Msafe Equipments is India’s only fully integrated scaffolding platform - it designs, makes, sells, and rents the temporary steel and aluminum structures that wrap around buildings, bridges, and factories during construction or maintenance. Born roughly two decades ago as a safety-equipment provider and now run as a family-governed public company out of Delhi, it has evolved into what management calls an “integrated structural equipment solutions company,” most recently adding aluminum formwork (the moulds used to cast concrete walls and floors) in FY26. The recurring logic across every move is owning the entire chain - from factory floor to the mud at a project site - with no dealers in between, which the company believes is what protects quality, keeps assets earning, and makes customers stay. # Business segments Two engines at different stages - a scaffolding rental-and-sale cash cow built on a pan-India warehouse network, and a formwork bet that extends the same asset-backed rental playbook into concrete construction - each feeding the other’s customer base. ## 1. Scaffolding & access solutions: the group’s cash-flow engine **A manufacturer that also rents its own equipment directly to contractors, earning recurring fees on assets that pay for themselves in under two years - and it does this from 21 warehouses that make it one of the few national players in a fragmented market.** - **Rental is the annuity** - the company first buys or builds the scaffolding, then rents it to project sites, collecting a monthly fee. Rental contributed 43% of FY26 revenue, and because a typical steel set earns 32-38% a year while an aluminum set earns 60-66%, the original investment is recovered in 1 to 1.5 years, after which the asset keeps generating cash. - **Sale fills the other half** - about 47% of revenue comes from outright product sales, with the split between rental and sale running roughly 50-50 for both aluminum and steel lines. Large contractors like L&T often buy part of their requirement and rent the rest, so the two models feed each other. - **Three factories, running hot** - the company operates three manufacturing units and recently doubled its mild-steel capacity to about 6,285 tonnes in just two months, ahead of a one-year plan; the factory is now running at full capacity, sometimes 24 hours a day. Overall capacity utilization sits above 80%. - **Customers rent because it is cheaper and safer** - scaffolding is bulky and expensive to store or move between far-flung sites, and renting costs only 0.5-1% of a project’s total budget, which contractors can bill directly to the client. Organized players also carry brand assurance and spare-part availability, which matters when a system involves nearly 40 components. ## 2. Aluminum formwork: the concrete-construction bet **A newly launched division that applies the same make-and-rent model to the reusable metal moulds used for casting high-rise walls and slabs - early days, but built on the same customer relationships and asset-return logic.** - **Faster floors, more reuses** - aluminum formwork lets builders cast an entire floor - walls, slabs, columns, beams - in a single pour every 5 to 7 days, and the moulds can be reused 150 to over 250 times, which cuts labour and plastering costs while delivering stronger monolithic structures. - **Rented factory, hired expertise** - to move fast, the division started production in a rented facility with a planned capacity of 500 tonnes per year, and brought in a business head with over 19 years of formwork experience from Doka, Knest, BSL, and VCL Group. - **Rental is the ambition, sale is the start** - formwork will be offered for both sale and rental, though management notes that renting formwork is still rare in India, with only one or two players doing it today, and they will explore the possibility of renting it out. # Group structure and partners **A promoter-led, family-run company where the people who own it also run collections, sales, and the shop floor - and where the next generation is already in operating roles.** - Pradeep Aggarwal, Chairman & Managing Director, brings over 32 years of business and operations experience and is actively involved in strategic decisions and even receivables collection, with a family member heading the collections department. - Ajay Kumar Kanoi, Whole Time Director, has over 36 years in sales and business development, while Rushil Agarwal, Whole Time Director, oversees production and operational controls with over five years of experience. - The senior leadership spans a CFO, a CEO, an infra sales head, an operations manager, and dedicated business heads for the steel-scaffolding, MRO-and-ladder, and formwork divisions, alongside an IT head and a company secretary.