1. Opening Hook
After three years of COVID-fueled PPE heroics, Mallcom’s Q3 FY26 call felt like a classic post-pandemic hangover.
Revenue is growing, factories are humming, and management is proudly cutting ribbons at new plants.
But profits? They decided to take a tea break thanks to depreciation and finance costs partying too hard.
Q3 looked sharp on the surface—EBITDA margins jumped, realizations improved, and raw material costs behaved.
Then 9M numbers quietly walked in and reminded everyone that capex bills don’t pay themselves.
The call was full of optimism, confidence, and “next few quarters will be better” energy.
Whether that confidence converts into actual earnings is where things get spicy.
Stick around—because the real story hides between margins, debt, and management optimism.
2. At a Glance
- Revenue up 11% YoY: PPE demand alive and kicking, just without pandemic drama.
- EBITDA up 27% YoY (Q3): Realizations smiled, costs blinked first.
- EBITDA margin +180 bps: Rare PPE glow-up moment, management clearly proud.
- PAT up only 12%: Depreciation and interest said “welcome to capex season.”
- 9M PAT down 14%: Growth came, profits forgot the address.
3. Management’s Key Commentary
“We saw a significant increase in EBITDA due to better realizations and lower raw material costs.”
(Translation: Finally, something went our
way 😏)
“New Sanand and Chandpur plants are now operational.”
(Translation: Capex pain today, volume dreams tomorrow.)
“Finance and depreciation costs have increased due to expansion.”
(Translation: Profit margins sacrificed at the altar of growth.)
“We continue to gain market share in both branded and unbranded segments.”
(Translation: Local competition didn’t scare us—yet.)
“Participation in global trade fairs is improving brand visibility.”
(Translation: Marketing spends dressed up as strategy.)
“Safety shoes and helmets saw strong traction.”
(Translation: Shoes are carrying the PPE portfolio on their back 👞)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY | What It Really Means |
|---|---|---|---|
| Revenue | ₹1,311 Mn | +11% | Demand steady, no fireworks |
| EBITDA | ₹193 Mn | +27% | Cost control finally showed up |
| EBITDA Margin | 14.7% | +180 bps | Best print in recent quarters |
| PAT | ₹101 Mn | +12% | Interest & depreciation gate-crashed |
| Net Debt/Equity | ~0.35x | Stable | Balance sheet still under control |
Read-through: Q3 saved the mood, but 9M numbers expose the full capex hangover.
5.
