Safari Industries (India) Limited (IN:SAFARI)
:SAFARI
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Safari Industries (India) Limited
(SAFARI)
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Rating:63Neutral
Price Target:
₹1,592.00
▼(-26.50% Downside)
Action:Reiterated
Date:05/21/26
The score is supported primarily by solid financial fundamentals (growth, profitability, and low leverage), but is held back by clear margin compression, uneven cash-flow conversion, weak longer-term technical positioning versus key moving averages, and a demanding valuation (high P/E with minimal dividend support).
Positive Factors
Multi-year revenue growth & profitability
Safari has sustained multi-year revenue expansion with continued profitability through 2026. That durable top-line growth and positive earnings provide a stable earnings base to fund brand investment and product development, supporting long-term cash generation and strategic initiatives.
Negative Factors
Meaningful margin compression
A substantial drop in gross and net margins since 2024 suggests persistent cost pressures or pricing erosion in core luggage segments. Lower margins reduce retained earnings and constrain reinvestment or margin recovery levers, pressuring long-term profitability unless structural fixes occur.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth & profitability
Safari has sustained multi-year revenue expansion with continued profitability through 2026. That durable top-line growth and positive earnings provide a stable earnings base to fund brand investment and product development, supporting long-term cash generation and strategic initiatives.
Read all positive factors
Safari Industries (India) Limited (SAFARI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹74.87B
Dividend Yield0.22%
Average Volume (3M)1.45K
Price to Earnings (P/E)41.8
Beta (1Y)0.71
Revenue Growth15.55%
EPS Growth17.23%
CountryIN
Employees999
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)33.97
Shares Outstanding48,993,927
10 Day Avg. Volume929
30 Day Avg. Volume1,453
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 Target
₹2,191.00Price Target Upside1.15% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)44.24
Revenue Forecast (FY)₹23.54B
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 travel and luggage products (e.g., hard luggage, soft luggage, backpacks and related travel accessories) under its brand portfolio. Revenue is generated from (1) domestic sales to trade/distributi...
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 | 19.25B | 20.47B | 17.72B | 15.50B | 12.12B | 7.04B |
| Gross Profit | 9.01B | 7.50B | 8.09B | 7.28B | 5.15B | 2.43B |
| EBITDA | 2.83B | 2.71B | 2.25B | 2.91B | 2.06B | 539.27M |
| Net Income | 1.66B | 1.68B | 1.43B | 1.76B | 1.25B | 223.68M |
Balance Sheet | ||||||
| Total Assets | 14.36B | 14.46B | 13.19B | 11.44B | 7.48B | 4.68B |
| Cash, Cash Equivalents and Short-Term Investments | 2.15B | 2.83B | 2.28B | 3.67B | 866.50M | 591.46M |
| Total Debt | 1.13B | 1.17B | 1.25B | 1.46B | 1.39B | 556.09M |
| Total Liabilities | 3.91B | 3.32B | 3.66B | 3.21B | 3.22B | 1.67B |
| Stockholders Equity | 10.45B | 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 Technical Analysis
Positive
2166.05
Price Trends
1514.42
Positive
1756.11
Negative
1975.58
Negative
Market Momentum
-10.25
Negative
53.81
Neutral
73.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SAFARI, the sentiment is Positive. The current price of 2166.05 is above the 20-day moving average (MA) of 1467.56, above the 50-day MA of 1514.42, and above the 200-day MA of 1975.58, indicating a neutral trend. The MACD of -10.25 indicates Negative momentum. The RSI at 53.81 is Neutral, neither overbought nor oversold. The STOCH value of 73.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹9.76B | 36.02 | ― | ― | 32.93% | 1535.03% | |
67 Neutral | ₹4.40B | 16.67 | ― | ― | 10.26% | 10.48% | |
63 Neutral | ₹74.87B | 41.76 | ― | 0.22% | 15.55% | 17.23% | |
63 Neutral | ₹291.18B | 52.34 | ― | 1.48% | 14.21% | 17.13% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | ₹4.20B | -17.45 | ― | ― | -10.63% | 303.99% | |
41 Neutral | ₹43.03B | -8.33 | ― | ― | -14.70% | -391.15% |
* Consumer Cyclical Sector Average
IN:SAFARI
Safari Industries (India) Limited
1,528.10
-746.23
-32.81%
IN:BIL
Bhartiya International Limited
728.00
20.00
2.82%
IN:METROBRAND
Metro Brands Ltd.
1,068.30
-137.11
-11.37%
IN:MIRZAINT
Mirza International Limited
30.37
-0.87
-2.78%
IN:SREEL
Sreeleathers Ltd.
189.95
-59.06
-23.72%
IN:VIPIND
V.I.P.INDUSTRIES LTD.
302.95
-54.65
-15.28%
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...
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.