Mallcom (India) Limited Q2 FY26 Concall Decoded: Revenue crawls up, margins trip badly, management blames FX, freight, and says “Relax, it’s temporary.”

1. Opening Hook

If PPE was supposed to be a boring, steady business, Mallcom’s Q2 FY26 concall politely disagreed. Revenue grew, yes—but margins slipped on a banana peel made of forex volatility, higher imports, freight inflation, and capex hangover.

Management sounded confident, almost too calm, repeatedly reminding investors that this margin pain is “temporary.” The new factories are running, the machines are humming, and China is the villain of every pricing story—as usual.

But when EBITDA drops 37% YoY, nobody really cares about future promises. They want proof. Fast.

Read on—because beneath the margin mess lies a company betting heavily on “Made in India PPE” and hoping the cycle turns before patience runs out.

2. At a Glance

• Revenue ₹139 Cr (+8%) – Growth arrived, enthusiasm didn’t.
• EBITDA ₹10 Cr (-37%) – Margin collapse stole the show.
• EBITDA Margin 7.1% – Lowest in recent memory, CFO sweating quietly.
• PAT ₹4 Cr (2.7%) – Profits barely survived the quarter.
• H1 Revenue ₹262 Cr (+13%) – Half-year still looks respectable.
• Capex ~₹125 Cr (recent) – New plants now demand results.

3. Management’s Key Commentary (Decoded)

“Sanand Protech facility is fully operational.”
(Translation: The capex monster has awakened 🏭)

“Margins declined due to higher imports and exchange rates.”
(Translation: Dollar & Euro chose violence.)

“This is largely a one-off impact.”
(Translation: Please don’t extrapolate this disaster 😬)

“We are negotiating with vendors and customers.”
(Translation: Margin repair job in progress.)

“Domestic branded business is more optimistic than exports.”
(Translation: Europe is tired, India still buying.)

“We target EBITDA margins of 13–14% by Q4.”
(Translation: Fingers crossed.)

4. Numbers Decoded