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Swing Capital

Safari Industries (India) Ltd

NSE: SAFARI BSE: 523025

Safari Industries is in the business of manufacturing and trading of luggage and luggage accessories. There are two broad categories of luggage i.e hard luggage and soft luggage. Hard luggages are mainly made of PolyPropylene (PP) and Polycarbonate (PC) and manufactured in-house by Safari at its Plant located at Halol, Gujarat. Soft luggages are made of fabrics of various kinds and are mainly imported.[1]

₹1,422
52W: ₹1363 — ₹2507
PE 56.5 · Book ₹197 · +622% vs book
Market Cap₹6,967 Cr
Stock P/E56.5Price to Earnings
ROCE16.4%Return on Capital
ROE13.6%Return on Equity
Div. Yield0.21%Face Value ₹2

Strengths

  • +Company has delivered good profit growth of 30.5% CAGR over last 5 years
  • +Company's median sales growth is 27.4% of last 10 years

Weaknesses

  • −Stock is trading at 7.16 times its book value

Shareholding Pattern

Promoters44.7%
FIIs10.81%
DIIs28.3%
Public16.2%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.73%45.41%▼0.345.41%45.41%45.41%44.9%▼0.544.7%▼0.244.7%
FIIs12.69%12.24%▼0.412.26%▲0.013.25%▲1.013.05%▼0.212.3%▼0.812.32%▲0.010.81%▼1.5
DIIs21.83%22.73%▲0.923.97%▲1.223.71%▼0.324.68%▲1.026.11%▲1.426.56%▲0.428.3%▲1.7
Public19.75%19.6%▼0.118.37%▼1.217.63%▼0.716.86%▼0.816.7%▼0.216.42%▼0.316.2%▼0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales370388365449457442421527533512
Expenses316332308398425406373471486486
Operating Profit54565751323648574625
OPM %15%14%16%11%7%8%11%11%9%5%
Net Profit34363937222633403317
EPS ₹7.177.497.977.534.465.226.858.126.683.56

AI Insights

Revenue Trend

TTM revenue at ₹1,992Cr, up 12.5% YoY. OPM at 9%.

Debt Position

Borrowings at ₹99Cr. Debt-to-equity ratio: 0.10x. Healthy balance sheet.

Institutional Flow

DIIs: 28.3% (+11.30pp change). FIIs: 10.81% (-1.49pp change). Promoters hold 44.7%.

Margin & Efficiency

ROCE improving from 11% (Mar 2014) to 16% (Mar 2025). Working capital days: 85.

Valuation

PE 56.5x with 16.4% ROCE. Price is 622% above book value of ₹197. Dividend yield: 0.21%.

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