Safari Industries (India) Limited (IN:SAFARI)
:SAFARI
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Safari Industries (India) Limited
(SAFARI)
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Rating:58Neutral
Price Target:
₹1,489.00
▼(-31.26% Downside)
Action:DowngradedDate:03/05/26
The score is held back primarily by weak technicals (downtrend with negative MACD) and cash flow pressure (declining operating cash flow and negative free cash flow). These are partially offset by strong revenue growth and solid operating margins, plus a stable, low-leverage balance sheet. Valuation remains a headwind given the high P/E and low dividend yield.
Positive Factors
Strong revenue growth
Sustained top-line expansion indicates growing consumer adoption and successful distribution reach in India. Durable revenue growth supports scale advantages, funds product development and marketing, and underpins medium-term capacity to convert market share gains into longer-term earnings power and reinvestment.
Negative Factors
Declining operating cash flow
Falling operating cash generation and negative free cash flow signal weaker earnings quality and constrained internal funding for capex, inventory and marketing. Over 2-6 months this limits reinvestment, increases reliance on external financing, and raises execution risk for growth initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Sustained top-line expansion indicates growing consumer adoption and successful distribution reach in India. Durable revenue growth supports scale advantages, funds product development and marketing, and underpins medium-term capacity to convert market share gains into longer-term earnings power and reinvestment.
Read all positive factors
Safari Industries (India) Limited (SAFARI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹76.55B
Dividend Yield0.22%
Average Volume (3M)1.45K
Price to Earnings (P/E)80.9
Beta (1Y)0.62
Revenue Growth15.87%
EPS Growth2.76%
CountryIN
Employees999
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)6.70
Shares Outstanding48,993,927
10 Day Avg. Volume929
30 Day Avg. Volume1,453
Financial Highlights & Ratios
PEG Ratio-3.21
Price to Book (P/B)9.98
Price to Sales (P/S)5.37
P/FCF Ratio-107.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,200.00Price Target Upside1.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)47.27
Revenue Forecast (FY)₹24.02B
Safari Industries (India) Limited Business Overview & Revenue Model
Company Description
Safari Industries (India) Limited manufactures and markets luggage and luggage related accessories in India. The company's products include hard and soft luggage bags; laptop, rain cover, and formal backpacks; and overnighters. It sells its produc...
How the Company Makes Money
Safari Industries primarily makes money by selling branded travel luggage and accessories to consumers in India. Revenue is generated from (1) sales of luggage products (including hard luggage and soft luggage such as trolley bags/suitcases) and o...
Safari Industries (India) Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
75
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.25B | 17.72B | 15.50B | 12.12B | 7.04B | 3.27B |
| Gross Profit | 9.01B | 8.09B | 7.28B | 5.15B | 2.43B | 1.30B |
| EBITDA | 2.83B | 2.25B | 2.91B | 2.06B | 539.27M | -26.27M |
| Net Income | 1.66B | 1.43B | 1.76B | 1.25B | 223.68M | -208.97M |
Balance Sheet | ||||||
| Total Assets | 14.36B | 13.19B | 11.44B | 7.48B | 4.68B | 3.97B |
| Cash, Cash Equivalents and Short-Term Investments | 2.15B | 2.28B | 3.67B | 866.50M | 591.46M | 643.01M |
| Total Debt | 1.13B | 1.25B | 1.46B | 1.39B | 556.09M | 408.48M |
| Total Liabilities | 3.91B | 3.66B | 3.21B | 3.22B | 1.67B | 1.18B |
| Stockholders Equity | 10.45B | 9.53B | 8.23B | 4.26B | 3.01B | 2.79B |
Cash Flow | ||||||
| Free Cash Flow | 223.70M | -881.20M | 1.06B | 3.41M | -283.65M | 1.03B |
| Operating Cash Flow | 616.20M | 573.20M | 2.17B | 506.46M | 156.43M | 1.11B |
| Investing Cash Flow | -321.30M | -96.60M | -3.45B | -695.46M | 333.00M | -976.05M |
| Financing Cash Flow | -335.90M | -751.00M | 1.64B | 196.29M | -140.79M | -103.73M |
Safari Industries (India) Limited Technical Analysis
Neutral
2166.05
Price Trends
1747.81
Negative
1989.82
Negative
2069.69
Negative
Market Momentum
-59.76
Negative
46.07
Neutral
85.38
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SAFARI, the sentiment is Neutral. The current price of 2166.05 is above the 20-day moving average (MA) of 1530.67, above the 50-day MA of 1747.81, and above the 200-day MA of 2069.69, indicating a neutral trend. The MACD of -59.76 indicates Negative momentum. The RSI at 46.07 is Neutral, neither overbought nor oversold. The STOCH value of 85.38 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:SAFARI.
Safari Industries (India) Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹29.56B | 22.08 | ― | 0.41% | 28.67% | -20.77% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | ₹150.19B | 987.71 | ― | 1.57% | ― | ― | |
58 Neutral | ₹76.55B | 80.89 | ― | 0.22% | 15.87% | 2.76% | |
58 Neutral | ₹52.00B | -431.17 | ― | ― | 10.18% | -104.25% | |
56 Neutral | ₹64.12B | 65.33 | ― | 0.31% | 10.72% | -115.52% | |
54 Neutral | ₹46.07B | -25.69 | ― | ― | -12.59% | -328.41% |
* Consumer Cyclical Sector Average
IN:SAFARI
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Safari Industries (India) Limited Corporate Events
Safari Industries Shareholders Clear MD Reappointment and QIP Fundraise
Mar 19, 2026
Safari Industries (India) Limited shareholders have approved the re-appointment of Sudhir Jatia as managing director via a postal ballot, reinforcing continuity in the company’s leadership. Investors also cleared a special resolution allowin...
Safari Industries Schedules One-on-One Meeting With ICICI Prudential MF
Feb 23, 2026
Safari Industries (India) Limited has informed the exchanges that it will hold a one-on-one meeting with ICICI Prudential Mutual Fund on Thursday, 26 February 2026, at 9:00 a.m. IST as part of its ongoing analyst and investor interactions. The com...
Safari Industries Plans Rs 500 Crore QIP, Extends MD Tenure and Announces CS Exit
Feb 10, 2026
Safari Industries (India) Ltd’s board has approved raising up to Rs. 500 crore through a Qualified Institutions Placement of equity shares with a face value of Rs. 2 each, subject to shareholder approval. The planned fundraising is expected ...
Safari Industries Board Clears Q3 FY26 Unaudited Results
Feb 10, 2026
Safari Industries (India) Limited announced that its board of directors has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The results, reviewed on February 10, 2026, w...
Safari Industries to Raise Rs 500 Crore via QIP, Extends MD Tenure
Feb 10, 2026
Safari Industries (India) Ltd’s board has approved raising up to Rs 500 crore via a qualified institutions placement of equity shares with a face value of Rs 2 each, subject to shareholder approval. The capital infusion is expected to streng...
Safari Industries to Raise Up to Rs 500 Crore via QIP, Extends MD Tenure
Feb 10, 2026
Safari Industries (India) Ltd’s board has approved raising up to Rs. 500 crore through an equity issuance via a Qualified Institutions Placement, subject to shareholder approval, to support the company’s growth and strengthen its balan...
Safari Industries to raise up to Rs 500 crore via QIP, renews MD’s term and announces company secretary’s exit
Feb 10, 2026
Safari Industries (India) Limited’s board has approved raising up to Rs 500 crore through a qualified institutions placement of equity shares with a face value of Rs 2 each, subject to shareholder approval, to strengthen its capital base and...
Safari Industries to Raise Up to Rs 500 Crore via QIP, Extends MD Tenure
Feb 10, 2026
Safari Industries (India) Limited’s board has approved raising up to Rs 500 crore through a qualified institutions placement of equity shares with a face value of Rs 2 each, subject to shareholder approval. The planned capital raise is expec...
Safari Industries Files SEBI Demat Compliance Certificate for December Quarter
Jan 6, 2026
Safari Industries (India) Limited has submitted a compliance certificate to the BSE and NSE confirming adherence to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. Its registra...
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.