Safari Industries (India) Limited (SAFARI)
₹1,315.10 +0.21% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Safari Industries' revenue was ₹589 Cr (+11.5% year on year, +24.4% on the previous quarter), and net profit ₹47.8 Cr (-5.4% year on year); the operating margin was 12.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹589 | +11.5% | +24.4% |
| Operating profit | ₹75.4 | -4.9% | +21.6% |
| Net profit | ₹47.8 | -5.4% | +29.1% |
| EPS (₹) | 9.75 | -5.6% | +27.5% |
| Operating margin | 12.8% | — | — |
SAFARI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.38% of the SAFARI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.13%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 39.1% · 45.3% · 49.8% · 53.5% · 44.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Safari Industries (India) Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 03-10-2026. It confirms that share certificates received for dematerialisation were duly verified, mutilated, cancelled, and substituted in member records within prescribed timelines. This is a standard quarterly compliance filing with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended 30th September 2026
- Issued by RTA MUFG Intime India Private Limited on 03-10-2026
- Confirms mutilation and cancellation of physical share certificates upon dematerialisation
Safari Industries (India) Limited received reaffirmation of its credit ratings from CRISIL Ratings Limited for bank loan facilities totaling Rs 150 Crore. The long-term facilities of Rs 110.68 Crore (plus fungible limits) were reaffirmed at 'CRISIL AA-/Stable', while the short-term facility of Rs 39.32 Crore was reaffirmed at 'CRISIL A1+'. The rated facilities represent approximately 14.7% of the company's net worth of Rs 1,019 Crore and compare to total debt of Rs 115 Crore. The reaffirmed ratings reflect continued stability in Safari's financial profile.
- CRISIL reaffirmed long-term rating at CRISIL AA-/Stable and short-term rating at CRISIL A1+
- Total bank loan facilities rated stand at Rs 150 Crore
- Fund-based facilities rated total Rs 110.68 Crore across IndusInd Bank (Rs 25 Cr), HDFC Bank (Rs 33.6 Cr), Axis Bank (Rs 11.98 Cr), and ICICI Bank (Rs 40.1 Cr)
- Non-fund based limit rated is Rs 39.32 Crore with Axis Bank
- Rating letter validity remains effective till March 31, 2027
Safari Industries (India) Limited has approved the allotment of 1,130 equity shares of face value Rs 2 each via circular resolution on October 1, 2026. The shares were allotted upon the exercise of vested Employee Stock Appreciation Rights (ESARs) under the Safari Employees Stock Appreciation Rights Scheme 2022. Following the allotment, the company's paid-up equity share capital increases marginally from Rs 9,79,94,612 to Rs 9,79,96,872. The dilution is negligible relative to the overall market cap of Rs 6,879 crore.
- Allotment of 1,130 equity shares of face value Rs 2 each
- Shares issued under Safari Employees Stock Appreciation Rights Scheme 2022
- Paid-up equity share capital increased from Rs 9,79,94,612 to Rs 9,79,96,872
- Allotment approved via circular resolution on October 1, 2026
Safari Industries has issued an intimation to shareholders holding physical securities to update their PAN, KYC details, bank details, and nominations per SEBI master circular mandates. As per regulatory rules, the final dividend of Rs 2.00 per share declared for FY2025-26 will remain withheld for physical holders until KYC details are fully updated with the RTA, MUFG Intime India. The record date for the final dividend entitlement was 17th July 2026. This is a standard statutory compliance filing with zero material financial impact on company earnings.
- Final dividend of Rs 2.00 per share for FY2025-26 is being withheld for physical shareholders pending KYC completion
- Record date for the FY2025-26 dividend was 17th July 2026
- Compliance notice issued pursuant to SEBI Master Circular dated 6th February 2026
- Physical shareholders urged to update records with RTA MUFG Intime India Private Limited
Safari Industries' shareholders approved all five resolutions at the 46th Annual General Meeting held on August 4, 2026. Key approvals include the adoption of FY26 financial statements and a final dividend of ₹2 per share (100% of face value). The dividend payout totals approximately ₹9.8 crore, representing about 5.8% of the TTM PAT of ₹167 crore. While all resolutions passed, the re-appointment of Independent Director Sridhar Balakrishnan saw a notable 15.2% dissent from institutional voters.
- Final dividend of ₹2 per equity share (100% of face value) approved for the financial year ended March 31, 2026.
- Total of 38,536,195 votes were polled, representing 78.65% of the total 48,995,551 shares held.
- Resolution 4 (Independent Director re-appointment) passed with 93.82% total votes in favor, despite 2,379,368 institutional votes against.
- Promoter group holding 21,900,000 shares voted 100% in favor of all five resolutions.
- The company maintained a high participation rate with 82.09% of institutional shares being voted.
Safari Industries concluded its 46th Annual General Meeting on August 4, 2026, where shareholders approved all proposed resolutions. Key outcomes include the adoption of FY26 financial statements and the declaration of a final dividend of ₹2 per equity share (100% of face value). The meeting also confirmed the re-appointment of Mr. Piyush Goenka as Director and two Independent Directors, Mr. Sridhar Balakrishnan and Mr. Aseem Dhru. A total of 44 shareholders attended the virtual meeting out of 37,362 eligible members.
- Approved a final dividend of ₹2 per equity share for the financial year ended March 31, 2026
- Total of 37,362 shareholders were eligible for e-voting as of the July 29, 2026, cut-off date
- Re-appointed two Independent Directors, Mr. Sridhar Balakrishnan and Mr. Aseem Dhru, via special resolutions
- The meeting was attended by 44 shareholders through Video Conferencing/OAVM
- Adopted Audited Standalone and Consolidated Financial Statements for FY26
Safari Industries reported a consolidated revenue of ₹588.58 Cr for Q1 FY27, marking an 11.5% increase from ₹527.83 Cr in the year-ago period. Despite the topline growth, consolidated net profit declined by 5.4% YoY to ₹47.75 Cr, impacted by a 13.8% rise in other expenses and higher depreciation. The company also strengthened its leadership by appointing Aditya Bhargava, formerly CFO of Badshah Masala (Dabur), as the new Chief Financial Officer effective August 4, 2026.
- Consolidated Revenue increased 11.5% YoY to ₹588.58 Cr for the quarter ended June 30, 2026.
- Net Profit for the quarter stood at ₹47.75 Cr, a decline of 5.4% compared to ₹50.49 Cr in Q1 FY26.
- Other expenses rose to ₹149.13 Cr from ₹130.99 Cr YoY, contributing to margin pressure.
- New CFO Aditya Bhargava brings 22+ years of experience from major firms including Dabur, PepsiCo, and Gillette.
- Earnings per share (EPS) for the quarter decreased to ₹9.75 from ₹10.33 YoY.
Safari Industries reported a consolidated revenue of ₹588.58 Cr for Q1 FY27, marking an 11.5% YoY increase and a strong 24.4% sequential recovery from Q4 FY26. However, consolidated net profit declined 5.4% YoY to ₹47.75 Cr, impacted by a 13.8% rise in other expenses and higher depreciation. The company also announced the appointment of Aditya Bhargava, a former Dabur/PepsiCo executive with 22 years of experience, as the new CFO. While topline growth remains healthy, margins are under pressure compared to the previous year's high base.
- Consolidated Revenue from operations grew 11.5% YoY to ₹588.58 Cr from ₹527.83 Cr.
- Consolidated Net Profit declined by 5.4% YoY to ₹47.75 Cr compared to ₹50.49 Cr in Q1 FY26.
- Other expenses increased to ₹149.13 Cr from ₹130.99 Cr YoY, representing 25.3% of revenue.
- Sequential revenue growth was robust at 24.4% compared to the ₹473.30 Cr reported in Q4 FY26.
- New CFO Aditya Bhargava appointed effective August 4, 2026, bringing 22 years of finance and procurement experience.
Safari Industries (India) Limited has allotted 1,755 equity shares of face value Rs 2 each following the exercise of Employee Stock Appreciation Rights (ESAR). This allotment is part of the Safari Employees Stock Appreciation Rights Scheme 2022. The total paid-up capital will increase marginally from Rs 9,79,91,102 to Rs 9,79,94,612. Given the company's market capitalization of Rs 7,628 crore, this dilution is mathematically insignificant and will not impact financial metrics.
- Allotment of 1,755 equity shares of face value Rs 2 each to an ESAR Grantee.
- Total paid-up equity share capital increased to Rs 9,79,94,612.
- Allotment made under the Safari Employees Stock Appreciation Rights Scheme 2022.
- The increase in paid-up capital amounts to only Rs 3,510.
Safari Industries (India) Limited has allotted 1,755 equity shares of face value Rs 2 each to an employee under its 2022 Stock Appreciation Rights (ESAR) scheme. This allotment increases the company's paid-up equity capital from Rs 9,79,91,102 to Rs 9,79,94,612. The resulting equity dilution is negligible at approximately 0.0036% of the total share capital. This is a routine administrative action to fulfill employee incentive obligations.
- Allotment of 1,755 equity shares of face value Rs 2 each to an ESAR grantee.
- Total paid-up equity share capital increased to Rs 9,79,94,612.
- The allotment follows the exercise of vested rights under the Safari Employees Stock Appreciation Rights Scheme 2022.
- The dilution impact is extremely minimal, representing less than 0.01% of the total equity base.
Safari Industries has appointed Mr. Aditya Bhargava as Vice President - Finance & Accounts, effective July 17, 2026. Mr. Bhargava brings over 22 years of experience, having previously served as the CFO for Badshah Masala (a Dabur Enterprise) and SAARC Finance Head for Dabur. This leadership addition comes as the company manages a TTM revenue of ₹2,046 crore and scales operations at its new Jaipur facility. His background in major FMCG firms like PepsiCo and Gillette is expected to strengthen financial oversight and commercial strategy.
- Mr. Aditya Bhargava appointed as VP - Finance & Accounts effective July 17, 2026
- Brings over 22 years of professional experience across Finance, Accounts, and Procurement
- Previously held the role of CFO at Badshah Masala and SAARC Finance Head for Dabur
- Qualified Chartered Accountant with prior experience at PepsiCo India and Gillette India
Safari Industries (India) Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. This is a standard administrative filing required for all listed companies to verify the integrity of the share register. There are no financial or operational changes reported in this filing.
- Compliance certificate issued for the quarter ended 30th June 2026
- Confirmation provided by MUFG Intime India Private Limited (formerly Link Intime)
- Verification that dematerialized securities are listed on the stock exchanges
- Confirms name of depositories substituted in the register of members within timelines
Safari Industries has issued its FY2025-26 Annual Report and scheduled its 46th AGM for August 4, 2026. The company reported a 15.5% YoY increase in consolidated revenue to ₹2,047.02 Cr and a 17.5% rise in PAT to ₹167.76 Cr. A final dividend of ₹2 per share (100%) has been proposed, bringing the total dividend for the year to ₹4 per share. Key management changes include the appointment of a new Company Secretary and the cessation of the CFO effective June 30, 2026.
- Proposed final dividend of ₹2 per share, resulting in a total FY26 dividend payout of ₹19.60 Cr
- Consolidated revenue from operations reached ₹2,047.02 Cr, up from ₹1,771.58 Cr in FY25
- Profit After Tax (PAT) increased to ₹167.76 Cr, representing a net margin of 8.2%
- EBITDA grew to ₹295.57 Cr in FY26 compared to ₹253.47 Cr in the previous fiscal year
- Fixed assets rose to ₹296.19 Cr, reflecting the operationalization of the new Jaipur manufacturing facility
Safari Industries (India) Limited has announced the mandatory closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are officially submitted to the stock exchanges. This is a standard procedural filing and does not indicate any change in business fundamentals.
- Trading window closure effective from Wednesday, July 1, 2026
- Closure pertains to the unaudited financial results for the quarter ended June 30, 2026
- Window to reopen 48 hours after the results are communicated to Stock Exchanges
- Restriction applies to all Designated Persons, including Directors and their immediate relatives
Safari Industries (India) Limited has issued a notice to shareholders regarding the mandatory transfer of equity shares to the Investor Education and Protection Fund (IEPF). This applies to shares where dividends have remained unclaimed or unpaid for seven consecutive years, starting from the financial year 2018-19. Shareholders are required to claim their unpaid dividends by September 13, 2026, to avoid the transfer of their shares. If no claim is made, the company will proceed with the transfer to the IEPF authority on or before October 12, 2026.
- Shares with unclaimed dividends for 7 consecutive years starting from FY 2018-19 are liable for transfer to IEPF.
- The deadline for shareholders to claim unpaid dividends is September 13, 2026.
- The company will transfer liable shares and dividends to the IEPF on or before October 12, 2026.
- Dividends spanning from FY 2018-19 to FY 2025-26 (Interim) are identified as potentially unclaimed for affected folios.
- Claims after the deadline must be made directly to the IEPF Authority via Form IEPF-5.
Financial Performance
Revenue Growth by Segment
Total income grew by 15.54% YoY to INR 1,808.31 Cr in FY25 from INR 1,565.11 Cr in FY24. The hard luggage segment, manufactured in-house using Polypropylene and Polycarbonate, has been a key driver of growth, while the backpack category remains highly competitive and fragmented.
Geographic Revenue Split
Not explicitly disclosed in available documents, though the company is expanding its footprint in the North Indian market through a new manufacturing facility in Jaipur operational from H2FY25.
Profitability Margins
Operating Profit Margin declined to 9.02% in FY25 from 13.64% in FY24. Net Profit Margin also decreased to 6.64% in FY25 compared to 9.97% in FY24, primarily due to increased total expenses which rose to INR 1,656.03 Cr from INR 1,361.33 Cr.
EBITDA Margin
EBITDA margin was 17.9% in FY24 (a 160 bps improvement) and was projected to reach 18.5% for FY25. However, reported operating margins for FY25 showed a decline to 9.02% due to intense competition and higher costs.
Capital Expenditure
The company invested in a new manufacturing plant in Jaipur, Rajasthan, which became operational in H2FY25. This expansion is intended to increase penetration in North India and support future revenue growth from FY26 onwards.
Credit Rating & Borrowing
CRISIL reaffirmed ratings at 'CRISIL AA-/Stable' for long-term and 'CRISIL A1+' for short-term facilities. The company maintains a strong financial risk profile with a low Debt-Equity ratio of 0.12:1 and an Interest Coverage Ratio of 21.52:1 as of March 31, 2025.
Operational Drivers
Raw Materials
Polypropylene (PP), Polycarbonate (PC), and various fabrics. Raw materials account for 55-60% of the total operating cost.
Import Sources
Soft luggage and certain raw materials are primarily imported, making the company vulnerable to global supply chain disruptions and trade policy changes.
Capacity Expansion
Current manufacturing is centered at Halol, Gujarat. A new plant in Jaipur became operational in H2FY25 to enhance production capacity for hard luggage and improve North India distribution.
Raw Material Costs
Raw material costs represent 55-60% of operating expenses. Profitability is highly sensitive to fluctuations in global prices of PP and PC; a sharp increase in these commodities directly compresses operating margins.
Manufacturing Efficiency
The shift toward in-house manufactured hard luggage (PP and PC) has historically supported higher margins compared to traded soft luggage.
Logistics & Distribution
Distribution is handled through hypermarkets, e-commerce, exclusive stores, and CSD. The Jaipur plant is strategically located to optimize logistics costs for the North Indian market.
Strategic Growth
Expected Growth Rate
24%
Growth Strategy
Growth will be driven by the ramp-up of the new Jaipur plant, aggressive investment in the backpack category, and expansion in high-growth channels like E-commerce and Quick-commerce. The company is also moving into the premium segment with brands like Urban Jungle to counter new-age competitors.
Products & Services
Hard luggage (suitcases/trolleys), soft luggage, backpacks (formal, casual, school), and travel accessories.
Brand Portfolio
Safari, Safari Select, Genie, Genius, and Urban Jungle.
New Products/Services
Launched premium offerings under 'Urban Jungle' and 'Safari Select' to target the mass-premium and premium segments and compete with feature-rich new-age brands.
Market Expansion
Focusing on North India through the Jaipur facility and increasing presence in the Quick-commerce channel, which is expected to be a key growth driver.
Market Share & Ranking
Ranked as the 'No. 1 Luggage Brand in India' by revenue for the second consecutive year (Source: Euromonitor).
External Factors
Industry Trends
The industry is shifting toward branded luggage and hard luggage. While E-commerce growth is steady, Quick-commerce is emerging as a new channel. The industry is oligopolistic but faces disruption from new-age brands offering design customization.
Competitive Landscape
Intense competition from legacy players VIP Industries and Samsonite, alongside aggressive new-age digital-first brands.
Competitive Moat
Moat is built on a strong distribution network (8,500+ touchpoints), brand leadership, and a shift toward 100% recyclable in-house manufacturing. These advantages are sustainable but challenged by low switching costs in the value segment.
Macro Economic Sensitivity
Demand is sensitive to macro-economic factors affecting travel and tourism, as well as recessionary trends that impact discretionary spending on luggage.
Consumer Behavior
Increasing consumer preference for branded luggage and a shift toward hard luggage with innovative aesthetics and features.
Geopolitical Risks
Vulnerability to global trade policies and tariffs due to high reliance on imported raw materials and soft luggage products.
Regulatory & Governance
Industry Regulations
Operations must comply with environmental norms regarding waste generation (reduced to 0.62 tonnes/revenue) and plastic recycling standards.
Environmental Compliance
The company is investing in 100% recyclable materials (PP and PC) and has reduced GHG emissions intensity from 0.67 to 0.57 tCO2/revenue between 2022 and 2023.
Taxation Policy Impact
Not explicitly detailed, but PAT was INR 117.53 Cr on a PBT of approximately INR 152.28 Cr (implied from total income minus expenses).
Legal Contingencies
The company reported a 100% investor complaint redressal rate; no specific pending high-value court cases were detailed in the provided documents.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (55-60% of costs) and forex rates are the primary uncertainties that could impact margins by more than 5% in adverse scenarios.
Geographic Concentration Risk
Historically concentrated in West/South India, now diversifying into North India via the Jaipur plant.
Third Party Dependencies
Significant dependency on imports for the soft luggage category and raw material supply chains.
Technology Obsolescence Risk
Risk is mitigated by consistent R&D in product design and aesthetics to match new-age competitors.
Credit & Counterparty Risk
Liquidity is 'Superior' with bank limit utilization as low as 2-12% and cash/equivalents of INR 228 Cr as of March 2025.
