Mallcom (India) Ltd

NCLT non-approval of amalgamation

• NCLT Kolkata Bench did not approve the Scheme of Amalgamation under Section 233.
• NCLT held 90% member approval not fulfilled; proceedings before Regional Director were quashed.
• Certified copy of the order received August 12, 2026; company evaluating next steps.

Meeting Details

• Date: July 31, 2026.
• Time: 12:30 PM IST.
• Type/Mode: Group earnings conference call; audio recording uploaded to company website.

Participants

• Key participant: Company Secretary & Compliance Officer.

Purpose

• Disclosure of audio recording of Q1 FY27 earnings conference call for investors.

Additional Notes

• Recording available on Mallcom investor relations page (Quarter 1 tab).

Business Overview

• Mallcom is a leading Indian PPE manufacturer offering head-to-toe protection with 13 facilities.
• Backward integration reduces costs and expands margins; exports to 55+ countries.

Operational Highlights

• EBITDA margin expanded to 12.47% in Q1 FY27 from 9.31% in Q4 FY26.
• Highest-ever Q1 domestic revenue despite volatile pricing.
• Sanand plant commissioning improved efficiency; pass-through of costs to customers.
• Launched EN 812-certified bump caps; flame-retardant workwear for developed markets.
• SMILE reseller program expanded to over 1,000 resellers.
• Seaport congestion delayed procurement of raw materials and deliveries.

Financial Performance

• Q1-FY27 operational income 1,095 INR Mn; YoY -10.5%, QoQ -25.4%.
• EBITDA 137 INR Mn; margin 12.51%.
• PBT 87; PAT 66; PAT margin 6.03%.
• Domestic revenue at record highs in Q1 despite price volatility.
• Raw material costs declined; operating cost absorption lower due to reduced turnover.
• Sanand plant efficiency improvement contributing to profitability.

Capital Structure & Liquidity

• FY26 equity stood at INR 3,184 Mn, up from INR 2,986 Mn FY25.
• Total assets rose to INR 5,125 Mn in FY26 from INR 4,928 Mn FY25.
• Short-term borrowings INR 1,141 Mn; long-term borrowings INR 62 Mn (FY26).
• Cash and equivalents totaled INR 38 Mn (FY26).

Strategic Priorities & Outlook

• Expand PPE product portfolio; target developed markets (Europe/US).
• Sanand plant expansion to boost capacity and margins.
• Strengthen distribution via SMILE program; 1,000+ resellers.
• Maintain price realization and cost control amid raw material volatility.

Risks & Mitigation

• Seaport congestion caused delays in raw material procurement and deliveries.

Board approvals

• Board approves unaudited standalone and consolidated results for quarter ended 30 June 2026.
• Limited Review Reports issued by Agarwal Maheswari & Co found no material misstatement.

Independent director appointment

• Himanshu Rai re-appointed as Non-Executive Independent Director for five years from 9 Sep 2026, subject to shareholders’ approval.

Subsidiary performance

• Mallcom Safety Pvt Ltd and Mallcom VSFT Gloves Pvt Ltd posted Rs 1,554.31 lakh revenue in Q1 2026.
• Net profit after tax for two subsidiaries was Rs 25.27 lakhs; total comprehensive income Rs 26.76 lakhs.

Business segment note

• Industrial Safety Products is the single reportable segment; revenue split India vs outside India.

Meeting Details

• July 31, 2026 at 12:30 PM IST
• Earnings conference call; virtual
• Valorem Advisors: Q1-FY27 earnings call
• CFO; Associate Vice President to represent management
• Discuss Q1-FY27 earnings
• Investor kit/presentation available

Reg. 74(5) dematerialisation status

• Dematerialisation requests processed (accepted/rejected) and reported to depositories for the reporting period.
• Securities dematerialised listed on stock exchanges.
• Physical certificates for dematerialisation mutilated and cancelled; depository name substituted as registered owner.

Business

• Mallcom makes integrated PPE products, including gloves, shoes, garments, masks, and head protection.
• It operates 13 manufacturing facilities and exports to 55+ countries.

Operations

• Sanand Protec workwear unit began commercial production, with INR 1,050 million capex.
• PU coated gloves and PVC gumboots manufacturing started as import-substitute products.
• Chandipur safety shoe unit is fully operational, with INR 250 million capex.

Financials

• FY26 operational income rose 10.8% to INR 5,396 million.
• FY26 EBITDA was INR 605 million, with margin at 11.21%, down 130 bps.
• FY26 PAT fell 47.7% to INR 300 million; PAT margin was 5.56%.
• Q4 FY26 operational income rose 6.6% YoY to INR 1,467 million.
• Q4 FY26 EBITDA fell 11.0% YoY to INR 137 million; margin was 9.34%.

Balance Sheet

• Net worth increased to INR 3,184 million in FY26 from INR 2,986 million.
• Short-term borrowings were INR 1,141 million and long-term borrowings INR 62 million.
• Cash and cash equivalents were INR 38 million at FY26 end.

Outlook

• Management is focusing on branded and local market share gains.
• Trade-fair participation is supporting domestic and international customer acquisition.
• New product launches and import substitution remain key growth drivers.

Risks

• FY26 margins were pressured by higher raw material costs and lower OEM realizations.
• US tariffs and weak EU demand reduced sale realizations.

Governance

• Promoter holding was 73.68% as of 31 March 2026.