Mallcom (India) Ltd. (MALLCOM) AI Stock Analysis

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Mallcom (India) Ltd.

(NSE:MALLCOM)

Select Model

Rating:51Neutral

Price Target:INR 888.00▲(0.45% Upside)

Action:reiterated

Date:08/30/26

Overall score reflects decent operating history and a reasonably stable balance sheet, offset by consistently weak cash conversion and a sharp FY2026 earnings decline. Technicals add a modest headwind (below key longer-term moving averages and negative MACD), while valuation is neutral with a low dividend yield.

Positive Factors

Steady Revenue ExpansionMulti-year revenue expansion indicates sustained demand for Mallcom’s safety products and continued market participation. Although FY2026 growth moderated, the established upward trend provides a durable base for operating scale and future growth over the next several quarters.

Negative Factors

Weak Cash ConversionPersistent negative free cash flow means reported profits have not consistently translated into cash after investment needs. Volatile operating cash generation can constrain internally funded growth, increase reliance on borrowings, and make earnings quality less dependable over the medium term.

Mallcom (India) Ltd. (MALLCOM) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 6.17B
Dividend Yield: 0.34%
Average Volume (3M): 186
Price to Earnings (P/E): 20.7
Beta (1Y): 1.29
Revenue Growth: 3.91%
EPS Growth: -54.47%
Country: India
Employees: 309
Sector: General
Sector Strength: 55
Industry: Security & Protection Services

Mallcom (India) Ltd. Business Overview & Revenue Model

Company Description

Mallcom (India) Limited, alongside its subsidiaries, operates as a global manufacturer and distributor of personal protective equipment (PPE). Their extensive product catalog features head protection gear, including helmets, face shields, ear defende...

Mallcom (India) Ltd. Financial Statement Overview

Summary

Income statement and balance sheet are decent (steady multi-year revenue growth, historically healthy margins, moderate leverage and solid ROE), but the sharp FY2026 earnings drop and persistently weak/volatile cash generation (mostly negative free cash flow) materially reduce confidence in financial quality.

Income Statement

67Positive

Balance Sheet

72Positive

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	5.27B	5.40B	4.70B	4.21B	4.11B	3.49B
Gross Profit	571.84M	530.19M	899.47M	562.34M	833.00M	604.73M
EBITDA	569.77M	611.39M	608.73M	618.21M	616.30M	528.22M
Net Income	267.55M	300.43M	574.35M	363.16M	369.37M	326.24M
Balance Sheet
Total Assets	0	5.12B	4.93B	3.88B	3.54B	2.79B
Cash, Cash Equivalents and Short-Term Investments	99.77M	99.77M	189.58M	470.00M	670.19M	285.90M
Total Debt	0	1.20B	1.16B	926.92M	907.34M	533.78M
Total Liabilities	-3.18B	1.94B	1.94B	1.50B	1.51B	1.03B
Stockholders Equity	3.18B	3.18B	2.99B	2.38B	2.03B	1.68B
Cash Flow
Free Cash Flow	-11.62M	-65.77M	-769.67M	-199.57M	76.08M	-225.59M
Operating Cash Flow	212.72M	279.51M	17.00M	63.75M	534.52M	12.46M
Investing Cash Flow	-139.95M	-328.60M	-431.07M	-97.75M	-750.42M	-19.59M
Financing Cash Flow	-67.02M	26.23M	151.82M	-41.67M	330.33M	-14.07M

Mallcom (India) Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price884.00

Price Trends

50DMA942.72Negative

100DMA980.72Negative

200DMA1029.70Negative

Market Momentum

MACD-14.62Negative

RSI38.51Neutral

STOCH14.59Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MALLCOM, the sentiment is Negative. The current price of 884.00 is below the 20-day moving average (MA) of 902.92, below the 50-day MA of 942.72, and below the 200-day MA of 1029.70, indicating a bearish trend. The MACD of -14.62 indicates Negative momentum. The RSI at 38.51 is Neutral, neither overbought nor oversold. The STOCH value of 14.59 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MALLCOM.

Mallcom (India) Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MALLCOM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:VETO	79Outperform	INR 2.27B	8.29	―	0.84%	35.25%	31.03%
IN:KRYSTAL	68Neutral	INR 7.82B	12.88	―	0.27%	2.83%	37.81%
IN:SIS	66Neutral	INR 52.18B	35.60	―	1.90%	25.20%	269.50%
IN:STERTOOLS	56Neutral	INR 7.25B	59.95	―	2.66%	-9.28%	-46.61%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:MALLCOM	51Neutral	INR 5.52B	20.68	―	0.34%	3.91%	-54.47%

* General Sector Average

Performance Comparison

IN:MALLCOM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MALLCOM	Mallcom (India) Ltd.	884.00	-537.98	-37.83%
IN:KRYSTAL	Krystal Integrated Services Ltd.	559.40	-38.16	-6.39%
IN:SIS	SIS Limited	369.15	41.95	12.82%
IN:STERTOOLS	Sterling Tools Limited	199.40	-104.37	-34.36%
IN:VETO	Veto Switchgears & Cables Ltd.	118.95	0.21	0.18%

Mallcom (India) Ltd. Corporate Events

Mallcom Schedules Virtual Investor and Analyst Meet for September 1

Aug 25, 2026

Mallcom (India) Ltd., a listed supplier of industrial safety and personal protective equipment, engages corporate and institutional clients through its presence on India’s major stock exchanges. The company’s ongoing investor communicatio...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 30, 2026

Mallcom (India) Ltd. AI Stock Analysis

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