Safari Industries (India) Share Price & Earnings Call Analysis

₹1,215.10-0.31% today

Market cap: ₹5,954 Cr
P/E: 36.07
ROE: 15.94%
PEG: 3.74
Price to sales: 2.83
Debt to equity: 0.10
52W high / low: ₹2,493 / ₹1,181
Sales growth (5Y): 44.23%
EBITDA margin: 12.66%
Net profit margin: 8.05%
Promoter holding: 44.70%
Sales (last year): ₹2,108 Cr

All 12 ratios ↓

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]

Potential multibaggers · Q2 FY27

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Consumer Durables companies ranked on guidance

#	Company	Revenue guided	Margin guided	Market cap	P/E
1		40%+	Up 2%+	₹151 Cr	13.8
2		40%+	Up 0–2%	₹2,267 Cr	12.2
3		40%+	Up 0–2%	₹1,934 Cr	16.9
4		40%+	Flat	₹2,338 Cr	39.6
5		40%+	Flat	₹1,975 Cr	20.8
6		40%+	Flat	₹528 Cr	16.7

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Financials of Safari Industries (India)

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Safari Industries (India)

Quarterly Results

Quarter-by-quarter operating performance

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales +	303	427	370	388	365	450	458	443	421	528	534	512	473
Expenses +	244	348	307	320	299	384	410	392	360	449	460	457	411
Operating Profit	58	79	63	68	67	66	48	50	61	79	74	56	62
OPM %	19%	19%	17%	18%	18%	15%	10%	11%	14%	15%	14%	11%	13%
Other Income +	3	2	3	4	5	8	7	7	6	6	6	6	7
Interest	2	3	2	2	2	2	2	2	2	2	2	2	2
Depreciation	9	13	12	13	14	14	15	15	15	17	18	18	18
Profit before tax	50	66	52	57	56	58	38	41	49	65	60	42	49
Tax %	23%	24%	23%	24%	23%	23%	22%	24%	24%	23%	22%	21%	24%
Net Profit +	38	50	40	43	43	44	30	31	38	50	47	33	37
EPS in Rs	8.03	10.54	8.35	9.02	8.86	9.11	6.07	6.37	7.69	10.33	9.58	6.71	7.65

Financials of Safari Industries (India)

Profit & Loss

Annual income statement trend

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales +	211	271	344	419	578	686	328	705	1,212	1,550	1,772	2,047
Expenses +	198	252	319	377	525	614	334	649	1,015	1,273	1,546	1,776
Operating Profit	12	19	24	42	53	72	-6	56	197	278	225	271
OPM %	6%	7%	7%	10%	9%	11%	-2%	8%	16%	18%	13%	13%
Other Income +	-1	1	0	1	1	1	3	-2	9	14	28	25
Interest	3	3	4	3	4	10	6	5	8	10	9	9
Depreciation	3	4	5	6	8	22	20	20	33	52	59	71
Profit before tax	6	12	16	34	41	40	-29	29	165	230	186	216
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
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
Dividend Payout %	9%	6%	8%	5%	4%	0%	0%	8%	7%	11%	10%	6%

Financials of Safari Industries (India)

Balance Sheet

Capital structure and asset base

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	215
Total Liabilities	130	177	198	275	386	416	397	469	747	1,143	1,316	1,446
Fixed Assets +	12	24	23	32	29	79	67	96	184	293	414	457
CWIP	0	0	1	0	0	0	0	20	0	1	12	0
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	976
Total Assets	130	177	198	275	386	416	397	469	747	1,143	1,316	1,446

Financials of Safari Industries (India)

Cash Flows

Operating, investing and financing cash movement

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	-32	-13	24	-48	-38	71	111	16	51	217	57	173
Cash from Investing Activity +	-3	-15	-6	-13	-7	-21	-98	-4	-70	-345	-10	-103
Cash from Financing Activity +	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%

Financials of Safari Industries (India)

Ratios

Working capital efficiency and return ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	111
Days Payable	40	42	87	68	76	59	138	84	90	70	79	57
Cash Conversion Cycle	204	211	147	217	219	174	185	98	105	93	109	101
Working Capital Days	90	75	76	118	102	88	136	72	65	53	75	71
ROCE %	12%	12%	14%	20%	17%	16%	-7%	13%	37%	31%	19%	19%

Momentum score · price trend

10 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

Period	Share price change	Better than … of 1,910 stocks
Last 12 months	−42.9%	9%
Last 6 months	−14.1%	31%
Last 3 months	−21.3%	17%

The price is 55.1% below its all-time high of ₹2,715.05 (13 Dec 2024). Stocks more than 20% below their peak have their score halved, so 19 became 10.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Safari Industries (India): 0.4 × 9 + 0.4 × 31 + 0.2 × 17 = 19, halved to 10 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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RBZ Jewellers Lt (Q2 FY27)
Q2 FY27 Operational Revenue: INR 2,247 Mn, up 54.9% YoY (Q2 FY26: INR 1,451 Mn) (Page 32, 28) . Key investor presentation takeaways from RBZ Jewellers Ltd's Q2
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Q2-FY27 revenue from operations was INR 599 Mn, a 10.7% increase YoY from INR 541 Mn in Q2-FY26 (Page 21). Key investor presentation takeaways from Global Surfa
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