Synopsis: Time Technoplast has secured an order worth Rs. 38.14 crore from HPCL for supplying 1.4 lakh Type-IV composite LPG cylinders, strengthening its leadership position in India’s fast-growing composite cylinder market.
India’s LPG distribution ecosystem is increasingly shifting towards composite cylinders due to their lighter weight, enhanced safety, corrosion resistance, and ease of handling. The adoption trend is further gaining momentum as oil marketing companies integrate these cylinders into modern distribution models, including quick-commerce and on-demand delivery platforms.
Shares of Time Technoplast were trading at Rs. 202.99, up 1.8 percent on Friday. The stock touched an intraday high of Rs. 204.75 and a low of Rs. 198.02, taking its market capitalisation to Rs. 9,997 crore.
What’s the News?
Time Technoplast Limited announced on July 17, 2026, that it has received a Government e-Marketplace (GeM) contract from Hindustan Petroleum Corporation Limited (HPCL) for the supply of 1,40,000 units of 10-kg Type-IV Composite LPG Cylinders.
The order is valued at approximately Rs. 38.14 crore and is scheduled to be executed over the next six months. The company clarified that the contract has been awarded by a domestic entity and does not involve any related-party transaction or promoter interest.
The company highlighted that the order assumes greater significance as HPCL has recently introduced an innovative distribution model for composite LPG cylinders through leading quick-commerce platforms, enabling faster and on-demand delivery directly to consumers.
The order is expected to provide near-term revenue visibility for Time Technoplast’s high-margin composite products segment. Given the six-month execution timeline, a significant portion of revenues is likely to be recognised during the current and upcoming quarters.
On the financial front, Time Technoplast reported its highest-ever performance in FY26, with consolidated revenue increasing 11.9 percent YoY to Rs. 6,105 crore, while net profit rose 21 percent to Rs. 477 crore. Operating profit stood at Rs. 892 crore with operating margins improving to 15 percent, supported by the growing contribution from value-added and composite products. The company also maintains a healthy balance sheet with a debt-to-equity ratio of 0.18 and generated a ROCE of 16.7 percent during FY26.
Composite products remain one of the company’s fastest-growing businesses. During FY26, revenue from value-added products, which include composite cylinders and IBCs, increased by 18 percent to Rs. 1,741 crore, while composite products revenue grew nearly 23 percent to Rs. 763 crore.
The company has also been aggressively expanding its composite portfolio. It remains India’s first and only manufacturer with PESO approvals for Type-IV composite cylinders across LPG, CNG, and hydrogen applications, while also being the world’s second-largest composite cylinder manufacturer.
Management has identified composite products as a key long-term growth driver and expects volumes in this segment to grow by 25-30 percent annually. The company also maintains a strong order book of approximately Rs. 195 crore for CNG composite cascades and continues to invest in expanding manufacturing capacities.
The HPCL order further strengthens Time Technoplast’s credentials as a preferred supplier to major oil marketing companies and could potentially open additional opportunities as more LPG distributors adopt lightweight composite cylinders and new delivery formats.
Company Overview
Time Technoplast Limited is a leading multinational polymer and composite products manufacturer with operations across 11 countries and over 20 manufacturing facilities in India. The company operates across industrial packaging, infrastructure products, composite cylinders, energy storage solutions, and other high-technology polymer products.
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