SAFARI
Safari Industries (India) share price & financials
- Price
- ₹1,675.5
- Market cap
- ₹7.6k Cr
- Sector
- Consumer Durables
What Safari Industries (India) Limited does
Safari Industries (India) Limited is engaged in the manufacture of luggage and bags. Manufacturing is carried out at the company's own factory in Halol, Gujarat, and through its wholly-owned subsidiary Safari Manufacturing Limited, which operates an additional facility in Halol as well as a newly commissioned greenfield plant in Jaipur, Rajasthan that began commercial luggage production in December 2024. The company also holds a second wholly-owned subsidiary, Safari Lifestyles Limited. Safari Industries is headquartered in Mumbai and listed on the BSE and NSE.
- Manufacturing facilities
- 3 (2 in Halol, Gujarat + 1 in Jaipur, Rajasthan)
- Manufacturing footprint
- Gujarat and Rajasthan
- Wholly-owned subsidiaries
- 2 (Safari Manufacturing Limited, Safari Lifestyles Limited)
- Newest facility
- Greenfield Jaipur (Rajasthan) plant commenced commercial luggage production in December 2024
Quarterly results
Q1 FY27: revenue up 11.6%, net profit down 4.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 458 | 443 | 421 | 528 | 534 +17% | 512 +16% | 473 +12% | 589 +12% |
| EBITDA | 48 | 50 | 61 | 79 | 74 +54% | 56 +12% | 62 +2% | 75 −5% |
| Net profit | 30 | 31 | 38 | 50 | 47 +57% | 33 +6% | 37 −3% | 48 −4% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −30.8% 1Y
1Y: ₹2,232 on 10 Sept 2025 → ₹1,544.7. High ₹2,492.6 (26 Nov 2025), low ₹1,367.6 (5 May 2026).
Financials, as filed
Revenue grew 19.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 13.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.0k Cr |
| Operating profit | ₹197 Cr | ₹277 Cr | ₹225 Cr | ₹271 Cr |
| Operating margin | 16.2% | 17.9% | 12.7% | 13.2% |
| Interest | ₹8 Cr | ₹9 Cr | ₹8 Cr | ₹8 Cr |
| Depreciation | ₹33 Cr | ₹52 Cr | ₹59 Cr | ₹71 Cr |
| Net profit | ₹125 Cr | ₹176 Cr | ₹143 Cr | ₹167 Cr |
| Net margin | 10.3% | 11.4% | 8.1% | 8.2% |
| Cash from operations | ₹51 Cr | ₹217 Cr | ₹57 Cr | ₹173 Cr |
| Free cash flow | ₹3 Cr | ₹106 Cr | ₹-88 Cr | ₹105 Cr |
| ROCE | 37.0% | 31.0% | 19.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹4 Cr | ₹4 Cr | ₹5 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹275 Cr | ₹297 Cr | ₹421 Cr | ₹814 Cr | ₹1.0k Cr | ₹1.1k Cr |
| Borrowings | ₹41 Cr | ₹56 Cr | ₹139 Cr | ₹146 Cr | ₹113 Cr | ₹117 Cr |
| Other liabilities | ₹77 Cr | ₹112 Cr | ₹182 Cr | ₹173 Cr | ₹278 Cr | ₹211 Cr |
| Total liabilities | ₹397 Cr | ₹469 Cr | ₹747 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.4k Cr |
| Fixed assets | ₹67 Cr | ₹96 Cr | ₹184 Cr | ₹293 Cr | ₹433 Cr | ₹456 Cr |
| Capital work in progress | ₹0 Cr | ₹20 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹149 Cr | ₹3 Cr | ₹13 Cr |
| Other assets | ₹330 Cr | ₹353 Cr | ₹563 Cr | ₹700 Cr | ₹998 Cr | ₹972 Cr |
| Total assets | ₹397 Cr | ₹469 Cr | ₹747 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +3.58 pp while FIIs trimmed −2.49 pp. The shareholder count grew 2% to 36,853.
- Promoters
- 44.7%
- FIIs
- 10.6%
- DIIs
- 28.3%
- Public
- 16.5%
Since Jun 2025
- DIIs +3.58 pp
- FIIs −2.49 pp
- Promoters −0.71 pp
How it drifted, 12 quarters
Over this window DIIs went from 17.5% to 28.3% — +10.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 47.0%, FIIs 12.9%, DIIs 17.5%, Public 22.6%.Dec '23: Promoters 46.9%, FIIs 13.4%, DIIs 16.8%, Public 22.9%.Mar '24: Promoters 45.7%, FIIs 13.1%, DIIs 20.5%, Public 20.6%.Jun '24: Promoters 45.7%, FIIs 12.7%, DIIs 21.8%, Public 19.8%.Sep '24: Promoters 45.4%, FIIs 12.2%, DIIs 22.7%, Government 0.0%, Public 19.6%.Dec '24: Promoters 45.4%, FIIs 12.3%, DIIs 24.0%, Public 18.4%.Mar '25: Promoters 45.4%, FIIs 13.3%, DIIs 23.7%, Public 17.6%.Jun '25: Promoters 45.4%, FIIs 13.1%, DIIs 24.7%, Public 16.9%.Sep '25: Promoters 44.9%, FIIs 12.3%, DIIs 26.1%, Public 16.7%.Dec '25: Promoters 44.7%, FIIs 12.3%, DIIs 26.6%, Public 16.4%.Mar '26: Promoters 44.7%, FIIs 10.8%, DIIs 28.3%, Public 16.2%.Jun '26: Promoters 44.7%, FIIs 10.6%, DIIs 28.3%, Public 16.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Invesco India Flexi Cap Fund Mutual fund newly disclosed 3.73% held
- Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund Mutual fund newly disclosed 2.42% held
- Mirae Asset Great Consumer Fund Mutual fund newly disclosed 1.63% held
- Bajaj Finserv Flexi Cap Fund Mutual fund newly disclosed 1.19% held
- ICICI Prudential Flexicap Fund Mutual fund +0.81 pp 2.64% held
- Pi Opportunities AIF V Llp AIF +0.66 pp 2.20% held
- Sundaram Mutual Fund A/C Sundaram Small Cap Fund Mutual fund +0.10 pp 1.41% held
The same filing shows 3 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Safari Industries (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sudhir Mohanlal Jatia | 36.74% | unchanged |
| Safari Commercial Llp | 7.96% | unchanged |
| Malabar India Fund Limited FPI fund | 4.76% | unchanged |
| Invesco India Flexi Cap Fund Mutual fund | 3.73% | newly disclosed |
| Lighthouse India Fund Iv AIF AIF | 3.08% | unchanged |
| DSP Small Cap Fund Mutual fund | 2.65% | unchanged |
| ICICI Prudential Flexicap Fund Mutual fund | 2.64% | +0.81 pp |
| Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund Mutual fund | 2.42% | newly disclosed |
| HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund | 2.30% | −2.11 pp |
| Pi Opportunities AIF V Llp AIF | 2.20% | +0.66 pp |
| Ashish Kacholia | 1.84% | unchanged |
| Mirae Asset Great Consumer Fund Mutual fund | 1.63% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹1545, this stock must grow earnings at 30% every year for 7 years. Our analysis caps realistic growth at ~9%. At that growth it is worth ₹509 — downside of 67%.
- Growth the price implies
- 30.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 10.1% a year
- net profit, FY23–FY26 · EPS 8.7%
- The gap
- 0.2 pp
- -67% downside if it only repeats history
Learn to analyse Safari Industries (India) Limited
Guides on how to read this kind of business and the numbers that matter.