488.27
47Fair value hierarchy
Thefairvaluesofthefinancialassetsandliabilitiesareincludedattheamountthatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarket
participant at the measurement date.
Thissectionexplainsthejudgmentsandestimatesmadeindeterminingthefairvaluesofthefinancialinstrumentsthatare(a)recognisedandmeasuredatfairvalueand(b)measuredat
amortisedcostandforwhichfairvaluesaredisclosedinthefinancialstatements.Toprovideanindicationaboutthereliabilityoftheinputsusedindeterminingfairvalue,theGrouphas
classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level has been provided below.
Level1:Level1hierarchyincludesfinancialinstrumentsmeasuredusingquotedprices.Thisincludeslistedequityinstruments,tradedbondsandmutualfundsthathavequotedprice.Thefair
value of all equity instruments which are traded in the stock exchanges are valued using the closing price as at the reporting period.
Level2:Thefairvalueoffinancialinstrumentsthatarenottradedinanactivemarketisdeterminedusingvaluationtechniqueswhichmaximisetheuseofobservablemarketdataandrelyas
little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
- the use of quoted market prices or dealer quotes for similar instruments
- the use of discounted cash flow for fair value at amortised
(This space has been intentionally left blank)
398All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
47Fair value hierarchy (cont'd.)
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
Carrying value Level 1 Level 2 Level 3
As at 31 March 2025 (Consolidated)
Financial assets
(a) Financial assets measured at fair value through profit or loss
Investments - - - -
(b) Financial assets measured at amortized cost
Trade receivables 865.68 - - 865.68
Cash and cash equivalents 83.59 - - 83.59
Bank balances other than cash and cash equivalents 9.08 - - 9.08
Loans 1.03 - - 1.03
Other financial assets 42.14 - - 42.14
Financial liabilities
(a) Financial liabilities measured at amortized cost
Borrowings 2,185.11 - - 2,185.11
Trade payables 375.08 - - 375.08
Lease liabilities 44.60 - - 44.60
Other financial liabilities 246.59 - - 246.59
Carrying value Level 1 Level 2 Level 3
As at 31 March 2024 (Standalone)
(a) Financial assets measured at fair value through profit or loss
Investments 1.16 1.16 - -
(b) Financial assets measured at amortized cost
Trade receivables 483.44 - - 483.44
Cash and cash equivalents 106.63 - - 106.63
Bank balances other than cash and cash equivalents 6.73 - - 6.73
Loans 1.53 - - 1.53
Other financial assets 38.91 - - 38.91
Financial liabilities
(a) Financial liabilities measured at amortized cost
Borrowings 1,423.46 - - 1,423.46
Trade payables 303.96 - - 303.96
Lease liabilities 47.22 - - 47.22
Other financial liabilities 82.63 - - 82.63
Carrying value Level 1 Level 2 Level 3
As at 31 March 2023 (Standalone)
(a) Financial assets measured at fair value through profit or loss
Investments in equity shares 1.08 1.08 - -
(b) Financial assets measured at amortized cost
Trade receivables 427.65 - - 427.65
Cash and cash equivalents 158.57 - - 158.57
Bank balances other than cash and cash equivalents 4.38 - - 4.38
Loans 1.48 - - 1.48
Other financial assets 34.08 - - 34.08
Financial liabilities
(a) Financial liabilities measured at amortized cost
Borrowings 1,717.40 - - 1,717.40
Trade payables 349.67 - - 349.67
Lease liabilities 77.06 - - 77.06
Other financial liabilities 62.64 - - 62.64
There have been no transfers between the levels during the years.
Thecarryingamountofcashandcashequivalents,tradereceivables,fixeddeposits,tradepayables,otherpayablesareconsideredtobethesameastheirfairvalues.Thefairvalues of
borrowingsandsecuritydepositswerecalculatedbasedoncashflowsdiscountedusingacurrentlendingrate.Theyareclassifiedaslevel3fairvaluesinthefairvaluehierarchyduetothe
inclusion of unobservable inputs including own and counterparty credit risk.
399All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
48 Financial risk management objectives and policies
Risk Category Exposure arising from Measurement Management
Credit risk Cash and cash equivalents, bank balances other than cash andAgeing analysis, creditDiversificationofbankdeposits,portfoliodiversificationfor
cash equivalents, trade receivables and other financial assets. ratings investments, credit limits.
Liquidity risk Borrowings, trade payables, lease liabilities and other financialRolling cash flowManagementensuresthatthefuturecashflowneedsare
liabilities forecasts met through
Market risk-interest rate risk Variable interest rate Sensitivity analysis Managementensuresthattheimpactonaccountofinterest
rate changes are minimised through maximum loan
Market risk-currency risk Recognised financial liabilities not denominated in Indian Rupee Sensitivity analysis Natural hedge
Market risk-price risk Investments Sensitivity analysis Portfolio diversification
TheGroup'sactivitiesexposeittoavarietyoffinancialrisks:marketrisk,creditriskandliquidityrisk.TheGroup'sprimaryfocusistooverseethemanagementoftheserisks tominimize
potential adverse effects on its financial performance.
Inordertominimizeanyadverseeffectsonthefinancialperformance,theGroup'sriskmanagementiscarriedoutbyacorporatetreasuryandcorporatefinancedepartmentunderpolicies
approvedbytheboardofdirectorsandtopmanagement.TheGroup'streasuryidentifies,evaluatesandmitigatesfinancialrisksinclosecooperationwiththeGroup'soperatingunits.Theboard
provides guidance for overall risk management, as well as policies covering specific areas.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.
(i)Market risk
Marketriskistheriskoflossoffutureearnings,fairvaluesorfuturecashflowsthatmayresultfromadversechangesinmarketratesandprices.The sizeandoperationsresultinit
being exposed to the following market risks that arise from its use of financial instruments:
(a) currency risk; (b) price risk; and (c) interest rate risk
(a)Foreign currency risk
Foreigncurrencyriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesinforeignexchangerates.The exposuretotherisk
ofchangesinforeignexchangeratesrelatesprimarilytothe operatingactivities(whenrevenueorexpenseisdenominatedinadifferentcurrencyfromthe functionalcurrency).
TheGroupusesforeignexchangeforwardcontractsforhedgingreceivablesandpayablerisk.TotheextentoflowerofexportsandimportsthattheGroupundertakesinUSD,theGrouphasa
natural hedge against the exposure to foreign currency risks.
The period end foreign currency exposure that have not been hedged by a derivative instrument or otherwise are given below:
Currency Foreign As at Foreign As at Foreign As at
Included in Currency 31 March 2025 Currency 31 March 2024 Currency 31 March 2023
(Consolidated) (Standalone) (Standalone)
Trade payables United States dollar (USD) (1,222,755.10) (104.64) (1,892,137.09) (161.85) (2,313,057.33) (191.14)
Payable for capital goods USD (51,093.01) (4.37) (37,302.41) (3.11) (115,876.90) (9.53)
Chinese Yuan (CNY) - - (27,550.60) (2.49) - -
Euro (EUR) - - (112,437.99) (1.29) - -
Japanese Yen (JPY) (206,763,000.00) (117.34) - - - -
Trade receivables USD 4,122,765.14 352.83 1,886,284.76 157.27 2,173,379.00 185.48
EEFC bank account USD 163,813.78 14.02 186,041.17 15.51 369,060.39 30.24
Cash in hand USD - - 2,105.00 0.19 13.00 0.00
British pound sterling (GBP) - - - - 130.00 0.00
CNY - - - - 726.00 0.01
Hong Kong dollar (HKD) - - - - 500.00 0.01
JPY - - - - 6,000.00 0.00
EUR 975.00 0.09 - - 555.00 0.05
Current borrowings USD (5,672,508.66) (485.46) (1,334,721.30) (111.28) (1,107,198.00) (90.65)
Non- current borrowings USD (4,906,250.00) (419.88) (3,050,000.00) (254.29) - -
Advances to suppliers JPY - - - - - -
USD 37,440.00 3.23 141,687.76 11.75 12,908.00 1.06
Advances from customers USD (5,396.91) (0.42) (53,642.37) (4.27) (4,664.00) (0.38)
(1) Foreign exchange risk from financial instruments as of:
As at 31 March 2025
Included in USD EUR JPY Other currency Total
Trade payables (104.64) - - - (104.64)
Payable for capital goods (4.37) - - (117.34) (121.71)
Trade receivables 352.83 - - - 352.83
EEFC bank account 14.02 - - - 14.02
Cash in hand - 0.09 - - 0.09
Current borrowings (485.46) - - - (485.46)
Non- current borrowings (419.88) - - - (419.88)
Advances to suppliers 3.23 - - - 3.23
Advances from customers (0.42) - - - (0.42)
(644.69) 0.09 - (117.34) (761.94)
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400All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
48 Financial risk management objectives and policies (contd.)
(2) Foreign exchange risk from financial instruments as of:
As at 31 March 2024
Included in USD EUR JPY Other currency Total
Trade payables (161.85) - - - (161.85)
Payable for capital expenditure (3.11) (1.29) (2.49) - (6.89)
Trade receivables 157.27 - - - 157.27
EEFC bank account 15.51 - - - 15.51
Cash in hand 0.19 - - - 0.19
Short term borrowings (111.28) - - - (111.28)
Long term borrowings (254.29) - - - (254.29)
Advances to suppliers 11.75 - - - 11.75
Advances from customers (4.27) - - - (4.27)
(350.08) (1.29) (2.49) - (353.86)
(3) Foreign exchange risk from financial instruments as of:
As at 31 March 2023
Included in USD EUR JPY Other currency Total
Trade payables (191.14) - - - (191.14)
Payable for capital expenditure (9.53) - - - (9.53)
Trade receivables 185.48 - - - 185.48
EEFC bank account 30.24 - - - 30.24
Cash in hand - 0.05 - 0.03 0.08
Short term borrowings (90.65) - - - (90.65)
Long term borrowings - - - - -
Advances to suppliers 1.06 - - - 1.06
Advances from customers (0.38) - - - (0.38)
(74.92) 0.05 - 0.03 (74.84)
Currency Exchange rate Exchange rate in Exchange rate in
in INR INR INR
USD 85.58 83.37 82.22
EUR 92.32 90.22 89.61
CNY 11.76 11.53 11.94
JPY 0.57 0.55 0.62
GBP 110.74 105.29 101.87
(4) Sensitivity analysis
Areasonablypossiblechangeinforeignexchangeratesby5%(31March,2024:5%,31March,2023:5%)wouldhaveincreased/(decreased)equityandprofitorlossbytheamountsshown
below. This analysis assumes that all other variables in particular interest rates remain constant.
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Movement in exchange rate
USD-INR 5.00% 5.00% 5.00%
EUR - INR 5.00% 5.00% 5.00%
JPY- INR 5.00% 5.00% 5.00%
Other currency 5.00% 5.00% 5.00%
Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Impact on profit/loss
USD-INR (32.23) (17.50) (3.75)
EUR - INR 0.00 (0.06) 0.00
JPY- INR 0.00 (0.12) 0.00
Other currency (5.87) - 0.00
Impact on equity (net of taxes)
USD-INR (24.12) (13.10) (2.80)
EUR - INR 0.00 (0.05) 0.00
JPY- INR 0.00 (0.09) 0.00
Other currency (4.39) - 0.00
(b) Price risk
The group is mainly exposed to the price risk due to its investment in mutual funds. The price risk arises due to uncertainties about the future market values of these investments. As at
31March2025,theinvestmentsinmutualfundsamountsto Nil(31March2024:1.16million,31March2023:1.08million).Theseareexposedtopricerisk.TheGrouphaslaidpoliciesand
guidelineswhichitadherestoinordertominimisepriceriskarisingfrominvestmentsincrediblemutualfunds.A1%increaseinpriceswouldhaveledtoapproximatelyanadditional Nil
million gain in profit or loss (31 March, 2024: 0.01 million, 31 March, 2023: 0.01 million). A 1% decrease in prices would have led to an equal but opposite effect.
(c) Interest rate risk
The maininterestrateriskarisesfromlong-termborrowingswithvariablerates,whichexposetheGrouptocashflowinterestraterisk.Theexposureofthe borrowingsto
interest rate changes at the end of the reporting period are included in the table below.
Particulars As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Total borrowings (A) 2,185.11 1,423.46 1,717.40
Less: Fixed interest rate borrowings (B) 750.50 689.43 1,083.00
Variable interest rate borrowings (C = A - B) 1,434.61 734.03 634.40
% of Total borrowings 65.65% 51.57% 36.94%
Weighted average interest rate 8.04% 8.86% 8.47%
Sensitivity analysis
Fixed rate instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of sensitivity analysis.
Areasonablypossiblechangeof50basispointsinvariablerateinstrumentsatthereportingdateswouldhaveincreasedordecreasedprofitorlossandtotalequitybytheamountsshown
below:
Particulars Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Variable rate instruments - increase by 50 basis points (0.50%) 7.17 3.67 3.17
Variable rate instruments - decrease by 50 basis points (0.50%) (7.17) (3.67) (3.17)
The sensitivity analysis above has been determined for borrowings assuming the amount of borrowings outstanding at the end of the reporting year was outstanding for the whole year.
401All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
48 Financial risk management objectives and policies (contd.)
(ii) Credit risk
Creditriskistheriskoffinanciallossarisingfromcounterpartyfailuretorepayorservicedebtaccordingtothecontractualtermsandobligations.Creditriskencompassesofboth,thedirectrisk
ofdefaultandtheriskofdeteriorationofcreditworthinessaswellasconcentrationofrisks.Creditriskiscontrolledbyanalysingcreditlimitsandcreditworthinessofthecustomeroncontinuous
basistowhomthecredithasbeengrantedafterobtainingnecessaryapprovalsforcredit.Thefinancialinstrumentsthataresubjecttoconcentrationofcreditriskprincipallyconsistoftrade
receivables, loans and cash and bank equivalents.
Tomanagecreditrisk,theGroupfollowsapolicyofproviding30to90dayscredittoitscustomers.Thecreditlimitpolicyisestablishedconsideringthecurrenteconomictrendoftheindustryin
whichtheGroupisoperating.Also,thetradereceivablesaremonitoredonaperiodicbasisforassessinganysignificantriskofnon-recoverabilityofduesandprovisioniscreatedaccordingly.
The Group has very limited history of customer defaults Refer note 14 for ageing analysis and for information of credit loss allowance.
Loansandotherfinancialassetsincludesloansgrantedtoemployees,depositsreceivable,interestaccruedondepositsandotherreceivables.Thesereceivablesaremonitoredonaperiodic
basisforassessinganysignificantriskofnon-recoverabilityofduesandprovisioniscreatedaccordingly.TheGroupdoesnotexpectanylossesfromnon-performancebythesefinancialassets
based on its past experiences.
CreditriskoncashandcashequivalentsislimitedastheGroupgenerallyinvestindepositswithbanksandfinancialinstitutionswithhighcreditratingsassignedbyinternationalanddomestic
credit rating agencies.
Ageing Not due 0-90 days 90-180 days 181-270 days 271-365 days More than 365 days Total
Gross carrying amount (as on 31 771.13 93.66 1.29 1.34 0.59 12.50 880.51
March 2025)
Expected credit losses (loss 3.04 2.25 0.25 0.30 0.12 8.87 14.83
allowance provision)
Carrying amount of trade 768.09 91.41 1.04 1.04 0.47 3.63 865.68
receivables (net of impairment)
Ageing Not due 0-90 days 90-180 days 181-270 days 271-365 days More than 365 days Total
Gross carrying amount (as on 31 417.72 64.46 4.67 12.07 0.30 10.27 509.49
March 2024)
Expected credit losses (loss 1.98 1.90 3.02 10.85 - 8.30 26.05
allowance provision)
Carrying amount of trade 415.74 62.56 1.65 1.22 0.30 1.97 483.44
receivables (net of impairment)
Ageing Not due 0-90 days 90-180 days 181-270 days 271-365 days More than 365 days Total
Gross carrying amount (as on 378.84 47.69 2.34 2.14 0.65 11.12 442.78
31 March 2023)
Expected credit losses (loss 2.75 1.81 0.24 0.51 0.10 9.72 15.13
allowance provision)
Carrying amount of trade 376.09 45.88 2.10 1.63 0.55 1.40 427.65
receivables (net of impairment)
Ageing Not due 0-90 days 90-180 days 181-270 days 271-365 days More than 365
days
Default rate (as on 31 March 2025) 0.38% 2.53% 14.77% 39.86% 87.52% 100.00%
Default rate (as on 31 March 2024) 0.46% 3.19% 17.12% 39.72% 85.85% 100.00%
Default rate (as on 31 March 2023) 0.67% 4.36% 20.06% 38.95% 81.37% 100.00%
For reconciliation of expected credit loss Refer note 14
(iii) Liquidity risk
LiquidityriskistheriskthattheGroupwillnotbeabletomeetitsfinancialobligationsastheybecomedue.TheGroupmanagesitsliquidityriskbyensuring,asfaraspossible,thatitwillalways
have sufficient liquidity to meet its liabilities when due. The Group closely monitors its liquidity position and deploys a robust cash management system.
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and committed borrowing facilities, by continuously monitoring forecast and actual cash flows.
Within one year 1 year to More than Total
5 years 5 years
As at 31 March 2025
Borrowings 1,167.55 1,017.56 - 2,185.11
Trade payables 375.08 - - 375.08
Other financial liabilities 246.59 - - 246.59
Lease liabilities (with financing component) 11.16 33.44 - 44.60
1,800.38 1,051.00 - 2,851.38
As at 31 March 2024
Borrowings 671.80 751.66 - 1,423.46
Trade payables 303.96 - - 303.96
Other financial liabilities 82.63 - - 82.63
Lease liabilities (with financing component) 33.25 13.97 - 47.22
1,091.64 765.63 - 1,857.27
As at 31 March 2023
Borrowings 783.15 665.92 268.33 1,717.40
Trade payables 349.01 0.66 - 349.67
Other financial liabilities 62.64 - - 62.64
Lease liabilities 33.54 43.52 - 77.06
1,228.34 710.10 268.33 2,206.77
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402All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
49(i) Capital management
Forthepurposeofthe capitalmanagement,capitalincludesissuedequitycapitalandallotherequityreservesattributabletotheequityholders.Theprimaryobjectiveofthe
capital management is to maximize the shareholder value and to ensure the Group's ability to continue as a going concern. The Group is not subject to externally imposed capital requirements.
TheGrouphasnotdistributedanydividendtoitsshareholders.TheGroupmonitorsgearingratioi.e.totaldebtinproportiontoitsoverallfinancingstructure,i.e.equityanddebt.Totaldebt
comprisesofnon-currentandcurrentborrowings.TheGroupmanagesthecapitalstructureandmakesadjustmentstoitinthelightofchangesineconomicconditionsandtheriskcharacteristics
of the underlying assets.
As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Equity (i) 2,487.79 2,019.21 1,576.46
Non- current borrowings 1,017.56 751.66 934.25
Current borrowings 1,167.55 671.80 783.15
Interest accrued but not due on borrowing 8.92 14.03 8.03
Lease liabilities 44.60 47.22 77.06
Less: cash and cash equivalents (83.59) (106.63) (158.57)
Total debt (ii) 2,155.04 1,378.08 1,643.92
Capital gearing ratio (ii)/ (i) 0.87 0.68 1.04
49(ii) Reconciliation of liabilities from financing activities
Cash and cash Borrowings Lease liabilities Total
equivalent (Including
interest
accrued)
Balance as at 1 April 2022 (Standalone) 56.63 1,649.20 82.09 1,674.66
Add: Proceeds from borrowings - 452.47 - 452.47
Add: non-cash adjustments - 1.85 22.73 24.58
Add: interest cost - 142.35 5.71 148.06
Less: cash inflow/ (outflow) 101.94 (520.44) (33.47) (655.85)
Balance as at 31 March 2023 (Standalone) 158.57 1,725.43 77.06 1,643.92
Add: Proceeds from borrowings - 358.41 - 358.41
Add: non-cash adjustments - 9.18 2.86 12.04
Add: interest cost - 165.30 4.70 170.00
Less: cash inflow/ (outflow) (51.94) (820.83) (37.40) (806.29)
Balance as at 31 March 2024 (Standalone) 106.63 1,437.49 47.22 1,378.08
Add: Proceeds from borrowings - 1,307.48 - 1,307.48
Add: non-cash adjustments - (4.72) 22.40 17.68
Add: interest cost - 140.06 2.65 142.71
Less: cash inflow/ (outflow) (23.04) (686.28) (27.67) (690.91)
Balance as at 31 March 2025 (Consolidated) 83.59 2,194.03 44.60 2,155.04
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403All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
Note 50: Statement of restatement adjustments to audited financial statements
Part A: Statement of restatement adjustments to audited financial statements
(A) Reconciliation between profit for the year after tax as per audited statutory financial statements and restated profit after tax as per Restated Consolidated and
Standalone Financial Information.:
Particulars Year ended Year ended Year ended
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Profit for the year (after tax) (as per audited statutory financial statements) 472.94 447.90 282.70
Adjustments - - -
Restated profit for the year (after tax) (as per restated financial information) 472.94 447.90 282.70
(B) Reconciliation between total equity as per audited statutory financial statements and Restated Consolidated and Standalone Financial Information.:
Particulars As at As at As at
31 March 2025 31 March 2024 31 March 2023
(Consolidated) (Standalone) (Standalone)
Total equity as per audited balance sheet (as per audited statutory financial statements) 2,487.79 2,019.21 1,576.46
Adjustments - - -
Total equity as per restated balance sheet (as per Restated Consolidated and Standalone Financial Information.) 2,487.79 2,019.21 1,576.46
Part B: Material regroupings
AppropriateregroupingshavebeenmadeintheRestatedConsolidatedandStandaloneFinancial Information.,whereverrequired,byreclassificationofthecorrespondingitems of
income,expenses,assets,liabilitiesandcashflows,inordertobringtheminlinewiththeaccountingpoliciesandclassificationaspertheauditedconsolidatedfinancialstatementsfor
theyearended31March2025preparedinaccordancewithScheduleIIItotheAct,requirementsofIndAS1,'Presentationoffinancialstatements'andotherapplicableIndASprinciples
andtherequirementsoftheSecurities andExchange Boardof India(Issue ofCapital &Disclosure Requirements)Regulations, 2018,as amended.However,theimpactof such
regroupings / reclassification are not material to the Restated Consolidated and Standalone Financial Information..
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404All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
Part C: Non-Adjusting events (*)
(a) Therearenoauditqualificationinauditor'sreportsasofandforthefinancialyearsended31March2025,31March2024and31March2023,northereareanyotherobservationswhich
require any other adjustments in the Restated Consolidated and Standalone Financial Information.
(b) TherearenoEmphasisofmattersinauditor'sreportsasofandforthefinancialyearsended31March2025,31March2024and31March2023whichrequireadjustmentsinthe
Restated Consolidated and Standalone Financial Information.
(c) There are no observations under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).
(d) Wedidnotauditthefinancialstatementsofonesubsidiary,whosefinancialstatementsreflecttotalassetsof 0.02millionasat31March2025,totalrevenuesof nilandnetcash
outflowsamountingto 0.05million-fortheyearendedonthatdate,asconsideredintheconsolidatedfinancialstatements.Thesefinancialstatementshavebeenauditedbyother
auditorswhosereporthasbeenfurnishedtousbythemanagementandouropinionontheconsolidatedfinancialstatements,insofarasitrelatestotheamountsanddisclosures
includedinrespectofsubsidiary,andourreportintermsofsub-section(3)ofsection143oftheActinsofarasitrelatestotheaforesaid,arebasedsolelyonthereportsoftheother
auditors.
(e) OthermattersreportedintheAuditor'sreportissuedunderCompanies(Auditor'sReport)Order,2020('CARO,2020'),onthefinancialstatementsoftheHoldingCompanyfortheyears
ended 31 March 2025, 31 March 2024 and 31 March 2023, which do not require any adjustment to the Restated Consolidated and Standalone Financial Information are as follows:
Clause (ii)(b) of CARO 2020 Order
TheHoldingCompanyhasbeensanctionedworkingcapitallimitsinexcessof 50.00million,inaggregate,frombanksandfinancialinstitutionsonthebasisofsecurityofcurrent
assets.ThequarterlyreturnsorstatementsfiledbytheHoldingCompanywithsuchbanksorfinancialinstitutionsareinagreementwiththebooksofaccountsoftheHoldingCompany
except as follows, which is also disclosed in note 25 to the Restated Consolidated and Standalone Financial Information.
As at 31 March 2025
Name of the banks Working Nature of Quarter Information disclosed as per Information as per Difference Remarks
capital limit current returns/ statement books of accounts
sanctioned assets
offered as
security
Citi Bank 300.00 Inventory andJanuary to
Trade March 2025
HDFC Bank 200.00 Inventory andJanuary to
Trade March 2025 Inventory:736.18 Inventory:(184.18)
Owing to year end
receivables Inventory: 551.98 million million million
book closure
HSBC Bank 250.00 Inventory andJanuary to and and and
adjustments/
Trade March 2025 Trade receivable: 922.34 million Trade receivable: Trade receivable
entries
receivables 865.67 million :56.67 million
DBS Bank 300.00 Inventory and January to
Trade March 2025
receivables
Clause (vii) (b) of CARO 2020 Order
Accordingtotheinformationandexplanationsgiventous,therearenostatutoryduesreferredinsub-clause(a)whichhavenotbeendepositedwiththeappropriateauthorities on
account of any dispute except for the following:
Name of the Statue Nature of dues Gross Amount paidPeriod to which the amountForum where
Amount under relates dispute is pending
protest
Income-tax Act, 1961 Income-tax 28.21 - Assessment year Commissioner of
2022-23 Income-tax
(Appeals)
Custom Act,1962 Custom duty 6.00 - Assessment year CESTAT,
2025-26 Mumbai
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405All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
For the year ended 31 March 2024
Clause (ii)(b) of CARO 2020 Order
TheHoldingCompanyhasbeensanctionedworkingcapitallimitsinexcessof 50.00million,inaggregate,frombanksandfinancialinstitutionsonthebasisofsecurityofcurrent
assets.ThequarterlyreturnsorstatementsfiledbytheHoldingCompanywithsuchbanksorfinancialinstitutionsareinagreementwiththebooksofaccountsoftheHoldingCompany
except as follows, which is also disclosed in note 25 to the Restated Consolidated and Standalone Financial Information.
As at 31 March 2024
Name of the banks Working Nature of Quarter Information disclosed as per Information as per Difference Remarks
capital limit current returns/ statement books of accounts
sanctioned assets
offered as
security
Citi Bank 300.00 Inventory andJanuary to
Trade March 2024
receivables
HDFC Bank 200.00 Inventory andJanuary to
Inventory: 520.80 Inventory: (46.92)
Trade March 2024 Owing to year end
Inventory: 473.87 million million million
receivables book closure
and and and
HSBC Bank 250.00 Inventory andJanuary to adjustments/
Trade receivable: 506.18 million Trade receivable: Trade receivable:
Trade March 2024 entries
483.43 million 22.74 million
receivables
DBS Bank 300.00 Inventory and January to
Trade March 2024
receivables
Clause (vii) (a) of CARO 2020 Order
Inouropinion,andaccordingtotheinformationandexplanationsgiventous,undisputedstatutoryduesincludinggoodsandservicestax,providentfund, stateinsurance,
income-tax,servicetax,dutyofcustoms,dutyofexcise,valueaddedtax,cessandothermaterialstatutorydues,asapplicable,havegenerallybeen regularlydepositedwiththe
appropriateauthoritiesbytheHoldingCompany,thoughtherehavebeenslightdelaysinafewcases.Undisputedamountspayableinrespectthereof,whichwereoutstandingattheyear-
end for a period of more than six months from the date they became payable are as follows:
Name of the Statue Nature of dues Amount Period toDue Date Date of Payment
which the
amount
related
Professional tax Professional tax0.02 April-23 31-May-2023 20-Mar-2024
Clause (vii) (b) of CARO 2020 Order
Accordingtotheinformationandexplanationsgiventous,therearenostatutoryduesreferredinsub-clause(a)whichhavenotbeendepositedwiththeappropriateauthorities on
account of any dispute except for the following:
Name of the Statue Nature of dues Gross Amount paidPeriod to which the amountForum where
Amount under relates dispute is pending
protest
Income-tax Act, 1961 Income-tax 28.21 - Assessment year Commissioner of
2022-23 Income-tax
(Appeals)
For the year ended 31 March 2023
Clause (ii)(b) of CARO 2020 Order
TheHoldingCompanyhasbeensanctionedworkingcapitallimitsinexcessof 50.00million,inaggregate,frombanksandfinancialinstitutionsonthebasisofsecurityofcurrent
assets.Inouropinion,thequarterlyreturnsorstatementsfiledbytheHoldingCompanywithsuchbanksorfinancialinstitutionsareinagreementwiththebooksofaccountsof the
Holding Company except as follows, which is also disclosed in note 25 to the Restated Consolidated and Standalone Financial Information.
As at 31 March 2023
Name of the banks Working Nature of Quarter Information disclosed as per Information as per Difference Remarks
capital limit current returns/ statement books of accounts
sanctioned assets
offered as
security
Citi Bank 300.00 Inventory andJanuary to
Trade March 2023
receivables
HDFC Bank 200.00 Inventory andJanuary to
Inventory: 622.34 Inventory: (165.57)
Trade March 2023 Owing to year end
Inventory: 456.77 million million million
receivables book closure
and and and
HSBC Bank 250.00 Inventory andJanuary to adjustments/
Trade receivable: 494.03 million Trade receivable: Trade receivable:
Trade March 2023 entries
427.65 million 66.38 million
receivables
DBS Bank 300.00 Inventory and January to
Trade March 2023
receivables
Clause (vii) (b) of CARO 2020 Order
Accordingtotheinformationandexplanationsgiventous,therearenostatutoryduesreferredinsub-clause(a)whichhavenotbeendepositedwiththeappropriateauthorities on
account of any dispute except for the following:
Name of the Statue Nature of dues Gross Amount paidPeriod to which the amountForum where
Amount under relates dispute is pending
protest
The Custom Act, 1952 Custom Duty 8.58 8.58 Assessment year Custom (Appeals)
2017-19 Ahmedabad
(*) 'We', 'our' and 'us' in this note refers to the Statutory auditors of the Holding Company.
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406All Time Plastics Limited (formerly known as All Time Plastics Private Limited)
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial Information.
51 Additionalinformationasrequiredbyparagraph2ofthegeneralinstructionsforpreparationoftherestatedconsolidatedfinancialstatementsasperScheduleIIIoftheActasat andfortheyear
ended 31 March 2025:
Name of the entity in the Group Net assets (total assets minus total Share in profit/ (loss) for the Share in other comprehensive income Share in total comprehensive income
liabilities) year ('OCI')
As a % of net assets Amount As a % of Amount As a % of OCI Amount As a % of total Amount
profit/ (loss) comprehensive income
for the year
All Time Plastics Limited (formerly known
as All Time Plastics Private Limited) 100% 2,487.83 100% 472.98 100% (4.36) 100% 468.62
All Time Plastics Pte. Ltd 0% 0.02 0% (0.04) 0% - 0% (0.04)
Less: Eliminations 0% (0.06) 0% - 0% - 0% -
Total 2,487.79 472.94 (4.36) 468.58
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407All Time Plastics Limited (formerly known as All Time Plastics Private Limited) #
Summary statement of material accounting policies and other explanatory information to the Restated Consolidated and Standalone Financial
Information.
52 Additional disclosures with respect to amendments to Schedule III:
(i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property.
(ii) The Group does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
(iii)T he Group does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.
(iv) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the
understanding that the Intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (Ultimate Beneficiaries); or
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(v)TheGrouphasnotreceivedanyfundfromanyperson(s)orentity(ies),includingforeignentities(FundingParty)withtheunderstanding(whetherrecorded
in writing or otherwise) that the Group shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (Ultimate Beneficiaries); or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vi) TheGroupdoesnothaveanysuchtransactionwhichisnotrecordedinthebooksofaccountsthathasbeensurrenderedordisclosedas incomeduring
theyearspresentedinthetaxassessmentsundertheIncome-taxAct,1961(suchas,searchorsurveyoranyotherrelevantprovisionsoftheIncome-taxAct,
1961).
(vii) The Group has not been declared willful defaulter by any bank or financial institution or government or any government authority.
(viii) The Group has not entered into any scheme of arrangement which has an accounting impact on the years presented.
(ix) The Group has not traded or invested in crypto currency or virtual currency during the years presented.
53 Code of Social Security, 2020
The Code of Social Security, 2020 ('Code') relating to employee benefits during employment and post employment received Presidential assent in September
2020. Subsequently, the Ministry of Labour and Employment had released the draft rules on the aforementioned Code. However, the same is yet to be notified.
The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
54 TheMinistryofCorporateAffairs(MCA)hasprescribedanewrequirementforcompaniesundertheprovisotoRule3(1)of theCompanies(Accounts)Rules,
2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which use accounting software for maintaining its books of
accounts,touseonlysuchaccountingsoftwarewhichhasafeatureofrecordingaudittrailofeachandeverytransaction,creatinganeditlogof eachchange
made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.
Duringtheyearended31March2025,theaudittrailfeaturewasenabledbothattheapplicationlevelanddatabaselevelintheaccountingsoftwareusedby
theHoldingCompanytomaintainitsbooksofaccounts.FurtheraudittrailhasbeenpreservedbytheHoldingCompanyasperthestatutoryrequirementforthe
record retention.
55 Authorisation of Restated Consolidated and Standalone Financial Information
Therestatedfinancialinformationfortheyearsended31March2025,31March 2024and31March2023wereapprovedbytheBoardofDirectorsat their
meeting held on 20 July 2025.
This is the summary statement of material accounting policies and other explanatory information referred to in our report of even date.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of
Chartered Accountants All Time Plastics Limited (formerly known as All Time Plastics Private
Firm Registration No. 001076N / N500013 Limited)
CIN: U25209MH2001PLC131139
Rajni Mundra Kailesh Punamchand Shah Bhupesh Punamchand Shah
Partner Chairman and Managing Director Whole Time Director
Membership No.: 058644 DIN No: 268442 DIN No: 281295
Place: Mumbai
Date : 20 July 2025
Manish Gattani Antony Pius Alapat
Chief Financial Officer Company Secretary
Membership No.: A34946
Place: Mumbai
Date: 20 July 2025
408OTHER FINANCIAL INFORMATION
The audited standalone financial statements of our Company as at and for the Fiscals 2025, 2024 and 2023,
respectively (“Company’s Financial Statements”) are available at
https://www.alltimeplastics.com/files/AuditedFinancialStatements_2024-25.pdf ,
https://www.alltimeplastics.com/files/AuditedFinancialStatements_2023-24.pdf, and
https://www.alltimeplastics.com/files/AuditedFinancialStatements_2022-23.pdf, respectively.
Our Company is providing these links to its website solely to comply with the requirements specified in the SEBI
ICDR Regulations. The Company’s Financial Statements do not constitute, (i) a part of this Prospectus; or (ii) a
prospectus, a statement in lieu of a prospectus, an offering circular, an offering memorandum, an advertisement,
an offer or a solicitation of any offer or an offer document to purchase or sell any securities under the Companies
Act, the SEBI ICDR Regulations, or any other applicable law in India or elsewhere. The Company’s Financial
Statements should not be considered as part of information that any investor should consider subscribing for or
purchase any securities of our Company, or any entity in which its shareholders have significant influence
(collectively, the “Group”) and should not be relied upon or used as a basis for any investment decision. None of
the Group or any of its advisors, nor the BRLMs or the Promoters, nor any of their respective employees, directors,
affiliates, agents or representatives accept any liability whatsoever for any loss, direct or indirect, arising from
any information presented or contained in the Company’s Financial Statements or the opinions expressed therein.
The accounting ratios required under Clause 11 of Part A of Schedule VI of the SEBI ICDR Regulations are given
below:
As on/ For Fiscal As on/ For Fiscal As on/ For Fiscal
Particulars 2025 2024 2023
(Consolidated) (Standalone)
Basic Earnings per Equity Share (₹) 9.01 8.53 5.38
Diluted Earnings per Equity Share (₹) 9.01 8.53 5.38
Return on Net Worth (%) 19.01 22.18 17.93
Net Asset Value Per Equity Share (₹) 47.39 38.46 30.03
Earnings before interest, tax, depreciation and
1,013.37 971.01 733.82
amortisation (EBITDA) (₹ in million)
The ratios have been computed as under:
1. Basic and diluted earnings/ (loss) per equity share: Basic and diluted earnings/ (loss) per equity share are computed in accordance with
Indian Accounting Standard 33 notified under the Companies (Indian Accounting Standards) Rules of 2015 (as amended).
2. Pursuant to a resolution of our Board dated May 15, 2024 and a resolution of our shareholders dated May 21, 2024, (i) each equity
share of our Company of ₹10 each was sub-divided into 5 equity shares of ₹2 each; and (ii) issue bonus equity share of face value ₹2
each in the ratio of 9:1 (i.e., 9 Equity Shares for every one Equity Share held). The Earnings per Equity Share (basic and diluted) and
Net Asset Value Per Equity Share has been calculated after giving effect to such sub-division and bonus issue.
3. RoNW is calculated as restated profit for the year divided by the net worth at the end of the respective year. Net worth means aggregate
of equity share capital and other equity as at the end of the year as per the Restated Consolidated and Standalone Financial Information.
4. Net Asset Value per equity share = Net worth at the end of the year divided by the weighted average number of Equity Shares outstanding
at the end of the year.
5. EBITDA is calculated as aggregate of restated profit before tax, depreciation and amortization expense and finance costs, less other
income for the relevant year.
409MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Prospective investors should read the following discussion of our financial condition and results of operations
together with the Restated Consolidated and Standalone Financial Information, which are included in “Financial
Statements” on page 349, along with “Industry Overview” and “Our Business” on pages 181 and 258,
respectively.
This section contains forward-looking statements that involve risks and uncertainties. Our actual results could
differ materially from those anticipated in such forward-looking statements. For details, see “Forward-Looking
Statements” on page 22.
All references in this section to a particular Financial Year or FY or Fiscal, unless stated otherwise, are to the
12-month period ended on March 31 of that particular calendar year.
Prior to November 13, 2024, our Company did not have any subsidiaries. Unless stated otherwise, all financial
and statistical information as at and for the year ended March 31, 2025 and post March 31, 2025 is given on a
consolidated basis and all financial and statistical information as at and for the years ended March 31, 2024 and
2023 is given on a standalone basis.
We have included certain non-GAAP financial measures and other performance indicators relating to our
financial performance and business in this section. Such measures and indicators are not standardised terms and
hence a direct comparison of these measures and indicators between companies may not be possible. For further
details, see “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of
Presentation – Non-GAAP Financial Measures” on page 20.
Unless otherwise indicated, industry and market data used in this section have been derived from Technopak
Report, which was prepared by Technopak. We commissioned Technopak to prepare the Technopak Report
specifically for the purpose of the Offer for an agreed fee pursuant to the engagement letter dated May 20, 2024,
as amended pursuant to a letter of authorisation dated June 11, 2025. For more details on the Technopak Report,
see “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation –
Industry and Market Data” on page 20. A copy of the Technopak Report will be available on our Company’s
website at https://www.alltimeplastics.com/files/IndustryReport.pdf.
Overview
For an overview of our business, see “Our Business – Overview” on page 258.
Significant Factors Affecting our Results of Operations and Financial Condition
Our results of operations have been, and will be, affected by many factors, some of which are beyond our control.
The following is a discussion of certain factors that have had, and we expect will continue to have, a significant
effect on our results of operations and financial condition.
Our Revenue from our Top Four Customers and in Particular our Top Customer
Our business largely depends upon our top four customers and in particular our top customer. For details regarding
our revenue from our top 10 customers for Fiscals 2025 (consolidated), 2024 (standalone) and 2023 (standalone),
see “Our Business – Customers” on page 290.
Our Company and Pyramid Plastics, the entity whose business/ operational assets were acquired by our Company,
have been selling products to IKEA, our largest customer in Fiscal 2025 (consolidated), for more than 27 fiscal
years, Asda, our second largest customer in Fiscal 2025 (consolidated), for more than 14 fiscal years, Michaels,
our third largest customer in Fiscal 2025 (consolidated), for more than four fiscal years, and Tesco, our fourth
largest customer in Fiscal 2025 (consolidated), for more than 17 fiscal years. For more details, see “Risk Factors
– We do not have long-term agreements for the sale of our products with a majority of our customers. If our
customers choose not to source their requirements from us, it could have a material adverse effect on our business,
financial condition, results of operations and cash flows” beginning on page 39.
410Volume of Products Sold and the Average Price per Tonne of Products Sold
Our revenue from sale of products for a particular fiscal year primarily depends on the volume of products we sell
and the average price of the products we sell in that fiscal year. While we do not set the price of our products
solely on the basis of the volume of materials consumed to make that product, the volume of materials consumed
to make a product has a substantial effect on the price we charge for that product. In setting a price for a product,
we also take into account factors such as market demand, competitor pricing, and overall production costs. The
table below set forth the volume of products sold in tonnes and the average price per tonne of products sold for
the fiscal years indicated.
Year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Volume of products sold (in tonnes) [A] 25,843.87 23,402.78 19,787.55
Average price per tonne of products sold [B = C/A] (₹ in
million) 0.21 0.22 0.22
Sale of plastic products [C] (₹ in million) 5,553.25 5,111.09 4,416.08
Cost of Materials Consumed (including Changes in Inventories of Finished Goods and Work in Progress)
The cost of materials consumed (including changes in inventories of finished goods and work in progress)
represents a significant percentage of revenue from our sale of products. The table below set forth our cost of
materials and changes in inventories of finished goods and work-in-progress and the total of the same and the total
as a percentage of revenue from sale of products for the fiscal years indicated.
Year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million, except percentages)
Cost of materials consumed [A] 3,471.16 2,992.45 2,806.16
Changes in inventories of finished goods and work-in-
progress [decrease/(increase)] [B] (118.95) 50.30 (56.22)
Total [C = A + B] 3,352.21 3,042.75 2,749.94
Total as a percentage of sale of products [D = C/E] (%) 60.36% 59.53% 62.27%
Sale of products [E] 5,553.25 5,111.09 4,416.08
The prices of the raw materials we need are affected by numerous factors beyond our control, including, among
others, the price of oil, production capacity and transportation costs. Plastic raw materials have historically
fluctuated to some extent in line with crude oil price fluctuations (source: Technopak Report).
Fluctuations in global demand, supply, and currency exchange rates further exacerbate the situation, as they
influence the base prices of various raw materials (source: Technopak Report).
If the prices of the raw materials we need rapidly increase, we may be unable to increase our product prices in
sufficient time to fully offset increasing raw material prices. Our ability to transfer increases in raw material costs
to our customers is dependent on, among others, market condition as well as pricing of similar products by our
competitors. In the past, we have been successful in transferring increases in raw material costs to customers
through increased product prices, although there has typically been a time lag. However, to the extent that we are
not able to transfer increases in costs to our customers, or if there is a significant lag in transferring increases in
costs to our customers, our business, results of operations, financial condition and cash flows could be adversely
affected.
Employee Benefit Expenses
Employee benefit expenses comprise our third largest expense after cost of materials consumed. In Fiscals 2025,
2024 and 2023, our employee benefit are as presented in the table below.
411For the year ended March 31,
2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Particulars
Amount Percentage Amount Percentage Amount Percentage
(₹ in of total income (₹ in of total income (₹ in of total income
million) (%) million) (%) million) (%)
Employee
benefit expenses 473.39 8.46 404.58 7.84 349.94 7.89
Total income 5,592.35 100.00 5,158.77 100.00 4,437.64 100.00
We seek to reduce our employee benefit expenses as a percentage of our total income by improving our operational
efficiency. As our employees are located in India, rising wages in India as well as any change in applicable labour
laws, would increase our costs.
Capacity Utilisation
Given the nature of our business, our profitability is partially dependent on our ability to spread fixed production
costs over higher production volumes. For details regarding the combined installed capacity at our manufacturing
facilities, the polymers processed and capacity utilisation for Fiscal 2025 (consolidated), 2024 (standalone) and
2023 (standalone), see “Our Business – Manufacturing” on page 278.
Our Working Capital Requirements
Our business requires a significant amount of working capital as there is a considerable time lag between the
purchase of raw materials and the payment from our customers. We are, therefore, required to maintain a sufficient
stock of raw materials at all times in order to meet manufacturing requirements, and have sufficient capital for our
operations until we are able to recover costs upon delivery of products, which in turn affects our working capital
requirements. Consequently, there could be situations where the total funds available to us may not be sufficient
to fulfil our commitments, and hence we may be required to incur additional indebtedness or utilise internal
accruals to satisfy our working capital requirements. The table below sets forth our Net Working Capital, trade
receivables and trade payables as at March 31, 2025 (consolidated), March 31, 2024 (standalone) and March 31,
2023 (standalone) and our revenue from operations, Net Working Capital Days, Trade Receivables Days, and
Trade Payables Days for the fiscal years indicated.
As at and for the year ended March 31,
Particulars 2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Net Working Capital(1)(*) (₹ in million) 1,135.24 798.68 842.21
Revenue from operations (₹ in million) 5,581.67 5,128.53 4,434.86
Trade receivables (₹ in million) 865.68 483.44 427.65
Trade payables (₹ in million) 375.08 303.96 349.67
Net Working Capital Days(2)(*) (number of days) 74 57 69
Trade Receivables Days(3) (number of days) 57 34 35
Trade Payables Days(4) (number of days) 39 37 46
Notes:
(1) Net Working Capital is calculated as total current assets less (i) cash and cash equivalents, (ii) bank balances other than
cash and cash equivalents, (iii) total current liabilities, excluding current borrowings (“Net Working Capital”).
(2) Net Working Capital Days is calculated by dividing the number of days in the Fiscal by the working capital ratio, which
is calculated as revenue from operations divided by Net Working Capital (“Net Working Capital Days”).
(3) Trade Receivables Days is calculated by dividing trade receivables at the end of the Fiscal by revenue from operations
and multiplying it by the number of days in the Fiscal (“Trade Receivables Days”).
(4) Trade Payables Days is calculated by dividing trade payables at the end of the Fiscal by purchases for the Fiscal and
multiplying it by the number of days in the Fiscal (“Trade Payables Days”).
(*) Non-GAAP Financial Measure.
Our working capital requirements could also increase if we are required to pay higher prices for raw materials or
excessive advances for the procurement of raw materials. Some of these factors could result in an increase in our
short-term borrowings. An increase in the incurrence of debt will result in an increase in our interest and debt
repayment obligations. Continued increases in our working capital requirements could have a material adverse
412effect on our results of operations and financial condition. We could also become subject to additional covenants,
which could limit our ability to access cash flows from operations and undertake certain types of transactions.
Finance Costs
The primary expense in our finance costs is interest on term loans and working capital loans from banks. The table
below sets forth our finance costs, including interest on term loans and working capital loans from banks, and
such costs as a percentage of total income for the fiscals indicated.
For the year ended March 31,
2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Particulars As a As a As a
percentage percentage (₹ in percentage
(₹ in million) (₹ in million)
of total of total million) of total
income income income
Finance costs 146.87 2.63% 181.21 3.51% 162.74 3.67%
Of which:
Interest on term loans and
working capital loans from
banks 128.59 2.30% 129.77 2.52% 104.92 2.36%
Of which:
Interest on term loans 79.10 1.41% 75.31 1.46% 57.60 1.30%
Interest on working
capital loans from banks 49.49 0.89% 54.46 1.06% 47.32 1.07%
Total income 5,592.35 100.00% 5,158.77 100.00% 4,437.64 100.00%
The table below sets forth the breakdown of our Total Borrowings by fixed and floating interest rates as at the
dates indicated.
As at March 31,
2025 2024 2023
Particulars (Consolidated) (Standalone) (Standalone)
Floating Fixed Floating Fixed Floating Fixed
(₹ in million)
Borrowings:
From Banks 1,434.61 742.15 734.03 398.08 634.38 687.05
From directors and – – – 250.00 – 285.00
their relatives
Loan from customer – 8.35 – 41.35 – 110.95
Total Borrowings 1,434.61 750.50 734.03 689.43 634.38 1,083.00
Changes in Currency Exchange Rates
Although our Company’s reporting currency is in Indian Rupees, we transact a significant portion of our business
in several other currencies. Certain portions of our income and expenses are generated or incurred in other
currencies and certain portions of our assets (trade receivables and cash and cash equivalents) and liabilities (trade
payables) are in other currencies, such as United States Dollars (“USD”), Euros (“EUR”), Chinese Yuan
(“CNY”), Japanese Yen (“JPY”), and Great Britain Pounds (“GBP”).
The table below sets forth our revenues from sale of plastic products based outside of India for the fiscal years
indicated:
For the year ended March 31,
2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Percentage Percentage Percentage
Particulars
Amount of total revenue Amount of total revenue Amount of total revenue
(₹ in from sale of (₹ in from sale of (₹ in from sale of
million) plastic product million) plastic product million) plastic product
(%) (%) (%)
Within India 795.84 14.33% 581.80 11.38% 476.20 10.78%
Outside India 4,757.41 85.67% 4,529.29 88.62% 3,939.88 89.22%
413For the year ended March 31,
2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Percentage Percentage Percentage
Particulars
Amount of total revenue Amount of total revenue Amount of total revenue
(₹ in from sale of (₹ in from sale of (₹ in from sale of
million) plastic product million) plastic product million) plastic product
(%) (%) (%)
Revenue from
sale of plastic
products 5,553.25 100.00% 5,111.09 100.00% 4,416.08 100.00%
The exchange rates between the Indian Rupee and the currencies in which we receive payments for such exports,
primarily the USD, have fluctuated in the past and our results of operations have been affected by such fluctuations
in the past and may be impacted by such fluctuations in the future. Due to our inherent net foreign currency long
position, depreciation of the Indian Rupee against foreign currencies will generally have a positive effect on our
reported revenues and operating income and appreciation of the Indian Rupee against foreign currencies will
generally have a negative effect on our reported revenues and operating income. There can be no guarantee that
such fluctuations will not adversely affect our results of operations. However, the positive effect on depreciation
of the Indian Rupee may not be sustained or may not show an appreciable impact in our results of operations in
any given financial period due to other variables affecting our results of operations during the same period.
Moreover, we expect our cost of imported goods, such as raw materials, imported stores and spares, and other
expenses incurred by us may rise during a sustained depreciation of the Indian Rupee against the USD.
Our exposure to the risk of changes in foreign exchange rates relates primarily to our operating activities (when
revenue or expense is denominated in a different currency from our functional currency). We hedge a significant
portion of our net foreign exchange exposure through forward contracts and foreign currency borrowings. We are
exposed to foreign currency risk on the unhedged exposure of foreign currency translation of receivables and trade
payables. The table below set forth our total foreign currency receivables, total trade payables, total foreign
currency borrowings, the total value of our outstanding forward contracts against net receivables and borrowings,
and net gain/(loss) on foreign currency transactions and translation as at and for the fiscal years indicated. For
additional quantitative disclosures on foreign currency risk, see “Financial Statements – Note 48 – Financial Risk
Management Objectives and Policies – (i) Market Risk – (a) Foreign Currency Risk” on page 400.
As at and for the year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Total foreign currency trade receivables 352.83 157.27 185.48
Cash and cash equivalents in foreign currency
(In Exchange Earning Foreign Currency (EEFC) account and cash in hand) 14.11 15.70 30.32
Trade payables in foreign currency (104.64) (161.85) (191.14)
Foreign currency borrowings (Current ) (485.46) (111.28) (90.65)
Foreign currency borrowings (Non-current) (419.88) (254.29) –
Outstanding forward contracts against net receivables and borrowings 1,251.01 299.02 191.75
Net gain/(loss) on foreign currency transactions and translation 3.98 27.58 (3.31)
Negligible Contribution of All Time Plastics Pte. Limited, the Company’ Subsidiary, to the Group’s
Consolidated Financial Condition as at March 31, 2025 and Results of Operations for the Year ended March
31, 2025
Prior to November 13, 2024, our Company did not have any subsidiaries. All Time Plastics Pte. Limited, a wholly-
owned subsidiary of the Company, was incorporated on November 13, 2024 under the laws of Singapore. As per
the joint venture agreement dated December 27, 2024, as amended through the amendment agreement dated
February 1, 2025, executed amongst All Time Plastics Pte. Limited, our Company, Dragon Bridge Pte. Ltd and
All Time Plastics Pte. Limited (the “Joint Venture Agreement”), All Time Plastics Pte. Limited shall undertake
the business of enhancing the geographical reach of the products manufactured by our Company and also provide
product development inputs to our Company. However, All Time Plastics Pte. Limited did not conduct any
business in the year ended March 31, 2025. As such, All Time Plastics Pte. Limited effects on the Group’s
consolidated financial condition as at March 31, 2025 and results of operations for the year ended March 31, 2025
were negligible. For details, see Note 51 to the Restated Consolidated and Standalone Financial Information in
“Financial Statements” on page 407.
414Pursuant to the Joint Venture Agreement, it is agreed between the parties that Dragon Bridge Pte. Ltd will
subscribe to or acquire from our Company, by way of a secondary transfer, such number of shares of All Time
Plastics Pte. Limited, such that the shareholding of our Company and Dragon Bridge Pte. Ltd in All Time Plastics
Pte. Limited shall be 51.00% and 49.00%, respectively.
Key Performance Indicators and Certain Non-GAAP Measures
In evaluating our business, we consider and use certain non-GAAP financial measures and key performance
indicators that are presented below as supplemental measures to review and assess our operating performance.
The presentation of these non-GAAP financial measures and key performance indicators are not intended to be
considered in isolation or as a substitute for the Restated Consolidated and Standalone Financial Information. We
present these non-GAAP financial measures and key performance indicators because they are used by our
management to evaluate our operating performance. These non-GAAP financial measures are not defined under
Ind AS and are not presented in accordance with Ind AS. The non-GAAP financial measures and key performance
indicators have limitations as analytical tools. Further, these non-GAAP financial measures and key performance
indicators may differ from the similar information used by other companies, including peer companies, and hence
their comparability may be limited. Therefore, these matrices should not be considered in isolation or construed
as an alternative to Ind AS measures of financial performance or as an indicator of our financial condition, results
of operations or cash flows.
Set forth below are certain Ind AS financial measures, Non-GAAP financial measures and statistical measures as
at the dates and for the periods indicated:
As at and for the year ended March 31,
2025 2024 2023
Particulars (Consolidated) (Standalone) (Standalone)
₹ in million, except as ₹ in million, except as ₹ in million, except as
noted noted noted
Revenue from operations 5,581.67 5,128.53 4,434.86
Gross Profit(1)(*) 2,229.46 2,085.78 1,684.92
EBITDA(2)(*) 1,013.37 971.01 733.82
Profit for the year 472.94 447.90 282.70
Gross Margin(3)(*) (%) 39.94% 40.67% 37.99%
EBITDA Margin(4)(*) (%) 18.16% 18.93% 16.55%
PAT Margin(5)(*) (%) 8.46% 8.68% 6.37%
Return on Equity(6) (*)(%) 19.01% 22.18% 17.93%
Return on Capital Employed(7) (*)(%) 16.99% 22.64% 17.16%
Net Debt-to-Equity Ratio(8) (*) 0.84 0.65 0.99
Inventory Turnover Ratio(9)(*) 7.61 9.85 7.13
Net Fixed Assets Turnover Ratio(10)(*) 1.98 2.26 2.14
Net Working Capital Days(11) (days) 74 57 69
Trade Receivables Days(12) (days) 57 34 35
Trade Payables Days(13) (days) 39 37 46
Notes:
(1) Gross Profit is calculated as revenue from operations minus Material Cost (“Gross Profit”). Material Cost is calculated
as cost of materials consumed plus changes in inventory of finished goods, stock-in-trade and work-in-progress.
(2) EBITDA is calculated as aggregate of restated profit before tax, depreciation and amortization expense and finance costs,
less other income for the year (“EBIDTA”).
(3) Gross Margin is calculated as Gross Profit expressed as a percentage of revenue from operations (“Gross Margin”).
(4) EBITDA Margin is calculated as EBITDA expressed as a percentage of revenue from operations (“EBIDTA Margin”).
(5) PAT Margin is calculated as profit for year expressed as a percentage of total income (“PAT Margin”).
(6) Return on Equity is calculated as profit for the year divided by total equity at the end of the year (“Return on Equity”
or “ROE”).
(7) Return on Capital Employed is calculated as earnings before interest and tax divided by Capital Employed. Earnings
before interest and tax is calculated as aggregate of profit before tax, finance costs, less other income for the year. Capital
Employed is calculated as aggregate of total equity, total borrowings less cash and cash equivalent and bank balances
other than cash and cash equivalents (“Return on Capital Employed” or “ROCE”).
415(8) Net Debt-to-Equity Ratio is calculated as Total Borrowings (calculated as the sum of non-current borrowings and current
borrowings) less cash and cash equivalent and bank balances other than cash and cash equivalents divided by total equity
(“Net Debt-to-Equity Ratio”).
(9) Inventory Turnover Ratio is calculated as revenue from operations divided by inventory at the end of the year (“Inventory
Turnover”).
(10) Net Fixed Asset Turnover is calculated as revenue from sale of products divided by average fixed assets (which includes
property, plant and equipment) (“Net Fixed Asset Turnover Ratio”).
(11) Net Working Capital Days is calculated by dividing the number of days in the Fiscal by the working capital ratio, which
is calculated as revenue from operations divided by Net Working Capital. “Net Working Capital” is calculated as total
current assets less (i) cash and cash equivalents, (ii) bank balances other than cash and cash equivalents, and (iii) total
current liabilities, excluding current borrowings (“Net Working Capital Days”).
(12) Trade Receivables Days is calculated by dividing trade receivables as at the end of the year by revenue from operations
and multiplying it by the number of days in the Fiscal.
(13) Trade Payables Days is calculated by dividing trade payables as at the end of the year by purchases and multiplying it
by the number of days in the Fiscal.
(*) Non-GAAP Financial Measure. For a table reconciling this Non-GAAP Financial Measure to an Ind AS measure, see “–
Reconciliation of Non-GAAP Financial Measures” on page 416.
Reconciliation of Non-GAAP Financial Measures
The following table sets forth our EBITDA and EBITDA Margin, which are non-GAAP financial measures, for
the fiscal years indicated.
For the year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million, percentages)
Profit for the year 472.94 447.90 282.70
Less:
Other income 10.68 30.24 2.78
Add:
Total tax expenses 169.08 154.84 94.60
Finance costs 146.87 181.21 162.74
Depreciation and amortisation expense 235.16 217.30 196.56
EBITDA (A) 1,013.37 971.01 733.82
Revenue from operations (B) 5,581.67 5,128.53 4,434.86
EBITDA Margin (A/B) (%) 18.16% 18.93% 16.55%
The following table sets forth our Gross Profit and Gross Margin, which are non-GAAP financial measures, for
the fiscal years indicated.
For the year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million, percentages)
Revenue from operations (A) 5,581.67 5,128.53 4,434.86
Less:
Cost of material consumed 3,471.16 2,992.45 2,806.16
Changes in inventories of finished goods, stock-in-trade and
work-in-progress (118.95) 50.30 (56.22)
Gross Profit (B) 2,229.46 2,085.78 1,684.92
Gross Margin (B/A) (%) 39.94% 40.67% 37.99%
The following table sets forth our PAT Margin, which is a non-GAAP financial measure, for the fiscal years
indicated.
416For the year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million, percentages)
Profit for the year (PAT) (A) 472.94 447.90 282.70
Total income (B) 5,592.35 5,158.77 4,437.64
PAT Margin (A/B) (%) 8.46% 8.68% 6.37%
The following table sets forth our Return on Capital Employed, which is a non-GAAP financial measure, for the
fiscal years indicated.
As at and for the year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million, percentages)
Profit for the year 472.94 447.90 282.70
Less:
Other Income 10.68 30.24 2.78
Add:
Total tax expenses 169.08 154.84 94.60
Finance costs 146.87 181.21 162.74
EBIT (A) 778.21 753.71 537.26
Total equity 2,487.79 2,019.21 1,576.46
Add:
Total Borrowings (non-current borrowings plus current
borrowings) 2,185.11 1,423.46 1,717.40
Less:
Cash and cash equivalents 83.59 106.63 158.57
Bank balances other than cash and cash equivalents 9.08 6.73 4.38
Capital Employed (B) 4,580.23 3,329.31 3,130.91
Return on Capital Employed (RoCE) (A/B) (%) 16.99% 22.64% 17.16%
The following table sets forth our Net Debt to Equity Ratio, which is a non-GAAP financial measure, as at the
dates indicated:
As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million, except ratios)
Non-current borrowings 1,017.56 751.66 934.25
Current borrowings 1,167.55 671.80 783.15
Total Borrowings 2,185.11 1,423.46 1,717.40
Less:
Cash and cash equivalents 83.59 106.63 158.57
Bank balances other than cash and cash equivalents 9.08 6.73 4.38
Net Debt (A) 2,092.44 1,310.10 1,554.45
Total equity (B) 2,487.79 2,019.21 1,576.46
Net Debt to Equity Ratio (A/B) 0.84 0.65 0.99
The following table sets forth our Inventory Turnover Ratio, which is a non-GAAP financial measure, for the
fiscal years indicated.
As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million, except ratios)
Revenue from operations [A] 5,581.67 5,128.53 4,434.86
Closing inventory [B] 733.25 520.79 622.34
Inventory Turnover Ratio [C = A/B] 7.61 9.85 7.13
417The following table sets forth our Net Fixed Asset Turnover Ratio, which is a non-GAAP financial measure, for
the fiscal years indicated.
As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million, except ratios)
Revenue from sale of products [A] 5,553.25 5,111.09 4,416.08
Opening Property, plant and equipment [B] 2,283.88 2,237.11 1,880.90
Closing Property, plant and equipment [C] 3,323.95 2,283.88 2,237.11
Average Property, plant and equipment [D = (B+C)/2] 2,803.92 2,260.50 2,059.01
Net Fixed Asset Turnover Ratio 1.98 2.26 2.14
Significant Accounting Policies
Basis of preparation and statement of compliance
(i) The Restated Consolidated and Standalone Financial Information comprising the Restated Consolidated
Statement of Assets and Liabilities as at 31 March 2025, the Restated Consolidated Statements of Profit and
Loss (including other comprehensive income), the Restated Consolidated Statement of Changes in Equity
and the Restated Consolidated Cash Flow Statement for the year ended 31 March 2025 and the Restated
Standalone Statement of Assets and Liabilities as at 31 March 2024 and 31 March 2023, the Restated
Standalone Statements of Profit and Loss (including other comprehensive income), the Restated Standalone
Statement of Changes in Equity and the Restated Standalone Cash Flow Statement for the year ended 31
March 2024 and 31 March 2023 and the Summary Statement of Material Accounting Policies, and other
explanatory information (hereinafter referred to as the “Restated Consolidated and Standalone Financial
Information”).
The Restated Consolidated and Standalone Financial Information has been approved by the Board of
Directors of the Holding Company at their meeting held on July 20, 2025 and has been specifically prepared
by the management as per the requirements of Section 26 of Part I of Chapter III of the Companies Act, 2013,
read with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended (“ICDR Regulations”) issued by the Securities and Exchange Board of India
(“SEBI”), in pursuance of the Securities and Exchange Board of India Act, 1992, for inclusion in the Red
Herring Prospectus (“RHP”) and Prospectus to be prepared by the Holding Company in connection with its
proposed initial public offer of equity shares of ₹ 2 each of the Holding Company (referred to as the “Offer”)
to be filed by the Holding Company with SEBI, National Stock Exchange of India Limited and BSE Limited
(together, “Stock Exchanges”) and Registrar of Companies, Maharashtra (“ROC”).
The Restated Consolidated and Standalone Financial Information has been prepared by the management of
the Holding Company to comply in all material respects with the requirements:
(a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act”);
(b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended (“ICDR Regulations”); and
(c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute
of Chartered Accountants of India (“ICAI”), as amended from time to time (the “Guidance
Note”).
The Restated Consolidated and Standalone Financial Information have been compiled by the management
from audited consolidated financial statements of the Group as at and for the year ended 31 March 2025 and
the audited standalone financial statements of the Company as at and for the years ended 31 March 2024 and
31 March 2023, all of which were prepared in accordance with the Indian Accounting Standard (referred to
as “Ind AS”), as prescribed under section 133 of the Act read with Companies (Indian Accounting Standards)
Rules 2015, as amended, the presentation requirements of Division II of Schedule III to the Companies Act,
2013, as amended from time to time and other accounting principles generally accepted in India, which have
been approved by the Board of Directors of the Holding Company at their meetings held on 04 June 2025,
16 August 2024 and 27 September 2023 respectively.
418The audited financial statements referred to above have been prepared by the Holding Company’s
management on an accrual basis as a going concern on the basis of relevant Ind AS that are effective or
elected for early adoption at the Group’s reporting date, 31 March 2025.
The Restated Consolidated and Standalone Financial Information do not reflect the effects of events that
occurred subsequent to the respective dates of the board meeting for the adoption of the audited financial
statements referred to above.
The Restated Consolidated and Standalone Financial Information have been prepared so as to contain
information / disclosures and incorporating adjustments set out below in accordance with the SEBI ICDR
Regulations:
(a) adjustments to the profits or losses of the earlier year(s) and of the year in which the change in the
accounting policy has taken place is recomputed to reflect what the profits or losses of those year(s)
would have been if a uniform accounting policy was followed in each of these year(s), if any;
(b) adjustments for reclassification of the corresponding items of income, expenses, assets and liabilities,
in order to bring them in line with the groupings as per the consolidated financial statements of the
Group for the year ended 31 March 2025 and the requirements of the SEBI ICDR Regulations, if any;
and
(c) the resultant impact of tax due to the aforesaid adjustments, if any.
The Restated Consolidated and Standalone Financial Information do not reflect the effects of events that
occurred subsequent to the respective dates of the board meeting for the adoption of the audited financial
statements referred to above.
Basis of measurement
The Restated Consolidated and Standalone Financial Information have been prepared on a historical cost
basis, except for the following:
• Financial assets and liabilities are measured at fair value or at amortised cost depending on
classification;
• Derivative financial instruments is measured at fair value;
• Defined benefit plans – plan assets measured at fair value; and
• Lease liability and right-of-use assets– measured at present value of future lease payment.
Consistency of accounting policy
The accounting policies are applied consistently to all the periods presented in the Restated Consolidated and
Standalone Financial Information, unless otherwise stated.
Functional currency and rounding of amounts
The Restated Consolidated and Standalone Financial Information are presented in Indian Rupee (₹), which is
also the functional currency of the Holding Company. All amounts disclosed in the Restated Consolidated
and Standalone Financial Information have been rounded-off to the nearest million or decimal thereof as per
the requirements of Schedule III of the Act, unless otherwise stated. Amounts less than ₹50,000/- are
presented as ₹0.00 million. Items included in the consolidated financial statements of each of the Group’s
entities are measured using the currency of the primary economic environment in which the entity operates
(‘the functional currency’) unless the use of a different currency is appropriate.
Current and non-current classification
All assets and liabilities have been classified as current and non-current as per the Group's normal operating
cycle and other criteria set out in the Schedule III of the Act and Ind AS 1, Presentation of Financial
Statements.
419Assets:
An asset is classified as current when it satisfies any of the following criteria:
(a) it is expected to be realised in, or is intended for sale or consumption in, the Group’s normal operating
cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is expected to be realised within twelve months after the reporting date; or
(d) it is cash or a cash equivalent unless it is restricted from being exchanged or used to settle a liability
for at least twelve months after the reporting date.
Liabilities:
A liability is classified as current when it satisfies any of the following criteria:
(a) it is expected to be settled in the Group’s normal operating cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is due to be settled within twelve months after the reporting date; or
(d) the Group does not have an unconditional right to defer settlement of the liability for at least twelve
months after the reporting date. Terms of a liability that could, at the option of the counterparty, result
in its settlement by the issue of equity instruments do not affect its classification.
Current assets and liabilities include the current portion of assets and liabilities, respectively. All other assets
and liabilities are classified as non-current. Deferred tax assets and liabilities are always disclosed as non-
current.
Based on the nature of products and the time between acquisition of assets for processing and their realisation
in cash and cash equivalents, the Group has ascertained its operating cycle as 12 months for the purpose of
current or non-current classification of assets and liabilities.
Use of estimates and judgements
The preparation of Restated Consolidated and Standalone Financial Information requires management of the
Holding Company to make judgements, estimates and assumptions that affect the reported assets and
liabilities, revenue and expenses and disclosures relating to contingent liabilities. Management believes that
the estimates used in the preparation of the Restated Consolidated and Standalone Financial Information are
prudent and reasonable. Estimates and underlying assumptions are reviewed by Holding Company’s
management at each reporting date. Actual results could differ from these estimates. Any revision of these
estimates is recognised prospectively in the current and future periods.
The following are the critical judgements and estimates:
Judgements
Leases
Ind AS 116 “Leases” requires lessees to determine the lease term as the non-cancellable period of a lease
adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The
Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether
it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating
the lease term, the Group considers factors such as any significant leasehold improvements undertaken over
the lease term, costs relating to the termination of the lease and the importance of the underlying asset to
Group’s operations taking into account the location of the underlying asset and the availability of suitable
alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current
economic circumstances.
420The Group also exercises the judgement in assessing whether the plant and machinery utilised exclusively
for production of the goods for customer is required to be considered as finance lease. In evaluating the
agreement with customers, the Group considers the factors such as control of design and use of plant and
machinery at its discretion over the economic useful life of these equipment.
Provisions and contingent liabilities
The Group exercises judgement in measuring and recognising provisions and the exposures to contingent
liabilities related to pending litigation or other outstanding claims subject to negotiated settlement, mediation,
government regulation, as well as other contingent liabilities. Judgement is necessary in assessing the
likelihood that a pending claim will succeed, or a liability will arise, and to quantify the possible range of the
financial settlement. Because of the inherent uncertainty in this evaluation process, actual losses may be
different from the originally estimated provision. Provisions are reviewed at each balance sheet date and
adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be
required to settle the obligation, the provision is reversed.
Estimates
Useful lives of property, plant and equipment, and intangible assets
Property, plant and equipment, and intangibles assets represent a significant proportion of the asset base of
the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s
expected useful life and the expected residual value at the end of its life. The useful lives and residual values
of Group’s assets are determined by the Management at the time the asset is acquired and reviewed
periodically, including at each financial period end. The lives are based on historical experience with similar
assets as well as anticipation of future events, which may impact their life, such as changes in technology.
Expected credit loss
The Group applies Expected Credit Losses (“ECL”) model for measurement and recognition of loss
allowance on the following:
• Trade receivables
• Financial assets measured at amortised cost (other than trade receivables).
• Financial assets measured at fair value through other comprehensive income (“FVTOCI”).
In accordance with Ind AS 109, the Group applies ECL model for measurement and recognition of
impairment loss on the trade receivables or any contractual right to receive cash or another financial asset
that result from transactions that are within the scope of Ind AS 115.
For this purpose, the Group follows ‘simplified approach’ for recognition of impairment loss allowance on
the trade receivable balances. The application of simplified approach does not require the Group to track
changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each
reporting date, right from its initial recognition.
As a practical expedient, the Group uses a provision matrix to determine impairment loss allowance on
portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over
the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting
date, the historical observed default rates are updated and changes in the forward-looking estimates are
analysed.
In case of other assets, the Group determines if there has been a significant increase in credit risk of the
financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an
amount equal to twelve month ECL is measured and recognised as loss allowance. However, if credit risk
has increased significantly, an amount equal to lifetime ECL is measured and recognised as loss allowance.
Accounting for defined benefit plans
In accounting for post-retirement benefits, several statistical and other factors that attempt to anticipate future
events are used to calculate plan expenses and liabilities. These factors include expected return on plan assets,
421discount rate assumptions and rate of future compensation increases. To estimate these factors, actuarial
consultants also use estimates such as withdrawal, turnover, and mortality rates which require significant
judgement. The actuarial assumptions used by the Group may differ materially from actual results in future
periods due to changing market and economic conditions, regulatory events, judicial rulings, higher or lower
withdrawal rates, or longer or shorter participant life spans.
Impairment of non-financial assets
An impairment loss is recognised for the amount by which an asset’s or cash-generating unit’s carrying
amount exceeds its recoverable amount. To determine the recoverable amount, management estimates
expected future cash flows from each asset or cash generating unit and determines a suitable interest rate in
order to calculate the present value of those cash flows. In the process of measuring expected future cash
flows, Management makes assumptions about future operating results. These assumptions relate to future
events and circumstances. The actual results may vary and may cause significant adjustments to the Group’s
assets.
In most cases, determining the applicable discount rate involves estimating the appropriate adjustment to
market risk and the appropriate adjustment to asset-specific risk factors.
Management uses valuation techniques in measuring the fair value of financial instruments where active
market quotes are not available. Details of the assumptions used are given in the notes regarding financial
assets and liabilities. In applying the valuation techniques, Management makes maximum use of market
inputs and uses estimates and assumptions that are, as far as possible, consistent with observable data that
market participants would use in pricing the instrument. Where applicable data is not observable,
Management uses its best estimate about the assumptions that market participants would make. These
estimates may vary from the actual prices that would be achieved in an arm’s length transaction at the
reporting date.
Property, plant and equipment
Recognition and measurement
All items of property, plant and equipment, including freehold land, are initially recorded at cost. Cost of
property, plant and equipment comprises purchase price, non-refundable taxes, levies, and any directly
attributable cost of bringing the asset to its working condition for the intended use. The cost includes the cost
of replacing part of the property, plant and equipment and borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying property, plant and equipment. Subsequent to initial
recognition, property, plant and equipment other than freehold land are measured at cost less accumulated
depreciation and any accumulated impairment losses. Freehold land has an unlimited useful life and therefore
is not depreciated. The carrying values of property, plant and equipment are reviewed for impairment when
events or changes in circumstances indicate that the carrying value may not be recoverable (refer to note 1.6
for more details). The Group had applied for the one-time transition exemption of considering the carrying
cost on the transition date i.e., 1 April 2020 as the deemed cost under Ind AS. Hence regarded thereafter as
historical cost. When parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items (major components) of property, plant and equipment.
The cost of an item of property, plant and equipment is recognised as an asset if, and only if, it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can be
measured reliably. Items such as spare parts, stand-by equipment and servicing equipment that meet the
definition of property, plant and equipment are capitalised at cost and depreciated over their useful life. Costs
in nature of repairs and maintenance are recognised in the restated statement of profit and loss as and when
incurred.
Advances paid towards the acquisition of property, plant and equipment outstanding at each reporting date is
disclosed as capital advance under non-current assets.
Capital work-in-progress included in non-current assets comprises of direct costs, related incidental expenses
and attributable interest. Capital work-in-progress are not depreciated as these assets are not yet available for
use.
422Depreciation
Depreciation on the property, plant and equipment (other than freehold land) is provided based on useful life
of the assets as prescribed in Schedule II to the Act except for certain class of assets, based on the technical
evaluation and assessment, the Group believes that the useful lives adopted by it best represent the period
over which an asset is expected to be available for use. Accordingly, for these assets, the useful lives estimated
by the Group are different from those prescribed in the Schedule II.
Depreciation on property, plant and equipment, which are added/disposed-off during the period/year, is
provided on pro-rata basis with reference to the month of addition/deletion, in the restated statement of profit
and loss.
The residual values, useful lives and methods of depreciation of property, plant and equipment are
reviewed at each financial period end and, if expectations differ from previous estimates, the change(s)
are accounted for as a change in an accounting estimate in accordance with Ind AS 8, Accounting
Policies, Changes in Accounting Estimates and Errors.
The estimated useful lives are as follows:
Property, plant and equipment Useful life
Buildings 30 years
Plant and machinery 15 years
Furniture and fixtures 8 years
Office equipment 5 years
Computers 3 years
Vehicles 10 years
Leasehold improvements are amortised over the lower of lease period or estimated useful life, on straight line
basis from the date that they are available for use.
De-recognition
An item of property, plant and equipment, is de-recognised upon disposal or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset
(calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the restated statement of profit and loss.
Intangible assets
Recognition and measurement
Intangible assets consists of computer software acquired separately are measured on initial recognition at
cost. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment loss, if any (refer to note 1.6 for more details). Subsequent expenditures are
capitalised only when they increase the future economic benefits embodied in the specific asset to which they
relate.
Amortisation
The Group amortises intangible assets with a finite useful life using the straight-line method over the
following useful lives:
• Computer software 3 years
The amortisation period and the amortisation method for intangible assets with a finite useful life are reviewed
at each reporting date.
423De-recognition of intangible assets
Intangible assets are de-recognised either on their disposal or where no future economic benefits are expected
from their use. Losses arising on such de-recognition are recorded in the profit or loss and are measured as
the difference between the net disposal proceeds, if any, and the carrying amount of respective intangible
assets as at the date of de-recognition.
Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If
any indication exists, or when annual impairment testing for an asset is required, the Group estimates the
asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s cash-generating unit’s
(CGU) fair value less costs of disposal and its value-in-use. Recoverable amount is determined for an
individual asset, unless the asset does not generate cash inflows that are largely independent of those from
other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount. Non-financial assets
that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting
period.
Impairment losses, including impairment on inventories, are recognised in the restated statement of profit and
loss.
Borrowing costs
Borrowing costs consists of interest, ancillary costs and other costs in connection with the borrowing of funds
and exchange differences arising from foreign currency borrowings to the extent they are regarded as an
adjustment to interest costs.
Borrowing costs attributable to acquisition and/or construction of qualifying assets are capitalised as a part
of the cost of such assets, up to the date such assets are ready for their intended use. Other borrowing costs
are charged to the restated statement of profit and loss.
Foreign currency transactions and balances
Transactions in foreign currencies are translated to the respective functional currencies of the Group
Companies at exchange rates at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation
of monetary items denominated in foreign currency at prevailing reporting date exchange rates are recognised
in restated statement of profit and loss. Non-monetary items are measured at historical cost (translated using
the exchange rates at the transaction date), except for non-monetary items measured at fair value which are
translated using the exchange rates at the date when fair value was determined.
The financial statements of foreign operations that have a functional currency different from the presentation
currency are translated as follows:
(a) Assets and liabilities are translated at the closing rate prevailing on the reporting date;
(b) Income and expenses are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case
income and expenses are translated at the dates of the transactions); and
(c) All resulting exchange differences are recognised in other comprehensive income.
On disposal of a foreign operation, the related cumulative translation differences recognised in equity are re-
classified to statement of profit and loss and are recognised as part of the gain or loss on disposal.
424Inventories
Inventories consists of raw materials and packing materials, stores, spares and consumables, work-in-
progress, stock-in-trade and finished goods and are measured at the lower of cost and net realizable value
after providing for obsolescence, if any.
Cost of inventories is determined on a weighted moving average basis. Net realizable value is the estimated
selling price in the ordinary course of business, less the estimated costs of completion and costs necessary to
make the sale.
Cost includes expenditures incurred in acquiring the inventories, production or conversion costs and other
costs incurred in bringing them to their existing location and condition. In the case of finished goods and
work-in-progress, cost includes an appropriate share of overheads based on normal operating capacity.
Raw materials and packing materials are considered at replacement cost if the finished products, in which
they will be used, are expected to be sold at or above cost.
Stores and spares are inventories that do not qualify to be recognised as property, plant and equipment and
consists of packing materials, engineering spares (such as machinery spare parts), which are used in operating
machines or consumed as indirect materials in the manufacturing process.
Revenue recognition
A contract with a customer exists only when: the parties to the contract have approved it and are committed
to perform their respective obligations, the Group can identify each party’s rights regarding the distinct goods
or services to be transferred (“performance obligations”), the Group can determine the transaction price for
the goods or services to be transferred, the contract has commercial substance and it is probable that the Group
will collect the consideration to which it will be entitled in exchange for the goods or services that will be
transferred to the customer.
Revenues are recorded in the amount of consideration to which the Group expects to be entitled in exchange
for performance obligations upon transfer of control to the customer and is measured at the amount of
transaction price allocated to that performance obligation. The transaction price of goods sold and services
rendered is net of estimated incentives, returns, rebates and applicable trade discounts, allowances, Goods
and Services Tax (“GST”) and amounts collected on behalf of third parties.
Sale of products
The majority of customer contracts that the Group enters into consist of a single performance obligation for
the delivery of products. The Group recognise revenue from product sales when control of the product
transfers, generally upon shipment or delivery, to the customer. The Group records product sales net of
estimated incentives/discounts, returns, and other related charges. These are generally accounted for as
variable consideration estimated in the same period the related sales occur. The methodology and assumptions
used to estimate rebates and returns are monitored and adjusted regularly in the light of contractual and legal
obligations, historical trends, past experience and projected market conditions. The revenue for such variable
consideration is included in the Group’s estimate of the transaction price only if it is highly probable that a
significant reversal of revenue will not occur once any uncertainty is resolved. In making this assessment the
Group considers its historical record of performance on similar contracts.
Interest income
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow
to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis,
by reference to the principle outstanding and at the effective interest rate applicable, which is the rate that
discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net
carrying amount on initial recognition.
425Other Income
Other Income consists of miscellaneous income and is recognised when it is probable that economic benefits
will flow to the Group and amount of income can be measured reliably.
Employee benefits
Short-term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-
term employee benefits. Benefits such as salaries, wages etc., and the expected cost of ex-gratia are recognised
in the period in which the employee renders the related service. A liability is recognised for the amount
expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result
of past service provided by the employee and the obligation can be estimated reliably.
Defined contribution
Post-retirement contribution plans such as Employees’ Provident Fund, Employees’ Pension Scheme, Labour
Welfare Fund, Employee State Insurance Corporation (“ESIC”) are charged to the restated statement of profit
and loss for the year when the contributions to the respective funds accrue. The Group does not have any
obligation other than the contribution made.
Defined benefit plans
Gratuity obligations
Post-retirement benefit plans such as gratuity is determined on the basis of actuarial valuation made by an
independent actuary as at the reporting date. Re-measurement, comprising actuarial gains and losses, the
effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding net interest),
is recognised in other comprehensive income in the period in which they occur. Re-measurement recognised
in other comprehensive income is included in retained earnings and will not be reclassified to restated
statement of profit and loss.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have terms
approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the restated
statement of profit and loss.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments
are recognised immediately in restated statement of profit and loss as past service cost.
Other benefit plans
Liability in respect of compensated absences becoming due or expected to be availed within one year from
the reporting date is recognised on the basis of undiscounted value of estimated amount required to be paid
or estimated value of benefit expected to be availed by the employees. Liability in respect of compensated
absences becoming due or expected to be availed more than one year after the reporting date is estimated on
the basis of an actuarial valuation performed by an independent actuary using the projected unit credit method
at the period-end. Actuarial gains/losses are immediately taken to the restated statement of profit and loss and
are not deferred.
Taxes
Income tax expense comprises of current tax expense and deferred tax expense/benefit. Current and deferred
taxes are recognised in restated statement of profit and loss, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax
are also recognised in other comprehensive income or directly in equity.
426Current income tax
Current income-tax is the amount of tax payable on the taxable income for the period/year as determined in
accordance with the provisions of the applicable income tax law. The current tax is calculated using tax rates
that have been enacted or substantively enacted, at the reporting date, and any adjustment to tax payable in
respect of previous years. Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the
liability simultaneously.
Deferred tax
Deferred tax is recognised using the Balance Sheet approach on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses
can be utilised, except when the deferred tax asset relating to the deductible temporary difference arises from
the initial recognition of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor the taxable profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax
asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised
to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be
recovered.
Deferred tax assets and liabilities are measured using substantively enacted tax rates expected to apply to
taxable income in the years in which the temporary differences are expected to be recovered or settled.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities.
Leases
The determination of whether an arrangement is (or contains) a lease is based on the substance of the
arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the
arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use
the asset or assets, even if that right is not explicitly specified in an arrangement.
Group as a lessee
The Group’s lease asset classes primarily consist of leases for factory buildings and commercial premises.
The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the
Group assesses whether: (i) the contract involves the use of an identified asset (ii) the Group has substantially
all of the economic benefits from use of the asset through the period of the lease and (iii) the Group has the
right to direct the use of the asset.
At the date of commencement of the lease, the Group recognises a right-of-use asset (“ROU”) and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term
of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases,
the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the
lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease
term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be
exercised. The right-of-use assets are initially recognised at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus
427any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of
the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability
whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.
The lease liability is initially measured at amortised cost at the present value of the future lease payments.
The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are
remeasured with a corresponding adjustment to the related right of use asset if the Group changes its
assessment if whether it will exercise an extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have
been classified as financing cash flows.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and cash at bank including fixed deposit with original
maturity period of three months or less and short-term highly liquid investments with an original maturity of
three months or less.
Cash flow statement
Cash flows are reported using the indirect method, where by profit before tax is adjusted for the effects of
transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or
payments and item of income or expense associated with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the Group are segregated.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required to settle the obligation and the amount can
be reliably estimated. Provisions are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as a whole. A provision is recognised even if the
likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of management’s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period. The discount rate used to determine the present
value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific
to the liability. The increase in the provision due to the passage of time is recognised as interest expense.
Contingencies
Disclosure of contingent liabilities is made when there is a possible obligation or a present obligation that
may, but probably will not, require an outflow of resources. Where there is possible obligation or a present
obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is
made.
Contingent assets are not recognised in the Group’s Financial Statements. However, contingent assets are
assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and
related income are recognised in the period in which the change occurs.
Fair value measurement
The Group measures financial instruments at fair value at each reporting date.
428Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity.
Financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through other comprehensive income, or
through restated statement of profit and loss); and
• those to be measured at amortised cost. The classification depends on the entity’s business model for
managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in restated statement of profit and
loss or other comprehensive income. Financial assets are not reclassified subsequent to their initial
recognition, except if and in the period the Group changes its business model for managing financial assets.
Initial recognition and measurement
Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the
date that the Group commits to purchase or sell the asset. All financial assets are recognised initially at fair
value plus, in the case of financial assets not recorded at fair value through restated statement of profit and
loss, transaction costs that are attributable to the acquisition of the financial asset. Trade receivables are
initially recognised at transaction price as they do not contain a significant financing component.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at fair value through profit and loss:
− the asset is held within a business model whose objective is to hold assets to collect contractual cash flows;
and
− the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value
basis are measured at fair value through profit and loss.
All financial assets not classified as measured at amortised cost or fair value through other comprehensive
income as described above are measured at fair value through profit and loss. On initial recognition, the Group
may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised
cost or at fair value through other comprehensive income or as at fair value through profit and loss if doing
so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
Subsequent measurement
Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest
method. Interest income is recognised in profit or loss. Any gain or loss on derecognition is also recognised
in the restated statement of profit and loss.
Financial assets at fair value through profit and loss are subsequently measured at fair value. Net gains and/or
losses, including any interest income are recognised in the profit or loss.
429De-recognition
The Group de-recognises a financial asset only when the contractual rights to the cash flows from the asset
expires or it transfers the rights to receive the contractual cash flows in a transaction in which substantially
all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither
transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the
financial asset.
If the Group enters into transactions whereby it transfers assets recognised on its balance sheet, but retains
either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not
de-recognised.
Impairment of financial assets
The Group assesses at each reporting date whether a financial asset or a group of financial assets is impaired.
In accordance with Ind AS 109, the Group applies the expected credit loss (ECL) model for measurement
and recognition of impairment loss on trade receivables or any contractual right to receive cash or another
financial asset. For this purpose, the Group follows a ‘simplified approach’ for recognition of impairment loss
allowance on the trade receivable balances. The application of this simplified approach does not require the
Group to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs
at each reporting date, right from its initial recognition. As a practical expedient, the Group uses a provision
matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is
based on its historically observed default rates over the expected life of the trade receivables and is adjusted
for forward-looking estimates. At every reporting date, the historical observed default rates are updated and
changes in the forward-looking estimates are analysed.
Financial liabilities
Classification
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value profit and loss or
at amortised cost.
Financial liabilities at fair value through profit and loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit and loss. This category
also includes derivative financial instruments entered into by the Group that are not designated as hedging
instruments in hedge relationships as defined by Ind AS 109.
The Group’s financial liabilities include trade and other payables and derivative financial instruments.
Initial recognition and measurement
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
Subsequent measurement
Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses,
including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains
and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or
loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost
using the effective interest rate (“EIR”) method. Gains and losses are recognised in restated statement of
profit and loss when the liabilities are de-recognised as well as through the EIR amortisation process.
430Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included as finance costs in the restated statement
of profit and loss.
This category generally applies to interest-bearing loans and borrowings.
De-recognition
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or
expire.
The Group also derecognises a financial liability when its terms are modified and the cash flows under the
modified terms are substantially different. In this case, a new financial liability based on the modified terms
is recognised at fair value. The difference between the carrying amount of the financial liability extinguished
and the new financial liability with modified terms is recognised in restated statement of profit and loss.
Derivative financial instruments
The Group uses derivative financial instruments, such as foreign exchange forward to hedge its foreign
currency risks. Such derivative financial instruments are initially recognised at fair value on the date on which
a derivative contract is entered into and are subsequently re-measured at fair value. The changes in fair value
of such derivative contracts, as well as the foreign exchange gain and losses relating to monetary items are
recognised in the restated statement of profit and loss. Derivatives are carried as financial assets when the fair
value is positive and as financial liabilities when the fair value is negative.
Offsetting financial assets and liabilities
Financial assets and liabilities are offset and the net amount is reported in the restated balance sheet where
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be
contingent on future events and must be enforceable in the normal course of business and in the event of
default, insolvency or bankruptcy of the Group or the counterparty.
Earnings per share
Basic earnings per share is calculated by dividing the net profit for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year. The weighted average numbers
of equity shares outstanding during the year are adjusted for events such as bonus issue and share split. For
the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares. The dilutive potential equity shares are deemed to be converted
as of the beginning of the period, unless they have been issued at a later date.
Segment reporting
Operating segments are defined as components of an entity where discrete financial information is evaluated
regularly by the chief operating decision market (“CODM”) in deciding allocation of resources and in
assessing performance. The Board of Directors is its CODM. The Company’s CODM reviews financial
information presented on aggregated basis for the purposes of making operating decisions, allocating
resources, and evaluating financial performance. As such, the Company has determined that the Group
operates in one operating and reportable segment.
Share issue expenses
All the initial public offer related expenditures will be adjusted against the Securities Premium, in accordance
with Section 52 of the Companies Act, 2013 on successful completion of the issue, to the extent any balance
is available for utilisation under the Securities Premium. Any amounts, in excess of the balance in the
Securities Premium account would be expensed off in the Statement of Profit and Loss.
431Recent accounting pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended 31 March
2025, MCA has notified Ind AS – 117 Insurance Contracts and amendments to Ind AS 116 – Leases, relating to
sale and leaseback transactions, applicable to the Group with effect from 1 April 2024. The Group has reviewed
the new pronouncements and based on its evaluation has determined that it does not have any significant impact
in its Restated Consolidated and Standalone Financial Information.
New standards and amendments to existing Standards which are issued but are not yet effective and have
not been early adopted by the Group
As on the date of preparation of these Restated Consolidated and Standalone Financial Information, there are no
new and amended standards that are issued, but not yet effective till 31 March 2025.
Principles of consolidation
Investment in subsidiary
A subsidiary is an entity controlled by the Group. The Group controls an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. The net assets and results of acquired businesses are included in the consolidated financial
statements from their respective dates of acquisition, being the date on which the Group obtains control. The
results of disposed businesses are included in the consolidated financial statements up to their date of disposal,
being the date control ceases.
The financial statements of the subsidiary are included in these consolidated financial statements from the date
that control commences until the date that control ceases. The financial statements of the subsidiary used for the
purpose of consolidation are drawn up to the same reporting date as that of the Group and have been prepared
using uniform accounting policies for like transactions and other events in similar circumstances and are presented
to the extent possible, in the same manner, as the Company’s separate financial statements.
Non-controlling interests represent that part of the total comprehensive income and net assets of subsidiary
attributable to the interest which is not owned, directly or indirectly, by the Holding Company. Non-controlling
interests in the net assets of a consolidated subsidiary is identified and presented in the consolidated Balance Sheet
separately within equity.
The consolidated financial statements of the Group have been combined on a line-by-line basis by adding together
the book values of like items of assets, liabilities, income and expenses, after fully eliminating intra-group balances
and intra-group transactions and resulting unrealised profits. Unrealised losses resulting from intra-group
transactions are eliminated unless cost cannot be recovered.
The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions
with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying
amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any
difference between the amount of the adjustment to non-controlling interests and any consideration paid or
received is recognised within equity. The Group treats transactions with non-controlling interests that do not result
in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative
interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and
any consideration paid or received is recognised within equity.
The profit and other comprehensive income attributable to non-controlling interest of the subsidiary are shown
separately in the consolidated statement of profit and loss and consolidated statement of changes in equity. Upon
loss of control, the Group de-recognises the assets and liabilities of the subsidiary, any non-controlling interests
and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control
is recognised in the consolidated profit or loss. If the Group retains any interest in the previous subsidiary, then
such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity
accounted investee or as a FVTOCI or FVTPL financial asset, depending on the level of influence retained.
432Principal Adjustments Made in Restating our Audited Financial Statements
For the principal adjustments we made in restating our Audited Financial Statements, see “Financial Statements
– Note 50 – Statement of restatement adjustments to audited financial statements” on page 404.
Description of Key Components of our Statement of Profit and Loss
Income
Our total income consists of revenue from operations and other income.
Revenue from Operations
Our revenue from operations is generated from (i) sale of products, (ii) other operating income, which includes
namely (a) scrap sales; (b) export incentive; (c) service income and (d) others.
Sale of Products
We generate revenue from the sale of plastic consumerware products.
Other Income
Our other income primarily consists of interest income from banks and others, net gain on foreign currency
transactions and translation, fair value gain on mutual funds, and profit on disposal of property, plant and
equipment.
Expenses
Our total expenses consist of: (i) cost of materials consumed; (ii) changes in inventory of finished goods and
work-in-progress, and stock-in-trade; (iii) finance cost; (iv) employee benefit expenses; (v) depreciation and
amortisation expense; (vi) impairment losses on financial assets; and (vii) other expenses.
Cost of Materials Consumed
Cost of materials consumed is raw materials at the beginning of the year plus purchases of raw materials during
the year less raw materials at the end of the year.
Cost of material consumed primarily consists of commodity plastics, engineering compounds and recycled
components.
Changes in inventories of finished goods, work in progress and stock in trade
Changes in inventories of finished goods and work in progress indicates the difference between our opening and
closing inventory of finished goods, work-in-progress, and stock in trade.
Employee Benefit Expenses
Our employee benefit expenses comprise employee salaries, wages and bonus, gratuity expenses, contribution to
provident and other funds, and staff welfare expenses.
Finance Costs
Finance costs primarily consist of (i) interest on term loans and working capital loans from banks, (ii) interest on
borrowings from related parties, (iii) interest expenses on financial liabilities measured at amortised cost, (iv)
interest on income tax, (v) interest expenses on lease liability, and (vi) bank charges.
Depreciation and Amortisation Expense
Depreciation and amortisation expense consists of (i) depreciation of property, plant and equipment, (ii)
depreciation on right-of-use assets, (iii) amortisation of intangible assets.
433Impairment (reversal)/ provision on financial assets
This refers to the provision or reversal for loss allowance.
Other Expenses
Other expenses primarily comprise (i) contractual services, which are related to contract labour salary, (ii) freight
and forwarding, which are the expenses for clearing and forwarding and transportation cost, (iii) power and fuel,
which primarily relate to the cost of electricity for our factories.
Tax Expenses
Tax expenses comprise current tax and deferred tax.
Our Results of Operations
The following table sets forth a summary of our restated statement of profit and loss for the fiscal years indicated
and such amounts expressed as a percentage of total income:
For the year ended March 31,
2025 2024 2023
(Consolidated) (Standalone) (Standalone)
Particulars
As a % of As a % of As a % of
(₹ in million) total (₹ in million) total (₹ in million) total
income income income
Revenue:
Revenue from
operations 5,581.67 99.81% 5,128.53 99.41% 4,434.86 99.94%
Other income 10.68 0.19% 30.24 0.59% 2.78 0.06%
Total income 5,592.35 100.00% 5,158.77 100.00% 4,437.64 100.00%
Expenses:
Cost of material
consumed 3,471.16 62.07% 2,992.45 58.01% 2,806.16 63.24%
Changes in
inventories of finished
goods, stock-in-trade
and work-in-progress (118.95) (2.13)% 50.30 0.98% (56.22) (1.27)%
Impairment losses on
financial assets (11.22) (0.20)% 10.93 0.21% (7.37) (0.17)%
Employee benefit
expenses 473.39 8.46% 404.58 7.84% 349.94 7.89%
Finance costs 146.87 2.63% 181.21 3.51% 162.74 3.67%
Depreciation and
amortisation expense 235.16 4.21% 217.30 4.21% 196.56 4.43%
Other expenses 753.92 13.48% 699.26 13.55% 608.53 13.71%
Total expenses 4,950.33 88.52% 4,556.03 88.32% 4,060.34 91.50%
Profit before tax 642.02 11.48% 602.74 11.68% 377.30 8.50%
Tax expenses:
Current tax 130.90 2.34% 133.56 2.59% 64.28 1.45%
Deferred tax 38.18 0.68% 21.28 0.41% 30.32 0.68%
Total tax expenses 169.08 3.02% 154.84 3.00% 94.60 2.13%
Profit for the year 472.94 8.46% 447.90 8.68% 282.70 6.37%
Fiscal 2025 (Consolidated) Compared to Fiscal 2024 (Standalone)
Revenue
Revenue from Operations
Set forth below is a table showing our revenue from operations for Fiscals 2025 (consolidated) and 2024.
434Fiscal 2025 Fiscal 2024
Percentage Increase/
Particulars (Consolidated) (Standalone)
(Decrease) (%)
(₹ in million)
Revenue from operations:
Sale of products 5,553.25 5,111.09 8.65%
Other operating revenue:
Scrap sales 12.16 11.11 9.45%
Export incentive 13.35 0.26 5,034.62%
Service income 2.58 5.79 (55.44)%
Others 0.33 0.28 17.86%
Total 5,581.67 5,128.53 8.84%
Our revenue from operations increased by 8.84% to ₹5,581.67 million for Fiscal 2025 (consolidated) from
₹5,128.53 million for Fiscal 2024, which increase was primarily due to a 8.65% increase in our sale of products.
Sale of Products
Our sale of products increased by 8.65% to ₹5,553.25 million for Fiscal 2025 (consolidated) from ₹5,111.09
million for Fiscal 2024. This increase was primarily due to a 6.91% increase in sale of products to IKEA to
₹3,309.49 million for Fiscal 2025 (consolidated) from ₹3,095.68 million for Fiscal 2024, which was primarily due
to a 10.43% increase in the volume of products sold to 25,843.87 tonnes in Fiscal 2025 (consolidated) from
23,402.78 tonnes in Fiscal 2024.
Other Income
Other income decreased by 64.68% to ₹10.68 million for Fiscal 2025 (consolidated) from ₹30.24 million for
Fiscal 2024, which decreased primarily due to net gain on foreign currency transactions and translation of ₹3.98
million for Fiscal 2025 (consolidated) compared to ₹27.58 million for Fiscal 2024.
Expenses
Cost of Materials Consumed and Changes in Inventories of Finished Goods, Stock-in-trade and Work-in-progress
Set forth below is a table showing the components of our cost of materials consumed and changes in inventories
of finished goods, stock-in-trade and work-in-progress for Fiscals 2025 (consolidated) and 2024:
Fiscal 2025 Fiscal 2024
Percentage Increase/
Particulars (Consolidated) (Standalone)
(Decrease) (%)
(₹ in million)
Cost of materials consumed:
Raw materials at the beginning of
the year 237.94 267.89 (11.18)%
Add: Purchases during the year 3,532.26 2,962.50 19.23%
Less: Raw materials at the end of
the year (299.04) (237.94) 25.68%
Cost of materials consumed [A] 3,471.16 2,992.45 16.00%
Add: Changes in inventories of
finished goods, work-in-progress
[B] (118.95) 50.30 (336.48)%
Cost of materials consumed
(including changes in inventories)
[C = A + B] 3,352.21 3,042.75 10.17%
Cost of material consumed
(including Changes in
inventories) as % of revenue from
operation [D = C/E] (%) 60.06% 59.33% 1.23%
Revenue from operations [E] 5,581.67 5,128.53 8.84%
Our cost of materials consumed (including changes in inventories) increased by 10.17% to ₹3,352.21 million for
Fiscal 2025 (consolidated) from ₹3,042.75 million for Fiscal 2024. This is primarily due to an increase in purchase
during the year by 19.23% to ₹3,532.26 million for Fiscal 2025 (consolidated) from ₹2,962.50 million for Fiscal
4352024. Our cost of material consumed as percentage of revenue from operation increased by 1.23% in Fiscal 2025
(consolidated) as compared to Fiscal 2024.
Employee Benefit Expenses
Our employee benefit expenses increased by 17.01% to ₹473.39 million for Fiscal 2025 (consolidated) from
₹404.58 million for Fiscal 2024. This increase is primarily due to 17.08% the increase in salaries, wages and
bonus to employees to ₹436.96 million for Fiscal 2025 (consolidated) from ₹373.20 million for Fiscal 2024 which
increase was primarily due to the increased in our number of employees increased to 690 employees at March 31,
2025 (consolidated) from 610 employees at March 31, 2024.
Finance Costs
Our finance costs decreased by 18.95% to ₹146.87 million for Fiscal 2025 (consolidated) from ₹181.21 million
for Fiscal 2024. This decrease was primarily due to a 72.56% decrease in interest on borrowings from related
parties from ₹35.53 million for Fiscal 2024 to ₹9.75 million for Fiscal 2025 (consolidated), which decrease was
primarily due to the repayment of unsecured loan from related parties.
Depreciation and Amortisation Expense
Our depreciation and amortisation expense increased by 8.22% to ₹235.16 million for Fiscal 2025 (consolidated)
from ₹217.30 million for Fiscal 2024, primarily due to an increase in depreciation of property, plant and equipment
by 14.56% to ₹206.28 million for Fiscal 2025 (consolidated) from ₹180.07 million for Fiscal 2024.
Other Expenses
Our other expenses increased by 7.82% to ₹753.92 million for Fiscal 2025 (consolidated) from ₹699.26 million
for Fiscal 2024. This increase was in line with the 8.40% increase in our total income. Our other expenses
increased primarily due to a 13.37% increase in our power and fuel to ₹107.32 million for Fiscal 2025
(consolidated) from ₹94.66 million for Fiscal 2024 and a 10.07% increase in our contractual services to ₹233.26
million for Fiscal 2025 (consolidated) from ₹211.91 million for Fiscal 2024. The increase in power and fuel and
increase contractual services were due to an increase in production to 26,230 tonnes in Fiscal 2025 (consolidated)
from 22,839 tonnes in Fiscal 2024.
Tax Expenses
Our total tax expenses increased by 9.20% to ₹169.08 million for Fiscal 2025 (consolidated) from ₹154.84 million
for Fiscal 2024. Although our profit before tax increased by 6.52% to ₹ 642.02 million for Fiscal 2025
(consolidated) from ₹ 602.74 million for Fiscal 2024, our current tax decreased by 1.99% to ₹130.90 million for
Fiscal 2025 (consolidated) from ₹133.56 million for Fiscal 2024. This decrease was primarily due to our profit
before tax for tax purposes being lower than our profit before tax as per Ind AS, which was due to higher
depreciation rates in the Income Tax Act than as per the companies Act. Our tax expense as a percentage of profit
before tax was 26.34% for Fiscal 2025 (consolidated) compared to 25.69% for Fiscal 2024.
Profit for the Year
Primarily for the reasons stated above, our profit for the year increased by 5.59% to ₹472.94 million for Fiscal
2025 (consolidated) from ₹447.90 million for Fiscal 2024.
Fiscal 2024 (Standalone) Compared to Fiscal 2023 (Standalone)
Revenue
Revenue from Operations
Set forth below is a table showing our revenue from operations for Fiscals 2024 and 2023.
436Fiscal 2024 Fiscal 2023
Percentage Increase/
Particulars (Standalone) (Standalone)
(Decrease) (%)
(₹ in million)
Revenue from operations:
Sale of products 5,111.09 4,416.08 15.74
Other operating revenue:
Scrap sales 11.11 10.27 8.18
Export incentive 0.26 0.39 (33.33)
Service income 5.79 6.88 (15.84)
Others 0.28 1.24 (77.42)
Total 5,128.53 4,434.86 15.64
Our revenue from operations increased by 15.64% to ₹5,128.53 million for Fiscal 2024 from ₹4,434.86 million
for Fiscal 2023, which increase was primarily due to a 15.74% increase in our sale of products.
Sale of Products
Our sale of products increased by 15.74% to ₹5,111.09 million for Fiscal 2024 from ₹4,416.08 million for Fiscal
2023. This increase was primarily due to a 19.24% increase in sale of products to IKEA to ₹3,095.68 million for
Fiscal 2024 from ₹2,596.25 million for Fiscal 2023, which was primarily due to a 18.27% increase in the volume
of products sold to 23,402.78 tonnes in Fiscal 2024 from 19,787.55 tonnes in Fiscal 2023.
Other Income
Other income increased by 987.77% to ₹30.24 million for Fiscal 2024 from ₹2.78 million for Fiscal 2023, which
increase was primarily due to the inclusion of the net gain on foreign currency transactions and translation of
₹27.58 million for Fiscal 2024 compared to nil in Fiscal 2023.
Expenses
Cost of Materials Consumed and Changes in Inventories of Finished Goods, Stock-in-trade and Work-in-progress
Set forth below is a table showing the components of our cost of materials consumed and changes in inventories
of finished goods, stock-in-trade and work-in-progress for Fiscals 2024 and 2023.
Fiscal 2024 Fiscal 2023 Percentage Increase/
Particulars (Standalone) (Standalone) (Decrease) (%)
(₹ in million)
Cost of materials consumed:
Raw materials at the beginning of the year 267.89 292.25 (8.34)%
Add: Purchases during the year 2,962.50 2,781.80 6.50%
Less: Raw materials at the end of the year (237.94) (267.89) (11.18)%
Cost of materials consumed [A] 2,992.45 2,806.16 6.64%
Add: Changes in inventories of finished goods, work-in-
progress [B] 50.30 (56.22) (189.47)%
Cost of materials consumed (including changes in
inventories) [C = A + B] 3,042.75 2,749.94 10.65%
Cost of material consumed (including Changes in
inventories) as % of revenue from operation [D = C/E]
(%) 59.33% 62.01% (4.32)%
Revenue from operations [E] 5,128.53 4,434.86 15.64%
Our cost of materials consumed (including changes in inventories) increased by 10.65% to ₹3,042.75 million for
Fiscal 2024 from ₹2,749.94 million for Fiscal 2023. This is primarily due to an increase in purchase during the
year by 6.50% to ₹2,962.50 million for Fiscal 2024 from ₹2,781.80 million for Fiscal 2023. Our cost of material
consumed as percentage of revenue from operation decreased by 4.32% in Fiscal 2024 as compared to Fiscal
2023.
Employee Benefit Expenses
Our employee benefit expenses increased by 15.61% to ₹404.58 million for Fiscal 2024 from ₹349.94 million for
Fiscal 2023. This increase is primarily due to the increase in salaries, wages and bonus to employees of ₹373.20
437million for Fiscal 2024 from ₹320.57 million for Fiscal 2023. Our number of employees remained unchanged at
610 employees at March 31, 2024 and 610 employees at March 31, 2023.
Finance Costs
Our finance costs increased by 11.35% to ₹181.21 million for Fiscal 2024 from ₹162.74 million for Fiscal 2023.
This increase was primarily due to a 23.68% increase in interest on term loans and working capital loans from
banks to ₹129.77 million for Fiscal 2024 from ₹104.92 million for Fiscal 2023, which was primarily due to the
increase in (i) interest on terms loans from banks to ₹75.31 million for Fiscal 2024 from ₹57.60 million for Fiscal
2023; and (ii) interest on working capital loans from banks to ₹54.46 million for Fiscal 2024 from ₹47.32 million
for Fiscal 2023.
Depreciation and Amortisation Expense
Our depreciation and amortisation expense increased by 10.55% to ₹217.30 million for Fiscal 2024 from ₹196.56
million for Fiscal 2023, primarily due to an increase in depreciation of property, plant and equipment by 11.02%
to ₹180.07 million for Fiscal 2024 from ₹162.20 million for Fiscal 2023.
Other Expenses
Our other expenses increased by 14.91% to ₹699.26 million for Fiscal 2024 from ₹608.53 million for Fiscal 2023.
This increase was in line with the 16.25% increase in our total income. Our other expenses increased primarily
due to a 25.35% increase in our contractual services to ₹211.91 million for Fiscal 2024 from ₹169.06 million for
Fiscal 2023, and a 18.26% increase in freight and forwarding to ₹123.07 million for Fiscal 2024 from ₹104.07
million for Fiscal 2023. The increase in contractual services was due to increase in wages of contract labours and
the increase in freight outward was due to the increase in sale of products. The total other expenses, excluding
contractual services and freight and forwarding, increased by 8.61% to ₹364.28 million in Fiscal 2024 from
₹335.40 million in Fiscal 2023.
Tax Expenses
Our total tax expenses increased by 63.68% to ₹154.84 million for Fiscal 2024 from ₹94.60 million for Fiscal
2023. Our current tax increased by 107.78% to ₹133.56 million for Fiscal 2024 from ₹64.28 million for Fiscal
2023, which increase was primarily due increase in profit before tax. Our tax expense as a percentage of profit
before tax was 25.69% for Fiscal 2024 compared to 25.07% for Fiscal 2023.
Profit for the Year
Primarily for the reasons stated above, our profit for the year increased by 58.44% to ₹447.90 million for Fiscal
2024 from ₹282.70 million for Fiscal 2023.
Financial Condition
Total Assets
The table below sets forth the principal components of our total assets as at March 31, 2025 (Consolidated), March
31, 2024 (Standalone) and March 31, 2023 (Standalone):
As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Non–current assets:
Property, plant and equipment 3,323.95 2,283.88 2,237.11
Right–of–use–asset 42.92 39.63 67.47
Capital work–in–progress 219.27 337.96 45.69
Intangible assets 13.64 13.14 18.87
Intangible asset under development – – –
Financial assets:
(i) Loan – – 0.17
(ii) Other financial assets 30.29 32.89 32.45
438As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Income-tax assets (net) 10.80 0.35 0.31
Other non–current assets 69.44 19.64 86.20
Total non–current assets 3,710.31 2,727.49 2,488.27
Current assets:
Inventories 733.25 520.79 622.34
Financial assets:
(i) Investments – 1.16 1.08
(ii) Trade receivables 865.68 483.44 427.65
(iii) Cash and cash equivalents 83.59 106.63 158.57
(iv) Bank balances other than cash and cash 9.08 6.73 4.38
equivalents
(v) Loans 1.03 1.53 1.31
(vi) Other financial assets 11.85 6.02 1.63
Other current assets 208.43 300.81 299.57
Total current assets 1,912.91 1,427.11 1,516.53
Total assets 5,623.22 4,154.60 4,004.80
Our total non-current assets were ₹2,488.27 million as at March 31, 2023 and increased by 9.61% to ₹2,727.49
million as at March 31, 2024 and increased by 36.03% to ₹3,710.31 million as at March 31, 2025 (consolidated).
The increase in our non-current assets from March 31, 2023 to March 31, 2024 was primarily due to increase in
capital work-in-progress, which increased from ₹45.69 million as at March 31, 2023 to ₹337.96 million as at
March 31, 2024 on account of the increase in projects in progress of less than one year. The increase in our non-
current assets from March 31, 2024 to March 31, 2025 was primarily due to increase in property, plant and
equipment, which increased from ₹2,283.88 million to ₹3,323.95 million (consolidated) on account of additions
to buildings and additions to plant and machinery.
Our trade receivables increased by 13.05% to ₹483.44 million as at March 31, 2024 from ₹427.65 million as at
March 31, 2023, which was primarily due to a 11.66% increase in our receivables considered good, and further
increased by 79.07% to ₹865.68 million as at March 31, 2025 (consolidated), which was primarily due to a 78.76%
increase in our receivables considered good.
Total Equity and Liabilities
The table below sets forth the principal components of our total equity and liabilities as at March 31, 2025
(Consolidated), March 31, 2024 (Standalone) and March 31, 2023 (Standalone):
As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Equity
Equity share capital 105.00 10.50 10.50
Other equity 2,382.79 2,008.71 1,565.96
Total equity 2,487.79 2,019.21 1,576.46
Liabilities
Non-Current Liabilities
Financial liabilities:
(i) Borrowings 1,017.56 751.66 934.25
(ii) Lease liabilities 33.44 11.32 33.54
Deferred tax liabilities (net) 221.43 184.72 165.17
Other non-current liability - 0.82 0.86
Total non-current liabilities 1,272.43 948.52 1,133.82
Current liabilities
Financial Liabilities:
(i) Borrowings 1,167.55 671.80 783.15
(ii) Lease liabilities 11.16 35.90 43.52
(iii) Trade payables:
- Total outstanding dues of micro enterprises and small
enterprises 75.23 70.61 27.68
439As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
- Total outstanding dues of creditors other than micro enterprises
and small enterprises 299.85 233.35 321.99
(iv) Other financial liabilities 246.59 82.63 62.64
Current tax liabilities (net) - 29.91 3.94
Other current liabilities 14.82 22.13 19.20
Provisions 47.80 40.54 32.40
Total current liabilities 1,863.00 1,186.87 1,294.52
Total equity and liabilities 5,623.22 4,154.60 4,004.80
Our total equity increased from ₹1,576.46 million as at March 31, 2023 to ₹2,019.21 million as at March 31, 2024
and further increased to ₹2,487.79 million as at March 31, 2025 (consolidated). These increases were due to
increases in other equity, which increased from ₹1,565.96 million as at March 31, 2023 to ₹2,008.71 million as at
March 31, 2024 and further increased to ₹2,382.79 million as at March 31, 2025 (consolidated), primarily due to
retained earnings.
Our total non-current liabilities decreased from ₹1,133.82 million as at March 31, 2023 to ₹948.52 million as at
March 31, 2024 and increased to ₹1,272.43 million as at March 31, 2025 (consolidated). The decrease as at March
31, 2024 was primarily due to an decrease in non-current borrowings from ₹934.25 million as at March 31, 2023
to ₹751.66 million as at March 31, 2024, which was primarily due to an increase in current maturities of long term
borrowing. The increase as at March 31, 2025 was primarily due to an increase in non-current borrowings from
₹751.66 million as at March 31, 2024 to ₹1,017.56 million (consolidated), which was primarily due to an increase
in working capital loans from banks.
Our total current liabilities decreased from ₹1,294.52 million as at March 31, 2023 to ₹1,186.87 million as at
March 31, 2024 and increase to ₹1,863.00 million as at March 31, 2025 (consolidated). These changes were
primarily due to the changes in current borrowings and total outstanding dues of creditors other than micro
enterprises and small, which were partially offset, by among others, the changes in other financial liabilities and
in total outstanding dues to micro enterprises and small enterprises.
Our current borrowings decreased from ₹783.15 million as at March 31, 2023 to ₹671.80 million as at March 31,
2024, primarily due to a decrease in working capital loans from banks, partially offset by the current maturities of
long term borrowings. Our current borrowings increased from ₹671.80 million as at March 31, 2024 to ₹1,167.55
million as at March 31, 2025 (consolidated), primarily due to an increase in working capital loans from banks and
current maturities of long term borrowings.
Our total outstanding dues of creditors other than micro enterprises and small enterprises decreased from ₹321.99
million as at March 31, 2023 to ₹233.35 million as at March 31, 2024 and increased to ₹299.85 million as at
March 31, 2025 (consolidated), primarily due to increase in purchase during the year.
Liquidity and Capital Resources
Our liquidity requirements primarily relate to capital expenditure and working capital. Our sources of liquidity
for Fiscals 2025 (Consolidated), Fiscal 2024 (Standalone) and 2023 (Standalone) were primarily cash generated
from operating activities and borrowings from banks and financial institutions.
As at March 31, 2025, our cash and cash equivalents was ₹83.59 million (consolidated).
Cash Flows
The following table sets forth a summary of our cash flows for the fiscal years indicated:
Year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Net cash generated from operating activities 516.84 907.54 665.21
Net cash used in investing activities (1,133.41) (459.67) (461.84)
440Year ended March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Net cash (used in)/generated from financing activities 593.53 (499.81) (101.43)
Cash and cash equivalents at the beginning of the year 106.63 158.57 56.63
Net increase/(decrease) in cash and cash equivalents (23.04) (51.94) 101.94
Cash and cash equivalents at the end of the year 83.59 106.63 158.57
Operating Activities
Fiscal 2025 (Consolidated)
Net cash flow generated from our operating activities was ₹516.84 million for Fiscal 2025. Our net profit before
tax was ₹642.02 million, which was adjusted for non-cash and other items in a net amount of ₹356.87 million,
resulting in an operating profit before working capital changes of ₹998.89 million. The key adjustments to
operating cash flows included (i) depreciation and amortisation expenses of ₹235.16 million and (ii) interest on
term loans and working capital loans from banks of ₹128.59 million.
Fiscal 2024 (Standalone)
Net cash flow generated from our operating activities was ₹907.54 million for Fiscal 2024. Our net profit before
tax from continuing operations was ₹602.74 million, which was adjusted for non-cash and other items in a net
amount of ₹397.54 million, resulting in an operating profit before working capital changes of ₹1,000.28 million.
The key adjustments to operating cash flows included (i) depreciation and amortisation expenses of ₹217.30
million and (ii) interest on term loans and working capital loans from banks of ₹129.77 million.
Fiscal 2023 (Standalone)
Net cash flow generated from our operating activities was ₹665.21 million for Fiscal 2023. Our net profit before
tax was ₹377.30 million, which was adjusted for non-cash and other items in a net amount of ₹341.26 million,
resulting in an operating cash flows before working capital changes of ₹718.56 million. The key adjustments to
operating cash flows included (i) depreciation and amortisation expenses of ₹196.56 million and (ii) interest on
term loans and working capital loans from banks of ₹104.92 million.
Investing Activities
Fiscal 2025 (Consolidated)
Net cash used in investing activities was ₹1,133.41 million during Fiscal 2025, which was primarily due to
₹1,137.06 million used for the acquisition of property, plant and equipment and intangible assets.
Fiscal 2024 (Standalone)
Net cash used in investing activities was ₹459.67 million during Fiscal 2024, which was primarily due to ₹459.32
million used for the acquisition of property, plant and equipment and intangible assets.
Fiscal 2023 (Standalone)
Net cash used in investing activities was ₹461.84 million during Fiscal 2023, which was primarily due to ₹444.05
million used for the acquisition of property, plant and equipment and intangible assets.
Financing Activities
Fiscal 2025 (Consolidated)
Net cash generated from financing activities was ₹593.53 million during Fiscal 2025, primarily owing to ₹108.84
million in net proceeds generated from our long-term borrowings and net proceeds from short-term borrowings
of ₹652.42 million. This was partially offset by ₹140.06 million used for finance costs paid.
441Fiscal 2024 (Standalone)
Net cash used in financing activities was ₹499.81 million during Fiscal 2024, primarily owing to a net repayment
of ₹182.59 million for our long-term borrowings, ₹168.47 million used for finance costs paid on our borrowings
and ₹111.35 million used for the net repayment of our short-term borrowings.
Fiscal 2023 (Standalone)
Net cash used in financing activities was ₹101.43 million during Fiscal 2023, primarily owing to ₹286.86 million
used for the repayment of our long-term borrowings, ₹142.52 million used for finance costs paid on our
borrowings, and ₹91.05 million used for the net repayment of our short-term borrowings. This was partially offset
by ₹452.47 million in proceeds generated from our long-term borrowings.
Borrowings
As at March 31, 2025 (consolidated), we had total borrowings of ₹ 2,185.11 million, which consisted of non-
current borrowings, current maturities of non-current borrowings, and current borrowings.
Our loan agreements generally contain covenants, both financial and non-financial, that may limit our ability to
pay dividends, make loans, or provide advances without the lender’s written consent. The financial covenants
include the gearing ratio, debt service coverage ratio, current ratio, interest service coverage ratio, fixed asset
coverage ratio, and tangible net worth. Non-financial covenants require, among other things, that the promoter
holds more than 51% of the company and that we obtain written consent from the banks for actions such as
dividend payments, loans or guarantees to related parties, buybacks of shares, or any additional borrowings. These
covenants may limit our ability to pay dividends or make loans or advances to us, subject to the lender’s waiver
or consent. There were no defaults in repayment of principal or interest to lenders during Fiscal 2025
(Consolidated), Fiscal 2024 (Standalone) and Fiscal 2023 (Standalone). See “Risk Factors – Our financing
agreements contain covenants that limit our flexibility in operating our business. Any future failure to meet the
conditions under our financing arrangements or obtain any consents thereunder could have a material adverse
effect on our business, financial condition, results or operations and cash flows” on page 54.
The following table provides the types and amounts of our outstanding borrowings as at the dates indicated:
As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Non-current borrowings (including current maturities of non-current 1,391.53 1,277.49 1,225.83
borrowings) [A]
Of which:
Secured 1,383.17 986.14 829.88
Unsecured 8.36 291.35 395.95
Current maturities of non-current borrowings [B] (373.97) (525.83) (291.58)
Current borrowings [C] 1,167.55 671.80 783.15
Of which:
Secured 1,159.19 391.85 686.52
Unsecured 8.36 279.95 96.63
Total Borrowings [D = A + B + C] 2,185.11 1,423.46 1,717.40
The table below sets forth details of our borrowings with floating interest rates as at March 31, 2025
(Consolidated), March 31, 2024 (Standalone), and March 31, 2023 (Standalone):
As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Variable interest rate borrowings 1,434.61 734.03 634.40
For further details of security, repayment terms and interest rates for our borrowings, see “Financial Statements
– Note 22 – Borrowings – non-current” and “Financial Statements – Note 25 – Borrowings – current” on pages
384 and 386.
442Contractual Maturities of Financial Liabilities
The following table sets forth contractual maturities of financial liabilities as at March 31, 2025 (Consolidated).
The amounts are gross and undiscounted:
Payment due by period
Particulars* Total Within one year 1-5 years Above 5 years
(in ₹ million)
Borrowings 2,185.11 1,167.55 1,017.56 –
Trade payables 375.08 375.08 – –
Other financial liabilities 246.59 246.59 – –
Lease liabilities (with financing
component) 44.60 11.16 33.44 –
Total 2,851.38
Note:
* Fiscal 2025 (consolidated)
Capital Expenditure
The following table sets forth net block of property, plant and equipment by category as the dates indicated. These
assets primarily relate to the expansion and enhancement of our manufacturing capabilities, including investments
in new production lines, upgrading existing facilities, and incorporating advanced technology to improve
efficiency and production capacity.
As at March 31,
2025 2024 2023
Particulars(1)(2)
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Freehold lands 293.51 178.96 178.96
Buildings 853.70 285.49 296.03
Plant and machinery 2,105.11 1,766.99 1,715.56
Furniture and fixtures 18.65 15.69 12.39
Vehicles 19.39 23.16 21.63
Office equipment 22.26 9.16 6.54
Computers 11.33 4.43 6.00
Total 3,323.95 2,283.88 2,237.11
Notes:
(1) Property, plant and equipment have been pledged as security for borrowings.
(2) We have not revalued our property, plant and equipment during Fiscals 2025 (consolidated), 2024 or 2023.
Contingent Liabilities and Commitments
The following table sets our contingent liabilities and commitments as at March 31, 2025 (Consolidated), March
31, 2024 (Standalone), and March 31, 2023 (Standalone) respectively as per the Restated Consolidated and
Standalone Financial Information:
As at March 31,
2025 2024 2023
Particulars
(Consolidated) (Standalone) (Standalone)
(₹ in million)
Contingent Liabilities
Custom duty dispute(1) 6.00 – 8.58
Commitments
Estimated amount of contracts remaining to be executed on
property, plant and equipment and not provided for 343.73 117.93 330.91
Note:
(1) It is not practicable for our Company to estimate the timing of cash outflows, if any, in respect to the above pending
resolution of the respective proceedings. The amount disclosed above represent the best possible estimates arrived on the basis
of available information.
443Off-balance Sheet Arrangements
We do not have any off-balance sheet arrangements or other relationships with any entity that have been
established for the purposes of facilitating off-balance sheet arrangements.
Quantitative and Qualitative Disclosure on Market Risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse
changes in market rates and prices. The Group’s size and operations result in it being exposed to the following
market risks that arise from its use of financial instruments:(a) currency risk; (b) price risk; and (c) interest rate
risk. The above risks may affect the Group’s income and expenses, or the value of its financial instruments.
Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange
rates relates primarily to the Group’s operating activities (when revenue or expense is denominated in a different
currency from the Group’s functional currency). The Group uses foreign exchange forward contracts for hedging
receivables and payable risk. To the extent of lower of exports and imports that the Group undertakes in USD, the
Group has a natural hedge against the exposure to foreign currency risks.
Price Risk
We are mainly exposed to the price risk due to our investment in mutual funds. The price risk arises due to
uncertainties about the future market values of these investments.
Interest Rate Risk
The Group’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Group
to cash flow interest rate risk.
For quantitative disclosures on market risk, see “Financial Statements – Note 48 – Financial Risk Management
objectives and policies – (i) Market risk” on page 400.
Reservations, Qualifications and Adverse Remarks
There are no reservations, qualifications or adverse remarks in the Statutory Auditor’s examination report on the
Restated Consolidated and Standalone Financial Information.
The Statutory Auditors have included certain observations in the annexure to their reports on our Company’s
audited financial statements for the years ended March 31, 2025 (standalone), March 31, 2024 and March 31,
2023, as required under the Companies (Auditor’s Report) Order, 2020, which do not require any adjustment to
the Restated Consolidated and Standalone Financial Information. These observations have been included in Note
50 Part C to the Restated Consolidated and Standalone Financial Information in “Financial Statements” on page
405. For more details, see “Risk Factors-The Statutory Auditors have included certain observations in the
annexure to their reports on the Company’s audited financial statements for the years ended March 31, 2025
(standalone), March 31, 2024 and March 31, 2023, as required under the Companies (Auditor’s Report) Order,
2020” on page 58.
Unusual or Infrequent Events or Transactions
Other than as described in this section and “Our Business”, “Risk Factors” and “History and Certain Corporate
Matters – Other material agreements” on page 258, 37 and 314, respectively, there have been no events or
transactions which may be described as “unusual” or “infrequent”.
Significant Economic Changes that Materially Affected or are likely to affect Revenue from Operations
Other than as described in this section, and in “Our Business”, “Risk Factors” and “Industry Overview” on pages
258, 37, and 181, respectively, there have been no significant economic changes that materially affected or are
likely to affect our revenue from operations.
444Known Trends or Uncertainties that have had or are expected to have a Material, Adverse Impact on
Revenue from Operations or Other Income
Except as described in this section and “Risk Factors” on page 37, to our knowledge, there are no trends or
uncertainties that have had, or are expected to have, a material adverse impact on revenue from operations or other
income.
Future Relationships between Costs and Revenue
Other than as described in this section “Our Business” and “Risk Factors” on pages 258 and 37, respectively,
there are no known factors which will have a material adverse impact on our costs and revenue.
Material Increases in Revenues and Sales
Material increases in our revenues and sales are primarily due to the reasons described in “– Significant Factors
Affecting our Results of Operations and Financial Condition” above on page 410.
New Products or Business Segments
Our financial condition and results of operations were not materially affected by the launch of new products. We
did not enter into any new business segments in Fiscals 2025, 2024 or 2023.
Seasonality
Our financial condition and results of operations are not materially affected by seasonal factors.
Suppliers and/or Customer Concentration
We have a supplier concentration. For details, see “Risk Factors- In order to get better pricing by buying in larger
volumes, we generally buy the primary raw materials and packing materials we need from few suppliers. For
Fiscals 2025, 2024 and 2023, our cost of raw materials and packing materials purchased from our top supplier
represented 21.26% (consolidated), 22.86% and 23.65% of our cost of raw materials and packing materials
purchased, respectively, and our cost of raw materials and packing materials purchased from our top 10 suppliers
represented 73.24% (consolidated), 75.24% and 75.62% of our cost of raw materials and packing materials
purchased, respectively. If any of our top 10 suppliers ceased selling us the raw materials and packing materials
we require in the quantities we need and we were unable to find a supplier to replace it, it could have a material
adverse effect on our business, financial condition, results of operations and cash flows” on page 40.
We have a customer concentration. For details, see “– Significant Factors Affecting our Results of Operations
and Financial Condition – Our revenue from our top four customers and in particular our top customer”, and
“Risk Factors – Our business largely depends upon our top four customers and in particular our top customer.
For Fiscals 2025, 2024 and 2023, our revenue from our top customer represented 59.29% (consolidated), 60.36%
and 58.54% of our revenue from operations, respectively, and our revenue from our top four customers
represented 78.42% (consolidated), 83.30% and 82.65% of revenue from operations, respectively. The loss of any
of our top four customers, and in particular our top customer, or the loss of revenue from sales to these top
customers could have a material adverse effect on our business, financial condition, results of operations and
cash flows” on pages 410 and 37, respectively.
Competitive Conditions
For a description of the competitive conditions in the industries in which we operate, see “Our Business –
Competition” and “Industry Overview” on pages 296 and 181, respectively.
Significant Developments after March 31, 2025
Our Company is unaware of any circumstances that have arisen since March 31, 2025 that have a material, adverse
effect on, or are likely to affect, our operations or profitability, the value of our assets or our ability to pay our
liabilities within the next 12 months.
445On July 5, 2025, All Time Bamboo Private Limited was incorporated as our Company’s wholly-owned subsidiary
under the laws of India, to operate our business relating to bamboo consumerware. For further details, see “Risk
Factors-There can be no assurance that the launch of new products or our expansion into manufacturing bamboo
consumerware products will be profitable, and even if they are profitable, it will not result in a decrease in our
Return on Equity. If the launch of new products proves to be unsuccessful or our expansion into manufacturing
bamboo consumerware was to be unprofitable, we could be forced to cease manufacturing such products, which
would result in a loss of our investment in developing these products and thereby have an adverse effect on our
financial condition, results of operations and cash flows”, “Our Business–Our Strategies” and “History and
Certain Corporate Matters–Subsidiaries–All Time Bamboo Private Limited” on pages 61, 270 and 312,
respectively.
446CAPITALISATION STATEMENT
The following table sets forth our capitalisation as at March 31, 2025, on the basis of our Restated Consolidated
and Standalone Financial Information, and as adjusted for the Offer. This table should be read in conjunction with
“Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Financial
Statements” and “Risk Factors” beginning on pages 410, 349, and 37, respectively.
(in ₹ million, except ratio)
Pre-Offer as at March As adjusted for the
Particulars
31, 2025 Offer
Total borrowings
Current borrowings# (including current maturities of long-term 1,167.55 1,167.55
borrowings) (A)
Non-current borrowings# (B) 1,017.56 1,017.56
Total borrowings (C) 2,185.11 2,185.11
Total equity
Equity share capital 105.00 131.02
Other equity# 2,382.79 5,856.77
Non-controlling interest Nil Nil
Total equity (D) 2,487.79 5,987.79
Total Capitalisation (C+D) 4,672.90 8,172.90
Ratio: Non-current borrowings (B) / Total equity (D) 0.41 0.17
Ratio: Total borrowings (C) / Total equity (D) 0.88 0.36
# These terms carry the same meaning as per Schedule III of the Companies Act.
Notes:
1. The above has been derived from the Restated Consolidated and Standalone Financial Information.
2. Pursuant to a resolution of our Board dated May 15, 2024 and a resolution of our shareholders dated May 21, 2024, (i) each equity
share of our Company of ₹10 each was sub-divided into 5 equity shares of ₹2 each; and (ii) issue bonus equity share of face value ₹2
each in the ratio of 9:1 (i.e., 9 Equity Shares for every one Equity Share held).
3. A Pre-IPO Placement of 2,822,580 Equity Shares was undertaken by our Company, for cash at a price of ₹248.00 per Equity Shares
(including a premium of ₹246.00 per Equity Share), for an amount aggregating to ₹700.00 million on June 30, 2024.
447FINANCIAL INDEBTEDNESS
We avail loans and financing facilities in the ordinary course of our business for meeting our working capital and
business requirements. Our Board is empowered to borrow monies as may be required for the purpose of the
business of our Company, in accordance with Section 179 and Section 180 of the Companies Act and our Articles
of Association. For details of the borrowing powers of our Board, see “Our Management – Borrowing Powers”
on page 324.
We have obtained the necessary consents required under the relevant financing documentation for undertaking
activities in relation to the Offer, including effecting a change in our capital structure, change in our shareholding
pattern, change in our constitutional documents and change in our management.
The details of the indebtedness of the Company and All Time Plastics Pte. Limited, one of our Subsidiaries, on a
consolidated basis as at June 30, 2025 is provided below:
(in ₹ millions)
Outstanding amount (as at June 30,
Category of borrowing Sanctioned amount
2025)*
Secured
Term loans 2,604.00 1,514.54
Fund-based working capital loan 1,150.00 575.80
Non-fund based working capital facilities 124.00
Vehicle loans 13.67 6.69
Total secured facilities (A) 3,767.67 2,221.03
Unsecured
From customer 41.07 4.56
Total unsecured facilities (B) 41.07 4.56
Total borrowings 3,808.74 2,225.59
*As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant to their certificate dated August 11, 2025.
Note: All Time Bamboo Private Limited was not incorporated as of June 30, 2025.
Principal terms of the borrowings availed by us:
The details provided below are indicative and there may be additional terms, conditions and requirements under
the various financing documentation executed by us in relation to our indebtedness.
1. Interest: In terms of the facilities availed by us, the interest rate is typically the base rate of a specified lender
and spread per annum. The spreads are different for different facilities.
The interest rates for the term loans, working capital facilities and the equipment loans availed by our
Company typically range from 6.80% to 12.08%.
2. Penal Interest: The terms of certain financing facilities availed by us prescribe penalties for non-compliance
of certain obligations by us. These include, inter alia, breach of non-payment of instalments, our Company
becoming bankrupt or committing any act of insolvency, breaching any provisions as set forth in the loan
documentation entered into with the lenders or default in the performance of the obligations set forth in such
loan documentation, etc. Further, the default interest payable on the facilities availed by us is typically 2%-
4% per annum over and above the applicable interest rate.
3. Pre-payment penalty: The terms of facilities availed by us typically have prepayment provisions to the tune
of 2% per annum in terms of the norms of such individual lenders.
4. Validity/Tenor: The tenor of the term loans availed by us range typically for a tenor from four (4) to seven
(7) years. Additionally, the working capital facilities availed by us are payable on demand.
5. Security: In terms of our term loan facilities, we are required to, inter alia:
(a) Create a hypothecation over the equipment, current assets and moveable assets, as applicable;
(b) Create equity mortgage over immovable property; and
(c) Furnish personal guarantees from our Promoters and certain other persons.
4486. Repayment: The loans (other than working capital loans) are typically repayable in structured instalments.
7. Key Covenants: Certain of our borrowing arrangements provide for covenants restricting certain corporate
actions, and we are required to take the prior approval of the relevant lender before undertaking such corporate
actions, inter alia the following:
(a) effecting changes in the ownership or control or make any material change in the management set-up;
(b) effecting any change in our capital structure where the shareholding of the existing promoter gets diluted
below current levels;
(c) utilization of the proceeds of the Fresh Issue by our Company which may include, incurring capital
expenditure, part or whole repayment/ prepayment of any loan facilities availed by our Company,
investment or other strategic initiatives along with payment of Offer related expenses, or any other
objects as may be decided by the board of directors of the Company in compliance with applicable laws;
(d) undertaking the Offer (and accessing the capital markets in connection thereto) including any pre-Offer
placement;
(e) making any amendments in the Memorandum of Association or Articles of Association or undertaking
or permitting any merger, demerger, amalgamation, consolidation, restructuring, reorganisation;
(f) declare or pay any dividend if any instalment towards principal or interest remains unpaid; and
(g) undertake any further capex except being funded by company's own resources.
8. Events of default: Borrowing arrangements entered into by us, contain standard events of default, inter alia
the following:
(a) default in payment of interest or instalment amount due;
(b) being adjudicated as insolvent or a receiver being appointed in respect of the whole or any part of the
property;
(c) breach or default of any covenant or other terms and conditions under one finance schedule will be cross
defaulted all the financial schedules contracted with the lender; and
(d) occurrence of any circumstances which in prejudicial to or impairs or imperils or like to prejudice, impair,
imperil the security given.
9. Consequences of events of default: In terms of our borrowing arrangements, as a consequence of events of
occurrence of events of default, our lenders may, inter alia:
(a) declare the outstanding amount of the facility respect of facility due and payable;
(b) appoint nominee director or observer on the board of directors of the Company;
(c) have the absolute right to convert the entire outstanding facilities and/or the unpaid interest and/or all
other monies payable by the Company to the lender in part or in full, in one or more tranches, into fully
paid up equity shares of the Company as per the applicable laws;
(d) enforce the security in case of payment default; and
(e) suspend or cancel further drawings under the facility.
This is an indicative list and there may be additional terms that may amount to an event of default under the
various borrowing arrangements entered into by us. See “Risk Factors – Our financing agreements contain
covenants that limit our flexibility in operating our business. Any future failure to meet the conditions under our
financing arrangements or obtain any consents thereunder could have a material adverse effect on our business,
financial condition, results or operations and cash flows” on page 54.
449RELATED PARTY TRANSACTIONS
For details of related party transactions as per the requirements under Ind AS 24 – Related Party Disclosures, read
with the SEBI ICDR Regulations, for the financial years ended March 31, 2025, March 31, 2024 and March 31,
2023, see “Financial Statements – Restated Consolidated and Standalone Financial Information – Note 42 -
Related party disclosure” on page 394.
450SECTION VI: LEGAL AND OTHER INFORMATION
OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS
Except as stated below there are no outstanding (i) criminal proceedings involving our Company, Subsidiaries,
Directors, or Promoters (the “Relevant Parties”); and (ii) actions taken by statutory or regulatory authorities
involving the Relevant Parties (iii) claims relating to direct and indirect taxes involving the Relevant Parties; and
(iv) other pending litigations or arbitration proceedings involving the Relevant Parties which has been determined
to be material pursuant to the Materiality Policy (as disclosed herein below). Further, there are no disciplinary
actions (including penalties) imposed by SEBI or stock exchanges against our Promoters in the last five Fiscals
immediately preceding the date of this Prospectus, including any outstanding action. Further, except as disclosed
in this section, there are no outstanding (i) criminal proceedings; and (ii) actions by regulatory or statutory
authorities involving our Key Managerial Personnel and Senior Management Personnel.
For the purpose of (iv) above, our Board has considered and adopted the following policy on materiality for
identification of material outstanding litigation involving the Relevant Parties pursuant to Board resolution dated
July 20, 2025.
All outstanding litigation, including any litigation involving the Relevant Parties, other than criminal proceedings,
actions by regulatory authorities and statutory authorities, and tax matters (direct or indirect), will be considered
material if: (a) the monetary amount of claim, to the extent quantifiable, by or against the Relevant Parties in any
such outstanding litigation is equivalent to or in excess of 5% of the average of absolute value of profit after tax
(i.e., profit for the year) as per the Restated Consolidated and Standalone Financial Information for the last three
Fiscals. Accordingly, all outstanding civil proceedings where the monetary amount of claim is equivalent to or in
excess of ₹20.06 million, involving the Relevant Parties shall be considered material for the purpose of disclosure
in this Prospectus (“Material Civil Proceedings”);or (b) any other outstanding litigation, where the monetary
impact is not quantifiable or lower than the threshold specified in (i) above, but an adverse outcome of which
would materially and adversely affect our Company’s business, prospects, operations, performance, financial
position or reputation or where a decision in one case is likely to affect the decision in similar cases even though
the monetary impact in the individual cases does not exceed the threshold mentioned in point (a) above (“Other
Material Proceedings”).
Further, in the event the amount involved in any direct or indirect tax claim is equivalent to or in excess of 5% of
the average of absolute value of profit after tax (i.e., profit for the year) as per the Restated Consolidated and
Standalone Financial Information for the last three Fiscals, i.e., ₹20.06 million, in relation to each Relevant
Party, it shall be considered as a material tax proceeding and individual disclosures of such tax proceedings have
been provided in this section of this Prospectus.
Additionally, any pending litigation involving the group companies, as identified in accordance with provisions
of SEBI ICDR Regulations would be considered to have a ‘material impact’ on our Company, if an adverse
outcome from such pending litigation would materially and adversely affect the business, prospects, operations,
performance or financial position or reputation of our Company.
For the purposes of the above, pre-litigation notices received by the Relevant Parties from third parties (excluding
those notices issued by governmental, statutory or regulatory or taxation or judicial authorities or notices
threatening criminal action or first information reports) have not and shall not be considered material until such
time that the Relevant Party is impleaded as a defendant in litigation proceedings before any judicial forum.
Unless stated to the contrary, the information provided below is as of the date of this Prospectus. All terms defined
in a particular litigation disclosure below are for that particular litigation only.
LITIGATION INVOLVING OUR COMPANY
(a) Outstanding legal proceedings against our Company
(i) Criminal proceedings
A private complaint was filed against the Company under Section 223 of Bharatiya Nagarik
Suraksha Sanhita, 2023 by Jayshree Dilip Baviskar in relation to the enforcement of an order of the
Labour Court, Valsad pursuant to which a show cause notice was issued through order dated May
45128, 2025. The Judicial Magistrate – First Class, Labour Court, Valsad disposed the complaint from
the register and passed an order to register the matter under the criminal case register for the alleged
violations of Section 18(3) and Section 17(A)(1) the Industrial Disputes Act, 1947, through enquiry
order dated June 27, 2025. The Company is awaiting the receipt of summons.
(ii) Material Civil Proceedings
As on the date of this Prospectus there are no Material Civil Proceedings against our Company.
(iii) Other Material Proceedings
As on the date of this Prospectus there are no Other Material Proceedings against our Company.
(b) Actions by statutory or regulatory authorities
As on the date of this Prospectus there are no actions by statutory or regulatory authorities against our
Company.
(c) Outstanding legal proceedings by our Company
(i) Criminal proceedings
Our Company filed a case before the Metropolitan Magistrates Court at Kurla against Royal
Associate under Sections 138 and 141 of the Negotiable Instruments Act, 1881, in relation to
dishonour of cheque for a sum of ₹0.56 million due to insufficiency of funds. The matter is currently
pending.
(ii) Material Civil Proceedings
As on the date of this Prospectus there are no Material Civil Proceedings initiated by our Company.
(iii) Other Material Proceedings
As on the date of this Prospectus there are no Other Material Proceedings initiated by our Company.
(d) Tax proceedings involving our Company
Except as mentioned below, there are no pending claims related to direct and indirect taxes involving our
Company as on the date of this Prospectus:
Number of proceedings
Nature of proceeding Amount involved (in ₹ million)*
outstanding
Direct tax 1 28.21
Indirect tax 3 8.34
Total 4 36.55
* To the extent quantified.
The Centralized Processing Center, Income Tax Department, Bengaluru (“CPC”) issued an intimation
dated July 29, 2023 (“Intimation”) to our Company under Section 143(1) of the Income Tax Act, 1961
demanding an aggregate amount of ₹27.96 million for assessment year 2022-23. Our Company, aggrieved
by the aforementioned Intimation, filed a rectification request dated August 14, 2023, requesting the CPC
to reprocessing the return (“Rectification Request”). Pursuant to the Rectification Request, the CPC
issued a rectification order dated February 21, 2024 (“Rectification Order”) under Section 154 of the
Income Tax Act, 1961, rectifying the Intimation and demanding an aggregate amount of ₹28.21 million
against our Company. Aggrieved by the Rectification Order, our Company submitted a grievance on April
4, 2024 challenging the said Rectification Order, which is currently pending.
LITIGATION INVOLVING OUR SUBSIDIARIES
(a) Outstanding legal proceedings against our Subsidiaries
452(i) Criminal proceedings
As on the date of this Prospectus there are no criminal proceedings against our Subsidiaries.
(ii) Material Civil Proceedings
As on the date of this Prospectus there are no Material Civil Proceedings against our Subsidiaries.
(iii) Other Material Proceedings
As on the date of this Prospectus there are no Other Material Proceedings against our Subsidiaries.
(b) Actions by statutory or regulatory authorities
As on the date of this Prospectus there are no actions by statutory or regulatory authorities against our
Subsidiaries.
(c) Outstanding legal proceedings by our Subsidiaries
(i) Criminal proceedings
As on the date of this Prospectus there are no criminal proceedings initiated by our Subsidiaries.
(ii) Material Civil Proceedings
As on the date of this Prospectus there are no Material Civil Proceedings initiated by our
Subsidiaries.
(iii) Other Material Proceedings
As on the date of this Prospectus there are no Other Material Proceedings initiated by our
Subsidiaries.
(d) Tax proceedings involving our Subsidiaries
Except as mentioned below, there are no pending claims related to direct and indirect taxes involving our
Subsidiaries as on the date of this Prospectus:
Number of proceedings
Nature of proceeding Amount involved (in ₹ million)*
outstanding
Direct tax Nil Nil
Indirect tax Nil Nil
Total Nil Nil
* To the extent quantified.
LITIGATION INVOLVING OUR DIRECTORS
(a) Outstanding litigation proceedings against Directors
(i) Criminal proceedings against our Directors
As on the date of this Prospectus there are no outstanding criminal proceedings against our Directors.
(ii) Material Civil Proceedings
As on the date of this Prospectus there are no Material Civil Proceedings against our Directors.
(iii) Other Material Proceedings
As on the date of this Prospectus there are no Other Material Proceedings against our Directors.
453(b) Actions by statutory or regulatory authorities
As on the date of this Prospectus there are no outstanding actions by statutory and regulatory authorities
against our Directors.
(c) Outstanding litigation proceedings by our Directors
(i) Criminal proceedings
As on the date of this Prospectus there are no criminal proceedings initiated by our Directors.
(ii) Material Civil Proceedings
As on the date of this Prospectus there are no Material Civil Proceedings initiated by our Directors.
(iii) Other Material Proceedings
As on the date of this Prospectus there are no Other Material Proceedings initiated by our Directors.
(d) Tax proceedings involving our Directors
Except as mentioned below, there are no pending claims related to direct and indirect taxes involving our
Directors as on the date of this Prospectus:
Amount involved* (in ₹
Nature of proceeding Number of proceedings outstanding
million)
Direct tax Nil Nil
Indirect tax Nil Nil
Total Nil Nil
* To the extent quantified.
LITIGATION INVOLVING OUR PROMOTERS
(a) Outstanding litigation proceedings against our Promoters
(i) Criminal proceedings
As on the date of this Prospectus there are no outstanding criminal proceedings against our
Promoters.
(ii) Material Civil Proceedings
As on the date of this Prospectus there are no material civil proceedings against our Promoters.
(iii) Other Material Proceedings
As on the date of this Prospectus there are no other material proceedings against our Promoters.
(b) Actions by statutory or regulatory authorities
As on the date of this Prospectus there are no outstanding actions by statutory and regulatory authorities
against our Promoters.
(c) Disciplinary action including penalty imposed by SEBI or stock exchanges in the last five financial
years including outstanding action
There are no outstanding actions against our Promoters and no disciplinary action nor any penalty has been
imposed by SEBI or stock exchanges in the last five financial years.
(d) Outstanding litigation proceedings by our Promoters
(i) Criminal proceedings
454As on the date of this Prospectus there are no criminal proceedings initiated by our Promoters.
(ii) Material Civil Proceedings
As on the date of this Prospectus there are no Material Civil Proceedings initiated by our Promoters.
(iii) Other Material Proceedings
As on the date of this Prospectus there are no Other Material Proceedings initiated by our Promoters.
(e) Tax proceedings involving our Promoters
Except as mentioned below, there are no pending claims related to direct and indirect taxes involving our
Promoters as on the date of this Prospectus:
Amount involved* (in ₹
Nature of proceeding Number of proceedings outstanding
million)
Direct tax Nil Nil
Indirect tax Nil Nil
Total Nil Nil
* To the extent quantified.
LITIGATION INVOLVING OUR KMPs AND SMPs
(a) Outstanding litigation proceedings against KMPs and SMPs
(i) Criminal proceedings against our KMPs and SMPs
As on the date of this Prospectus there are no outstanding criminal proceedings against our KMPs
and SMPs.
(b) Actions by statutory or regulatory authorities
As on the date of this Prospectus there are no outstanding actions by statutory and regulatory authorities
against our KMPs and SMPs.
(c) Outstanding litigation proceedings by our KMPs and SMPs
(i) Criminal proceedings by our KMPs and SMPs
As on the date of this Prospectus there are no criminal proceedings initiated by our KMPs and SMPs.
LITIGATION INVOLVING OUR GROUP COMPANIES
As on the date of this Prospectus, our Company does not have any group companies.
OUTSTANDING DUES TO CREDITORS
Further, in accordance with the Materiality Policy, our Company has considered such creditors ‘material’ if
amounts due to such creditor is equivalent to or in excess of 5.00% of the total trade payables of the Company as
of March 31, 2025 as reported in the Restated Consolidated and Standalone Financial Information, i.e. ₹ 80.14
million (“Material Creditors”).
The details of the total outstanding dues (trade payables) owed to micro, small and medium enterprises (as defined
under Section 2 of the Micro, Small and Medium Enterprises Development Act, 2006), Material Creditors and
other creditors as on March 31, 2025 is as set forth below:
Amount involved
Particulars Number of creditors#
(₹ in million) #
Dues to micro, small and medium enterprises 114 75.23
Dues to Material Creditor(s)* 2 80.14
455Amount involved
Particulars Number of creditors#
(₹ in million) #
Dues to other creditors^ 236 219.71
Total 352 375.08
# As certified by Maheshwari & Co., Chartered Accountants (FRN:105834W), pursuant their certificate dated August 11, 2025.
*Dues to material creditors only comprises of dues to creditors other than micro, small and medium enterprises. All dues to micro, small and
medium enterprises are below the materiality threshold.
^ Amount outstanding to other creditors includes provisions made at the end of the year and import of raw material in transit.
For details of outstanding over-dues to the Material Creditors as on March 31, 2025 (along with the names and
amounts involved for each such Material Creditor), see
https://www.alltimeplastics.com/files/ListofMaterialCreditors.pdf.
MATERIAL DEVELOPMENTS
Except as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations
– Significant Developments after March 31, 2025” on page 445 and as otherwise disclosed this Prospectus, no
circumstances have arisen since March 31, 2025, the date of the last Restated Consolidated and Standalone
Financial Information disclosed in this Prospectus, which may materially and adversely affect, or are likely to
affect our profitability, our operations, the value of our assets or our ability to pay our material liabilities within
the next 12 months.
456GOVERNMENT AND OTHER APPROVALS
Our business activities and operations require various approvals, licenses, registrations and permits issued by
relevant central and state authorities under various rules and regulations. Except as disclosed herein, we have
obtained all material consents, licenses, permissions, registrations and approvals, from various governmental
statutory and regulatory authorities, which are necessary for undertaking our current business activities and
operations. Except as disclosed below, no further material approvals are required for carrying on the present
business activities and operations of our Company. In the event any of the approvals and licenses that are required
for our business operations expire in the ordinary course, we make applications for their renewal from time to
time, in accordance with applicable requirements and procedures. Unless otherwise stated, these approvals are
valid as on the date of this Prospectus. For incorporation details of our Company, see “History and Certain
Corporate Matters” on page 309.
For details in connection with the regulatory and legal framework within which our Company operates, see “Key
Regulations and Policies” on page 303. For details of risk associated with not obtaining or delay in obtaining the
requisite approvals, see “Risk Factors – We are required to obtain and maintain a number of statutory and
regulatory approvals for undertaking our business. A majority of our approvals, licenses, registrations and
permits, including the consent to operate and consent to manufacture under environmental laws, are granted for
a limited duration and require renewal from time to time. While we plan to apply for renewal of these approvals
as and when they are due to expire, we cannot assure you that such renewals will be issued or granted to us in a
timely manner, or at all. If we fail to obtain, keep and renew such licenses, registrations, permits and approvals
it could have a material adverse effect on our business, financial condition, results of operation and cash flows”
on page 46.
The objects clause of the Memorandum of Association enables our Company to undertake its present business
activities.
The approvals required to be obtained by us include the following:
APPROVALS RELATING TO THE OFFER
For details regarding the approvals and authorisations obtained by our Company in relation to the Offer, see
“Other Statutory and Regulatory Disclosures – Authority for the Offer” on page 464.
MATERIAL APPROVALS OBTAINED IN RELATION TO OUR BUSINESS
Corporate approvals
(a) Certificate of incorporation dated March 8, 2001, issued by the Registrar of Companies, Maharashtra at
Mumbai.
(b) Fresh certificate of incorporation dated August 5, 2024, issued by the Registrar of Companies, Central
Processing Centre, consequent upon change of name of our Company pursuant to its conversion to a public
limited company.
(c) Certificate of recognition issued by the Directorate General of Foreign Trade, Ministry of Commerce and
Industry, according the status of three-star export house to our Company, which is valid till March 24,
2027.
Labour related approvals
(a) Certificate of registration under the Contract Labour (Regulation and Abolition) Act, 1970, issued to our
Daman Facility (defined hereinafter) by the Office of Registering Officer, Daman, which is valid till
December 31, 2025.
(b) Certificate of registration under the Contract Labour (Regulation and Abolition) Act, 1970, issued to our
Silvassa Facility (defined hereinafter) by the Labour Enforcement Officer, Dadra & Nagar Haveli, Silavssa
which is valid till December 27, 2025.
457(c) Certificate of registration under the Contract Labour (Regulation and Abolition) Act, 1970, issued to our
Manekpur Facility (defined hereinafter) by the Assistant Labour Commissioner Office, Valsad.
(d) Registration for employees’ provident fund with the Employees’ Provident Fund Organisation under the
Employees' Provident Fund and Miscellaneous Provisions Act, 1952 with code number
SRVAP0048197000.
(e) Registration for employees’ insurance with the relevant regional office of the Employees State Insurance
Corporation under the Employees’ State Insurance Act, 1948.
Tax related approvals
(a) Permanent Account Number being AADCA0463D issued by the Income Tax Department, Government of
India, under the Income Tax Act, 1961.
(b) Tax deduction account number being MUMA14515E issued by the Income Tax Department, Government
of India, under the Income Tax Act, 1961.
(c) Identification numbers issued under the Goods and Service Tax Act, 2017 by the Government of India and
state governments for GST payments, in the states where our business operations are situated.
(d) Certificate of Importer-Exporter code granting number IEC 0309065917, issued by the Directorate General
of Foreign Trade under the Foreign Trade (Development and Regulation) Act, 1992.
Material approvals in relation to our Manufacturing Facilities
(a) Facility situated at Plot No. 371/1-C & 371/1-D, Kachigam Char Rasta, B/H/ Stone Query, Daman, Union
Territory of Dadra and Nagar Haveli and Daman and Diu (“Daman Facility”)
(i) Factory license under the Factories Act, 1948 and the Dadra & Nagar Haveli Factories Rules, 1971,
issued by the Chief Inspector of Factories and Boilers, Administration of Daman and Diu (U.T),
Daman, which are valid till December 31, 2027.
(ii) Approval of factory plan issued by Office of Secretary Labour, UT Administration of Dadra and
Nagar Haveli and Daman and Diu, under the Factories Act, 1948 and the Dadra & Nagar Haveli
Factories Rules, 1971, which is a one-time Approval.
(iii) Consent to manufacture issued by the Pollution Control Committee, Dadra and Nagar Haveli and
Daman and Diu under the Air (Prevention and Control of Pollution) Act, 1981 (the “Air Act”),
Water (Prevention and Control of Pollution) Amendment Act, 1988 (the “Water Act”) and
Hazardous and other Wastes (Management and Transboundary) Rules, 2016 (“Waste Management
Rules”) which is valid till August 31, 2028.
(iv) No objection certificates issued by Department of Fire and Emergency Services, U.T Administration
of Dadra and Nagar Haveli and Daman and Diu under the Goa, Daman and Diu Fire Force Act,
1986, which are valid till April 16, 2026 and May 5, 2026.
(v) Approvals for energisation under the Central Electricity Authority (Measures relating to safety and
Electric Supply) Regulation 2010, issued by Central Electricity Authority, Government of India.
(vi) Registration certificate for operating canteen under the Food Safety and Standards Act, 2006 issued
by the Food Safety and Standards Authority of India, which is valid till December 14, 2030.
(vii) No objection certificate (NOC) for Ground Water Abstraction, issued by the Central Ground Water
Authority, which is valid till July 24, 2026.
(b) Facility situated at Srv. No. 190/1/2, 190/1/1/2, 190/1/3, Gandhigram, Dokmardi, Kilvani Road, Village
Amli, Silvassa, Union Territory of Dadra and Nagar Haveli and Daman and Diu (“Silvassa Facility”)
458(i) Factory license under the Factories Act, 1948 and the Dadra & Nagar Haveli Factories Rules, 1971,
issued by the Directorate of Industrial Safety and Health, Government of Gujarat, which is valid till
December 31, 2026.
(ii) Green card approval under the special scheme of the Government of India as an export oriented unit
issued by the Office of the Development Commissioner, SEEPZ Special Economic Zone, Ministry
of Commerce and Industry, which is valid till March 31, 2026.
(iii) Letter of permission for enhancement of capacity issued by the Office of the Development
Commissioner, SEEPZ Special Economic Zone, Ministry of Commerce and Industry, which is valid
till March 31, 2026.
(iv) Approval of machine layout plans issued by Office of Secretary Labour, UT Administration of Dadra
and Nagar Haveli and Daman and Diu, under the Factories Act, 1948 and the Dadra & Nagar Haveli
Factories Rules, 1971, which is a one-time approval.
(v) Consent to operate issued by the Pollution Control Committee, Dadra and Nagar Haveli and Daman
and Diu under the Air Act, Water Act and Waste Management Rules.
(vi) Consent to manufacture issued by the Pollution Control Committee, Dadra and Nagar Haveli and
Daman and Diu under the Air Act, Water Act and Waste Management Rules, which is valid till
August 31, 2027.
(vii) No objection certificate issued by Department of Fire and Emergency Services, U.T Administration
of Dadra and Nagar Haveli and Daman and Diu under the Goa, Daman and Diu Fire Force Act,
1986, which is valid till March 20, 2027.
(viii) Approval for energisation under the Central Electricity Authority (Measures relating to safety and
Electric Supply) Regulation 2010 issued by Central Electricity Authority, Government of India,
which is valid till December 28, 2028.
(ix) License to operate canteen under the Food Safety and Standard Act, 2006, issued by the Food Safety
and Standards Authority of India, which is valid till July 31, 2030.
(x) No objection certificate (NOC) for Ground Water Abstraction, issued by the Central Ground Water
Authority, which is valid till January 8, 2026.
(c) Facility situated at New Survey No. 2124, Khatalwada Road, Manekpur, Khofalwada, Valsad, Gujarat,
India (“Manekpur Facility”)
(i) Letter of permission for establishing new undertaking under the Export Oriented Unit Scheme,
issued by the Office of the Development Commissioner, Kandla Special Economic Zone, which is
valid till March 14, 2026.
(ii) Green card approval under the special scheme of the Government of India as an export oriented unit
issued by the Office of the Development Commissioner, Kandla Special Economic Zone, Ministry
of Commerce and Industry, which is valid till March 14, 2029.
(iii) Certificate of registration under the Building & Other Construction Workers (Regulation of
Employment & Conditions of Service) Act, 1996 and rules made thereunder issued by Office of the
Director of Industrial Safety & Health under, which is valid till December 31, 2025.
(iv) Consent to establish (no objection certificate) issued by the Gujarat Pollution Control Board under
the Air Act and Water Act, which is valid till April 20, 2030.
(v) Approval for high tension power supply issued by Dakshin Gujarat Vij Company Limited dated
April 24, 2024, which is a one-time approval.
(vi) License to work a factory issued by the Directorate Industrial Safety and Health, Gujarat, which is
valid till December 31, 2028.
459(vii) Consolidated consent and authorisation to operate issued by the Gujarat Pollution Control Board,
under the Water (Prevention and Control of Pollution) Amendment Act, 1988 (the “Water Act”),
Air (Prevention and Control of Pollution) Act, 1981 (the “Air Act”), and Hazardous and other
Wastes (Management and Transboundary) Rules, 2016 (“Waste Management Rules”) which is
valid till September 30, 2029.
(viii) No objection certificate (NOC) for Ground Water Abstraction, issued by the Central Ground Water
Authority, which is valid till February 6, 2028.
(d) Facility situated at Plot 10A, Brahmaputra Industrial Park, Sila Sindhurighopa, Gouripur, Amingaon,
North Guwahati, Kamrup, Assam (“Guwahati Facility”)
(i) Factory license under the Factories Act, 1948 and the Assam Factories Rules, 1950 issued by the
Chief Inspector of Factories, Assam which is valid till December 31, 2029.
(ii) Trade License under the Assam Panchayati Raj Act, 1994, issued by the Dhopatari Gaon Panchayat
which is valid till November 25, 2025.
(iii) No objection certificate under the Assam Panchayati Raj Act, 1994 for construction of factory and
setting up of industry/warehouse/building within the territorial limit of the Panchayat, issued by the
Dhopatari Gaon Panchayat.
(iv) Consent to establish under the Water (Prevention & Control of Pollution) Act, 1974 and Air
(Prevention & Control of Pollution) Act, 1981 and authorization under the Hazardous & Other Waste
(Management and Trans Boundary Movement) Rules, 2016 issued by the Pollution Control Board,
Assam.
(v) No Objection Certificate of Inbuilt Fire Fighting/ Fire Prevention and Means of Escape Measures in
application for Fire NOC in respect of fire safety measures in storage and handling of petroleum
products / industry Class A B & C under Assam Fire Service Rule 1989 which is valid till March
11, 2026.
MATERIAL APPROVALS PENDING IN RESPECT OF OUR COMPANY
A. Material approvals or renewals for which applications are currently pending before relevant authorities
There are no material approvals or renewals which have been applied for and have not been received by our
Company.
B. Material approvals expired and renewals yet to be applied for
There are no material approvals which are necessary and have expired and renewals have not been applied
for by our Company.
C. Material approvals yet to be applied for
There are no material approvals which are necessary but have not been applied for by our Company.
D. Material approvals or renewals expiring in the near future which will require renewal:
There are no material approvals or renewals which are necessary, and which are expiring in the near future
which will require renewal.
For details of impact of pending material approvals on the operations and performance of our Company,
please see “Risk Factors - We are required to obtain and maintain a number of statutory and regulatory
approvals for undertaking our business. A majority of our approvals, licenses, registrations and permits,
including the consent to operate and consent to manufacture under environmental laws, are granted for a
limited duration and require renewal from time to time. While we plan to apply for renewal of these
approvals as and when they are due to expire, we cannot assure you that such renewals will be issued or
460granted to us in a timely manner, or at all. If we fail to obtain, keep and renew such licenses, registrations,
permits and approvals it could have a material adverse effect on our business, financial condition, results
of operation and cash flows” on page 46.
INTELLECTUAL PROPERTY RIGHTS
A. Trademarks
(i) Registered
As on the date of this Prospectus, our Company has registered 12 trademarks in India, for which we have
obtained valid registration certificates under class 21, 20, 8, 9 and 35 from the Trade Marks Registry,
Government of India under the Trade Marks Act, 1999 (“Trade Marks Act”), as amended.
The following table provides the details of registered trademarks which are currently being used by our
Company:
Class of trademark under
Registered trademark Registering Authority Valid up to
the Trade Marks Act
Trade Marks Registry,
July 1, 2031
21 Mumbai
Trade Marks Registry, October 10,
8, 9, 20, 21, 35
Mumbai 2028
Trade Marks Registry, October 10,
8, 9, 20, 21, 35
Mumbai 2028
Trade Marks Registry, January 27,
21
Mumbai 2029
(ii) Applied for
In addition to the registered trademarks listed above, as on the date of this Prospectus, our Company has
made applications for registration of 2 trademarks before the Trade Marks Registry under the Trade
Marks Act, which are pending at various stages in India.
The following table provides the details of the applications of such trademarks:
Total number of Number of
Class of the trademark Number of
trademarks in Number of trademarks
under the Trade Marks trademarks
the application trademarks objected$ accepted and
Act, 1999 opposed$
stage advertised
35 1 1 - -
461Total number of Number of
Class of the trademark Number of
trademarks in Number of trademarks
under the Trade Marks trademarks
the application trademarks objected$ accepted and
Act, 1999 opposed$
stage advertised
9 1 - 1 -
$ The trademarks that have been objected to or opposed have been included in the calculation of the number of trademark
applications made by our Company.
B. Copyrights
(i) Registered
As on the date of this Prospectus, our Company has 3 registered “artistic works” in India under the
Copyright Act, 1957 (“Copyright Act”).
The following table sets forth the details of such registered copyrights which are currently being used by
our Company:
Date of
Work Title Type of Work Registering Authority
Registration
Copyright Office, New
Artistic September 21, 2022
Delhi
Copyright Office, New
Artistic September 21, 2022
Delhi
Copyright Office, New
Artistic September 21, 2022
Delhi
For details of risk associated with intellectual property, see “Risk Factors – If we fail to keep our technical
knowledge confidential, it could erode our competitive advantage and have a material adverse effect on
our business, financial condition, results of operations and cash flows” on page 78.
462OUR GROUP COMPANIES
Pursuant to a resolution dated July 20, 2025, our Board formulated a policy for identification of group companies
(“Materiality Policy”) and has noted that in accordance with the SEBI ICDR Regulations and for the purpose of
disclosure in this Prospectus, group companies of our Company shall include the companies (other than the
Subsidiaries): (a) with which there were related party transactions, during the period covered in the Restated
Consolidated and Standalone Financial Information included in this Prospectus; and (b) if such company is a
member of the Promoter Group and with which there were related party transactions in the financial year 2025,
covered in the Restated Consolidated and Standalone Financial Information of the Company included in this
Prospectus, which individually or in the aggregate, exceed 10% of the total revenue from operations of the
Company for such period.
No company meets the requirement as specified in the points (a) and (b) above. Accordingly, as on the date of
this Prospectus, our Company does not have any group company.
463OTHER REGULATORY AND STATUTORY DISCLOSURES
Authority for the Offer
The Offer has been authorised pursuant to resolution passed by our Board on August 16, 2024 and the Fresh Issue
has been authorized by special resolution of our Shareholders dated September 4, 2024. Further, our Board has
taken on record the consent and authorisation of the Selling Shareholders to participate in the Offer for Sale
pursuant to a resolution dated August 16, 2024.
The Draft Red Herring Prospectus was approved pursuant to a resolution passed by our Board on September 30,
2024 for filing with SEBI and the Stock Exchanges.
The Red Herring Prospectus was approved pursuant to a resolution passed by our Board on August 1, 2025.
Our Board has approved this Prospectus pursuant to its resolution dated August 11, 2025.
Each of the Selling Shareholders have, severally and not jointly, confirmed and authorised the transfer of its
portion of the Offered Shares pursuant to the Offer for Sale, as set out below:
Name of Selling Shareholder Maximum number of Offered Shares Date of consent letter
Bhupesh Punamchand Shah 1,461,854* equity shares of face value of ₹2 each June 30, 2025
Kailesh Punamchand Shah 1,461,854* equity shares of face value of ₹2 each June 30, 2025
Nilesh Punamchand Shah 1,461,854* equity shares of face value of ₹2 each June 30, 2025
Total 4,385,562* equity shares of face value of ₹2 each
* Subject to finalisation of the Basis of Allotment
In-principle listing approvals
Our Company has received in-principle approvals from BSE and NSE for the listing of the Equity Shares of face
value ₹2 each pursuant to their letters, each dated December 18, 2024.
Prohibition by the SEBI, RBI or other Governmental Authorities
Our Company, the Selling Shareholders, our Promoters, our Directors, the members of the Promoter Group and
the persons in control of our Company have not been prohibited from accessing the capital markets and have not
been debarred from buying, selling or dealing in securities under any order or direction passed by SEBI or any
securities market regulator in any jurisdiction or any other authority/court.
Our Company, Promoter or Directors have neither been declared as Wilful Defaulters.
Our Company or our Promoter, members of the Promoter Group or Directors are not declared as ‘Fraudulent
Borrowers’ by the lending banks or financial institution or consortium, in terms of RBI master circular dated July
1, 2016 and the SEBI ICDR Regulations.
Compliance with the SBO Rules
Our Company, our Promoters, the Selling Shareholders and the members of the Promoter Group are in compliance
with the SBO Rules, to the extent in force and as applicable as on the date of this Prospectus.
Directors associated with the Securities Market
None of our Directors are, in any manner, associated with the securities market and there is no outstanding action
initiated by SEBI against any of our Directors in the five years preceding the date of this Prospectus.
Eligibility for the Offer
Our Company is eligible for the Offer in accordance with the eligibility criteria provided in Regulation 6(1) of the
SEBI ICDR Regulations, and is in compliance with them conditions specified therein in the following manner:
464(i) our Company has net tangible assets of at least ₹30 million, calculated on a restated basis, as at the end of
each of the preceding three full years (of 12 months each), of which not more than 50% are held as
monetary assets;
(ii) our Company has an average pre-tax operating profit of at least ₹150 million, calculated on a restated basis,
during the preceding three years (of 12 months each), with pre-tax operating profit in each of these
preceding three years;
(iii) our Company has a Net Worth of at least ₹10 million as at the end of each of the three preceding full years
(of 12 months each), calculated on a restated basis; and
(iv) our Company has not changed its name in the last one year, other than the deletion of the word “Private”
from the name of our Company pursuant to conversion to a public limited company. Our Company has not
undertaken any new activity pursuant to such change in name.
Our Company’s net tangible assets, monetary assets, monetary assets as a percentage of the net tangible assets,
pre-tax operating profit and net worth, as at and for the years ended March 31, 2025, 2024 and 2023 derived from
the Restated Consolidated and Standalone Financial Information included in this Prospectus are set forth below:
(in ₹ million, unless otherwise stated)
As at and for the year ended
Particulars March 31, 2025 March 31, 2024 March 31, 2023
(Consolidated) (Standalone) (Standalone)
Restated net tangible assets (A) 2,652.66 2,151.16 1,655.29
Restated monetary assets (B) 113.78 139.62 187.57
Restated monetary assets as a percentage of 4.29 6.49 11.33
restated net tangible assets (in %) (C) = (B) /
(A)*100
Pre-tax operating profit, as restated 778.21 753.71 537.26
Average pre-tax operating profit based on the 689.73
preceding three years, as restated
Net worth, as restated 2,491.25 2,023.46 1,578.40
Notes:
(1) Restated net tangible assets is the sum of all net assets, as applicable excluding intangible assets as defined in Ind AS 38 ‘Intangible
Assets’ notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) read with section 133 of the Companies
Act, 2013 and in accordance with Regulation 2(1)(gg) of the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018, as amended. Restated net tangible assets also exclude deferred tax liabilities.
(2) “Restated monetary assets as a percentage of restated net tangible assets” means restated monetary assets divided by restated net
tangible assets, expressed as a percentage.
(3) Pre-tax operating profit is defined as profit before tax plus finance cost less other income.
(4) Net worth is the aggregate value of the paid-up share capital and all reserves created out of the profits which are available for distribution
as dividend, securities premium account and debit or credit balance of profit and loss account, i.e., retained earnings as per Restated
Consolidated and Standalone Financial Information, but does not include reserves created out of revaluation of assets, write-back of
depreciation and amalgamation.
Our Company has pre-tax operating profit in each of Fiscals 2025, 2024 and 2023 in terms of our Restated
Consolidated and Standalone Financial Information, as indicated in the table above. Our average pre-tax operating
profit, as restated, for Fiscals 2025, 2024 and 2023 is ₹ 689.73 million.
Our Company confirms that it is in compliance with the conditions specified in Regulation 7(1) of the SEBI ICDR
Regulations, to the extent applicable, and will ensure compliance with the conditions specified in Regulation 7(2)
of the SEBI ICDR Regulations, to the extent applicable.
Further, our Company confirms that it is not ineligible to make the Offer in terms of Regulation 5 of the SEBI
ICDR Regulations, to the extent applicable. The details of compliance with Regulation 5 of the SEBI ICDR
Regulations are as follows:
(a) None of our Company, the Promoters, members of the Promoter Group, the Directors or the Selling
Shareholders are debarred from accessing the capital markets by the SEBI.
(b) None of the Promoters or the Directors are promoters or directors of companies which are debarred from
accessing the capital markets by the SEBI.
(c) None of the Promoters or the Directors has been declared a Fugitive Economic Offender.
465(d) There are no outstanding warrants, options or rights to convert debentures, loans or other instruments
convertible into, or which would entitle any person any option to receive Equity Shares, as on the date of
this Prospectus.
(e) None of our Company, our Promoters or Directors is a Wilful Defaulter or Fraudulent Borrower.
The Selling Shareholders confirm that the Equity Shares offered by each Selling Shareholder as part of the Offer
for Sale have been held in compliance with Regulation 8 of the SEBI ICDR Regulations.
Further, in accordance with Regulation 49(1) of the SEBI ICDR Regulations, our Company shall ensure that the
number of Allottees under the Offer shall be not less than 1,000, failing which, the entire application money will
be refunded forthwith.
DISCLAIMER CLAUSE OF THE SEBI
IT IS TO BE DISTINCTLY UNDERSTOOD THAT SUBMISSION OF THE DRAFT RED HERRING
PROSPECTUS TO SEBI SHOULD NOT, IN ANY WAY, BE DEEMED OR CONSTRUED THAT THE
SAME HAS BEEN CLEARED OR APPROVED BY SEBI. SEBI DOES NOT TAKE ANY
RESPONSIBILITY EITHER FOR THE FINANCIAL SOUNDNESS OF ANY SCHEME OR THE
PROJECT FOR WHICH THE OFFER IS PROPOSED TO BE MADE OR FOR THE CORRECTNESS
OF THE STATEMENTS MADE OR OPINIONS EXPRESSED IN THE DRAFT RED HERRING
PROSPECTUS. THE BRLMs, INTENSIVE FISCAL SERVICES PRIVATE LIMITED AND DAM
CAPITAL ADVISORS LIMITED, HAVE CERTIFIED THAT THE DISCLOSURES MADE IN THE
DRAFT RED HERRING PROSPECTUS ARE GENERALLY ADEQUATE AND ARE IN
CONFORMITY WITH THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL
AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED. THIS
REQUIREMENT IS TO FACILITATE INVESTORS TO TAKE AN INFORMED DECISION FOR
MAKING AN INVESTMENT IN THE PROPOSED OFFER.
IT SHOULD ALSO BE CLEARLY UNDERSTOOD THAT WHILE THE COMPANY IS PRIMARILY
RESPONSIBLE FOR THE CORRECTNESS, ADEQUACY AND DISCLOSURE OF ALL RELEVANT
INFORMATION IN THE DRAFT RED HERRING PROSPECTUS, THE BRLMs ARE EXPECTED TO
EXERCISE DUE DILIGENCE TO ENSURE THAT THE COMPANY AND THE SELLING
SHAREHOLDERS DISCHARGES ITS RESPONSIBILITY ADEQUATELY IN THIS BEHALF AND
TOWARDS THIS PURPOSE, THE BRLMs HAVE FURNISHED TO SEBI, A DUE DILIGENCE
CERTIFICATE DATED SEPTEMBER 30, 2024 IN THE FORMAT PRESCRIBED UNDER SCHEDULE
V(A) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED.
THE FILING OF THE DRAFT RED HERRING PROSPECTUS AND THE RED HERRING
PROSPECTUS AND THIS PROSPECTUS DOES NOT, HOWEVER, ABSOLVE THE COMPANY
FROM ANY LIABILITIES UNDER THE COMPANIES ACT, 2013 OR FROM THE REQUIREMENT
OF OBTAINING SUCH STATUTORY AND/OR OTHER CLEARANCES AS MAY BE REQUIRED
FOR THE PURPOSE OF THE OFFER. SEBI FURTHER RESERVES THE RIGHT TO TAKE UP, AT
ANY POINT OF TIME, WITH THE BRLMs, ANY IRREGULARITIES OR LAPSES IN THE DRAFT
RED HERRING PROSPECTUS AND THE RED HERRING PROSPECTUS AND THIS PROSPECTUS.
The filing of the Draft Red Herring Prospectus, the Red Herring Prospectus and this Prospectus also does not
absolve the Selling Shareholders from any liabilities to the extent of the statements specifically made or confirmed
by themselves in respect of themselves and of their respective Offered Shares, under Section 34 or Section 36 of
Companies Act, 2013.
All applicable legal requirements pertaining to the Offer were complied with at the time of filing the Red Herring
Prospectus with the RoC in terms of Section 32 of the Companies Act, 2013. All applicable legal requirements
pertaining to the Offer are complied with at the time of filing of this Prospectus with the RoC in terms of Sections
26, 30, 32, 33(1) and 33(2) of the Companies Act, 2013.
Disclaimer from our Company, the Directors, the Selling Shareholders and the BRLMs
466Our Company, the Directors, the Selling Shareholders and the BRLMs accept no responsibility for statements
made otherwise than in this Prospectus or in the advertisements or any other material issued by or at our
Company’s instance and anyone placing reliance on any other source of information, including our Company’s
website www.alltimeplastics.com, would be doing so at his or her own risk. Each of the Selling Shareholders, its
respective directors, affiliates, trustees and associates, and officers, as applicable, accept or undertake no
responsibility for any statements, disclosures or undertakings made in this Prospectus, other than those specifically
made or confirmed by the Selling Shareholder in this Prospectus in relation to itself as a Selling Shareholder and
its respective portion of the Offered Shares.
The BRLMs accept no responsibility, save to the limited extent as provided in the Offer Agreement and as
provided for in the Underwriting Agreement to be entered into between the Underwriters, the Selling Shareholders
and our Company.
All information was made available by our Company, the Selling Shareholders and the BRLMs to the public and
investors at large and no selective or additional information was made available for a section of the investors in
any manner whatsoever, including at road show presentations, in research or sales reports, at Bidding Centres or
elsewhere.
Bidders who Bid in the Offer were required to confirm and are deemed to have represented to our Company, the
Selling Shareholders, Underwriters, and their respective directors, officers, agents, affiliates, and representatives
that they were eligible under all applicable laws, rules, regulations, guidelines and approvals to acquire the Equity
Shares and will not issue, sell, pledge, or transfer the Equity Shares to any person who is not eligible under any
applicable laws, rules, regulations, guidelines and approvals to acquire the Equity Shares. Our Company, the
Selling Shareholders, Underwriters, and their respective directors, officers, agents, affiliates, and representatives
accept no responsibility or liability for advising any investor on whether such investor is eligible to acquire the
Equity Shares.
The BRLMs and their respective associates and affiliates in their capacity as principals or agents may engage in
transactions with, and perform services for, our Company, Promoters, members of the Promoter Group, the Selling
Shareholders and their respective directors and officers, group companies, affiliates or associates or third parties
in the ordinary course of business and have engaged, or may in the future engage, in commercial banking and
investment banking transactions with our Company, Promoters, members of the Promoter Group, the Selling
Shareholders and their respective directors, officers, group companies, affiliates or associates or third parties, for
which they have received, and may in the future receive, compensation.
Disclaimer in respect of Jurisdiction
Any dispute arising out of the Offer will be subject to the jurisdiction of appropriate court(s) in Mumbai,
Maharashtra only.
Bidders eligible under Indian law to participate in the Offer
The Offer was made in India to persons resident in India (who are competent to contract under the Indian Contract
Act, 1872, as amended, including Indian nationals resident in India, HUFs, companies, other corporate bodies and
societies registered under the applicable laws in India and authorised to invest in shares, domestic Mutual Funds,
Indian financial institutions, commercial banks, regional rural banks, co-operative banks (subject to RBI
permission), or trusts under applicable trust law and who are authorised under their constitution to hold and invest
in equity shares, multilateral and bilateral development financial institutions, state industrial development
corporations, insurance companies registered with IRDAI, provident funds (subject to applicable law) and pension
funds, National Investment Fund, insurance funds set up and managed by army, navy or air force of Union of
India, insurance funds set up and managed by the Department of Posts, Government of India, systemically
important NBFCs registered with the RBI) and permitted Non-Residents including FPIs and Eligible NRIs and
AIFs that they were eligible under all applicable laws and regulations to purchase the Equity Shares.
Bidders were advised to ensure that any Bid from them did not exceed investment limits or the maximum number
of Equity Shares that could be held by them under applicable law.
Certain persons outside India are restricted from participating in the Offer. For details, see “Restrictions on
Foreign Ownership of Indian Securities” on page 513.
Selling restrictions and transfer restrictions
467Invitations to subscribe to or purchase the Equity Shares in the Offer was made only pursuant to the Red Herring
Prospectus if the recipient is in India or the preliminary offering memorandum for the Offer, which comprises the
Red Herring Prospectus and the preliminary international wrap for the Offer, if the recipient is outside India. No
person outside India was eligible to Bid for Equity Shares in the Offer unless that person has received the
preliminary offering memorandum for the Offer, which contains the selling restrictions for the Offer
outside India.
The Equity Shares offered in the Offer have not been and will not be registered, listed or otherwise qualified in
any jurisdiction except India and may not be offered or sold to persons outside of India except in compliance with
the applicable laws of each such jurisdiction. In particular, the Equity Shares offered in the Offer have not been
and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or the
securities laws of any state of the United States and may not be offered or sold in the United States, except pursuant
to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act
and applicable state securities laws. The Equity Shares offered in the Offer are being offered and sold only outside
the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities
Act (“Regulation S”).
Each purchaser of the Equity Shares in the Offer who did not receive a copy of the preliminary offering
memorandum shall be deemed to:
• Represent and warrant to our Company, the Selling Shareholders and the Members of the Syndicate that it
was outside the United States (as defined in Regulation S) at the time the offer of the Equity Shares was made
to it and it was outside the United States (as defined in Regulation S) when its buy order for the Equity Shares
was originated.
• Represent and warrant to our Company, the Selling Shareholders and the Members of the Syndicate that it
did not purchase the Equity Shares as a result of any “directed selling efforts” (as defined in Regulation S).
• Represent and warrant to our Company, the Selling Shareholders and the Members of the Syndicate that it
bought the Equity Shares for investment purposes and not with a view to the distribution thereof. If in the
future it decides to resell or otherwise transfer any of the Equity Shares, it agrees that it will not offer, sell or
otherwise transfer the Equity Shares except in a transaction complying with Rule 903 or Rule 904 of
Regulation S or pursuant to any other available exemption from registration under the U.S. Securities Act.
• Represent and warrant to our Company, the Selling Shareholders and the Members of the Syndicate that it
will not sell or transfer any Equity Shares or any economic interest therein, including any off-shore derivative
instruments, such as participatory notes, issued against the Equity Shares, other than in accordance with
applicable laws.
• Represent and warrant to our Company, the Selling Shareholders and the Members of the Syndicate that if it
acquired any of the Equity Shares as fiduciary or agent for one or more investor accounts, it has sole
investment discretion with respect to each such account and that it has full power to make the foregoing
representations, warranties, acknowledgements and agreements on behalf of each such account.
• Represent and warrant to our Company, the Selling Shareholders and the Members of the Syndicate that if it
acquired any of the Equity Shares for one or more managed accounts, that it was authorized in writing by
each such managed account to subscribe to the Equity Shares for each managed account and to make (and it
hereby makes) the representations, warranties, acknowledgements and agreements herein for and on behalf
of each such account, reading the reference to “it” to include such accounts.
• Agree to indemnify and hold the Company, the Selling Shareholders and the Members of the Syndicate
harmless from any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising
out of or in connection with any breach of these representations, warranties or agreements. It agrees that the
indemnity set forth in this paragraph shall survive the resale of the Equity Shares.
• Acknowledge that our Company, the Selling Shareholders, the Members of the Syndicate and others will rely
upon the truth and accuracy of the foregoing representations, warranties, acknowledgements and agreements.
Disclaimer Clause of BSE
468As required, a copy of the Draft Red Herring Prospectus was submitted to BSE. The disclaimer clause as intimated
by BSE to our Company, post scrutiny of the Draft Red Herring Prospectus, was included in the Red Herring
Prospectus and is included in this Prospectus prior to the RoC filing:
“BSE Limited (“the Exchange”) has given vide its letter dated December 18, 2024, permission to this Company
to use the Exchange’s name in this offer document as one of the stock exchanges on which this company’s
securities are proposed to be listed. The Exchange has scrutinized this offer document for its limited internal
purpose of deciding on the matter of granting the aforesaid permission to this Company. The Exchange does not
in any manner:
(a) warrant, certify or endorse the correctness or completeness of any of the contents of this offer document; or
(b) warrant that this Company’s securities will be listed or will continue to be listed on the Exchange; or
(c) take any responsibility for the financial or other soundness of this Company, its promoters, its management
or any scheme or project of this Company.
and it should not for any reason be deemed or construed that this offer document has been cleared or approved
by the Exchange. Every person who desires to apply for or otherwise acquires any securities of this Company
may do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against the
Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection
with such subscription/acquisition whether by reason of anything stated or omitted to be stated herein or for any
other reason whatsoever.”
Disclaimer Clause of NSE
As required, a copy of the Draft Red Herring Prospectus was submitted to NSE. The disclaimer clause as intimated
by NSE to our Company, post scrutiny of the Draft Red Herring Prospectus, was included in the Red Herring
Prospectus and is included in this Prospectus prior to the RoC filing:
“As required, a copy of this Offer Document has been submitted to National Stock Exchange of India Limited
(hereinafter referred to as NSE). NSE has given vide its letter Ref.: NSE/LIST/4661 dated December 18, 2024,
permission to the Issuer to use the Exchange’s name in this Offer Document as one of the Stock Exchanges on
which this Issuer’s securities are proposed to be listed. The Exchange has scrutinized this draft offer document
for its limited internal purpose of deciding on the matter of granting the aforesaid permission to this Issuer. It is
to be distinctly understood that the aforesaid permission given by NSE should not in any way be deemed or
construed that the offer document has been cleared or approved by NSE; nor does it in any manner warrant,
certify or endorse the correctness or completeness of any of the contents of this offer document; nor does it warrant
that this Issuer’s securities will be listed or will continue to be listed on the Exchange; nor does it take any
responsibility for the financial or other soundness of this Issuer, its promoters, its management or any scheme or
project of this Issuer.
Every person who desires to apply for or otherwise acquire any securities of this Issuer may do so pursuant to
independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever
by reason of any loss which may be suffered by such person consequent to or in connection with such subscription
/acquisition whether by reason of anything stated or omitted to be stated herein or any other reason whatsoever.”
Listing
The Equity Shares offered through the Red Herring Prospectus and this Prospectus are proposed to be listed on
BSE and NSE. Applications will be made to the Stock Exchanges for obtaining permission for listing and trading
of the Equity Shares. BSE will be the Designated Stock Exchange with which the Basis of Allotment will be
finalised.
If the permission to deal in and for an official quotation of the Equity Shares is not granted by the Stock Exchanges,
our Company shall forthwith repay, without interest, all monies received from the applicants in pursuance of the
Red Herring Prospectus and this Prospectus in accordance with applicable law. Our Company shall ensure that
all steps for the completion of the necessary formalities for listing and commencement of trading of Equity Shares
at the Stock Exchanges are taken within three Working Days from the Bid/Offer Closing Date or such period as
may be prescribed by SEBI.
469If our Company does not Allot Equity Shares pursuant to the Offer within two Working Days from the Bid / Offer
Closing Date or within such timeline as prescribed by the SEBI, the Company and the Selling Shareholders shall
refund the money raised in the Offer, together with any interest on such money as required under applicable laws,
to the Bidders if required to do so for any reason under applicable laws, including due to failure to obtain listing
or trading approval or pursuant to any direction or order of SEBI or any other governmental authority. Each Selling
Shareholder shall be, severally and not jointly, liable to refund money raised in the Offer, only to the extent of its
respective Offered Shares, together with any interest on such amount as per applicable laws. Provided that the
Selling Shareholders shall not be liable or responsible to pay such interest unless such delay is solely and directly
attributable to an act or omission of such Selling Shareholder.
Each of the Selling Shareholders undertake to provide such reasonable assistance as may be requested by our
Company, to the extent such assistance is required from such Selling Shareholders in relation to the Offered Shares
to facilitate the process of listing and commencement of trading of the Equity Shares on the Stock Exchanges
within such time prescribed by SEBI.
Consents
Consents in writing of (a) each of the Selling Shareholders, our Directors, our Company Secretary, Compliance
Officer, the Statutory Auditors, the legal counsels appointed for the Offer, Technopak, independent chartered
engineer, independent chartered accountant, the bankers to our Company, the BRLMs and Registrar to the Offer,
to act in their respective capacities, have been obtained; and (b) the Syndicate Member(s), Escrow Bank, Public
Offer Bank, Sponsor Bank(s) and Refund Bank to act in their respective capacities, has been obtained and filed
along with a copy of this Prospectus with the RoC, as required under Sections 26 and 32 of the Companies Act,
2013. Further, consents obtained under (a) and (b) above have not been withdrawn as on the date of this
Prospectus.
Experts
Except as stated below, our Company has not obtained any expert opinions:
Our Company has received the written consent dated August 1, 2025 from Walker Chandiok & Co LLP, holding
a valid peer review certificate from ICAI, to include their name as required under Section 26(5) of the Companies
Act, 2013 read with SEBI ICDR Regulations, in the Red Herring Prospectus and this Prospectus, and as an
“expert” as defined under Section 2(38) of the Companies Act, 2013 to the extent and in their capacity as our
Statutory Auditors, and in respect of their (i) examination report dated July 20, 2025 on our Restated Consolidated
and Standalone Financial Information; and (ii) their report dated July 20, 2025 on the statement of special tax
benefits available to the Company and its shareholders in this Prospectus and such consent has not been withdrawn
as on the date of this Prospectus. However, the term “expert” herein shall not be construed to mean an “expert”
as defined under the U.S. Securities Act.
Our Company has received a written consent dated August 11, 2025 from Maheshwari & Co., Chartered
Accountants (FRN:105834W), holding a valid peer review certificate from ICAI, to include their name as required
under Section 26(5) of the Companies Act 2013 read with SEBI ICDR Regulations in this Prospectus and as an
“Expert” as defined under Section 2(38) of Companies Act 2013 in respect of the certificates issued by them in
their capacity as an independent chartered accountant to our Company.
Our Company has received a written consent dated August 1, 2025 from Vinod Ashok Sanjivani Palande, as
chartered engineer to include his name as required under Section 26(5) of the Companies Act, 2013, read with
SEBI ICDR Regulations, in this Prospectus and as an “Expert” as defined under Section 2(38) of the Companies
Act, 2013, to the extent and in his capacity as independent chartered engineer, in respect of his certificate
dated August 1, 2025 on, inter alia, our Company’s manufacturing capacity and its utilization at certain
manufacturing facilities.
Particulars regarding public or rights issues by our Company during the last five years
Except as disclosed in “Capital Structure - Share Capital History of our Company” on page 113, our Company
has not made any public issue or rights issue during the five years immediately preceding the date of this
Prospectus.
470Underwriting commission, brokerage and selling commission paid on previous issues of the Equity Shares
in the last five years
Since this is the initial public issue of Equity Shares, no sum has been paid or is payable as commission or
brokerage for subscribing to or procuring or agreeing to procure subscription for any of the Equity Shares in the
last five years preceding the date of this Prospectus.
Capital issue in the preceding three years
Except as disclosed in “Capital Structure - Share Capital History of our Company” on page 113, our Company
has not made any capital issues during the three years preceding the date of this Prospectus. None of the securities
of our Subsidiaries are currently listed on any stock exchange. Further, our Company does not have any group
company or associate.
Performance vis-à-vis objects – public/ rights issue of our Company
Except as disclosed in “Capital Structure - Share Capital History of our Company” on page 113, our Company
has not undertaken any public issue or rights issue in the five years preceding the date of this Prospectus.
Performance vis-à-vis objects – public/ rights issue of the listed subsidiary/Promoters of our Company
As on the date of this Prospectus, we do not have a corporate promoter. Further, our Subsidiaries do not have any
securities listed on any stock exchange.
Exemption from complying with any provisions of securities laws, if any, granted by Securities Exchange
Board of India
Our Company has not applied for or received any exemption from the SEBI from complying with any provisions
of securities laws, as on the date of this Prospectus.
Past price Information of past issues handled by the BRLMs
A. Intensive Fiscal Services Private Limited
1. Price information of past issues (during the current Financial Year and two Financial Years preceding the
current Financial Year) handled by Intensive Fiscal Services Private Limited
+/- % change in +/- % change in +/- % change in
closing price, closing price, closing price, [+/
Opening [+/- % change [+/- % change % change in
Issue size Offer
S. Listing price on in closing in closing closing
Issue name (in ₹ Price
No. date listing date benchmark]- benchmark]- benchmark]-
million) (in ₹)
(in ₹) 30th calendar 90th calendar 180th calendar
days from days from days from
listing listing listing
1. Visha l Mega 80,000.00 78 December 104.00 +39.96% +29.95% +58.58%,
Mart Limited(1) 18, 2024 [-3.67%] [-6.98%] [+2.15%]
2. Waar ee 43,214.40 1,503 October 2,500.00 +68.05% +49.15%
+78.80%
Energies 28, 2024 [-0.59%] [-5.12%]
[-1.23%]
Limited(1)
3. Baaza r Style 8,346.75 389 September 389.00 -1.32%, -16.11%
-43.43%
Retail 6, 2024 [+0.62%] [-0.28%]
[-10.09%]
Limited^(2)
4. Gopal Snacks 6,500.00 401 March 14, 350.00 -18.13% -19.35% -18.63%
Limited#(2) 2024 [+1.57%] [+4.60%] [+11.58%]
5. Yatha rth 6,865.51 300 August 07, 304.00 +23.30% +20.58% +26.23%
Hospital & 2023 [-0.26%] [-2.41%] [+9.30%]
Trauma Care
Services
Limited(2)
(1) NSE as designated stock exchange
(2) BSE as designated stock exchange
471# A discount of ₹ 38 per equity Share was offered to eligible employees bidding in the employee reservation portion.
^ A discount of ₹ 35 per equity Share was offered to eligible employees bidding in the employee reservation portion.
Notes:
(a) Issue Size derived from prospectus/final post issue reports, as available.
(b) Data is sourced either from www.nseindia.com or www.bseindia.com, as per the designated stock exchange disclosed by the respective
issuer company.
(c) Similarly, benchmark index considered is “NIFTY 50” where NSE is the designated stock exchange and “S&P BSE SENSEX” where
BSE is the designated stock exchange, as disclosed by the respective Issuer Company.
(d) In case 30th/90th/180th day is not a trading day, closing price on of the previous trading day has been considered.
(e) Since 30 calendar days, 90 calendar days and 180 calendar days, as applicable, from listing date has not elapsed for few of the above
issues, data for same is not available.
2. Summary statement of price information of past issues handled by Intensive Fiscal Services Private Limited
No. of IPOs trading at No. of IPOs trading at No. of IPOs trading at No. of IPOs trading at
Total
Tota discount as on 30th premium as on 30th discount as on 180th premium as on 180th
amount of
l no. calendar day from calendar day from calendar day from calendar day from
Financial funds
of listing date listing date listing date listing date
Year raised
IPO Between Less Between Less Between Less Between Less
(₹ in Over Over Over Over
s 25%- than 25%- than 25%- than 25%- than
million) 50% 50% 50% 50%
50% 25% 50% 25% 50% 25% 50% 25%
2025-26* - - - - - - - - - - - - - -
2024-25 3 131,561.15 - - 1 1 1 - - 1 - 2 - -
2023-24 2 13,365.51 - - 1 - - 1 - - 1 - 1 -
*The information is as on the date of this document
The information for each of the financial years is based on issues listed during such financial year
B. DAM Capital Advisors Limited
1. Price information of past issues (during current Financial Year and two Financial Years preceding the
current Financial Year) handled by DAM Capital Advisors Limited:
+/- % change
+/- % change in
+/- % change in in closing
Openin closing price, [+/-
closing price, [+/- price, [+/- %
g price % change in
Issue % change in change in
Sr. Issue size on closing
Issue name price Listing date closing closing
No. (₹ millions) listing benchmark]-
(₹) benchmark]- 90th benchmark]-
date (in 30th
calendar day 180th calendar
₹) calendar day
from listing day from
from listing
listing
M & B 6,500.00 385.00& August 06, 385.00 Not applicable Not applicable Not applicable
1 Engineering 2025
Limited(1)
Sanathan 5,500.00 321.00 December 422.30 +6.32%, +13.86% +39.53%,
2 Textiles 27, 2024 [-3.03%] [-1.37%] [+5.17%]
Limited(1)
One Mobikwik 5,720.00 279.00 December 440.00 +69.48%, -11.00% -4.34%,
3 Systems 18, 2024 [-3.67%] [-6.98%] [+2.15%]
Limited(1)
Afcons 54,300.00 463.00^ November 426.00 +6.56%, +2.03%, -9.29%,
4 Infrastructure 4, 2024 [+1.92%] [-2.03%] [+1.46%]
Limited(1)
Bansal Wire 7,450.00 256.00 July 356.00 +37.40%, +61.17%, +76.88%,
5 Industries 10, 2024 [-0.85%] [+1.94%] [-1.31%]
Limited(1)
Le Travenues 7,401.02 93.00 June 135.00 +86.34%, +67.63%, +65.59%,
6 Technology 18, 2024 [+4.42%] [+7.23%] [+6.25%]
Limited(2)
Entero 16,000.00 1,258.00# February 1,245.00 -19.65%, -19.84%, -2.19%,
Healthcare 16, 2024 [+0.30%] [+0.77%] [+9.02%]
7
Solutions
Limited(2)
472+/- % change
+/- % change in
+/- % change in in closing
Openin closing price, [+/-
closing price, [+/- price, [+/- %
g price % change in
Issue % change in change in
Sr. Issue size on closing
Issue name price Listing date closing closing
No. (₹ millions) listing benchmark]-
(₹) benchmark]- 90th benchmark]-
date (in 30th
calendar day 180th calendar
₹) calendar day
from listing day from
from listing
listing
Capital Small 5230.70 468.00 February 435.00 -25.25%, -26.09%, -31.44%,
8 Finance Bank 14, 2024 [+1.77%] [+1.33%] [+10.98%]
Limited(2)
Epack Durable 6,400.53 230.00 January 30, 225.00 -19.96%, -9.76%, +14.04%,
9
Limited(2) 2024 [+1.64%] [+3.64%] [+14.33%]
10 Credo Brands 5,497.79 280.00 December 282.00 -9.89%, -35.86%, -39.34%,
Marketing 27, 2023 [-1.86%] [+1.10%] [+7.18%]
Limited(2)
Source: www.nseindia.com and www.bseindia.com
$A discount of ₹ 5 per equity share was provided to eligible employees bidding in the employee reservation portion.
# A discount of ₹ 119 per equity share was provided to eligible employees bidding in the employee reservation portion
^ A discount of ₹ 44 per equity share was provided to eligible employees bidding in the employee reservation portion.
(1) NSE was the designated stock exchange for the said issue.
(2) BSE was the designated stock exchange for the said issue.
Notes:
(a) Issue size derived from prospectus / basis of allotment advertisement, as applicable
(b) Price on NSE or BSE is considered for the above calculations as per the designated stock exchange disclosed by the respective issuer
at the time of the issue, as applicable
(c) % of change in closing price on 30th / 90th / 180th calendar day from listing day is calculated vs issue price. % change in closing
benchmark index is calculated based on closing index on listing day vs closing index on 30th/ 90th / 180th calendar day from listing
day.
(d) Wherever 30th/ 90th / 180th calendar day from listing day is a holiday, the closing data of the previous trading day has been
considered.
(e) The Nifty 50 or S&P BSE SENSEX index is considered as the benchmark index as per the designated stock exchange disclosed by the
respective issuer at the time of the issue, as applicable
(f) Not applicable – Period not completed
2. Summary statement of price information of past issues (during current Financial Year and two Financial Years preceding the current
Financial Year) handled by DAM Capital Advisors Limited:
Nos. of IPOs trading at Nos. of IPOs trading at Nos. of IPOs trading at Nos. of IPOs trading at
Total discount - as on 30th premium - as on 30th discount - as on 180th premium - as on 180th
Total funds calendar days from listing calendar days from calendar days from calendar days from listing
Financi
no. of raised (₹ date listing date listing date date
al Year
IPOs in Betwee Less Between Less Between Less Between Less
Over Over Over Over
millions) n 25%- than 25%- than 25%- than 25%- than
50% 50% 50% 50%
50% 25% 50% 25% 50% 25% 50% 25%
2025-26 1 6,500.00 NA NA NA NA NA NA NA NA NA NA NA NA
2024-25 5 80,371.02 - - - 2 1 2 - - 2 2 1 -
2023-24 9 87,066.85 - 1 5 - 1 2 - 2 1 1 - 5
Source: www.nseindia.com and www.bseindia.com
Notes:
(a) The information is as on the date of this offer document
(b) The information for each of the financial years is based on issues listed during such financial year.
(c) Since 30 or 180 calendar days from listing date has not elapsed for few issues, hence data for same is not available.
Track record of past issues handled by the BRLMs
For details regarding the track record of the BRLMs, as specified under Circular reference CIR/MIRSD/1/2012
dated January 10, 2012 issued by the SEBI, see the websites of the BRLMs mentioned below.
BRLMs Website
Intensive Fiscal Services Private Limited www.intensivefiscal.com
DAM Capital Advisors Limited www.damcapital.in
473For further details in relation to the BRLMs, see “General Information – Book Running Lead Managers” on page
103.
Stock Market Data of Equity Shares
This being an initial public offer of the Equity Shares of our Company, the Equity Shares are not listed on any
stock exchange as on the date of this Prospectus, and accordingly, no stock market data is available for the Equity
Shares.
Mechanism for redressal of investor grievances
SEBI, by way of its master circular bearing number SEBI/HO/CFD/PoD-1/P/CIR/2024/0154 dated November 11,
2024 (“SEBI ICDR Master Circular”), read with circular bearing number SEBI/HO/CFD/DIL2/CIR/P/2018/22
dated Feb 15, 2018 and SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 (“March 2021
Circular”), has identified the need to put in place measures, in order to manage and handle investor issues arising
out of the UPI Mechanism inter alia in relation to delay in receipt of mandates by Bidders for blocking of funds
due to systemic issues faced by Designated Intermediaries/SCSBs and failure to unblock funds for cancelled /
withdrawn / deleted cases in the stock exchange platforms, failure to unblock funds in cases of partial allotment
by the next working day from the finalisation of basis of allotment, failure to unblock the funds in cases of non-
allotment by the Offer Closing Date, SCSBs blocking multiple amounts for the same UPI mechanism, and SCSBs
blocking more amount in the investors’ accounts than the application amount. Subsequently, by way of its circular
dated June 2, 2021 (“June 2021 Circular”) and its circular dated April 20, 2022 (“April 2022 Circular”), SEBI
modified the process timelines and extended the implementation timelines for certain measures introduced by the
March 2021 Circular.
Per the SEBI ICDR Master Circular read with the March 2021 Circular, the June 2021 Circular and the April 2022
Circular, for initial public offerings opening for subscription on or after May 1, 2021, SEBI has prescribed certain
mechanisms to ensure proper management of investor issues arising out of the UPI Mechanism, including (i)
identification of a nodal officer by SCSBs for the UPI Mechanism; (ii) delivery of SMS alerts and invoice in the
inbox by SCSBs for blocking and unblocking of UPI Mandate Requests; (iii) periodic sharing of statistical details
of mandate blocks/unblocks, performance of apps and UPI handles, network latency or downtime, etc., by the
Sponsor Bank to the intermediaries forming part of the closed user group vide email; (iv) limiting the facility of
reinitiating UPI Bids to Syndicate Members only to once per Bid; and (v) mandating SCSBs to ensure that the
unblock process for non-allotted/partially allotted applications is completed by the closing hours of one Working
Day subsequent to the finalisation of the Basis of Allotment.
In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the
UPI Mechanism) exceeding two Working Days from the Bid / Offer Closing Date, in accordance with the March,
2021 Circular, as amended by the June 2021 Circular and the SEBI Master Circular, the Bidder shall be
compensated at a uniform rate of ₹100 per day or 15% per annum of the application amount, whichever is higher
for the entire duration of delay exceeding two Working Days from the Bid / Offer Closing Date by the intermediary
responsible for causing such delay in unblocking. The BRLMs shall, in their sole discretion, identify and fix the
liability on such intermediary or entity responsible for such delay in unblocking.
In terms of SEBI ICDR Master Circular and subject to applicable law, any ASBA Bidder whose Bid has not been
considered for Allotment, due to failure on the part of any SCSB, shall have the option to seek redressal of the
same by the concerned SCSB within three months of the date of listing of the Equity Shares. SCSBs are required
to resolve these complaints within 15 days, failing which the concerned SCSB would have to pay interest at the
rate of 15% per annum or such other rate of interest as may be prescribed under applicable law for any delay
beyond this period of 15 days.
The following compensation mechanism shall be applicable for investor grievances in relation to Bids made
through the UPI Mechanism for public issues, for which the relevant SCSBs shall be liable to compensate the
investor:
Scenario Compensation amount Compensation period
Delayed unblock for cancelled / ₹100 per day or 15% per annum of the Bid From the date on which the request for
withdrawn / deleted applications Amount, whichever is higher cancellation / withdrawal / deletion is
placed on the bidding platform of the
474Scenario Compensation amount Compensation period
Stock Exchanges till the date of actual
unblock
Blocking of multiple amounts for 1. Instantly revoke the blocked funds other From the date on which multiple
the same Bid made through the than the original application amount; and amounts were blocked till the date of
UPI Mechanism actual unblock
2. ₹100 per day or 15% per annum of the
total cumulative blocked amount except the
original Bid Amount, whichever is higher
Blocking more amount than the 1. Instantly revoke the difference amount, From the date on which the funds to the
Bid Amount i.e., the blocked amount less the Bid excess of the Bid Amount were
Amount; and blocked till the date of actual unblock
2. ₹100 per day or 15% per annum of the
difference amount, whichever is higher
Delayed unblock for non – ₹100 per day or 15% per annum of the Bid From three Working Days from the
Allotted/ partially Allotted Amount, whichever is higher Bid/Offer Closing Date till the date of
applications actual unblock
Further, in the event there are any delays in resolving the investor grievance beyond the date of receipt of the
complaint from the investor, for each day delayed, the post-Offer BRLM shall be liable to compensate the investor
₹100 per day or 15% per annum of the Bid Amount, whichever is higher. The compensation shall be payable for
the period ranging from the day on which the investor grievance is received till the date of actual unblock.
The processing fees for applications made by UPI Bidders using the UPI Mechanism may be released to the
remitter banks (SCSBs) only after such banks provide a written confirmation on compliance with SEBI RTA
Master Circular.
Further, in terms of SEBI ICDR Master Circular, the April 2022 Circular, and SEBI circular
(SEBI/HO/CFD/TPD1/CIR/P/2023/140) dated August 9, 2023, the payment of processing fees to the SCSBs shall
be undertaken pursuant to an application made by the SCSBs to the BRLMs, with a copy to the Registrar, no later
than 30 days from the finalisation of the Basis of Allotment by the Registrar to the Offer, and such application
shall be made only after (i) unblocking of application amounts for each application received by the SCSB has
been fully completed, and (ii) applicable compensation relating to investor complaints has been paid by the SCSB.
The agreement between the Registrar to the Offer, our Company and the Selling Shareholders provides for
retention of records with the Registrar to the Offer for a minimum period of eight years from the last date of listing
and commencement of trading of the Equity Shares on the Stock Exchanges, in order to enable the investors to
approach the Registrar to the Offer for redressal of their grievances.
Bidders can contact the Company Secretary and Compliance Officer of our Company, the BRLMs and/or
the Registrar to the Offer in case of any pre-Offer or post-Offer related problems such as non-receipt of
letters of Allotment, non-credit of Allotted Equity Shares in the respective beneficiary account, non-receipt
of refund orders or non-receipt of funds by electronic mode, etc. For all Offer related queries and for
redressal of complaints, Bidders may also write to the BRLMs or the Registrar to the Offer, in the manner
provided below.
All grievances in relation to the Bidding process, other than those of the Anchor Investors may be addressed to
the Registrar to the Offer with a copy to the relevant Designated Intermediary to whom the Bid cum Application
Form was submitted. The Bidder has given full details such as name of the sole or First Bidder, Bid cum
Application Form number, Bidder DP ID, Client ID, UPI ID, PAN, date of the submission of Bid cum Application
Form, address of the Bidder, number of the Equity Shares applied for and the name and address of the Designated
Intermediary where the Bid cum Application Form was submitted by the Bidder.
All grievances relating to Bids submitted with Registered Brokers, may be addressed to the Stock Exchanges,
with a copy to the Registrar to the Offer. Further, Bidders shall also enclose a copy of the Acknowledgment Slip
received from the Designated Intermediaries in addition to the information mentioned hereinabove.
All grievances of the Anchor Investors may be addressed to the Registrar to the Offer, giving full details such as
the name of the sole or first Bidder, Bid cum Application Form number, Bidders’ DP ID, Client ID, PAN, date of
the Bid cum Application Form, address of the Bidder, number of the Equity Shares applied for, Bid Amount paid
475on submission of the Bid cum Application Form and the name and address of the BRLMs with whom the Bid
cum Application Form was submitted by the Anchor Investor. The BRLMs shall, in their sole discretion, identify
and fix the liability on such intermediary or entity responsible for such delay in unblocking.
The Registrar to the Offer shall obtain the required information from the SCSBs for addressing any clarifications
or grievances of ASBA Bidders. Our Company, the BRLMs and the Registrar to the Offer accept no responsibility
for errors, omissions, commission of any acts of Designated Intermediaries including any defaults in complying
with its obligations under applicable SEBI ICDR Regulations. Investors can contact the Company Secretary and
Compliance Officer, the BRLMs or the Registrar to the Offer in case of any pre-Offer or post-Offer related
problems such as non-receipt of letters of Allotment, non-credit of allotted Equity Shares in the respective
beneficiary account, non-receipt of refund intimations and non-receipt of funds by electronic mode. SCSBs are
required to resolve these complaints within 15 days, failing which the concerned SCSB would have to pay interest
at the rate of 15% per annum for any delay beyond this period of 15 days.
Our Company has obtained SCORES authentication in compliance with the SEBI circular (CIR/OIAE/1/2013)
dated April 17, 2013 and the SEBI circular (CIR/OIAE/1/2014) dated December 18, 2014 read with the SEBI
circular SEBI/HO/OIAE/IGRD/CIR/P/2021/642 dated October 14, 2021, SEBI circular
SEBI/HO/OIAE/IGRD/P/CIR/2022/0150 dated November 7, 2022 and SEBI circular
SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023 and SEBI/HO/OIAE/IGRD/CIR/P/2023
/183 dated December 1, 2023 in relation to redressal of investor grievances through SCORES.
Our Company, the Selling Shareholders, the BRLMs, and the Registrar to the Offer accept no responsibility for
errors, omissions, commission of any acts of the Designated Intermediaries, including any defaults in complying
with its obligations under the SEBI ICDR Regulations.
Disposal of investor grievances by our Company
Our Company has also constituted a Stakeholders’ Relationship Committee to review and redress the shareholders
and investor grievances such as transfer of Equity Shares, non-recovery of balance payments, declared dividends,
approve subdivision, consolidation, transfer, and issue of duplicate shares. The Selling Shareholders have
authorised the Company Secretary and Compliance Officer of the Company, and the Registrar to the Offer to
redress any complaints received from Bidders in respect of the Offer for Sale.
Our Company has also appointed Antony Pius Alapat, Company Secretary and Compliance Officer of our
Company, as the compliance officer for the Offer. For details, “General Information- Company Secretary and
Compliance Officer” on page 103.
Our Company has not received any investor complaint during the three years preceding the date of this Prospectus.
Further, no investor complaint in relation to our Company is pending as on the date of this Prospectus.
Our Company estimates that the average time required by our Company or the Registrar to the Offer or the relevant
Designated Intermediary, for the redressal of routine investor grievances shall be 10 Working Days from the date
of receipt of the complaint. In case of non-routine complaints and complaints where external agencies are
involved, our Company will seek to redress these complaints as expeditiously as possible.
Other Confirmations
There are no material findings / observations of any inspection of SEBI or any other regulator which require
disclosure in this Prospectus or the non-disclosure of which may have a bearing on investment decisions in
connection with the Offer.
Except as disclosed in this Prospectus, as on the date of this Prospectus, there is no conflict of interest between
the suppliers of raw materials, third party service providers or lessor of the immovable properties (crucial for
operations of the Company) and our Company.
Exemptions from complying with any provision of securities laws, if any, granted by SEBI
Our Company has not sought any exemptions from complying with any provisions of securities laws by SEBI as
on the date of this Prospectus.
476SECTION VII: OFFER RELATED INFORMATION
TERMS OF THE OFFER
The Equity Shares issued, offered and Allotted pursuant to this Offer shall be subject to the provisions of the
Companies Act, the SCRA, SCRR, SEBI ICDR Regulations, the SEBI Listing Regulations, our Memorandum of
Association and Articles of Association, the terms of the Red Herring Prospectus, this Prospectus, the Abridged
Prospectus, the Bid cum Application Form, the Revision Form, CAN, the Allotment Advice and other terms and
conditions as may be incorporated in the Allotment Advice and other documents or certificates that may be
executed in respect of this Offer. The Equity Shares shall also be subject to all applicable laws, guidelines, rules,
notifications and regulations relating to the issue of capital and listing and trading of securities offered from time
to time by SEBI, the GoI, the Stock Exchanges, the RoC, the RBI, and/or other authorities, as in force on the date
of this Offer and to the extent applicable, or such other conditions as may be prescribed by such governmental,
regulatory or statutory authority while granting its approval for the Offer.
The Offer
The Offer comprises of a Fresh Issue by our Company and an Offer for Sale by the Selling Shareholders.
Other than (i) the listing fees, which shall be solely borne by the Company; and (ii) fees for counsel to the Promoter
Selling Shareholders, if any, which shall be solely borne by the respective Promoter Selling Shareholders, the
Company and the Promoter Selling Shareholders have agreed, severally and not jointly, to share the costs and
expenses (excluding all applicable taxes except STT, which shall be solely borne by the respective Promoter
Selling Shareholder) directly attributable to the Offer, in proportion to Equity Shares issued pursuant to the Fresh
Issue and the Offered Shares, respectively. Provided that all Offer-related expenses shall initially be borne by our
Company and each of the Promoter Selling Shareholders shall reimburse the Company for such expenses paid by
the Company on behalf of such Promoter Selling Shareholder, in proportion of their respective portion of the
Offered Shares. For further details, see “Objects of the Offer – Offer Expenses”, on page 157.
Ranking of the Equity Shares
The Equity Shares issued, offered, Allotted and transferred pursuant to the Offer shall be subject to the provisions
of the Companies Act, the SEBI ICDR Regulations, SCRA, SCRR, our Memorandum of Association and Articles
of Association and shall rank pari passu in all respects with the existing Equity Shares, including rights in respect
of dividend, voting and other corporate benefits if any, declared by our Company after the date of Allotment. For
further details, see “Description of Equity Shares and Terms of the Articles of Association” on page 514.
Mode of payment of dividend
Our Company shall pay dividends, if declared, to the Shareholders of our Company as per the provisions of the
Companies Act, 2013, our Memorandum of Association and Articles of Association, the SEBI Listing Regulations
and other applicable law. All dividends, if any, declared by our Company after the date of Allotment (pursuant to
the transfer of Equity Shares from the Offer for Sale), will be payable to the Bidders who have been Allotted
Equity Shares in the Offer, in accordance with applicable law. For further details in relation to dividends, see
“Dividend Policy” and “Description of Equity Shares and Terms of the Articles of Association” on pages 348
and 514, respectively.
Face Value, Floor Price, Price Band and Offer Price
The face value of the equity shares is ₹2. The Floor Price of Equity Shares is ₹260 per Equity Share and the Cap
Price is ₹275 per Equity Share. The Anchor Investor Offer Price is ₹275 per Equity Share.
The Offer Price, Price Band and minimum Bid Lot for the Offer was decided by our Company in consultation
with the BRLMs, in compliance with the SEBI ICDR Regulations, and advertised in all editions of The Financial
Express, an English national daily newspaper, all editions of Jansatta, a Hindi national daily newspaper, and Mumbai
edition of Navshakti, a Marathi daily newspaper (Marathi being the regional language of Maharashtra, where our
Registered and Corporate Office is located), each with wide circulation, at least two Working Days prior to the Bid
/ Offer Opening Date and was made available to the Stock Exchanges for the purpose of uploading on their
websites. The Price Band, along with the relevant financial ratios calculated at the Floor Price and at the Cap
Price, was pre-filled in the Bid cum Application Forms available at the websites of the Stock Exchanges. The
477Offer Price was determined by our Company in consultation with the BRLMs, in compliance with the SEBI ICDR
Regulations, after the Bid / Offer Closing Date, on the basis of assessment of market demand for the Equity Shares
offered by way of Book Building Process.
At any given point of time there shall be only one denomination for the Equity Shares.
Compliance with disclosure and accounting norms
Our Company shall comply with all applicable disclosure and accounting norms as specified by SEBI from time
to time.
Rights of the Equity Shareholders
Subject to applicable laws, rules, regulations and guidelines and the provisions of our Articles of Association, our
Shareholders shall have the following rights:
• the right to receive dividend, if declared;
• the right to attend general meetings and exercise voting rights, unless prohibited by law;
• the right to vote on a poll either in person or by proxy or ‘e-voting’ in accordance with the provisions of the
Companies Act;
• the right to receive offers for rights shares and be allotted bonus shares, if announced;
• the right to receive surplus on liquidation subject to any statutory and preferential claims being satisfied;
• the right to freely transfer their Equity Shares, subject to foreign exchange regulations and other applicable
laws, including rules framed by the RBI; and
• such other rights, as may be available to a shareholder of a listed public company under applicable law,
including the Companies Act, 2013, the terms of the SEBI Listing Regulations, and our Memorandum of
Association and Articles of Association.
For a detailed description of the main provisions of our Articles of Association relating to voting rights, dividend,
forfeiture and lien, transfer and transmission, and/or consolidation / splitting, see “Description of Equity Shares
and Terms of the Articles of Association” on page 514.
Allotment of Equity Shares in dematerialised form
Pursuant to Section 29 of the Companies Act, 2013, and the SEBI ICDR Regulations, the Equity Shares shall be
Allotted only in dematerialised form. As per the SEBI ICDR Regulations and the SEBI Listing Regulations, the
trading of the Equity Shares being offered through the Red Herring Prospectus could only be applied for in the
dematerialised form. In this context, our Company has entered into the following agreements with the respective
Depositories and the Registrar to the Offer:
• tripartite agreement dated August 1, 2024, amongst our Company, NSDL and Registrar to the Offer; and
• tripartite agreement dated June 7, 2024, amongst our Company, CDSL and Registrar to the Offer.
For details in relation to the Basis of Allotment, see “Offer Procedure” on page 489.
Market lot and Trading lot
The trading of our Equity Shares on the Stock Exchanges shall only be in dematerialised form, consequent to
which, the tradable lot is one Equity Share. Allotment of Equity Shares will be only in electronic form in multiples
of 54 equity shares of face value ₹2 each, subject to a minimum Allotment of 54 equity shares of face value ₹2
each in the Offer. For the method of the Basis of Allotment, see “Offer Procedure” on page 489.
Joint holders
478Subject to provisions contained in our Articles of Association, where two or more persons are registered as the
holders of any Equity Share, they shall be deemed to hold such Equity Shares as joint holders with benefits of
survivorship.
Jurisdiction
The competent courts/authorities of Mumbai, Maharashtra, India will have sole and exclusive jurisdiction in
relation to this Offer.
Period of operation of subscription list
See “– Bid/Offer Programme” on page 479.
Nomination facility to investors
In accordance with Section 72 of the Companies Act, 2013, read with the Companies (Share Capital and
Debentures) Rules, 2014, as amended, the sole or First Bidder, along with other joint Bidders, may nominate any
one person in whom, in the event of the death of the sole Bidder or in case of joint Bidders, the death of all the
Bidders, as the case may be, the Equity Shares Allotted, if any, shall vest to the exclusion of all other persons,
unless the nomination is varied or cancelled in the prescribed manner. A person, being a nominee, entitled to the
Equity Shares by reason of death of the original holder(s), shall, in accordance with Section 72 of the Companies
Act, 2013, be entitled to the same advantages to which such person would be entitled if such person were the
registered holder of the Equity Share(s). Where the nominee is a minor, the holder(s) may make a nomination to
appoint, in the prescribed manner, any person to become entitled to the Equity Share(s) in the event of his or her
death during the minority. A nomination shall stand rescinded upon a sale, transfer or alienation of Equity Share(s)
by the person nominating. A nomination may be cancelled or varied by nominating any other person in place of
the present nominee by the holder of the Equity Shares who has made the nomination by giving a notice of such
cancellation or variation to our Company in the prescribed form. A buyer will be entitled to make a fresh
nomination in the manner prescribed. A fresh nomination can be made only on the prescribed form, which is
available on request at our Registered and Corporate Office or with the registrar and transfer agents of our
Company.
Further, any person who becomes a nominee by virtue of Section 72 of the Companies Act, 2013 as mentioned
above, shall, upon the production of such evidence as may be required by our Board, elect either:
• to register himself or herself as the holder of the Equity Shares; or
• to make such transfer of the Equity Shares, as the deceased holder could have made.
Further, our Board may at any time give notice requiring any nominee to choose either to be registered himself or
herself or to transfer the Equity Shares, and if the notice is not complied with within a period of 90 days, our
Board may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the Equity
Shares, until the requirements of the notice have been complied with.
Since the Allotment of the Equity Shares in the Offer will be made only in dematerialised form, there shall be no
requirement for a separate nomination with our Company. Nominations registered with the respective Collecting
Depository Participant of the applicant will prevail. If Bidders wish to change their nomination, they are requested
to inform their respective Collecting Depository Participant.
Bid/ Offer Programme
BID/OFFER OPENED ON Thursday, August 7, 2025 (1)
BID/OFFER CLOSED ON Monday, August 11, 2025
(1) The Anchor Investor Bid/Offer Period was one Working Day prior to the Bid/Offer Opening Date in accordance with the SEBI ICDR
Regulations.
An indicative timetable in respect of the Offer is set out below:
Event Indicative Date
Bid/Offer Closing Date Monday, August 11, 2025
479Event Indicative Date
Finalisation of the Basis of Allotment with the Designated Stock Exchange On or about Tuesday, August 12, 2025
Initiation of refunds (if any, for Anchor Investors)/unblocking of funds from On or about Wednesday, August 13, 2025
ASBA Account*
Credit of Equity Shares to demat accounts of Allottees On or about Wednesday, August 13, 2025
Commencement of trading of the Equity Shares on the Stock Exchanges On or about Thursday, August 14, 2025
* (i) In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI Mechanism) exceeding
three Working Days from the Bid/Offer Closing Date for cancelled / withdrawn / deleted ASBA Forms, the Bidder shall be compensated at a
uniform rate of ₹100 per day or 15% per annum of the Bid Amount, whichever is higher from the date on which the request for
cancellation/withdrawal/deletion is placed in the Stock Exchanges bidding platform until the date on which the amounts are unblocked; (ii)
any blocking of multiple amounts for the same ASBA Form (for amounts blocked through the UPI Mechanism), the blocked funds other than
the original application amount shall be instantly revoked and the Bidder shall be compensated at a uniform rate ₹ 100 per day or 15% per
annum of the total cumulative blocked amount except the original application amount, whichever is higher from the date on which such
multiple amounts were blocked till the date of actual unblock; (iii) any blocking of amounts more than the Bid Amount, the different amount
(i.e., the blocked amount less the Bid Amount) shall be instantly revoked and the Bidder shall be compensated at a uniform rate of ₹ 100 per
day or 15% per annum of the difference in amount, whichever is higher from the date on which such excess amounts were blocked till the date
of actual unblock; (iv) any delay in unblocking of non-allotted/ partially allotted Bids, exceeding three Working Days from the Bid/Offer
Closing Date, the Bidder shall be compensated at a uniform rate of ₹ 100 per day or 15% per annum of the Bid Amount, whichever is higher
for the entire duration of delay exceeding three Working Days from the Bid/Offer Closing Date by the intermediary responsible for causing
such delay in unblocking. The post-Offer BRLMs shall, in their sole discretion, identify and fix the liability on such intermediary or entity
responsible for such delay in unblocking. The Bidder shall be compensated in the manner specified in the SEBI circular no.
SEBI/HO/CFD/DIL1/CIR/P/2021/47 dated March 31, 2021 and SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March
16, 2021, as amended pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, SEBI Circular no.
SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 and circular no. SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023, SEBI
circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022 and SEBI ICDR Master Circular in case of delays in resolving investor
grievances in relation to blocking/unblocking of funds.
The processing fees for applications made by the UPI Bidders may be released to the remitter banks (SCSBs) only after such banks provide a
written confirmation on compliance with the SEBI ICDR Master Circular, SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June
2, 2021 read with SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 and SEBI circular no.
SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 and SEBI Circular No. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022.
The above timetable, other than the Bid/Issue Closing Date, is indicative in nature and does not constitute
any obligation or liability on our Company, the Selling Shareholders or the BRLMs.
While our Company and the Selling Shareholders shall ensure that all steps for the completion of the
necessary formalities for the listing and the commencement of trading of the Equity Shares on the Stock
Exchanges are taken within three Working Days from the Bid / Offer Closing Date, or such other period
as prescribed by the SEBI, the timetable may be extended due to various factors, such as any delay in
receiving the final listing and trading approval from the Stock Exchanges, and delay in respect of final
certificates from SCSBs. The commencement of trading of the Equity Shares will be entirely at the
discretion of the Stock Exchanges and in accordance with the applicable laws. Each Selling Shareholder,
severally and not jointly, confirm that they shall extend complete co-operation required by our Company
and the BRLMs for the completion of the necessary formalities for listing and commencement of trading
of the Equity Shares at the Stock Exchanges within three Working Days from the Bid / Offer Closing Date,
or within such other period as prescribed by SEBI.
In terms of the UPI Circulars, in relation to the Offer, the BRLMs will be required to submit reports of compliance
with timelines and activities prescribed by SEBI in connection with the allotment and listing procedure within
three Working Days from the Bid / Offer Closing Date or such other time as prescribed by SEBI, identifying non-
adherence to timelines and processes and an analysis of entities responsible for the delay and the reasons
associated with it.
Any circulars or notifications from SEBI after the date of this Prospectus may result in changes to the listing
timelines. Further, the offer procedure is subject to change to any revised SEBI circulars to this effect.
Submission of Bids (other than Bids from Anchor Investors):
Bid/Offer Period (except the Bid/Offer Closing Date)
Submission and Revision in Bids Only between 10.00 a.m. and 5.00 p.m. Indian Standard Time
(“IST”)
Bid/Offer Closing Date*
480Submission of Electronic Applications (Online ASBA Only between 10.00 a.m. and 5.00 p.m. IST
through 3-in-1 accounts) – For RIIs including Eligible
Employees bidding in the Employee Reservation
Portion, other than QIBs and Non-Institutional
Investors
Submission of Electronic Applications (Bank ASBA Only between 10.00 a.m. and 4.00 p.m. IST
through Online channels like Internet Banking, Mobile
Banking and Syndicate ASBA applications through
UPI)
Submission of Electronic Applications (Syndicate Only between 10.00 a.m. and 3.00 p.m. IST
Non-Retail, Non-Individual Applications)
Submission of Physical Applications (Bank ASBA) Only between 10.00 a.m. and 1.00 p.m. IST
Submission of Physical Applications (Syndicate Non- Only between 10.00 a.m. and 12.00 p.m. IST and Syndicate
Retail, Non-Individual Applications of QIBs and Non- members shall transfer such applications to banks before 1 p.m. IST
Institutional Investors
Revision/cancellation of Bids
Upward Revision of Bids by QIBs and Non- Only between 10.00 a.m. on the Bid/Offer Opening Date and 4.00
Institutional Investors categories p.m. IST on Bid/Offer Closing Date
Upward or downward Revision of Bids or cancellation Only between 10.00 a.m. on the Bid/Offer Opening Date and 5.00
of Bids by RIIs and Eligible Employees Bidding in the p.m. IST on Bid/Offer Closing Date
Employee Reservation Portion
On the Bid/Offer Closing Date, the Bids were required to be uploaded until:
(i) 4:00 p.m. IST for Bids by QIBs and Non-Institutional Investors; and
(ii) until 5.00 p.m. IST or such extended time as permitted by the Stock Exchanges, in case of Bids by Retail and
Eligible Employees Bidding in the Employee Reservation Portion.
The Registrar to the Offer submitted the details of cancelled/withdrawn/deleted applications to the SCSB’s
on daily basis within 60 minutes of the Bid closure time from the Bid/ Offer Opening Date till the Bid/Offer
Closing Date by obtaining the same from the Stock Exchanges. The SCSB’s unblocked such applications
by the closing hours of the Working Day and submited the confirmation to the BRLMs and the RTA on a
daily basis, as per the format prescribed in SEBI circular bearing reference number
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 and in accordance with SEBI RTA
Master Circular and the SEBI ICDR Master Circular. To avoid duplication, the facility of re-initiation
provided to Syndicate Members was allowed only once per bid/batch and as deemed fit by the Stock
Exchanges, after closure of the time for uploading Bids.
It is clarified that Bids were processed only after the application monies are blocked in the ASBA Account
and Bids not uploaded on the electronic bidding system or in respect of which the full Bid Amount was not
blocked by SCSBs or not blocked under the UPI Mechanism in the relevant ASBA Account, as the case
may be, were rejected.
Due to limitation of time available for uploading the Bids on the Bid/ Offer Closing Date, Bidders were advised
to submit their Bids one day prior to the Bid/ Offer Closing Date, and were advised to submit their Bids no later
than 1:00 p.m. IST on the Bid/ Offer Closing Date. Any time mentioned in this Prospectus is IST. Bidders were
cautioned that, in the event a large number of Bids were received on the Bid/ Offer Closing Date, as is typically
experienced in public offerings in India, it may lead to some Bids not being uploaded due to lack of sufficient
time to upload. Such Bids that could not be uploaded were not considered for allocation under this Offer. Bids
and any revision to the Bids, were accepted only during Working Days, during the Bid/ Offer Period. Bids were
accepted only during Monday to Friday (excluding any public holiday), during the Bid/Offer period. Investors
may please note that as per letter no. List/SMD/SM/2006 dated July 3, 2006 and letter no. NSE/IPO/25101- 6
dated July 6, 2006 issued by BSE and NSE respectively, Bids and any revision in Bids were not accepted on
Saturdays, Sundays and public holidays as declared by the Stock Exchanges. Bids by ASBA Bidders were
uploaded by the relevant Designated Intermediary in the electronic system to be provided by the Stock Exchanges.
The Designated Intermediaries modied select fields uploaded in the Stock Exchange Platform during the Bid/Offer
Period till 5.00 pm on the Bid/Offer Closing Date after which the Stock Exchange(s) send the bid information to
the Registrar to the Offer for further processing.
481In case of discrepancy in data entered in the electronic book vis-à-vis data contained in the Bid cum Application
Form for a particular Bidder, the details as per the Bid file received from the Stock Exchanges shall be taken as
the final data for the purpose of Allotment.
Minimum Subscription
In the event our Company does not receive (i) a minimum subscription of 90% of the Fresh Issue, and (ii) a
subscription in the Offer as specified under Rule 19(2)(b) of the SCRR, including through devolvement of
Underwriters, as applicable, within sixty (60) days from the date of Bid Closing Date, or if the subscription level
falls below the thresholds mentioned above after the Bid Closing Date, on account of withdrawal of applications
or after technical rejections or any other reason, or if the listing or trading permission is not obtained from the
Stock Exchanges for the Equity Shares being offered under this Prospectus, our Company shall forthwith refund
the entire subscription amount received in accordance with applicable law including the SEBI circular bearing no.
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 and SEBI master circular no.
SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023 and SEBI circular no.
SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023. If there is a delay beyond four days, our Company
and every Director of our Company who is an officer in default, to the extent applicable, shall pay interest as
prescribed under applicable law.
In the event of under-subscription in the Offer, subject to receiving minimum subscription for 90% of the Fresh
Issue and compliance with Rule 19(2)(b) of the SCRR, the Allotment for valid Bids made in the first instance
towards subscription for 90% of the Fresh Issue. Subject to any balance valid Bids in the Offer, the Allotment for
the balance valid Bids was made proportionately towards Fresh Issue and the Offered Shares.
Undersubscription, if any, in any category except the QIB Portion, was allowed to be met with spill-over from the
other categories at the discretion of our Company in consultation with the BRLMs, and the Designated Stock
Exchange.
Further, in accordance with Regulation 49(1) of the SEBI ICDR Regulations, our Company shall ensure that the
number of prospective Allottees to whom the Equity Shares will be Allotted will be not less than 1,000, failing
which the entire application money shall be unblocked in the respective ASBA Accounts of the Bidders. In case
of delay, if any, in unblocking the ASBA Accounts within such timeline as prescribed under applicable laws, our
Company and the Selling Shareholders shall be liable to pay interest on the application money in accordance with
applicable laws.
The Selling Shareholders shall reimburse any expenses and interest incurred by our Company on behalf of them
for any delays in making refunds as required under the Companies Act, the UPI Circulars and any other applicable
law, provided that the Selling Shareholders shall not be responsible or liable for payment of such expenses or
interest, unless such delay is solely and directly attributable to an act or omission of the Selling Shareholders and
any expenses and interest shall be paid to the extent of their respective portion of the Offered Shares.
Arrangements for disposal of odd lots
Since our Equity Shares will be traded in dematerialised form only and the market lot for our Equity Shares will
be one Equity Share, no arrangements for disposal of odd lots are required.
New financial instruments
Our Company is not issuing any new financial instruments through this Offer.
Restriction on transfer and transmission of shares
Except for the lock-in of the pre-Offer Equity Shares, the Promoters’ Contribution and Equity Shares allotted to
Anchor Investors pursuant to the Offer, as detailed in “Capital Structure” on page 111, and except as provided in
our Articles, there are no restrictions on transfers and transmission of Equity Shares or on their consolidation or
splitting. See, “Description of Equity Shares and Terms of the Articles of Association” at page 514.
482Option to receive Equity Shares in Dematerialized Form
Allotment of Equity Shares to successful Bidders will only be in the dematerialized form. Bidders will not have
the option of Allotment of the Equity Shares in physical form. The Equity Shares on Allotment will be traded only
in the dematerialized segment of the Stock Exchanges.
Withdrawal of the Offer
Our Company in consultation with the BRLMs, reserves the right not to proceed with the entire or portion of the
Offer for any reason at any time after the Bid / Offer Opening Date but before the Allotment. In such an event,
our Company would issue a public notice in the same newspapers, in which the pre-Offer advertisements were
published, within two days of the Bid / Offer Closing Date or such other time as may be prescribed by SEBI,
providing reasons for not proceeding with the Offer. Further, the Stock Exchanges shall be informed promptly in
this regard by our Company and the BRLMs, through the Registrar to the Offer, shall notify the SCSBs and the
Sponsor Bank(s) to unblock the bank accounts of the ASBA Bidders within one Working Day from the date of
receipt of such notification and also inform the Bankers to the Offer to process refunds to the Anchor Investors,
as the case may be. The notice of withdrawal will be issued in the same newspapers where the pre-Offer
advertisements have appeared and the Stock Exchanges will also be informed promptly.
If our Company in consultation with the BRLMs, withdraws the Offer after the Bid/Offer Closing Date and
thereafter determines that they will proceed with a public offering of the Equity Shares, our Company shall file a
fresh draft red herring prospectus with SEBI and the Stock Exchanges. Notwithstanding the foregoing, this Offer
is also subject to obtaining the final listing and trading approvals of the Stock Exchanges, which our Company
shall apply for after Allotment and within three Working Days of the Bid / Offer Closing Date or such other period
as may be prescribed, and the final RoC approval of this Prospectus filed with the RoC. If Allotment is not made
within the prescribed time period under applicable law, the entire subscription amount received will be
refunded/unblocked within the time prescribed under applicable law.
483OFFER STRUCTURE
The Offer is being made through the Book Building Process. The Offer is of 14,570,760* equity shares of face
value ₹2 each for cash at a price of ₹275 per Equity Share (including a premium of ₹273 per Equity Share)
aggregating to ₹4,006.03 million*# comprising of a Fresh Issue of 10,185,198* equity shares of face value ₹2 each
aggregating to ₹2,800.00 million*# by our Company and an Offer of Sale of 4,385,562* equity shares of face value
₹2 each aggregating to ₹1,206.03 million* by the Selling Shareholders.
A Pre-IPO Placement was undertaken by our Company, in consultation with the BRLMs, for cash at a price of
₹248.00 per Equity Shares (including a premium of ₹246.00 per Equity Share), for an amount aggregating to
₹700.00 million. Accordingly, the size of the Fresh Issue has been reduced by ₹700.00 million and the revised
Fresh Issue size aggregates to ₹ 2,800.00 million. The Pre-IPO Placement did not exceed 20% of the Fresh Issue.
Our Company has appropriately intimated the subscribers to the Pre-IPO Placement, prior to allotment pursuant
to the Pre-IPO Placement, that there is no guarantee that our Company will proceed with the Offer or the Offer
will be successful and will result in the listing of the Equity Shares on the Stock Exchanges. Further, relevant
disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement have been appropriately
made in the relevant sections of the Red Herring Prospectus and in relevant sections of this Prospectus.
The Offer includes a reservation of 35,750* equity shares of face value ₹2 each aggregating to ₹8.90 million*# for
subscription by Eligible Employees. The Employee Reservation Portion shall constitute 0.05% of our post-Offer
paid-up Equity Share capital.
The Offer comprises a Net Offer of 14,535,010* equity shares of face value ₹2 each.
The Offer and Net Offer shall constitute 22.24% and 22.19%, respectively, of the post-Offer paid-up Equity Share
capital of our Company.
*Subject to finalisation of the Basis of Allotment
#A discount of 9.45% on the Offer Price (equivalent to ₹26 per Equity Share) was offered to Eligible Employees bidding in the Employee
Reservation Portion.
The Offer is being made through Book Building Process, in compliance with Regulation 6(1) of the SEBI ICDR
Regulations.
Non-Institutional Retail Individual
Particulars QIBs(1) Eligible Employees
Investors Investors
Number of Equity Not more than Not less than Not less than Not more than
Shares available 7,267,504** equity 2,180,252** equity 5,087,254** equity 35,750** equity
for shares of face value ₹2 shares of face value ₹2 shares of face value ₹2 shares of face value
Allotment/allocati each each was made each was made ₹2 each aggregating
on(2) available for available for to ₹8.90 million#
allocation or Offer less allocation or Offer less
allocation to QIBs and allocation to QIBs and
Retail Individual Non-Institutional
Investors Investors
Percentage of Not more than 50% of Not less than 15% of Not less than 35% of The Employee
Offer Size the Net Offer size was the Net Offer or the the Net Offer or the Reservation Portion
available for made available for Net Offer less Net Offer less constituted 0.05% of
Allotment or allocation to QIBs. 5% allocation to QIB allocation to QIBs and the post-Offer paid-
allocation of Net QIB Portion was Bidders and Retail Non-Institutional up equity share
made available for Individual Investors Investors capital of our
allocation was made available Company
proportionately to for allocation. One-
Mutual Funds only. third of the Non-
Mutual Funds Institutional Portion
participating in the was made available
Mutual Fund Portion for allocation to
will also be eligible for Bidders with an
allocation in the application size
remaining balance Net exceeding ₹0.20
QIB Portion. million and up to
₹1.00 million and two-
thirds of the Non-
Institutional Portion
484Non-Institutional Retail Individual
Particulars QIBs(1) Eligible Employees
Investors Investors
will be available for
allocation to Bidders
with an application
size of more than
₹1.00 million and
under-subscription in
either of these two
subcategories of the
Non-Institutional
Portion could be
allocated to Bidders in
the other subcategory
of the Non-
Institutional Portion in
accordance with the
SEBI ICDR
Regulations, subject to
valid Bids being
received at or above
the Offer Price
The Basis of Proportionate as follows The Equity Shares Allotment to each Proportionate; unless
Allotment if (excluding the Anchor available for Retail Individual the Employee
respective Investor Portion): allocation to Non- Investor shall not be Reservation Portion
category is Institutional Investors less than the minimum was undersubscribed,
oversubscribed^ (a) 145,351** equity under the Non- Bid lot, subject to the value of allocation
shares of face value ₹2 Institutional Portion, availability of Equity to an Eligible
each was made available shall be subject to the Shares in the Retail Employee could not
for allocation on a following: Category and the exceed ₹0.20 million
proportionate basis to (a) One-third of the remaining available (net of Employee
Mutual Funds only; and Non-Institutional Equity Shares shall be Discount). In the
Portion was made allocated on a event of
(b) 2,761,651** equity available for proportionate basis. undersubscription in
shares of face value ₹2 allocation to See “Offer Procedure” the Employee
each was made available Bidders with an on page 489. Reservation Portion,
for allocation on a application size the unsubscribed
proportionate basis to all exceeding ₹0.20 portion could have
QIBs, including Mutual million and up to been allocated, on a
Funds receiving ₹1.00 million; and proportionate basis,
allocation as per (a) to Eligible
above (b) Two-third of the Employees for a
Non-Institutional value exceeding
(c) 4,360,502** equity Portion was made ₹0.20 million (net of
shares of face value ₹2 available for Employee Discount)
each has been allocated allocation to up to ₹0.50 million
on a discretionary basis Bidders with an (net of Employee
to Anchor Investors of application size of Discount) each
which one-third was more than ₹1.00
made available for million
allocation to Mutual
Funds only, subject to provided that the
valid Bid having been unsubscribed portion
received from Mutual in either of the
Funds at or above the aforementioned sub-
Anchor Investor categories could be
Allocation Price. allocated to applicants
in the other sub-
category of Non-
Institutional Investors.
The Allotment to each
Non-Institutional
Investor was not less
than the minimum
application size,
subject to availability
485Non-Institutional Retail Individual
Particulars QIBs(1) Eligible Employees
Investors Investors
in the Non-
Institutional Portion,
and the remainder, if
any, were allotted on a
proportionate basis in
accordance with the
conditions specified in
the SEBI ICDR
Regulations
Mode of Bidding* Through ASBA process Through ASBA Through ASBA Through ASBA
only except for Anchor process only process only process only
Investors (including the UPI (including the UPI (including the UPI
Mechanism for an Mechanism) Mechanism)
application size of up
to ₹0.50 million)
Minimum Bid Such number of Equity Such number of 54 equity shares of 54 equity shares of
Shares in multiples of 54 Equity Shares in face value ₹2 each face value ₹2 each
equity shares of face multiples of 54 equity
value ₹2 each so that the shares of face value ₹2
Bid Amount exceeds each so that the Bid
₹0.20 million Amount exceeds
₹0.20 million
Maximum Bid Such number of Equity Such number of Such number of Such number of
Shares in multiples of 54 Equity Shares in Equity Shares in Equity Shares and in
equity shares of face multiples of 54 equity multiples of 54 equity multiples of 54 equity
value ₹2 each such that shares of face value ₹2 shares of face value ₹2 shares of face value
the Bid did not exceed each such that the Bid each such that the Bid ₹2 each such that the
the Net Offer size did not exceed the Net Amount did not maximum Bid
(excluding Anchor Offer size (excluding exceed ₹0.20 million Amount by each
Investor portion), the QIB Portion), Eligible Employee in
subject to applicable subject to applicable this portion did not
limits limits exceed ₹0.50 million
(net of Employee
Discount)
Mode of Compulsorily in dematerialised form
Allotment
Bid Lot 54 equity shares of face value ₹2 each and in multiples of 54 equity shares of face value ₹2 each
thereafter
Allotment Lot 54 equity shares of face 54 equity shares of 54 equity shares of 54 equity shares of
value ₹2 each and in face value ₹2 each and face value ₹2 each and face value ₹2 each
multiples of one Equity in multiples of one in multiples of one and in multiples of
Share thereafter Equity Share Equity Share one Equity Share
thereafter thereafter thereafter
Trading Lot One Equity Share
Who could Public financial Resident Indian Resident Indian Eligible Employees
Apply(3) institutions specified in individuals, HUFs (in individuals, HUFs (in such that the Bid
Section 2(72) of the the name of Karta), the name of the Karta) Amount does not
Companies Act, 2013, companies, corporate and Eligible NRIs exceed ₹0.50 million
FPIs registered with bodies, Eligible NRIs, (net of Employee
SEBI (other than scientific institutions, Discount)
individuals, corporate societies and trusts
bodies and family family offices and
offices), scheduled FPIs who are
commercial banks, individuals, corporate
mutual funds registered bodies and family
with SEBI, venture offices which are re-
capital funds registered categorised as
with the SEBI, AIFs, category II FPI (as
multilateral and bilateral defined in the SEBI
development financial FPI Regulations) and
institutions, state registered with SEBI
industrial development
corporations, NBFC-SI,
insurance companies
486Non-Institutional Retail Individual
Particulars QIBs(1) Eligible Employees
Investors Investors
registered with the
Insurance Regulatory
and Development
Authority, provident
funds with a minimum
corpus of ₹250.00
million, pension funds
with a minimum corpus
of ₹250.00 million, the
National Investment
Fund set up by
resolution F. No.
2/3/2005-DD-II dated
November 23, 2005 of
the GoI, published in the
Gazette of India,
insurance funds set up
and managed by the
army, navy, or air force
of the Union of India
and insurance funds set
up and managed by the
Department of Posts,
India and Systemically
Important Non-Banking
Financial Companies
Terms of Payment In case of Anchor Investors: Full Bid Amount was payable by the Anchor Investors at the time of
submission of their Bids(4)
In case of all other Bidders: Full Bid Amount was blocked by the SCSBs in the bank account of the
ASBA Bidders, or by the Sponsor Bank(s) through the UPI Mechanism (other than Anchor Investors)
that is specified in the Bid cum Application Form at the time of the submission of the Bid cum
Application Form.
* SEBI vide its SEBI ICDR Master Circular and vide its circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022 (to the extent
not rescinded by the SEBI ICDR Master Circular), has mandated that ASBA applications in public issues shall be processed only after the
application monies are blocked in the investor’s bank accounts. Accordingly, Stock Exchanges shall, for all categories of investors viz. Retail,
QIB, NII and other reserved categories and also for all modes through which the applications are processed, accept the ASBA applications
in their electronic book building platform only with a mandatory confirmation on the application monies blocked.
**Subject to finalisation of the Basis of Allotment
#A discount of 9.45% on the Offer Price (equivalent of ₹26 per Equity Share) was offered to Eligible Employees bidding in the Employee
Reservation Portion.
(1) Our Company has in consultation with the BRLMs, allocated up to 60% of the QIB Portion to Anchor Investors at the Anchor Investor
Offer Price, on a discretionary basis, subject to there being (i) a maximum of two Anchor Investors, where allocation in the Anchor
Investor Portion is up to ₹100 million, (ii) minimum of two and maximum of 15 Anchor Investors, where the allocation under the Anchor
Investor Portion is more than ₹100 million but up to ₹2,500 million under the Anchor Investor Portion, subject to a minimum Allotment
of ₹50.00 million per Anchor Investor, and (iii) in case of allocation above ₹2,500.00 million under the Anchor Investor Portion, a
minimum of five such investors and a maximum of 15 Anchor Investors for allocation up to ₹2,500.00 million, and an additional 10
Anchor Investors for every additional ₹2,500 million or part thereof was permitted, subject to minimum allotment of ₹50.00 million per
Anchor Investor. An Anchor Investor will make a minimum Bid of such number of Equity Shares, that the Bid Amount is at least ₹100.00
million. One-third of the Anchor Investor Portion was reserved for domestic Mutual Funds, subject to valid Bids being received at or
above the price at which allocation is made to Anchor Investors, which price was determined by the Company in consultation with the
BRLMs.
(2) This Offer is being made in accordance with Rule 19(2)(b) of the SCRR, through the Book Building Process, in compliance with
Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer was made available for allocation to QIBs
on a proportionate basis, provided that the Anchor Investor Portion may be allocated on a discretionary basis. Further, not less than
15% of the Net Offer Offer was made available for allocation to Non-Institutional Investors, of which one-third of the Non-Institutional
Portion was made available for allocation to Bidders with an application size exceeding ₹0.20 million and up to ₹1.00 million and two-
thirds of the Non-Institutional Portion was made available for allocation to Bidders with an application size of more than ₹1.00 million
and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-
category of Non-Institutional Portion in accordance with SEBI ICDR Regulations, subject to valid Bids being received at or above the
Offer Price. Further, not less than 35% of the Net Offer was made available for allocation to Retail Individual Investors in accordance
with SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Under-subscription, if any, in any
category, except the QIB Portion, would be met with spill-over from any other category or categories, as applicable, at the discretion
of our Company in consultation with the BRLMs and the Designated Stock Exchange, subject to valid Bids being received at or above
the Offer Price and in accordance with applicable laws. Under-subscription, if any, in the QIB Portion will not be allowed to be met
with spill-over from other categories or a combination of categories.
487Eligible Employees Bidding in the Employee Reservation portion can Bid up to a Bid Amount of ₹0.50 million (net off Employee
Discount, if any). However, a Bid by an Eligible Employee in the Employee Reservation Portion was made considered for allocation,
in the first instance, for a Bid Amount of up to ₹0.20 million (net off Employee Discount). In the event of undersubscription in the
Employee Reservation Portion, the unsubscribed portion was made available for allocation and Allotment, proportionately to all
Eligible Employees who have Bid in excess of ₹0.20 million (net off Employee Discount), subject to the maximum value of Allotment
made to such Eligible Employee not exceeding ₹0.50 million (net off Employee Discount). Further, an Eligible Employee Bidding in
the Employee Reservation Portion can also Bid in the Net Offer and such Bids will not be treated as multiple Bids subject to applicable
limits. Eligible Employee can also apply under Retail Portion and Non-Institutional Portion. However, Bids by Eligible Employees in
the Employee Reservation Portion and in the Non-Institutional Portion were treated as multiple Bids, only if Eligible Employee has
made an application of more than ₹ 0.20 million (net of Employee Discount) in the Employee Reservation Portion. The unsubscribed
portion if any, in the Employee Reservation Portion was added back to the Net Offer. In case of under-subscription in the Net Offer,
spill-over to the extent of such under-subscription was permitted from the Employee Reservation Portion. For further details, please
see “Terms of the Offer” on page 477.
(3) In case of joint Bids, the Bid cum Application Form should contain only the name of the first Bidder whose name should also appear
as the first holder of the beneficiary account held in joint names. The signature of only such first Bidder would be required in the Bid
cum Application Form and such first Bidder would be deemed to have signed on behalf of the joint holders.
(4) Full Bid Amount was paid by the Anchor Investors at the time of submission of the Anchor Investor Application Forms provided that
any difference between the Anchor Investor Allocation Price and the Anchor Investor Offer Price was paid by the Anchor Investor Pay-
In Date as indicated in the CAN.
Eligible Employees bidding in the Employee Reservation Portion at a price within the Price Band made payment
based on Bid Amount, at the time of making a Bid. Eligible Employees bidding in the Employee Reservation
Portion at the Cut-Off Price have ensured payment at the Cap Price, at the time of making a Bid.
Subject to valid Bids being received at or above the Offer Price, under-subscription, if any, in the Non-Institutional
Portion or the Retail Portion was allowed to be met with spill-over from other categories or a combination of
categories at the discretion of our Company in consultation with the BRLMs and the Designated Stock Exchange,
on a proportionate basis. However, under-subscription, if any, in the QIB Portion was not allowed to be met with
spill-over from other categories or a combination of categories. For further details, see “Terms of the Offer” on
page 477.
488OFFER PROCEDURE
All Bidders should read the General Information Document for Investing in Public Issues prepared and issued in accordance
with the circular no. SEBI/HO/CFD/DIL1/CIR/P/2020/37 dated March 17, 2020 issued by SEBI and the UPI Circulars (the
“General Information Document”) which highlights the key rules, processes and procedures applicable to public issues in
general in accordance with the provisions of the Companies Act, the SCRA, the SCRR and the SEBI ICDR Regulations which
is part of the Abridged Prospectus accompanying the Bid cum Application Form. The General Information Document is
available on the websites of the Stock Exchanges and the BRLMs. Please refer to the relevant provisions of the General
Information Document which are applicable to the Offer, especially in relation to the process for Bids by UPI Bidders through
the UPI Mechanism. The investors should note that the details and process provided in the General Information Document
should be read along with this section.
Additionally, all Bidders may refer to the General Information Document for information in relation to (i)
category of investors eligible to participate in the Offer; (ii) maximum and minimum Bid size; (iii) price discovery
and allocation; (iv) payment instructions for ASBA Bidders; (v) issuance of CAN and Allotment in the Offer; (vi)
general instructions (limited to instructions for completing the Bid cum Application Form); (vii) submission of
Bid cum Application Form; (viii) other instructions (limited to joint bids in cases of individual, multiple bids and
instances when an application would be rejected on technical grounds); (ix) applicable provisions of the
Companies Act, 2013 relating to punishment for fictitious applications; (x) mode of making refunds;(xi)
Designated Date;(xii) price discovery and allocation; (xiii) interest in case of delay in Allotment or refund; and
(xiv) disposal of application and electronic registration of bids.
SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018 read with its circular
no. SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019, circular no. SEBI/HO/CFD/DIL2/P/CIR/P/2022/45
dated April 5, 2022, circular no. SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023 and any subsequent
circulars or notifications issued by SEBI in this regard, has introduced an alternate payment mechanism using
Unified Payments Interface (“UPI”) and consequent reduction in timelines for listing in a phased manner. From
January 1, 2019, the UPI Mechanism for UPI Bidders applying through Designated Intermediaries was made
effective along with the timeline of T+6 days. (“UPI Phase I”). The UPI Phase I was effective till June 30, 2019.
Pursuant to its circular SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5, 2022, the SEBI has increased the
UPI limit from ₹ 0.20 million to ₹ 0.50 million for all the individual investors applying in public issues.
With effect from July 1, 2019, SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019,
read with circular bearing number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 with respect to Bids
by UPI Bidders through Designated Intermediaries (other than SCSBs), issued by SEBI, the existing process of
physical movement of forms from such Designated Intermediaries to SCSBs for blocking of funds has been
discontinued and only the UPI Mechanism for such Bids with timeline of T+6 days was mandated for a period of
three months or launch of five main board public issues, whichever is later (“UPI Phase II”). The applicability
of UPI Phase II was extended from time to time. Thereafter, pursuant to SEBI circular
SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023, the final reduced timeline of T+3 days using the
UPI Mechanism for applications by UPI Bidders (“UPI Phase III”) was implemented by SEBI, voluntarily for
all public issues opening on or after September 1,2023 and has been made mandatory for all public issues opening
on or after December 1, 2023. Accordingly, the Offer was made under UPI Phase III on a mandatory basis,
subject to any circulars, clarification or notification issued by the SEBI from time to time. Additionally, SEBI vide
its circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 as amended pursuant to SEBI
circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, SEBI circular no.
SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022, SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30,
2022 and SEBI circular SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023 (“UPI Streamlining
Circular”) has instituted certain mechanisms towards the streamlining of applications made through the UPI
Mechanism as well as redressal of investor grievances. The UPI Streamlining Circular came into force for initial
public offers opening on/or after May 1, 2021, except as amended pursuant to SEBI circular
SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, and the provisions of the UPI Streamlining Circular
are deemed to form part of this Prospectus.
Further, pursuant to SEBI master circular bearing reference no. SEBI/HO/MIRSD/POD-1/P/CIR/2023/70 dated
May 17, 2023 (“SEBI RTA Master Circular”) and SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated
May 30, 2022, SEBI has introduced certain additional measures for streamlining the process of initial public
offers and redressing investor grievances. The SEBI RTA Master Circular consolidated the aforementioned
circulars (excluding SEBI circular no. SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023) and
rescinded these circulars to the extent relevant for RTAs.
489Further, the SEBI ICDR Master Circular consolidated the aforementioned circulars and rescinded these circulars
to the extent they relate to the SEBI ICDR Regulations. Furthermore, pursuant to SEBI ICDR Master Circular
and SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5, 2022, (to the extent not rescinded by
the SEBI ICDR Master Circular), all individual bidders in initial public offerings whose application size are up
to ₹0.50 million shall use the UPI Mechanism and provide their UPI ID in the Bid-cum-Application Form for
bidding through Syndicate, sub-Syndicate Member(s), Registered Brokers, RTAs or CDPs, or online using the
facility of linked online trading, demat and bank account (3 in 1 type accounts), provided by certain brokers.
Subsequently, pursuant to the SEBI ICDR Master Circular and SEBI circular no.
SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022 (to the extent not rescinded by the SEBI ICDR Master
Circular), applications made using the ASBA facility in initial public offerings shall be processed only after
application monies are blocked in the bank accounts of investors (all categories).
In terms of Regulation 23(5) and Regulation 52 of SEBI ICDR Regulations, the timelines and processes mentioned
in SEBI RTA Master Circular, shall continue to form part of the agreements being signed between the
intermediaries involved in the public issuance process and book running lead managers shall continue to
coordinate with intermediaries involved in the said process.
In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI
Mechanism) exceeding three Working Days from the Bid/Offer Closing Date, the Bidder shall be compensated in
accordance with applicable law. The BRLMs shall, in their sole discretion, identify and fix the liability on such
intermediary or entity responsible for such delay in unblocking. Further, Investors shall be entitled to
compensation in the manner specified in the SEBI ICDR Master Circular and the SEBI circular no.
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021, in case of delays in resolving investor
grievances in relation to blocking/unblocking of funds.
Bidders are advised to make their independent investigations and ensure that their Bids are submitted in
accordance with applicable laws and do not exceed the investment limits or maximum number of the Equity Shares
that can be held by them under applicable law or as specified in the Red Herring Prospectus and this Prospectus.
Book Building Procedure
The Offer is being made in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR
Regulations, through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR
Regulations, wherein in terms of Regulation 32(1) not more than 50% of the Net Offer was made available for
allocation to QIBs on a proportionate basis, provided that our Company in consultation with the BRLMs, may
allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI
ICDR Regulations, of which one-third was reserved for domestic Mutual Funds, subject to valid Bids being
received from them at or above the Anchor Investor Allocation Price. In case of under-subscription or non-
allocation in the Anchor Investor Portion, the remaining Equity Shares were added back to the QIB Portion.
Further, 5% of the Net QIB Portion was made available for allocation on a proportionate basis to Mutual Funds
only, and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all
QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less
than 15% of the Net Offer was made available for allocation to Non-Institutional Investors of which one-third of
the Non-Institutional Portion was made available for allocation to Bidders with an application size of more than
₹0.20 million and up to ₹1.00 million and two-thirds of the Non-Institutional Portion was made available for
allocation to Bidders with an application size of more than ₹1.00 million and under-subscription in either of these
two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-
Institutional Portion. Further, not less than 35% of the Net Offer was made available for allocation to Retail
Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or
above the Offer Price. Furthermore, 35,750 equity shares of face value ₹2 each, aggregating up to ₹8.90 million
was made made available for allocation on a proportionate basis only to Eligible Employees Bidding in the
Employee Reservation Portion, subject to valid Bids being received at or above the Offer Price, net of Employee
Discount.
Under-subscription, if any, in any category, except the QIB Portion, would be allowed to be met with spill-over
from any other category or combination of categories, as applicable, at the discretion of our Company in
consultation with the BRLMs and the Designated Stock Exchange, subject to receipt of valid Bids received at or
above the Offer Price.
In the event of an under-subscription in the Employee Reservation Portion post the initial Allotment, such
unsubscribed portion may be Allotted on a proportionate basis to Eligible Employees Bidding in the Employee
490Reservation Portion, for a value in excess of ₹0.20 million subject to the total Allotment to an Eligible Employee
not exceeding ₹0.50 million.
In accordance with Rule 19(2)(b) of the SCRR, the Offer constituted 22.24% of the post Offer paid-up Equity
Share capital of our Company.
Investors were required to ensure that their PAN is linked with Aadhar and are in compliance with the notification
by the Central Board of Direct Taxes dated February 13, 2020 read with read with press release dated June 25,
2021, September 17, 2021 and March 28, 2023 and any subsequent press releases in this regard.
The Equity Shares, on Allotment, shall be traded only in the dematerialized segment of the Stock Exchanges.
Bidders should note that the Equity Shares will be Allotted to all successful Bidders only in dematerialized
form. The Bid cum Application Forms which did not have the details of the Bidders’ depository account,
including DP ID, Client ID and PAN, and UPI ID (for UPI Bidders Bidding through the UPI Mechanism),
as applicable, were treated as incomplete and were rejected. Bidders did not have the option of being
Allotted Equity Shares in physical form. However, they may get the Equity Shares rematerialised
subsequent to Allotment of the Equity Shares in the Offer, subject to applicable law.
All SCSBs offering the facility of making application in public issues were required provide facility to make
application using UPI. Our Company has appointed the Sponsor Banks to act as a conduit between the Stock
Exchanges and National Payments Corporation of India (“NPCI”) in order to facilitate collection of requests
and/or payment instructions of the UPI Bidders using the UPI.
NPCI through its circular (NPCI/UPI/OC No. 127/ 2021-22) dated December 9, 2021, inter alia, has enhanced the
per transaction limit from ₹0.20 million to ₹0.50 million for applications using UPI in initial public offerings
Phased implementation of Unified Payment Interface Mechanism
SEBI issued the UPI Circulars in relation to streamlining the process of public issue of inter alia, equity shares.
Pursuant to the SEBI circular bearing number SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018,
SEBI circular bearing number SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019, SEBI circular bearing
number SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019, SEBI circular bearing number
SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, SEBI circular bearing number
SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30, 2020 (“Previous UPI Circulars”) and the UPI Circulars,
the UPI Mechanism was introduced in a phased manner as a payment mechanism (in addition to mechanism of
blocking funds in the account maintained with SCSBs under ASBA) for applications by UPI Bidders through
Designated Intermediaries with the objective to reduce the time duration from public issue closure to listing from
six Working Days to up to three Working Days. Considering the time required for making necessary changes to
the systems and to ensure complete and smooth transition to the UPI payment mechanism, the UPI Circulars and
the Previous UPI Circulars have introduced the UPI Mechanism in three phases in the following manner:
Phase I: This phase was applicable from January 1, 2019 until March 31, 2019 or floating of five main board
public issues, whichever was later. Subsequently, the timeline for implementation of Phase I was extended till
June 30, 2019. Under this phase, an RII had the option to submit the ASBA Form with any of the Designated
Intermediary and use his/ her UPI ID for the purpose of blocking of funds. The time duration from public issue
closure to listing continued to be six Working Days.
Phase II: This phase was applicable from July 1, 2019 and the continuation of this phase was extended until
March 31, 2020 vide SEBI circular no. SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 8, 2019. Under
this phase, submission of the ASBA Form by UPI Bidders through Designated Intermediaries (other than SCSBs)
to SCSBs for blocking of funds was discontinued and replaced by the UPI Mechanism. However, the time duration
from public issue closure to listing continued to be six Working Days during this phase. Further, pursuant to SEBI
circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30, 2020, this phase was extended till further
notice.
Phase III: This phase has become applicable on a voluntary basis for all issues opening on or after September
1, 2023 and on a mandatory basis for all issues opening on or after December 1, 2023, vide SEBI circular bearing
number SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023 ("T+3 Notification”). In this phase, the
time duration from public issue closure to listing has been reduced to three Working Days. The Offer was
undertaken pursuant to the processes and procedures as notified in the T+3 Notification as applicable, subject to
491any circulars, clarification or notification issued by the SEBI from time to time, including any circular,
clarification or notification which may be issued by SEBI.
The Offer is being made under Phase III of the UPI (on a mandatory basis).
The processing fees for applications made by UPI Bidders using the UPI Mechanism was released to the SCSBs
only after such banks provide a written confirmation, in compliance with the SEBI RTA Master Circular in a
format as prescribed by SEBI, from time to time, and such payment of processing fees to the SCSBs was required
be made in compliance with circulars prescribed by SEBI and applicable law. The Offer was made under UPI
Phase III of the UPI Circular.
All SCSBs offering facility of making application in public issues shall also provide facility to make application
using UPI. Our Company was required to appoint one of the SCSBs as a sponsor bank to act as a conduit between
the Stock Exchanges and NPCI in order to facilitate collection of requests and / or payment instructions of the
UPI Bidders using the UPI.
Pursuant to the UPI Circulars, SEBI has set out specific requirements for redressal of investor grievances for
applications that have been made through the UPI Mechanism. The requirements of the UPI Circular include,
appointment of a nodal officer by the SCSB and submission of their details to SEBI, the requirement for SCSBs
to send SMS alerts for the blocking and unblocking of UPI mandates, the requirement for the Registrar to submit
details of cancelled, withdrawn or deleted applications, and the requirement for the bank accounts of unsuccessful
Bidders to be unblocked no later than one Working Day from the date on which the Basis of Allotment is
finalised. Failure to unblock the accounts within the timeline would result in the SCSBs being penalised under the
relevant securities law. Additionally, if there is any delay in the redressal of investors’ complaints, the relevant
SCSB as well as the post–Offer BRLMs will be required to compensate the concerned investor.
Our Company was required to appoint one of the SCSBs as a sponsor bank to act as a conduit between the Stock
Exchanges and NPCI in order to facilitate collection of requests and/or payment instructions of the UPI Bidders
using the UPI.
The processing fees for applications made by UPI Bidders using the UPI Mechanism was released to the SCSBs
only after such banks made an application to the BRLMs with a copy to the Registrar, and such application was
made only after (i) unblocking of application amounts in the bank accounts for each application received by the
SCSB has been fully completed, and (ii) applicable compensation relating to investor complaints has been paid
by the SCSB in compliance with SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16,
2021 read with SEBI circular SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 02, 2021 and such payment of
processing fees to the SCSBs was made in compliance with SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2022/51
dated April 20, 2022. NPCI vide circular reference no. NPCI/UPI/OC No. 127/ 2021-22 dated December 09, 2021,
inter alia, has enhanced the per transaction limit in UPI from more than ₹0.20 million to ₹0.50 million for UPI
based ASBA in initial public offerings.
Further, pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/45 dated April 5, 2022, all UPI Bidders
were required to provide their UPI ID in the Bid cum Application Form submitted with any of the entities
mentioned herein
below:
(i) a syndicate member;
(ii) a stock broker registered with a recognised stock exchange (and whose name is mentioned on the website
of the stock exchange as eligible for this activity);
(iii) a depository participant (whose name is mentioned on the website of the stock exchange as eligible for this
activity);
(iv) a registrar to an issue and share transfer agent (whose name is mentioned on the website of the stock
exchange as eligible for this activity).
For further details, please refer to the General Information Document available on the websites of the Stock
Exchanges and the BRLMs.
492Electronic registration of Bids
(a) The Designated Intermediary could register the Bids using the on-line facilities of the Stock Exchanges.
The Designated Intermediaries could also set up facilities for off-line electronic registration of Bids, subject
to the condition that they could subsequently upload the off-line data file into the on-line facilities for Book
Building on a regular basis before the closure of the Offer.
(b) On the Bid/Offer Closing Date, the Designated Intermediaries could upload the Bids till such time as may
be permitted by the Stock Exchanges and as disclosed in the Red Herring Prospectus and this Prospectus.
(c) Only Bids that were uploaded on the Stock Exchanges platform were considered for allocation/Allotment.
The Designated Intermediaries could modify select fields uploaded in the Stock Exchange platform during
the Bid/Offer Period till 5.00 pm on the Bid/Offer Closing Date after which the Stock Exchange(s) sent the
bid information to the Registrar to the Offer for further processing.
(d) QIBs and Non-Institutional Bidders could neither revise their bids downwards nor cancel/withdraw their bids.
The Sponsor Bank(s) were required to host a web portal for intermediaries (closed user group) from the date of
Bid/ Offer Opening Date till the date of listing of the Equity Shares with details of statistics of mandate blocks/
unblocks, performance of apps and UPI handles, down-time/network latency (if any) across intermediaries and
any such processes having an impact/ bearing on the Offer bidding process.
Bid cum Application Form
Copies of the Bid cum Application Form (other than for Anchor Investors) and the Abridged Prospectus were
available with the Designated Intermediaries at relevant Bidding Centers and at our Registered and Corporate
Office. Electronic copy of the Bid cum Application Forms were also be available for download on the websites
of the NSE (www.nseindia.com) and the BSE (www.bseindia.com) at least one day prior to the Bid/Offer Opening
Date.
The Anchor Investor Application Forms were made available at the offices of the BRLMs.
All Bidders (other than Anchor Investors) had to compulsorily use the ASBA process to participate in the Offer.
UPI Bidders could Bid in the Offer through UPI Mechanism for submitting their bids to Designated Intermediaries
and were allowed to use ASBA Process by way of ASBA Forms to submit their bids directly to SCSBs. Anchor
Investors are not permitted to participate in this Offer through the ASBA process.
Bidders (other than Anchor Investors and UPI Bidders) were required to provide bank account details and
authorisation by the ASBA account holder to block funds in their respective ASBA Accounts in the relevant space
provided in the Bid cum Application Form and the Bid cum Application Form that did not contain such details
were liable to be rejected.
UPI Bidders submitting their Bid cum Application Form to any Designated Intermediary (other than SCSBs) were
required to bid using the UPI Mechanism and were required to provide the UPI ID in the relevant space provided
in the Bid cum Application Form. UPI Bidders submitting their Bid cum Application Form to any Designated
Intermediary (other than SCSBs) without mentioning the UPI ID were liable to be rejected. UPI Bidders Bidding
using the UPI Mechanism may also apply through the SCSBs and mobile applications using the UPI handles as
provided on the website of SEBI. Applications made using third party bank account or using third party linked
bank account UPI ID were liable for rejection.
Further, ASBA Bidders were required to ensure that the Bids are submitted at the Bidding Centres only on ASBA
Forms bearing the stamp of a Designated Intermediary (except in case of electronic ASBA Forms) and ASBA
Forms not bearing such specified stamp were liable for rejection. UPI Bidders using UPI Mechanism, were be
required to submit their ASBA Forms, including details of their UPI IDs, with the Syndicate, Sub-Syndicate
Member(s), Registered Brokers, RTAs or CDPs. RIIs authorising an SCSB to block the Bid Amount in the ASBA
Account could submit their ASBA Forms with the SCSBs. Bidders, using the ASBA process to participate in the
Offer, required to ensure that the ASBA Account has sufficient credit balance such that an amount equivalent to
the full Bid Amount could be blocked therein. In order to ensure timely information to investors SCSBs were
required to send SMS alerts to investors intimating them about the Bid Amounts blocked/unblocked.
493Since the Offer is made under Phase III (on a mandatory basis), ASBA Bidders may submit the ASBA Form in
the manner below:
(i) RIIs (other than UPI Bidders) could submit their ASBA Forms with SCSBs (physically or online, as
applicable), or online using the facility of linked online trading, demat and bank account (3 in 1 type
accounts), provided by certain brokers.
(ii) UPI Bidders could submit their ASBA Forms with the Syndicate, sub-Syndicate Member(s), Registered
Brokers, RTAs or CDPs, or online using the facility of linked online trading, demat and bank account (3 in
1 type accounts), provided by certain brokers.
(iii) QIBs and NIIs could submit their ASBA Forms with SCSBs, Syndicate, sub-Syndicate Member(s),
Registered Brokers, RTAs or CDPs.
ASBA Bidders were also required to ensure that the ASBA Account has sufficient credit balance as an amount
equivalent to the full Bid Amount which could be blocked by the SCSB or the Sponsor Bank(s), as applicable, at
the time of submitting the Bid. In order to ensure timely information to investors, SCSBs were required to send
SMS alerts to investors intimating them about Bid Amounts blocked / unblocked.
For all IPOs opening on or after September 1, 2022, as specified in SEBI circular no.
SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, all the ASBA applications in Public Issues were
required to be processed only after the application monies are blocked in the investor’s bank accounts. Stock
Exchanges could accept the ASBA applications in their electronic book building platform only with a mandatory
confirmation on the application monies blocked. The circular is applicable for all categories of investors viz. Retail
Individual Investors, QIB and NII and also for all modes through which the applications are processed.
UPI Bidders bidding through UPI Mechanism were required to provide the UPI ID in the relevant space provided
in the Bid cum Application Form.
The prescribed colour of the Bid cum Application Forms for various categories was as follows:
Colour of Bid cum
Category
Application Form*
Resident Indians, including resident QIBs, Non-Institutional Investors, UPI Bidders and
White
Eligible NRIs applying on a non-repatriation basis
Eligible NRIs, FPIs and registered bilateral and multilateral development financial Blue
institutions applying on a repatriation basis
Anchor Investors White
Eligible Employees Bidding in the Employee Reservation Portion Pink
* Excluding electronic Bid cum Application Forms
Notes:
(i) Electronic Bid cum Application Forms and the Abridged Prospectus were also made available for download on the website of NSE
(www.nseindia.com) and BSE (www.bseindia.com).
(ii) The Anchor Investor Application Forms were also made available at the offices of the BRLMs.
(iii) Bid cum Application Forms for Eligible Employees were also made available at the Registered and Corporate Office of our Company.
In case of ASBA Forms, the relevant Designated Intermediaries were required to upload the relevant Bid details
(including UPI ID in case of ASBA Forms under the UPI Mechanism) in the electronic bidding system of the
Stock Exchanges. Designated Intermediaries (other than SCSBs) were required to submit/deliver the ASBA Forms
(except Bid cum Application Forms submitted by UPI Bidders) to the respective SCSB, where the Bidder has a
bank account and did not submit it to any non-SCSB bank or any Escrow Collection Bank(s). Pursuant to NSE
circular dated July 22, 2022 with reference no. 23/2022 and BSE circular dated July 22, 2022 with reference no.
20220722-30, has mandated that Trading Members, Syndicate Member(s), RTA and Depository Participants were
required to submit Syndicate ASBA bids above ₹0.5 million and NII & QIB bids above ₹0.2 million through
SCSBs only.
For UPI Bidders, the Stock Exchanges were required to share the Bid details (including UPI ID) with the Sponsor
Bank(s) on a continuous basis to enable the Sponsor Bank(s) to initiate a UPI Mandate Request to such UPI Bidders
for blocking of funds. The Sponsor Bank(s) were required to initiate request for blocking of funds through NPCI
to UPI Bidders, were required to accept the UPI Mandate Request for blocking of funds on their respective mobile
applications associated with UPI ID linked bank account. The NPCI were required to maintain an audit trail for
every Bid entered in the Stock Exchanges bidding platform, and the liability to compensate UPI Bidders in case
494of failed transactions shall be with the concerned entity (i.e., the Sponsor Bank(s), NPCI or the issuer bank) at
whose end the lifecycle of the transaction has come to a halt. The NPCI were required to share the audit trail of
all disputed transactions/ investor complaints to the Sponsor Bank(s) and the issuer bank. The Sponsor Bank(s)
and the Bankers to the Offer were required to provide the audit trail to the BRLMs for analysing the same and
fixing liability. For ensuring timely information to investors, SCSBs shall send SMS alerts as specified in the
SEBI ICDR Master Circular and SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16,
2021, as amended pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 and
SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 (to the extent not rescinded by the
SEBI ICDR Master Circular).
Stock Exchanges were required to validate the electronic bids with the records of the CDP for DP ID/Client ID
and PAN, on a real time basis through API integration and bring inconsistencies to the notice of the relevant
Designated Intermediaries, for rectification and re-submission within the time specified by Stock Exchanges.
Stock Exchanges were required to allow modification of either DP ID/Client ID or PAN ID, bank code and
location code in the Bid details already uploaded.
In accordance with BSE Circular No: 20220803-40 and NSE Circular No: 25/2022, each dated August 3, 2022,
for all pending UPI Mandate Requests, the Sponsor Bank(s) initiated requests for blocking of funds in the ASBA
Accounts of relevant Bidders with a confirmation cut-off time of 5:00 pm on the Bid/Offer Closing Date (“Cut-
Off Time”). Accordingly, UPI Bidders were required to accept UPI Mandate Requests for blocking off funds
prior to the Cut-Off Time and all pending UPI Mandate Requests at the Cut-Off Time shall lapse.
The Sponsor Bank(s) will undertook a reconciliation of Bid responses received from Stock Exchanges and sent to
NPCI and were required to ensure that all the responses received from NPCI are sent to the Stock Exchanges
platform with detailed error code and description, if any. Further, the Sponsor Bank(s) were required to undertake
reconciliation of all Bid requests and responses throughout their lifecycle on daily basis and share reports with the
BRLMs in the format and within the timelines as specified under the UPI Circulars. Sponsor Bank(s) and issuer
banks downloaded UPI settlement files and raw data files from the NPCI portal after every settlement cycle and
do a three-way reconciliation with Banks UPI switch data, CBS data and UPI raw data. NPCI coordinated with
issuer banks and Sponsor Bank(s) on a continuous basis.
The Sponsor Banks and the issuer banks were required to provide the audit trail to the BRLMs for analysing the
same and fixing liability. For ensuring timely information to investors, SCSBs were required to send SMS alerts
as specified in circulars prescribed by SEBI, from time to time.
The processing fees for applications made by the UPI Bidders using the UPI Mechanism was released to the
SCSBs only after such SCSBs provide a written confirmation in compliance with the SEBI RTA Master
Circular, in a format prescribed by SEBI or applicable law.
Pursuant to NSE circular dated August 3, 2022, the following was applicable to all initial public offers:
(a) Cut-off time for acceptance of UPI Mandate was 5:00 pm on the initial public offer closure date and
existing process of UPI bid entry by Syndicate Member(s), registrars to the offer and depository
participants would continue till further notice.
(b) There was no T+1 mismatch modification session for PAN-DP mismatch and bank/ location code on T+1
day for already uploaded bids. The dedicated window provided for mismatch modification on T+1 day
was discontinued.
(c) Bid entry and modification/ cancellation (if any) was allowed in parallel to the regular bidding period up
to 4.00 p.m. for QIBs and Non-Institutional Bidders categories and up to 5.00 p.m. for Retail Individual
and Eligible Employee Bidders categories on the initial public offer closure day.
(d) QIBs and Non-Institutional Bidders could neither revise their bids downwards nor cancel/withdraw their
bids.
(e) Exchanges were required to display bid details of only successful ASBA blocked applications i.e.
Application with latest status as RC 100 – Block Request Accepted by Investor/ Client.
Participation by Promoters and members of the Promoter Group of the Company, the BRLMs, associates
and affiliates of the BRLMs and the Syndicate Member(s)
495The BRLMs and the Syndicate Member(s) were not be allowed to purchase/subscribe to the Equity Shares in this
Offer in any manner, except towards fulfilling their underwriting obligations. However, the respective associates
and affiliates of the BRLMs and the Syndicate Member(s) could purchase/subscribe to the Equity Shares in the
Offer in the QIB Portion or in the Non-Institutional Portion, as could be applicable to such Bidders, where the
allocation is on a proportionate basis and such subscription may be on their own account or on behalf of their
clients. All categories of investors, including respective associates or affiliates of the BRLMs and Syndicate
Member(s), were required to be treated equally for the purpose of allocation to be made on a proportionate basis.
Neither the BRLMs or any associates of the BRLMs (except Mutual Funds sponsored by entities which are
associates of the BRLMs or insurance companies promoted by entities which are associate of BRLMs or AIFs
sponsored by the entities which are associate of the BRLMs or FPIs other than individuals, corporate bodies and
family offices sponsored by the entities which are associates of the BRLMs or pension funds sponsored by entities
which are associate of the BRLMs) could apply in the Offer under the Anchor Investor Portion.
Further, an Anchor Investor was deemed to be an “associate of the BRLM” if: (i) either of them controlled, directly
or indirectly through its subsidiary or holding company, not less than 15% of the voting rights in the other; or (ii)
either of them, directly or indirectly, by itself or in combination with other persons, exercised control over the
other; or (iii) there is a common director, excluding nominee director, amongst the Anchor Investors and the
BRLMs.
Further, the Promoters and members of the Promoter Group were not permitted to participate by applying for
Equity Shares in the Offer, except in accordance with the applicable law. Furthermore, persons related to the
Promoters and the Promoter Group did not apply in the Offer under the Anchor Investor Portion. It is clarified
that a qualified institutional buyer who has rights under a shareholders’ agreement or voting agreement entered
into with any of the Promoters or members of the Promoter Group of our Company, veto rights or a right to
appoint any nominee director on our Board, deemed to be a person related to a Promoter or member of the
Promoter Group of our Company.
Bids by Mutual Funds
With respect to Bids by Mutual Funds, a certified copy of their SEBI registration certificate was required to be
lodged along with the Bid cum Application Form. Failing this, the Company reserves the right to reject any Bid
without assigning any reason thereof. Bids made by asset management companies or custodians of Mutual Funds
were required to specifically state names of the concerned schemes for which such Bids are made.
In case of a Mutual Fund, a separate Bid could be made in respect of each scheme of a Mutual Fund registered
with the SEBI and such Bids in respect of more than one scheme of a Mutual Fund was not treated as multiple
Bids, provided that such Bids clearly indicate the scheme concerned for which the Bid was submitted.
No Mutual Fund scheme could invest more than 10% of its net asset value in equity shares or equity related
instruments of any single company provided that the limit of 10% was not applicable for investments in case of
index funds or sector or industry specific scheme. No Mutual Fund under all its schemes could own more than
10% of any company’s paid-up share capital carrying voting rights.
Bids by Eligible Non-Resident Indians
Eligible NRIs could obtain copies of Bid cum Application Form from the offices of the Designated Intermediaries.
Only Bids accompanied by payment in Indian Rupees or freely convertible foreign exchange will be considered
for Allotment. Eligible NRIs applying on a repatriation basis should authorise their respective SCSBs or confirm
or accept the UPI Mandate Request (in case of UPI Bidders) to block their Non-Resident External Accounts
(“NRE Account”) (including UPI ID, if activated), or Foreign Currency Non-Resident Accounts (“FCNR
Account”), and Eligible NRIs bidding on a non-repatriation basis by using Resident Forms were required to
authorise their respective SCSBs or confirm or accept the UPI Mandate Request (in case of UPI Bidders) to block
their Non-Resident Ordinary (“NRO”) accounts for the full Bid amount, at the time of submission of the Bid cum
Application Form. NRIs applying in the Offer through the UPI Mechanism are advised to enquire with the relevant
bank, whether their account is UPI linked, prior to submitting a Bid cum Application Form.
Eligible NRIs Bidding on a repatriation basis were advised to use the Bid cum Application Form meant for Non-
Residents (blue in colour). Eligible NRIs Bidding on non-repatriation basis were advised to use the Bid cum
Application Form for residents (white in colour). By way of Press Note 1 (2021 Series) dated March 19, 2021,
496issued by the DPIIT, it has been clarified that an investment made by a NRI or an Indian entity which is owned
and controlled by NRIs on a non-repatriation basis, shall not be considered for calculation of indirect foreign
investment.
Eligible NRIs were be permitted to apply in the Offer through Channel I or Channel II (as specified in the SEBI
UPI Circulars). Further, subject to applicable law, Eligible NRIs could use Channel IV (as specified in the SEBI
UPI Circulars) to apply in the Offer, provided the UPI facility is enabled for their NRE/NRO accounts.
Participation by Eligible NRIs in the Offer shall be subject to the FEMA Rules.
(a) In accordance with the FEMA Rules, the total holding by any individual NRI, on a repatriation basis, could
not exceed 5% of the total paid-up equity capital on a fully diluted basis or could not exceed 5% of the
paid-up value of each series of debentures or preference shares or share warrants issued by an Indian
company and the total holdings of all NRIs and OCIs put together could not exceed 10% of the total paid-
up equity capital on a fully diluted basis or could not exceed 10% of the paid-up value of each series of
debentures or preference shares or share warrant. Provided that the aggregate ceiling of 10% could be raised
to 24% if a special resolution to that effect was passed by the general body of the Indian company. Eligible
NRIs were permitted to apply in the Offer through Channel I or Channel II (as specified in the SEBI UPI
Circulars). Further, subject to applicable law,
Eligible NRIs could use Channel IV (as specified in the SEBI UPI Circulars) to apply in the Offer, provided
the UPI facility is enabled for their NRE / NRO accounts. Eligible NRIs Bidding on a repatriation basis
were advised to use the Bid cum Application Form meant for Non-Residents (blue in colour).
Eligible NRIs Bidding on non-repatriation basis were advised to use the Bid cum Application Form for
residents (white in colour).
(b) For details, see “Restrictions on Foreign Ownership of Indian Securities” on page 513.
Bids by Hindu Undivided Families
Bids by Hindu Undivided Families or HUFs was required to be made in the individual name of the Karta. The
Bidder/applicant was required to specify that the Bid is being made in the name of the HUF in the Bid cum
Application Form as follows: “Name of sole or first Bidder/applicant: XYZ Hindu Undivided Family applying
through XYZ, where XYZ is the name of the Karta”. Bids/applications by HUFs were considered at par with
Bids/applications from individuals.
Bids by Eligible Employees
The Bid must be for a minimum of 54 equity shares of face value of ₹2 each and in multiples of 54 equity shares
of face value of ₹2 each thereafter so as to ensure that the Bid Amount payable by the Eligible Employee did not
exceed ₹0.50 million on a net basis. However, the initial allocation to an Eligible Employee in the Employee
Reservation Portion could not exceed ₹0.20 million. Allotment in the Employee Reservation Portion will be as
detailed in the section “Offer Structure” on page 484.
However, Allotments to Eligible Employees in excess of ₹0.20 million could be considered on a proportionate
basis, in the event of under subscription in the Employee Reservation Portion, subject to the total Allotment to an
Eligible Employee not exceeding ₹0.50 million. Subsequent under-subscription, if any, in the Employee
Reservation Portion was required to be added back to the Net Offer. Eligible Employees Bidding in the Employee
Reservation Portion could Bid at the Cut-off Price.
Bids under the Employee Reservation Portion by Eligible Employees could be:
• Made only in the prescribed Bid cum Application Form or Revision Form (i.e., pink colour form).
• Only Eligible Employees (excluding such other persons not eligible under applicable laws, rules, regulations
and guidelines) were eligible to apply in this Offer under the Employee Reservation Portion.
• In case of joint bids, the sole/ first Bidder was the Eligible Employee.
• Bids by Eligible Employees could be made at Cut-off Price.
497• Only those Bids, which were received at or above the Offer Price was considered for allocation under this
portion.
• The Bids must be for a minimum of 54 equity shares of face value of ₹2 each and in multiples of 54 equity
shares of face value of ₹2 each thereafter so as to ensure that the Bid Amount payable by the Eligible
Employee subject to a maximum Bid Amount of ₹0.50 million on a net basis.
• Eligible Employees bidding in the Employee Reservation Portion could Bid through the UPI mechanism
• If the aggregate demand in this portion was less than or equal to 35,750 equity shares of face value of ₹2 each
at or above the Offer Price, net of Employee discount, full allocation could be made to the Eligible Employees
to the extent of their demand.
• Bids by Eligible Employees in the Employee Reservation Portion and in the Net Offer portion was not treated
as multiple Bids.
• Eligible Employees were required to mention their employee number at the relevant place in the Bid cum
Application Form or Revision Form.
In the event of under-subscription in the Employee Reservation Portion, the unsubscribed portion would be
available for allocation and Allotment, proportionately to all Eligible Employees who have Bid in excess of ₹0.20
million, subject to the maximum value of Allotment made to such Eligible Employee not exceeding ₹0.50 million.
Bids by Foreign Portfolio Investors
In terms of the SEBI FPI Regulations, investment in the Equity Shares by a single FPI or an investor group (which
means multiple entities registered as foreign portfolio investors and directly and indirectly having common
ownership of more than 50% or common control) was required to be below 10% of our post-Offer Equity Share
capital on a fully diluted basis. Further, in terms of the applicable FEMA Rules the total holding by each FPI or
an investor group could not exceed 10% of the total paid-up Equity Share capital of our Company on a fully
diluted basis, as applicable and the aggregate holdings of all the FPIs, including any other direct and indirect
foreign investments in our Company, could not exceed 24% of the total paid-up Equity Share capital on a fully
diluted basis, as applicable.
In case of Bids made by FPIs, a certified copy of the certificate of registration issued under the SEBI FPI
Regulations was required to be attached to the Bid cum Application Form, failing which our Company reserved
the right to reject any Bid without assigning any reason. FPIs who wish to participate in the Offer were advised
to use the Bid cum Application Form for Non-Residents (blue in colour).
FPIs were permitted to participate in the Offer subject to compliance with conditions and restrictions specified
under the FEMA Rules and as specified by the GoI from time to time.
In terms of applicable FEMA Rules and the SEBI FPI Regulations, investments by FPIs in the capital of an Indian
company is subject to certain limits, i.e. the individual holding of an FPI (including its investor group)is restricted
to below 10% of the total paid-up share capital of the company. In case the total holding of an FPI or investor
group increases beyond 10% of the total paid-up equity share capital of our Company, on a fully diluted basis or
10% or more of the paid-up value of any series of debentures or preference shares or share warrants that may be
issued by our Company, the total investment made by the FPI or investor group was re-classified as FDI subject
to the conditions as specified by SEBI and the RBI in this regard and our Company and the investor were required
to comply with applicable reporting requirements. Further, the total holdings of all FPIs put together, with effect
from April 1, 2020, could be up to the sectoral cap applicable to the sector in which our Company operates (i.e.,
up to 100%). In terms of the FEMA Rules, for calculating the aggregate holding of FPIs in a company, holding of
all registered FPIs was included. Our Company has increased the aggregate limit of investment by non-resident
Indians in the Company from 10% to 24% of the paid-up equity share capital by a resolution of our Board dated
August 16, 2024 and a resolution by our Shareholders dated September 4, 2024. In terms of the FEMA Rules, for
calculating the aggregate holding of FPIs in a company, holding of all registered FPIs were included.
To ensure compliance with the above requirement, SEBI, pursuant to SEBI ICDR Master Circular and SEBI RTA
Master Circular, has directed that at the time of finalisation of the Basis of Allotment, the Registrar was required
to (i) use the PAN issued by the Income Tax Department of India for checking compliance for a single FPI; and
(ii) obtain validation from Depositories for the FPIs who have invested in the Offer to ensure there is no breach
of the investment limit, within the timelines for issue procedure, as prescribed by SEBI from time to time.
498Subject to compliance with all applicable Indian laws, rules, regulations, guidelines and approvals in terms of
Regulation 21 of the SEBI FPI Regulations, an FPI was permitted to issue, subscribe to, or otherwise deal in offshore
derivative instruments, directly or indirectly, only if it complies with the following conditions:
(A) such offshore derivative instruments are issued only by persons registered as Category I FPIs;
(B) such offshore derivative instruments are issued only to persons eligible for registration as Category I FPIs;
(C) such offshore derivative instruments are issued after compliance with the ‘know your client’ norms
as specified by SEBI; and
(D) such other conditions as may be specified by SEBI from time to time.
An FPI is required to ensure that the transfer of an offshore derivative instruments issued by or on behalf of it, is
subject to (a) the transfer having been made to persons which fulfil the criteria provided under Regulation 21(1)
of the SEBI FPI Regulations (as mentioned above from points (a) to (d)); including the conditions to deal in
overseas direct instruments and (b) prior consent of the FPI is obtained for such transfer, except in cases, where
the persons to whom the offshore derivative instruments are to be transferred, are pre-approved by the FPI.
Bids received from FPIs bearing the same PAN were required to be treated as multiple Bids and were liable to be
rejected, except for Bids from FPIs that utilize the multiple investment manager structure in accordance with the
Operational Guidelines for Foreign Portfolio Investors and Designated Depository Participants issued to facilitate
implementation of SEBI FPI Regulations (such structure referred to as “MIM Structure”), provided such Bids
were made with different beneficiary account numbers, Client IDs and DP IDs shall not be treated as multiple
Bids:
• FPIs which utilise the multi investment manager structure;
• Offshore derivative instruments which have obtained separate FPI registration for ODI and proprietary
derivative investments;
• Sub funds or separate class of investors with segregated portfolio who obtain separate FPI registration;
• FPI registrations granted at investment strategy level / sub fund level where a collective investment scheme
or fund has multiple investment strategies / sub-funds with identifiable differences and managed by a single
investment manager.
• Multiple branches in different jurisdictions of foreign bank registered as FPIs;
• Government and Government related investors registered as Category 1 FPIs; and
• Entities registered as collective investment scheme having multiple share classes.
The Bids belonging to any of the above mentioned seven structures and having same PAN were collated and
identified as a single Bid in the Bidding process. The Equity Shares allotted in the Bid may be proportionately
distributed to the applicant FPIs (with same PAN).
Accordingly, it should be noted that multiple Bids received from FPIs, who did not utilize the MIM Structure, and
bear the same PAN, were liable to be rejected. In order to ensure valid Bids, FPIs making multiple Bids using the
same PAN, and with different beneficiary account numbers, Client IDs and DP IDs, were required to provide a
confirmation in the Bid cum Application Forms that the relevant FPIs making multiple Bids utilize the MIM
Structure. In the absence of such confirmation from the relevant FPIs, such multiple Bids were rejected.
Participation of FPIs in the Offer shall be subject to the FEMA Rules.
Bids by Securities and Exchange Board of India registered Alternative Investment Funds and Venture
Capital Funds
The SEBI AIF Regulations prescribe, amongst others, the investment restrictions on AIFs. Post the repeal of the
Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996, the VCFs which have not
re-registered as an AIF under the SEBI AIF Regulations shall continue to be regulated by the SEBI (Venture
Capital Funds) Regulations, 1996 until the existing fund or scheme managed by the fund is wound up.
499Category I and II AIFs could not invest more than 25% of the corpus in one investee company. A category III
AIF could not invest more than 10% of the corpus in one investee company. A VCF registered as a category I AIF,
could not invest more than one-third of its investible funds, in the aggregate, in certain specified instruments,
including by way of subscription to an initial public offering of a venture capital undertaking. The holding in any
company by any individual VCF registered with SEBI could not exceed 25% of the corpus of the VCF. A VCF
could invest only up to 33.33% of its investible funds, in the aggregate, in certain specified instruments, which
includes subscription to an initial public offering of a venture capital undertaking or an investee company (as
defined under the SEBI AIF Regulations).
Participation of AIFs and VCFs was subject to the FEMA Rules. For details, see “Restrictions on Foreign
Ownership of Indian Securities” on page 513.
There was no reservation for Eligible NRI Bidders, AIFs and FPIs. All Bidders will be treated on the same
basis with other categories for the purpose of allocation.
All non-resident investors should note that refunds (in case of Anchor Investors), dividends and other
distributions, if any, will be payable in Indian Rupees only and net of bank charges and commission.
Our Company, the Selling Shareholders or the BRLMs are not responsible for loss, if any, incurred by the
Bidder on account of conversion of foreign currency.
Bids by limited liability partnerships
In case of Bids made by limited liability partnerships registered under the Limited Liability Partnership Act, 2008,
a certified copy of certificate of registration issued under the Limited Liability Partnership Act, 2008, was
required to be attached to the Bid cum Application Form. Failing this, our Company in consultation with the
BRLMs, reserved the right to reject any Bid without assigning any reason thereof.
Bids by banking companies
In case of Bids made by banking companies registered with RBI, certified copies of: (i) the certificate of
registration issued by RBI, and (ii) the approval of such banking company’s investment committee was required to
be attached to the Bid cum Application Form, failing which our Company in consultation with the BRLMs
reserved the right to reject any Bid without assigning any reason thereof, subject to applicable law.
The investment limit for banking companies in non-financial services companies as per the Banking Regulation
Act, 1949 (the “Banking Regulation Act”), and Master Direction – Reserve Bank of India (Financial Services
provided by Banks) Directions, 2016 is 10% of the paid-up share capital of the investee company or 10% of the
bank’s own paid-up share capital and reserves, whichever is less. Further, the aggregate investment in subsidiaries
and other entities engaged in financial and non-financial services company cannot exceed 20% of the bank’s paid-
up share capital and reserves. A banking company may hold up to 30% of the paid-up share capital of the investee
company with the prior approval of the RBI, provided that the investee company is engaged in non-financial
activities in which banking companies are permitted to engage under the Banking Regulation Act or the additional
acquisition is through restructuring of debt/corporate debt restructuring/strategic debt restructuring, or to protect
the bank’s interest on loans/investments made to a company. The bank is required to submit a time-bound action
plan for disposal of such shares within a specified period to the RBI. A banking company would require a prior
approval of the RBI to make investment in excess of 30% of the paid-up share capital of the investee company,
investment in a subsidiary and a financial services company that is not a subsidiary (with certain exceptions
prescribed), and investment in a non-financial services company in excess of 10% of such investee company’s
paid-up share capital as stated in the Reserve Bank of India (Financial Services provided by Banks) Directions,
2016, as amended. Bids by banking companies should not exceed the investment limits prescribed for them under
the applicable laws.
Bids by Self Certified Syndicate Banks
SCSBs participating in the Offer were required to comply with the terms of the the terms of the SEBI ICDR Master
Circular and circulars bearing no. CIR/CFD/DIL/12/2012 and CIR/CFD/DIL/1/2013, dated September 13, 2012
and January 2, 2013, respectively, issued by the SEBI, each to the extent not rescinded by the SEBI ICDR Master
Circular. Such SCSBs are required to ensure that for making applications on their own account using ASBA, they
should have a separate account in their own name with any other SEBI registered SCSBs. Further, such account
500was used solely for the purpose of making application in public issues and clear demarcated funds should be
available in such account for such Bids.
Bids by insurance companies
In case of Bids made by insurance companies registered with the IRDAI, a certified copy of certificate of
registration issued by IRDAI was required to be attached to the Bid cum Application Form. Failing this, the
Company in consultation with BRLMs, reserved the right to reject any Bid without assigning any reason thereof.
The exposure norms for insurers, prescribed under the Insurance Regulatory and Development Authority
(Investment) Regulations, 2016 (“IRDA Investment Regulations”) based on the investments in the equity shares
of a company, the entire group of the investee company and the industry sector in which the investee company
operates. Bidders were advised to refer to the IRDA Investment Regulations for specific investment limits
applicable to them and shall comply with all applicable regulations, guidelines and circulars issued by IRDAI
from time to time.
Bids by Systemically Important Non-Banking Financial Companies
In case of Bids made by NBFC-SI, a certified copy of the certificate of registration issued by the RBI, a certified
copy of its last audited financial statements on a standalone basis and a net worth certificate from its statutory
auditor(s) and such other approvals as may be required by the NBFC – SI, was required to be attached to the Bid-
cum Application Form. Failing this, our Company in consultation with the BRLMs reserved the right to reject
any Bid, without assigning any reason thereof. NBFC-SI participating in the Offer complied with all applicable
regulations, guidelines and circulars issued by RBI from time to time.
The investment limit for NBFC – SI shall be prescribed by RBI from time to time.
Bids under power of attorney
In case of Bids made pursuant to a power of attorney by limited companies, corporate bodies, registered societies,
eligible FPIs, AIFs, Mutual Funds, insurance companies, NBFC-SI, insurance funds set up by the army, navy or
air force of the India, insurance funds set up by the Department of Posts, India or the National Investment Fund
and provident funds with a minimum corpus of ₹250 million (subject to applicable laws) and pension funds with
a minimum corpus of ₹250 million, registered with the Pension Fund Regulatory and Development Authority
established under Section 3(1) of the Pension Fund Regulatory and Development Authority Act, 2013, a
certified copy of the power of attorney or the relevant resolution or authority, as the case may be, along with
a certified copy of the memorandum of association and articles of association and/or bye laws was required be
lodged along with the Bid cum Application Form. Failing this, our Company in consultation with the BRLMs,
reserved the right to accept or reject any Bid in whole or in part, in either case, without assigning any reason thereof.
Our Company in consultation with the BRLMs, in their absolute discretion, reserved the right to relax the above
condition of simultaneous lodging of the power of attorney along with the Bid cum Application Form, subject to
such terms and conditions that our Company in consultation with the BRLMs, as it deemed fit.
Bids by provident funds/pension funds
In case of Bids made by provident funds/pension funds, with minimum corpus of ₹250 million, registered with the
Pension Fund Regulatory and Development Authority established under section 3(1) of the Pension Fund Regulatory and
Development Authority Act, 2013, subject to applicable laws, a certified copy of certificate from a chartered
accountant certifying the corpus of the provident fund/ pension fund must be attached to the Bid cum Application
Form. Failing this, our Company in consultation with the BRLMs, reserves the right to reject any Bid, without
assigning any reason therefor.
Bids by Anchor Investors
In accordance with the SEBI Regulations, in addition to details and conditions mentioned in this section, the key
terms for participation by Anchor Investors are provided below:
1. Anchor Investor Application Forms were made available for the Anchor Investor Portion at the offices of
the BRLMs.
5012. The Bid was required to be for a minimum of such number of Equity Shares so that the Bid Amount
exceeded ₹100 million. A Bid could not be submitted for over 60% of the QIB Portion. In case of a Mutual
Fund, separate Bids by individual schemes of a Mutual Fund would be aggregated to determine the
minimum application size of ₹100 million.
3. One-third of the Anchor Investor Portion was be reserved for allocation to domestic Mutual Funds.
4. Bidding for Anchor Investors opend one Working Day before the Bid/ Offer Opening Date and completed
on the same day.
5. Our Company in consultation with the BRLMs finalised allocation to the Anchor Investors on a
discretionary basis, provided that the minimum number of Allottees in the Anchor Investor Portion will not
be less than: (a) maximum of two Anchor Investors, where allocation under the Anchor Investor Portion is
up to ₹100 million; (b) minimum of two and maximum of 15 Anchor Investors, where the allocation under
the Anchor Investor Portion is more than ₹100 million but up to ₹2,500 million, subject to a minimum
Allotment of ₹50 million per Anchor Investor; and (c) in case of allocation above ₹2,500 million under the
Anchor Investor Portion, a minimum of five such investors and a maximum of 15 Anchor Investors for
allocation up to ₹2,500 million, and an additional 10 Anchor Investors for every additional ₹2,500 million,
subject to minimum allotment of ₹50 million per Anchor Investor.
6. Allocation to Anchor Investors would be completed on the Anchor Investor Bidding Date. The number of
Equity Shares allocated to Anchor Investors and the price at which the allocation was made available in
the public domain by the BRLMs before the Bid/ Offer Opening Date, through intimation to the Stock
Exchanges.
7. Anchor Investors could not withdraw or lower the size of their Bids at any stage after submission of the
Bid.
8. If the Offer Price was greater than the Anchor Investor Allocation Price, the additional amount being the
difference between the Offer Price and the Anchor Investor Allocation Price would be payable by the
Anchor Investors on the Anchor Investor Pay-In Date specified in the CAN. If the Offer Price was lower
than the Anchor Investor Allocation Price, Allotment to successful Anchor Investors would be at the higher
price, i.e., the Anchor Investor Offer Price and the difference amount would not be refunded to the Anchor
Investors.
9. Any Equity Shares Allotted to Anchor Investors in the Anchor Investor Portion shall be locked in the
following manner: there shall be a lock-in of 90 days on 50% of the Equity Shares Allotted to each of the
Anchor Investors from the date of Allotment, and a lock-in of 30 days on the remaining 50% of the Equity
Shares Allotted to each of the Anchor Investors from the date of Allotment.
10. Neither (a) the BRLMs (s) or any associate of the BRLMs (other than mutual funds sponsored by entities
which are associate of the BRLMs or insurance companies promoted by entities which are associate of the
BRLMs or Alternate Investment Funds (AIFs) sponsored by the entities which are associates of the BRLMs
or FPIs, other than individuals, corporate bodies and family offices, sponsored by the entities which are
associate of the BRLMs) nor (b) the Promoter, Promoter Group or any person related to the Promoter or
members of the Promoter Group applied under the Anchor Investors category.
11. Bids made by QIBs under both the Anchor Investor Portion and the QIB Portion were not considered
multiple Bids.
For more information, please read the General Information Document.
The above information was given for the benefit of the Bidders. Our Company, the Selling Shareholders
and the BRLMs are not liable for any amendments or modifications or changes in applicable laws or
regulations, which may occur after the date of this Prospectus, when filed. Bidders were advised to make
their independent investigations and ensure that any single Bid from them did not exceed the applicable
investment limits or maximum number of the Equity Shares that can be held by them under applicable laws
or regulation and as specified in the Draft Red Herring Prospectus, the Red Herring Prospectus and this
Prospectus when filed.
502In accordance with RBI regulations, OCBs cannot participate in the Offer.
Information for Bidders
The relevant Designated Intermediary was required to enter a maximum of three Bids at different price levels
opted in the Bid cum Application Form and such options were not considered as multiple Bids. It was the Bidder’s
responsibility to obtain the acknowledgment slip from the relevant Designated Intermediary. The registration of
the Bid by the Designated Intermediary did not guarantee that the Equity Shares would be allocated/Allotted. Such
Acknowledgement Slip was non-negotiable and by itself did not create any obligation of any kind. When a Bidder
revises his or her Bid, he /she was required to surrender the earlier Acknowledgement Slip and could request for
a revised acknowledgment slip from the relevant Designated Intermediary as proof of his or her having revised
the previous Bid.
In relation to electronic registration of Bids, the permission given by the Stock Exchanges to use their network
and software of the electronic bidding system should not in any way be deemed or construed to mean that the
compliance with various statutory and other requirements by our Company and/or the BRLMs are cleared or
approved by the Stock Exchanges; nor does it in any manner warrant, certify or endorse the correctness or
completeness of compliance with the statutory and other requirements, nor does it take any responsibility for the
financial or other soundness of our Company, the management or any scheme or project of our Company; nor
does it in any manner warrant, certify or endorse the correctness or completeness of any of the contents of the
Draft Red Herring Prospectus, the Red Herring Prospectus or this Prospectus; nor does it warrant that the Equity
Shares will be listed or will continue to be listed on the Stock Exchanges.
The Offer opened after at least three Working Days from the date of filing of this Prospectus with the RoC.
Pre-Offer Advertisement
Subject to Section 30 of the Companies Act, 2013, our Company had, after filing the Red Herring Prospectus with
the RoC, publish a pre-Offer and Price Band advertisement, in the form prescribed by the SEBI ICDR Regulations,
in all editions of The Financial Express, an English national daily newspaper, all editions of Jansatta, a Hindi
national daily newspaper and Mumbai edition of Navshakti, a Marathi daily newspaper (Marathi being the
regional language of Maharashtra, where our Registered and Corporate Office is located), each with wide
circulation. This advertisement, subject to the provisions of Section 30 of the Companies Act, 2013, was in the
format prescribed in Part A of Schedule X of the SEBI ICDR Regulations.
Allotment Advertisement
The Allotment Advertisement shall be uploaded on the websites of our Company, the BRLMs and the Registrar
to the Offer, before 9.00 p.m. IST, on the date of receipt of the final listing and trading approval from all the Stock
Exchanges where the Equity Shares are proposed to be listed, provided such final listing and trading approval
from all the Stock Exchanges is received prior to 9.00 p.m. IST on that day. In an event, if final listing and trading
approval from all the Stock Exchanges is received post 9.00 p.m. IST on the date of receipt of the final listing and
trading approval from all the Stock Exchanges where the Equity Shares are proposed to be listed, then the
Allotment Advertisement will be uploaded on the websites of our Company, the BRLMs and the Registrar to the
Offer, following the receipt of final listing and trading approval from all the Stock Exchanges.
Our Company, the BRLMs and the Registrar to the Offer shall publish an allotment advertisement before
commencement of trading, disclosing the date of commencement of trading in all editions of The Financial
Express, an English national daily newspaper, all editions of Jansatta, a Hindi national daily newspaper and
Mumbai edition of Navshakti, a Marathi daily newspaper (Marathi being the regional language of Maharashtra,
where our Registered and Corporate Office is located), each with wide circulation.
Signing of the Underwriting Agreement and the RoC Filing
(a) Our Company, the Selling Shareholders and the Underwriters, have enter into an Underwriting Agreement
with the Underwriters for the Equity Shares proposed to be offered through the Offer.
(b) This Prospectus contains details of the Offer Price, the Anchor Investor Offer Price, Offer size, and
underwriting arrangements and is complete in all material respects.
General Instructions
503Please note that QIBs and Non-Institutional Investors are not permitted to withdraw their Bid(s) or lower the size
of their Bid(s) (in terms of quantity of Equity Shares or the Bid Amount) at any stage. RIIs and Eligible Employees
Bidding in the Employee Reservation Portion can revise their Bid(s) during the Bid/ Offer Period and withdraw
their Bid(s) until Bid/ Offer Closing Date. Anchor Investors are not allowed to withdraw or lower the size of
their Bids after the Anchor Investor Bidding Date.
Do’s:
(A) Check if you are eligible to apply as per the terms of the Red Herring Prospectus, this Prospectus and under
applicable law, rules, regulations, guidelines and approvals;
(B) Ensure that you have Bid within the Price Band
(C) Ensure that the PAN is linked with Aadhar in compliance with the circular no. 7 of 2022 dated March 30,
2022 and March 28, 2023 issued by the Central Bureau of Direct Taxes;
(D) Ensure that you have mentioned the correct ASBA Account number (for all Bidders other than UPI
Bidders) in the Bid cum Application Form (with maximum length of 45 characters. Further, UPI
Bidders must mention their UPI ID (with maximum length of 45 characters including the handle), in the
Bid cum Application Form;
(E) UPI Bidders Bidding using the UPI Mechanism shall make through the SCSBs and mobile
applications shall ensure that the name of the bank appears in the list of SCSBs which are live on UPI, as
displayed on the SEBI website. UPI Bidders shall ensure that the name of the app and the UPI handle
which is used for making the application appears in Annexure ‘A’ to the SEBI circular no.
SEBI/HO/CFD/DIL2/COR/P/2019/85 dated July 26, 2019; An application made using incorrect UPI
handle or using a bank account of an SCSB or bank which is not mentioned on the SEBI website is liable
to be rejected;
(F) UPI Bidders Bidding using the UPI Mechanism in the Offer shall ensure that they use only their own
ASBA Account or only their own bank account linked UPI ID to make an application in the Offer and not
ASBA Account or bank account linked UPI ID of any third party;
(G) Read all the instructions carefully and complete the Bid cum Application Form in the prescribed form;
(H) Ensure that the details about the PAN, DP ID, Client ID and UPI ID (where applicable) are correct and the
Bidders depository account is active, as Allotment of the Equity Shares will be in dematerialized form
only;
(I) UPI Bidders not using the UPI Mechanism, should submit their Bid cum Application Form directly with
SCSBs and not with any other Designated Intermediary;
(J) Ensure that your Bid cum Application Form bearing the stamp of a Designated Intermediary is submitted to
the Designated Intermediary at the Bidding Centre within the prescribed time;
(K) In case of joint Bids, ensure that first Bidder is the ASBA Account holder (or the UPI-linked bank
account holder, as the case may be) and the signature of the first Bidder is included in the Bid cum
Application Form;
(L) If the first Bidder is not the ASBA Account holder (or the UPI-linked bank account holder, as the case
may be), ensure that the Bid cum Application Form is signed by the ASBA Account holder (or the UPI-
linked bank account holder, as the case may be);
(M) All Bidders (other than Anchor Investors) should submit their Bids through the ASBA process only;
(N) In case of QIBs and NIIs (other than for Anchor Investor and UPI Bidder), ensure that while Bidding through
a Designated Intermediary, the ASBA Form is submitted to a Designated Intermediary in a Bidding Centre
and that the SCSB where the ASBA Account, as specified in the ASBA Form, is maintained has named at
504least one branch at that location for the Designated Intermediary to deposit ASBA Forms (a list of such
branches is available on the website of SEBI at http://www.sebi.gov.in);
(O) Ensure that the name(s) given in the Bid cum Application Form is/are exactly the same as the name(s) in
which the beneficiary account is held with the Depository Participant. In case of joint Bids, the Bid cum
Application Form should contain only the name of the First Bidder whose name should also appear as the
first holder of the beneficiary account held in joint names;
(P) Ensure that you request for and receive a stamped acknowledgement in the form of a counterfoil or by
specifying the application number for all your Bid options as proof of registration of the Bid cum
Application Form from the concerned Designated Intermediary;
(Q) Ensure that you have funds equal to the Bid Amount in the ASBA Account maintained with the SCSB
before submitting the Bid cum Application Form under the ASBA process to any of the Designated
Intermediaries;
(R) Ensure that you submit revised Bids to the same Designated Intermediary, through whom the original Bid
was placed and obtain a revised acknowledgment;
(S) Except for Bids (i) on behalf of the Central or State Governments and the officials appointed by the
courts, who, in terms of a SEBI circular dated June 30, 2008, may be exempt from specifying their PAN for
transacting in the securities market, (ii) Bids by persons resident in the state of Sikkim, who, in terms of a
SEBI circular dated July 20, 2006, may be exempted from specifying their PAN for transacting in the
securities market, and (iii) any other category of Bidders, including without limitation, multilateral/
bilateral institutions, which may be exempted from specifying their PAN for transacting in the securities
market, all Bidders should mention their PAN allotted under the IT Act. The exemption for the Central or
the State Government and officials appointed by the courts and for investors residing in the State of Sikkim
is subject to (a) the Demographic Details received from the respective depositories confirming the
exemption granted to the beneficiary owner by a suitable description in the PAN field and the
beneficiary account remaining in “active status”; and (b) in the case of residents of Sikkim, the address as
per the Demographic Details evidencing the same. All other applications in which PAN is not
mentioned would be rejected;
(T) Ensure that the Demographic Details are updated, true and correct in all respects;
(U) Ensure that thumb impressions and signatures other than in the languages specified in the Eighth
Schedule to the Constitution of India are attested by a Magistrate or a Notary Public or a Special
Executive Magistrate under official seal;
(V) Ensure that the category and the investor status is indicated in the Bid cum Application Form to ensure
proper upload of your Bid in the electronic Bidding System of the Stock Exchanges;
(W) Ensure that in case of Bids under power of attorney or by limited companies, corporates, trust etc.,
relevant documents, including a copy of the power of attorney, are submitted;
(X) Ensure that Bids submitted by any person outside India should be in compliance with applicable foreign and
Indian laws;
(Y) Bidders (except UPI Bidders) should instruct their respective banks to release the funds blocked in
the ASBA Account under the ASBA process. UPI Bidders, should ensure that they approve the UPI
Mandate Request generated by the Sponsor Bank(s) prior to 5:00 pm of the Bid / Offer Closing Date;
(Z) Note that in case the DP ID, UPI ID (where applicable), Client ID and the PAN mentioned in their Bid
cum Application Form and entered into the online IPO system of the Stock Exchanges by the relevant
Designated Intermediary, as the case may be, do not match with the DP ID, UPI ID (where applicable),
Client ID and PAN available in the Depository database, then such Bids are liable to be rejected;
(AA) Ensure that you have correctly signed the authorization /undertaking box in the Bid cum Application
Form, or have otherwise provided an authorization to the SCSB or the Sponsor Bank(s), as applicable via
505the electronic mode, for blocking funds in the ASBA Account equivalent to the Bid Amount mentioned in
the Bid cum Application Form at the time of submission of the Bid;
(BB) UPI Bidders shall ensure that details of the Bid are reviewed and verified by opening the attachment in
the UPI Mandate Request and then proceed to authorise the UPI Mandate Request using his/her UPI
PIN. Upon the authorization of the mandate using his/her UPI PIN, the UPI Bidder shall be deemed to
have verified the attachment containing the application details of the UPI Bidders in the UPI Mandate
Request and have agreed to block the entire Bid Amount and authorized the Sponsor Bank(s) to issue a
request to block the Bid Amount mentioned in the Bid Cum Application Form in his/her ASBA Account;
(CC) UPI Bidders Bidding using the UPI Mechanism shall ensure that the bank, with which they have their bank
account, where the funds equivalent to the application amount are available for blocking is UPI 2.0 certified
by NPCI before submitting the ASBA Form to any of the Designated Intermediaries;
(DD) FPIs making MIM Bids using the same PAN, and different beneficiary account numbers, Client IDs and
DP IDs, are required to submit a confirmation that their Bids are under the MIM structure and indicate the
name of their investment managers in such confirmation which shall be submitted along with each of their
Bid cum Application Forms. In the absence of such confirmation from the relevant FPIs, such MIM Bids
shall be rejected;
(EE) Bids received from FPIs bearing the same PAN shall not be treated as multiple Bids in the event such FPIs
utilise the MIM structure and such Bids have been made with different beneficiary account numbers, Client
IDs and DP IDs.
(FF) UPI Bidders should mention valid UPI ID of only the Bidder (in case of single account) and of the first
Bidder (in case of joint account) in the Bid cum Application Form;
(GG) UPI Bidders, who have revised their Bids subsequent to making the initial Bid, should also approve the
revised UPI Mandate Request generated by the Sponsor Bank(s) to authorise blocking of funds equivalent
to the revised Bid Amount in his/her account and subsequent debit of funds in case of allotment in a timely
manner.
(HH) UPI Bidders who wish to revise their Bids using the UPI Mechanism, should submit the revised Bid with
the Designated Intermediaries, pursuant to which UPI Bidders should ensure acceptance of the UPI
Mandate Request received from the Sponsor Bank(s) to authorise blocking of funds equivalent to the
revised Bid Amount in the ASBA Account;
(II) The ASBA bidders shall ensure that bids above ₹0.5 million, are uploaded only by the SCSBs;
(JJ) Ensure that Anchor Investors submit their Bid cum Application Forms only to the BRLMs; and
(KK) Ensure that the Bid cum Application Forms are delivered by the Bidders within the time prescribed as per
the Bid cum Application Form, the Red Herring Prospectus and this Prospectus. Application made using
incorrect UPI handle or using a bank account of an SCSB or SCSBs which is not mentioned on the website
of the SEBI, is liable to be rejected. The Bid cum Application Form is liable to be rejected if the above
instructions, as applicable, are not complied with. Application made using incorrect UPI handle or using a
bank account of an SCSB or SCSBs which is not mentioned in the Annexure ‘A’ to the SEBI circular no.
SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 is liable to be rejected.
Don’ts:
(A) Do not Bid for lower than the minimum Bid size;
(B) Do not Bid/revise Bid Amount to less than the Floor Price or higher than the Cap Price;
(C) Do not Bid on another Bid cum Application Form after you have submitted a Bid to a Designated
Intermediary;
(D) Do not pay the Bid Amount in cash, by money order, cheques or demand drafts or by postal order or by
stock invest;
506(E) Do not send Bid cum Application Forms by post; instead submit the same to the Designated Intermediary
only;
(F) Bids by HUFs not mentioned correctly as provided in “- Bids by Hindu Undivided Families” on page 497;
(G) Anchor Investors should not Bid through the ASBA process;
(H) Do not submit the Bid cum Application Forms to any non-SCSB bank or to our Company or at a location
other than the Bidding Centers; If you are UPI Bidder, do not submit the ASBA Form directly with SCSBs;
(I) Do not submit the Bid for an amount more than funds available in your ASBA account;
(J) Do not submit the ASBA Forms to any Designated Intermediary that is not authorised to collect the relevant
ASBA Forms or to our Company;
(K) Do not Bid on a physical Bid cum Application Form that does not have the stamp of the relevant
Designated Intermediary;
(L) UPI Bidders using the incorrect UPI handle or using a bank account of an SCSB and/ or mobile applications
which is not mentioned in the list provided on the SEBI website is liable to be rejected;
(M) Do not Bid at Cut-off Price (for Bids by QIBs and Non-Institutional Investors);
(N) Do not fill up the Bid cum Application Form such that the Equity Shares Bid for exceeds the Offer size and/
or investment limit or maximum number of the Equity Shares that can be held under the applicable
laws or regulations or maximum amount permissible under the applicable regulations or under the terms of
the Red Herring Prospectus ;
(O) Do not submit your Bid after 3.00 pm on the Bid/Offer Closing Date;
(P) If you are a QIB, do not submit your Bid after 3.00 p.m. on the QIB Bid/Offer Closing Date (for online
applications) and after 12:00 p.m. on the Bid/ Offer Closing Date (for Physical Applications);
(Q) Do not Bid for a Bid Amount exceeding ₹0.50 million (for Bids by UPI Bidders);
(R) Do not Bid for a Bid Amount exceeding ₹0.20 million (for Bids by Retail Individual Investors) and ₹0.50
million (net of Employee Discount) for Bids by Eligible Employees Bidding in the Employee Reservation
Portion;
(S) Do not submit the General Index Register (GIR) number instead of the PAN;
(T) Do not submit Bids to a Designated Intermediary at a location other than at the relevant Bidding Centres.
If you are UPI Bidder and are using UPI mechanism, do not submit the ASBA Form directly with SCSBs;
(U) Do not submit incorrect details of the DP ID, Client ID, PAN and UPI ID (where applicable) or provide
details for a beneficiary account which is suspended or for which details cannot be verified by the
Registrar to the Offer;
(V) Do not instruct your respective banks to release the funds blocked in the ASBA Account under the ASBA
process;
(W) Do not submit the Bid without ensuring that funds equivalent to the entire Bid Amount are available for
blocking in the relevant ASBA Account or in the case of UPI Bidders, in the UPI-linked bank account
where funds for making the Bid are available;
(X) Do not withdraw your Bid or lower the size of your Bid (in terms of quantity of the Equity Shares or the Bid
Amount) at any stage, if you are a QIB or a Non-Institutional Investor. Retail Individual Investors can revise
or withdraw their Bids until the Bid / Offer Closing Date;
507(Y) Do not submit Bids on plain paper or on incomplete or illegible Bid cum Application Forms or on Bid
cum Application Forms in a colour prescribed for another category of Bidder;
(Z) Do not link the UPI ID with a bank account maintained with a bank that is not UPI 2.0 certified by the
NPCI in case of Bids submitted by UPI Bidders;
(AA) Do not submit a Bid in case you are not eligible to acquire Equity Shares under applicable law or your
relevant constitutional documents or otherwise;
(BB) Do not Bid if you are not competent to contract under the Indian Contract Act, 1872 (other than minors
having valid depository accounts as per Demographic Details provided by the depository);
(CC) Do not submit a Bid/revise a Bid Amount, with a price less than the Floor Price or higher than the Cap
Price;
(DD) Do not submit more than one Bid cum Application Form per ASBA Account; If you are a UPI Bidder
Bidding using the UPI Mechanism, do not submit Bids through an SCSB and/or mobile application and/or
UPI handle that is not listed on the website of SEBI;
(EE) Do not submit a Bid using UPI ID, if you are not a UPI Bidder;
(FF) Do not submit a Bid cum Application Form with third party UPI ID or using a third-party bank account (in
case of Bids submitted by UPI Bidders);
(GG) Do not Bid if you are an OCB;
(HH) Do not Bid for Equity Shares more than specified by respective Stock Exchanges for each category;
(II) Do not submit the Bid cum Application Form to any non-SCSB Bank or our Company;
(JJ) Do not Bid for Equity Shares in excess of what is specified for each category; and
(KK) In case of ASBA Bidders (other than 3 in 1 Bids) Syndicate Member(s) shall ensure that they do not upload
any bids above ₹0.5 million.
For helpline details of the BRLMs pursuant to the SEBI ICDR Master Circular and SEBI circular bearing reference
number SEBI/HO.CFD.DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 (to the extent not rescinded by the
SEBI ICDR Master Circular), see “General Information” on page 102.
The Bid cum Application Form was liable to be rejected if the above instructions, as applicable, were not
complied with.
Grounds for Rejection
In addition to the grounds for rejection of Bids as provided in the General Information Document, Bidders are
requested to note that Bids could be rejected on the following additional technical grounds:
1. Bids submitted without instruction to the SCSBs to block the entire Bid Amount;
2. Bids which did not contain details of the Bid Amount and the bank account details in the ASBA Form;
3. Bids submitted on a plain paper;
4. Bids submitted by UPI Bidders using the UPI Mechanism through an SCSBs and/or using a mobile
application or UPI handle, not listed on the website of SEBI;
5. Bids under the UPI Mechanism submitted by UPI Bidders using third party bank accounts or using a third
party linked bank account UPI ID (subject to availability of information regarding third party account from
Sponsor Bank(s));
6. Anchor Investors were required to submit Anchor Investor Application Form only to the BRLMs;
5087. Do not Bid on another Bid cum Application Form and the Anchor Investor Application Form, as the case
may be, after you have submitted a Bid to any of the Designated Intermediary;
8. ASBA Form submitted to a Designated Intermediary not bearing the stamp of the Designated Intermediary;
9. Bids submitted without the signature of the First Bidder or sole Bidder;
10. The ASBA Form not being signed by the account holders, if the account holder is different from the Bidder;
11. ASBA Form by the UPI Bidders by using third party bank accounts or using third party linked bank account
UPI IDs;
12. Bids by persons for whom PAN details have not been verified and whose beneficiary accounts are
“suspended for credit” in terms of SEBI circular CIR/MRD/DP/ 22 /2010 dated July 29, 2010;
13. GIR number furnished instead of PAN;
14. Bids by RIIs with Bid Amount of a value of more than ₹ 0.20 million (net of retail discount);
15. Bids by persons who were not eligible to acquire Equity Shares in terms of all applicable laws, rules,
regulations, guidelines and approvals;
16. Bids accompanied by stock invest, money order, postal order or cash; and
17. Bids uploaded by QIBs and by Non-Institutional Investors after 4:00 p.m. on the Bid/ Offer Closing and
Bids by RIIs after 5:00 p.m. on the Bid/ Offer Closing Date, unless extended by the Stock Exchange. On
the Bid/Offer Closing Date, extension of time could be granted by the Stock Exchanges only for uploading
Bids received from Retail Individual Investors, after taking into account the total number of Bids received
up to closure of timings for acceptance of Bid-cum-Application Forms as stated herein and as informed to
the Stock Exchanges.
Further, in case of any pre-Offer or post Offer related issues regarding share certificates/demat credit/refund
orders/unblocking etc., investors shall reach out to our Company Secretary and Compliance Officer. For details
of Company Secretary and Compliance Officer and the Registrar, see “General Information” on page 102.
In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the
UPI Mechanism) exceeding two Working Days from the Bid / Offer Closing Date, the Bidder shall be
compensated in accordance with applicable law including the SEBI ICDR Master Circular and SEBI Circular no.
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021, as amended pursuant to SEBI circular no.
SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 and SEBI Circular no.
SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022, in case of delays in resolving investor grievances in
relation to blocking / unblocking of funds.
The BRLMs shall be the nodal entity for any issues arising out of public issuance process. In terms of Regulation
23(5) and Regulation 52 of SEBI ICDR Regulations, the timelines and processes mentioned in SEBI RTA Master
Circular shall continue to form part of the agreements being signed between the intermediaries involved in the
public issuance process and the BRLMs shall continue to coordinate with intermediaries involved in the said
process.
Names of entities responsible for finalising the Basis of Allotment in a fair and proper manner
The authorised employees of the Stock Exchanges, along with the BRLMs and the Registrar, shall ensure that the
Basis of Allotment is finalised in a fair and proper manner in accordance with the procedure specified in SEBI
ICDR Regulations.
Method of allotment as may be prescribed by Securities and Exchange Board of India from time to time
Our Company will not make any Allotment in excess of the Equity Shares through the Offer except in case of
oversubscription for the purpose of rounding off to make allotment, in consultation with the Designated Stock
Exchange. Further, upon oversubscription, an Allotment of not more than 1% of the Offer to public may be made
for the purpose of making allotment in minimum lots.
The Allotment of Equity Shares to Bidders other than to the Retail Individual Investors, Non-Institutional
Investors and Anchor Investors shall be on a proportionate basis within the respective investor categories and
509the number of securities Allotted shall be rounded off to the nearest integer, subject to minimum Allotment being
equal to the minimum application size as determined and disclosed.
The allotment of Equity Shares to each Retail Individual Investor shall not be less than the minimum bid lot,
subject to the availability of shares in Retail Individual Investor Portion, and the remaining available shares, if
any, shall be allotted on a proportionate basis.
The Allotment to each Non-Institutional Investor shall not be less than the minimum application size, subject to
the availability of Equity Shares in the Non-Institutional Portion, and the remaining Equity Shares, if any, shall
be allotted on a proportionate basis, which shall be subject to the following, and in accordance with the SEBI
ICDR Regulations: (i) one-third of the portion available to Non-Institutional Investors shall be reserved for
applicants with an application size of more than ₹ 0.20 million and up to ₹ 1.00 million, and (ii) two-third of the
portion available to Non- Institutional Investors shall be reserved for applicants with application size of more than
₹ 1.00 million, provided that the unsubscribed portion in either of the aforementioned sub-categories may be
allocated to applicants in the other sub-category of Non-Institutional Investors.
Payment into Escrow Account(s) for Anchor Investors
Our Company in consultation with the BRLMs, in its absolute discretion, has decided the list of Anchor Investors
to whom the CAN was sent, pursuant to which the details of the Equity Shares allocated to them in their
respective names were notified to such Anchor Investors. Anchor Investors were not permitted to Bid in the Offer
through the ASBA process. Instead, Anchor Investors should transfer the Bid Amount (through direct credit, RTGS,
NACH or NEFT). For Anchor Investors, the payment instruments for payment into the Escrow Accounts were to
be drawn in favour of:
(a) In case of resident Anchor Investors: “ALL TIME PLASTICS LIMITED - ANCHOR R A/C”
(b) In case of non-resident Anchor Investors: “ALL TIME PLASTICS LIMITED - ANCHOR NR A/C”
Anchor Investors were required to note that the escrow mechanism is not prescribed by SEBI and has been
established as an arrangement between our Company, the Selling Shareholders, the Syndicate, the Bankers to the
Offer and the Registrar to the Offer to facilitate collection of Bid Amounts from Anchor Investors.
Undertakings by our Company
Our Company undertakes the following:
(A) the complaints received in respect of the Offer shall be attended to by our Company expeditiously and
satisfactorily;
(B) if Allotment is not made, refunds are not made to the Bidders or listing and trading approvals are not
obtained within the prescribed time period under applicable law, the entire subscription amount received
will be refunded/unblocked within the time prescribed under applicable law. If there is delay beyond the
prescribed time, our Company shall pay interest prescribed under the Companies Act, the SEBI ICDR
Regulations and applicable law for the delayed period;
(C) that all steps will be taken for completion of the necessary formalities for listing and commencement of
trading at all the Stock Exchanges where the Equity Shares are proposed to be listed within three Working
Days of the Bid/Offer Closing Date or such other timeline as may be prescribed by SEBI;
(D) that funds required for making refunds to unsuccessful Bidders as per the mode(s) disclosed shall be made
available to the Registrar to the Offer by the Company;
(E) that where refunds (to the extent applicable) are made through electronic transfer of funds, a suitable
communication shall be sent to the unsuccessful Bidder within three Working Days from the Bid/ Offer
Closing Date, or such time period as specified by SEBI, giving details of the bank where the refunds shall
be credited along with the amount and the expected date of electronic credit of refund;
(F) the decisions with respect to the Price Band and the Minimum Bid lot as applicable, revision of Price Band,
Offer Price, have been taken by our Company in consultation with the BRLMs;
510(G) that if our Company or the Selling Shareholder do not proceed with the Offer after the Bid/Offer Closing
Date but prior to Allotment, the reason thereof shall be given by our Company as a public notice within
two days of the Bid/Offer Closing Date. The public notice shall be issued in the same newspapers where
the pre-Offer advertisements were published. The Stock Exchanges shall be informed promptly;
(H) that if our Company in consultation with the BRLMs withdraws the Offer after the Bid/Offer Closing Date,
our Company shall be required to file a fresh DRHP with SEBI, in the event our Company or the Selling
Shareholder subsequently decide to proceed with the Offer;
(I) that no further issue of Equity Shares shall be made until the Equity Shares offered through the offer
documents are listed or until the Bid monies are refunded/ unblocked in the ASBA Accounts on account of
non-listing, under-subscription etc.; and
(J) that adequate arrangements shall be made to collect all Bid cum Application Forms submitted by Bidders
and Anchor Investor Application Forms from Anchor Investor
Undertakings by the Selling Shareholders
Each of the Promoter Selling Shareholders undertakes the following severally and not jointly in respect of
itself as a Promoter Selling Shareholder and its respective portion of Offered Shares, that:
(A) its respective portion of Offered Shares are eligible for being offered in the Offer for Sale in terms of
Regulation 8 of the SEBI ICDR Regulations;
(B) it is the legal and beneficial owner of and holds full title to its respective portion of the Offered Shares,
which are free and clear of any pre-emptive rights, liens, charges, pledges, or transfer restrictions, and shall
be in dematerialized form, at the time of transfer;
(C) it shall provide such reasonable cooperation to our Company in relation to its respective portion of the
Offered Shares for the completion of the necessary formalities for listing and commencement of trading at
the Stock Exchanges;
(D) it shall provide all reasonable cooperation as requested by our Company in relation to completion if
Allotment and dispatch of Allotment Advice and CAN, if required, and refund orders, to the extend of its
respective portion of Offered Shares;
(E) it is not debarred from accessing the capital markets or debarred from buying, selling or dealing in
securities under any order or direction passed by the SEBI or any securities market regulator in any other
jurisdiction or any authority or court;
(F) it shall deposit its respective portion of Offered Shares in an escrow demat account in accordance with the
share escrow agreement to be executed between the parties to such share escrow agreement;
(G) it shall not have recourse to the proceeds of the Offer until final approvals for listing and trading of the
Equity Shares from the Stock Exchanges have been received; and
(H) it shall provide such reasonable support and extend such cooperation as may be required by our Company
and the BRLMs in redressal of such investor grievances that pertain to its respective portion of Offered
Shares.
Only the statements and undertakings in relation to the Selling Shareholders and their portion of the Equity Shares
offered in the Offer for Sale which are confirmed or undertaken by the Selling Shareholders in this Prospectus,
shall be deemed to be “statements and undertakings made or confirmed” by the Selling Shareholders. No
other statement in this Prospectus will be deemed to be “made or confirmed” by a Selling Shareholder, even if such
statement relates to such Selling Shareholder.
The filing of this Prospectus also does not absolve the Selling Shareholders from any liabilities to the extent of
the statements specifically made or confirmed by themselves in respect of themselves and of their respective
Offered Shares, under Section 34 or Section 36 of Companies Act, 2013.
511Utilisation of Offer Proceeds
The Selling Shareholders, severally and not jointly, and together with our Company declare that all monies
received out of the Offer shall be credited/transferred to a separate bank account other than the bank account
referred to in sub-section (3) of Section 40 of the Companies Act.
Our Board certifies that:
• details of all monies utilized out of the Fresh Issue shall be disclosed, and continue to be disclosed till the
time any part of the Fresh Issue proceeds remains unutilized, under an appropriate head in the balance sheet
of our Company indicating the purpose for which such monies have been utilized; and
• details of all unutilized monies out of the Fresh Issue, if any shall be disclosed under an appropriate separate
head in the balance sheet indicating the form in which such unutilized monies have been invested.
Impersonation
Attention of the Bidders is specifically drawn to the provisions of sub-section (1) of Section 38 of the Companies
Act, 2013 which is reproduced below:
“Any person who –
(a) makes or abets making of an application in a fictitious name to a company for acquiring, or subscribing for,
its securities; or
(b) makes or abets making of multiple applications to a company in different names or in different combinations
of his name or surname for acquiring or subscribing for its securities; or
(c) otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him, or
to any other person in a fictitious name, shall be liable for action under Section 447.”
The liability prescribed under Section 447 of the Companies Act, 2013 for fraud involving an amount of at least
₹1.00 million or one per cent of the turnover of the company, whichever is lower, includes imprisonment for a
term which shall not be less than six months extending up to 10 years and fine of an amount not less than the
amount involved in the fraud, extending up to three times such amount (provided that where the fraud involves
public interest, such term shall not be less than three years.) Further, where the fraud involves an amount less than
₹1.00 million or one per cent of the turnover of the company, whichever is lower, and does not involve public
interest, any person guilty of such fraud shall be punishable with imprisonment for a term which may extend to
five years or with fine which may extend to ₹5.00 million or with both.
512RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES
Foreign investment in Indian securities is regulated through the Industrial Policy, 1991 of the Government of India
and FEMA. While the Industrial Policy, 1991 prescribes the limits and the conditions subject to which foreign
investment can be made in different sectors of the Indian economy, FEMA regulates the precise manner in which
such investment may be made. Under the Industrial Policy, unless specifically restricted, foreign investment is
freely permitted in all sectors of the Indian economy up to any extent and without any prior approvals, but the
foreign investor is required to follow certain prescribed procedures for making such investment. The RBI and the
concerned ministries/departments are responsible for granting approval for foreign investment. The Government
has from time to time made policy pronouncements on foreign direct investment (“FDI”) through press notes and
press releases. The Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry
(formerly Department of Industrial Policy and Promotion), Government of India (“DPIIT”), issued the
Consolidated FDI Policy Circular of 2020 (“FDI Policy”), which, with effect from October 15, 2020, subsumes
and supersedes all press notes, press releases, clarifications, circulars issued by the DPIIT, which were in force as
on October 15, 2020. The FDI Policy will be valid until the DPIIT issues an updated circular. Bidders are advised
to make their independent investigations, seek independent legal advice about its ability to participate in the Offer
and ensure that the number of Equity Shares Bid for do not exceed the applicable limits under laws or regulations.
The transfer of shares between an Indian resident and a non-resident does not require the prior approval of the
RBI, provided that: (i) the activities of the investee company are under the automatic route under the foreign direct
investment policy and transfer does not attract the provisions of the SEBI Takeover Regulations; (ii) the non-
resident shareholding is within the sectoral limits under the FDI policy; and (iii) the pricing is in accordance with
the guidelines prescribed by the SEBI/RBI.
On October 17, 2019, Ministry of Finance, Department of Economic Affairs, had notified the FEMA Rules, which
had replaced the Foreign Exchange Management (Transfer and Issue of Security by a Person Resident Outside
India) Regulations 2017. Foreign investment in this Offer shall be on the basis of the FEMA Rules. Further, in
accordance with Press Note No. 3 (2020 Series), dated April 17, 2020 issued by the DPIIT and the Foreign
Exchange Management (Non-debt Instruments) Amendment Rules, 2020 which came into effect from April 22,
2020, any investment, subscription, purchase or sale of equity instruments by entities of a country which shares
land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of
any such country, will require prior approval of the Government, as prescribed in the Consolidated FDI Policy
and the FEMA Rules. Further, in the event of transfer of ownership of any existing or future foreign direct
investment in an entity in India, directly or indirectly, resulting in the beneficial ownership falling within the
aforesaid restriction/ purview, such subsequent change in the beneficial ownership will also require approval of
the Government. Pursuant to the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment)
Rules, 2020 issued on December 8, 2020, a multilateral bank or fund, of which India is a member, shall not be
treated as an entity of a particular country nor shall any country be treated as the beneficial owner of the
investments of such bank of fund in India. These investment restrictions shall also apply to subscribers of offshore
derivative instruments.
As per the FDI Policy and the FEMA Rules, the sectoral cap for foreign investment in companies engaged in the
sector that we operate in is up to 100% of the paid-up share capital of such company under the automatic route.
As per the existing policy of the Government of India, OCBs cannot participate in this Offer. For further details,
see “Offer Procedure” on page 489.
513SECTION VIII: DESCRIPTION OF EQUITY SHARES AND TERMS OF ARTICLES OF
ASSOCIATION
THE COMPANIES ACT, 2013
COMPANY LIMITED BY SHARES
ARTICLES OF ASSOCIATION
OF
ALL TIME PLASTICS LIMITED
(Incorporated under the Companies Act, 1956)
This set of Articles of Association has been approved pursuant to the provisions of Section 14 of the Companies
Act, 2013 and by a special resolution passed at the Extraordinary General Meeting of All Time Plastics Limited
(the “Company”) held on 21st May 2024. These Articles have been adopted as the Articles of Association of the
Company in substitution for and to the exclusion of all the existing Articles thereof.
PRELIMINARY
1. The regulations contained in the Table marked ‘F’ in Schedule I to the Companies Act, 2013, as amended
from time to time, shall not apply to the Company, except in so far as the same are repeated, contained
or expressly made applicable in these Articles or by the said Act.
2. The regulations for the management of the Company and for the observance by the members thereto and
their representatives, shall, subject to any exercise of the statutory powers of the Company with reference
to the deletion or alteration of or addition to its regulations by resolution as prescribed or permitted by
the Companies Act, 2013, as amended from time to time, be such as are contained in these Articles.
DEFINITIONS AND INTERPRETATION
3. In these Articles, the following words and expressions, unless repugnant to the subject, shall mean the
following:
“Act” means the Companies Act, 2013 and the rules enacted or any statutory modification or re-
enactment thereof for the time being in force and the term shall be deemed to refer to the applicable
section thereof which is relatable to the relevant Article in which the said term appears in these Articles
and any previous company law, so far as may be applicable. Reference to Act shall also include the
Secretarial Standards issued by the Institute of Company Secretaries of India constituted under the
Company Secretaries Act, 1980;
“Annual General Meeting” means the annual general meeting of the Company convened and held in
accordance with the Act.
“Articles of Association” or “Articles” mean these articles of association of the Company, as may be
altered from time to time in accordance with the Act.
“Board” or “Board of Directors” means the board of directors of the Company in office at applicable
times, in accordance with aw and the provisions of these Articles.
“Company” means All Time Plastics Limited, a company incorporated under the laws of India.
“Committee” means a committee of Board constituted in accordance with the Act.
“Depository” means a depository, as defined in clause (e) of sub-section (1) of Section 2 of the
Depositories Act, 1996 and a company formed and registered under the Act and which has been granted
a certificate of registration under sub-section (1A) of Section 12 of the Securities and Exchange Board
of India Act, 1992.
514“Director” means any director of the Company, including alternate directors, Independent Directors and
nominee directors appointed in accordance with and the provisions of these Articles.
“Equity Shares or Shares” means the issued, subscribed and fully paid-up equity shares of the Company
of ₹2 each;
“Exchange” means BSE Limited and the National Stock Exchange of India Limited.
“Extraordinary General Meeting” means an extraordinary general meeting of the Company convened
and held in accordance with the Act;
“General Meeting” means any duly convened meeting of the shareholders of the Company and any
adjournments thereof;
“Independent Director” shall mean an independent direct as defined under the Act and under the
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, as applicable;
“IPO” means the initial public offering of the Equity Shares of the Company;
“Member” or “Shareholder” means the duly registered holder from time to time, of the shares of the
Company and includes the subscribers to the Memorandum of Association and in case of shares held by
a Depository, the beneficial owners whose names are recorded as such with the Depository;
“Memorandum” or “Memorandum of Association” means the memorandum of association of the
Company, as may be altered from time to time;
“Office” means the registered office, for the time being, of the Company;
“Officer” shall have the meaning assigned thereto by the Act;
“Ordinary Resolution” shall have the meaning assigned thereto by the Act;
“Register of Members” means the register of members to be maintained pursuant to the provisions of
the Act and the register of beneficial owners pursuant to Section 11 of the Depositories Act, 1996, in
case of shares held in a Depository;
“Rules” means the applicable rules for the time being in force as prescribed under relevant sections of
the Act; and
“Special Resolution” shall have the meaning assigned thereto by the Act.
4. Except where the context requires otherwise, these Articles will be interpreted as follows:
(a) headings are for convenience only and shall not affect the construction or interpretation of any
provision of these Articles.
(b) where a word or phrase is defined, other parts of speech and grammatical forms and the cognate
variations of that word or phrase shall have corresponding meanings;
(c) words importing the singular shall include the plural and vice versa;
(d) all words (whether gender-specific or gender neutral) shall be deemed to include each of the
masculine, feminine and neuter genders;
(e) the expressions “hereof”, “herein” and similar expressions shall be construed as references to
these Articles as a whole and not limited to the particular Article in which the relevant
expression appears;
(f) the ejusdem generis (of the same kind) rule will not apply to the interpretation of these Articles.
Accordingly, include and including will be read without limitation;
515(g) any reference to a person includes any individual, firm, corporation, partnership, company,
trust, association, joint venture, government (or agency or political subdivision thereof) or other
entity of any kind, whether or not having separate legal personality. A reference to any person
in these Articles shall, where the context permits, include such person’s executors,
administrators, heirs, legal representatives and permitted successors and assigns;
(h) a reference to any document (including these Articles) is to that document as amended,
consolidated, supplemented, novated or replaced from time to time;
(i) references made to any provision of the Act shall be construed as meaning and including the
references to the rules and regulations made in relation to the same by the Ministry of Corporate
Affairs. The applicable provisions of the Companies Act, 1956 shall cease to have effect from
the date on which the corresponding provisions under the Companies Act, 2013 have been
notified.
(j) a reference to a statute or statutory provision includes, to the extent applicable at any relevant
time:
(i) that statute or statutory provision as from time to time consolidated, modified, re-
enacted or replaced by any other statute or statutory provision; and
(ii) any subordinate legislation or regulation made under the relevant statute or statutory
provision.
(k) references to writing include any mode of reproducing words in a legible and non-transitory
form;
(l) references to Rupees, Re., Rs., INR, ₹ are references to the lawful currency of India;
(m) save as aforesaid, any words or expressions defined in the Act shall, if not inconsistent with the
subject or context bear the same meaning in these Articles.
SHARE CAPITAL AND VARIATION OF RIGHTS
5. AUTHORISED SHARE CAPITAL
The authorized share capital of the Company shall be such amount, divided into such class(es),
denomination(s) and number of shares in the Company as stated in Clause V of the Memorandum of
Association, with power to increase or reduce such capital and/or the nominal value of the shares forming
part thereof from time to time and power to divide the shares in the capital for the time being into other
classes and to attach thereto respectively such preferential, convertible, deferred, qualified, or other
special rights, privileges, conditions or restrictions and to consolidate or sub-divide the shares and issue
shares if higher or lower denominations and to vary, modify or abrogate the same in such manner as may
be determined by or in accordance with the Articles of the Company, subject to the provisions of
applicable law for the time being in force.
6. NEW CAPITAL PART OF THE EXISTING CAPITAL
Except so far as otherwise provided by the conditions of issue or by these Articles, any capital raised by
the creation of new shares shall be considered as part of the existing capital, and shall be subject to the
provisions herein contained, with reference to the payment of calls and installments, forfeiture, lien,
surrender, transfer and transmission, voting and otherwise.
7. KINDS OF SHARE CAPITAL
The Company may issue the following kinds of shares in accordance with these Articles, the Act and
other applicable laws:
(a) Equity share capital:
(i) with voting rights; and/or
516(ii) with differential rights as to dividend, voting or otherwise in accordance with the Act;
and
(b) Preference share capital.
All Equity Shares shall be of the same class and shall be alike in all respects and the holders thereof shall
be entitled to identical rights and privileges including without limitation to identical rights and privileges
with respect to dividends, voting rights, and distribution of assets in the event of voluntary or involuntary
liquidation, dissolution or winding up of the Company.
8. SHARES AT THE DISPOSAL OF THE DIRECTORS
Subject to the provisions of Section 62 and other applicable provisions of the Act, and these Articles, the
shares in the capital of the Company shall be under the control of the Board of Directors who may issue,
allot or otherwise dispose off all or any of such shares to such persons, in such proportion and on such
terms and conditions and either at a premium or at par or at a discount (subject to the compliance with
the provision of section 53 and 54 of the Act) and at such time as they may from time to time think fit
and with the sanction of the Company in General Meeting give to any person or persons the option or
right to call for any shares either at par or at a premium during such time and for such consideration as
the Board of Directors think fit, and may issue and allot shares in the capital of the Company on payment
in full or part of any property sold and transferred or for any services rendered to the Company in the
conduct of its business and any shares which may so be allotted may be issued as fully paid up shares
and if so issued, shall be deemed to be fully paid shares. Provided that option or right to call of shares
shall not be given to any person or persons without the sanction of the company in the General Meeting.
9. CONSIDERATION FOR ALLOTMENT
The Board of Directors may issue and allot shares of the Company as payment in full or in part, for any
property or assets of any kind purchased by the Company or in respect of goods sold or transferred or
machinery or appliances supplied or for services rendered to the Company in the acquisition and/or in
the conduct of its business; and any shares which may be so allotted may be issued as fully paid up shares
and if so issued shall be deemed as fully paid up shares. However, the aforesaid shall be subject to the
approval of shareholders under the relevant provisions of the Act and Rules.
10. SUB-DIVISION, CONSOLIDATION AND CANCELLATION OF SHARE CAPITAL
Subject to the provisions of the Act and the Rules, the Company in its General Meetings may, by an
Ordinary Resolution, from time to time:
(a) increase the share capital by such sum, to be divided into shares of such amount as it thinks
expedient;
(b) divide, sub-divide or consolidate its shares, or any of them, and the resolution whereby any
share is sub-divided, may determine that as between the holders of the shares resulting from
such sub-division one or more of such shares have some preference or special advantage in
relation to dividend, capital or otherwise as compared with the others;
(c) cancel shares which at the date of such General Meeting have not been taken or agreed to be
taken by any person and diminish the amount of its share capital by the amount of the shares so
cancelled;
(d) consolidate and divide all or any of its share capital into shares of larger amount than its existing
shares; provided that any consolidation and division which results in changes in the voting
percentage of Members shall require applicable approvals under the Act; and
(e) convert all or any of its fully paid-up shares into stock, and reconvert that stock into fully paid-
up shares of any denomination.
51711. FURTHER ISSUE OF SHARES
(1) Where at any time the Board or the Company, as the case may be, propose to increase the
subscribed capital by the issue of further shares then such shares shall be offered, subject to the
provisions of section 62 of the Act, and the rules made thereunder:
(A)
(i) To the persons who at the date of the offer are holders of the Equity Shares of
the Company, in proportion as nearly as circumstances admit, to the paid-up
share capital on those shares by sending a letter of offer subject to the
conditions mentioned in (ii) to (iv) below;
(ii) The offer aforesaid shall be made by notice specifying the number of shares
offered and limiting a time not being less than fifteen days or such lesser
number of days as may be prescribed under applicable Indian law and not
exceeding thirty days from the date of the offer, within which the offer if not
accepted, shall be deemed to have been declined.
Provided that the notice shall be dispatched through registered post or speed post or
through electronic mode or courier or any other mode having proof of delivery to all
the existing shareholders at least three days before the opening of the issue;
(iii) The offer aforesaid shall be deemed to include a right exercisable by the person
concerned to renounce the shares offered to him or any of them in favor of
any other person and the notice referred to in sub-clause (ii) shall contain a
statement of this right;
(iv) After the expiry of time specified in the notice aforesaid or on receipt of earlier
intimation from the person to whom such notice is given that the person
declines to accept the shares offered, the Board of Directors may dispose of
them in such manner which is not disadvantageous to the Members and the
Company;
(B) to employees under any scheme of employees’ stock option subject to approval of
shareholders of the Company by way of Special Resolution passed by the Company
and subject to the rules and such other conditions, as may be prescribed under
applicable law; or
(C) to any person(s), if it is authorised by approval of the shareholders of the Company by
way of Special Resolution, whether or not those persons include the persons referred
to in clause (A) or clause (B) above either for cash or for a consideration other than
cash, if the price of such shares is determined by the valuation report of a registered
valuer subject to compliance with the applicable conditions of Chapter III of the Act
and any other conditions as may be prescribed under the Act and the rules made
thereunder;
(2) The rights conferred upon the holders of the shares of any class issued with preferred or other
rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that
class, be deemed to be varied by the creation or issue of further shares ranking pari passu
therewith.
(3) Nothing in sub-clause (iii) of Clause (1)(A) shall be deemed:
(i) To extend the time within which the offer should be accepted; or
(ii) To authorize any person to exercise the right of renunciation for a second time on the
ground that the person in whose favour the renunciation was first made has declined
to take the shares compromised in the renunciation.
(4) Nothing in this Article shall apply to the increase of the subscribed capital of the Company caused
by the exercise of an option as a term attached to the debentures issued or loans raised by the
518Company to convert such debentures or loans into shares in the Company or to subscribe for
shares of the Company:
Provided that the terms of issue of such debentures or loans containing such an option have been
approved before the issue of such debentures or the raising of such loans by a Special Resolution
passed by the Company in a General Meeting.
(5) Notwithstanding anything contained in Article 11(3) hereof, where any debentures have been
issued, or loan has been obtained from any government by the Company, and if that government
considers it necessary in the public interest so to do, it may, by order, direct that such debentures
or loans or any part thereof shall be converted into shares in the Company on such terms and
conditions as appear to the Government to be reasonable in the circumstances of the case even if
terms of the issue of such debentures or the raising of such loans do not include a term for
providing for an option for such conversion:
Provided that where the terms and conditions of such conversion are not acceptable to the
Company, it may, within sixty days from the date of communication of such order, appeal to
National Company Law Tribunal which shall after hearing the Company and the Government
pass such order as it deems fit.
Where the Government has, by an order made under Article 11 (4), directed that any debenture
or loan or any part thereof shall be converted into shares in the Company and where no appeal
has been preferred to the Tribunal under Article 11 (4) or where such appeal has been dismissed,
the memorandum of the Company shall, where such order has the effect of increasing the
authorised share capital of the Company, stand altered and the authorised share capital of the
Company shall stand increased by an amount equal to the amount of the value of shares which
such debentures or loans or part thereof has been converted into.
A further issue of shares may be made in any manner whatsoever as the Board may determine
including by way of preferential offer or private placement, subject to and in accordance with the
Act and the rules made thereunder.
(6) In determining the terms and conditions of conversion under Article 11 (4), the Government shall
have due regard to the financial position of the Company, the terms of issue of debentures or
loans, as the case may be, the rate of interest payable on such debentures or loans and such other
matters as it may consider necessary.
(7) Where the Government has, by an order made under Article 11 (4), directed that any debenture
or loan or any part thereof shall be converted into shares in the Company and where no appeal
has been preferred to the Tribunal under Article 11 (4) or where such appeal has been dismissed,
the memorandum of the Company shall, where such order has the effect of increasing the
authorised share capital of the Company, stand altered and the authorised share capital of the
Company shall stand increased by an amount equal to the amount of the value of shares which
such debentures or loans or part thereof has been converted into.
12. ALLOTMENT ON APPLICATION TO BE ACCEPTANCE OF SHARES
Any application signed by or on behalf of an applicant for shares in the Company followed by an
allotment of any shares therein, shall be an acceptance of shares within the meaning of these Articles,
and every person who thus or otherwise accepts any shares and whose name is on the Register of
Members, shall, for the purpose of these Articles, be a Member.
13. RETURN ON ALLOTMENTS TO BE MADE OR RESTRICTIONS ON ALLOTMENT
The Board shall observe the restrictions as regards allotment of shares to the public contained in the Act,
and as regards return on allotments, the Directors shall comply with applicable provisions of the Act.
14. MONEY DUE ON SHARES TO BE A DEBT TO THE COMPANY
The money (if any) which the Board shall, on the allotment of any shares being made by them, require
or direct to be paid by way of deposit, call or otherwise in respect of any shares allotted by them, shall
immediately on the inscription of the name of allottee in the Register as the name of the holder of such
519shares, become a debt due to and recoverable by the Company from the allottee thereof, and shall be paid
by him accordingly.
15. INSTALLMENTS ON SHARES
If, by the conditions of allotment of any shares, whole or part of the amount or issue price thereof shall
be payable by installments, every such installment shall, when due, be paid to the Company by the person
who, for the time being and from time to time, shall be the registered holder of the share or his legal
representative.
16. MEMBERS OR HEIRS TO PAY UNPAID AMOUNTS
Every Member or his heirs, executors or administrators shall pay to the Company the portion of the
capital represented by his share or shares which may, for the time being remain unpaid thereon, in such
amounts, at such time or times and in such manner, as the Board shall from time to time, in accordance
with these Articles require or fix for the payment thereof.
17. VARIATION OF SHAREHOLDERS’ RIGHTS
(a) If at any time the share capital of the Company is divided into different classes of shares, the
rights attached to the shares of any class (unless otherwise provided by the terms of issue of the
shares of that class) may, subject to provisions of the Act and whether or not the Company is
being wound up, be varied with the consent in writing of the holders of not less than three-fourth
of the issued shares of that class or with the sanction of a Special Resolution passed at a separate
meeting of the holders of the issued shares of that class, as prescribed by the Act.
(b) Subject to the provisions of the Act, to every such separate meeting, the provisions of these
Articles relating to meeting shall mutatis mutandis apply.
18. PREFERENCE SHARES
(a) Redeemable Preference Shares
The Company, subject to the applicable provisions of the Act and the consent of the Board, shall
have the power to issue on a cumulative or non-cumulative basis, preference shares liable to be
redeemed in any manner permissible under the Act, and the Directors may, subject to the
applicable provisions of the Act, exercise such power in any manner as they deem fit and
provide for redemption of such shares on such terms including the right to redeem at a premium
or otherwise as they deem fit.
(b) Convertible Redeemable Preference Shares
The Company, subject to the applicable provisions of the Act and the consent of the Board, shall
have power to issue on a cumulative or non-cumulative basis convertible redeemable preference
shares liable to be redeemed in any manner permissible under the Act and the Directors may,
subject to the applicable provisions of the Act, exercise such power as they deem fit and provide
for redemption at a premium or otherwise and/or conversion of such shares into such securities
on such terms as they may deem fit.
19. PAYMENTS OF INTEREST OUT OF CAPITAL
The Company shall have the power to pay interest out of its capital on so much of the shares which
have been issued for the purpose of raising money to defray the expenses of the construction of any
work or building for the Company in accordance with the Act.
20. AMALGAMATION / DEMERGER
Subject to provisions of these Articles, the Company may amalgamate or cause itself to be amalgamated
or demerged with any other person, firm or body corporate subject to the provisions of the Act and
other applicable laws.
520SHARE CERTIFICATES
21. ISSUE OF CERTIFICATE
Every Member shall be entitled, without payment to one or more certificates in marketable lots, for all
the shares of each class or denomination registered in his name, or if the Directors so approve on payment
of fee for each certificate as may be fixed by the Board and subject to the limits prescribed under the Act
and rules made thereunder for one or more of such shares and the Company shall complete and have
ready for delivery such certificates, unless prohibited by any provision of law or any order of court,
tribunal or other authority having jurisdiction, within two (2) months from the date of allotment, or within
one (1) month of the receipt of application of registration of transfer, transmission, sub division,
consolidation or renewal of any of its shares as the case maybe or within a period of six (6) months from
the date of allotment in the case of any allotment of debenture or within such other period as any other
legislation for time being in force may provide. In respect of any share or shares held jointly by several
persons, the Company shall not be bound to issue more than one (1) certificate, and delivery of a
certificate for a share to one of several joint holders shall be sufficient delivery to all such joint holders.
Every certificate shall specify the shares to which it relates and the amount paid-up thereon and shall be
signed by two (2) directors or by a director and the company secretary, wherever the company has
appointed a company secretary and the common seal shall be affixed in the presence of the persons
required to sign the certificate.
The provisions of these Articles relating to joint holders of shares shall mutatis mutandis apply to any
other securities including debentures of the Company registered in joint names.
22. RULES TO ISSUE SHARE CERTIFICATES
The Act shall be complied with in respect of the issue, reissue, renewal of share certificates and the
format, sealing and signing of the certificates and records of the certificates issued shall be maintained
in accordance with the Act.
23. ISSUE OF NEW CERTIFICATE IN PLACE OF ONE DEFACED, LOST OR DESTROYED
If any certificate be worn out, defaced, mutilated or torn or if there be no further space on the back thereof
for endorsement of transfer, then upon production and surrender thereof to the Company, a new
certificate may be issued in lieu thereof, and if any certificate is lost or destroyed then upon proof thereof
to the satisfaction of the Company and on execution of such indemnity as the Company deem adequate,
being given, a new certificate in lieu thereof shall be given to the party entitled to such lost or destroyed
certificate. Every certificate under this Article shall be issued upon payment of such fees for each
certificate as may be specified by the Board which fees shall not exceed the maximum amount permitted
under the applicable law. Provided that no fee shall be charged for issue of new certificates in
replacement of those which are old, defaced or worn out or where there is no further space on the back
thereof for endorsement of transfer.
Provided that notwithstanding what is stated above, the Directors shall comply with such rules or
regulation or requirements of any stock exchange or the rules made under the Act or the rules made under
Securities Contracts (Regulation) Act, 1956 or any other act or rules applicable in this behalf. The
provision of this Article shall mutatis mutandis apply to debentures of the Company.
UNDERWRITING & BROKERAGE
24. COMMISSION FOR PLACING SHARES, DEBENTURES, ETC.
(a) Subject to the provisions of the Act and other applicable laws, the Company may at any time
pay a commission to any person for subscribing or agreeing to subscribe (whether absolutely or
conditionally) to any shares or debentures of the Company or underwriting or procuring or
agreeing to procure subscriptions (whether absolute or conditional) for shares or debentures of
the Company and provisions of the Act shall apply.
(b) The rate or amount of the commission shall not exceed the rate or amount prescribed in the
Section 40 of the Act and rules applicable in this behalf and rate percent or the amount of the
521commission paid or agreed to be paid shall be disclosed in the manner required by the Act and
the Rules.
(c) The Company may also, in any issue, pay such brokerage as may be lawful.
(d) The commission may be satisfied by the payment of cash or the allotment of fully or partly paid
shares or partly in the one way and partly in the other.
LIEN
25. COMPANY’S LIEN ON SHARES / DEBENTURES
The Company shall subject to applicable law have a first and paramount lien on every share / debenture
(not being a fully paid share / debenture) registered in the name of each Member (whether solely or
jointly with others) and upon the proceeds of sale thereof for all moneys (whether presently payable or
not) called, or payable at a fixed time, in respect of that share / debenture. Unless otherwise agreed, the
registration of transfer of shares / debentures shall operate as a waiver of the Company’s lien, if any, on
such shares / debentures.
Provided that the Board may at any time declare any share/debenture to be wholly or in part exempt from
the provisions of this Article.
The fully paid up shares shall be free from all lien on any account whatsoever and in the case of partly
paid up shares, if any, the Company’s lien shall be restricted to moneys called or payable at a fixed time
in respect of such shares/ debenture.
26. LIEN TO EXTEND TO DIVIDENDS, ETC.
The Company’s lien, if any, on a share shall extend to all dividends or interest, as the case may be,
payable and bonuses declared from time to time in respect of such shares / debentures.
27. ENFORCING LIEN BY SALE
The Company may sell, in such manner as the Board thinks fit, any shares on which the Company has a
lien:
Provided that no sale shall be made—
(a) unless a sum in respect of which the lien exists is presently payable; or
(b) until the expiration of fourteen (14) days’ after a notice in writing stating and demanding
payment of such part of the amount in respect of which the lien exists as is presently payable,
has been given to the registered holder for the time being of the share or to the person entitled
thereto by reason of his death or insolvency or otherwise.
No Member shall exercise any voting right in respect of any shares registered in his name on which any
calls or other sums presently payable by him have not been paid, or in regard to which the Company has
exercised any right of lien.
28. VALIDITY OF SALE
To give effect to any such sale, the Board may authorise some person to transfer the shares sold to the
purchaser thereof. The purchaser shall be registered as the holder of the shares comprised in any such
transfer. The purchaser shall not be bound to see to the application of the purchase money, nor shall his
title to the shares be affected by any irregularity or invalidity in the proceedings with reference to the
sale.
29. VALIDITY OF COMPANY’S RECEIPT
The receipt of the Company for the consideration (if any) given for the share on the sale thereof shall (if
necessary, to execution of an instrument of transfer or a transfer by relevant system, as the case maybe)
constitute a good title to the share and the purchaser shall be registered as the holder of the share.
52230. APPLICATION OF SALE PROCEEDS
The proceeds of any such sale shall be received by the Company and applied in payment of such part of
the amount in respect of which the lien exists as is presently payable and the residue, if any, shall (subject
to a like lien for sums not presently payable as existed upon the shares before the sale) be paid to the
person entitled to the shares at the date of the sale.
31. OUTSIDER’S LIEN NOT TO AFFECT COMPANY’S LIEN
In exercising its lien, the Company shall be entitled to treat the registered holder of any share as the
absolute owner thereof and accordingly shall not (except as ordered by a court of competent jurisdiction
or unless required by law) be bound to recognise any equitable or other claim to, or interest in, such share
on the part of any other person, whether a creditor of the registered holder or otherwise. The Company’s
lien shall prevail notwithstanding that it has received notice of any such claim.
32. PROVISIONS AS TO LIEN TO APPLY MUTATIS MUTANDIS TO DEBENTURES, ETC.
The provisions of these Articles relating to lien shall mutatis mutandis apply to any other securities,
including debentures, of the Company.
CALLS ON SHARES
33. BOARD TO HAVE RIGHT TO MAKE CALLS ON SHARES
The Board may subject to the provisions of the Act and any other applicable law, from time to time,
make such call as it thinks fit upon the Members in respect of all moneys unpaid on the shares (whether
on account of the nominal value of the shares or by premium) and not by the conditions of allotment
thereof made payable at fixed times. Provided that no call shall exceed one-fourth of the nominal value
of the share or be payable at less than one (1) month from the date fixed for the payment of the last
preceding call. A call may be revoked or postponed at the discretion of the Board. The power to call on
shares shall not be delegated to any other person except with the approval of the shareholders’ in a
General Meeting and as maybe permitted by law.
34. NOTICE FOR CALL
Each Member shall, subject to receiving at least fourteen (14) days’ notice specifying the time or times
and place of payment, pay to the Company, at the time or times and place so specified, the amount called
on his shares.
The Board may, from time to time, at its discretion, extend the time fixed for the payment of any call in
respect of one or more Members as the Board may deem appropriate in any circumstances. A call may
be revoked or postponed at the discretion of the Board.
35. CALL WHEN MADE
The Board of Directors may, when making a call by resolution, determine the date on which such call
shall be deemed to have been made, not being earlier than the date of resolution making such call, and
thereupon the call shall be deemed to have been made on the date so determined and if no such date is so
determined a call shall be deemed to have been made at the date when the resolution authorizing such
call was passed at the meeting of the Board and may be required to be paid in installments.
36. LIABILITY OF JOINT HOLDERS FOR A CALL
The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.
37. CALLS TO CARRY INTEREST
If a Member fails to pay any call due from them on the day appointed for payment thereof, or any such
extension thereof as aforesaid, he shall be liable to pay interest on the same from the day appointed for
the payment thereof to the time of actual payment at the rate of ten percent or such other lower rate as
shall from time to time be fixed by the Board but nothing in this Article shall render it obligatory for the
523Board to demand or recover any interest from any such Member. The Board shall be at liberty to waive
payment of any such interest wholly or in part.
38. DUES DEEMED TO BE CALLS
Any sum which by the terms of issue of a share becomes payable on allotment or at any fixed date,
whether on account of the nominal value of the share or by way of premium, shall, for the purposes of
these Articles, be deemed to be a call duly made and payable on the date on which by the terms of issue
such sum becomes payable.
39. EFFECT OF NON-PAYMENT OF SUMS
In case of non-payment of such sum, all the relevant provisions of these Articles as to payment of interest
and expenses, forfeiture or otherwise shall apply as if such sum had become payable by virtue of a call
duly made and notified.
40. PAYMENT IN ANTICIPATION OF CALL MAY CARRY INTEREST
The Board –
(a) may, subject to provisions of the Act, if it thinks fit, agree to and receive from any Member
willing to advance the same, all or any part of the monies uncalled and unpaid upon any shares
held by him; and
(b) upon all or any of the monies so advanced, may (until the same would, but for such advance,
become presently payable) pay interest at such rate as as may be agreed upon between the Board
and the Member paying the sum in advance. Nothing contained in this Article shall confer on
the Member (i) any right to participate in profits or dividends; or (ii) any voting rights in respect
of the moneys so paid by him, until the same would, but for such payment, become presently
payable by him. The Directors may at any times repay the amount so advanced.
41. CALLS ON SHARES OF SAME CLASS TO BE ON UNIFORM BASIS
All calls shall be made on a uniform basis on all shares falling under the same class.
Explanation: Shares of the same nominal value on which different amounts have been paid-up shall not
be deemed to fall under the same class.
42. PROVISIONS AS TO CALLS TO APPLY MUTATIS MUTANDIS TO DEBENTURES, ETC.
The provisions of these Articles relating to calls shall mutatis mutandis apply to any other securities,
including debentures, of the Company.
FORFEITURE OF SHARES
43. BOARD TO HAVE A RIGHT TO FORFEIT SHARES
If a Member fails to pay any call, or installment of a call or any money due in respect of any share, on
the day appointed for payment thereof, the Board may, at any time thereafter during such time as any
part of the call or installment remains unpaid or a judgment or decree in respect thereof remains
unsatisfied in whole or in part, serve a notice on him requiring payment of so much of the call or
installment or other money as is unpaid, together with any interest which may have accrued and all
expenses that may have been incurred by the Company by reason of non-payment.
44. NOTICE FOR FORFEITURE OF SHARES
The notice aforesaid shall:
(a) name a further day (not being earlier than the expiry of fourteen (14) days from the date of
services of the notice) on or before which the payment required by the notice is to be made; and
(b) state that, in the event of non-payment on or before the day so named, the shares in respect of
which the call was made shall be liable to be forfeited.
524If the requirements of any such notice as aforesaid are not complied with, any share in respect of which
the notice has been given may, at any time thereafter, before the payment required by the notice has been
made, be forfeited by a resolution of the Board to that effect.
45. RECEIPT OF PART AMOUNT OR GRANT OF INDULGENCE NOT TO AFFECT
FORFEITURE
Neither a judgment nor a decree in favour of the Company for calls or other moneys due in respect of
any shares nor any part payment or satisfaction thereof nor the receipt by the Company of a portion of
any money which shall from time to time be due from any Member in respect of any shares either by
way of principal or interest nor any indulgence granted by the Company in respect of payment of any
such money shall preclude the forfeiture of such shares as herein provided. There shall be no forfeiture
of unclaimed dividends before the claim becomes barred by applicable law.
46. FORFEITED SHARE TO BE THE PROPERTY OF THE COMPANY
Any share forfeited in accordance with these Articles, shall be deemed to be the property of the Company
and may be sold, re-allocated or otherwise disposed of either to the original holder thereof or to any other
person upon such terms and in such manner as the Board thinks fit.
47. ENTRY OF FORFEITURE IN REGISTER OF MEMBERS
When any share shall have been so forfeited, notice of the forfeiture shall be given to the defaulting
member and any entry of the forfeiture with the date thereof, shall forthwith be made in the Register of
Members but no forfeiture shall be invalidated by any omission or neglect or any failure to give such
notice or make such entry as aforesaid.
48. MEMBER TO BE LIABLE EVEN AFTER FORFEITURE
A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares,
but shall, notwithstanding the forfeiture, remain liable to pay, and shall pay, to the Company all monies
which, at the date of forfeiture, were presently payable by him to the Company in respect of the shares.
All such monies payable shall be paid together with interest thereon at such rate as the Board may
determine, from the time of forfeiture until payment or realization. The Board may, if it thinks fit, but
without being under any obligation to do so, enforce the payment of the whole or any portion of the
monies due, without any allowance for the value of the shares at the time of forfeiture or waive payment
in whole or in part. The liability of such person shall cease if and when the Company shall have received
payment in full of all such monies in respect of the shares.
49. EFFECT OF FORFEITURE
The forfeiture of a share shall involve extinction at the time of forfeiture, of all interest in and all claims
and demands against the Company, in respect of the share and all other rights incidental to the share,
except only such of those rights as by these Articles expressly saved and as determined by the Board.
50. CERTIFICATE OF FORFEITURE
A duly verified declaration in writing that the declarant is a director, the manager or the secretary of the
Company, and that a share in the Company has been duly forfeited on a date stated in the declaration,
shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to
the share.
51. TITLE OF PURCHASER AND TRANSFEREE OF FORFEITED SHARES
The Company may receive the consideration, if any, given for the share on any sale, re-allotment or
disposal thereof and may execute a transfer of the share in favour of the person to whom the share is sold
or disposed of. The transferee shall thereupon be registered as the holder of the share and the transferee
shall not be bound to see to the application of the purchase money, if any, nor shall his title to the share
be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale, re-
allotment or disposal of the share.
52552. VALIDITY OF SALES
Upon any sale after forfeiture or for enforcing a lien in exercise of the powers hereinabove given, the
Board may, if necessary, appoint some person to execute an instrument for transfer of the shares sold
and cause the purchaser’s name to be entered in the Register of Members in respect of the shares sold
and after his name has been entered in the Register of Members in respect of such shares the validity of
the sale shall not be impeached by any person.
53. CANCELLATION OF SHARE CERTIFICATE IN RESPECT OF FORFEITED SHARES
Upon any sale, re-allotment or other disposal under the provisions of the preceding Articles, the
certificate(s), if any, originally issued in respect of the relative shares shall (unless the same shall on
demand by the Company has been previously surrendered to it by the defaulting member) stand cancelled
and become null and void and be of no effect, and the Board shall be entitled to issue a duplicate
certificate(s) in respect of the said shares to the person(s) entitled thereto.
54. BOARD ENTITLED TO CANCEL FORFEITURE
The Board may at any time before any share so forfeited shall have them sold, reallotted or otherwise
disposed of, cancel the forfeiture thereof upon such conditions at it thinks fit.
55. SURRENDER OF SHARE CERTIFICATES
The Board may, subject to the provisions of the Act, accept a surrender of any share from or by any
Member desirous of surrendering them on such terms as they think fit.
56. SUMS DEEMED TO BE CALLS
The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which,
by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal
value of the share or by way of premium, as if the same had been payable by virtue of a call duly made
and notified.
57. PROVISIONS AS TO FORFEITURE OF SHARES TO APPLY MUTATIS MUTANDIS TO
DEBENTURES, ETC.
The provisions of these Articles relating to forfeiture of shares shall mutatis mutandis apply to any other
securities, including debentures, of the Company.
TRANSFER AND TRANSMISSION OF SHARES
58. REGISTER OF TRANSFERS
The Company shall keep a “Register of Transfers” and therein shall be fairly and distinctly entered
particulars of every transfer or transmission of any shares. The Company shall also use a common form
of transfer.
59. ENDORSEMENT OF TRANSFER
In respect of any transfer of shares registered in accordance with the provisions of these Articles, the
Board may, at its discretion, direct an endorsement of the transfer and the name of the transferee and
other particulars on the existing share certificate and authorize any Director or Officer of the Company
to authenticate such endorsement on behalf of the Company or direct the issue of a fresh share certificate,
in lieu of and in cancellation of the existing certificate in the name of the transferee.
60. INSTRUMENT OF TRANSFER
(a) The instrument of transfer of any share shall be in writing and all the provisions of the Act, and
of any statutory modification thereof for the time being shall be duly complied with in respect
of all transfer of shares and registration thereof. The Company shall use the form of transfer, as
prescribed under the Act, in all cases. In case of transfer of shares, where the Company has not
issued any certificates and where the shares are held in dematerialized form, the provisions of
the Depositories Act, 1996 shall apply.
526(b) The Board may decline to recognize any instrument of transfer unless-
(i) the instrument of transfer is in the form prescribed under the Act;
(ii) the instrument of transfer is accompanied by the certificate of shares to which it relates,
and such other evidence as the Board may reasonably require to show the right of the
transferor to make the transfer; and
(iii) the instrument of transfer is in respect of only one class of shares.
(c) No fee shall be charged for registration of transfer, transmission, probate, succession certificate
and letters of administration, certificate of death or marriage, power of attorney or similar other
document.
61. EXECUTION OF TRANSFER INSTRUMENT
Every such instrument of transfer shall be executed, both by or on behalf of both the transferor and the
transferee and the transferor shall be deemed to remain holder of the shares until the name of the
transferee is entered in the Register of Members in respect thereof.
62. CLOSING REGISTER OF TRANSFERS AND OF MEMBERS
Subject to compliance with the Act and other applicable law, the Board shall be empowered, on giving
not less than seven (7) days’ notice or such period as may be prescribed, to close the transfer books,
Register of Members, the register of debenture holders at such time or times, and for such period or
periods, not exceeding thirty (30) days at a time and not exceeding an aggregate forty five (45) days in
each year as it may seem expedient.
63. DIRECTORS MAY REFUSE TO REGISTER TRANSFER
Subject to the provisions of these Articles and other applicable provisions of the Act or any other law for
the time being in force, the Board may (at its own absolute and uncontrolled discretion) decline or refuse
by giving reasons, whether in pursuance of any power of the Company under these Articles or otherwise,
to register or acknowledge any transfer of, or the transmission by operation of law of the right to, any
securities or interest of a Member in the Company, after providing sufficient cause, within a period of
thirty days from the date on which the instrument of transfer, or the intimation of such transmission, as
the case may be, was delivered to the Company. Provided that the registration of transfer of any securities
shall not be refused on the ground of the transferor being alone or jointly with any other person or persons,
indebted to the Company on any account whatsoever except where the Company has a lien on shares.
64. TRANSFER OF PARTLY PAID SHARES
Where in the case of partly paid shares, an application for registration is made by the transferor alone,
the transfer shall not be registered, unless the Company gives the notice of the application to the
transferee in accordance with the provisions of the Act and the transferee gives no objection to the
transfer within the time period prescribed under the Act.
65. TITLE TO SHARES OF DECEASED MEMBERS
The executors or administrators or the holders of a succession certificate issued in respect of the shares
of a deceased Member and not being one of several joint holders shall be the only person whom the
Company shall recognize as having any title to the shares registered in the name of such Members and
in case of the death of one or more of the joint holders of any registered share, the survivor or survivors
shall be entitled to the title or interest in such shares but nothing herein contained shall be taken to release
the estate of a deceased joint holder from any liability on shares held by him jointly with any other person.
Provided nevertheless that in case the Directors, in their absolute discretion think fit, it shall be lawful
for the Directors to dispense with the production of a probate or letters of administration or a succession
certificate or such other legal representation upon such terms (if any) (as to indemnify or otherwise) as
the Directors may consider necessary or desirable.
52766. TRANSFERS NOT PERMITTED
No share shall in any circumstances be transferred to any infant, insolvent or a person of unsound mind,
except fully paid shares through a legal guardian.
67. TRANSMISSION OF SHARES
Subject to the provisions of the Act and these Articles, any person becoming entitled to shares in
consequence of the death, lunacy, bankruptcy or insolvency of any Members, or by any lawful means
other than by a transfer in accordance with these Articles, may with the consent of the Board (which it
shall not be under any obligation to give), upon producing such evidence as the Board thinks sufficient,
that he sustains the character in respect of which he proposes to act under this Article, or of his title, elect
to either be registered himself as holder of the shares or elect to have some person nominated by him and
approved by the Board, registered as such holder or to make such transfer of the share as the deceased or
insolvent member could have made. If the person so becoming entitled shall elect to be registered as
holder of the share himself, he shall deliver or send to the Company a notice in writing signed by him
stating that he so elects. Provided, nevertheless, if such person shall elect to have his nominee registered,
he shall testify that election by executing in favour of his nominee an instrument of transfer in accordance
with the provision herein contained and until he does so he shall not be freed from any liability in respect
of the shares. Further, all limitations, restrictions and provisions of these Articles relating to the right to
transfer and the registration of transfer of shares shall be applicable to any such notice or transfer as
aforesaid as if the death or insolvency of the Member had not occurred and the notice or transfer were a
transfer signed by that Member.
68. RIGHTS ON TRANSMISSION
A person becoming entitled to a share by reason of the death or insolvency of the holder shall, subject to
the Directors’ right to retain such dividends or money, be entitled to the same dividends and other
advantages to which he would be entitled if he were the registered holder of the share, except that he
shall not, before being registered as a Member in respect of the share, be entitled in respect of it to
exercise any right conferred by membership in relation to meetings of the Company.
Provided that the Board may at any time give a notice requiring any such person to elect either to be
registered himself or to transfer the share and if the notice is not complied with within ninety (90) days,
the Board may thereafter withhold payment of all dividends, bonus or other moneys payable in respect
of such share, until the requirements of notice have been complied with.
69. SHARE CERTIFICATES TO BE SURRENDERED
Before the registration of a transfer, the certificate or certificates of the share or shares to be transferred
must be delivered to the Company along with (save as provided in the Act) properly stamped and
executed instrument of transfer.
70. COMPANY NOT LIABLE TO NOTICE OF EQUITABLE RIGHTS
The Company shall incur no liability or responsibility whatever in consequence of its registering or giving
effect to any transfer of shares made or purporting to be made by any apparent legal owner thereof (as
shown or appearing in the Register) to the prejudice of persons having or claiming any equitable rights,
title or interest in the said shares, notwithstanding that the Company may have had notice of such
equitable rights referred thereto in any books of the Company and the Company shall not be bound by or
required to regard or attend to or give effect to any notice which may be given to it of any equitable
rights, title or interest or be under any liability whatsoever for refusing or neglecting to do so, though it
may have been entered or referred to in some book of the Company but the Company shall nevertheless
be at liberty to regard and attend to any such notice and give effect thereto if the Board shall so think fit.
71. TRANSFER AND TRANSMISSION OF DEBENTURES
The provisions of these Articles, shall, mutatis mutandis, apply to the transfer of or the transmission by
law of the right to any securities including, debentures of the Company.
528ALTERATION OF CAPITAL
72. RIGHTS TO ISSUE SHARE WARRANTS
The Company may issue share warrants subject to, and in accordance with provisions of the Act. The
Board may, in its discretion, with respect to any share which is fully paid up on application in writing
signed by the person registered as holder of the share, and authenticated by such evidence (if any) as the
Board may from time to time require as to the identity of the person signing the application, and the
amount of the stamp duty on the warrant and such fee as the Board may from time to time require having
been paid, issue a warrant.
73. BOARD TO MAKE RULES
The Board may, from time to time, make rules as to the terms on which it shall think fit, a new share
warrant or coupon may be issued by way of renewal in case of defacement, loss or destruction.
74. SHARES MAY BE CONVERTED INTO STOCK
Where shares are converted into stock:
(a) the holders of stock may transfer the same or any part thereof in the same manner as, and subject
to the same Articles under which, the shares from which the stock arose might before the
conversion have been transferred, or as near thereto as circumstances admit:
Provided that the Board may, from time to time, fix the minimum amount of stock transferable,
however, such minimum shall not exceed the nominal amount of the shares from which the
stock arose;
(b) the holders of stock shall, according to the amount of stock held by them, have the same rights,
privileges and advantages as regards dividends, voting at meetings of the Company, and other
matters, as if they held the shares from which the stock arose; but no such privilege or advantage
(except participation in the dividends and profits of the Company and in the assets on winding
up) shall be conferred by an amount of stock which would not, if existing in shares, have
conferred that privilege or advantage;
(c) such of the Articles of the Company as are applicable to paid-up shares shall apply to stock and
the words “share” and “shareholder”/”Member” shall include “stock” and “stock-holder”
respectively.
75. REDUCTION OF CAPITAL
The Company may, by a Special Resolution as prescribed by the Act, reduce in any manner and in
accordance with the provisions of the Act—
(a) its share capital; and/or
(b) any capital redemption reserve account; and/or
(c) any share premium account
and in particular without prejudice to the generality of the foregoing power may be: (i) extinguishing or
reducing the liability on any of its shares in respect of share capital not paid up; (ii) either with or without
extinguishing or reducing liability on any of its shares, (a) cancel paid up share capital which is lost or is
unrepresented by available assets; or (b) pay off any paid up share capital which is in excess of the wants
of the Company; and may, if and so far as is necessary, alter its Memorandum, by reducing the amount
of its share capital and of its shares accordingly.
76. DEMATERIALISATION OF SECURITIES
(a) The Company shall recognise interest in dematerialised securities under the Depositories Act,
1996.
529Subject to the provisions of the Act, either the Company or the investor may exercise an option
to issue (in case of the Company only), deal in, hold the securities (including shares) with a
Depository in electronic form and the certificates in respect thereof shall be dematerialized, in
which event, the rights and obligations of the parties concerned and matters connected therewith
or incidental thereof shall be governed by the provisions of the Depositories Act, 1996 as
amended from time to time or any statutory modification(s) thereto or re-enactment thereof, the
Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 and
other applicable law.
(b) Dematerialisation/Re-materialisation of securities
Notwithstanding anything to the contrary or inconsistent contained in these Articles, the
Company shall be entitled to dematerialise its existing securities, re materialise its securities
held in Depositories and/or offer its fresh securities in the dematerialised form pursuant to the
Depositories Act, 1996 and the rules framed thereunder, if any.
(c) Option to receive security certificate or hold securities with the Depository
Every person subscribing to or holding securities of the Company shall have the option to
receive the security certificate or hold securities with a Depository. Where a person opts to hold
a security with the Depository, the Company shall intimate such Depository of the details of
allotment of the security and on receipt of such information, the Depository shall enter in its
Record, the name of the allottees as the beneficial owner of that Security.
(d) Securities in electronic form
All securities held by a Depository shall be dematerialized and held in electronic form. No
certificate shall be issued for the securities held by the Depository.
(e) Beneficial owner deemed as absolute owner
Except as ordered by a court of competent jurisdiction or by applicable law required and subject
to the provisions of the Act, the Company shall be entitled to treat the person whose name
appears on the applicable register as the holder of any security or whose name appears as the
beneficial owner of any security in the records of the Depository as the absolute owner thereof
and accordingly shall not be bound to recognize any benami trust or equity, equitable contingent,
future, partial interest, other claim to or interest in respect of such securities or (except only as
by these Articles otherwise expressly provided) any right in respect of a security other than an
absolute right thereto in accordance with these Articles, on the part of any other person whether
or not it has expressed or implied notice thereof but the Board shall at their sole discretion
register any security in the joint names of any two or more persons or the survivor or survivors
of them.
(f) Register and index of beneficial owners
The Company shall cause to be kept a register and index of members with details of securities
held in materialised and dematerialised forms in any media as may be permitted by law
including any form of electronic media. The register and index of beneficial owners maintained
by a Depository under the Depositories Act, 1996 shall be deemed to be a register and index of
members for the purposes of this Act. The Company shall have the power to keep in any state
or country outside India, a Register of Members, resident in that state or country.
(g) The provisions relating to distinctive numbering shall not apply to the shares of the Company
which have been dematerialized.
77. BUY BACK OF SHARES
Notwithstanding anything contained in these Articles, but subject to all applicable provisions of the Act
or any other law for the time being in force, the Company may purchase its own shares or other specified
securities.
530GENERAL MEETINGS
78. ANNUAL GENERAL MEETINGS
(a) The Company shall in each year hold a General Meeting as its Annual General Meeting in
addition to any other meeting in that year. Provided the time gap between two Annual General
Meetings shall not exceed the prescribed time period under the Act and rules made thereunder.
(b) An Annual General Meeting of the Company shall be held in accordance with the provisions of
the Act and other applicable law.
79. EXTRAORDINARY GENERAL MEETINGS
All General Meetings other than the Annual General Meeting shall be called “Extraordinary General
Meeting”. Provided that, the Board may, whenever it thinks fit, call an Extraordinary General Meeting.
80. EXTRAORDINARY MEETINGS ON REQUISITION
The Board shall, on the requisition of Members, convene an Extraordinary General Meeting of the
Company in the circumstances and in the manner provided under the Act.
81. NOTICE FOR GENERAL MEETINGS
All General Meetings shall be convened by giving not less than clear twenty one (21) days’ notice, in
such manner as is prescribed under the Act, specifying the place, date and hour of the meeting and a
statement of the business proposed to be transacted at such a meeting, in the manner mentioned in the
Act. Notice shall be given to all the Members and to such persons as are under the Act and/or these
Articles entitled to receive such notice from the Company but any accidental omission to give notice to
or non-receipt of the notice by any Member or other person to whom it should be given shall not
invalidate the proceedings of any General Meetings.
The Members may participate in General Meetings through such modes as permitted by applicable laws.
82. SHORTER NOTICE ADMISSIBLE
Upon compliance with the relevant provisions of the Act, an Annual General Meeting or any General
Meeting may be convened by giving a shorter notice than twenty one (21) days if consent is given in
writing or by electronic mode by not less than 95 (ninety five) percent of the shareholders entitled to vote
at that meeting. Any other General Meeting may be convened by giving a notice shorter than twenty one
(21) days if consent is given in writing or by electronic mode by not less (i) the majority in number of
Shareholders entitled to vote at that meeting and (ii) who represent not less than 95 (ninety five) percent
of such part of the paid-up Share Capital of the Company as gives a right to vote at such meeting.
83. CIRCULATION OF MEMBERS’ RESOLUTION
The Company shall comply with provisions of Section 111 of the Act, as to giving notice of resolutions
and circulating statements on the requisition of Members.
84. SPECIAL AND ORDINARY BUSINESS
(a) Subject to the provisions of the Act, all business shall be deemed special that is transacted at the
Annual General Meeting with the exception of declaration of any dividend, the consideration of
financial statements and reports of the Directors and auditors, the appointment of Directors in
place of those retiring and the appointment of and fixing of the remuneration of the auditors. In
case of any other meeting, all business shall be deemed to be special.
(b) In case of special business as aforesaid, an explanatory statement as required under the
applicable provisions of the Act shall be annexed to the notice of the meeting.
53185. QUORUM FOR GENERAL MEETING
The quorum for the Shareholders’ Meeting shall be in accordance with section 103 of the Act or the
applicable law for the time being in force prescribes, and no business shall be transacted at any General
Meeting unless the requisite quorum is present at the commencement of the meeting.
86. TIME FOR QUORUM AND ADJOURNMENT
Subject to the provisions of the Act, if within half an hour from the time appointed for a meeting, a
quorum is not present, the meeting, if called upon the requisition of Members, shall be cancelled and in
any other case, it shall stand adjourned to the same day in the next week at the same time and place or to
such other day and at such other time and place as the Directors may determine. If at the adjourned
meeting also a quorum is not present within half an hour from the time appointed for the meeting, the
Members present shall be quorum and may transact the business for which the meeting was called.
87. CHAIRMAN OF GENERAL MEETING
The chairman, if any, of the Board of Directors shall preside as chairman at every General Meeting of
the Company.
88. ELECTION OF CHAIRMAN
Subject to the provisions of the Act, if there is no such chairman or if at any meeting he is not present
within fifteen (15) minutes after the time appointed for holding the meeting or is unwilling to act as
chairman, the Directors present shall elect another Director as chairman and if no Director be present or
if all the Directors decline to take the chair, then the Members present shall choose a Member to be the
chairman.
89. ADJOURNMENT OF MEETING
Subject to the provisions of the Act, the chairman of a General Meeting may, with the consent given in
the meeting at which a quorum is present (and shall if so directed by the meeting) adjourn that meeting
from time to time and from place to place, but no business shall be transacted at any adjourned meeting
other than the business left unfinished at the meeting from which the adjournment took place. When the
meeting is adjourned for thirty (30) days or more, notice of the adjourned meeting shall be given as nearly
to the original meeting, as may be possible. Save as aforesaid and as provided in Section 103 of the Act,
it shall not be necessary to give any notice of adjournment of the business to be transacted at an adjourned
meeting.
Any member who has not appointed a proxy to attend and vote on their behalf at a general meeting may
appoint a proxy for any adjourned general meeting, not later than forty-eight hours before the time of
such adjourned Meeting.
90. VOTING AT MEETING
At any General Meeting, a demand for a poll shall not prevent the continuance of a meeting for the
transaction of any business other than that on which a poll has been demanded. The demand for a poll
may be withdrawn at any time by the person or persons who made the demand. Further, no objection
shall be raised to the qualification of any voter except at the General Meeting or adjourned General
Meeting at which the vote objected to is given or tendered, and every vote not disallowed at such meeting
shall be valid for all purposes. Any such objection made in due time shall be referred to the chairperson
of the General Meeting, whose decision shall be final and conclusive.
91. DECISION BY POLL
If a poll is duly demanded in accordance with the provisions of the Act, it shall be taken in such manner
as the chairman directs and the results of the poll shall be deemed to be the decision of the meeting on
the resolution in respect of which the poll was demanded.
53292. CASTING VOTE OF CHAIRMAN
In case of equal votes, whether on a show of hands or on a poll, the chairman of the General Meeting at
which the show of hands takes place or at which the poll is demanded shall be entitled to a second or
casting vote in addition to the vote or votes to which he may be entitled to as a Member.
93. PASSING RESOLUTIONS BY POSTAL BALLOT
(a) Notwithstanding any of the provisions of these Articles, the Company may, and in the case of
resolutions relating to such business as notified under the Act, to be passed by postal ballot,
shall get any resolution passed by means of a postal ballot, instead of transacting the business
in the General Meeting of the Company.
(b) Where the Company decides to pass any resolution by resorting to postal ballot, it shall follow
the procedures as prescribed under the Act.
(c) If a resolution is assented to by the requisite majority of the shareholders by means of postal
ballot, it shall be deemed to have been duly passed at a General Meeting convened in that behalf.
VOTE OF MEMBERS
94. VOTING RIGHTS OF MEMBERS
Subject to any rights or restrictions for the time being attached to any class or classes of shares:
(a) On a show of hands every Member holding Equity Shares and present in person shall have one
vote.
(b) On a poll, every Member holding Equity Shares therein shall have voting rights in proportion
to his share in the paid up equity share capital.
(c) A Member may exercise his vote at a meeting by electronic means in accordance with the Act
and shall vote only once.
A Member is not prohibited from exercising his voting on the ground that he has not held his share or
other interest in the Company for any specified period preceding the date on which the vote is taken, or
on any other ground not being a ground set out in these Articles.
95. VOTING BY JOINT-HOLDERS
In case of joint holders the vote of first named of such joint holders in the Register of Members who
tender a vote whether in person or by proxy shall be accepted, to the exclusion of the votes of other joint
holders.
96. VOTING BY MEMBER DECEASED OR OF UNSOUND MIND / MINOR
A Member of unsound mind, or in respect of whom an order has been made by any court having
jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee or other legal
guardian, and any such committee or legal guardian may, on a poll, vote by proxy. If any member be a
minor, the vote in respect of his share or shares shall be by his guardian or any one of his guardians.
Subject to the provisions of the Act and other provisions of these Articles, any person entitled under the
Clause 67 to any shares may vote at any general meeting in respect thereof as if he/she was the registered
holder of such shares, provided that at least 48 (forty eight) hours before the time of holding the meeting
or adjourned meeting, as the case may be, at which he/she proposes to vote, he/she shall duly satisfy the
Board of his/her right to such shares unless the Board shall have previously admitted his/her right to vote
at such meeting in respect thereof.
97. NO RIGHT TO VOTE UNLESS CALLS ARE PAID
No Member shall be entitled to vote at any General Meeting unless all calls or other sums presently
payable by him have been paid, or in regard to which the Company has lien and has exercised any right
of lien.
53398. PROXY
Subject to the provisions of the Act and these Articles, any Member entitled to attend and vote at a
General Meeting may do so either personally or through his constituted attorney or through another
person as a proxy on his behalf, for that meeting.
99. INSTRUMENT OF PROXY
An instrument appointing a proxy shall be in the form as prescribed under the Act for this purpose. The
instrument appointing a proxy shall be in writing under the hand of appointer or of his attorney duly
authorized in writing or if appointed by a body corporate either under its common seal or under the hand
of its officer or attorney duly authorized in writing by it. Any person whether or not he is a Member of
the Company may be appointed as a proxy.
The instrument appointing a proxy and power of attorney or other authority (if any) under which it is
signed or a notarized copy of that power or authority must be deposited at the Office of the Company not
less than forty eight (48) hours prior to the time fixed for holding the meeting or adjourned meeting at
which the person named in the instrument proposes to vote, or, in case of a poll, not less than twenty four
(24) hours before the time appointed for the taking of the poll, and in default the instrument of proxy
shall not be treated as valid.
100. VALIDITY OF PROXY
A vote given in accordance with the terms of an instrument of proxy shall be valid, notwithstanding the
previous death or insanity of the principal or the revocation of the proxy or of the authority under which
the proxy was executed, or the transfer of shares in respect of which the proxy is given, provided that no
intimation in writing of such death, insanity, revocation or transfer shall have been received by the
Company at its Office before the commencement of the meeting or adjourned meeting at which the proxy
is used.
101. CORPORATE MEMBERS
Any corporation which is a Member of the Company may, by resolution of its Board of Directors or
other governing body, authorize such person as it thinks fit to act as its representative at any meeting of
the Company and the said person so authorized shall be entitled to exercise the same powers on behalf
of the corporation which he represents as that corporation could have exercised if it were an individual
Member of the Company (including the right to vote by proxy).
DIRECTOR
102. NUMBER OF DIRECTORS
Unless otherwise determined by General Meeting, the number of Directors shall not be less than three
(3) and not more than fifteen (15), and at least one (1) Director shall be resident of India in the previous
year.
Provided that the Company may appoint more than fifteen (15) directors after passing a Special
Resolution.
103. SHARE QUALIFICATION NOT NECESSARY
Any person whether a Member of the Company or not may be appointed as Director and no qualification
by way of holding shares shall be required of any Director.
104. ADDITIONAL DIRECTORS
Subject to the provisions of the Act, the Board shall have power at any time, and from time to time, to
appoint a person as an additional director, provided the number of the directors and additional directors
together shall not at any time exceed the maximum strength fixed for the Board by the Articles.
534Such person shall hold office only up to the date of the next annual general meeting of the Company but
shall be eligible for appointment by the Company as a director at that annual general meeting, subject to
the provisions of the Act.
105. ALTERNATE DIRECTORS
(a) The Board may, subject to provisions of the Act, appoint a person, not being a person holding
any alternate directorship for any other director in the Company or holding directorship in the
Company, to act as an alternate director for a director during his absence for a period of not less
than 3 (three) months from India (hereinafter in this Article called the “Original Director”).
No person shall be appointed as an alternate director for an Independent Director unless he is
qualified to be appointed as an Independent Director under the provisions of the Act.
(b) An alternate director shall not hold office for a period longer than that permissible to the Original
Director in whose place he has been appointed and shall vacate the office if and when the
Original Director returns to India. If the term of office of the Original Director is determined
before he returns to India the automatic re-appointment of retiring directors in default of another
appointment shall apply to the Original Director and not to the alternate director.
106. APPOINTMENT OF DIRECTOR TO FILL A CASUAL VACANCY
If the office of any Director appointed by the Company in General Meeting is vacated before his term of
office expires in the normal course, the resulting casual vacancy may, be filled by the Board of Directors
at a meeting of the Board which shall be subsequently approved by members in the immediate next
general meeting. The director so appointed shall hold office only up to the date which the director in
whose place he is appointed would have held office if it had not been vacated.
107. REMUNERATION OF DIRECTORS
(a) A Director (other than a managing Director or whole-time Director) may receive a sitting fee
not exceeding such sum as may be prescribed by the Act or the Central Government from time
to time for each meeting of the Board of Directors or any Committee thereof attended by him.
The remuneration of Directors including managing Director and/or whole-time Director may be
paid in accordance with the applicable provisions of the Act.
(b) The Board of Directors may allow and pay or reimburse any Director:
(i) for the purpose of attending such meeting or for attending its business at the request of
the Company, such sum as the Board may consider fair compensation for travelling,
and out-of-pocket expenses; and
(ii) other expenses incurred in connection with the business of the Company.
108. REMUNERATION FOR EXTRA SERVICES
If any Director, being willing, shall be called upon to perform extra services or to make any special
exertions (which expression shall include work done by Director as a Member of any committee formed
by the Directors) in going or residing away from the town in which the Office of the Company may be
situated for any purposes of the Company or in giving any special attention to the business of the
Company or as member of the Board, then subject to the provisions of the Act, the Board may remunerate
the Director so doing either by a fixed sum, or by a percentage of profits or otherwise and such
remuneration, may be either in addition to or in substitution for any other remuneration to which he may
be entitled.
109. CONTINUING DIRECTOR MAY ACT
The continuing Directors may act notwithstanding any vacancy in the Board, but if the number is reduced
below three, the continuing Directors or Director may act for the purpose of increasing the number of
Directors to three or for summoning a General Meeting of the Company, but for no other purpose.
535110. VACATION OF OFFICE OF DIRECTOR
The office of a Director shall be deemed to have been vacated under the circumstances enumerated under
Act.
ROTATION AND RETIREMENT OF DIRECTOR
111. ONE-THIRD OF DIRECTORS TO RETIRE EVERY YEAR
At the Annual General Meeting of the Company to be held every year, one third of such of the Directors
as are liable to retire by rotation for time being, or, if their number is not three or a multiple of three then
the number nearest to one third shall retire from office, and they will be eligible for re-election.
112. RETIRING DIRECTORS ELIGIBLE FOR RE-ELECTION
A retiring Director shall be eligible for re-election and the Company, at the Annual General Meeting at
which a Director retires in the manner aforesaid, may fill up the vacated office by electing a person
thereto.
113. WHICH DIRECTOR TO RETIRE
The Directors to retire in every year shall be those who have been longest in office since their last election,
but as between persons who became Directors on the same day, those to retire shall (unless they otherwise
agree among themselves) be determined by lots.
114. POWER TO REMOVE DIRECTOR BY ORDINARY RESOLUTION
Subject to the provisions of the Act, the Company may by an Ordinary Resolution in General Meeting,
remove any Director before the expiration of his period of office and may, by an Ordinary Resolution,
appoint another person instead.
Provided that an independent director re-appointed for second term under the provisions of the Act shall
be removed by the company only by passing a Special Resolution and after giving him a reasonable
opportunity of being heard.
115. DIRECTORS NOT LIABLE FOR RETIREMENT
The Company in General Meeting may, when appointing a person as a Director declare that his continued
presence on the Board of Directors is of advantage to the Company and that his office as Director shall
not be liable to be determined by retirement by rotation for such period until the happening of any event
of contingency set out in the said resolution.
116. DIRECTOR FOR COMPANIES PROMOTED BY THE COMPANY
Directors of the Company may be or become a director of any company promoted by the Company or in
which it may be interested as vendor, shareholder or otherwise and no such Director shall be accountable
for any benefits received as a director or member of such company subject to compliance with applicable
provisions of the Act.
PROCEEDINGS OF BOARD OF DIRECTORS
117. MEETINGS OF THE BOARD
(a) The Board of Directors shall meet at least once in every three (3) months with a maximum gap
of 120 (one hundred and twenty days) between two (2) meetings of the Board for the dispatch
of business, adjourn and otherwise regulate its meetings and proceedings as it thinks fit in
accordance with the Act, provided that at least four (4) such meetings shall be held in every
year. Place of meetings of the Board shall be at a location determined by the Board at its previous
meeting, or if no such determination is made, then as determined by the chairman of the Board.
(b) The chairman may, at any time, and the secretary or such other Officer of the Company as may
be authorised in this behalf on the requisition of Director shall at any time summon a meeting
of the Board. Notice of at least seven (7) days in writing of every meeting of the Board shall be
536given to every Director and every alternate Director at his usual address whether in India or
abroad, provided always that a meeting may be convened by a shorter notice to transact urgent
business. Additionally, a meeting may be convened by a shorter notice subsequent to listing of
Equity Shares on any stock exchange, subject to the condition that at least one independent
director, if any, shall be present at the meeting and in case of absence of independent directors
from such a meeting of the Board, decisions taken at such a meeting shall be circulated to all
the directors and shall be final only on ratification thereof by at least one independent director,
if any.
(c) The notice of each meeting of the Board shall include (i) the time for the proposed meeting; (ii)
the venue for the proposed meeting; and (iii) an agenda setting out the business proposed to be
transacted at the meeting.
(d) To the extent permissible by applicable law, the Directors may participate in a meeting of the
Board or any committee thereof, through electronic mode, that is, by way of video conferencing
i.e., audio visual electronic communication facility. The notice of the meeting must inform the
Directors regarding the availability of participation through video conferencing. Any Director
participating in a meeting through the use of video conferencing shall be counted for the purpose
of quorum.
118. QUESTIONS AT BOARD MEETING HOW DECIDED
Questions arising at any time at a meeting of the Board shall be decided by majority of votes and in case
of equality of votes, the Chairman, in his absence the Vice Chairman or the Director presiding shall have
a second or casting vote.
119. QUORUM
Subject to the provisions of the Act and other applicable law, the quorum for a meeting of the Board shall
be one third of its total strength (any fraction contained in that one-third being rounded off as one) or two
Directors whichever is higher and the participation of the directors by video conferencing or by other
audio visual means shall also be counted for the purposes of quorum.
At any time the number of interested Directors is equal to or exceeds two-thirds of total strength, the
number of remaining Directors, that is to say the number of Directors who are not interested, present at
the meeting being not less than two, shall be the quorum during such time. The total strength of the Board
shall mean the number of Directors actually holding office as Directors on the date of the resolution or
meeting, that is to say, the total strength of Board after deducting there from the number of Directors, if
any, whose places are vacant at the time. The term ‘interested director’ means any Director whose
presence cannot, by reason of applicable provisions of the Act be counted for the purpose of forming a
quorum at meeting of the Board, at the time of the discussion or vote on the concerned matter or
resolution.
120. ADJOURNED MEETING
Subject to the provisions of the Act, if within half an hour from the time appointed for a meeting of the
Board, a quorum is not present, the meeting, shall stand adjourned to the same day in the next week at
the same time and place or to such other day and at such other time and place as the Directors may
determine.
121. ELECTION OF CHAIRMAN OF BOARD
(a) The Board may elect a chairman of its meeting and determine the period for which he is to hold
office.
(b) If no such chairman is elected or at any meeting the chairman is not present within five minutes
after the time appointed for holding the meeting the Directors present may choose one among
themselves to be the chairman of the meeting.
537122. POWERS OF DIRECTORS
(a) The Board may exercise all such powers of the Company and do all such acts and things as are
not, by the Act or any other applicable law, or by the Memorandum or by the Articles required
to be exercised by the Company in a General Meeting, subject nevertheless to these Articles, to
the provisions of the Act or any other applicable law and to such regulations being not
inconsistent with the aforesaid regulations or provisions, as may be prescribed by the Company
in a General Meeting; but no regulation made by the Company in a General Meeting shall
invalidate any prior act of the Board which would have been valid if that regulation had not
been made.
(b) All cheques, promissory notes, drafts, hundis, bills of exchange and other negotiable
instruments, and all receipts for monies paid to the Company, shall be signed, drawn, accepted,
endorsed, or otherwise executed, as the case maybe, by such person and in such manner as the
Board shall from time to time by resolution determine.
123. DELEGATION OF POWERS
(a) The Board may, subject to the provisions of the Act, delegate any of its powers to committees
consisting of such members of its body as it thinks fit.
(b) Any committee so formed shall, in the exercise of the power so delegated conform to any
regulations that may be imposed on it by the Board.
124. ELECTION OF CHAIRMAN OF COMMITTEE
(a) A Committee may elect a chairman of its meeting, unless the Board, while constituting a
Committee, has appointed a chairman of such Committee. If no such chairman is elected or if
at any meeting the chairman is not present within fifteen minutes after the time appointed for
holding the meeting, the members present may choose one of their members to be the chairman
of the committee meeting.
(b) The quorum of a committee may be fixed by the Board of Directors.
125. QUESTIONS HOW DETERMINED
(a) A Committee may meet and adjourn as it thinks proper.
(b) Questions arising at any meeting of a Committee shall be determined by a majority of votes of
the members present as the case may be and in case of equality of vote, the chairman shall have
a second or casting vote, in addition to his vote as a member of the committee.
126. VALIDITY OF ACTS DONE BY BOARD OR A COMMITTEE
All acts done by any meeting of the Board, of a Committee thereof, or by any person acting as a Director
shall notwithstanding that it may be afterwards discovered that there was some defect in the appointment
of any one or more of such Directors or of any person acting as aforesaid or that they or any of them
were disqualified be as valid as if even such Director or such person has been duly appointed and was
qualified to be a Director.
127. RESOLUTION BY CIRCULATION
Save as otherwise expressly provided in the Act, a resolution in writing circulated in draft together with
the necessary papers, if any, to all the Directors or to all the members of the committee then in India, not
being less in number than the quorum fixed of the meeting of the Board or the Committee, as the case
may be and to all other Directors or Members at their usual address in India or Members at their usual
address in India or through such electronic means as may be provided under the Companies (Meetings
of Board and its Powers) Rules, 2014 and approved by such of the Directors or Members as are then in
India or by a majority of such of them as are entitled to vote at the resolution shall be valid and effectual
as if it had been a resolution duly passed at a meeting of the Board or committee duly convened and held.
538128. MAINTENANCE OF STATUTORY REGISTERS AND FOREIGN REGISTER
The Company shall keep and maintain at its Office Memorandum of Association, Articles of Association,
all statutory registers namely, register of charges, register of members, register of debenture holders,
register of any other security holders, the register and index of beneficial owners and annual return,
register of loans, guarantees, security and acquisitions, register of investments not held in its own name
and register of contracts and arrangements for such duration as the Board may, unless otherwise
prescribed, decide, and in such manner and containing such particulars as prescribed by the Act and the
Rules. The Memorandum of Association, Articles of Association, registers and copies of annual return
shall be open for inspection by Members, beneficial owners, debenture holders or other security holder
or any other person entitled to inspection during 11.00 a.m. to 1.00 p.m. on all working days, other than
Saturdays, at the Office of the Company and shall such persons shall be entitled to a copy upon payment,
where required, of such fees as may be fixed by the Board but not exceeding the limits prescribed by the
Rules and the requested copies shall be made available by the Company within the prescribed time limits
under the Act and rules made thereunder.
The Company may exercise the powers conferred on it by the Act with regard to the keeping of a foreign
register; and the Board may (subject to the provisions of those Sections) make and vary such regulations
as it may think fit respecting the keeping of any register.
The foreign register shall be open for inspection and may be closed, and extracts may be taken there from
and copies thereof may be required, in the same manner, mutatis mutandis, as is applicable to the register
of members.
129. BORROWING POWERS
(a) Subject to the provisions of the Act and these Articles, the Board may from time to time at their
discretion raise or borrow or secure the payment of any such sum of money for the purpose of
the Company, in such manner and upon such terms and conditions in all respects as they think
fit, and in particular, by promissory notes or by receiving deposits and advances with or without
security or by the issue of bonds, debentures, perpetual or otherwise, including debentures
convertible into shares of this Company or any other company or perpetual annuities and to
secure any such money so borrowed, raised or received, mortgage, pledge or charge the whole
or any part of the property, assets or revenue of the Company present or future, including its
uncalled capital by special assignment or otherwise or to transfer or convey the same absolutely
or in trust and to give the lenders powers of sale and other powers as may be expedient and to
purchase, redeem or pay off any such securities; provided however, that the moneys to be
borrowed, together with the money already borrowed by the Company apart from temporary
loans (as defined under Section 180(1) of the Act) obtained from the Company’s bankers in the
ordinary course of business shall not, without the sanction of the Company by a Special
Resolution at a General Meeting, exceed the aggregate of the paid up capital of the Company,
its free reserves and securities premium. Provided that every Special Resolution passed by the
Company in General Meeting in relation to the exercise of the power to borrow shall specify the
total amount up to which moneys may be borrowed by the Board of Directors.
(b) The Directors may by resolution at a meeting of the Board delegate the above power to borrow
money otherwise than on debentures to a committee of Directors or managing Director or to any
other person permitted by applicable law, if any, within the limits prescribed.
(c) To the extent permitted under the applicable law and subject to compliance with the
requirements thereof, the Directors shall be empowered to grant loans to such entities at such
terms as they may deem to be appropriate and the same shall be in the interests of the Company.
(d) Any bonds, debentures, debenture-stock or other securities may if permissible under applicable
law be issued at a discount, premium or otherwise by the Company and shall with the consent
of the Board be issued upon such terms and conditions and in such manner and for such
consideration as the Board shall consider to be for the benefit of the Company, and on the
condition that they or any part of them may be convertible into Equity Shares of any
denomination, and with any privileges and conditions as to the redemption, surrender, allotment
of shares, attending (but not voting) in the General Meeting, appointment of Directors or
otherwise. Provided that debentures with rights to allotment of or conversion into Equity Shares
539shall not be issued except with, the sanction of the Company in General Meeting accorded by a
Special Resolution as per applicable provisions/laws.
130. NOMINEE DIRECTORS
(a) Subject to the provisions of the Act, so long as any moneys remain owing by the Company to
Financial Institutions regulated by the Reserve Bank of India, State Financial Corporation or
any financial institution owned or controlled by the Central Government or State Government
or any Non-Banking Financial Company regulated by the Reserve Bank of India or any such
company from whom the Company has borrowed for the purpose of carrying on its objects or
each of the above has granted any loans / or subscribes to the debentures of the Company or so
long as any of the aforementioned companies of financial institutions holds or continues to hold
debentures /shares in the Company as a result of underwriting or by direct subscription or private
placement or so long as any liability of the Company arising out of any guarantee furnished on
behalf of the Company remains outstanding, and if the loan or other agreement with such
institution/ corporation/ company (hereinafter referred to as the “Corporation”) so provides,
the Corporation may, in pursuance of the provisions of any law for the time being in force or of
any agreement, have a right to appoint from time to time any person or persons as a Director or
Directors whole-time or non whole-time (which Director or Director/s is/are hereinafter referred
to as “Nominee Directors/s”) on the Board of the Company and to remove from such office
any person or person so appointed and to appoint any person or persons in his /their place(s).
(b) The Nominee Director/s appointed under this Article shall be entitled to receive all notices of
and attend all General Meetings, Board meetings and of the meetings of the committee of which
Nominee Director/s is/are member/s as also the minutes of such Meetings. The Corporation
shall also be entitled to receive all such notices and minutes.
(c) The Company may pay the Nominee Director/s sitting fees and expenses to which the other
Directors of the Company are entitled, but if any other fees commission, monies or remuneration
in any form is payable to the Directors of the Company the fees, commission, monies and
remuneration in relation to such Nominee Director/s may accrue to the nominee appointer and
same shall accordingly be paid by the Company directly to the Corporation.
(d) Provided that the sitting fees, in relation to such Nominee Director/s shall also accrue to the
appointer and same shall accordingly be paid by the Company directly to the appointer.
131. REGISTER OF CHARGES
The Directors shall cause a proper register to be kept, in accordance with the Act, of all mortgages and
charges specifically affecting the property of the Company and shall duly comply with the requirements
of the Act in regard to the registration of mortgages and charges therein specified.
132. MANAGING DIRECTOR(S) AND/OR WHOLE TIME DIRECTORS
(a) The Board may from time to time and with such sanction of the Central Government as may be
required by the Act, appoint one or more of the Directors to the office of the managing director
and/ or whole time directors for such term and subject to such remuneration, terms and
conditions as they may think fit.
(b) The Directors may from time to time resolve that there shall be either one or more managing
directors and/ or whole-time directors.
(c) In the event of any vacancy arising in the office of a managing director and/or whole time
director, the vacancy shall be filled by the Board of Directors subject to the approval of the
Members.
(d) If a managing director and/or whole time director ceases to hold office as Director, he shall ipso
facto and immediately cease to be managing director/whole time director.
540133. POWERS AND DUTIES OF MANAGING DIRECTOR OR WHOLE-TIME DIRECTOR
The managing director/whole time director shall subject to the supervision, control and direction of the
Board and subject to the provisions of the Act, exercise such powers as are exercisable under these
Articles by the Board of Directors, as they may think fit and confer such power for such time and to be
exercised as they may think expedient and they may confer such power either collaterally with or to the
exclusion of any such substitution for all or any of the powers of the Board of Directors in that behalf
and may from time to time revoke, withdraw, alter or vary all or any such powers. The managing
Directors/ whole time Directors may exercise all the powers entrusted to them by the Board of Directors
in accordance with the Board’s direction.
134. CHIEF EXECUTIVE OFFICER, MANAGER, COMPANY SECRETARY AND CHIEF
FINANCIAL OFFICER
Subject to the provisions of the Act —
(a) A chief executive officer, manager, company secretary and chief financial officer may be
appointed by the Board for such term, at such remuneration and upon such conditions as it may
think fit; and any chief executive officer, manager, company secretary and chief financial officer
so appointed may be removed by means of a resolution of the Board.
(b) A director may be appointed as chief executive officer, manager, company secretary or chief
financial officer. Further, an individual may be appointed or reappointed as the chairperson of
the Company as well as the managing Director or chief executive officer of the Company at the
same time.
(c) A provision of the Act or the Articles requiring or authorising a thing to be done by or to a
Director and chief executive officer, manager, company secretary or chief financial officer shall
not be satisfied by its being done by or to the same person acting both as a Director and as, or
in place of, chief executive officer, manager, company secretary or chief financial officer.
COMMON SEAL
135. CUSTODY OF COMMON SEAL
The Board shall provide for the safe custody of the common seal for the Company and they shall have
power from time to time to destroy the same and substitute a new seal in lieu thereof.
136. SEAL HOW AFFIXED
The Directors shall provide a common seal for the purpose of the Company and shall have power from
time to time to destroy the same and substitute a new seal in lieu thereof, and the Directors shall provide
for the safe custody of the seal for the time being and the seal shall never be used except by or under the
authority of the Directors or a committee of the Directors previously given, and in the presence of such
person duly authorised by the Directors or a committee of the Directors, who shall sign every instrument
to which the seal is so affixed in his presence.
The Company may exercise the powers conferred by the Act with regard to having an official seal for
use abroad and such powers shall accordingly be vested in the such person duly authorized for the
purpose.
DIVIDEND
137. COMPANY IN GENERAL MEETING MAY DECLARE DIVIDENDS
The Company in General Meeting may declare dividends, but no dividend shall exceed the amount
recommended by the Board.
541138. INTERIM DIVIDENDS
Subject to the provisions of the Act, the Board may from time to time pay to the members such interim
dividends of such amount on such class of shares and at such times as it may think fit and as appear to it
to be justified by the profits of the company.
139. RIGHT TO DIVIDEND AND UNPAID OR UNCLAIMED DIVIDEND
(a) Where capital is paid in advance of calls, such capital, whilst carrying interest, shall not confer
a right to dividend or to participate in the profits.
(b) Where the Company has declared a dividend but which has not been paid or claimed within
thirty (30) days from the date of declaration, the Company shall within seven (7) days from the
date of expiry of the said period of thirty (30) days, transfer the total amount of dividend which
remains unpaid or unclaimed within the said period of thirty (30) days, to a special account to
be opened by the Company in that behalf in any scheduled bank to be called “Unpaid Dividend
Account”. Any amounts lying in the ”Unpaid Dividend Account” pursuant to this clause shall
be dealt with in the manner, including manner of payment of unpaid dividend and any interest
accrued thereon, as provided under the Act and rules made thereon and other applicable laws.
(c) Any money transferred to the unpaid dividend account of the Company which remains unpaid
or unclaimed for a period of seven (7) years from the date of such transfer, shall be transferred
by the Company to the fund known as Investor Education and Protection Fund established under
the Act and the Company shall send a statement in the prescribed form of the details of such
transfer to the authority which administers the said fund and that authority shall issue a receipt
to the Company as evidence of such transfer.
(d) No unclaimed or unpaid dividend shall be forfeited by the Board before the claim becomes
barred by law.
(e) No unpaid dividend shall bear interest as against the Company.
(f) All other provisions under the Act will be complied with in relation to the unpaid or unclaimed
dividend.
(g) The waiver in whole or in part of any dividend on any share by any document (whether or not
under seal) shall be effective only if such document is signed by the member (or the person
entitled to the share in consequence of the death or bankruptcy of the holder) and delivered to
the Company and if or to the extent that the same is accepted as such or acted upon by the Board.
140. DIVISION OF PROFITS
Subject to the rights of persons, if any, entitled to shares with special rights as to dividends, all dividends
shall be declared and paid according to the amounts paid or credited as paid on the shares in respect
whereof the dividend is paid, but if and so long as nothing is paid upon any of the shares in the Company,
dividends may be declared and paid according to the amounts of the shares.
141. DIVIDENDS TO BE APPORTIONED
All dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on
the shares during any portion or portions of the period in respect of which the dividend is paid; but if any
share is issued on terms providing that it shall rank for dividend as from a particular date such share shall
rank for dividend accordingly.
142. RESERVE FUNDS
(a) The Board may, before recommending any dividends, set aside out of the profits of the Company
such sums as it thinks proper as a reserve or reserves which shall at the discretion of the Board,
be applied for any purpose to which the profits of the Company may be properly applied,
including provision for meeting contingencies or for equalizing dividends and pending such
application, may, at the like discretion either be employed in the business of the Company or be
542invested in such investments (other than shares of the Company) as the Board may, from time
to time think fit.
(b) The Board may also carry forward any profits when it may consider necessary not to divide,
without setting them aside as a reserve.
143. DEDUCTION OF ARREARS
Subject to the Act, no Member shall be entitled to receive payment of any interest or dividend in respect
of his share or shares whilst any money may be due or owing from him to the Company in respect of
such share or shares of or otherwise howsoever whether alone or jointly with any other person or persons
and the Board may deduct from any dividend payable to any Members all sums of money, if any,
presently payable by him to the Company on account of the calls or otherwise in relation to the shares of
the Company.
144. RETENTION OF DIVIDENDS
The Board may retain dividends payable upon shares in respect of which any person is, under Articles
57 to 70 hereinbefore contained, entitled to become a Member, until such person shall become a Member
in respect of such shares.
145. RECEIPT OF JOINT HOLDER
Any one of two or more joint holders of a share may give effective receipt for any dividends, bonuses or
other moneys payable in respect of such shares.
Any notice (which term shall be deemed to include all relevant documents) received and any notice
served on or sent to such person shall be deemed service on all the joint-holders.
146. DIVIDEND HOW REMITTED
(a) Any dividend, interest or other monies payable in cash in respect of shares may be paid by
electronic mode or by cheque or warrant sent through the post directed to the registered address
of the holder or, in the case of joint holders, to the registered address of that one of the joint
holders who is first named on the Register of Members, or to such person and to such address
as the holder or joint holders may in writing direct. Every such cheque or warrant shall be made
payable to the order of the person to whom it is sent.
(b) Payment of dividends in any way whatsoever shall be made at the risk of the person entitled to
the money paid or to be paid. The Company will not be responsible for a payment which is lost
or delayed. The Company will be deemed to have made a payment and discharged its obligation
if dividend is paid in accordance with sub-clause (a) above.
147. DIVIDENDS NOT TO BEAR INTEREST
No dividends shall bear interest against the Company.
148. TRANSFER OF SHARES AND DIVIDENDS
Subject to the provisions of the Act, any transfer of shares shall not pass the right to any dividend declared
thereon before the registration of the transfer.
CAPITALISATION OF PROFITS
149. CAPITALISATION OF PROFITS
(a) The Company in General Meeting, may, on recommendation of the Board resolve:
(i) that it is desirable to capitalise any part of the amount for the time being standing to
the credit of the Company’s reserve accounts or securities premium account or to the
credit of the profit and loss account or otherwise available for distribution; and
543(ii) that such sum be accordingly set free for distribution in the manner specified in the
sub-clause (b) amongst the Members who would have been entitled thereto if
distributed by way of dividend and in the same proportion.
(b) The sum aforesaid shall not be paid in cash but shall be applied, either in or towards:
(i) paying up any amounts for the time being unpaid on shares held by such Members
respectively;
(ii) paying up in full, unissued share of the Company to be allotted and distributed, credited
as fully paid up, to and amongst such Members in the proportions aforesaid; or
(iii) partly in the way specified in sub-clause (i) and partly that specified in sub -clause (ii).
(iv) A securities premium account and a capital redemption reserve account or any other
permissible reserve account may be applied as permitted under the Act in the paying
up of unissued shares to be issued to Members of the Company as fully paid bonus
shares.
(v) The Board shall give effect to the resolution passed by the Company in pursuance of
these Articles.
150. POWER OF DIRECTORS FOR DECLARATION OF BONUS ISSUE
(a) Whenever such a resolution as aforesaid shall have been passed, the Board shall:
(i) make all appropriations and applications of the undivided profits resolved to be
capitalised thereby, and all allotments and issues of fully paid shares or other securities,
if any; and
(ii) generally do all acts and things required to give effect thereto.
(b) The Board shall have full power:
(i) to make such provisions, by the issue of fractional certificates or by payments in cash
or otherwise as it thinks fit, in the case of shares or debentures becoming distributable
in fractions; and
(ii) to authorize any person to enter, on behalf of all the Members entitled thereto, into an
agreement with the Company providing for the allotment to them respectively, credited
as fully paid up, of any further shares or other securities to which they may be entitled
upon such capitalization or as the case may require, for the payment by the Company
on their behalf, by the application thereto of their respective proportions of the profits
resolved to be capitalized, of the amount or any parts of the amounts remaining unpaid
on their existing shares.
(c) Any agreement made under such authority shall be effective and binding on such Members.
ACCOUNTS
151. WHERE BOOKS OF ACCOUNTS TO BE KEPT
The Books of Account shall be kept at the Office or at such other place in India as the Directors think fit
in accordance with the applicable provisions of the Act.
152. INSPECTION BY DIRECTORS
Subject to applicable law, each Director shall be entitled to examine the books of accounts, books and
records of the Company, or any of its subsidiaries that may be incorporated, or any of them, shall be open
to the inspection of directors in accordance with the applicable provisions of the Act.
544153. INSPECTION BY MEMBERS
No Member (not being a Director) shall have any right of inspecting any account or books or documents
of the Company except as conferred by law or authorised by the Board.
SERVICE OF DOCUMENTS AND NOTICE
154. MEMBERS TO NOTIFY ADDRESS IN INDIA
Each registered holder of shares from time to time notify in writing to the Company such place in India
to be registered as his address and such registered place of address shall for all purposes be deemed to
be his place of residence.
155. SERVICE ON MEMBERS HAVING NO REGISTERED ADDRESS
If a Member has no registered address in India, and has not supplied to the Company any address within
India, for the giving of the notices to him, a document advertised in a newspaper circulating in the
neighborhood of Office of the Company shall be deemed to be duly served to him on the day on which
the advertisement appears.
156. SERVICE ON PERSONS ACQUIRING SHARES ON DEATH OR INSOLVENCY OF
MEMBERS
A document may be served by the Company on the persons entitled to a share in consequence of the
death or insolvency of a Member by sending it through the post in a prepaid letter addressed to them by
name or by the title or representatives of the deceased, assignees of the insolvent by any like description
at the address (if any) in India supplied for the purpose by the persons claiming to be so entitled, or (until
such an address has been so supplied) by serving the document in any manner in which the same might
have been served as if the death or insolvency had not occurred.
157. PERSONS ENTITLED TO NOTICE OF GENERAL MEETINGS
Subject to the provisions of the Act and these Articles, notice of General Meeting shall be given:
(a) To the Members of the Company as provided by these Articles.
(b) To the persons entitled to a share in consequence of the death or insolvency of a Member.
(c) To the Directors of the Company.
(d) To the auditors for the time being of the Company; in the manner authorized by as in the case
of any Member or Members of the Company.
158. NOTICE BY ADVERTISEMENT
Subject to the provisions of the Act any document required to be served or sent by the Company on or to
the Members, or any of them and not expressly provided for by these Articles, shall be deemed to be
duly served or sent if advertised in a newspaper circulating in the district in which the Office is situated.
159. MINUTES OF GENERAL MEETINGS
(a) The Company shall cause minutes of the proceedings of every General Meeting of any class of
Members or creditors and every resolution passed by postal ballot to be prepared and signed in
such manner as may be prescribed by the Act and rules made thereunder within thirty days of
the conclusion of every such meeting concerned or passing of resolution by postal ballot entries
thereof in books kept for that purpose with their pages consecutively numbered.
(b) There shall not be included in the minutes, any matter which, in the opinion of the Chairperson
of the meeting:
(i) is, or could reasonably be regarded, as defamatory of any person; or
(ii) is irrelevant or immaterial to the proceedings; or
545(iii) is detrimental to the interests of the Company.
(c) The Chairperson shall exercise absolute discretion with regard to the inclusion or non-inclusion
of any matter in the minutes on the grounds specified in the aforesaid clause.
(d) The minutes of the meeting kept in accordance with the provisions of the Act shall be evidence
of the proceedings recorded therein.
(e) The books containing the minutes of the proceedings of any General Meeting of the Company
or a resolution passed by postal ballot shall:
(i) be kept at the registered office of the Company; and
(ii) be open to inspection of any Member without charge, during 11.00 a.m. to 1.00 p.m.
on all working days other than Saturdays.
(f) Any member shall be entitled to be furnished, within the time prescribed by the Act, after he
has made a request in writing in that behalf to the Company and on payment of such fees as may
be fixed by the Board, with a copy of any minutes referred to in sub-clause (e) above:
Provided that a Member who has made a request for provision of a soft copy of the minutes of
any previous General Meeting held during the period immediately preceding three financial
years, shall be entitled to be furnished with the same free of cost.
160. POWERS TO ARRANGE SECURITY AT MEETINGS
The Board, and also any person(s) authorised by it, may take any action before the commencement of
any general meeting, or any meeting of a class of members in the Company, which they may think fit to
ensure the security of the meeting, the safety of people attending the meeting, and the future orderly
conduct of the meeting. Any decision made in good faith under this Article shall be final, and rights to
attend and participate in the meeting concerned shall be subject to such decision.
161. MEMBERS BOUND BY DOCUMENT GIVEN TO PREVIOUS HOLDERS
Every person, who by the operation of law, transfer or other means whatsoever, shall become entitled to
any shares, shall be bound by every document in respect of such share which, previously to his name and
address being entered in the Register of Members, shall have been duly served on or sent to the person
from whom he derived his title to such share.
162. NOTICE BY COMPANY AND SIGNATURE THERETO
Any notice to be given by the Company shall be signed by the managing Director or by such Director or
Secretary (if any) or Officer as the Directors may appoint. The signature to any notice to be given by the
Company may be written or printed or lithographed.
WINDING UP
163. Subject to the applicable provisions of the Act–
(a) If the Company shall be wound up, the liquidator may, with the sanction of a Special Resolution
of the Company and any other sanction required by the Act, divide amongst the members, in
specie or kind, the whole or any part of the assets of the Company, whether they shall consist
of property of the same kind or not.
(b) For the purpose aforesaid, the liquidator may set such value as he deems fair upon any property
to be divided as aforesaid and may determine how such division shall be carried out as between
the Members or different classes of Members.
(c) The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees
upon such trusts for the benefit of the contributories if he considers necessary, but so that no
member shall be compelled to accept any shares or other securities whereon there is any liability.
546(d) Any person who is or has been a Director or manager, whose liability is unlimited under the
Act, shall, in addition to his liability, if any, to contribute as an ordinary member, be liable to
make a further contribution as if he were at the commencement of winding up, a member of an
unlimited company, in accordance with the provisions of the Act.
164. APPLICATION OF ASSETS
Subject to the provisions of the Act as to preferential payment the assets of the Company shall, on its
winding up, be applied in satisfaction of its liabilities pari passu and, subject to such application shall be
distributed among the Members according to their rights and interests in the Company.
INDEMNITY
165. DIRECTOR’S AND OTHERS’ RIGHT TO INDEMNITY
Subject to the provisions of the Act, every Director and Officer of the Company shall be indemnified by
the Company against any liability incurred by them in their capacity as Director and Officer of the
Company including in relation to in defending any proceedings, whether civil or criminal, in which
judgment is given in their favour or in which they are acquitted or in which relief is granted to them by
the court or the tribunal. Provided, however, that such indemnification shall not apply in respect of any
cost or loss or expenses to the extent it is finally judicially determined to have resulted from the
negligence, willful misconduct or bad faith acts or omissions of such Director or Officer of the Company.
166. INSURANCE
The Company may take and maintain any insurance as the Board may think fit on behalf of its present
and/or former directors and key managerial personnel for indemnifying all or any of them against any
liability for any acts in relation to the Company for which they may be liable but have acted honestly and
reasonably.
SECRECY CLAUSE
167. SECRECY
No Member or other person (not being a Director) shall be entitled to inspect the Company’s works
without the permission of the managing director/Directors or to require discovery of any information
respectively and detail of the Company’s trading or any matter which is or may be in the nature of a trade
secret, history of trade or secret process, or of any matter whatsoever, which may be related to the conduct
of the business of the Company and which in the opinion of the managing director/Directors will be
inexpedient in the interest of the Members of the Company to communicate to the public.
GENERAL POWER
168. Wherever in the Act, it has been provided that the Company shall have any right, privilege or authority
or that the Company could carry out any transaction only if the Company is so authorized by its articles,
then and in that case this Article authorizes and empowers the Company to have such rights, privileges
or authorities and to carry such transactions as have been permitted by the Act, without there being any
specific Article in that behalf herein provided.
169. At any point of time from the date of adoption of these Articles, if the Articles are or become contrary to
the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (the “Listing Regulations”), the provisions of the Listing
Regulations shall prevail over the Articles to such extent and the Company shall discharge all of its
obligations as prescribed under the Listing Regulations, from time to time.
547SECTION IX: OTHER INFORMATION
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION
The copies of the following contracts which have been executed or are to be entered into by our Company (not
being contracts entered into in the ordinary course of business carried on by our Company) which are, or may be
deemed material, were attached to the copy of the Red Herring Prospectus and this Prospectus, which were filed
with the Registrar of Companies. Copies of the contracts and also the documents for inspection referred to
hereunder, were available for inspection at our Registered and Corporate Office, between 10.00 am and 5.00 pm
on all Working Days and were also available at the website of our Company at www.alltimeplastics.com/, from
the date of the Red Herring Prospectus until the Bid/Offer Closing Date (except for such agreements executed
after the Bid/Offer Closing Date).
Any of the contracts or documents mentioned in this Prospectus may be amended or modified at any time if so
required in the interest of our Company or if required by the other parties, without reference to the Shareholders,
subject to compliance of the provisions contained in the Companies Act, 2013 and other applicable law.
Material Contracts to the Offer
1. Offer Agreement dated September 30, 2024 entered into among our Company, the Selling Shareholders
and the BRLMs.
2. Registrar Agreement dated September 30, 2024 entered into among our Company, the Selling
Shareholders and the Registrar to the Offer.
3. Cash Escrow and Sponsor Bank Agreement dated July 23, 2025 entered into among our Company, the
Selling Shareholders, the Registrar to the Offer, the BRLMs, Syndicate Member, the Escrow Collection
Bank(s), the Public Offer Bank(s), the Refund Bank(s) and Sponsor Bank(s).
4. Share Escrow Agreement dated July 23, 2025 entered into among the Selling Shareholders, our Company
and the Share Escrow Agent.
5. Syndicate Agreement dated July 23, 2025 entered into among the members of the Syndicate, our
Company, the Selling Shareholders and the Registrar to the Offer.
6. Monitoring agency agreement dated July 31, 2025 between our Company and the Monitoring Agency.
7. Underwriting Agreement dated August 11, 2025 entered into among our Company, the Selling
Shareholders and the Underwriters.
Material Documents in relation to the Offer
(1) Certified copies of updated Memorandum of Association and Articles of Association of our Company as
amended until date.
(2) Certificate of incorporation dated March 8, 2001.
(3) Fresh certificate of incorporation dated August 5, 2024 consequent upon change of name of our Company
pursuant to its conversion to a public company.
(4) Resolution passed by our Board in relation to the Offer and other related matters dated August 16, 2024.
(5) Resolution of the Board of Directors dated September 30, 2024 approving the Draft Red Herring
Prospectus for filing with the SEBI and the Stock Exchanges.
(6) Resolution of the Board of Directors dated August 1, 2025 approving the Red Herring Prospectus for
filing with the SEBI and the Stock Exchanges.
(7) Resolution of the Board of Directors dated August 11, 2025 approving this Prospectus for filing with the
SEBI and the Stock Exchanges.
548(8) Consent letters from the Selling Shareholders in relation to the Offer for Sale of its Offered Shares
authorizing the Offer for Sale.
(9) Resolution of the Audit Committee dated August 11, 2025, approving the KPIs.
(10) Copies of annual reports of our Company for the last three Fiscals, i.e., Fiscals 2025, 2024 and 2023.
(11) Consent letter dated August 1, 2025 from Walker Chandiok & Co LLP, to include their name as required
under Section 26(5) of the Companies Act, 2013 read with SEBI ICDR Regulations, in the Red Herring
Prospectus and this Prospectus, and as an “expert” as defined under section 2(38) of the Companies Act,
2013 to the extent and in their capacity as our Statutory Auditors, and in respect of their (i) examination
report dated July 20, 2025 on our Restated Consolidated and Standalone Financial Information; and (ii)
their report dated July 20, 2025 on the statement of special tax benefits available to the Company and its
shareholders in Prospectus.
(12) Consent letter dated August 11, 2025 from Maheshwari & Co., Chartered Accountants (FRN:105834W),
holding a valid peer review certificate from ICAI, to include their name as required under Section 26(5)
of the Companies Act 2013 read with SEBI ICDR Regulations in the Red Herring Prospectus and this
Prospectus, and as an “Expert” as defined under Section 2(38) of Companies Act 2013 in respect of the
certificates issued by them in their capacity as an independent chartered accountant to our Company.
(13) Consent dated August 1, 2025 from Vinod Ashok Sanjivani Palande, as chartered engineer to include his
name as required under Section 26(5) of the Companies Act, 2013, read with SEBI ICDR Regulations,
in the Red Herring Prospectus and this Prospectus, and as an “expert” as defined under Section 2(38) of
the Companies Act, 2013, to the extent and in his capacity as independent chartered engineer, in respect
of his certificate dated August 1, 2025 on, inter alia, our Company’s manufacturing capacity and its
utilization at certain manufacturing facilities.
(14) Industry research report titled “Global and Indian Consumerware Market” dated July 17, 2025, prepared
by Technopak.
(15) Consent letter dated July 17, 2025 from Technopak with respect to the Technopak Report.
(16) Statement of Special Tax Benefits dated July 20, 2025.
(17) Examination Report dated July 20, 2025 on our Restated Consolidated and Standalone Financial
Information issued by Walker Chandiok & Co LLP.
(18) Joint venture agreement dated December 27, 2024, as amended through the amendment agreement dated
February 1, 2025 executed amongst our Company, Dragon Bridge Pte. Ltd. and All Time Plastics Pte.
Limited.
(19) Shareholders’ agreement dated June 27, 2025 executed amongst our Company, Kailesh Punamchand
Shah, Bhupesh Punamchand Shah, Nilesh Punamchand Shah and Abakkus Four2Eight Opportunities
Fund.
(20) Share subscription agreement dated June 27, 2025 executed amongst our Company, Kailesh Punamchand
Shah, Bhupesh Punamchand Shah, Nilesh Punamchand Shah and Abakkus Four2Eight Opportunities
Fund.
(21) Share purchase agreement dated June 27, 2025 executed amongst our Company, Kailesh Punamchand
Shah, Bhupesh Punamchand Shah, Nilesh Punamchand Shah and Abakkus Four2Eight Opportunities
Fund.
(22) Consents of the BRLMs, the Syndicate Members, Registrar to the Offer, Bankers to the Offer, bankers
to our Company, legal advisors to our Company as to Indian Law, our Directors, Company Secretary
and Compliance Officer and Chief Financial Officer, as referred to act, in their respective capacities.
549(23) Certificate dated August 11, 2025, issued by Maheshwari & Co., Chartered Accountants
(FRN:105834W), certifying the KPIs of our Company.
(24) Certificate dated August 11, 2025, issued by Maheshwari & Co., Chartered Accountants
(FRN:105834W), certifying the (i) average cost of acquisition of Equity Shares held by our Promoters
and the Selling Shareholders; (ii) weighted average price at which the equity shares were acquired by
our Promoters and the Selling Shareholders in the one year preceding the date of this Prospectus; (iii)
details of acquisition of equity shares in the last three years by Promoters, members of Promoter Group,
Selling Shareholders and Shareholder(s) with nominee director rights or other rights; and (iv) weighted
average cost of acquisition of all Equity Shares transaction in the three years, 18 months and one year
preceding the date of this Prospectus.
(25) Certificate dated August 11, 2025, issued by Maheshwari & Co., Chartered Accountants
(FRN:105834W), certifying the statutory dues of our Company.
(26) Certificate dated August 1, 2025, issued by Walker Chandiok & Co LLP, Statutory Auditors, in
accordance with Clause 9(A)(2)(b) of Part A of Schedule VI of the SEBI ICDR Regulations, certifying
the utilization of loans for the purpose availed by our Company.
(27) Certificate dated August 11, 2025, issued by Maheshwari & Co., Chartered Accountants
(FRN:105834W), certifying the basis for Offer Price of our Company.
(28) Certificate dated August 11, 2025, issued by Maheshwari & Co., Chartered Accountants
(FRN:105834W), certifying the financial indebtedness of our Company and All time Plastics Pte.
Limited, one of our Subsidiaries.
(29) Certificate dated August 11, 2025, issued by Maheshwari & Co., Chartered Accountants
(FRN:105834W), certifying the total outstanding dues (trade payables) owed to micro, small and medium
enterprises (as defined under Section 2 of the Micro, Small and Medium Enterprises Development Act,
2006), Material Creditors and other creditors by our Company.
(30) Certificate dated August 11, 2025, issued by Maheshwari & Co., Chartered Accountants
(FRN:105834W), certifying the funding requirement for purchase of equipment and machinery for
Mankepur Facility and certifying details of payments made by the Company through internal accruals
towards purchase of equipment and machinery.
(31) In-principle listing approvals from BSE and NSE, each dated December 18, 2024.
(32) Tripartite Agreement dated August 1, 2024 among our Company, NSDL and the Registrar to the Offer.
(33) Tripartite Agreement dated June 7, 2024 among our Company, CDSL and the Registrar to the Offer.
(34) Appointment letter dated May 21, 2024 from our Company to Kailesh Punamchand Shah in relation to
the terms of his appointment and remuneration.
(35) Appointment letter dated May 21, 2024 from our Company to Nilesh Punamchand Shah in relation to
the terms of his appointment and remuneration.
(36) Appointment letter dated May 21, 2024 from our Company to Bhupesh Punamchand Shah in relation to
the terms of his appointment and remuneration.
(37) Due diligence certificate dated September 30, 2024 to SEBI from the BRLMs.
(38) Letter to SEBI from the BRLMs dated July 2, 2025 in relation to the Pre-IPO Placement undertaken by
our Company containing the confirmations (i) that the subscribers were intimated that there is no
guarantee that our Company may proceed with the Issue or such Issue may be successful, (ii) that the
Pre-IPO Placement was disclosed by way of public advertisement and was included in the Price Band
advertisement, and (iii) that the Company has undertaken that the proceeds from the Pre-IPO Placement
shall be completely attributed/adjusted towards general corporate purposes of the objects of the Issue.
550(39) SEBI observation letter dated January 17, 2025 bearing reference number SEBI/HO/CFD/RAC-
DIL2/P/OW/2025/001769/1.
551DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act and the rules, guidelines and
regulations issued by the Government of India or the guidelines and regulations issued by SEBI, established under
Section 3 of the SEBI Act as the case may be, have been complied with and no statement made in this Prospectus
is contrary to the provisions of the Companies Act, the SEBI Act, the SCRA, the SCRR, or rules made or
guidelines or regulations issued thereunder, as the case may be. I further certify that all statements in this
Prospectus are true and correct.
SIGNED BY THE DIRECTOR OF OUR COMPANY
_________________________
Kailesh Punamchand Shah
(Chairman and Managing Director)
Date: August 11, 2025
Place: Mumbai
552DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act and the rules, guidelines and
regulations issued by the Government of India or the guidelines and regulations issued by SEBI, established under
Section 3 of the SEBI Act as the case may be, have been complied with and no statement made in this Prospectus
is contrary to the provisions of the Companies Act, the SEBI Act, the SCRA, the SCRR, or rules made or
guidelines or regulations issued thereunder, as the case may be. I further certify that all statements in this
Prospectus are true and correct.
SIGNED BY THE DIRECTOR OF OUR COMPANY
_________________________
Bhupesh Punamchand Shah
(Whole-time Director)
Date: August 11, 2025
Place: Mumbai
553DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act and the rules, guidelines and
regulations issued by the Government of India or the guidelines and regulations issued by SEBI, established under
Section 3 of the SEBI Act as the case may be, have been complied with and no statement made in this Prospectus
is contrary to the provisions of the Companies Act, the SEBI Act, the SCRA, the SCRR, or rules made or
guidelines or regulations issued thereunder, as the case may be. I further certify that all statements in this
Prospectus are true and correct.
SIGNED BY THE DIRECTOR OF OUR COMPANY
_________________________
Nilesh Punamchand Shah
(Whole-time Director)
Date: August 11, 2025
Place: Mumbai
554DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act and the rules, guidelines and
regulations issued by the Government of India or the guidelines and regulations issued by SEBI, established under
Section 3 of the SEBI Act as the case may be, have been complied with and no statement made in this Prospectus
is contrary to the provisions of the Companies Act, the SEBI Act, the SCRA, the SCRR, or rules made or
guidelines or regulations issued thereunder, as the case may be. I further certify that all statements in this
Prospectus are true and correct.
SIGNED BY THE DIRECTOR OF OUR COMPANY
_________________________
Belur Krishna Murthy Sethuram
(Independent Director)
Date: August 11, 2025
Place: Mumbai
555DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act and the rules, guidelines and
regulations issued by the Government of India or the guidelines and regulations issued by SEBI, established under
Section 3 of the SEBI Act as the case may be, have been complied with and no statement made in this Prospectus
is contrary to the provisions of the Companies Act, the SEBI Act, the SCRA, the SCRR, or rules made or
guidelines or regulations issued thereunder, as the case may be. I further certify that all statements in this
Prospectus are true and correct.
SIGNED BY THE DIRECTOR OF OUR COMPANY
_________________________
Lakshmi Nadkarni
(Independent Director)
Date: August 11, 2025
Place: Mumbai
556DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act and the rules, guidelines and
regulations issued by the Government of India or the guidelines and regulations issued by SEBI, established under
Section 3 of the SEBI Act as the case may be, have been complied with and no statement made in this Prospectus
is contrary to the provisions of the Companies Act, the SEBI Act, the SCRA, the SCRR, or rules made or
guidelines or regulations issued thereunder, as the case may be. I further certify that all statements in this
Prospectus are true and correct.
SIGNED BY THE DIRECTOR OF OUR COMPANY
_________________________
Shrinivas Damodar Joshi
(Independent Director)
Date: August 11, 2025
Place: Mumbai
557DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act and the rules, guidelines and
regulations issued by the Government of India or the guidelines and regulations issued by SEBI, established under
Section 3 of the SEBI Act as the case may be, have been complied with and no statement made in this Prospectus
is contrary to the provisions of the Companies Act, the SEBI Act, the SCRA, the SCRR, or rules made or
guidelines or regulations issued thereunder, as the case may be. I further certify that all statements in this
Prospectus are true and correct.
SIGNED BY THE CHIEF FINANCIAL OFFICER OF OUR COMPANY
_________________________
Manish Gattani
(Chief Financial Officer)
Date: August 11, 2025
Place: Mumbai
558DECLARATION
The undersigned Selling Shareholder, hereby confirms, certifies, and declares that all statements, disclosures, and
undertakings specifically made or confirmed by him in this Prospectus in relation to himself and the Equity Shares
being sold by him pursuant to the Offer for Sale are true and correct, provided however, the undersigned Selling
Shareholder assumes no responsibility for any other statement, and undertakings, including statements made by,
or relating to, the Company, or any other Selling Shareholders, or any expert, or any other person(s) in this
Prospectus.
________________________
Kailesh Punamchand Shah
Date: August 11, 2025
Place: Mumbai
559DECLARATION
The undersigned Selling Shareholder, hereby confirms, certifies, and declares that all statements, disclosures, and
undertakings specifically made or confirmed by him in this Prospectus in relation to himself and the Equity Shares
being sold by him pursuant to the Offer for Sale are true and correct, provided however, the undersigned Selling
Shareholder assumes no responsibility for any other statement, and undertakings, including statements made by,
or relating to, the Company, or any other Selling Shareholders, or any expert, or any other person(s) in this
Prospectus.
________________________
Bhupesh Punamchand Shah
Date: August 11, 2025
Place: Mumbai
560DECLARATION
The undersigned Selling Shareholder, hereby confirms, certifies, and declares that all statements, disclosures, and
undertakings specifically made or confirmed by him in this Prospectus in relation to himself and the Equity Shares
being sold by him pursuant to the Offer for Sale are true and correct, provided however, the undersigned Selling
Shareholder assumes no responsibility for any other statement, and undertakings, including statements made by,
or relating to, the Company, or any other Selling Shareholders, or any expert, or any other person(s) in this
Prospectus.
________________________
Nilesh Punamchand Shah
Date: August 11, 2025
Place: Mumbai
561