Rs 300 crore order book: This multibagger cylinder manufacturing company bags new order worth Rs 55 crore from Indian Oil Corporation Limited (IOCL)

Rs 300 crore order book: This multibagger cylinder manufacturing company bags new order worth Rs 55 crore from Indian Oil Corporation Limited (IOCL)

The stock gave multibagger returns of 190 per cent in just 1 year whereas BSE Small-Cap Index is up by 63 per cent.

Time Technoplast Ltd has received a new order worth approximately Rs 55 crore to supply additional composite LPG cylinders to Indian Oil Corporation Limited (IOCL). This follows the successful completion of an initial order and positive user feedback on the cylinders' lightweight, explosion-proof design, and translucent body. IOCL may increase the order quantity within the validity period. Discussions are ongoing with other Indian oil companies like BPCL and HPCL. Time Technoplast also exports composite cylinders to over 48 countries, demonstrating their global reach.

Earlier, the company achieved a major milestone in both their company history and India's clean energy sector by receiving final approval from the Petroleum and Explosives Safety Organization (PESO) to manufacture and supply high-pressure Type-IV composite cylinders designed for hydrogen storage. This follows an earlier green light for prototypes in March 2024, after which the company collaborated with PESO for further testing to ensure the cylinders met rigorous safety and performance standards. This final approval positions Time Technoplast as the first company in India authorized to manufacture and supply these hydrogen cylinders, allowing them to be a frontrunner in the burgeoning hydrogen fuel market. As the world transitions towards sustainable energy sources, this technology is expected to see significant growth, and Time Technoplast is enthusiastic about both the environmental benefits and the exciting business opportunities this presents.

On Wednesday, shares of Time Technoplast Ltd gained 5.5 per cent to an intraday high of Rs 349.60 per share from its previous closing of Rs 331.40. The stock’s 52-week high is Rs 352.50 while its 52-week low is Rs 117.

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Time Technoplast Ltd, a multinational conglomerate, leads the market in manufacturing large plastic drums and composite cylinders. Their focus is industrial packaging, with a strong domestic presence and cost-plus pricing. While they also produce infrastructure, lifestyle, and automotive components, their high-growth value-added products are particularly noteworthy. Composite cylinders, a key innovation, are lighter, more durable, and safer than traditional metal options, positioning Time Technoplast for a strong future in the evolving energy landscape. The company’s order book as of March 31, 2024, stands at Rs 3,000 million.

The company has a market cap of over Rs 7,600 crore and reported amazing numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The stock gave multibagger returns of 190 per cent in just 1 year whereas BSE Small-Cap Index is up by 63 per cent. Investors should keep an eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.

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