Financial Performance Q2FY27

Quantitative Figures (₹ Lakhs)

  • Revenue from operations: ₹4,037.94 (Q2FY26: ₹2,629.08) - 53.59% YoY growth
  • EBITDA: ₹1,560.50 (Q2FY26: ₹1,042.90) - 49.63% YoY growth
  • EBITDA Margin: 38.65% (Q2FY26: 39.67%) - 102 bps decrease
  • PAT: ₹848.71 (Q2FY26: ₹546.09) - 55.42% YoY growth
  • PAT Margin: 21.02% (Q2FY26: 20.77%) - 25 bps increase

Half Year Performance (HY1 FY27)

  • Revenue: ₹72.17 crore - 47.25% YoY growth

Operational Highlights

Rental Business Performance

  • Rental business share increased to 52% of total revenue in Q2FY27
  • Supported by continued scale-up of rental-led business and higher deployment of rental assets
  • Provides resilience to profitability through recurring revenues and asset reuse

Capacity Expansion

  • Current MS scaffolding capacity: 9,000 tons
  • Planned expansion: To 15,000 tons
  • Current utilization: 80%-90% across facilities

Warehouse Network Expansion

  • Increased from 21 to 24 warehouses
  • Strengthens pan-India distribution and rental delivery network
  • Enables faster deployment closer to customer project sites

Manufacturing Facility Development

  • Integrated manufacturing facility under development
  • Civil construction progressing
  • Operations expected to commence by May 2027
  • Will support broader growth plans across manufacturing, rental equipment and new product categories

Aluminium Formwork Vertical

  • Trial runs begun for 500 TPA capacity
  • Commercialization targeted for December 2026
  • Dedicated professional management and product development capabilities established
  • Initial customer enquiries and market feedback described as "encouraging"

Management Commentary

Mr. Pradeep Aggarwal, Chairman & Managing Director, highlighted:

  • Strong Q2 performance with 53.59% revenue growth and 55.42% PAT growth
  • Margin resilience despite inflationary environment due to rental business expansion and operating leverage
  • Execution against IPO strategy including warehouse expansion and capacity scaling
  • Focus on disciplined execution: scaling rental assets, commissioning new capacity, developing formwork business
  • Maintaining FY27 revenue growth target of approximately 50%
  • Focus on maintaining healthy profitability and disciplined capital allocation

Conference Call Details

  • Date: 02 November 2026
  • Time: 11:00 am IST
  • Registration: https://us06web.zoom.us/meeting/register/neQmoxRaT0ab3XYTtALQhQ#/registration

Company Background

MSafe Equipments Limited is engaged in manufacturing, sales and rental of aluminium scaffolding systems, MS scaffolding and FRP ladders. Operates asset-backed rental model with pan-India presence serving infrastructure, construction, industrial and maintenance sectors.