Annual Report for the Financial Year 2025-26.

Ref No: MSAFE/SE/2026-27/40 Date: 18.08.2026 BSE Limited, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400001 BSE Scrip Code: 544695 Subject: Notice of 07th AGM and Annual Report for the Financial Year 2025-26 Dear Sir/Ma’am, This is to inform that the 07th Annual General Meeting (AGM) of the Members of the Company will be held on Thursday, 10 September 2026 at 11.30 A.M. (IST) through Video Conferencing (VC)/ Other Audio-Visual Means (OAVM), pursuant to the Circulars issued by the Ministry of Corporate Affairs (‘MCA’), from time to time. In view of the above and in compliance with Regulation 34(1)(a) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), please find attached the Annual Report for FY 2025-26 comprising of Notice of the AGM, Board's Report and its annexures, the Standalone and Consolidated Financial Statements along with Auditors’ Report(s) and other document(s) required to be attached thereto for FY 2025-26. The Annual Report including Notice of the AGM is also available on the Company's website at www.msafegroup.com. This is for your kind information and record please. Thanking You For Msafe Equipments Limited Renuka Uniyal Company Secretary & Compliance Officer M No. A71663 MSAFE EQUIPMENTS LIMITED (FORMERLY KNOWN AS MSAFE EQUIPMENTS PRIVATE LIMITED) CIN: L29309DL2019PLC353936 Registered Office: F-311, 3rd Floor, Aditya Arcad, Plot No. 30, Community Center, Preet Vihar, New Delhi-110092 Phone No. 9859857500, Email Id: info@msafegroup.com Innovating Safety. Building Recurring Growth. Annual Report 2025-2026 Index Table of Content Corporate Key Leadership Information Message 12 15 Major Manufacturing Milestones Infrastructure 20 24 Key Financial Board of Highlights Directors 30 35 Management Director’s Discussion & Analysis Report 49 80 Financial Notice to Statements AGM Page 02 www.msafegroup.com Msafe Equipments Limited Company Overview Corporate Information Board of Directors Committees Mr. Pradeep Aggarwal Audit Committee (w.e.f 26.08.2025) Chairman & Managing Director Mr. Vaibhav Mandhana - Chairman Mr. Ajay Kumar Kanoi, Mr. Manish Kankani - Member Whole Time Director Mr. Pradeep Aggarwal - Member Mr. Rushil Agarwal, Whole Time Director Nomination & Remuneration Mrs. Rajani Ajay Kanoi, Committee (w.e.f 26.08.2025) Director (Non-Executive) Mr. Vaibhav Mandhan - Chairman Mr. Manish Kankani, Mr. Manish Kankani - Member Independent Director Mrs. Rajani Ajay Kanoi - Member Mr. Vaibhav Mandhana, Independent Director Stakeholders Relationship Committee (w.e.f. 26.08.2025) Mr. Vaibhav Mandhana - Chairperson Chief Financial Officer Mr. Rushil Agarwal - Member Mr. Ajay Kumar Kanoi - Member Mr. Sombir (w.e.f. 23.07.2025) Registered Office: Company Secretary & Compliance Officer C-186, Vivek Vihar Phase-1, Jhilmil, East Delhi-110092 Mrs. Renuka Uniyal (w.e.f. 23.08.2025) Tel: +91-9205050964/ 9859857500 Email: cs@msafegrup.com Chief Executive Officer CIN- L29309DL2019PLC353936 Mr. Hitender (w.e.f. 20.03.2026) Registrar & Transfer Agent: Auditors Maashitla Securities Private Limited 451, Krishna Apra Business Square, Netaji Statutory Auditor Subhash Place, V.K. Kila & Co., Chartered Accountants Pitampura, New Delhi-110034 Tel: +91-11-45121795-96 Internal Auditor Email: compliance@maashitla.com R.A. Kila & Co, Chartered Accountants Website: https://maashitla.com/ Secretarial Auditor Ajai Kumar & Associates, Practicing Company Secretary Bankers Cost Auditor ICICI Bank Limited Chittora & Co. Cost Accountants HDFC Bank Limited Page 03 www.msafegroup.com Msafe Equipments Limited Reporting suite Reporting Suite Board’s Welcome Address Reporting Period We are delighted to present the Msafe 1st April 2025 to 31st March 2026 Equipments Limited Annual Report for FY2025-26 Unless otherwise stated, all financial, operational FY2025–26 marked a transformative year in the and non-financial information contained in this Company's journey. Following a successful public report relates to this reporting period. listing, Msafe strengthened its position as one of India's leading scaffolding and access solutions providers through disciplined execution, capacity Reporting Framework expansion, product diversification, and continued investments in its rental-led business model. This Annual Report has been prepared in accordance with applicable provisions of: The Company delivered another year of robust • Companies Act, 2013 financial performance while expanding its • Indian Accounting Standards (Ind AS) manufacturing capabilities, enhancing operational • SEBI (Listing Obligations and Disclosure efficiencies, and entering the aluminium formwork Requirements) Regulations, 2015 segment, laying the foundation for its next phase • Applicable Secretarial Standards issued by the of sustainable growth. Throughout the year, our Institute of Company Secretaries of India commitment remained focused on safety, • Other applicable statutory and regulatory innovation, customer satisfaction, and responsible requirements value creation for all stakeholders. The report has been prepared using the principles of transparency, materiality, consistency, completeness and reliability. About This Report This Annual Report provides a comprehensive Forward-Looking Statement overview of Msafe Equipments Limited's financial, operational, strategic, and governance Certain statements contained in this report performance for the financial year ended March describe the Company's expectations regarding 31, 2026. future performance, business outlook, growth The report presents the Company's business strategy, expansion plans and market model, market opportunity, operational opportunities. These statements are based on achievements, financial performance, corporate management's current expectations and governance framework, sustainability initiatives, assumptions and are subject to risks and and future growth strategy. It reflects our uncertainties that may cause actual results to commitment to transparency, accountability, and differ materially from those expressed or implied. long-term stakeholder value creation. Page 04 www.msafegroup.com Msafe Equipments Limited Company Overview Company Overview Engineering Safer Access. Enabling India's Infrastructure Growth. 3 Aluminium & Manufacturing Facilities MS Steel 2,500+ Scaffolding Customers Products 21 Rental + Sale Warehouses Model 115 Lakhs Kg 78 Lakhs Kg Manufacturing Capacity Post Expansion Existing Manufacturing Capacity Msafe Equipments Limited is one of India's emerging manufacturers and rental solution providers of scaffolding and access equipment, serving the construction, infrastructure, industrial maintenance, manufacturing, and commercial sectors. The Company delivers safe, reliable, and high-performance access solutions through an integrated business model encompassing product design, manufacturing, sales, and rental services. Corporate office in Noida with manufacturing operations in Greater Noida, Uttar Pradesh, Msafe has established a strong pan-India presence supported by three manufacturing facilities, 21 strategically located warehouses, and a diversified customer base of over 2,500 customers. This nationwide footprint enables faster product availability, efficient logistics, and superior customer service across key industrial and infrastructure hubs. Page 05 www.msafegroup.com Msafe Equipments Limited Company Overview The Company's portfolio includes Aluminium Scaffolding Systems, Mild Steel Scaffolding, FRP Ladders, and the recently introduced Aluminium Formwork Solutions, addressing a broad spectrum of height-access and structural support requirements. Complementing its manufacturing capabilities is an asset-backed rental business that generates recurring revenue, enhances asset utilisation, and provides customers with flexible, project-based access solutions. FY2025–26 marked a transformational year for Msafe following its success [Showing first 8,000 characters — download PDF for full document]