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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Scaffolding rentals (43%), Scaffolding and formwork sales (47%). Asset-heavy, rental-led scaffolding and formwork business with high EBITDA margins from operating leverage on the rental fleet.
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 103 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 13.45 |
| ROE % · ROCE % | — · 30.3 |
| Debt / equity (x) | — |
| Cash from operations | 12 |
| Capex | (23) |
| ₹ crore | Q4 FY26 | Q1 FY27 |
|---|---|---|
| Revenue | 54 | 32 |
| Profit before tax | 16 | 10 |
| Net profit | — | — |
| EPS (₹) | 6.87 | 3.56 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDALCO INDUSTRIES LTD | 2,17,893 | 13.3 | 1.60 | 9.7 | 9.8 | 8.0 | — | 15.0 |
| NATIONAL ALUMINIUM CO LTD | 66,303 | 9.8 | 3.07 | 7.7 | 26.8 | 33.3 | 14.8 | 54.3 |
| ARFIN INDIA LIMITED | 1,461 | 79.5 | 8.58 | 33.8 | 9.1 | 12.0 | — | 4.9 |
| MMP INDUSTRIES LIMITED | 1,207 | 24.1 | 3.48 | 24.6 | 8.9 | 7.7 | 29.0 | 9.0 |
| MAAN ALUMINIUM LIMITED | 666 | 44.4 | 2.42 | — | 4.7 | 6.1 | — | 3.1 |
| Msafe Equipments Limited ◆ | 600 | 28.2 | — | — | — | 27.4 | — | — |
| PG FOILS LTD. | 266 | 9.7 | 0.80 | — | (2.5) | (2.1) | — | (2.9) |
| MANAK ALUMINIUM CO. LTD. | 242 | 27.5 | 1.70 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · 7th AGM held on Sep 10, 2026 - all 8 resolutions passed | board shareholder meetings | low | — | — |
| 10 Sept 2026 · 7th AGM held; 8 resolutions moved including director pay revisions | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Msafe Equipments investor presentation at SME Stars 2026 | investor communications | medium | — | — |
| 27 Aug 2026 · Intimation of Analyst/Investor Meeting with R Square Advisors | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Intimation of analyst/investor meeting on 06 September 2026 | investor communications | low | — | — |
| 19 Aug 2026 · Newspaper ad for 07th AGM notice dispatch and e-voting information | compliance | minimal | — | — |
| 18 Aug 2026 · Annual report link sent; seventh AGM set for 10 September 2026 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Annual Report FY25-26: Revenue up 45%, PAT up 72%, EBITDA margin at 39.5% | results | high | — | — |
| 18 Aug 2026 · Notice of 7th AGM and Annual Report for FY 2025-26 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Msafe Equipments Q1 FY27: Revenue up 40% YoY, rental business surges | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| — |
| 5.3 |
| 4.6 |
| — |
| 9.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.2 | 14.9 | 13 of 15 | 14% |
| ROCE | 27.4 | 8.0 | 2 of 15 | 93% |
| Market cap | 600 | 242 | 6 of 15 | 64% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
