Buy Time Technoplast; target of Rs 280: Motilal Oswal

Buy

Motilal Oswal's research report on Time Technoplast

Time Technoplast (TIME) reported a healthy and in-line set of results in 3QFY26. Volume/revenue/EBITDA/PAT grew 16%/13%/16%/25% YoY. EBITDA margin expanded 46bp YoY to 14.9%. Volume growth was led by both the Overseas (up 17%) and Indian businesses (up 15%). Value-added products (VAP) revenue grew 18% YoY, with an 18.8% EBITDAM. Established product revenue up 10% YoY with a 13.4% EBITDAM. For 9M, revenue/EBITDA/PAT grew 11%/14%/21% YoY.

Outlook

Robust outlook and attractive valuation (~14x FY28E P/E) warrant a re rating, in our view. Reiterate BUY and a TP of INR280 (20x FY28E P/E).

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Time Technoplas_16022026_Motilal Oswal