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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INOX INDIA LIMITED | 20,354 | 79.9 | 18.21 | 53.0 | 23.1 | 30.0 | — | 23.4 |
| HBL ENGINEERING LTD | 19,890 | 21.5 | 8.99 | 17.0 | 36.8 | 45.3 | 29.4 | 26.2 |
| ESAB INDIA LTD | 9,101 | 41.0 | 21.20 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,581 | 27.5 | 3.68 | 13.0 | 13.3 | 16.0 | 15.9 | 8.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 5 Sept 2026 · Mallcom 42nd AGM on Sept 29; board recommends Rs 3 per share dividend | compliance | minimal | — | — |
| 25 Aug 2026 · Mallcom India to attend analyst meet on September 1, 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Mallcom informs about newspaper notice on physical shares demat | compliance | minimal | — | — |
| 13 Aug 2026 · Newspaper notice on special window to dematerialise physical shares | compliance | minimal | — | — |
| 12 Aug 2026 · NCLT rejects Mallcom amalgamation scheme with subsidiary Mallcom VSFT Gloves | regulatory legal | high | — | — |
| 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 |
| W P I L LTD. |
| 4,268 |
| 27.0 |
| 2.17 |
| 12.1 |
| 10.2 |
| 13.1 |
| 13.3 |
| 17.7 |
| HARSHA ENGINEERS INT LTD | 4,060 | 26.3 | 2.90 | 15.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,802 | 24.7 | 5.05 | 20.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,686 | 30.7 | 4.16 | 22.6 | 12.4 | 15.2 | — | 16.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.3 | 17.3 | 18 of 29 | 39% |
| P/B | 1.9 | 2.5 | 9 of 24 | 65% |
| 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 | 595 | 108 | 10 of 31 | 70% |
| 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 |
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.
