Msafe Equipments Ltd

BSE: 544695

₹ 250.95-6.38%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 512 crNext results: 30 Oct 2026Website: www.msafegroup.comUpdated: 27 Oct 2026

About

Msafe Equipments Ltd makes and rents out scaffolding and access equipment, mainly MS (steel) scaffolding, and is now entering aluminium formwork. It reported FY26 revenue of 103.5 (Rs crore) and runs 21 warehouses across India serving 2,500+ customers. Rental made up 46% of revenue in Q1 FY27.^[1][2][3]

Business mix

Rental contributed 46% of revenue in Q1 FY27; the rest comes from equipment sales.^[2]
More steel scaffolding rental assets were deployed in Q1 FY27 alone than in all of FY26.^[2]

Products

Core product is MS (steel) scaffolding, sold and rented out.^[2][3]
Entered aluminium formwork in FY26, appointing a business head and launching a flagship product.^[3]
Plans to add a hanging scaffolding system to the product range (stated in Q4 FY26 and Q1 FY27 calls).^[2][3]

Operations and capacity

Existing capacity utilisation was 80%+ in FY26 and in Q1 FY27.^[3][2]
MS scaffolding capacity was expanded ahead of schedule through temporary rented facilities while the owned facility is built (Q4 FY26, Q1 FY27).^[3][2]
Network of 21 warehouses across India (Q1 FY27).^[2]

Key operating numbers

Management states rental yields of 32-38% p.a. on MS scaffolding and 60-66% p.a. on aluminium (Q1 FY27 call).^[2]

Customers

Serves 2,500+ customers as of FY26.^[3]
Early enquiries and feedback from existing customers on aluminium formwork are described as encouraging (Q1 FY27).^[2]

Expansion and capex

Civil construction has started on an owned integrated manufacturing facility; operations are expected by May 2027 and it would roughly double capacity (Q1 FY27).^[2]
Land acquisition for the owned facility was at an advanced stage as of the Q4 FY26 call.^[3]
Aluminium formwork capacity of 500 TPA in a rented unit is targeted from December 2026.^[2]
Rs 6 crore capex planned to build 748 tonnes of rental equipment.^[2][3]
Management targets ~50% revenue growth in FY27 from the capacity ramp-up (Q1 FY27 call).^[2]

Recent developments

Revenue grew ~40% year on year in Q1 FY27, per management.^[2]
FY26 revenue from operations was Rs 10,349.96 lakh vs Rs 7,134.07 lakh in FY25, up 45.08%.^[3]

Market Cap

₹512 Cr

High / Low

₹329 / 102

Stock P/E

24.4

Price / Book

5.6

Book Value

₹48

EPS

₹11.0

No. of Shares

2.04 Cr

ROCE

24.3%

ROE

22.9%

OPM

31.9%

Debt / Equity

0.39

Sales

₹104 Cr

Net Profit

₹22 Cr

Promoter holding

73.2%

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