NSE: MALLCOM · BSE: 539400
MALLCOM (INDIA) LIMITED
Manufactures and sells personal protective equipment including industrial safety helmets, EN 12277 bump caps, nitrile gloves, flame-retardant workwear, safety shoes, PU coated gloves and PVC gumboots. The portfolio is positioned toward value-added items, with management stating 60-70% of revenue now comes from value-added rather than commodity PPE. Sells through a SMILE reseller network of over 1,000 partners across India and exports to markets including Europe, the Middle East and Africa via a newly set up UAE marketing arm. The Sanand plant in Gujarat runs three production lines (helmet, bump cap, nitrile glove) and has a stated FY27 turnover target of Rs 40 crore versus Rs 5 crore in FY26. A Chandipur facility in West Bengal makes safety shoes and has started commercial production. Q1 FY27 split was Rs 64 crore domestic and Rs 46 crore export, with management targeting a 50:50 domestic-export mix by year-end FY27. Raw materials are the largest cost, accounting for 55.7% of FY26 revenue, followed by other operating expenses at 20.8% and employee costs at 4.8%. Depreciation was 2.3% of revenue. FY26 consolidated revenue was Rs 539.6 crore and net profit was Rs 30 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic sales, Export sales. Cyclical, multi-product personal protective equipment manufacturer with growing India manufacturing footprint
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 357 | 411 | 421 | 487 | 540 |
| EBITDA (ex other income) | 50 | 58 | 58 | 61 | 60 |
| margin % | 13.9 | 14.2 | 13.7 | 12.5 | 11.2 |
| Owners' profit | 33 | 37 | 36 | 57 | 30 |
| EPS, as reported (₹) | 50.57 | 59.19 | 58.20 | 92.04 | 48.15 |
| ROE % · ROCE % | 17.9 · 23.6 | 18.2 · 24.9 | 15.3 · 21.6 | 19.2 · 26.4 | 9.4 · 14.8 |
| Debt / equity (x) | 0.30 | 0.45 | 0.39 | 0.39 | 0.38 |
| Cash from operations | 1 | 53 | 6 | 2 | 35 |
| Capex | (24) | (46) | (26) | (79) | (34) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 129 | 118 | 138 | 122 | 139 | 131 | 147 | 109 |
| Profit before tax | 15 | 12 | 36 | 13 | 5 | 14 | 8 | 9 |
| Net profit | 10 | 9 | 30 | 10 | 4 | 10 | 6 | 7 |
| EPS (₹) | 16.19 | 14.46 | 47.72 | 15.79 | 5.99 | 16.27 | 10.10 | 10.52 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 22,455 | 24.3 | 10.14 | 19.3 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,354 | 68.1 | 15.53 | 45.2 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,153 | 36.8 | 18.99 | — | 48.1 | 60.4 | — | 19.2 |
| HARSHA ENGINEERS INT LTD | 3,887 | 25.1 | 2.77 | 15.2 | 11.1 | 13.2 | — | 15.9 |
| W P I L LTD. | 3,868 | 24.5 | 1.97 | 11.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| SUBROS LIMITED | 3,834 | 23.1 | 3.08 | 10.9 | 13.3 | 16.0 | 15.9 | 8.4 |
| ADOR WELDING LTD | 2,370 | 20.9 | 4.28 | 17.0 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,505 | 27.4 | 3.71 | 20.1 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.7 | 19.3 | 16 of 27 | 42% |
| P/B | 1.7 | 2.5 | 10 of 24 | 61% |
| ROCE | 12.3 | 12.3 | 16 of 31 | 50% |
| ROE | 9.4 | 10.3 | 14 of 24 | 44% |
| Debt / Equity | 0.4 | 0.2 | 18 of 24 | 26% |
| EBITDA margin | 12.7 | 10.8 | 11 of 23 | 55% |
| Revenue growth | (10.6) | (5.5) | 13 of 23 | 46% |
| Profit growth | (33.4) | (5.0) | 16 of 23 | 32% |
| Market cap | 555 | 103 | 10 of 31 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Newspaper publication on special window for share dematerialisation | compliance | minimal | — | — |
| 9 Oct 2026 · Routine RTA certificate on share dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Voting Results: 42nd AGM - All 4 Resolutions Passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Mallcom India 42nd AGM held; FY26 revenue up 11 percent to over 539 crore | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closes October 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 9 Sept 2026 · 42nd AGM Notice and Annual Report FY2025-26 web links sent to shareholders | compliance | minimal | — | — |
| 8 Sept 2026 · MALLCOM publishes 42nd AGM notice in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Record Date Fixed for Final Dividend - September 22, 2026 | corporate actions | high | — | — |
| 7 Sept 2026 · Mallcom (India) submits FY25-26 Annual Report | compliance | medium | — | — |
| 7 Sept 2026 · Mallcom 42nd AGM notice: Rs 3 dividend and director re-appointments on Sep 29 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.