Hello Sir,

Hope you are doing well.

Do you know what PPE is?

It's personal protective equipment. The below image will make it clear.


In India, the seriousness and the penetration regarding such products is relatively low; while PPE usage is strictly followed in developed regions like Europe, US, etc.

In this mail, we have shared notes from the Nov'22 presentation of Mallcom (India) which is one of the largest manufacturers and distributor of PPE in India. It also does private label manufacturing for large global customers.


Recently, we released our New Stock Recommendation for Premium Members

It's a food processing company, virtually debt free, compounded profits at 20% + consistently, maintained returned ratios like ROE and ROCE at 20% +, doubled its market share in exports in its segment in the last 6-7 years and yet available at less than 7 times Pre-tax earnings.

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Mallcom India - Notes from Nov'22 presentation

  • Founded in 1983 by Mr. Ajay Mall as a small leather gloves manufacturer headquartered out of Kolkata, India
  • Grown to become one of the largest manufacturers and distributors of Personal Protective Equipment (PPE) products in India, with over 90% of orders coming from repeat customers
  • Provides a one-stop solution for manufacturing one of the widest range of head-to-toe PPE products from helmets, eye-wear, ear protection, face masks, safety garments, gloves, to shoes, and many more
  • One of the largest exporters of PPE products from India exporting to 55+ countries across 6 continents
  • Expansive manufacturing footprint with 13 production facilities spread across India
  • Company has focused on backward integration wherever possible resulting into significant cost savings and gradual margin expansions
  • One of the few companies to have an indigenous expertise with various raw materials such as textile, leather, rubber, and plastic

Source: Mallcom India Nov'22 presentation

  • Q2/H1 FY 23 operational highlights
    • Company achieved its highest ever quarterly consolidated turnover & profit before tax in Q2-FY 23
    • The improvement in EBITDA margin versus Q1 was mainly on account of raw material and administrative costs going down
    • Turnover ratio between Branded Sales Vs. Private Label sales improved YOY from 34:66 to 37:63 in H1-FY 23, with branded Sales registering a growth of 34.65% YOY vis-a-vis 19.23% YOY growth for Private Label sales in H1-FY 23
    • Relatively lower consolidated EBITDA margin of 13.80% in H1-FY 23 has been also due to higher operational costs for the subsidiaries namely "Mallcom Safety Private Limited" & "Best Safety Private Limited" both SEZ units, where we expect to ramp up the productivity and operations further in H2-FY 23
    • During the Quarter, the Ghatakpur (Kolkata) Unit, Phase - 1 for Safety Garments was made operational and with the manufacturing facility further being ramped up we expect additional contributions from the unit in H2-FY 23





Disclaimer: This is not a recommendation to buy/sell Mallcom India. These notes are as announced by the companies on exchanges and only for the purpose of information and education.


Best Regards,

Ekansh Mittal
Research Analyst
Web: https://www.katalystwealth.com/


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