Msafe Equipments Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹579 Cr
- P/E
- 20.93
- ROE
- 39.54%
- PEG
- 0.24
- Price to sales
- 4.58
- Debt to equity
- 0.38
- 52W high / low
- ₹321 / ₹102
- Sales growth (5Y)
- 79.47%
- EBITDA margin
- 39.38%
- Net profit margin
- 23.79%
- Promoter holding
- 73.23%
- Sales (last year)
- ₹127 Cr
Incorporated in 2019, Msafe Equipments Limited is engaged in the manufacturing, sales, and rental of access and height-safety equipment used for safe working at heights.[1]
Guidance scorecard · Q1 FY27 call
What Msafe Equipments's management guided
and where it ranks in Non - Ferrous Metals
Non - Ferrous Metals
RevenueQ1 FY27 call
20–40%- Target revenue for FY27 is ₹150 crores, with aspirations to reach ₹175 crores depending on growth across all business verticals.
- Formwork business expected to contribute ₹30-40 crores in FY27, possibly reaching 25% of total revenue by FY28.
- Growth in aluminum scaffolding rental and MS scaffolding rental businesses is expected; MS rental grew 7x in Q1 and ongoing strong growth anticipated.
- Aluminum scaffolding capacity expansion aims for ₹15 crores per month revenue inclusive of sales and rental.
- Steel scaffolding business aims for ~₹100 crores annual revenue post-expansion by May 2027.
- Rental business currently ~46% of revenue; expected to increase modestly by 1-2% with stable margins.
2 more points from Msafe Equipments's call on revenue
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MarginsQ1 FY27 call
FlatSee what Msafe Equipments said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Current capex for aluminum scaffolding capacity was around ₹3.43 crores in Q1 FY27.
- Additional ₹1 crore machinery expenditure planned for the new expansion facility (robots and other machines).
- Total scaffolding-related capex incurred approximately ₹7.88-8 crores in Q1 FY27, with capex expected to continue throughout FY27, possibly increasing beyond ₹8 crores per quarter.
- New integrated manufacturing facility near Mathura (Kosi Kotwan) under construction, targeting operational start by May 2027.
- Expansion includes adding 40 lakh kg capacity (10 lakh kg aluminum, 30 lakh kg steel scaffolding).
- Plans to commercialize aluminum formwork by December 2026, with capacity ramp-up expected to take 6 months after startup.
2 more points from Msafe Equipments's call on capex
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FundraisingQ1 FY27 call
See what Msafe Equipments said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company has received large orders from PSUs, including orders exceeding ₹1 crore.
- They are capable of handling large orders (~₹5 crore), which smaller competitors cannot.
- The formwork business is new, with initial traction expected once the facility starts production (target December 2026).
- Management is building their order book for formwork as marketing efforts have begun.
2 more points from Msafe Equipments's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Non - Ferrous Metals
on management's own guidance
- Hindustan ZincGood growth2
- Dec.Gold MinesGood growth1
- Hindalco Inds.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Non - Ferrous Metals companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Dec.Gold Mines | 20–40% | Up 0–2% | ₹3,217 Cr | — |
| 2 | Hindustan Zinc | 20–40% | Flat | ₹2.14L Cr | 10.4 |
| 3 | Hindalco Inds. | 20–40% | Flat | ₹1.99L Cr | 9.6 |
| 4 | 20–40% | Flat | ₹1.39L Cr | 9.3 | |
| 5 | 20–40% | Flat | ₹57,846 Cr | 8.6 | |
| 6 | Msafe EquipmentsThis stock | 20–40% | Flat | ₹487 Cr | 17.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Non - Ferrous Metals rankingFinancials of Msafe Equipments
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Msafe Equipments
Quarterly Results
Quarter-by-quarter operating performance
Financials of Msafe Equipments
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales + | 6 | 16 | 27 | 48 | 71 | 104 |
| Expenses + | 4 | 11 | 20 | 32 | 45 | 63 |
| Operating Profit | 1 | 4 | 7 | 16 | 26 | 41 |
| OPM % | 22% | 27% | 24% | 33% | 37% | 39% |
| Other Income + | 1 | 1 | 3 | -0 | 0 | 1 |
| Interest | 1 | 1 | 1 | 2 | 3 | 3 |
| Depreciation | 1 | 2 | 3 | 5 | 6 | 8 |
| Profit before tax | 0 | 3 | 5 | 9 | 17 | 30 |
| Tax % | 25% | 26% | 27% | 25% | 25% | 25% |
| Net Profit + | 0 | 2 | 4 | 7 | 13 | 22 |
| EPS in Rs | 300.00 | 2,090.00 | 36.10 | 65.50 | 130.10 | 10.99 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Msafe Equipments
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 1 | 1 | 1 | 20 |
| Reserves | 0 | 2 | 5 | 12 | 25 | 78 |
| Borrowings + | 9 | 11 | 20 | 26 | 33 | 39 |
| Other Liabilities + | 2 | 7 | 7 | 10 | 15 | 12 |
| Total Liabilities | 11 | 20 | 34 | 48 | 74 | 149 |
| Fixed Assets + | 7 | 13 | 22 | 27 | 39 | 49 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 1 | 1 | 0 | 0 |
| Other Assets + | 4 | 7 | 11 | 21 | 34 | 100 |
| Total Assets | 11 | 20 | 34 | 48 | 74 | 149 |
Financials of Msafe Equipments
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 5 | 6 | 14 | 12 | ||
| Cash from Investing Activity + | -13 | -10 | -18 | -63 | ||
| Cash from Financing Activity + | 9 | 3 | 4 | 52 | ||
| Net Cash Flow | 0 | 0 | 0 | -0 | ||
| Free Cash Flow | -8 | -3 | -4 | -9 | ||
| CFO/OP | 80% | 50% | 64% | 54% |
Financials of Msafe Equipments
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 142 | 118 | 96 | 90 | 83 | 83 |
| 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 |
| ROCE % | 35% | 32% | 35% | 42% | 34% |
Guidance history
How Msafe Equipments's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 40%+ | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Msafe Equipments's management said in earlier quarters
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