The global economic growth remained stagnant at 3.5% in 2024 and 2025, as the effects of the war in the Middle East were largely offset by accelerated demand-driven momentum in the global technology cycle, powered by advances in artificial intelligence (AI) and its adoption. The impact has varied widely across countries - energy exporters outside the conflict zone benefited from favourable terms of trade, while economies integrated into the technology value chain saw stronger activity even where they were energy importers, whereas energy importers with limited participation in the technology upturn, a group that includes many low-income countries, experienced weaker activity.
Growth in advanced economies remained broadly stable at 1.9% in both 2024 and 2025, while growth in emerging market and developing economies also remained steady at 4.5% in 2025, unchanged from 2024.
Global inflation moderated sharply in 2025, declining to an estimated 4.1% from 5.8% in 2024, continuing the multi-year disinflation trend that had been in place since the beginning of 2024.
| Regional growth (%) | 2025 | 2024 |
| World output | 3.5 | 3.5 |
| Advanced economies | 1.9 | 1.9 |
| Emerging and developing economies | 4.5 | 4.5 |
(Source: IMF, )
2025 compared to 2.8% in 2024.
China: GDP growth was 5.0% in 2025 compared to 5.0% in 2024.
United Kingdom: GDP growth was 1.4% in 2025 compared to 1.0% in 2024.
Japan: GDP growth was 1.1% in 2025 compared to (0.2)% in 2024.
Germany: GDP growth was 0.2% in 2025 compared to a (0.5)% in 2024.
(Source: IMF April 2026 Outlook, World Bank)
Given the challenge of forming stable, real-time assumptions for projections, the IMF World Economic Outlook Update assumes that the reopening of the Strait of Hormuz begins in mid-July 2026, with conditions broadly returning to the prewar state of affairs by March 2027, consistent with commodity price assumptions based on market pricing as of June 10, 2026.
Under this outlook, global growth is projected at 3.0% in 2026, before recovering to 3.4% in 2027. Global inflation is expected to rise to 4.7% in 2026, as the disinflation trend since 2024 stalls, before easing to 3.9% in 2027.
(Source: IMF World Economic Outlook Update - July 2026, World Economic Forum, Federal Reserve, Bank of England, European Central Bank, Bank of Japan)
The Indian economys real GDP grew at 7.7% in FY 25-26, compared to 7.1% in FY 24-25. This growth was driven by strong consumption and increasing investments, reaffirming Indias position as the fastest-growing major economy.
Indias Real GDP at Constant Prices was estimated at ?323.12 lakh crore in FY 25-26, compared with ?299.89 lakh crore in FY 24-25.
Growth of the Indian economy
| FY 23 | FY 24 | FY 25 | FY 26 | |
| Real GDP growth (%) | 7.0* | 7.2 | 7.1 | 7.7 |
E: Estimated. Note: FY 23-24 figure restated under new base year 2022-23. (Source: MoSPI) * The FY 22-23 figure (7.0%) is from the old base year series (2011-12) as the new series back-data for FY 22-23 will only be available after December 2026.
Growth of the Indian economy quarter by quarter, FY 25-26
| Q1 FY 26 | Q2 FY 26 | Q3 FY 26 | Q4 FY 26 | |
| Real GDP growth (%) | 6.7 | 8.4 | 7.8 | 7.8 |
Note: Q2 revised upward from 8.2% and Q3 from 7.35% under the new base year 2022-23 series released February 27, 2026. Q4 remains an estimate. (Source: MoSPI)
Inflation remained benign through much of FY 25-26, with full-year CPI estimated at 2.1%. This created room for cumulative rate reductions of 125 basis points, supporting consumption, investment and credit demand.
The Indian rupee depreciated by 9.88% during FY 25-26, touching ?94.83 against the US dollar amid a strong dollar, global capital movements and geopolitical uncertainty. While depreciation increased the cost of imported inputs, it provided a degree of competitiveness to export-oriented manufacturers.
Real Gross Value Added grew 7.9% in FY 25-26, compared with 7.3% in FY 24-25. Nominal GVA increased 9.1% to ?314.87 lakh crore.
The services sector expanded 9.0% and accounted for 54.3% of nominal GVA. Financial, real estate, IT and professional services grew 9.9%, while trade, hotels, transport and communication expanded 10.1%.
The secondary sector grew 9.1%, supported by manufacturing and construction growth of 7.1%. The combination of services-led expansion, manufacturing activity and infrastructure development supported employment, industrial activity and demand for occupational safety products.
Private consumption and gross fixed capital formation maintained growth of more than 7% during FY 25-26, reflecting resilience across household spending and investment activity.
Lower inflation, monetary easing, improved banking-sector health and continued public investment supported demand across manufacturing, infrastructure, logistics, construction and MSMEs. These sectors represent important end-user markets for personal protective equipment.
The Union Budget FY27s income-tax relief measures are expected to support discretionary consumption. Continued expenditure on infrastructure, manufacturing, MSMEs, skilling and innovation will strengthen industrial activity and employment generation.
Improved liquidity and banking-sector asset quality will support credit availability across MSMEs, housing and retail segments. GST rationalisation and ongoing economic reforms will further strengthen domestic demand and business confidence.
India will remain one of the fastest-growing major economies, supported by domestic consumption, infrastructure investment, manufacturing expansion and favourable demographics. The World Bank has projected economic growth of approximately 6.6% for FY 26-27.
(Source: Upstox, Economic Times, India Today, Spaisa, Livemint, The Logical Indian)
Personal Protective Equipment (PPE) comprises protective clothing and equipment designed to minimise workers exposure to biological, chemical, mechanical, electrical and other workplace hazards. It includes products such as safety helmets, protective eyewear, face shields, respirators, gloves, protective clothing, hearing protection and safety footwear. PPE has become an integral component of occupational health and safety across industries including healthcare, construction, manufacturing, oil and gas, mining and chemicals, helping reduce workplace injuries while ensuring compliance with evolving safety standards.
The global PPE market was valued at US$90.4 billion in 2025 and is expected to reach US$159.8 billion by 2033, registering a CAGR of 7.4% during 2026-2033. North America accounted for the largest share of the global market at 30.3% in 2025, supported by stringent workplace safety regulations and high compliance levels across industries. Market growth is being driven by increasing industrialisation, rising awareness of employee health and safety, expanding infrastructure and manufacturing activities, growing demand from the healthcare sector, and stricter occupational safety regulations that mandate the use of protective equipment across hazardous work environments.
The global PPE industry remains highly fragmented, with multinational manufacturers competing alongside numerous regional suppliers across product categories such as respiratory protection, protective clothing, gloves, eyewear and footwear. Competition is increasingly centred on product quality, regulatory compliance, innovation and distribution reach. Manufacturers continue to invest in advanced materials, lightweight and ergonomic designs, and enhanced protection capabilities to improve user comfort and performance while meeting evolving international safety standards. With governments worldwide strengthening workplace safety regulations and organisations such as the National Safety Council (NSC) promoting safer work environments, demand for technologically advanced PPE is expected to remain robust over the long term.
(Source: Coherent market insight, Grand view research)
Personal Protective Equipment (PPE) has become an essential component of workplace safety across Indias industrial landscape. It comprises protective products such as safety helmets, gloves, protective clothing, safety footwear, respiratory protection, face shields, goggles and hearing protection that safeguard workers against physical, chemical, biological, electrical and mechanical hazards. Demand for PPE has expanded well beyond traditional industries to include healthcare, pharmaceuticals, logistics, infrastructure, oil and gas and emergency services, supported by growing awareness of occupational health and increasingly stringent safety regulations.
The Indian PPE market was valued at US$2.8 billion in 2025 and is expected to reach US$4.8 billion by 2034, registering a CAGR of 5.68% during 2026-2034. Growth is being driven by rapid industrialisation, expanding construction and manufacturing activities, increasing investments in infrastructure, rising healthcare expenditure and stronger enforcement of workplace safety norms. Regulatory initiatives by organisations such as the Directorate General Factory Advice Service and Labour Institutes (DGASLI), Bureau of Indian Standards (BIS) and the Ministry of Labour and Employment have further accelerated PPE adoption across organised industries. As companies place greater emphasis on employee well-being and regulatory compliance, demand for certified, high-quality protective equipment continues to rise.
The Indian PPE industry is becoming increasingly innovation-led, with manufacturers focusing on lightweight, ergonomic and high-performance products that improve worker comfort without compromising protection. Growing emphasis on sustainability is encouraging the adoption of recyclable and eco-friendly materials, while the integration of smart technologies - including wearable sensors and connected safety devices - is enhancing real-time worker monitoring and workplace safety. As industries increasingly prioritise productivity, compliance and employee welfare, the Indian PPE market is expected to witness sustained long-term growth, supported by continuous product innovation and expanding industrial demand.
(Source: IMARC Group, Research and markets)
2.63 lakh crore in FY 17-18 to ?11.21 lakh crore in FY 25-26 (BE), while the Union Budget 2026-27 allocated ?12.2 lakh crore towards public capital expenditure. Investments in highways, high-speed rail, airports, ports and industrial parks, along with the proposed ?150 lakh crore National Infrastructure Pipeline (2026-32), are expected to sustain demand for helmets, safety harnesses, gloves, protective footwear and other PPE across construction and industrial projects.
Workplace safety regulations and ESG compliance: India is witnessing stronger enforcement of workplace safety regulations, creating structural demand for certified PPE. The Occupational Safety, Health and Working Conditions (OSH) Code, effective from 21 November 2025, consolidates 13 labour laws into a unified framework covering factories, mines, construction and logistics. The Code mandates PPE usage, periodic safety audits, medical examinations and emergency preparedness, while BIS standards continue to strengthen product quality requirements. Growing ESG commitments, stricter customer compliance standards and the gradual formalisation of Indias workforce are expected to accelerate PPE adoption across manufacturing, infrastructure and industrial sectors.
Healthcare and pharmaceutical expansion: Healthcare and pharmaceutical expansion continues to support long-term PPE demand. The Union Budget 2026-27 allocated ?1,06,530 crore to the Ministry of Health and Family Welfare, up around 10% year-on-year, while the Government launched Mission Biopharma Shakti with an outlay of ?10,000 crore over five years. Additionally, PM-ABHIM, with a total investment of ?64,180 crore, is strengthening Indias public health infrastructure by expanding hospitals, critical care facilities and healthcare systems, driving sustained demand for medical-grade gloves, masks, gowns and other protective equipment.
(Source: PIB, Times of India, Economics Times)
Manufacturing-led industrial expansion: Indias manufacturing sector continues to expand rapidly under the Make in India and Production Linked Incentive (PLI) schemes. As of March 2026, the PLI programme had attracted over ?2.4 lakh crore in investments, generated 14.15 lakh+ jobs and enabled cumulative exports exceeding ?15.2 lakh crore across 14 sectors. The Union Budget 2026-27 also launched the National Mission on Manufacturing, targeting manufacturings contribution to 25% of GDP by 2035 and the creation of 143 million jobs, while the Manufacturing PMI remained strong at 55.4 in January 2026. The continued expansion of factories across electronics, automobiles, engineering and pharmaceuticals is expected to drive sustained demand for industrial PPE.
Infrastructure and construction expansion: Government-led infrastructure development continues to drive PPE demand. Government capital outlay has increased 4.2x, from 2.63 lakh crore in FY 17-18 to ?11.21 lakh crore in FY 25-26 (BE), while the Union Budget 2026-27 allocated ?12.2 lakh crore towards public capital expenditure. Investments in highways, high-speed rail, airports, ports and industrial parks, along with the proposed ?150 lakh crore National Infrastructure Pipeline (2026-32), are expected to sustain demand for helmets, safety harnesses, gloves, protective footwear and other PPE across construction and industrial projects.
Established in 1983, Mallcom India Ltd. is one of Indias leading manufacturers and exporters of personal protective equipment (PPE), offering comprehensive head-to-toe safety solutions. The company serves diverse industries through a broad product portfolio backed by globally certified manufacturing facilities, advanced in-house testing laboratories and stringent quality standards. With exports to 50+ countries across six continents, Mallcom has built a strong reputation for quality, reliability, private-label manufacturing and ethical business practices.
Integrated PPE player: Offers one of Indias most comprehensive portfolios of head-to-toe personal protective equipment, enabling customers to source multiple safety solutions from a single partner.
Strong manufacturing and quality credentials: Backed by globally certified manufacturing facilities, advanced testing laboratories and internationally compliant quality systems, reinforcing customer confidence across domestic and export markets.
Established global presence: Over four decades of industry experience, exports to 50+ countries and long standing relationships with global customers have strengthened the companys credibility and market position.
Innovation-driven business: Continuous investments in product development, manufacturing capabilities and R&D enable the company to respond quickly to changing safety standards and evolving customer requirements.
High dependence on industrial demand: Revenue remains closely linked to sectors such as manufacturing, construction, mining and oil and gas, making performance sensitive to industrial investment cycles.
Limited consumer-facing presence: Despite strong institutional relationships, brand visibility in retail and direct-to-consumer channels remains relatively limited.
Exposure to input cost volatility: Fluctuations in raw material prices, freight costs and global supply chains can influence operating margins.
Limited presence in smart PPE: Adoption of technology-enabled protective equipment remains at a relatively early stage compared with some global competitors.
Growing workplace safety awareness: Increasing regulatory compliance and stronger occupational safety standards are expanding PPE adoption across industries.
Infrastructure and manufacturing expansion: Government-led investments in manufacturing, infrastructure and industrial development are expected to create sustained demand for protective equipment.
Expansion of healthcare and exports: Growth in healthcare infrastructure and rising demand from international markets provide opportunities to diversify revenue streams.
Digital and product innovation: Strengthening digital channels, introducing advanced PPE solutions and expanding value-added products can support long-term growth.
Intense competitive environment: Competition from global brands, low-cost manufacturers and regional players may exert pressure on pricing and market share.
Regulatory and certification requirements: Evolving international safety standards and certification norms require continuous investment in compliance and product development.
Foreign exchange and geopolitical risks: Export-oriented operations remain exposed to currency fluctuations, trade policy changes and geopolitical uncertainties.
Reputation and product quality risks: Any product quality issue, recall or compliance lapse could adversely impact customer trust and brand reputation built over decades.
Intense market competition: The PPE industry is becoming increasingly competitive, with domestic manufacturers, international brands and low-cost suppliers intensifying pricing pressure and reducing product differentiation.
Mitigation: Mallcom leverages its four-decade legacy, diversified product portfolio and strong customer relationships to maintain its market position. Consistent product quality and high repeat business continue to support customer retention.
Maintaining a broad product portfolio and servicing institutional customers require significant inventory and receivables, increasing working capital requirements.
Mitigation: The company focuses on efficient inventory planning, disciplined receivables management and prudent liquidity management to optimise cash flows and support business growth.
Dependence on raw material suppliers and global logistics exposes operations to procurement delays, cost inflation and supply disruptions.
Mitigation: Mallcom has developed a diversified supplier base, strengthened procurement planning and maintains adequate inventory buffers to ensure business continuity.
Changes in export incentives, customs duties, product standards or international compliance requirements could affect profitability and market access.
Mitigation: The company closely monitors regulatory developments, diversifies its product portfolio and maintains compliance with applicable domestic and international standards.
Product quality and liability: As a manufacturer of safety-critical products, any quality lapse or product failure could result in financial liabilities and reputational damage.
Mitigation: Stringent quality control systems, internationally certified manufacturing processes and comprehensive product liability insurance help minimise operational and legal risks
Sustainability and ESG expectations: Rising environmental regulations and customer expectations are increasing the importance of sustainable manufacturing practices.
Mitigation: The company continues to invest in environmentally responsible manufacturing, regulatory compliance and resource-efficient processes while strengthening sustainability across its operations.
Mallcom believes its people are central to sustained business success. The company fosters a workplace culture built on safety, collaboration, continuous learning and mutual respect.
During FY 25-26, the company continued to strengthen employee engagement, workplace safety, skill development and transparent communication, while maintaining.
Building on this commitment, Mallcom had earned the Great Place to Workr certification in FY 24-25, recognising its employee-centric culture and people practices. The company continues to invest in employee wellbeing and capability development to build a motivated, future-ready workforce.
The company reported a profit after tax of ?3,004.26 lakh for FY 25-26, compared with ?5,743.49 lakh in FY 24-25. Basic and diluted earnings per share stood at ?48.15, against ?92.04 in the previous financial year.
Highlights of financial performance
| Particulars | Standalone FY 25-26 | Standalone FY 24-25 | Consolidated FY 25-26 | Consolidated FY 24-25 |
| Net Sales/Income from operations | 52,070.04 | 47,094.04 | 53,960.64 | 48,677.65 |
| Other income from operations | 61.52 | 2,872.20 | 67.61 | 2,890.62 |
| Total income from operations | 52,131.57 | 49,966.24 | 54,028.25 | 51,568.27 |
| Total expenditure | 47,924.38 | 42,446.37 | 49,970.50 | 44,155.95 |
| EBITDA | 5,973.64 | 5,985.11 | 6,046.25 | 6,087.26 |
| EBITDA margin (%) | 11.47 | 12.71 | 11.20 | 12.51 |
| Depreciation | 1,048.00 | 766.69 | 1,236.06 | 960.39 |
| Finance cost | 779.98 | 570.75 | 820.05 | 605.17 |
| Profit before tax (PBT) | 4,207.18 | 7,519.87 | 4,057.75 | 7,412.32 |
| Provision for tax | 1,072.85 | 1,655.37 | 1,053.50 | 1,668.83 |
| Profit/loss after tax (PAT) | 3,134.33 | 5,864.50 | 3,004.26 | 5,743.49 |
| PAT margins (%) | 6.02 | 12.45 | 5.57 | 11.80 |
Cash flow analysis
| Particulars | Standalone FY 25-26 | Standalone FY 24-25 | Consolidated FY 25-26 | Consolidated FY 24-25 |
| Sources of cash | ||||
| Cash generated from operation | 4,588.56 | 1,761.05 | 4,543.40 | 1,838.36 |
| Increase in borrowings | 531.41 | 2,280.52 | 449.52 | 2,310.62 |
| Sale of Investment | 616.08 | 2,913.41 | 611.04 | 2,832.76 |
| Cash flow from investing activities | (381.99) | 722.84 | (377.46) | 723.29 |
| Total | 5,354.06 | 7,677.82 | 5,226.50 | 7,705.03 |
| Use of cash | ||||
| Net Capital Expenditure | 3,610.90 | 7,821.17 | 3,394.39 | 7,866.77 |
| Financial Expenses | 779.98 | 570.75 | 820.05 | 605.17 |
| Dividend (including Dividend Tax) | 187.20 | 187.20 | 187.20 | 187.20 |
| Direct Taxes Paid | 1,072.84 | 1,655.37 | 1,053.49 | 1,668.83 |
| Purchase of Investment | - | - | - | - |
| Increase/(Decrease) in Non-current Investments/ Acquisitions | - | - | - | - |
| Repayment of Borrowings | - | - | - | - |
| Increase/(Decrease) in Cash and Cash Equivalents | (296.86) | (2,556.67) | (228.64) | (2,622.43) |
| Total | 5,354.06 | 7,677.82 | 5,226.50 | 7,705.03 |
Key financial indicators
| Particulars | Standalone FY 25-26 | Standalone FY 24-25 | Consolidated FY 25-26 | Consolidated FY 24-25 |
| Debtors turnover ratio (Times) | 6.46 | 6.56 | 6.37 | 6.47 |
| Inventory turnover ratio (Times) | 4.21 | 4.42 | 3.83 | 3.89 |
| Debt service coverage ratio (Times) | 6.39 | 14.18 | 5.95 | 13.25 |
| Current ratio (Times) | 1.50 | 1.49 | 1.54 | 1.51 |
| Debt/equity ratio (Times) | 0.37 | 0.38 | 0.38 | 0.40 |
| PAT (%) | 6.02 | 12.45 | 5.57 | 11.80 |
| EBITDA (%) | 11.47 | 12.71 | 11.20 | 12.51 |
Indias expanding manufacturing base, infrastructure investments and increasing emphasis on workplace safety are expected to support sustained demand for personal protective equipment. Backed by its integrated manufacturing capabilities, diversified product portfolio and strong export presence, the company is well positioned to capitalise on these opportunities. It has set a target of achieving ?1,000 crore in revenue by FY 27-28, while continuing to strengthen its portfolio with sustainable, high-quality protective solutions.
The Management Discussion and Analysis may contain forward-looking statements regarding the companys objectives, expectations, or forecasts, which are subject to applicable laws and regulations. Actual results may vary significantly from those expressed. Key factors influencing the companys operations include global and domestic supply and demand dynamics impacting finished goods prices, availability and costs of inputs, regulatory changes, tax laws, local economic trends and other variables like legal disputes and labour relations.
The company has established a robust internal control framework aligned with the scale and complexity of its operations. These controls are designed to safeguard assets, ensure the accuracy and reliability of financial reporting, support compliance with applicable laws and regulations, and promote operational efficiency.
The effectiveness of the internal control system is reviewed periodically by the Audit Committee in consultation with the Internal and Statutory Auditors. Their observations and recommendations are evaluated, and corrective actions are implemented wherever required. This continuous monitoring process helps strengthen governance, enhance risk management and maintain a strong control environment across the organisation.
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