Mallcom (India) Limited (NSE: MALLCOM) announced its consolidated financial results for the quarter ended December 31, 2025, characterized by a significant increase in EBITDA and a steady rise in year-over-year operational income. The company, which specializes in Personal Protective Equipment (PPE), attributed the quarterly performance to an increase in realizations, a reduction in raw material costs, and operational savings. While quarterly net profit improved, the nine-month performance reflected the impact of higher depreciation and finance costs associated with recent capital expenditures.
The integrated PPE manufacturer recorded consolidated operational income of INR 1,311 million for the third quarter of FY26, supported by improved realizations and manufacturing efficiencies. New production facilities in Gujarat and West Bengal are now fully operational, positioning the company for projected volume growth in upcoming periods.
Financial Performance:
For the third quarter of FY26, operational income rose 11.4% year-over-year to INR 1,311 million, compared to INR 1,177 million in the prior-year period. EBITDA for the quarter reached INR 193 million, representing a 27% increase over Q3-FY25. EBITDA margins expanded significantly to 14.71%, up from 12.91% in the same quarter last year. Profit after tax for the quarter was INR 101 million, a 12.2% year-over-year improvement.
However, for the nine-month period ended December 31, 2025, EBITDA margins saw a contraction to 11.91% from 13.00% in the previous year. Net profit for the nine months declined 14.4% to INR 237 million, primarily due to a 72.2% increase in finance costs and a 26.1% rise in depreciation expenses related to new facilities.
Key Strategies:
The company continues to pursue a strategy of backward integration to achieve cost savings and long-term margin expansion. Mallcom maintains a “head-to-toe” product range with a total of 13 manufacturing facilities spanning over 1 million square feet. Management’s operational priorities include leveraging its annual production capacity, which includes 3 million pairs of safety shoes and 150 million masks, to meet demand from its global distribution network across 55 countries. The current revenue mix is dominated by safety shoes (49%) and garments (25%), with Asia (48%) and Europe (33%) remaining the largest geographical markets.
Sector & Macro Context:
As the largest integrated Indian PPE manufacturer, Mallcom serves diversified sectors including construction, mining, metallurgy, and healthcare. The company maintains a conservative capital structure with a net debt-to-equity ratio of 0.35x as of the first half of FY26. Despite the broader macroeconomic environment, the firm reported an increase in market share across both branded and local market segments during the current fiscal year.
Capital market data and investment metrics As of December 31, 2025, Mallcom’s market capitalization was INR 7,479.6 million, with the stock closing at INR 1,198.7. The shares have traded between a 52-week high of INR 1,560.0 and a low of INR 1,019.1. The company reported a return on equity (ROE) of 19.16% and a return on capital employed (ROCE) of 15.28% for the fiscal year ended March 31, 2025.
Key Investment Metrics (as of Dec 31, 2025)
• Closing Market Price: INR 1,198.7
• 52-Week High: INR 1,560.0
• 52-Week Low: INR 1,019.1
• Market Capitalization: INR 7,479.6 Million
• Equity Shares Outstanding: 6.2 Million
Illustrative Stock Performance: Mallcom (India) Ltd.
Last 6 Months (July 2025 – December 2025)
The following chart illustrates the share price trend leading up to the December 31, 2025, close of INR 1,198.7. The stock experienced volatility throughout the second half of the calendar year, reaching a peak in the early third quarter before trending toward its year-end close.
Trend Analysis
The stock’s performance in the second half of 2025 was characterized by a sharp appreciation in July, followed by a corrective phase that reached a local low in September. A secondary recovery occurred in October, potentially driven by market anticipation of the Sanand and Chandpur facility operationalization, which management confirmed was completed during this period. The stock eventually stabilized toward the end of December, maintaining a market capitalization of approximately INR 7.5 billion.
The relative performance chart provided by the company indicates that while the stock outperformed the Sensex at various points in the third quarter, it trended closer to the benchmark’s relative return by the close of the calendar year.