AGM Details

  • Date: Thursday, September 10, 2026
  • Time: 11:30 AM IST
  • Mode: Video Conferencing (VC)/Other Audio-Visual Means (OAVM)
  • Business Items: Adoption of financial statements, director reappointment, ratification of cost auditor remuneration, and approval of revised managerial remuneration

Financial Performance Highlights (FY 2025-26)

Key Financial Figures (₹ in Lakhs)

  • Revenue from Operations: ₹10,349.96 (vs. ₹7,134.07 in FY25) - 45.1% increase
  • EBITDA: ₹4,086.75 (vs. ₹2,607.75 in FY25) - 56.7% increase
  • EBITDA Margin: 39.49% (vs. 36.55% in FY25)
  • Profit Before Tax (PBT): ₹2,996.51 (vs. ₹1,742.92 in FY25) - 72.0% increase
  • Profit After Tax (PAT): ₹2,242.02 (vs. ₹1,301.21 in FY25) - 72.3% increase
  • PAT Margin: 21.66% (vs. 18.24% in FY25)
  • Earnings Per Share (EPS): ₹13.45 (vs. ₹8.13 in FY25)

Other Income: ₹55.90 lakhs (vs. ₹28.11 lakhs in FY25)

Capital Structure Changes

Share Capital Changes

  • Authorized Share Capital: Increased from ₹10.00 crore to ₹25.00 crore on July 22, 2025
  • Bonus Issue: Issued 1,50,00,000 equity shares in 15:1 ratio on August 26, 2025
  • IPO: Successfully completed Initial Public Offering with fresh issue of 44,00,000 equity shares at ₹123 per share (including premium of ₹113 per share) on February 4, 2026
  • Post-IPO Paid-up Capital: ₹20.40 crore divided into 2,04,00,000 equity shares of ₹10 each

IPO Proceeds Utilization

  • Estimated Utilization: ₹2,100.58 lakhs for new manufacturing facility, ₹120 lakhs for rental equipment, ₹300 lakhs for working capital, ₹176.31 lakhs for general corporate purposes
  • Actual Utilization as of March 31, 2026: ₹120 lakhs for rental equipment, ₹205.36 lakhs for working capital, ₹176.31 lakhs for general corporate purposes
  • Unutilized Amount: Parked in fixed deposits with ICICI Bank

Operational Highlights

Business Overview

  • Business Model: Integrated manufacturing, sales, and rental of scaffolding and access equipment
  • Product Portfolio: Aluminium Scaffolding Systems, Mild Steel Scaffolding, FRP Ladders, and newly introduced Aluminium Formwork Solutions
  • Manufacturing Facilities: 3 units in Greater Noida, Uttar Pradesh
  • Warehouse Network: 21 strategically located warehouses across India
  • Customer Base: 2,500+ customers
  • Manufacturing Capacity: 78 lakh kgs existing, expanding to nearly 2x

Rental Business Economics

| Product Category | EBITDA Margin (Sales) | EBITDA Margin (Rental) | Rental Yield % p.a. | Asset Economic Life |

| Aluminium Scaffolding | 22-25% | 50-55% | 60-66% | 5 years |

| MS Steel Scaffolding | 5-8% | 45-50% | 32-38% | 10-15 years |

| Aluminium Formwork | 22-25% | 50-55% | 20-30% | 5 years |

Strategic Initiatives

  • Capacity Expansion: MS scaffolding capacity expanded through temporary rented facilities; owned integrated facility in Mathura expected to commence by May 2027
  • New Business Entry: Entered aluminium formwork segment with planned 500 TPA capacity, commercial operations expected from December 2026
  • Rental Business Focus: Scaling rental asset base for higher margins and predictable cash flows

Corporate Governance

Board of Directors (as of March 31, 2026)

  • Mr. Pradeep Aggarwal: Chairman & Managing Director (DIN: 00675952)
  • Mr. Ajay Kumar Kanoi: Whole Time Director (DIN: 08381615)
  • Mr. Rushil Agarwal: Whole Time Director (DIN: 08381616)
  • Mrs. Rajani Ajay Kanoi: Director (Non-Executive) (DIN: 06655849)
  • Mr. Vaibhav Mandhana: Independent Director (DIN: 07007166)
  • Mr. Manish Kankani: Independent Director (DIN: 07777901)

Key Managerial Personnel

  • Mr. Sombir: Chief Financial Officer (w.e.f. July 23, 2025)
  • Mrs. Renuka Uniyal: Company Secretary & Compliance Officer (w.e.f. August 23, 2025)
  • Mr. Hitender: Chief Executive Officer (w.e.f. March 20, 2026)

Board Committees (constituted w.e.f. August 26, 2025)

  • Audit Committee: Mr. Vaibhav Mandhana (Chairman), Mr. Manish Kankani, Mr. Pradeep Aggarwal
  • Nomination & Remuneration Committee: Mr. Vaibhav Mandhana (Chairman), Mr. Manish Kankani, Mrs. Rajani Ajay Kanoi
  • Stakeholders Relationship Committee: Mr. Vaibhav Mandhana (Chairman), Mr. Rushil Agarwal, Mr. Ajay Kumar Kanoi

Board Meetings

  • FY 2025-26: 25 meetings held
  • Attendance: All directors attended all meetings they were eligible for

Auditor Appointments

  • Statutory Auditor: V.K. Kila & Co., Chartered Accountants (FRN: 007772C) - appointed for 5 years till 8th AGM in 2027
  • Internal Auditor: R.A. Kila & Co, Chartered Accountants (FRN: 003775N)
  • Secretarial Auditor: Ajai Kumar & Associates, Practicing Company Secretary
  • Cost Auditor: Chittora & Co. Cost Accountants - proposed remuneration of ₹70,000 for FY 2026-27

Related Party Transactions

Transactions with related parties during FY 2025-26 included:

  • Consultancy Charges: ₹12 lakhs paid to Mahabir Prasad (relative of director)
  • Sale/Purchase of Goods: Transactions with MDECK Equipments Private Limited (₹196.33 lakhs purchase, ₹527.34 lakhs sale)
  • Export Sales: ₹281.87 lakhs to MSAFE Construction Equipment Trading L.L.C.

All transactions were at arm's length and approved by the Audit Committee.

CSR Activities

  • CSR Expenditure: ₹20.74 lakhs (2% of average net profit of ₹1,037.31 lakhs)
  • Focus Areas: Not specified in detail

Key Financial Ratios

| Ratio | FY 2025-26 | FY 2024-25 | Change | Remarks |

| Current Ratio | 2.46 | 0.77 | 219.91% | Improved due to IPO proceeds in cash |

| Debt Equity Ratio | 0.39 | 1.27 | -68.99% | Reduced due to equity infusion from IPO |

| Return on Equity (%) | 36.26 | 68.09 | -46.74% | Decreased due to increased equity base |

| Inventory Turnover | 1.39 | 2.96 | -52.90% | Decreased due to inventory build-up |

| Net Profit Ratio (%) | 22 | 18 | 20.35% | Improved profitability |

Liquidity and Borrowings

Long-term Borrowings: ₹99.50 lakhs

  • TATA Capital Limited: ₹31.71 lakhs (secured against aluminium scaffolding)
  • ICICI Bank Limited: ₹96.73 lakhs (secured against factory land & building)
  • HDFC Bank Limited: ₹29.21 lakhs (secured against property)

Short-term Borrowings: ₹286.42 lakhs

  • Bank OD: ₹78.31 lakhs from ICICI Bank
  • Loans from Directors & Relatives: ₹115.44 lakhs
  • Current Maturities of Long-term Debt: ₹92.32 lakhs

Asset Position

Property, Plant and Equipment: ₹487.11 lakhs

  • Plant and Machinery: ₹436.73 lakhs (net)
  • Vehicles: ₹18.76 lakhs (net)
  • Land & Building: ₹26.59 lakhs (net)

Inventories: ₹239.52 lakhs

  • Raw Material: ₹91.77 lakhs
  • Semi-Finished Goods: ₹19.18 lakhs
  • Finished Goods: ₹128.57 lakhs

Cash and Cash Equivalents: ₹431.75 lakhs

  • Cash on Hand: ₹0.67 lakhs
  • Bank Balances: ₹0.71 lakhs
  • Fixed Deposits: ₹430.37 lakhs (including ₹430.06 lakhs unutilized IPO proceeds)

Contingent Liabilities

  • Bank Guarantees: ₹202.41 lakhs provided by ICICI Bank
  • No other material contingent liabilities reported

Forward-looking Statements

The report contains forward-looking statements regarding:

  • FY27 Growth Target: 50% revenue growth
  • Capacity Expansion: Commissioning of Mathura facility by May 2027
  • Formwork Business: Commercial commencement from December 2026
  • Rental Business Scaling: Continued focus on expanding rental asset base

These statements are subject to risks and uncertainties including market conditions, regulatory changes, and operational challenges.

Dividend

No dividend recommended for FY 2025-26. Entire profit of ₹224.20 lakhs retained in profit and loss account.

Compliance Status

  • SEBI Listing Regulations: Complied with
  • Companies Act, 2013: Complied with
  • Secretarial Standards: Complied with
  • No material regulatory actions or pending litigations reported

Registrar & Transfer Agent

Maashitla Securities Private Limited

451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, New Delhi-110034

Tel: +91-11-45121795-96

#Tags: #MsafeEquipments #AnnualReport #SEBIDisclosure #FY2026Results #ScaffoldingBusiness #IPO #RentalModel #ManufacturingExpansion #CorporateGovernance #FinancialUpdate #Neutral