Earnings Presentation - Q4-FY26/FY26
MALLCOM · price
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Mallcom (India) Ltd reported FY26 operational income of INR 5,396 Mn (up 10.8% YoY), but EBITDA fell 0.7% to INR 605 Mn with margin contracting 130 bps to 11.21%. PAT dropped 47.7% to INR 300 Mn (down from INR 574 Mn), though FY25 profit included a one-time INR 254 Mn capital gain from land sale. Q4-FY26 was particularly weak with EBITDA margin at just 9.34%, down 537 bps sequentially due to higher raw material costs. The company cited US tariffs reducing OEM realisations and weak EU demand as headwinds. New facilities at Sanand (Gujarat, INR 1,050 Mn capex) and Chandipur (West Bengal, INR 250 Mn capex) have started commercial production. The company expanded into PU Coated Gloves, PVC Gumboots, and set up a UAE marketing arm for Middle East and Africa markets.
The margin contraction despite revenue growth signals cost pressures are outpacing volume gains. The one-time land gain in FY25 distorts profit comparisons, but underlying operating performance deteriorated materially in Q4. New capex units need time to contribute meaningfully, while geopolitical trade headwinds may persist.