Mallcom (India) Ltd(MALLCOM)

NSE: MALLCOMBSE: 539400

₹ 909+0.44%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 567 crWebsite: www.mallcom.inUpdated: 24 Oct 2026

About

Mallcom (India) Ltd makes personal protective equipment, including gloves, safety shoes, helmets, bump caps and workwear. It sells them under its own brand and as a white-label supplier to customers in India and abroad. In FY26 its revenue was Rs 539.61 Cr, with domestic business growing about 20% while exports faced headwinds.^[1][2][3]

Revenue by geography

In Q1 FY27, domestic revenue was INR 64 crores, up 10% quarter-on-quarter. This was the company's highest-ever first-quarter domestic revenue.^[4]
International revenue was INR 46 crores in Q1 FY27. The West Asia crisis, weakness in Europe and congestion at seaports affected exports.^[4]
Revenue from outside India was Rs 27,319.62 lakh in FY25 vs Rs 23,273.40 lakh in FY24. Revenue within India was Rs 19,774.42 lakh in FY25 vs Rs 17,298.36 lakh in FY24.^[5]
In FY26, the domestic business grew about 20% year-on-year while exports faced US tariff barriers and weak EU demand.^[2]
Management expects the domestic-international revenue mix to reach 50-50 by the end of FY27.^[4]

Product portfolio and mix

Management said about 60-70% of revenue came from value-added products in Q1 FY27. In Q3 FY26 the split was about 60% value-added vs about 40% commoditised.^[4][3]
In Q3 FY26, branded revenue was close to a 50-50 split with white-label revenue, up from about 35% branded two years earlier.^[3]
In Q1 FY27, the company launched EN812-certified bump caps made at Sanand, plus flame-retardant workwear certified to European and American standards.^[4]
In FY26, the company began making PU-coated gloves and PVC gumboots in-house to replace imports. India imports about INR 80-90 crores of PU gloves a year.^[2]
In December 2025, the company launched a mid-tier helmet range and a lightweight sporty safety shoe.^[3]
Within footwear, the share of value-added products rose to about 15-20% from about 5-7%, as of Q3 FY26.^[3]

Manufacturing operations

The Protec unit at Sanand, Gujarat (workwear, PU gloves, helmets, bump caps) cost INR 1,050 Mn in total capex. It started commercial production in FY26.^[2]
Sanand went from two to three dipping lines in Q1 FY27, with helmet, foam-cap and nasal-cap production under way.^[4]
Sanand ran at about 50% capacity in Q4 FY26. It generated about INR 5 crores of revenue in FY26, having operated only in Q4.^[2][4]
The industrial safety shoe unit at Chandipur (Ghatakpukur), West Bengal, which cost INR 250 Mn in capex, was fully operational in FY26.^[2]
In Q3 FY26, existing facilities ran at 80-90% utilisation, while the new Sanand and Chandipur units ran at 40-50%.^[3]

Exports and order book

As of Q3 FY26, the white-label export order book was INR 80-85 Cr, visible 3-4 months ahead. Export revenue for that quarter was about INR 65 Cr.^[3]
Europe, the largest export market, provided more than 50% of export revenue as of Q3 FY26. North America was the third-largest export market.^[3]
In FY26, the OEM markets of South America, Australia, Russia and Africa performed well, and Argentina reopened after currency restrictions eased.^[2]
The company sells to 55+ countries through an 8-person export sales team, as of FY26.^[2]
As of Q1 FY27, the India-UK Free Trade Agreement was in effect and the India-EU agreement was at a late stage. Management said inquiries from those markets had increased.^[4]

Distribution

As of Q1 FY27, the SMILE reseller programme had expanded the domestic distribution network to over 1,000 resellers across India.^[4]
In FY26, the company set up a dedicated marketing arm in the UAE to serve the Middle East and Africa.^[2]
The domestic price list was revised twice in Q4 FY26 to pass on higher raw material costs.^[2]

Expansion and capex

FY27 capex is budgeted at INR 10-15 crores, covering maintenance and additional machinery at Sanand and Chandipur.^[2]
The Sanand unit targets at least INR 40 crores of revenue in FY27, and the CFO said in Q1 FY27 that it was on track.^[4]
Management plans 6-7 dipping lines in total at Sanand, giving the unit about INR 100 Cr of revenue potential, per the Q3 FY26 call.^[3]
The company expects a capital subsidy of about INR 10 crores from the Gujarat government for Sanand, with the application to be filed in FY27.^[2]

Company targets

In Q1 FY27, management reaffirmed FY27 revenue growth guidance of 10-12%.^[4]
Management kept its INR 1,000 crore revenue target for FY28 and called it a stretch.^[4]
Management expects to repay most of its INR 110-115 crore debt within 4 years, as stated in the Q4 FY26 call.^[2]

Market Cap

₹567 Cr

High / Low

₹1,520 / 870

Stock P/E

20.9

Price / Book

1.8

Book Value

₹510

EPS

₹48.1

No. of Shares

0.62 Cr

ROCE

11.4%

ROE

9.7%

OPM

9.0%

Debt / Equity

0.38

Sales

₹540 Cr

Net Profit

₹30 Cr

Promoter holding

74.2%

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