Msafe Equipments IPO

Incorporated in 2019, Msafe Equipments is a manufacturer, distributor and lessor of access and height safety equipment, which is primarily used to facilitate safe working at heights. Construction, maintenance, installation, repair and infrastructure projects are the main areas where the company's aluminium and MS scaffoldings, aluminium ladders and FRP ladders are used.

The company runs three factories in Greater Noida, UP. Unit I has a ladder capacity of 720,000 kg per annum and is at 79.85% utilisation in H1 FY26. Unit II has an aluminium scaffolding capacity of 792,000 kg per annum with 85.15% capacity utilisation. Unit III started in May 2025, has an MS scaffolding capacity of 32,85,000 kg per annum and is at 80.62% utilisation. The company is going to build a new manufacturing plant in Mathura, UP, the cost of which has been estimated at 3,702.22 lakhs. After the completion of the project, the total installed capacity for MS scaffolding will be 62,85,000 kg per annum, and for aluminium scaffolding and ladders, 25,12,000 kg per annum.

The company adopts a composite revenue model of product sales and rentals. Rentals continue to be a major share of the revenue, 43.07% in H1FY26 and 51.65% in FY25. In FY25, it reached more than 2,500 customers through both channels. The company in FY25 sold its products in 22 states and 3 UTs, with Maharashtra accounting for 30.92% of revenue, Karnataka at 12.71%, and Tamil Nadu at 8.03% being the major markets. Besides that, it exports to the UAE, Nigeria, and the Maldives, which account for 2.23% of the revenue in FY25.