MALLCOM (INDIA) LTD. — Investor Presentation 2025

May 19, 2025

Ref: MIL/BSE/NSE/25 Date: May 19, 2025

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The Manager The Manager
Corporate Relationship Department Listing Department
BSE Limited National Stock Exchange of India Limited
1 [st] Floor, New Trading Wing, Exchange Plaza, 5 [th] Floor,
Rotunda Building, Plot No. C-1, Block G,
P J Towers, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E),
Mumbai - 400001 Mumbai – 400051
BSE Security Code: 539400 NSE Symbol: MALLCOM
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Dear Sir/Madam,

Sub: Investor Presentation

Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investor Presentation on the Audited Financial Results of the Company for the quarter and financial year ended 31st March 2025.

The Presentation will also be available on the Company’s website, www.mallcom.in.

This is for your kind information and record.

For MALLCOM (INDIA) LTD.

Digitally signed by GAURAV GAURAV RAJ RAJ Date: 2025.05.19 19:48:31 +05'30'

GAURAV RAJ Company Secretary & Compliance Officer

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Mallcom (India) Limited

E a r n i n g s P r e s e n t a t i o n – Q 4 - F Y 2 5 / F Y 2 5

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Largest integrated Indian One of the widest protective Employing 3,000+ skilled Personal Protective gear product range catering and semi skilled workers Equipment (PPE) to diversified industries of which 33% are women manufacturer

Experienced Management with over 40 years of Industry experience

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13 state-of-the-art Manufacturing Plants (DTA, manufacturing facilities EOU & SEZ units) located in across India, equipped with West Bengal, Uttarakhand & best-in-class machinery Gujarat with easy access to and spanning over 1 local markets, sea & airports million sq. ft of floor space

Dedicated R&D centers and teams for product innovation and improvements

New range of product launches every season

Mallcom (India) Ltd

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COMPANY OVERVIEW

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Operational Revenue (INR Mn) and EBITDA Margins (%)

• Mallcom India Ltd was founded in 1983 by Mr. Ajay Mall as a small leather gloves manufacturer headquartered out of Kolkata, India.

• Today it has 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.

• An ISO certified and government registered trading house, Mallcom provides a one stop solution for manufacturing one of the widest range of head-to-toe PPE products from helmets, eyewear, ear protection, face masks, safety garments, gloves, to shoes, and many more.

• The company is also one of the largest exporters of PPE products from India exporting to 55+ countries across 6 continents.

• It has an expansive manufacturing footprint with 13 production facilities spread across India and captive test labs that ensure quality standards.

• Over the year the company has focused on backward integration wherever possible resulting into significant cost savings and gradual margin expansions.

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4,868
20.00%
4,106 4,207
3,572
15.00%
13.91% 14.27% 13.72% 10.00%
12.51%
5.00%
0.00%
FY22 FY23 FY24 FY25
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FY25 Geographical Revenue Mix
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Australia 1%
Africa 1%
North America 4%
South America 11%
Europe 39%
Asia 44%
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Mallcom (India) Ltd

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BUSINESS OVERVIEW

• Mallcom is a one-stop solution for all types of personal protective equipment providing the entire gamut of protection from Head to Toe.

• Mallcom is one of the few companies to have an indigenous expertise with various raw materials such as textile, leather, rubber, and plastic.

• Over three decades, the firm has gained immense knowledge and skillset to deal in an array of products such as safety helmets, face masks, leather gloves, textile gloves, nitrile gloves, safety apparels, rainwear, and safety shoes.

• The company also offers eyewear, ear protection equipment, latex gloves, neoprene gloves, and harnesses in its brand.

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FY25 Product Revenue Matrix
Knitted
Others, 3%
Gloves, 1%
Nitrile Gloves,
9%
Leather
Safety Shoes,
Gloves, 18%
41%
Garments,
28%
Production 1.2M 3.6M 150M 14M
& Servicing Helmets Apparel Masks NBR Gloves
Annual
12M 2.8M 3M
Capacity
Leather Gloves Knitted Gloves Shoes
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FOOT BODY HAND HEAD PROTECTION PROTECTION PROTECTION PROTECTION Mallcom produces Mallcom’s exclusive Mallcom has Mallcom works sturdy shoes that workwear ranges gained expertise in in close can tackle challenges from light-weight to production of hand coordination in construction, heavy-duty industrial gear suiting the with the mining, metallurgical work wear. It also application designers and and other makes winter requirement. the users to manufacturing protection, uniforms, provide dynamic industries. and corporate casual From driving to head protection wear. welding to cut With an annual gear. resistant, it is able production capacity These provide high to meet crucial The company of more than three protection and are industrial manufactures million pairs, utilized in several applications. helmets, face Mallcom is the sectors such as masks, eyewear, leading safety shoe hospitality, healthA wide range of ear protection manufacturer and care and for general hand protection etc. distributor from industrial purposes. gears lie in the India. repertoire of Special fabrics Mallcom, including protects the wearer leather gloves, in environments such string knit gloves as heat, fire, and and nitrile gloves. extremely cold temperatures.

Mallcom (India) Ltd

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FINANCIAL OVERVIEW Q4-FY25/FY25

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CONSOLIDATED FINANCIAL HIGHLIGHTS

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Q4-FY25 Financial Performance

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Q4-FY25 Financial Performance FY25 Financial Performance
Operational Operational
EBITDA EBITDA Margin EBITDA EBITDA Margin
Income Income
INR 154 Mn 11.19% INR 609 Mn 12.51%
INR 1,376 Mn INR 4,868 Mn
Net Profit PAT Margin Net Profit
PAT Margin
21.64%
INR 298 Mn INR 574 Mn 11.80%
Diluted EPS Diluted EPS
INR 47.72 INR 92.04
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Mallcom (India) Ltd

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Q4-FY25 / FY25 OPERATIONAL HIGHLIGHTS

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• Increase in Other Income in Q4-FY25 of Rs.25.40 Crore was due to outright sale of Land & Building of an erstwhile garment unit Kolkata-700039.

• Decrease in EBITDA Margin in FY25 was mainly due to higher Marketing, Branding & Consultancy fee incurred during the year in line with company’s effort to increase operational efficiency and market share.

• The first phase of Sanand-II, Gujarat (Greenfield Project) set-up for manufacturing of Protec work wear is now complete and undergoing trial runs. The Project cost for this unit stand at Rs.95 Cr. With the basic infrastructure ready the company plan to install additional line of machinery during the year as well as projects further addition as per market requirement and response.

• The Greenfield Project for manufacturing of Industrial Safety Shoes “A DIPP approved Design Studio” being set up at Chandpur, West Bengal is also complete and undergoing trial runs. The Project Cost for this Unit stands at Rs.25 Cr. against which company will be getting a total subsidy of Rs.7.20 Cr. out of which Rs.5.10 Cr. is already received during the FY 25.

• During FY25, the company has made a Consolidated Investment of Rs.78.67 Crores on cash basis in Fixed Assets, the entire fund has been generated and utilized through internal accruals.

• The Company received various awards and accolades in FY25 like: “Great Place to Work certification” - on the 1st attempt for the company and Safety Leadership Award at the Outlook Business Spotlight Achievers Award 2024.

• During the year ICRA the rating agency re-affirmed the long-term credit rating of the company assigned as “A” with stable outlook. The company also continued to enjoy status as “Three Star Export House” granted by Ministry of Commerce and Industry and “AEO T1", status holder, assigned by CBIC, Ministry of Finance.

• The company launched wider-toe safety shoe in ergonomically designed single density GARUD(r) sole and introduced a new range of aesthetically created premium leather gloves range called "Kaala Peela" for the Indian market during FY25, both getting significant response.

• Also launched a revamped platform for own e-commerce marketplace offering head-to-toe PPE, which has been well appreciated by the users.

• Entered into a IPR agreement and getting sole rights to Chacha Chaudhary/ Sabu, both renowned cartoon characters, helping in increased visibility for company’s marketing efforts for its products as well as in promoting the social awareness about safety and use of safety products at workplace.

• As a part of CSR initiative, the company among other had opportunity of sponsoring Para-Badminton star Manasi Joshi helping her participate in her maiden Paralympics representing India.

Mallcom (India) Ltd

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QUARTERLY CONSOLIDATED FINANCIAL PERFORMANCE

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Income Statement (INR Mn)	Q4-FY25	Q4-FY24	Y-o-Y	Q3-FY25	Q-o-Q
Operational Income	1,376	1,224	12.4%	1,177	16.9%
Total Expenses	1,222	1,059	15.4%	1,025	18.9%
EBITDA	154	165	(6.6)%	152	3.3%
EBITDA Margins (%)	11.19%	13.48%	(229) Bps	12.91%	(150) Bps
Depreciation	27	(8)	NA	25	8.0%
Finance Cost	24	13	84.6%	11	NA
Other Income	255	10	NA	6	NA
PBT	359	170	NA	122	NA
Tax	61	52	17.3%	32	90.6%
Profit After Tax	298	118	NA	90	NA
PAT Margins (%)	21.64%	9.64%	NA	7.65%	NA
Other Comprehensive Income	(1)	(10)	NA	5	(80.0)%
Total Comprehensive Income	297	108	NA	95	NA
Diluted EPS (INR)	47.72	18.92	NA	14.46	NA

Mallcom (India) Ltd

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ANNUAL CONSOLIDATED FINANCIAL PERFORMANCE

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Income Statement (INR Mn)	FY25	FY24	Y-o-Y
Operational Income	4,868	4,207	15.7%
Total Expenses	4,259	3,630	17.3%
EBITDA	609	577	5.5%
EBITDA Margins (%)	12.51%	13.72%	(121) Bps
Depreciation	96	79	21.5%
Finance Cost	61	42	45.2%
Other Income	289	41	NA
PBT	741	497	49.1%
Tax	167	134	24.6%
Profit After Tax	574	363	58.1%
PAT Margins (%)	11.80%	8.63%	317 Bps
Other Comprehensive Income	6	(1)	NA
Total Comprehensive Income	580	362	60.2%
Diluted EPS (INR)	92.04	58.20	58.1%
Mallcom (India) Ltd

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CONSOLIDATED HISTORICAL INCOME STATEMENT

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Income Statement (INR Mn)	FY22	FY23	FY24	FY25
Operational Income	3,572	4,106	4,207	4,868
Total Expenses	3,075	3,520	3,630	4,259
EBITDA	497	586	577	609
EBITDA Margins (%)	13.91%	14.27%	13.72%	12.51%
Depreciation	83	83	79	96
Finance Cost	20	25	42	61
Other Income	31	31	41	289
PBT	425	509	497	741
Tax	109	140	134	167
Profit After Tax	316	369	363	574
PAT Margins (%)	8.85%	8.99%	8.63%	11.80%
Other Comprehensive Income	(1)	1	(1)	6
Total Comprehensive Income	315	370	362	580
Diluted EPS (INR)	52.28	59.19	58.20	92.04
10 Mallcom (India) Ltd

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CONSOLIDATED BALANCE SHEET

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PARTICULARS (INR Mn) FY23 FY24 FY25
Assets
1. Non Current Assets 1,184 1,373 2,068
(a) Property, Plant and Equipment's 1,070 1,235 1,285
(b) Intangible Assets 1 1 -
(c) Capital Work In Progress 82 102 743
(d) Financial Assets
(i) Loans 13 12 15
(e) Non-Current Tax Assets (Net) 18 23 25
2. Current Assets 2,358 2,504 2,860
(a) Inventories 857 1,068 1,432
(b) Financial Assets
(i) Investments 270 145 127
(c) Trade Receivable 588 665 841
(d) Cash and Cash Equivalents 42 2 42
(e) Other Bank Balances 359 322 21
(f) Loans - 2 2
Other Current Assets 242 300 395
Total Assets 3,542 3,877 4,928
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PARTICULARS (INR Mn) FY23 FY24 FY25
Equity and Liabilities
1.Equity 2,032 2,375 2,996
Equity Share Capital 62 62 62
Other Equity 1,970 2,313 2,924
- - -
Minority Interest
2. Non-Current Liabilities 112 118 51
(a) Long Term Borrowings 40 37 25
(b) Other Financial Liabilities 63 63 -
(c) Deferred Tax Liabilities 9 18 26
3. Current Liabilities 1,398 1,384 1,891
(i) Financial Liabilities
(a) Short-Term Borrowings 868 890 1,133
(b) Trade Payables 413 394 574
(c) Other Financial Liabilities 51 10 10
(ii) Other Current Liabilities 66 88 169
(iii) Provisions - 2 5
Total Equity and Liabilities 3,542 3,877 4,928
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Mallcom (India) Ltd

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CONSOLIDATED FINANCIAL PERFORMANCE

EBITDA (INR Mn) and EBITDA Margins (%)

Operational Income (INR Mn)

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4,868 5,400 586 577 609
4,106 4,207 4,9004,400 497
3,572 3,900
14.27%
3,400 13.91% 13.72%
2,900 12.51%
2,400
1,900
1,400
900
400
FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25
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Net Worth (INR Mn)

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ROE and ROCE (%)
2,986 3,500
21.93% 23.46% 3,000
19.98% 19.16% 2,032 2,375 2,500
17.91% 18.16% 1,764 2,000
15.28% 1,500
16.89%
1,000
FY22 FY23 FY24 FY25 500
0
RoCE (%) RoE (%) FY22 FY23 FY24 FY25
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PAT (INR Mn) and PAT Margins (%)
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574
369
363
316
11.80%
8.85% 8.99% 8.63%
FY22 FY23 FY24 FY25
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Net Debt to Equity (x)
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0.37
0.25 0.25
0.14
FY22 FY23 FY24 FY25
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Mallcom (India) Ltd

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CAPITAL MARKET DATA

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Share Price Data (As on 31 [st] March, 2025)
90%
70%
50%
30%
10%
-10%
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Mallcom (India) Ltd. Sensex
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Price Data (As on 31st March, 2025)
Face Value (INR)	10.0
Market Price (INR)	1,218.3
52 Week H/L (INR)	1,780.0/937.2
Market Cap (INR Mn)	7,602.2
Equity Shares Outstanding (Mn)	6.2
1 Year Avg. Trading Volume (‘000)	11.9

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Shareholding Pattern (As on 31 [st] March, 2025)
FPI
AIF 0.44% 0.04%
Public
25.84%
Promoter
73.68%
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Mallcom (India) Ltd

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DISCLAIMER

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Mallcom (India) Ltd.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Mallcom India Limited (“Company”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward(looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward(looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward(looking statements. The Company disclaims any obligation to update these forward(looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. Please note logo’s of other brands used in the presentation are not Mallcom’s and should not have an IP issue

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

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For further details please contact our Investor Relations Representatives: VALOREM ADVISORS Mr. Anuj Sonpal Tel: +91(22)49039500 Email: mallcom@valoremadvisors.com

Mallcom (India) Ltd

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THANK YOU

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