SAFEENTP
Safe Enterprises Retail Fixtures financials
- Market cap
- ₹1.2k Cr
- Sector
- Consumer Durables
- Calls analysed
- 1
SAFEENTP Q4 FY26
What went well
- Revenue from operations grew by 57% to INR218.40 crores in FY26, driven by new store rollouts (68.9%) and refurbishment orders (24.8%).
- Operating EBITDA increased by 60% to INR79.1 crores and PAT by 63% to INR63.90 crores in FY26.
- Average revenue per store grew by 65% to INR51.4 lakhs, attributed to higher fixture intensity, larger store formats, and a richer product mix.
What to watch
- Receivables as a percent of sales increased from 17.21% in FY25 to 20.73% in FY26, though management stated this was due to normal business circumstances.
- Geopolitical events (like the Iran war and gas shortage) caused temporary disruptions to the powder coating plant, though resolved quickly.
What Safe Enterprises Retail Fixtures Ltd does
Safe Enterprises Retail Fixtures is a merchandising-solutions provider that designs, manufactures, supplies and installs shop fittings and retail fixtures for fashion & apparel, electronics, department-store and other organized retail brands, operating under its InSync Shop Fittings brand. It earns from two recurring streams: new-store rollouts (greenfield fixture execution for newly launched outlets) and refurbishments/additions (brownfield replacement and expansion of fixtures at existing stores on a repeat cycle of roughly every 3-4 years), plus ancillary professional/technical service fees. Manufacturing is carried out at integrated facilities in Navi Mumbai and Pune, with a new plant being built at Ambernath to add further capacity. The company is also diversifying into technology-enabled products such as RFID-based self-checkout systems and modular fixtures for home interiors.
Segments
- New Store Revenue
- Refurbishments/Additions
- Sale of Other Services
- Other Operating Income
- Total stores installed (FY26 domestic rollout)
- 425
- Unique customers
- 88
- States & Union Territories covered
- 25
- Manufacturing facilities
- Integrated manufacturing & warehousing bases in Navi Mumbai and Pune; new plant under construction at Ambernath
- Total plant/manufacturing area
- 1,90,000+ sq ft
- Standardized shop fitting components
- 3,000+
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- Long-term sustainable PAT margin open said Q4 FY26 Promised: 25% Q4 FY26: on a long-term basis, whenever I am asked kind of a guidance, I always say that 25% is something that you should consider on a long-term basis.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 58 | 81 | 112 | 106 |
| EBITDA | 22 | 28 | 42 | 37 |
| Net profit | 17 | 22 | 33 | 31 |
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 +29.0% 1Y
1Y: ₹199.5 on 10 Sept 2025 → ₹257.3. High ₹308.45 (17 Nov 2025), low ₹183.9 (30 Sept 2025).
How the price took the results
close before → close after
- Q4 FY26
- +4.2%
- 19 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹0 Cr | ₹23 Cr | ₹23 Cr |
| Reserves | ₹29 Cr | ₹205 Cr | ₹264 Cr |
| Borrowings | ₹1 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹24 Cr | ₹59 Cr | ₹30 Cr |
| Total liabilities | ₹54 Cr | ₹287 Cr | ₹318 Cr |
| Fixed assets | ₹5 Cr | ₹6 Cr | ₹15 Cr |
| Capital work in progress | ₹0 Cr | ₹57 Cr | ₹59 Cr |
| Investments | ₹9 Cr | ₹18 Cr | ₹23 Cr |
| Other assets | ₹41 Cr | ₹205 Cr | ₹221 Cr |
| Total assets | ₹54 Cr | ₹287 Cr | ₹318 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 Mar 2026
Since Jun 2025, the public added +8.39 pp while DIIs trimmed −5.84 pp. The shareholder count shrank 66% to 1,716.
- Promoters
- 70.1%
- FIIs
- 0.8%
- DIIs
- 6.6%
- Public
- 22.5%
Since Jun 2025
- Public +8.39 pp
- DIIs −5.84 pp
- FIIs −2.56 pp
How it drifted, 3 quarters
Over this window the public went from 14.1% to 22.5% — +8.4 pp.
Ownership split by quarter, oldest first. Jun '25: Promoters 70.1%, FIIs 3.4%, DIIs 12.5%, Public 14.1%.Sep '25: Promoters 70.1%, FIIs 1.5%, DIIs 6.5%, Public 22.0%.Mar '26: Promoters 70.1%, FIIs 0.8%, DIIs 6.6%, Public 22.5%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Subhkam Ventures I Private Limited VC / PE newly disclosed 1.60% held
- Motilal Oswal Financial Services Limited - Proprietary Account newly disclosed 1.45% held
- Llp newly disclosed 1.30% held
- Sanshi Fund-I AIF newly disclosed 1.06% held
- Huf newly disclosed 0.58% held
- Khazana Tradelinks Pvt Ltd +0.13 pp 1.37% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Safe Enterprises Retail Fixtures Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Saleem Shabbir Merchant | 17.50% | unchanged |
| Mikdad Saleem Merchant | 17.50% | unchanged |
| Munira Saleem Merchant | 17.50% | unchanged |
| Huzefa Salim Merchant | 17.50% | unchanged |
| India-Ahead Venture Fund VC / PE | 1.74% | unchanged |
| Subhkam Ventures I Private Limited VC / PE | 1.60% | newly disclosed |
| Motilal Oswal Financial Services Limited - Proprietary Account | 1.45% | newly disclosed |
| Founders Collective Fund AIF | 1.43% | unchanged |
| Khazana Tradelinks Pvt Ltd | 1.37% | +0.13 pp |
| Llp | 1.30% | newly disclosed |
| Shreesomnidhi Infrasolutions | 1.19% | unchanged |
| Sanshi Fund-I AIF | 1.06% | 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 the price implies
- 2.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Safe Enterprises Retail Fixtures Ltd
Guides on how to read this kind of business and the numbers that matter.