BSE: 544695
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. 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.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q4 FY26 | Q1 FY27 |
|---|---|---|
| Revenue | 54 | 32 |
| Profit before tax | 16 | 10 |
| Net profit | — | — |
| EPS (₹) | 6.87 | 3.56 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDALCO INDUSTRIES LTD | 1,97,846 | 12.1 | 1.45 | 9.1 | 9.8 | 8.0 | — | 15.0 |
| NATIONAL ALUMINIUM CO LTD | 56,605 | 8.4 | 2.62 | 6.5 | 26.8 | 33.3 | 14.8 | 54.3 |
| ARFIN INDIA LIMITED | 1,502 | 81.7 | 8.82 | 34.6 | 9.1 | 12.0 | — | 4.9 |
| MMP INDUSTRIES LIMITED | 1,125 | 22.4 | 3.25 | 23.1 | 8.9 | 7.7 | 29.0 | 9.0 |
| MAAN ALUMINIUM LIMITED | 553 | 36.9 | 2.01 | — | 4.7 | 6.1 | — | 3.1 |
| Msafe Equipments Limited ◆ | 524 | 24.6 | — | — | — | 27.4 | — | — |
| PG FOILS LTD. | 215 | — | 0.65 | — | (2.5) | (2.1) | — | (2.9) |
| MANAK ALUMINIUM CO. LTD. | 189 | 21.6 | 1.33 | — | 5.3 | 4.6 | — | 9.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.6 | 15.9 | 12 of 14 | 15% |
| ROCE | 27.4 | 8.0 | 2 of 15 | 93% |
| Market cap | 524 | 189 | 6 of 15 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 and half-year FY27 earnings call on November 2, 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board meeting set for 30 October 2026 results | results | low | — | — |
| 14 Oct 2026 · Quarterly certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 23 Sept 2026 · Trading Window Closure for Q2 and H1 FY27 Financial Results | compliance | minimal | — | — |
| 23 Sept 2026 · Investor conference meeting intimation - Bharat Connect Rising Stars | investor communications | low | — | — |
| 22 Sept 2026 · Business Head Formwork Division designated as Senior Management Personnel | management changes | low | — | — |
| 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 | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.