Mallcom (India) Limited (MALLCOM) share price

₹900.85 on NSE as of 2026-10-08. -0.14% on the day. market cap ₹562 Cr. P/E 21.0. 52-week range ₹900.85 to ₹1487.60. Capital Goods.

www.mallcom.in

Mallcom (India) Q1 FY27: Revenue Down 10.6%, Margin Up 317 Basis Points, and a Warehouse Full of Boots

At a glance

Mallcom sells the equipment that keeps industrial accidents from becoming industrial obituaries. Helmets, gloves, garments and boots go out of its factories. In the three months to June 2026 it sold less of them at a higher margin.

Consolidated revenue was ₹109.49 crore, down 10.6% from a year earlier. The comparable figure then was ₹122.43 crore. Against the March quarter's ₹146.69 crore, the drop was 25.4%.

Operating profit came in at ₹13.66 crore, against ₹13.65 crore three months before. The operating margin therefore rose from 9.31% to 12.48%. Management attributes that to better price realisations, lower raw-material costs and improved efficiency at the Sanand plant. Management adds that weaker absorption of operating costs on lower turnover offset part of the gain.

Profit after tax was ₹6.57 crore, against ₹9.85 crore a year earlier. Earnings per share, the profit attached to each single share, were ₹10.53 against ₹15.79.

The fall against the March quarter has a stated cause. Management points to moderation in international revenues and to congestion at seaports. That congestion delayed raw materials coming in and customer deliveries going out, management says. Its own phrasing on the second half was vivid: finished boots ready, sitting in the warehouse for a long time.

Domestic revenue reached ₹64 crore, up 10% on the previous quarter. Management describes that as the company's highest ever first-quarter domestic figure. The market pays ₹23 for every ₹1 of yearly profit.

Introduction

Mallcom (India) Ltd was founded in 1983 by Ajay Mall as a small leather-glove maker in Kolkata. Four decades on, it describes itself as the largest integrated Indian manufacturer of personal protective equipment. That is the gear worn on the job to avoid injury: helmets, gloves, garments and boots. The company says over 90% of orders come from repeat customers.

Thirteen manufacturing sites sit across West Bengal, Uttarakhand and Gujarat. They are split between domestic tariff area units, export-oriented units and special economic zone units. Those are three customs statuses with different duty rules. The company runs its own captive testing laboratories. It employs more than 3,500 workers, of whom 38% are women.

Two wholly owned subsidiaries sit under the parent. They are Mallcom Safety Private Limited and Mallcom VSFT Gloves Private Limited. In October 2025 the company submitted a scheme to merge the gloves subsidiary into the parent. That matter was subsequently referred to the National Company Law Tribunal, the court that approves such mergers.

The recent operating story is the Gujarat build-out. Mallcom signed a memorandum of understanding with the Government of Gujarat in 2023 for its PROTECH unit at Sanand. The unit makes hand and head protection equipment. Phase I was commissioned, with commercial operations from September 2025. Total capital outlay was ₹100 crore, with a further ₹10 crore planned for capacity enhancement by March 2026.

A safety-shoe unit at Chandipur (Ghatakpukur) in West Bengal became fully operational in the three months to September 2025. It involved ₹25 crore of capital spending.

On the July 2026 earnings call, the chief financial officer set an early Sanand target for the year to March 2027. The minimum is ₹40 crore, against a base of roughly ₹5 crore in the year to March 2026. The chief financial officer said the first quarter puts the company on track. Capacity at Sanand has gone from two lines to three, with helmet and bump-cap production already running.

Business model

Mallcom dresses people for jobs that can kill them, head to toe, with no gaps. Helmets, eyewear, ear protection and face masks cover the top. Leather, nitrile, neoprene and string-knit gloves cover the hands. Industrial garments, workwear, uniforms and rainwear cover the torso. Safety shoes and PVC gumboots cover the feet.

The annual capacity list reads like a raid on a very serious warehouse. It runs to 1.2 million helmets and 3.6 million units of safety apparel. Masks are rated at 150 million units a year. Nitrile rubber gloves reach 14 million and leather gloves 12 million. Knitted gloves reach 2.8 million and polyurethane-coated gloves 2.5 million. Shoes run to 3 million pairs and PVC gumboots to 100,000. Somewhere in Kolkata there is a spreadsheet that thinks in gumboots.

In the three months to June 2026, safety shoes were 56% of the mix and gloves 25%. Garments took 12% and everything else 8%. Asia accounted for 62% of sales and Europe 22%. The Americas took 15% and Australia 1%.

The company reports commercial presence in more than 55 countries across six continents. It sells through more than 80 distributors and more than 1,000 importers. Named clients include Indian Oil, Nestle, Ceat and Royal Enfield. They also include Honeywell, Vedanta, Britannia and Titan.

Two structural points are worth stating plainly. The split between own-brand and private-label work was 65:35 in favour of branded in the year to March 2024. By the nine months to December 2025 it was 50:50. Private label means making goods that carry another company's name. Management explained on the call why the shift matters mechanically. Own-brand price increases pass through much faster, management said. White-label pass-through lags because of long-term contracts, management added.

Management also stated that roughly sixty to seventy percent of sales are now value-added rather than commoditised. Management said the explicit intent is to stay away from very commoditised business.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Mallcom (India) Limited.

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