Msafe Equipments Limited

Rents and sells scaffolding and formwork systems to construction and infrastructure projects across India, running a pan-India network of warehouses and manufacturing units. Revenue comes from two streams: rentals of mild steel (MS) and aluminum scaffolding equipment, and outright sales of scaffolding, ladders, and formwork. FY26 rental yields were 32-38% per annum on MS scaffolding and 60-66% per annum on aluminum scaffolding, with the FY26 revenue mix at roughly 43% rental and 47% sales. The company serves 2,500+ customers across 1,000-1,500 active sites, supported by 18 company-owned warehouses and 3 manufacturing units. FY26 revenue was Rs 103.5 crore with an EBITDA margin of 39.49%, driven by operating leverage from the rental-led model. MS scaffolding manufacturing capacity reached 6,285 tons (doubled ahead of IPO commitments), and a new aluminum formwork line is being set up with a 500-tonne planned capacity, targeting Rs 30-40 crore in its first year of operation. The cost structure is led by materials at 32.5% of revenue, followed by employee costs at 19.4% and other operating expenses at 18.9%; capex was 22% of revenue, reflecting the asset-heavy rental fleet.