Mallcom (India) Limited — PPTs, 23-06-2025: Investor Presentation

1. Financial Highlights:

Mallcom (India) Ltd reported operational revenue of INR 4,868 Mn in FY25, showing a steady increase from INR 3,572 Mn in FY22. EBITDA rose to INR 609 Mn despite a dip in margin to 12.51% from 13.91% in FY22. Profit after tax (PAT) increased significantly to INR 574 Mn, with PAT margin expanding to 11.80% from 8.85% in FY22. Net worth strengthened to INR 2,986 Mn, and capital expenditure ramped up as seen in the sharp rise in Capital Work In Progress to INR 743 Mn. ROE and ROCE remain healthy at 19.16% and 16.89%, respectively, supporting solid operational efficiency. Net debt to equity remains minimal at 0.37x.

2. Strategic Initiatives & Growth Drivers:

The company is focusing capex on garment manufacturing in Ahmedabad and expanding capacity in West Bengal across multiple verticals. Innovation-led growth is driven by dedicated R&D teams and seasonally launched new product ranges. There is an emphasis on strengthening product mix and launching next-generation PPE products. Market expansion efforts target enhancing wallet share in existing clients and building presence in the Indian sub-continent, Middle East, Africa, and North America.

3. Business Developments:

Mallcom continues backward integration with an in-house tannery for leather and has significantly enhanced its manufacturing footprint with 13 plants across India. Recent product introductions include PU gloves, bump caps, and PVC gumboots. The company actively involved in CSR initiatives tied to sports sponsorships and renewable energy usage for manufacturing, demonstrating ESG alignment.

4. Market Position & Competitive Advantage:

Mallcom is India’s largest integrated PPE manufacturer with a wide product spectrum from head to toe protection, servicing 55+ countries. Its extensive manufacturing infrastructure, skilled workforce (33% women), deep R&D capabilities, and backward integration provide cost and quality advantages. Its patented safety shoe sole and multiple certifications underpin strong product differentiation and leadership in safety footwear.

5. Investor Implications:

Mallcom displays positive growth potential supported by healthy revenue and profit trends, robust ROE/ROCE, and strategic capacity expansion. Its diversified global presence reduces geographic risks, while ongoing product innovation and increasing penetration across industry verticals offer avenues for margin enhancement. Execution risks relate primarily to timely capex scaling and sustaining competitive differentiation in a growing PPE market.