Msafe EquipmentsShare price, financial results, shareholding and management
- Market cap
- ₹548 cr
- Stock P/E
- 24.4peers 25.1
- Book value
- ₹48
- Price to book
- 5.60
- EV / operating profit
- -
- Market cap to sales
- 5.29
- ROCE · FY26
- 33.9%
- ROE · FY26
- 36.2%
- ROE, 3-year average
- 58.9%
- Operating margin · FY26
- 39.5%peers 4.5%
- Sales growth, 3 years
- 56.5%
- Profit growth, 3 years
- 77.6%
- Debt to equity
- 0.40peers 0.08
- Borrowings
- ₹39 cr
- Interest cover
- 10.2×
- Cash from business / op. profit
- 29%
- Debtor days
- 84
- Pledged
- 0.00%
- Promoter holding
- 73.23%
- Change in promoter holding
- +0.39 pts
- Shareholders
- 1,014
- 52-week high / low
- ₹329 / ₹102
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Msafe Equipments share price chart
Close on 6 Nov 2026 · -3.62% on the day · Vol 28,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -9.8%
- 3 months
- +30.5%
- 6 months
- +70.2%
- Traded a day, 20 days
- ₹1.50 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +46% | +72% |
| 3 years, a year | +57% | +78% |
About Msafe Equipments: business, products and customers
Msafe Equipments makes aluminium and steel scaffolding and ladders that let workers stand safely at height, and it both sells and rents them to builders and contractors across India. Its shares trade on BSE SME.
Msafe makes aluminium scaffolding towers, mild steel scaffolding, aluminium ladders and fibre glass ladders at three plants in Greater Noida. Customers are contractors on construction, infrastructure, factory maintenance and fit out jobs; the company says it served more than two and a half thousand of them in FY26 from a network of rented warehouses across the country. It is now adding aluminium formwork, the reusable moulds into which concrete walls and slabs are poured.
The same factory feeds two kinds of income. Some equipment is sold once; the rest is kept as the company's own fleet and rented out project by project, which the company says earns a higher margin than sales, especially in steel scaffolding where selling earns little. Equipment built for rent is counted as fixed assets and written off over five years in the books, so a growing rental fleet means heavy spending on assets and higher depreciation before the rent comes in. Stock of raw material and finished goods also rose sharply in FY26.
Read more about the business
The money raised at the IPO in February 2026 is paying for a new owned plant at Kosi Kotwan near Mathura, more rental equipment and working capital. Until the new plant runs, the company has added steel scaffolding capacity in rented premises.
The offer document names Technocraft Industries (India), Y-Access Manufacturing, Mtandt Rentals and Sagar Asia as its main organised competitors. Technocraft Industries is the only listed one and was used as the listed peer, though the offer document notes its product range differs from Msafe's; the others are private companies. Ajay Kumar Kanoi, a promoter, worked at Mtandt Rentals before co-founding Msafe.
From the red herring prospectus (January 2026), the FY26 annual report, the May 2026 and August 2026 earnings call transcripts and the September 2026 investor presentation.
Read the deeper study ↓In its favour
- Sales have grown very fast: 57% a year over three years.
- It earns a high return on the money it uses: ROCE 34% in FY26.
- The promoters own a large part of the company: 73.23%.
To watch
- Start of aluminium formwork production in December 2026 (Earnings call transcript, August 2026, p.9).
- Start of the owned Mathura plant in May 2027 (Annual report FY26, p.16).
- FY27 revenue against the company's target of about 50% growth and ₹150 cr (Annual report FY26, p.35; Earnings call transcript, August 2026, p.8).
- Inventory of ₹24.0 cr at March 2026 turning into sales or rental fleet (Annual report FY26, p.55).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Msafe Equipments revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Msafe Equipments half-yearly results
SME companies report every six months · ₹ crore
| H2FY26 | |
|---|---|
| Sales | 54.49 |
| Expenses | 32.83 |
| Operating profit | 21.66 |
| OPM | 39.7% |
| Interest | 1.68 |
| Depreciation | 4.59 |
| Profit before tax | 15.88 |
| Net profit | 11.92 |
Msafe Equipments profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 6 | 16 | 27 | 48 | 71 | 103.50 |
| Expenses | 4 | 11 | 20 | 32 | 45 | 62.63 |
| Operating profit | 1 | 4 | 7 | 16 | 26 | 40.87 |
| OPM | 22.0% | 27.0% | 24.0% | 33.0% | 37.0% | 39.5% |
| Other income | 1 | 1 | 3 | 0 | 0 | 0.56 |
| Interest | 1 | 1 | 1 | 2 | 3 | 3.25 |
| Depreciation | 1 | 2 | 3 | 5 | 6 | 8.21 |
| Exceptional and other items | · | 1 | -1 | · | · | · |
| Profit before tax | 0 | 3 | 5 | 9 | 17 | 29.96 |
| Tax rate | 25.0% | 33.3% | 20.0% | 22.2% | 23.5% | 25.2% |
| Net profit | 0 | 2 | 4 | 7 | 13 | 22.42 |
| EPS ₹ | 300 | 2,090 | 36.10 | 65.50 | 130.10 | 13.45 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Msafe Equipments profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 22.0% | 27.0% | 24.0% | 33.0% | 37.0% | 39.5% |
| Tax rate | 25.0% | 33.3% | 20.0% | 22.2% | 23.5% | 25.2% |
| ROCE | · | 36.3% | 30.8% | 33.8% | 40.8% | 33.9% |
| ROE | · | 198.0% | 99.9% | 73.7% | 66.7% | 36.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Msafe Equipments debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Msafe Equipments balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 1 | 1 | 1 | 20 |
| Reserves | 0 | 2 | 5 | 12 | 25 | 78 |
| Net worth | 0.01 | 2.01 | 6 | 13 | 26 | 98 |
| Borrowings | 9 | 11 | 20 | 26 | 33 | 39 |
| Other liabilities | 1.99 | 6.99 | 8 | 9 | 11 | 12 |
| Total liabilities | 11 | 20 | 34 | 48 | 70 | 149 |
| Fixed assets | 7 | 13 | 22 | 27 | 39 | 49 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 1 | 1 | 0 | 0 |
| Other assets | 4 | 7 | 11 | 20 | 31 | 100 |
Msafe Equipments cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | · | · | 5 | 6 | 14 | 12 |
| Cash from investing | · | · | -13 | -10 | -18 | -63 |
| Cash from financing | · | · | 9 | 3 | 4 | 52 |
| Net cash flow | · | · | 1 | -1 | 0 | 1 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 142 | 118 | 96 | 90 | 83 | 84 |
| Inventory days | 63 | 42 | 51 | 94 | 179 | 379 |
| Days payable | 249 | 565 | 272 | 122 | 127 | 68 |
| Cash conversion cycle | -44 | -405 | -125 | 63 | 134 | 395 |
| Working capital days | -352 | -230 | -180 | -95 | -54 | 52 |
Msafe Equipments peers and competitors
Listed SME companies in the same industryBy sales, Msafe Equipments is number 2 of the 7 listed SME companies in non - ferrous metals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Jainik Power Cables | 257 | 18.3 | 393 | 14 | 5.0% | 0.07 |
| Msafe Equipments | 548 | 24.4 | 104 | 22.4 | 39.5% | 0.40 |
| Amanaya Ventures | 7 | 32.0 | 84.8 | 0.2 | 0.3% | 0.00 |
| Kanishk Aluminium India | 32 | 7.9 | 78.7 | 4.1 | 11.0% | 0.72 |
| Bothra Metals & Alloys | 12 | 44.6 | 27.4 | 0.3 | 3.9% | 0.65 |
| Nanavati Ventures | 36 | 520.4 | 18.7 | 0.1 | 1.0% | 0.00 |
| Jivial Industries | 40 | 10.7 | 17.6 | 3.8 | 28.5% | 0.08 |
| Median of the 6 others | 34 | 25.2 | 53 | 2 | 4.5% | 0.08 |
Msafe Equipments shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Msafe Equipments shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | Jun 26 | |
|---|---|---|
| Promoters | 72.84% | 73.23% |
| Foreign investors (FIIs) | 3.36% | - |
| Indian institutions (DIIs) | 8.94% | - |
| Number of shareholders | 556 | 1,014 |
Msafe Equipments study: the business from its own documents
Read from 8 of the company's own documentsMsafe Equipments key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹103.5 cr
- FY26 revenue, up 45.1% from ₹71.3 cr; profit after tax rose to ₹22.4 cr from ₹13.0 cr.Annual report FY26, p.33
- Latest quarter
- ₹31.8 cr
- Revenue in the June 2026 quarter, about 40% above the ₹22.7 cr of a year earlier; profit was ₹7.3 cr.Earnings call transcript, August 2026, p.4
- Rental share
- 46%
- Share of revenue from renting in the June 2026 quarter, against 51.65% in FY25 and 43.07% in the half to September 2025.Investor presentation, September 2026, p.4; Offer document, p.34
- Rental against sales
- 47% vs 10%
- Operating margin the company gives for renting scaffolding against selling steel scaffolding; selling aluminium scaffolding earns 38%.Earnings call transcript, August 2026, p.7
- Top ten customers
- 19.54%
- Share of revenue from the ten largest customers in the half to September 2025; the largest single customer gave 3.25%.Offer document, p.181
Show 5 more facts
- Capacity
- 78 → 115 lakh kg
- Yearly manufacturing capacity now and after the expansion; the new Mathura plant is expected to run from May 2027.Annual report FY26, p.6 and p.16
- Formwork start
- December 2026
- Target for 500 tonnes a year of aluminium formwork in a rented unit; in May 2026 the company hoped to start by end June, and later blamed late machine deliveries.Earnings call transcripts, May 2026, p.7 and August 2026, p.9
- Inventory
- ₹24.0 cr
- Stock at March 2026, up from ₹9.1 cr a year earlier, mostly finished goods and raw material.Annual report FY26, p.55 and p.67
- Cash from operations
- ₹11.5 cr
- FY26 operating cash flow against ₹22.4 cr of profit, after ₹14.8 cr more went into stock; ₹22.8 cr was spent on fixed assets.Annual report FY26, p.57
- IPO
- ₹123 a share
- In February 2026 the company sold 44 lakh new shares and promoters sold 10 lakh; promoters held 72.41% at March 2026.Annual report FY26, p.61 and p.62
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it targets about 50% revenue growth in FY27, and in August 2026 the management said it would definitely reach ₹150 cr of revenue and try for ₹175 cr. It plans to start aluminium formwork in December 2026, aiming for ₹30 to 40 cr of formwork business in the first year, and expects the Mathura plant to run from May 2027. In May 2026 the management put this year's capital spending, including rental assets and the new plant, at about ₹130 cr.
| What management said | When | What happened |
|---|---|---|
| Aluminium formwork production to start by end June 2026 | May 2026 call | Moved to December 2026 after machine deliveries were late |
| At least 50% revenue growth in FY27 | FY26 annual report and May 2026 call | June 2026 quarter revenue grew about 40% |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Msafe makes scaffolding and ladders and earns most of its profit by renting its own fleet to many small and large contractors, with sales adding volume.
Its weak spots are the money it must keep putting into equipment, plants and stock, and a fragmented market where small local rivals cut prices.
AverageCan it set its own prices?Partly. Rental and aluminium products earn good margins, but steel scaffolding sales are close to a commodity and local rivals undercut on price.
AverageHow strong is it against rivals?It has a national warehouse network and can take larger orders than local players, but the management itself says there is no entry barrier and bigger rivals exist.
StrongWho are its customers?Thousands of contractors, with no single one large, though there are no long term contracts.
WatchDoes it need a lot of money?Yes. Every rupee of rental income needs equipment built first, and a new plant and formwork add more spending.
StrongCan it keep finding new work?Its plants have run near full and many customers come back, and it is adding formwork for the same builders.
AverageDo good and bad years swing a lot?Demand follows building and infrastructure activity, which can slow, but revenue has risen in every year the company has reported.
Who runs Msafe Equipments?
Promoters, directors and officers; tap a name for the background
PAPradeep AggarwalPromoter, Chairman and Managing Director · holds 16.47%
A chartered accountant and B.Com (Honours) graduate of Shri Ram College of Commerce with over 32 years of experience, more than 16 of them in scaffolding, after senior finance and operations roles in other companies. Joined the board in 2022 and became Chairman and Managing Director in July 2025; oversees operations, finance, legal and strategy.
Annual report FY26, p.25AKAjay Kumar KanoiPromoter and Whole-time Director · holds 24.67%
Over 36 years in the steel industry, 14 of them in scaffolding. Joined Mtandt Rentals in 2011 as regional head for the west, co-founded the company in 2019 and became Whole-time Director in July 2025; leads sales and marketing.
Annual report FY26, p.25RARushil AgarwalPromoter, Co-founder and Whole-time Director · holds 1.57%
B.Com from the University of Delhi with five years in scaffolding; on the board since the start and oversees manufacturing, including buying, production planning, logistics and quality control.
Annual report FY26, p.25RARajani Ajay KanoiPromoter and Non-Executive Director · holds 3.92%
Joined the company in 2021 as a senior manager and became a director in 2023; oversees receivables and the collection of money from customers.
Annual report FY26, p.26VAVansh AggarwalPromoter · holds 16.37%
Bachelor of Engineering in computer science from Vellore Institute of Technology, 2023; a software engineer at Fareportel until 2025, then joined the company in April 2025 to look after IT.
Offer document, p.219GAGaurav Ajay Kumar KanoiPromoter and General Manager, Sales · holds 7.84%
Joined the company in 2021 as a sales executive, became assistant manager in 2023 and general manager in April 2025; works on business and retail sales and market expansion.
Offer document, p.219MAMonika AgarwalPromoter · holds 1.57%
BA in English and Economics from Agra University; worked as a merchandiser for export and buying houses from 2005 to 2018, has been with the company since it was set up and heads inside sales.
Offer document, p.219VMVaibhav MandhanaIndependent Director
Chartered accountant since 2011 and a registered valuer, with about 14 years in valuation, audit and finance; worked at Walker, Chandiok and Co. and founded V. Mandhana and Associates in 2016. Chairs the audit committee.
Annual report FY26, p.4 and p.26Msafe Equipments latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters 72.84% to 73.23%.
Msafe Equipments announcements
3 on record, latest first; each opens the filing on the exchange
- Insider Trading / SASTTrading Window closurePDF ↗
- Company UpdateIntimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') - Intimation of Analyst / InsPDF ↗
- Company UpdateIntimation regarding designation of Mr. Malvinder Singh Bhatia- Business Head Formwork Division as SMP of the CompanyPDF ↗
Msafe Equipments annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 Sept 2026 ↗read
- 31 May 2026 ↗read
Msafe Equipments share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Msafe Equipments' data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,04,00,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY22 (₹2,090.00) and FY23 (₹36.10) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Msafe Equipments
What does Msafe Equipments do?
Msafe Equipments makes aluminium and steel scaffolding and ladders that let workers stand safely at height, and it both sells and rents them to builders and contractors across India. Its shares trade on BSE SME.
What is the share price of Msafe Equipments?
₹269 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Msafe Equipments?
₹548 cr at the close on 6 Nov 2026, on 2,04,00,000 shares.
What is the P/E of Msafe Equipments?
24.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Msafe Equipments' revenue and profit?
Revenue ₹104 cr and profit after tax ₹22 cr in FY26.
Who are the promoters of Msafe Equipments?
Pradeep Aggarwal, Ajay Kumar Kanoi, Rushil Agarwal, Rajani Ajay Kanoi, Vansh Aggarwal, Gaurav Ajay Kumar Kanoi, Monika Agarwal; promoters held 73.23% at 30 June 2026.
What is Msafe Equipments' website?
www.msafegroup.com
More SME companies like Msafe Equipments
Other listed SME companies in non - ferrous metals, the closest in size first, each read from its own documents.
- Jainik Power CablesJAINIK · NSE Emerge · Non - Ferrous Metals · listed 2025Market cap ₹244 cr
- Nanavati VenturesNVENTURES · BSE SME · Non - Ferrous MetalsMarket cap ₹36 cr
- Kanishk Aluminium IndiaKANISHK · BSE SME · Non - Ferrous MetalsMarket cap ₹33 cr
- Jivial IndustriesJIVIAL · BSE SME · Non - Ferrous MetalsMarket cap ₹32 cr
- Bothra Metals & AlloysBMAL · BSE SME · Non - Ferrous MetalsMarket cap ₹11 cr
- Amanaya VenturesAMANAYA · BSE SME · Non - Ferrous MetalsMarket cap ₹7 cr
Built from 3 investor presentations, 2 earnings call transcripts, 2 annual reports, 1 offer document, 3 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.