Company Overview

Msafe Equipments Limited (formerly known as Msafe Equipments Private Limited) is a Delhi-based safety equipment company with manufacturing operations in Greater Noida, Uttar Pradesh. Its CIN is L29309DL2019PLC353936. The company is engaged in the manufacturing, sale, and rental of scaffolding and access equipment, operating an asset-backed rental model for recurring revenue. It served over 2,500 customers in FY26 across infrastructure, construction, industrial maintenance, and commercial projects. The product portfolio includes Aluminium Scaffolding Systems, Mild Steel (MS) Scaffolding, and FRP Ladders.

Financial Performance (FY26)

Profit & Loss Statement (Amt in INR Lakhs):

  • Total Revenue: ₹10,405.86 Lakhs (up 45.29% YoY)
  • Cost of Material Consumed: ₹3,367.39 Lakhs
  • Changes in Inventories: -₹1,062.13 Lakhs
  • Employee Benefit Expenses: ₹2,004.16 Lakhs
  • Finance Costs: ₹325.07 Lakhs
  • Depreciation & Amortization: ₹821.06 Lakhs
  • Other Expenses: ₹1,953.80 Lakhs
  • Total Expenses: ₹7,409.35 Lakhs
  • EBITDA: ₹4,086.75 Lakhs (up 56.72% YoY)
  • Profit Before Tax (PBT): ₹2,996.51 Lakhs
  • Tax: ₹754.49 Lakhs
  • Profit After Tax (PAT): ₹2,242.02 Lakhs (up 72.33% YoY)

Half-Yearly Performance (H2FY26 vs H2FY25):

  • Revenue from Operations: ₹5,448.88 Lakhs (up 38.84%)
  • Total Revenue: ₹5,498.58 Lakhs (up 39.14%)
  • EBITDA: ₹2,165.50 Lakhs (up 66.37%)
  • PAT: ₹1,191.99 Lakhs (up 91.96%)

Key Financial Ratios:

  • Return on Equity (ROE): 67.97%
  • Return on Capital Employed (ROCE): 34.56%
  • EBITDA Margin: 36.55%
  • PAT Margin: Not explicitly stated but calculable as ~21.54%
  • 3-Year Revenue CAGR: 55%
  • 3-Year EBITDA CAGR: 68%
  • 4-Year Revenue CAGR: 52%
  • 4-Year EBITDA CAGR: 65%

Balance Sheet Highlights (As at Mar 31, 2026):

  • Share Capital: ₹2,040.00 Lakhs (increased from ₹100 Lakhs)
  • Reserves and Surplus: ₹7,760.78 Lakhs
  • Long-Term Borrowings: ₹995.03 Lakhs
  • Short Term Borrowings: ₹2,864.24 Lakhs
  • Total Assets/Liabilities: ₹14,901.23 Lakhs
  • Property, Plant & Equipment: ₹4,871.11 Lakhs
  • Inventories: ₹2,395.23 Lakhs
  • Trade Receivables: ₹2,367.39 Lakhs
  • Cash & Bank Balances: ₹4,317.53 Lakhs

Strategic Updates & Management Commentary

Capacity Expansion: The company has successfully deployed IPO proceeds for capacity expansion. MS scaffolding capacity has been expanded significantly ahead of schedule through temporary rented facilities to meet growing demand. Work on a new owned manufacturing facility is underway, with land acquisition at an advanced stage. Post-commissioning, overall manufacturing capacity is expected to increase by nearly 2x. The expanded capacity is expected to be commercially operational from May 2027 onwards.

New Business Segment – Formwork: The company has forayed into the formwork segment with a planned 500-ton capacity expansion. This marks a strategic shift from a safety equipment provider to an integrated structural equipment solutions company.

Rental Business Scaling: A ₹6 crore capex is planned to build 748 tonnes of specialized rental equipment, focusing on expanding the rental asset base for higher recurring revenue.

Growth Guidance: Management is targeting at least 50% revenue growth in FY27, driven by new capacity commissioning, expansion into value-added products, and a focus on scaffolding and formwork solutions.

Business Model Strength: The rental-led business model is emphasized for delivering high return on investment (ROI), superior margins, predictable cash flows, and strong return ratios. Scaffolding assets require minimal maintenance.

Management Team

The company is led by a promoter-driven management team:

  • Pradeep Aggarwal: Chairman & Managing Director with over 32 years of experience.
  • Ajay Kumar Kanoi: Whole Time Director with over 36 years of experience in sales and business development.
  • Rushil Agarwal: Whole Time Director with over 5 years of experience in production and operational controls.

Industry Outlook

Scaffolding Market: The Indian scaffolding market was ₹7,208.97 crore in 2024 and is expected to reach ₹12,811.78 crore by 2030, growing at a 10.06% CAGR. Growth is driven by new highways, metro corridors, industrial parks, stricter safety standards, and a shift toward organized players and rental models.

Ladders Market: The Indian ladder market was ₹1,358.27 crore in 2024 and is expected to reach ₹2,233.90 crore by 2030, growing at an 8.65% CAGR. Growth is driven by urbanization, construction, and infrastructure projects, with rising demand for aluminum, FRP, and rental ladders.

Compliance & Contact Information

The disclosure was signed by Renuka Uniyal, Company Secretary & Compliance Officer (M No. A71663), on June 22, 2026. The information has been placed on the company's website at www.msafegroup.com.

Company Registered Office: C-186, Vivek Vihar, Phase-1, Jhilmil, Delhi-110095

IR Contact: Moonwalk Capital | Phone: +917014618970 | Email: moonwalkventuresinfo@gmail.com