Current/ Expected Orderbook/ Pending Orders?

The company experienced some lost turnover of Rs. 10-12 crores in the garment segment due to supply chain issues and plant shifting. The lost turnover is mainly related to garments and efforts are ongoing to recover some of this volume. It is uncertain if 50%-60% of the lost revenue can be recovered shortly, as increasing production capacity takes time. Order inflow is not an issue; the main challenge is ramping up production and supply of pending orders. The company is fully operational now and aims to fulfill pending orders in the current quarter. Management regularly updates customers about

Any current/future new fundraising through debt or equity?

The company has not taken any long-term debt currently and only has working capital borrowings. All current and planned CAPEX, including the SANAND expansion, is being funded through internal accruals. There is no indication or plan mentioned for any new fundraising through debt or equity in the near future. The company is maintaining a conservative approach toward capital expenditure and prefers internal accrual funding. No mention of fresh equity issuance or significant long-term borrowings was made during the call.

Any current/future capex/capital investment/strategic investment?

Ongoing greenfield project at SANAND-II, Gujarat, focused on Protech gloves and other products; Rs. 28 crores invested so far with approx. Rs. 32 crores more expected in next two quarters; targeted operational by Q1 FY 2025. Phase-2 CAPEX at Ghatakpukur plant planned; expected to start in Q1 2025 and complete within FY 2025; CAPEX estimated between Rs. 15-20 crores for manufacturing safety shoe components (shoe uppers). Expansion at SANAND Phase 1: additional 50% capacity for Protech gloves and 50% increase for helmets; Phase 2 CAPEX timeline not yet finalized, likely FY 2026. Current CA

Future growth expectations in sales/revenue/volumes?

The company targets Rs. 1,000 crores in revenue by FY 2028, maintaining a CAGR of approximately 15%. FY 2024 growth is expected to be single-digit, recovering from supply chain and capacity expansion impacts. Growth is projected to accelerate with double-digit growth, around 20%-30%, from FY 2025 onwards. Capacity utilization currently at 70%-80%; existing capacity can support Rs. 600-700 crores revenue without further CAPEX. Expansion projects, especially the SANAND Phase 1 and upcoming Phase 2, will increase capacity and support growth. Domestic market (India) and emerging markets like North

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue target: Rs. 1,000 crores by FY 2028, with expected 14%-15% EBITDA margins sustained long-term. FY 2024 growth projected at high single-digit; FY 2025 expected to achieve double-digit growth (~20%-30%). Capacity utilization currently at 70%-80% with potential revenue of Rs. 600-700 crores from existing capacity alone. New product segments like safety shoes and helmets targeted to contribute significantly (~one-third of projected revenues). Export markets showing mixed trends; North America and India expected to see improved growth, Europe subdued but stable. Margins expected to remain s

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Mallcom (India) LtdQ4 FY25Industrial Products

Mallcom (India) Ltd Q4 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,007P/E: 20.9Market Cap: ₹682 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→The company targets Rs. 1,000 crores in revenue by FY 2028, maintaining a CAGR of approximately 15%.
→FY 2024 growth is expected to be single-digit, recovering from supply chain and capacity expansion impacts.
→Growth is projected to accelerate with double-digit growth, around 20%-30%, from FY 2025 onwards.
→Capacity utilization currently at 70%-80%; existing capacity can support Rs. 600-700 crores revenue without further CAPEX.
→Expansion projects, especially the SANAND Phase 1 and upcoming Phase 2, will increase capacity and support growth.
→Domestic market (India) and emerging markets like North America, Middle East, and Asia expected to drive significant growth.
→Focus on certified, quality products and expanding product categories (e.g., safety shoes, helmets) to capture market share.
→Online sales expected to remain a small portion (2%-5%) of total sales.

Margin guidance

Category 3

→Revenue target: Rs. 1,000 crores by FY 2028, with expected 14%-15% EBITDA margins sustained long-term.
→FY 2024 growth projected at high single-digit; FY 2025 expected to achieve double-digit growth (~20%-30%).
→Capacity utilization currently at 70%-80% with potential revenue of Rs. 600-700 crores from existing capacity alone.
→New product segments like safety shoes and helmets targeted to contribute significantly (~one-third of projected revenues).
→Export markets showing mixed trends; North America and India expected to see improved growth, Europe subdued but stable.
→Margins expected to remain stable despite temporary EBITDA margin dips in recent quarters due to supply chain and operational shifts.
→Ongoing CAPEX mainly funded through internal accruals; limited long-term debt currently.
→Supply chain improvements underway to recoup lost revenues and support growth acceleration.

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Fundraise plans

→The company has not taken any long-term debt currently and only has working capital borrowings.
→All current and planned CAPEX, including the SANAND expansion, is being funded through internal accruals.
→There is no indication or plan mentioned for any new fundraising through debt or equity in the near future.
→The company is maintaining a conservative approach toward capital expenditure and prefers internal accrual funding.
→No mention of fresh equity issuance or significant long-term borrowings was made during the call.

Order book

→The company experienced some lost turnover of Rs. 10-12 crores in the garment segment due to supply chain issues and plant shifting.
→The lost turnover is mainly related to garments and efforts are ongoing to recover some of this volume.
→It is uncertain if 50%-60% of the lost revenue can be recovered shortly, as increasing production capacity takes time.
→Order inflow is not an issue; the main challenge is ramping up production and supply of pending orders.
→The company is fully operational now and aims to fulfill pending orders in the current quarter.
→Management regularly updates customers about capacity expansions and product availability; while there are no formal commitments, there is verbal understanding about demand.

Capex plans

Yes

→Ongoing greenfield project at SANAND-II, Gujarat, focused on Protech gloves and other products; Rs. 28 crores invested so far with approx. Rs. 32 crores more expected in next two quarters; targeted operational by Q1 FY 2025.
→Phase-2 CAPEX at Ghatakpukur plant planned; expected to start in Q1 2025 and complete within FY 2025; CAPEX estimated between Rs. 15-20 crores for manufacturing safety shoe components (shoe uppers).
→Expansion at SANAND Phase 1: additional 50% capacity for Protech gloves and 50% increase for helmets; Phase 2 CAPEX timeline not yet finalized, likely FY 2026.
→Current CAPEX financed entirely through internal accruals; no long-term debt for expansion; only working capital borrowings present.
→Capacity expansions driven by need for modern machinery, increased space, and to capture growth in Indian and international markets.

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