Company Overview

Mallcom (India) Ltd is a manufacturer and distributor of personal protective equipment (PPE) providing protection from head to toe. The company has indigenous expertise with various raw materials including textile, leather, rubber, and plastic. Founded in 1983 by Mr. Ajay Mall as a small leather business, the company now offers safety helmets, face masks, leather gloves, textile gloves, nitrile gloves, safety apparels, rainwear, safety shoes, eyewear, ear protection equipment, and harnesses.

Operational Highlights

Production Capacity

  • Safety Helmets: 1.2 million units
  • NBR Gloves: 14 million pairs
  • PU Gloves: 2.5 million pairs
  • Apparel: 3.6 million units
  • Leather Gloves: 12 million pairs
  • Shoes: 3 million pairs
  • Masks: 150 million units
  • Knitted Gloves: 2.8 million pairs
  • PVC Gumboot: 100,000 pairs

H1-FY27 Product Revenue Mix

  • Safety Shoes: 54%
  • Gloves: 24%
  • Garments: 17%
  • Others: 5%

H1-FY27 Geographical Revenue Mix

  • Africa: 0.85%
  • Other international markets: 0.32%
  • India: Remainder (percentage not specified)

Financial Performance

Quarterly Consolidated Results (INR Mn)

| Metric | Q2-FY27 | Q2-FY26 | YoY Change | Q1-FY27 | QoQ Change |

| Operational Income | 1,433 | 1,393 | 2.9% | 1,095 | 30.9% |

| Total Expenses | 1,281 | 1,294 | (1.0)% | 958 | 33.7% |

| EBITDA | 152 | 99 | 53.5% | 137 | 10.9% |

| EBITDA Margin | 10.61% | 7.11% | 350 bps | 12.51% | (190) bps |

| Depreciation | 35 | 30 | 16.7% | 36 | (2.8)% |

| Finance Cost | 23 | 21 | 9.5% | 16 | 43.8% |

| Other Income | 10 | 3 | 233.3% | 2 | NA |

| PBT | 104 | 51 | 103.9% | 87 | 19.5% |

| Tax | 27 | 14 | 92.9% | 21 | 28.6% |

| Profit After Tax | 77 | 37 | 108.1% | 66 | 16.7% |

| PAT Margin | 5.37% | 2.66% | 271 bps | 6.03% | (66) bps |

| Other Comprehensive Income | (10) | (10) | 0.0% | 21 | NA |

| Total Comprehensive Income | 67 | 27 | 148.1% | 87 | (23.0)% |

| Diluted EPS (INR) | 12.41 | 5.99 | 107.2% | 10.52 | 18.0% |

Half-Yearly Consolidated Results (INR Mn)

| Metric | H1-FY27 | H1-FY26 | YoY Change |

| Operational Income | 2,528 | 2,618 | (3.4)% |

| Total Expenses | 2,239 | 2,343 | (4.4)% |

| EBITDA | 289 | 275 | 5.1% |

| EBITDA Margin | 11.43% | 10.50% | 93 bps |

| Depreciation | 71 | 54 | 31.5% |

| Finance Cost | 39 | 41 | (4.9)% |

| Other Income | 12 | 5 | 140.0% |

| PBT | 191 | 185 | 3.2% |

| Tax | 48 | 49 | (2.0)% |

| Profit After Tax | 143 | 136 | 5.1% |

| PAT Margin | 5.66% | 5.19% | 47 bps |

| Other Comprehensive Income | 11 | (8) | NA |

| Total Comprehensive Income | 154 | 128 | 20.3% |

| Diluted EPS (INR) | 22.94 | 21.78 | 5.3% |

Historical Financial Performance (INR Mn)

| Metric | FY24 | FY25 | FY26 | H1-FY27 |

| Operational Income | 4,207 | 4,868 | 5,396 | 2,528 |

| Total Expenses | 3,630 | 4,259 | 4,791 | 2,239 |

| EBITDA | 577 | 609 | 605 | 289 |

| EBITDA Margin | 13.72% | 12.51% | 11.21% | 11.43% |

| Depreciation | 79 | 96 | 124 | 71 |

| Finance Cost | 42 | 61 | 82 | 39 |

| Other Income | 41 | 289 | 7 | 12 |

| PBT before Exceptional Items | 497 | 741 | 406 | 191 |

| Exceptional Items | - | - | - | - |

| PBT | 497 | 741 | 406 | 191 |

| Tax | 134 | 167 | 106 | 48 |

| Profit After Tax | 363 | 574 | 300 | 143 |

| PAT Margin | 8.63% | 11.79% | 5.56% | 5.66% |

| Other Comprehensive Income | (1) | 6 | (29) | 11 |

| Total Comprehensive Income | 362 | 580 | 271 | 154 |

| Diluted EPS (INR) | 58.20 | 92.04 | 48.15 | 22.94 |

Balance Sheet Position

Consolidated Historical Balance Sheet (INR Mn)

Assets

| Particulars | FY25 | FY26 | H1-FY27 |

| Non-Current Assets | 2,068 | 2,295 | 2,323 |

| Property, Plant and Equipment | 1,285 | 2,243 | 2,267 |

| Intangible Assets | - | 1 | 1 |

| Capital Work In Progress | 743 | - | - |

| Financial Assets | 15 | 15 | 13 |

| Non-Current Tax Assets (Net) | 25 | 36 | 42 |

| Current Assets | 2,860 | 2,830 | 3,243 |

| Inventories | 1,432 | 1,384 | 1,474 |

| Financial Assets - Investments | 127 | 60 | 364 |

| Trade Receivable | 833 | 862 | 883 |

| Cash and Cash Equivalents | 42 | 38 | 45 |

| Other Bank Balances | 21 | 2 | 12 |

| Other Financial Assets | 10 | 2 | 5 |

| Other Current Assets | 395 | 482 | 460 |

| Total Assets | 4,928 | 5,125 | 5,566 |

Equity and Liabilities

| Particulars | FY25 | FY26 | H1-FY27 |

| Equity | 2,986 | 3,184 | 3,311 |

| Equity Share Capital | 62 | 62 | 62 |

| Other Equity | 2,924 | 3,122 | 3,249 |

| Minority Interest | - | - | - |

| Non-Current Liabilities | 50 | 107 | 340 |

| Long Term Borrowings | 25 | 62 | 280 |

| Provisions | - | 5 | 5 |

| Other Financial Liabilities | - | - | - |

| Deferred Tax Liabilities | 25 | 40 | 55 |

| Current Liabilities | 1,892 | 1,834 | 1,915 |

| Short-Term Borrowings | 1,133 | 1,141 | 1,139 |

| Trade Payables | 574 | 441 | 513 |

| Other Financial Liabilities | 10 | 42 | 26 |

| Other Current Liabilities | 170 | 206 | 235 |

| Provisions | 5 | 4 | 2 |

| Total Equity and Liabilities | 4,928 | 5,125 | 5,566 |

Capital Market Data (As on 30th September, 2026)

  • Face Value: INR 10.0
  • Market Price: INR 938.0
  • 52 Week High/Low: INR 1,529.5 / 900.0
  • Market Capitalization: INR 5,853.1 Mn
  • Equity Shares Outstanding: 6.2 Mn
  • 1 Year Average Trading Volume: 7,000 shares

Business Developments and Outlook

  • Commenced the third phase of construction at its Chandipur, West Bengal facility during Q2 FY27, adding approximately 50,000 sq. ft. of floor area to support garment and footwear operations
  • Received the "Eastern India Best Employer Award 2026" in recognition of its focus on people management, employee engagement and organisational growth
  • Supported by a healthy order book and robust enquiry pipeline, the company remains optimistic about sustaining business momentum and driving further volume growth
  • Expected improvement in cost absorption and margins in the coming quarters due to higher sales volumes

Disclaimer and Forward-Looking Statements

The presentation contains forward-looking statements based on currently held beliefs and assumptions of management, which involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from expressed or implied statements. The company disclaims any obligation to update these forward-looking statements.

Investor Relations Contact

Valorem Advisors serves as Independent Investor Relations Management Service company. Contact: Mr. Anuj Sonpal, Tel: +91(22) 35075100, Email: mallcom@valoremadvisors.com