MALLCOM

Mallcom (India) financials

Kolkata-based integrated manufacturer of head-to-toe personal protective equipment (PPE) — helmets, gloves, safety shoes, garments and masks — exported to 55+ countries.

Market cap: ₹616 Cr
Sector: Capital Goods
Calls analysed: 6

Latest concall · Q1 FY27 · call held 31 Jul 2026

Mallcom (India) Limited Q1 FY27

Operating Revenue ₹110 cr EBITDA ₹14 cr EBITDA Margin 12.51% PAT ₹7 cr

What went well

EBITDA margin improved to 12.51%, expanding 317 basis points QoQ, driven by better price realization, lower raw material cost, and improved operational efficiency.
PAT grew 5% QoQ to Rs. 7 crores, with PAT margins expanding 174 basis points to 6.03%.
Domestic revenue grew 10% QoQ to Rs. 64 crores, achieving the highest ever Q1 domestic revenue for the company.

What to watch

Operating revenue declined 25% QoQ to Rs. 110 crores, primarily due to moderation in international revenues and disruptions arising from the West Asia crisis.
Congestions at major seaports resulted in delays in raw material procurement and customer deliveries, impacting operational timelines and missed growth opportunities.

Read the full call →

What Mallcom (India) Limited does

Mallcom (India) Limited manufactures and distributes personal protective equipment covering head, body, hand, foot and respiratory protection, including helmets, eyewear, ear protection, safety garments, rainwear, leather/nitrile/PU/latex/neoprene gloves, safety shoes and face masks. It runs 13 manufacturing plants (DTA, EOU and SEZ units) in West Bengal, Uttarakhand and Gujarat, with in-house R&D and test labs, and sells through a mix of exports and a domestic dealer network. Its products meet international standards such as EN, BIS, ANSI, ASTM, UKCA and AS/NZS, and its operations are ISO, SA 8000, SEDEX and Fair Wear Foundation certified.

Segments

Head protection
Body protection
Hand protection
Foot protection
Respiratory protection

Manufacturing plants: 13 facilities (DTA, EOU & SEZ units) across West Bengal, Uttarakhand & Gujarat, spanning 1 million+ sq ft
Export footprint: 55+ countries across 6 continents
Product SKUs: 1,000+
Face mask production capacity: 150 million units/year
NBR gloves production capacity: 14 million pairs/year
Leather gloves production capacity: 12 million pairs/year

Founded 1983Headquarters Kolkata, West Bengal, IndiaEmployees 3,000 (FY26) Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 5 delivered 5 missed 12 open

EBITDA Margin missed said Q4 FY25 Promised: margin should be at the overall operating margin in the range of 13%, 14% Q1 FY27: Management reiterated a goal to return to 'regular margin profile' but did not reference the specific 13-14% target. Q1 FY27 margin was 12.51%.
Revenue at risk said Q3 FY25 Promised: ₹1,000 crores turnover in FY'28 Q1 FY27: Management acknowledges the target is a 'stretch' but declines to revise it, maintaining the aspiration. The required growth rate remains significantly higher than current guidance.
Revenue Growth delivered said Q4 FY25 Promised: 15-20% top-line growth Q4 FY26: Full year FY26 operating revenue grew by 11% to ₹540 crores, meeting the revised guidance of 'at least double-digit figures'.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 10.6%, net profit down 33.3% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	129	118	138	122	139 +8%	131 +11%	147 +7%	109 −11%
Expenses	113	102	122	105	129	112	133	96
EBITDA	16	15	15	18	10 −38%	19 +26%	14 −11%	14 −23%
Margin	12%	13%	11%	14%	7%	15%	9%	12%
Other income	2	1	26	0	0	-0	0	0
Interest	1	1	2	2	2	2	2	2
Depreciation	2	3	3	2	3	3	4	4
Profit before tax	15	12	36	13	5 −65%	14 +13%	8 −77%	9 −35%
Tax rate	30%	26%	17%	27%	26%	27%	24%	25%
Net profit	10	9	30	10	4 −63%	10 +12%	6 −79%	7 −33%
EPS	16.19	14.47	47.71	15.79	5.99	16.27	10.10	10.53

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −25.5% 1Y

1Y: ₹1,277.7 on 10 Sept 2025 → ₹952.15. High ₹1,487.6 (21 Oct 2025), low ₹938.4 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −4.8%; 31 Jul
Q4 FY26: −8.3%; 29 May
Q3 FY26: −2.9%; 22 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.2%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹411 Cr	₹421 Cr	₹487 Cr	₹540 Cr
Operating profit	₹58 Cr	₹58 Cr	₹61 Cr	₹60 Cr
Operating margin	14.1%	13.7%	12.5%	11.2%
Interest	₹3 Cr	₹4 Cr	₹6 Cr	₹8 Cr
Depreciation	₹9 Cr	₹8 Cr	₹10 Cr	₹12 Cr
Net profit	₹37 Cr	₹36 Cr	₹57 Cr	₹30 Cr
Net margin	9.1%	8.6%	11.8%	5.6%
Cash from operations	₹53 Cr	₹6 Cr	₹2 Cr	₹35 Cr
Free cash flow	₹8 Cr	₹-18 Cr	₹-50 Cr	₹0 Cr
ROCE	21.0%	17.0%	14.0%	11.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹6 Cr	₹6 Cr	₹6 Cr	₹6 Cr	₹6 Cr	₹6 Cr
Reserves	₹135 Cr	₹162 Cr	₹197 Cr	₹231 Cr	₹305 Cr	₹312 Cr
Borrowings	₹57 Cr	₹53 Cr	₹91 Cr	₹93 Cr	₹115 Cr	₹120 Cr
Other liabilities	₹54 Cr	₹54 Cr	₹60 Cr	₹58 Cr	₹65 Cr	₹74 Cr
Total liabilities	₹253 Cr	₹275 Cr	₹354 Cr	₹388 Cr	₹492 Cr	₹512 Cr
Fixed assets	₹52 Cr	₹63 Cr	₹107 Cr	₹124 Cr	₹218 Cr	₹224 Cr
Capital work in progress	₹15 Cr	₹15 Cr	₹8 Cr	₹10 Cr	₹2 Cr	₹0 Cr
Investments	₹19 Cr	₹0 Cr	₹27 Cr	₹15 Cr	₹7 Cr	₹6 Cr
Other assets	₹167 Cr	₹197 Cr	₹212 Cr	₹239 Cr	₹265 Cr	₹282 Cr
Total assets	₹253 Cr	₹275 Cr	₹354 Cr	₹388 Cr	₹492 Cr	₹512 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Growth trap

To justify its price of ₹952, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹335 — downside of 65%.

Growth the price implies: 13.5% a year; for 7 years, fading to 4%
It has actually compounded at: -5.7% a year; net profit, FY23–FY26 · EPS -5.7%
The gap: 0.2 pp; -65% downside if it only repeats history

Price today ₹952.15 Value at the reference growth ₹334.93

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Mallcom (India) Limited

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