New Risk • May 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.6% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Profit margins are more than 30% lower than last year (5.6% net profit margin). Market cap is less than US$100m (₹5.96b market cap, or US$62.8m). Announcement • May 28
Mallcom (India) Limited Recommends Final Dividend for the Financial Year 2025-26 Mallcom (India) Limited at its board meeting held on May 28, 2026 announced that the Board of Directors have recommended Final Dividend at the rate of INR 3/- per equity share of face value of 10/- each i.e. @30% for the Financial Year 2025-26, subject to
the approval of Shareholders in the ensuing Annual General Meeting of the Company. Announcement • May 21
Mallcom (India) Limited to Report Q4, 2026 Results on May 28, 2026 Mallcom (India) Limited announced that they will report Q4, 2026 results at 12:15 PM, Indian Standard Time on May 28, 2026 New Risk • May 12
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (₹6.66b market cap, or US$69.8m). Reported Earnings • Jan 21
Third quarter 2026 earnings released: EPS: ₹16.27 (vs ₹14.46 in 3Q 2025) Third quarter 2026 results: EPS: ₹16.27 (up from ₹14.46 in 3Q 2025). Revenue: ₹1.31b (up 11% from 3Q 2025). Net income: ₹101.5m (up 13% from 3Q 2025). Profit margin: 7.7% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Announcement • Jan 13
Mallcom (India) Limited to Report Q3, 2026 Results on Jan 20, 2026 Mallcom (India) Limited announced that they will report Q3, 2026 results at 12:15 PM, Indian Standard Time on Jan 20, 2026 Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: ₹5.99 (vs ₹16.19 in 2Q 2025) Second quarter 2026 results: EPS: ₹5.99 (down from ₹16.19 in 2Q 2025). Revenue: ₹1.40b (up 8.2% from 2Q 2025). Net income: ₹37.4m (down 63% from 2Q 2025). Profit margin: 2.7% (down from 7.8% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 03
Mallcom (India) Limited to Report Q2, 2026 Results on Nov 13, 2025 Mallcom (India) Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Nov 13, 2025 Upcoming Dividend • Aug 15
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 22 August 2025. Payment date: 29 September 2025. Payout ratio is a comfortable 3.3% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.9%). Announcement • Aug 07
Mallcom (India) Limited, Annual General Meeting, Aug 30, 2025 Mallcom (India) Limited, Annual General Meeting, Aug 30, 2025, at 11:30 Indian Standard Time. Reported Earnings • Aug 05
First quarter 2026 earnings released: EPS: ₹15.79 (vs ₹13.67 in 1Q 2025) First quarter 2026 results: EPS: ₹15.79 (up from ₹13.67 in 1Q 2025). Revenue: ₹1.23b (up 20% from 1Q 2025). Net income: ₹98.5m (up 16% from 1Q 2025). Profit margin: 8.0% (down from 8.3% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
Mallcom (India) Limited to Report Q1, 2026 Results on Aug 04, 2025 Mallcom (India) Limited announced that they will report Q1, 2026 results on Aug 04, 2025 Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,253, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 23x in the Commercial Services industry in India. Total returns to shareholders of 82% over the past three years. New Risk • Jun 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₹6.96b market cap, or US$81.0m). Reported Earnings • May 21
Full year 2025 earnings released: EPS: ₹92.04 (vs ₹58.20 in FY 2024) Full year 2025 results: EPS: ₹92.04 (up from ₹58.20 in FY 2024). Revenue: ₹5.16b (up 23% from FY 2024). Net income: ₹574.3m (up 58% from FY 2024). Profit margin: 11% (up from 8.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Mallcom (India) Limited to Report Q4, 2025 Results on May 19, 2025 Mallcom (India) Limited announced that they will report Q4, 2025 results on May 19, 2025 Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹1,097, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 22x in the Commercial Services industry in India. Total returns to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹1,169, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 23x in the Commercial Services industry in India. Total returns to shareholders of 46% over the past three years. Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: ₹14.46 (vs ₹10.95 in 3Q 2024) Third quarter 2025 results: EPS: ₹14.46 (up from ₹10.95 in 3Q 2024). Revenue: ₹1.18b (up 24% from 3Q 2024). Net income: ₹90.3m (up 32% from 3Q 2024). Profit margin: 7.6% (up from 7.1% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.35b (US$96.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (33% accrual ratio). Minor Risk Market cap is less than US$100m (₹8.35b market cap, or US$96.8m). Announcement • Jan 23
Mallcom (India) Limited to Report Q3, 2025 Results on Jan 30, 2025 Mallcom (India) Limited announced that they will report Q3, 2025 results on Jan 30, 2025 Announcement • Nov 04
Mallcom (India) Limited to Report Q2, 2025 Results on Nov 12, 2024 Mallcom (India) Limited announced that they will report Q2, 2025 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹1,628, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 32x in the Commercial Services industry in India. Total returns to shareholders of 47% over the past year. New Risk • Sep 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Declared Dividend • Aug 30
Dividend of ₹3.00 announced Dividend of ₹3.00 is the same as last year. Ex-date: 12th September 2024 Payment date: 19th October 2024 Dividend yield will be 0.2%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (5% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.2% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 29
Mallcom (India) Limited, Annual General Meeting, Sep 19, 2024 Mallcom (India) Limited, Annual General Meeting, Sep 19, 2024, at 11:30 Indian Standard Time. Reported Earnings • Jul 27
First quarter 2025 earnings released: EPS: ₹13.07 (vs ₹13.66 in 1Q 2024) First quarter 2025 results: EPS: ₹13.07. Revenue: ₹1.03b (up 9.1% from 1Q 2024). Net income: ₹85.3m (flat on 1Q 2024). Profit margin: 8.3% (down from 9.0% in 1Q 2024). The decrease in margin was driven by higher expenses. New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹1,251, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 32x in the Commercial Services industry in India. Total returns to shareholders of 14% over the past year. Announcement • May 30
Mallcom (India) Limited Recommends Final Dividend for the Financial Year 2023-24 Mallcom (India) Limited recommended a final dividend at the rate of INR 3/- per equity share of face value of INR 10/- each i.e. @30% for the Financial Year 2023-24, subject to the approval of shareholders in the ensuing Annual General Meeting of the Company. Announcement • May 23
Mallcom (India) Limited to Report Q4, 2024 Results on May 28, 2024 Mallcom (India) Limited announced that they will report Q4, 2024 results on May 28, 2024 Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₹1,038, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 29x in the Commercial Services industry in India. Total returns to shareholders of 44% over the past year. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹10.95 (vs ₹16.86 in 3Q 2023) Third quarter 2024 results: EPS: ₹10.95 (down from ₹16.86 in 3Q 2023). Revenue: ₹968.2m (down 3.0% from 3Q 2023). Net income: ₹68.3m (down 35% from 3Q 2023). Profit margin: 7.1% (down from 11% in 3Q 2023). Announcement • Feb 12
Mallcom (India) Limited Approves the Appointment of Gaurav Raj as Company Secretary and Compliance Officer Mallcom (India) Limited at the board meeting held on approved the appointment of Mr. Gaurav Raj (Membership No. A71866), as Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company with effective from February 12, 2024 in terms of the provisions of Section 203 of the Companies Act, 2013 and Rule made there under and Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Gaurav Raj is an Associate Member of The Institute of Company Secretaries of India (Membership No. A71866). He is also a Law and B. Com(H) Graduate. Announcement • Jan 21
Mallcom (India) Limited Announces Resignation of Ms. Shalini Ojha as Company Secretary & Compliance Officer Mallcom (India) Limited informed that Ms. Shalini Ojha (Membership No: A48483), holding the position of Company Secretary & Compliance Officer (Key Managerial Person) of the Company, has submitted her resignation letter dated January 20, 2024. The resignation is effective from January 20, 2024, due to personal reasons outlined in her resignation letter. Announcement • Jan 20
Mallcom (India) Limited to Report Q3, 2024 Results on Feb 12, 2024 Mallcom (India) Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Buying Opportunity • Dec 26
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₹1,379, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • Nov 17
Second quarter 2024 earnings released: EPS: ₹14.67 (vs ₹15.19 in 2Q 2023) Second quarter 2024 results: EPS: ₹14.67 (down from ₹15.19 in 2Q 2023). Revenue: ₹1.09b (down 1.2% from 2Q 2023). Net income: ₹91.5m (down 2.5% from 2Q 2023). Profit margin: 8.4% (down from 8.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Himanshu Rai was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 28
Upcoming dividend of ₹3.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 04 September 2023. Payment date: 11 October 2023. Payout ratio is a comfortable 5.1% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (0.9%). Announcement • Aug 18
Mallcom (India) Limited, Annual General Meeting, Sep 11, 2023 Mallcom (India) Limited, Annual General Meeting, Sep 11, 2023, at 11:30 Indian Standard Time. Agenda: To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended March 31, 2023; to declare Dividend on equity shares of the Company for the financial year ended March 31, 2023; to re-appoint Mr. Ajay Kumar Mall as Chairman, Managing Director and CEO of the Company; and to consider any other matters. Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: ₹13.66 (vs ₹11.12 in 1Q 2023) First quarter 2024 results: EPS: ₹13.66 (up from ₹11.12 in 1Q 2023). Revenue: ₹953.7m (up 9.1% from 1Q 2023). Net income: ₹85.2m (up 14% from 1Q 2023). Profit margin: 8.9% (up from 8.6% in 1Q 2023). The increase in margin was driven by higher revenue. Announcement • Jul 29
Mallcom (India) Limited to Report Q1, 2024 Results on Aug 07, 2023 Mallcom (India) Limited announced that they will report Q1, 2024 results on Aug 07, 2023 Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹1,147, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 29x in the Commercial Services industry in India. Total returns to shareholders of 55% over the past year. Reported Earnings • May 31
Full year 2023 earnings released: EPS: ₹59.19 (vs ₹52.28 in FY 2022) Full year 2023 results: EPS: ₹59.19 (up from ₹52.28 in FY 2022). Revenue: ₹4.14b (up 16% from FY 2022). Net income: ₹370.2m (up 14% from FY 2022). Profit margin: 8.9% (down from 9.1% in FY 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: ₹15.49 (vs ₹12.33 in 3Q 2022) Third quarter 2023 results: EPS: ₹15.49 (up from ₹12.33 in 3Q 2022). Revenue: ₹1.02b (up 10% from 3Q 2022). Net income: ₹100.9m (up 40% from 3Q 2022). Profit margin: 9.9% (up from 7.8% in 3Q 2022). The increase in margin was driven by higher revenue. Announcement • Feb 09
Mallcom (India) Limited (BSE:539400) agreed to acquire remaining 25% stake in Mallcom Safety Private Limited for INR 42 million. Mallcom (India) Limited (BSE:539400) agreed to acquire remaining 25% stake in Mallcom Safety Private Limited for INR 42 million on February 8, 2023. The transaction is expected to close on March 31, 2023. Announcement • Jan 31
Mallcom (India) Limited to Report Q3, 2023 Results on Feb 08, 2023 Mallcom (India) Limited announced that they will report Q3, 2023 results on Feb 08, 2023 Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: ₹11.12 (vs ₹8.04 in 1Q 2022) First quarter 2023 results: EPS: ₹11.12 (up from ₹8.04 in 1Q 2022). Revenue: ₹875.0m (up 42% from 1Q 2022). Net income: ₹74.8m (up 49% from 1Q 2022). Profit margin: 8.5% (up from 8.1% in 1Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Jun 05
Full year 2022 earnings released: EPS: ₹50.57 (vs ₹45.30 in FY 2021) Full year 2022 results: EPS: ₹50.57 (up from ₹45.30 in FY 2021). Revenue: ₹3.57b (up 13% from FY 2021). Net income: ₹326.2m (up 15% from FY 2021). Profit margin: 9.1% (up from 8.9% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹671, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 24x in the Commercial Services industry in India. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 20% share price gain to ₹810, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 24x in the Commercial Services industry in India. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹12.33 (down from ₹12.98 in 3Q 2021). Revenue: ₹921.3m (down 3.9% from 3Q 2021). Net income: ₹71.9m (down 11% from 3Q 2021). Profit margin: 7.8% (down from 8.4% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates.