Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

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<a href="https://www.smartkarma.com/entities/all-time-plastics-limited" target="_blank" data-smartkarma-citation="entities:55510:1" rel="noopener">All Time Plastics (ALLTIME IN)</a> delivered steady growth with resilient gross margins; however, FY26 profitability weakened as geopolitical headwinds and capacity additions increased overheads, while utilisation remained subdued.</li>
<li>FY25 receivables surged 79% despite 9% revenue growth, though normalised subsequently; recurring discrepancies between books and bank-reported working capital raise concerns over periodic reporting and reconciliation controls.</li>
<li>Governance warrants attention given sizeable pre-IPO property purchases from promoters, high promoter/KMP remuneration and an unexplained INR 150 mn corporate loan.</li>
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All Time Plastics (ALLTIME IN) delivered steady growth with resilient gross margins; however, FY26 profitability weakened as geopolitical headwinds and capacity additions increased overheads, while utilisation remained subdued.
FY25 receivables surged 79% despite 9% revenue growth, though normalised subsequently; recurring discrepancies between books and bank-reported working capital raise concerns over periodic reporting and reconciliation controls.
Governance warrants attention given sizeable pre-IPO property purchases from promoters, high promoter/KMP remuneration and an unexplained INR 150 mn corporate loan.


All Time Plastics- Few Cracks in the Mould

India

All Time Plastics Limited manufactures plastics products. The Company offers mugs, storage and laundry baskets, hangers, bathroom sets, thermos, bottles, and other plastic houseware products. All Time Plastics serves customers in India.

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All Time Plastics- Few Cracks in the Mould

All Time Plastics combines resilient growth and cash generation with emerging concerns around capital allocation, WC reporting, promoter...

Nitin Mangal