Established in 1983 by Mr. Ajay Mall as a small leather gloves manufacturer in Kolkata, Mallcom (India) Ltd. has transformed into one of India's leading and largest integrated manufacturers and distributors of Personal Protective Equipment (PPE) products. The company is an ISO certified and government-registered star trading house, specializing in a comprehensive range of industrial safety products.
Mallcom prides itself on providing the widest range of head-to-toe PPE products, including helmets, eyewear, ear protection, face masks, safety garments, and gloves, to shoes, etc. A testament to its product quality and customer satisfaction, over 90% of its orders come from repeat customers.
Mallcom has established a significant global footprint, serving as a valued partner for major organizations and importers in more than 50 countries across six continents. With four decades of experience, the company has become a key player in the PPE industry, known for its innovative protective equipment.
The company operates 13 production facilities across India, equipped with in-house test labs, reinforcing its commitment to quality and manufacturing excellence. Through strategic backward integration, Mallcom has achieved significant cost savings and margin expansions, demonstrating strong business acumen. As one of India's largest PPE exporters, it supplies its diverse product portfolio internationally.
Mallcom's extensive product offerings span across all key PPE categories:
- Head Protection: Manufactures helmets, eyewear, earplugs, and face masks, all engineered for comfort and ergonomic utility.
- Hand Protection: Offers one of the most comprehensive ranges of gloves globally, including string-knit, nitrile, latex, neoprene, and premium-grade leather gloves, catering to diverse sectors like automotive, construction, metallurgy, oil & gas, and chemicals.
- Apparel and Body Protection: Includes safety clothing, workwear, flame-retardant garments, rainwear, and insulated winterwear, tailored for both industrial and service sectors.
- Foot Protection: A significant contributor to its revenues, with an annual production capacity of over 3 million pairs of industrial safety shoes.
Mallcom (India) Ltd (MALLCOM) had a market capitalization of ₹775.26 Cr as of 4th April 2025.
FY2024-25 Performance:
In FY25, Mallcom recorded an operational income of ₹4,868 million, marking a 16% year-on-year increase. EBITDA stood at ₹609 million, with a margin of 12.51%. The company reported a 58% growth in profit after tax (PAT), which rose to ₹574 million, reflecting a PAT margin of 11.8%. Earnings per share (EPS) was ₹92.04, highlighting strong shareholder value creation.
Key Financial Metrics:
- Revenue (FY25): ₹4,868 million
- EBITDA (FY25): ₹609 million (12.51% margin)
- PAT (FY25): ₹574 million (11.8% margin)
- EPS (FY25): ₹92.04
Recent Quarterly Performance (Q4 FY2024-25):
Net profit of Mallcom (India) rose 32.21% to Rs 9.03 crore in the quarter ended December 2024 (Q3 FY25) as against Rs 6.83 crore during the previous quarter ended December 2023. Sales rose 23.21% to Rs 117.74 crore in the quarter ended December 2024 (Q3 FY25) as against Rs 95.56 crore during the previous quarter ended December 2023.
Mallcom has made significant infrastructure investments to support its ambitious growth. In FY25:
- Sanand, Gujarat: Phase I of a greenfield manufacturing facility for 'Protec' workwear was completed at a cost of ₹95 crore, with production trials underway. This adds critical capacity to the apparel division.
- Chandpur, West Bengal: A new industrial safety shoe plant was developed, including a DIPP-approved design studio, which began trial production in FY25. This ₹25 crore project benefited from a ₹5.1 crore government subsidy.
The company reported Q4 FY25 revenue growth, new plant trial runs, and a capital expenditure of INR78.67 Cr. Mallcom remains optimistic about achieving its long-term revenue target of ₹1,000 crores by FY28, emphasizing product development and customer relationships to navigate competitive pressures and market dynamics.
Innovation is a core driver for Mallcom. Its R&D and product development teams continuously launch new ranges based on customer insights, market trends, and evolving safety standards.
- FY25 Innovations: Introduced GARUD® safety shoes with wider toes and single-density soles for enhanced comfort. For the Indian market, it launched Kaala Peela leather gloves, a premium and aesthetically-designed series.
The global Personal Protective Equipment (PPE) market, valued at USD 62 billion in 2022, is projected for an annual growth rate of 2-3%. This growth is driven by:
- Heightened need for respiratory equipment in sectors like mining, emergency response, military, law enforcement, healthcare, and fire departments.
- Rise in workplace hand injuries and the expansion of manufacturing units and construction projects in India.
- Investments from international companies further enhancing the PPE market in India.
In Q3 FY25, Mallcom demonstrated stable revenue growth, reporting quarterly figures between ₹120 to ₹130 crores. However, the company faced challenges related to supply chain disruptions and high raw material costs, which pressured gross margins. A strategic shift in product mix, favoring garments over safety shoes, also raised concerns about profitability. In response, management is focusing on operational efficiency and market expansion, particularly in North America.
- Great Place to Work Certification: Received this prestigious certification in its first attempt, reflecting its commitment to employee satisfaction.
- Safety Leadership Award: Awarded at Outlook Business Spotlight Achievers 2024.
Mallcom is actively involved in CSR initiatives, including sponsoring para-badminton athlete Manasi Joshi for the Paralympics and promoting rural employment, especially for women, around its manufacturing hubs.
Mallcom India Ltd continues to strengthen its position as India's leading PPE manufacturer through strategic investments, product innovation, and global expansion, while maintaining its commitment to quality and safety standards across all product categories.
