StockWatch
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MSAFE

BSE: 544695

P/L Snapshot

Q1 FY27 · standalone

Revenue
32.45
Expenditure
22.71
Net Profit
7.27
OPM %
39.71%

Shareholding

Pattern breakdown

P/L Trends

(in crores)

RevenueExpenditureNet Profit
0.009.0918.1727.2636.34Q1 FY27
Price Chart
Reports

Rental Momentum Masks Formwork Delays — Ramp Assumptions Now the Key Risk

rental scaffolding · formwork delay · capacity ramp

Result verdictFollow-upQ1 FY2713 Aug 20266 minMetals & Mining

Rental momentum strong, but formwork delay and facility ramp delays near-term growth

rental model expansion · MS scaffolding 7x growth · capacity constraints

TranscriptDeep diveQ1 FY2713 Aug 20266 minMetals & Mining

MSAFE Q1 FY27: standalone PAT up 44% YoY to ₹7.27 Cr as EBITDA margin expands to ~42%

scaffolding · aluminium formwork · sme ipo

ResultsQ1 FY2710 Aug 20263 minMetals & Mining
Latest
Board Meeting10 Aug, 1:17 pm

MSAFE Q1 FY27: standalone PAT up 44% YoY to ₹7.27 Cr as EBITDA margin expands to ~42%

Msafe Equipments, an SME-listed manufacturer of aluminium/steel scaffolding and FRP ladders, posted standalone revenue of ₹31.79 Cr (+39.9% YoY, +13.1% QoQ) and PAT of ₹7.27 Cr (+44.3% YoY, +11.8% QoQ) for Q1 FY27, with EPS at ₹3.56 versus ₹3.15 a year ago. There is no analyst/street coverage available for this micro-cap SME issuer, so vsStreet cannot be assessed. Against management's own May 2026 guidance of an aggressive ~50% revenue CAGR for the year, the quarter's 39.9% YoY growth trails that pace, though it is only the first of four quarters against a full-year target. On margins, management had flagged that a mix shift toward lower-margin aluminium formwork would pressure blended EBITDA — instead, EBITDA margin expanded to ~41.8% from ~38.8% a year ago (broadly flat versus Q4 FY26's ~41.9%), and net margin held near 22.4%, so the print runs ahead of the guided margin script even as the growth pace runs behind it. The company gave no separate press release or segment-level commentary alongside the filing, and continues to report a single manufacturing segment under AS 17, so the targeted ₹30-40 Cr first-year contribution from the new aluminium formwork line cannot yet be verified from disclosed numbers. The quarter also saw churn in operating leadership — the Business Head-Formwork resigned (Jun 5) and the President resigned (May 20) shortly after a new COO was appointed (May 23) — changes in the very segment central to the growth guidance, worth watching given the ramp is still early. Separately, of the ₹54.12 Cr raised via IPO, ₹38.61 Cr (71%) was utilised by June 30, 2026, mostly toward the new manufacturing facility, with the unutilised ₹15.51 Cr parked in fixed deposits; the company states there is no material deviation from the stated objects.

10 Aug 2026, 01:17 pm

Corporate Events

Board MeetingMSAFE
2026
10Sep

Board Meeting

The 07th Annual General Meeting (AGM) of the Members of the …

BSE Filing
Board MeetingMSAFE
2026
10Aug

Board Meeting

The Board of Directors meeting is scheduled to consider and …

BSE Filing
Board MeetingMSAFE
2026
20Mar

Board Meeting

Considered and approved the appointment of Chief Executive O…

BSE Filing
Board MeetingMSAFE
2025
10Sep

Board Meeting

The 07th Annual General Meeting ("AGM") of Msafe Equipments …

BSE Filing