Safari Industries (India) Ltd

₹ 1,535 1.15%

12 Jun - close price

About

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]

Key Points

Company Overview
Safari has been in the business since 1974 of manufacturing and trading of luggage and luggage accessories. There are two broad categories of luggage i.e. Hard luggage and soft luggage. ^[1]

Website BSE NSE

Market Cap ₹ 7,521 Cr.
Current Price ₹ 1,535
High / Low ₹ 2,507 / 1,363
Stock P/E 60.3
Book Value ₹ 208
Dividend Yield 0.26 %
ROCE 15.8 %
ROE 13.0 %
Face Value ₹ 2.00

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Pros

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

Cons

Stock is trading at 7.38 times its book value
Dividend payout has been low at 11.0% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Plastic Products - Consumer

Part of BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Smallcap 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	302	426	370	388	365	449	457	442	421	527	533	512	471
	250	355	316	332	308	398	425	406	373	471	486	486	422
Operating Profit	52	71	54	56	57	51	32	36	48	57	46	25	48
OPM %	17%	17%	15%	14%	16%	11%	7%	8%	11%	11%	9%	5%	10%
	3	3	3	4	6	10	10	10	9	9	9	10	10
Interest	2	2	2	2	2	2	2	2	2	2	2	2	2
Depreciation	8	11	10	11	11	12	12	11	11	12	11	11	11
Profit before tax	46	61	45	47	51	48	28	33	44	52	42	22	46
Tax %	23%	25%	24%	25%	23%	23%	22%	22%	24%	24%	23%	20%	23%
	35	46	34	36	39	37	22	26	33	40	33	17	35
EPS in Rs	7.39	9.68	7.17	7.49	7.97	7.53	4.46	5.22	6.85	8.12	6.68	3.56	7.13
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	211	269	342	417	573	681	328	705	1,211	1,549	1,770	2,043
	198	251	318	375	520	610	333	649	1,029	1,311	1,602	1,866
Operating Profit	12	19	24	42	52	71	-6	56	181	238	167	177
OPM %	6%	7%	7%	10%	9%	10%	-2%	8%	15%	15%	9%	9%
	-1	1	0	1	1	1	3	-2	11	16	38	37
Interest	3	3	4	3	4	10	6	5	6	7	7	8
Depreciation	3	4	5	6	8	22	20	19	29	43	46	45
Profit before tax	6	12	15	33	41	40	-29	30	157	204	152	162
Tax %	27%	35%	34%	36%	34%	24%	-28%	23%	24%	24%	23%	23%
	4	8	10	21	27	31	-21	23	119	154	118	125
EPS in Rs	1.07	1.88	2.42	4.77	6.04	6.83	-4.66	5.14	25.09	31.68	24.04	25.47
Dividend Payout %	9%	6%	8%	5%	4%	0%	0%	8%	7%	13%	12%	8%

Compounded Sales Growth
10 Years:	22%
5 Years:	44%
3 Years:	19%
TTM:	15%

Compounded Profit Growth
10 Years:	32%
5 Years:	52%
3 Years:	2%
TTM:	8%

Stock Price CAGR
10 Years:	32%
5 Years:	35%
3 Years:	2%
1 Year:	-29%

Return on Equity
10 Years:	16%
5 Years:	18%
3 Years:	16%
Last Year:	13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	73	87	97	168	195	225	274	297	415	786	891	1,009
	33	58	42	55	104	114	41	54	108	120	107	115
	20	27	55	47	80	71	77	109	168	160	172	170
Total Liabilities	130	176	197	274	385	415	396	464	695	1,077	1,179	1,304
	12	24	23	31	29	79	67	82	118	142	139	151
CWIP	0	0	1	0	0	0	0	0	0	0	0	0
Investments	0	0	0	0	0	0	0	20	36	278	181	216
	117	152	173	242	356	335	329	362	541	657	859	937
Total Assets	130	176	197	274	385	415	396	464	695	1,077	1,179	1,304

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-32	-13	24	-48	-39	70	112	16	42	179	-13	114
	-3	-15	-6	-13	-6	-21	-98	-5	-36	-342	76	-61
	36	29	-20	59	45	-49	-10	-14	-6	175	-66	-56
Net Cash Flow	1	1	-2	-2	-0	0	4	-2	0	11	-3	-3
Free Cash Flow	-36	-29	19	-62	-47	49	104	4	30	163	-25	101
CFO/OP	-244%	-51%	121%	-88%	-43%	117%	-2,011%	33%	42%	96%	12%	85%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	74	62	86	90	79	101	59	51	39	50	47
Inventory Days	174	176	171	199	205	155	223	123	129	105	111	85
Days Payable	40	41	86	67	75	59	138	84	79	58	50	39
Cash Conversion Cycle	204	208	147	218	220	175	185	98	101	86	111	93
Working Capital Days	90	76	77	118	104	89	136	80	66	55	85	73
ROCE %	12%	12%	14%	20%	17%	16%	-7%	13%	37%	29%	16%	16%

Insights

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Debtors Turnover Days
Days

xx	xx	xx	xx	xx	xx	xxx	xx	xx	xx	xx
xxx	xxx	xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
			xx.xx	xx.xx	xx.xx			xx.xx	xx.xx	xx.xx
			xx.xx	xx.xx	xx.xx			xx.xx	xx.xx	xx.xx
xx	xx	xx	xx	xx
								x,xxx	x,xxx	x,xxx
									x.xx	x.xx

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Total Workforce (Employees + Contractual)
Count

Hard Luggage Contribution to Turnover
%

Soft Luggage & Backpacks Contribution to Turnover
%

Number of Exclusive Retail Stores (COCO)
Count

Number of Dealers and Distributors
Count

Hard Luggage Production Capacity
Lakh Pieces per Month

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Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	47.23%	46.96%	46.88%	45.73%	45.73%	45.41%	45.41%	45.41%	45.41%	44.90%	44.70%	44.70%
	12.30%	12.95%	13.44%	13.14%	12.69%	12.24%	12.26%	13.25%	13.05%	12.30%	12.32%	10.81%
	17.00%	17.51%	16.75%	20.52%	21.83%	22.73%	23.97%	23.71%	24.68%	26.11%	26.56%	28.30%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	23.47%	22.59%	22.91%	20.61%	19.75%	19.60%	18.37%	17.63%	16.86%	16.70%	16.42%	16.20%
No. of Shareholders	24,023	31,307	45,251	35,078	32,050	45,148	42,218	38,387	36,080	36,628	35,017	34,886

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	61.98%	57.80%	57.61%	56.67%	55.27%	50.02%	47.24%	45.73%	45.41%	44.70%
	0.00%	8.73%	9.98%	23.54%	15.75%	16.21%	15.93%	13.14%	13.25%	10.81%
	20.09%	15.98%	14.53%	0.81%	5.73%	5.88%	12.62%	20.52%	23.71%	28.30%
	17.93%	17.48%	17.88%	18.98%	23.25%	27.89%	24.22%	20.61%	17.63%	16.20%
No. of Shareholders	3,038	3,488	7,603	8,790	12,041	14,346	15,148	35,078	38,387	34,886

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Safari Industries (India) Ltd

Safari Industries (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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