MSafe Equipments (N/A)

MSafe Equipment is a fast-growing scaffoldingand access solutions company operating across India. The company designs, manufactures, sells, and rents scaffolding systems and ladders used in construction, infrastructure, industrial maintenance, and commercial projects. Over the years, MSafe has steadily moved from being a regional player to a pan-India, organised platform in alargely unorganised market.

MSafe follows a dual revenue model, which is thecore strength of the business.

The Company manufactures and sells Aluminium Scaffolding and Ladders. The focus of the company is oncustomisation, quality, andtimely delivery. Hereby complementing the rental business as well as supporting the scale.

Scaffolding systems are rented out for short as well as long durations. The assets are reused across multiple projects,having an asset life of more than 5 years with low maintenance. This, in turn, helps in generating recurring and predictable cash flows. Repeated rental cycles enable high returns on capital.

This rental model generates a rental yield of 6-8% per month, leading to asset payback in 12 - 15 months.

MSafe has shown strong financial execution over the last few years. FY25 revenue stood at ₹71.3 crore,growing at 48% YoY,with FY24 Sales at ₹48.13 crore. The EBITDA for FY stands at ₹26.07 crore, registeringrobust outperformanceof almost2X when compared to the FY 23 figure of ₹9.18 crore. The PAT grew 3-fold to 13.01 crore in FY25 as compared to ₹3.64 crore in FY23.

The robust EBITDA Margin of 36.5% reflects the operating efficiency of the company. The PAT margin is around 18.2%, with ROE of ~68% and ROCE of ~35%.