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Safari Industries (India) Limited
(SAFARI)
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Rating:62Neutral
Price Target:
₹1,578.00
▲(2.61% Upside)
Action:Reiterated
Date:08/21/26
The score is driven primarily by solid financial performance (profitable growth, low leverage, and improving 2026 cash flow), but it is pulled down by a weak technical trend (below key moving averages with negative MACD) and a relatively expensive valuation (high P/E with minimal dividend support).
Positive Factors
Sustained Revenue Expansion
Multi-year revenue expansion indicates continued demand for Safari’s luggage and travel products. Although growth has moderated, ongoing top-line increases support scale, distribution reach and the company’s ability to build a larger operating platform.
Negative Factors
Meaningful Margin Compression
The sharp decline in gross and net margins suggests higher input costs, pricing pressure or an unfavorable product mix. If persistent, weaker margins could limit profit growth even when revenue expands and reduce the benefits of operating scale.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Expansion
Multi-year revenue expansion indicates continued demand for Safari’s luggage and travel products. Although growth has moderated, ongoing top-line increases support scale, distribution reach and the company’s ability to build a larger operating platform.
Read all positive factors
Safari Industries (India) Limited (SAFARI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹70.11B
Dividend Yield0.28%
Average Volume (3M)18.75K
Price to Earnings (P/E)42.4
Beta (1Y)0.81
Revenue Growth13.97%
EPS Growth10.61%
CountryIN
Employees999
SectorGeneral
Sector StrengthN/A
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)33.70
Shares Outstanding48,997,307
10 Day Avg. Volume10,966
30 Day Avg. Volume18,746
Financial Highlights & Ratios
PEG Ratio2.43
Price to Book (P/B)6.28
Price to Sales (P/S)3.42
P/FCF Ratio58.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)38.33
Revenue Forecast (FY)₹23.43B
Safari Industries (India) Limited Business Overview & Revenue Model
Company Description
Safari Industries (India) Limited is an Indian enterprise specializing in the manufacturing and distribution of various travel baggage and associated accessories. Its extensive product line features both hardshell and soft-sided suitcases, alongsi...
How the Company Makes Money
Safari Industries primarily makes money by selling branded luggage and travel-related products to consumers and trade partners in India. Its key revenue stream is the sale of luggage (e.g., hard/soft suitcases, trolleys) and other travel bags/acce...
Safari Industries (India) Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.08B | 20.47B | 17.72B | 15.50B | 12.12B | 7.04B |
| Gross Profit | 9.29B | 7.50B | 8.09B | 7.28B | 5.15B | 2.43B |
| EBITDA | 2.93B | 2.96B | 2.25B | 2.91B | 2.06B | 539.27M |
| Net Income | 1.65B | 1.68B | 1.43B | 1.76B | 1.25B | 223.68M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 14.46B | 13.19B | 11.44B | 7.48B | 4.68B |
| Cash, Cash Equivalents and Short-Term Investments | 2.83B | 2.83B | 2.28B | 3.67B | 866.50M | 591.46M |
| Total Debt | 0.00 | 1.17B | 1.25B | 1.46B | 1.39B | 556.09M |
| Total Liabilities | -11.15B | 3.32B | 3.66B | 3.21B | 3.22B | 1.67B |
| Stockholders Equity | 11.15B | 11.15B | 9.53B | 8.23B | 4.26B | 3.01B |
Cash Flow | ||||||
| Free Cash Flow | 223.70M | 1.20B | -881.20M | 1.06B | 3.41M | -283.65M |
| Operating Cash Flow | 616.20M | 1.90B | 573.20M | 2.17B | 506.46M | 156.43M |
| Investing Cash Flow | -321.30M | -1.21B | -96.60M | -3.45B | -695.46M | 333.00M |
| Financing Cash Flow | -335.90M | -720.60M | -751.00M | 1.64B | 196.29M | -140.79M |
Safari Industries (India) Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹6.55B | 20.30 | ― | 0.70% | 16.69% | 56.93% | |
62 Neutral | ₹70.11B | 42.42 | ― | 0.28% | 13.97% | 10.61% | |
60 Neutral | ₹237.66B | 56.42 | ― | 0.71% | 15.48% | 13.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹3.89B | -17.25 | ― | 3.04% | -11.43% | -264.80% | |
47 Neutral | ₹13.36B | 51.53 | ― | 0.58% | 34.34% | -10.31% | |
45 Neutral | ₹41.71B | -10.92 | ― | 0.37% | -10.75% | -340.31% |
* General Sector Average
IN:SAFARI
Safari Industries (India) Limited
1,426.45
-750.62
-34.48%
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Safari Industries (India) Limited Corporate Events
Safari Industries Publishes AGM and E-Voting Notice for Shareholders
Jul 11, 2026
Safari Industries (India) Limited has notified exchanges that it has published newspaper advertisements in Business Standard and Sakal containing the notice of its 46th Annual General Meeting and related e-voting information. The disclosure, made ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.