Safari Industries (India) Ltd logo

Safari Industries (India) Ltd

SAFARI NSE

Key Fundamentals

MicrocapPlastic ProductsConsumer Goods
Market Cap
₹7,318 Cr
Volatility
Moderate
P/E Ratio
44.05
EBITDA
₹296 Cr
Return on Equity
15.05%
Debt to Equity
0.1
Book Value
₹227.5
EPS
₹34.92
52W High
₹2,507.1
52W Low
₹1,363.1

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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29 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company's median sales growth is 24.4% of last 10 years

Growth Rate

Revenue Growth
15.10% ↘
Net Income Growth
17.51% ↘
Cash Flow Change
202.44% ↗
ROE
0.47% ↘
ROCE
-0.05% ↘
EBITDA Margin (Avg.)
1.35% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 18d ago
AI opinion · based on fundamentals
Risk high

Safari Industries is a mid-cap Indian luggage company with a market cap of ₹7,756 crore, trading at a PE of 45.7x. The company delivered FY26 revenue of ₹2,047 crore (16% YoY growth) and has compounded sales at 22% CAGR over 10 years, though profit growth has moderated to 19% TTM and EBITDA margins compressed to ~12.7% in FY25 before recovering to 15% in Q1FY26.

Bull Case 8
  • Strong long-term revenue compounder with 10-year sales CAGR of 22% and median sales growth of 24.4% over last 10 years
  • FY26 annual revenue crossed ₹2,047 crore mark, growing 15.6% YoY from ₹1,772 crore in FY25, demonstrating continued scale-up
  • Market share gains from peers — Safari posted 22% YoY volume growth in Q3FY25 vs VIP's 13%, consistently outpacing the largest player
  • EBITDA margin recovered to 15% in Q1FY26 from 12.7% in FY25, aided by operating leverage from new Jaipur facility with 6.5 lakh pieces per month capacity
  • India's luggage market projected to grow at 12% CAGR to ₹267 billion by 2028, providing secular tailwind from rising travel and wedding demand
  • 5-year compounded profit growth of 59% demonstrates strong earnings leverage when operating conditions are favourable
  • Gross margin expanded with Q3FY26 reaching 49.3% aided by operating leverage benefits from in-house manufacturing at the Jaipur facility
  • New brand Urban Jungle launched to capture the casual premium segment, opening an additional growth vector beyond core Safari brand
Bear Case 8
  • PE of 45.7x is expensive for a consumer goods company whose TTM profit growth is only 19%, implying the stock prices in significant future growth
  • Stock has declined 25% over the past 1 year, significantly underperforming, with 3-year stock CAGR of just 2% despite 19% sales CAGR in same period
  • EBITDA margin compressed sharply to 11.4% in Q1FY25 (down 535bps YoY) and full-year FY25 margin fell to 12.7% from 17.9% in FY24, showing margin vulnerability
  • Q4FY26 net profit was flat at ₹37.47 crore vs ₹37.6 crore YoY, indicating profit growth stalling even as revenue grew
  • ROE has declined from a 5-year average of 20% to 16% in the last year, suggesting diminishing return on capital deployed
  • Highly competitive oligopolistic market with Samsonite (8% share), VIP (6%), and Safari (6%) all fighting for the same organised market pool
  • Dividend yield of just 0.26% offers negligible income return, meaning returns depend entirely on capital appreciation
  • PBV ratio of 6.88x leaves limited margin of safety if growth slows further or margins remain under pressure

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 15d ago
Positives 1
  • Strong FY26 revenue growth Jul 10

    Consolidated revenue from operations rose to ₹2,047.02 Crore in FY2025-26, with Profit After Tax at ₹167.76 Crore. 46th AGM scheduled for August 4, 2026.

Neutral 1
  • New VP Finance appointed Jul 17

    Safari Industries appointed Aditya Bhargava as VP Finance & Accounts effective July 17, 2026, strengthening the leadership team.

TL;DR: Safari Industries delivered solid FY26 results with revenue crossing ₹2,000 Crore and healthy profitability at ₹167.76 Crore PAT. No visible headwinds in recent news flow. The leadership addition in finance signals operational maturity. Trend appears stable with growth intact heading into FY27.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
427
370
388
365
450
458
443
421
528
534
512
473
589
Expenses
348
307
320
299
384
410
392
360
449
460
457
411
513
Operating Profit
79
63
68
67
66
48
50
61
79
74
56
62
75
OPM %
19%
17%
18%
18%
15%
10%
11%
14%
15%
14%
11%
13%
13%
Other Income
2
3
4
5
8
7
7
6
6
6
6
7
7
Interest
3
2
2
2
2
2
2
2
2
2
2
2
3
Depreciation
13
12
13
14
14
15
15
15
17
18
18
18
19
PBT
66
52
57
56
58
38
41
49
65
60
42
49
61
Tax %
24%
23%
24%
23%
23%
22%
24%
24%
23%
22%
21%
24%
22%
Net Profit
50
40
43
43
44
30
31
38
50
47
33
37
48
EPS in Rs
10.54
8.35
9.02
8.86
9.11
6.07
6.37
7.69
10.33
9.58
6.71
7.65
9.75
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
211
271
344
419
578
686
328
705
1,212
1,550
1,772
2,047
2,108
Expenses
198
252
319
377
525
614
334
649
1,015
1,273
1,546
1,776
1,841
Operating Profit
12
19
24
42
53
72
-6
56
197
278
225
271
267
OPM %
6%
7%
7%
10%
9%
11%
-1.7%
8%
16%
18%
13%
13%
13%
Other Income
-1
1
0
1
1
1
3
-2
9
14
28
24
26
Interest
3
3
4
3
4
10
6
5
8
10
9
9
9
Depreciation
3
4
5
6
8
22
20
20
33
52
59
71
72
PBT
6
12
16
34
41
40
-29
29
165
230
186
216
212
Tax %
27%
35%
34%
36%
34%
24%
-28%
23%
24%
24%
23%
22%
—
Net Profit
4
8
10
22
27
31
-21
22
125
176
143
168
165
EPS in Rs
1.06
1.87
2.45
4.84
6.09
6.86
-4.67
4.99
26.39
36.05
29.21
34.24
33.69
Div. Payout %
9%
6%
8%
5%
4%
0%
0%
8%
7%
11%
10%
12%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4
4
4
4
4
4
4
4
5
10
10
10
Reserves
72
87
97
168
196
226
275
297
421
814
944
1,105
Borrowings
33
58
42
55
104
114
41
56
139
146
125
117
Other Liabilities
20
27
55
47
81
71
77
112
182
173
238
211
Total Liabilities
130
177
198
275
386
416
397
469
747
1,143
1,316
1,442
Fixed Assets
12
24
23
32
29
79
67
96
184
293
414
456
CWIP
0
0
1
0
0
0
0
20
0
1
12
1
Investments
0
0
0
0
0
0
0
0
0
149
3
13
Other Assets
117
152
174
243
357
336
330
353
563
700
887
972
Total Assets
130
177
198
275
386
416
397
469
747
1,143
1,316
1,442
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-32
-13
24
-48
-38
71
111
16
51
217
57
173
Investing
-3
-15
-6
-13
-7
-21
-98
-4
-70
-345
-10
-103
Financing
36
29
-20
59
45
-50
-10
-14
20
164
-75
-73
Net Cash Flow
1
1
-2
-2
0
1
3
-2
1
36
-27
-3
Free Cash Flow
-36
-29
19
-62
-47
50
103
-27
3
106
-88
105
CFO/OP
-244
-50
120
-87
-41
117
-1,991
32
44
98
43
82
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
70
73
62
85
89
78
101
59
51
39
50
47
Inventory Days
174
180
172
199
206
155
223
123
144
124
138
116
Days Payable
40
42
87
68
76
59
138
84
90
70
79
59
Cash Conversion Cycle
204
211
147
217
219
174
185
98
105
93
109
103
Working Capital Days
90
75
76
118
102
88
136
72
65
53
74
68
ROCE %
12%
12%
14%
20%
17%
16%
-7%
13%
37%
31%
19%
19%

Shareholding Pattern

As of Jun 2026
Promoters 44.70%
DIIs 28.26%
FIIs 10.56%
Public 9.70%
Others 6.79%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Aug 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Feb 2024Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
55.27%
50.36%
49.90%
49.89%
50.02%
50.01%
47.24%
47.24%
47.23%
47.23%
47.23%
46.97%
46.88%
45.73%
45.73%
45.73%
45.42%
45.41%
45.41%
45.41%
44.91%
44.70%
44.70%
44.70%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
13.44%
0.00%
13.14%
12.69%
12.24%
12.26%
13.25%
13.05%
12.30%
12.32%
10.81%
10.56%
DIIs
1.63%
1.97%
1.97%
2.98%
3.07%
4.15%
4.01%
12.20%
12.02%
12.61%
17.00%
17.51%
16.76%
14.54%
20.52%
21.82%
22.88%
23.96%
23.71%
24.68%
26.11%
26.57%
28.30%
28.26%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
18.91%
23.49%
23.25%
21.40%
21.42%
21.10%
20.00%
14.53%
14.04%
13.72%
13.15%
13.13%
13.16%
11.59%
11.30%
10.78%
11.15%
10.28%
9.76%
9.39%
9.31%
9.04%
9.25%
9.70%
Others
24.18%
24.17%
24.89%
25.73%
25.48%
24.74%
28.76%
26.03%
26.71%
26.43%
22.62%
22.39%
9.76%
28.14%
9.31%
8.98%
8.30%
8.09%
7.86%
7.47%
7.38%
7.37%
6.94%
6.79%
No. of Shareholders
12,041
12,176
14,011
14,567
14,346
13,741
14,881
15,581
14,583
15,148
24,023
31,307
41,178
35,341
35,078
32,050
45,148
42,218
38,387
36,080
36,627
35,017
34,886
36,853

Documents

Frequently Asked Questions about Safari Industries (India) Ltd

What does Safari Industries (India) Ltd do?
Safari Industries is in the business of manufacturing and trading of luggage and luggage accessories. There are two broad categories of luggage i.e hard luggage and soft luggage. Hard luggages are mainly made of PolyPropylene (PP) and Polycarbonate (PC) and manufactured in-house by Safari at its ...
Where is Safari Industries (India) Ltd (SAFARI) listed?
Safari Industries (India) Ltd is listed on the Indian stock exchanges. It is listed on NSE: SAFARI and BSE: 523025. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Safari Industries (India) Ltd belong to?
Safari Industries (India) Ltd operates in the Consumer Discretionary sector within the Consumer Durables industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Safari Industries (India) Ltd?
Safari Industries (India) Ltd has a market capitalisation of approximately ₹7318.47 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Safari Industries (India) Ltd?
The Price-to-Earnings (PE) ratio of Safari Industries (India) Ltd is 44.05. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Safari Industries (India) Ltd?
Over the past 52 weeks, Safari Industries (India) Ltd has traded between a low of ₹1,363.1 and a high of ₹2,507.1. This range helps investors understand the stock's price volatility and recent trading levels.
Does Safari Industries (India) Ltd pay dividends?
Yes, Safari Industries (India) Ltd has a dividend yield of 0.27%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Safari Industries (India) Ltd?
Safari Industries (India) Ltd has a Return on Equity (ROE) of 15.05%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Safari Industries (India) Ltd on Tapetide?
On Tapetide, you can view Safari Industries (India) Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Safari Industries is in the business of manufacturing and trading of luggage and luggage accessories. There are two broad categories of luggage i.e hard luggage and soft luggage. Hard luggages are mainly made of PolyPropylene (PP) and Polycarbonate (PC) and manufactured in-house by Safari at its Plant located at Halol, Gujarat. Soft luggages are made of fabrics of various kinds and are mainly imported.[1]

Website safaribags.com
CEO Mr. Sudhir Mohanlal Jatia
Employees 1,059
Listed 2019-09-12
Face Value ₹ 2
Issued Size 4,89,92,279

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