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

Mallcom is expanding capacity in Sanand and Ghatakpukur with new capex. In Sanand, they target INR 100 crores in revenue from Phase 1 by deploying 6 to 7 steep dipping lines (up from 2 lines currently). New glove lines have been ordered, expected to be installed by Q1 FY27. They plan to order a total of 6 to 7 glove production lines if market conditions permit. The new safety shoes facility in West Bengal and Sanand unit aim to reach 80-90% utilization by March. Capex cycle recently completed; facilities will take time to contribute to revenue and profit margins but expected to drive growth. W

Future growth expectations in sales/revenue/volumes?

Targeting INR100 crores revenue from Sanand facility at full planned capacity with 6-7 glove production lines (Page 16). Expecting 20%+ year-on-year growth in domestic branded market; aiming for double-digit overall growth in FY26 despite challenges (Pages 14, 15). Confident of growth in branded business and Middle East & Africa markets, which are more controllable and policy-friendly (Page 11). Export growth currently soft due to global slowdown but expected to improve if global conditions stabilize and trade deals (EU, US) materialize (Page 11). Increasing focus on value-added products with

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

Mallcom targets double-digit revenue growth in FY26, aiming for over 20% growth in domestic branded sales in the next 2-3 years. Export growth is expected to improve as global conditions stabilize, with potential positive impacts from new trade deals (e.g., Europe, Russia, U.S.). EBITDA margins are anticipated to stabilize in the 13%-15% range, supported by cost optimization and movement towards value-added product sales. PAT margins are expected to be sustainable around 7%-9% once new capacities fully ramp up. New capacities at Sanand and Ghatakpukur are expected to contribute significantly,

Current/ Expected Orderbook/ Pending Orders?

Mallcom does not operate on a traditional order book for the domestic market since it follows a stock-and-sell model. In the white-label business, order books generally cover 3 to 4 months in advance based on customer projections. Currently, the company has an export order book worth approximately INR 80-85 crores. Domestic market sales do not have a formal order book but show growing interest due to product expansion. The management is hopeful that the worst is behind, and they expect better order inflows and growth moving forward. Overall, they aim for at least double-digit growth in the com

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Mallcom (India) LtdQ4 FY27Industrial Products

Mallcom (India) Ltd Q4 FY27 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

→Targeting INR100 crores revenue from Sanand facility at full planned capacity with 6-7 glove production lines (Page 16).
→Expecting 20%+ year-on-year growth in domestic branded market; aiming for double-digit overall growth in FY26 despite challenges (Pages 14, 15).
→Confident of growth in branded business and Middle East & Africa markets, which are more controllable and policy-friendly (Page 11).
→Export growth currently soft due to global slowdown but expected to improve if global conditions stabilize and trade deals (EU, US) materialize (Page 11).
→Increasing focus on value-added products with current product mix at ~60% value-added contributing to better pricing and margins (Page 17-18).
→Incremental capacity expansion with 6-7 glove lines planned; new lines ordered for Q1 2026 installation to support volume growth (Page 16).
→Domestic market showing stronger growth (20%) compared to 8-9% in exports, supporting overall volume expansion targets (Pages 14-15).

Margin guidance

Category 3

→Mallcom targets double-digit revenue growth in FY26, aiming for over 20% growth in domestic branded sales in the next 2-3 years.
→Export growth is expected to improve as global conditions stabilize, with potential positive impacts from new trade deals (e.g., Europe, Russia, U.S.).
→EBITDA margins are anticipated to stabilize in the 13%-15% range, supported by cost optimization and movement towards value-added product sales.
→PAT margins are expected to be sustainable around 7%-9% once new capacities fully ramp up.
→New capacities at Sanand and Ghatakpukur are expected to contribute significantly, targeting revenue of INR 100 crores at Sanand alone.
→Finance costs may reduce as borrowings stabilize and working capital is optimized over time.
→Overall, the company remains confident of achieving consistent margin improvement and volume-led revenue growth going forward.

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Fundraise plans

- No explicit mention of any current or future new fundraising through debt or equity was made in the call. - Recent capex projects have been funded internally ("solely funded by us"), with borrowings mainly for working capital. - Working capital borrowings are ongoing but at a manageable cost (~6.5%) with government subvention support capped at INR 50 lakhs per annum. - Management indicated no immediate plans to optimize working capital cost through additional borrowings or equity. - Future borrowings are expected to reduce as cash generation improves from new facilities. - Focus remains on operational performance and revenue growth rather than raising new capital. In summary, Mallcom (India) Limited currently does not have plans for fresh debt or equity fundraising; recent capex has been internally funded, and borrowings are primarily for working capital management.

Order book

→Mallcom does not operate on a traditional order book for the domestic market since it follows a stock-and-sell model.
→In the white-label business, order books generally cover 3 to 4 months in advance based on customer projections.
→Currently, the company has an export order book worth approximately INR 80-85 crores.
→Domestic market sales do not have a formal order book but show growing interest due to product expansion.
→The management is hopeful that the worst is behind, and they expect better order inflows and growth moving forward.
→Overall, they aim for at least double-digit growth in the coming year, indicating a positive outlook on pending orders and sales pipeline.

Capex plans

Yes

→Mallcom is expanding capacity in Sanand and Ghatakpukur with new capex.
→In Sanand, they target INR 100 crores in revenue from Phase 1 by deploying 6 to 7 steep dipping lines (up from 2 lines currently).
→New glove lines have been ordered, expected to be installed by Q1 FY27.
→They plan to order a total of 6 to 7 glove production lines if market conditions permit.
→The new safety shoes facility in West Bengal and Sanand unit aim to reach 80-90% utilization by March.
→Capex cycle recently completed; facilities will take time to contribute to revenue and profit margins but expected to drive growth.
→Working capital funding is ongoing to support expansion; investment funded internally without dilution.
→Strategic focus includes moving towards higher value-added products and expanding presence in Middle East and Latin America.

How does Mallcom (India) Ltd rank vs peers in Industrial Products?

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1Mallcom (India) Ltd

Rev 3Mar 3

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