NSE: SAFARI · BSE: 523025
SAFARI IND (INDIA) LTD
Makes and sells luggage, backpacks and travel bags under the Safari brand, operating as a single-segment luggage business. FY26 consolidated revenue stood at Rs 2,047 crore with profit after tax of Rs 167.76 crore and an EBITDA margin of about 14.4%. The company sits in the consumer durables space with a basic industry classification of plastic products - consumer, and reports through two wholly owned subsidiaries alongside the parent. Materials form the largest input cost at 31.2% of revenue, with other operating expenses at 26.9%, employee costs at 7.0% and depreciation at 3.4%. Capital expenditure ran at 3.4% of revenue in FY26. Operating cash flow swung to a positive Rs 173.4 crore in FY26 from negative Rs 13.1 crore in FY25. The brand is reachable through its website safaribags.com. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Luggage and bags (100%). Single-segment branded luggage and bags, consumer durables with materials-heavy input costs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 706 | 1,212 | 1,550 | 1,772 | 2,047 |
| EBITDA (ex other income) | 46 | 197 | 278 | 225 | 271 |
| margin % | 6.5 | 16.2 | 17.9 | 12.7 | 13.2 |
| Owners' profit | 22 | 0 | 175 | 141 | 0 |
| EPS, as reported (₹) | 9.99 | 52.76 | 36.90 | 29.24 | 34.27 |
| ROE % · ROCE % | 7.4 · 10.3 | 29.4 · 34.4 | 21.3 · 26.2 | 15.0 · 18.6 | 15.1 · 18.6 |
| Debt / equity (x) | 0.04 | 0.14 | 0.05 | 0.02 | 0.00 |
| Cash from operations | 16 | 51 | 217 | 57 | 173 |
| Capex | (44) | (50) | (111) | (145) | (70) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 458 | 443 | 421 | 528 | 534 | 512 | 473 | 589 |
| Profit before tax | 38 | 41 | 49 | 65 | 60 | 42 | 49 | 61 |
| Net profit | 30 | 31 | 38 | 50 | 47 | 33 | 37 | 48 |
| EPS (₹) | 6.07 | 6.37 | 7.69 | 10.33 | 9.58 | 6.72 | 7.65 | 9.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SHAILY ENG PLASTICS LTD | 14,168 | 80.1 | 19.77 | 49.8 | 23.7 | 28.3 | — | 29.7 |
| SAFARI IND (INDIA) LTD ◆ | 6,046 | 36.6 | 5.42 | 20.4 | 15.1 | 17.9 | 44.2 | 14.0 |
| VIP INDUSTRIES LTD | 3,656 | — | 12.63 | — | (116.8) | (59.1) | 24.6 | (1.2) |
| NILKAMAL LIMITED | 2,516 | 18.0 | 1.59 | 8.2 | 7.4 | 7.3 | 12.5 | 9.7 |
| BAI-KAKAJI POLYMERS LIMITED | 578 | 33.3 | — | — | — | 19.3 | — | — |
| PRIMA PLASTICS LTD. | 133 | 6.7 | 0.69 | 4.5 | 11.0 | 10.4 | 6.1 | 21.3 |
| AVRO INDIA LIMITED | 72 | 2.0 | 0.80 | 7.0 | 5.1 | 6.5 | — | 8.5 |
| NIRAJ ISPAT IND LTD | 13 | 8.7 | 0.83 | — | 10.2 | 10.8 | — | 50.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.6 | 13.4 | 7 of 8 | 14% |
| P/B | 5.4 | 1.6 | 5 of 7 | 33% |
| ROCE | 17.9 | 8.9 | 3 of 10 | 78% |
| ROE | 15.1 | 8.8 | 2 of 8 | 86% |
| Debt / Equity | 0.0 | 0.2 | 1 of 8 | 86% |
| EBITDA margin | 14.0 | 17.7 | 5 of 8 | 43% |
| Revenue growth | 11.5 | (6.8) | 3 of 9 | 75% |
| Profit growth | (5.4) | (5.5) | 4 of 8 | 57% |
| Market cap | 6046 | 578 | 2 of 9 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) Depository Certificate filed for Sep 2026 quarter | compliance | minimal | — | — |
| 7 Oct 2026 · Analyst meeting intimation with HDFC AMC on 12 Oct 2026 | board shareholder meetings | low | — | — |
| 6 Oct 2026 · CRISIL reaffirms Safari Industries credit ratings | credit debt | medium | — | — |
| 1 Oct 2026 · SEBI special window for physical share transfer extended to Feb 2027 | compliance | minimal | — | — |
| 1 Oct 2026 · Allotment of 1,130 equity shares under ESAR Scheme 2022 | capital market events | low | — | — |
| 30 Sept 2026 · Trading Window Closure from October 1, 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · Physical shareholders asked to update KYC for dividend release | compliance | minimal | — | — |
| 6 Aug 2026 · AGM 2026 results: All 5 resolutions passed; Rs 2 dividend declared | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Safari publishes Q1 FY27 unaudited results in newspapers | compliance | minimal | — | — |
| 5 Aug 2026 · Safari Industries publishes Q1FY27 unaudited results in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.