SAFARI - Safari Inds.
📢 Recent Corporate Announcements
Safari Industries (India) Limited has scheduled a one-on-one interaction with Monarch Networth Capital. The meeting is slated for Thursday, March 12, 2026, at 2:30 PM IST. This disclosure is made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction.
- One-on-one meeting scheduled with Monarch Networth Capital on March 12, 2026
- Interaction is set to commence at 2:30 PM IST
- Compliance with SEBI (LODR) Regulations, 2015, Regulation 30
- Company confirmed that no Unpublished Price Sensitive Information will be disclosed
Safari Industries has entered into a long-term licensing agreement with Carlton Retail Private Limited to use the CARLTON brand for luggage and related products in India. The agreement is valid for 20 years, with an option to renew for another 20 years, ensuring long-term brand stability. Safari will pay a license fee of 5% of net sales (minimum ₹45 Lakh) and provide a refundable security deposit of ₹99.50 Crore. This move is a strategic step to strengthen Safari's presence in the premium luggage segment.
- 20-year licensing agreement for the CARLTON brand in India, renewable for another 20 years
- License fee set at 5% of total net sales or ₹45 Lakh per year, whichever is higher
- Interest-free refundable security deposit of ₹99.50 Crore to be paid in tranches
- Agreement covers Class 18 products, primarily focusing on the luggage and travel gear segment
Safari Industries (India) Limited has announced a plant visit for analysts and institutional investors at its subsidiary, Safari Manufacturing Limited, located in Jaipur. The visit is scheduled for February 20, 2026, starting at 10:30 AM IST and will be conducted in a physical group meeting format. This visit will be followed by an interaction session with the company's management team. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction.
- Plant visit scheduled for subsidiary Safari Manufacturing Limited in Jaipur on February 20, 2026
- The event includes a physical group interaction with the company management starting at 10:30 AM IST
- The meeting is organized pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
- Company confirms that no unpublished price sensitive information (UPSI) will be disclosed during the session
Safari Industries (India) Limited has issued a postal ballot notice seeking shareholder approval for two key resolutions. The company plans to raise up to ₹500 crore through a Qualified Institutions Placement (QIP) to support its growth and capital requirements. Additionally, the board has proposed the re-appointment of Mr. Sudhir Jatia as Managing Director for a five-year term effective from April 18, 2026. Shareholders can cast their votes via remote e-voting between February 17 and March 18, 2026.
- Proposed fundraising of up to ₹500 crore through the issuance of equity shares via QIP.
- Re-appointment of Mr. Sudhir Jatia as Managing Director for a 5-year tenure until April 2031.
- The QIP may be offered at a discount of up to 5% on the floor price as per SEBI guidelines.
- Remote e-voting period is set from February 17, 2026, to March 18, 2026.
- The capital infusion is intended to strengthen the balance sheet and fund future expansion.
Safari Industries has announced a significant fundraise of up to Rs 500 crore through a Qualified Institutions Placement (QIP) to support its growth initiatives. The Board has also recommended the re-appointment of Mr. Sudhir Jatia as Managing Director for another five-year term, ensuring leadership continuity until 2031. To manage its expanding shareholder base, the company is transitioning its Registrar and Share Transfer Agent (RTA) to MUFG Intime India. Additionally, the current Company Secretary, Rameez Shaikh, has resigned and will be relieved by April 17, 2026.
- Board approved fundraising of up to Rs 500 crore through Qualified Institutions Placement (QIP)
- Mr. Sudhir Jatia re-appointed as Managing Director for a 5-year term from April 2026 to April 2031
- Change in RTA from Adroit Corporate Services to MUFG Intime India due to exponential shareholder growth
- Company Secretary Rameez Shaikh resigned to pursue other opportunities, effective April 17, 2026
- Postal ballot notice approved to seek shareholder consent for the QIP and MD re-appointment
Safari Industries reported a steady growth in its consolidated revenue for the quarter ended December 31, 2025, reaching ₹445.35 crore, up from ₹386.24 crore in the same period last year. The net profit for the quarter stood at ₹48.90 crore, representing a 13.8% year-on-year increase. Total expenses rose to ₹382.07 crore, primarily driven by the cost of materials consumed and purchase of stock-in-trade. The company maintained a healthy EPS of ₹10.04 for the quarter, indicating consistent operational performance in the luggage and travel accessories segment.
- Consolidated Revenue from Operations grew 15.3% YoY to ₹445.35 crore in Q3 FY26.
- Net Profit for the quarter increased to ₹48.90 crore compared to ₹42.95 crore in Q3 FY25.
- Earnings Per Share (EPS) improved to ₹10.04 from ₹9.05 in the corresponding previous quarter.
- Total Income for the nine-month period ended Dec 31, 2025, reached ₹1,351.48 crore.
- The company continues to operate through its key subsidiaries Safari Manufacturing Limited and Safari Lifestyles Limited.
Safari Industries has approved a significant fundraise of up to ₹500 crore through a Qualified Institutions Placement (QIP) to fuel its next phase of growth. The board also recommended the re-appointment of Mr. Sudhir Jatia as Managing Director for a five-year term starting April 2026, ensuring long-term leadership continuity. To manage its rapidly growing shareholder base, the company is transitioning its Registrar and Share Transfer Agent (RTA) to MUFG Intime India. While the Company Secretary has resigned, the overall focus remains on institutionalizing the business and securing capital for expansion.
- Approved fundraising of up to ₹500 crore through the issuance of equity shares via QIP.
- Re-appointed Mr. Sudhir Jatia as Managing Director for a 5-year term from April 18, 2026, to April 17, 2031.
- Transitioning RTA to MUFG Intime India to handle exponential growth in shareholder count and market share.
- Company Secretary Rameez Shaikh resigned to pursue other opportunities, effective April 17, 2026.
Safari Industries has announced a significant fundraise of up to ₹500 Crore through a Qualified Institutions Placement (QIP) to support its growth objectives. The Board has also approved the re-appointment of Mr. Sudhir Jatia as Managing Director for a further five-year term, ensuring leadership continuity until 2031. While the Company Secretary has resigned to pursue other opportunities, the company is also upgrading its Registrar and Share Transfer Agent to MUFG Intime India to better manage its expanding shareholder base. These moves collectively indicate a phase of scaling up and institutionalizing corporate functions.
- Approved raising of funds up to ₹500 Crore through the issuance of equity shares via QIP.
- Re-appointed Mr. Sudhir Jatia as Managing Director for a 5-year term effective from April 18, 2026.
- Company Secretary and Compliance Officer Mr. Rameez Shaikh resigned, effective April 17, 2026.
- Changing Registrar and Share Transfer Agent (RTA) to MUFG Intime India Private Limited due to exponential growth.
- Fundraising and MD re-appointment are subject to shareholder approval via postal ballot.
Safari Industries has approved a significant fundraise of up to Rs 500 crore through a Qualified Institutions Placement (QIP) to support its growth objectives. The Board has also recommended the re-appointment of Mr. Sudhir Jatia as Managing Director for a further five-year term, ensuring leadership continuity until 2031. While the Company Secretary, Mr. Rameez Shaikh, has resigned effective April 2026, the company is already in the process of identifying a successor. Additionally, the company is upgrading its Registrar and Share Transfer Agent (RTA) to MUFG Intime India to better manage its expanding shareholder base.
- Approved fundraise of up to Rs 500 crore through Qualified Institutions Placement (QIP) of equity shares.
- Re-appointment of Mr. Sudhir Jatia as Managing Director for a 5-year term from April 18, 2026, to April 17, 2031.
- Resignation of Company Secretary and Compliance Officer Mr. Rameez Shaikh effective April 17, 2026.
- Transition of RTA services to MUFG Intime India Private Limited to accommodate exponential growth in shareholder numbers.
- Board meeting concluded with a proposal for a Postal Ballot to seek shareholder approval for the QIP and MD re-appointment.
Safari Industries (India) Limited has allotted 1,648 equity shares of face value Rs. 2 each following the exercise of Employee Stock Appreciation Rights (ESARs). This allotment marginally increases the company's paid-up equity capital to Rs. 9,79,87,854. Furthermore, the company has granted 15,000 new ESARs to an eligible employee at a base price of Rs. 1,700 per unit. These new rights will vest in four equal annual installments of 25% each over the next four years.
- Allotment of 1,648 equity shares of face value Rs. 2 each to ESAR grantees
- Paid-up equity share capital increased from Rs. 9,79,84,558 to Rs. 9,79,87,854
- Grant of 15,000 new Employee Stock Appreciation Rights (ESARs) to an eligible employee
- Base price for the new ESAR grant set at Rs. 1,700 per unit
- Vesting schedule for new grants is 25% annually over a 4-year period
Safari Industries (India) Limited has announced the appointment of Mr. Manish Bhatia as the Chief Human Resource Officer (CHRO) effective January 27, 2026. Mr. Bhatia joins the senior management team with over 26 years of experience in HR strategy and organizational development across diverse sectors like consumer durables and retail. He previously served as the Executive Vice President of Human Resources at Greenply Industries Limited. This appointment is part of the company's effort to align its human capital strategy with its business growth objectives.
- Appointment of Mr. Manish Bhatia as CHRO effective from January 27, 2026
- Brings over 26 years of experience in HR Strategy, Talent Acquisition, and Talent Management
- Previously served as Executive Vice President – Human Resources at Greenply Industries Limited
- Includes 4 years of unique cross-functional experience in a Sales Leadership position
- Educational background includes an MBA in HR from Pune University
Safari Industries (India) Limited has filed its quarterly compliance certificate for the period ended December 31, 2025, as per SEBI (Depositories and Participants) Regulations. The company's Registrar and Share Transfer Agent, Adroit Corporate Services, confirmed that all dematerialization requests were processed and certificates were mutilated within the mandated 15-day period. This is a standard administrative filing ensuring the integrity of the company's shareholding records. No material changes to the company's operations or financials were reported in this document.
- Compliance certificate issued for the quarter ended December 31, 2025.
- Confirmation that dematerialization requests were handled within the 15-day regulatory timeline.
- Registrar confirmed that security certificates were mutilated and cancelled after due verification.
- Depositories' names have been substituted in the register of members as registered owners.
Safari Industries (India) Limited has announced the closure of its trading window effective from January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are officially disclosed. This is a standard regulatory procedure for listed companies preceding earnings announcements.
- Trading window closure begins on Thursday, January 1, 2026.
- Closure relates to the Un-audited Financial Results for the quarter and nine months ended December 31, 2025.
- Trading window will reopen 48 hours after the financial results are communicated to BSE and NSE.
- Restriction applies to all Designated Persons, including Directors and their immediate relatives.
Safari Industries (India) Limited has announced a scheduled interaction with ICICI Prudential AMC. The one-on-one meeting is set to take place on Tuesday, December 23, 2025, at 3:30 PM IST. This meeting is part of the company's regular investor relations activities under SEBI regulations. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during the discussion.
- One-on-one meeting scheduled with ICICI Prudential AMC on December 23, 2025.
- Interaction is set for 3:30 PM IST as per the regulatory filing.
- Compliance disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared.
Safari Industries (India) Limited has announced a scheduled interaction with Aditya Birla Sun Life Mutual Fund. The one-on-one meeting is set to take place on Friday, December 19, 2025, at 3:30 PM IST. This disclosure is made in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction.
- One-on-one meeting scheduled with Aditya Birla Sun Life Mutual Fund.
- Interaction date set for December 19, 2025, at 3:30 PM IST.
- Compliance with SEBI (LODR) Regulations, 2015, Regulation 30.
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be disclosed.
- Meeting schedule is subject to change due to exigencies.
Financial Performance
Revenue Growth by Segment
Total income grew by 15.54% YoY to INR 1,808.31 Cr in FY25 from INR 1,565.11 Cr in FY24. The hard luggage segment, manufactured in-house using Polypropylene and Polycarbonate, has been a key driver of growth, while the backpack category remains highly competitive and fragmented.
Geographic Revenue Split
Not explicitly disclosed in available documents, though the company is expanding its footprint in the North Indian market through a new manufacturing facility in Jaipur operational from H2FY25.
Profitability Margins
Operating Profit Margin declined to 9.02% in FY25 from 13.64% in FY24. Net Profit Margin also decreased to 6.64% in FY25 compared to 9.97% in FY24, primarily due to increased total expenses which rose to INR 1,656.03 Cr from INR 1,361.33 Cr.
EBITDA Margin
EBITDA margin was 17.9% in FY24 (a 160 bps improvement) and was projected to reach 18.5% for FY25. However, reported operating margins for FY25 showed a decline to 9.02% due to intense competition and higher costs.
Capital Expenditure
The company invested in a new manufacturing plant in Jaipur, Rajasthan, which became operational in H2FY25. This expansion is intended to increase penetration in North India and support future revenue growth from FY26 onwards.
Credit Rating & Borrowing
CRISIL reaffirmed ratings at 'CRISIL AA-/Stable' for long-term and 'CRISIL A1+' for short-term facilities. The company maintains a strong financial risk profile with a low Debt-Equity ratio of 0.12:1 and an Interest Coverage Ratio of 21.52:1 as of March 31, 2025.
Operational Drivers
Raw Materials
Polypropylene (PP), Polycarbonate (PC), and various fabrics. Raw materials account for 55-60% of the total operating cost.
Import Sources
Soft luggage and certain raw materials are primarily imported, making the company vulnerable to global supply chain disruptions and trade policy changes.
Capacity Expansion
Current manufacturing is centered at Halol, Gujarat. A new plant in Jaipur became operational in H2FY25 to enhance production capacity for hard luggage and improve North India distribution.
Raw Material Costs
Raw material costs represent 55-60% of operating expenses. Profitability is highly sensitive to fluctuations in global prices of PP and PC; a sharp increase in these commodities directly compresses operating margins.
Manufacturing Efficiency
The shift toward in-house manufactured hard luggage (PP and PC) has historically supported higher margins compared to traded soft luggage.
Logistics & Distribution
Distribution is handled through hypermarkets, e-commerce, exclusive stores, and CSD. The Jaipur plant is strategically located to optimize logistics costs for the North Indian market.
Strategic Growth
Expected Growth Rate
24%
Growth Strategy
Growth will be driven by the ramp-up of the new Jaipur plant, aggressive investment in the backpack category, and expansion in high-growth channels like E-commerce and Quick-commerce. The company is also moving into the premium segment with brands like Urban Jungle to counter new-age competitors.
Products & Services
Hard luggage (suitcases/trolleys), soft luggage, backpacks (formal, casual, school), and travel accessories.
Brand Portfolio
Safari, Safari Select, Genie, Genius, and Urban Jungle.
New Products/Services
Launched premium offerings under 'Urban Jungle' and 'Safari Select' to target the mass-premium and premium segments and compete with feature-rich new-age brands.
Market Expansion
Focusing on North India through the Jaipur facility and increasing presence in the Quick-commerce channel, which is expected to be a key growth driver.
Market Share & Ranking
Ranked as the 'No. 1 Luggage Brand in India' by revenue for the second consecutive year (Source: Euromonitor).
External Factors
Industry Trends
The industry is shifting toward branded luggage and hard luggage. While E-commerce growth is steady, Quick-commerce is emerging as a new channel. The industry is oligopolistic but faces disruption from new-age brands offering design customization.
Competitive Landscape
Intense competition from legacy players VIP Industries and Samsonite, alongside aggressive new-age digital-first brands.
Competitive Moat
Moat is built on a strong distribution network (8,500+ touchpoints), brand leadership, and a shift toward 100% recyclable in-house manufacturing. These advantages are sustainable but challenged by low switching costs in the value segment.
Macro Economic Sensitivity
Demand is sensitive to macro-economic factors affecting travel and tourism, as well as recessionary trends that impact discretionary spending on luggage.
Consumer Behavior
Increasing consumer preference for branded luggage and a shift toward hard luggage with innovative aesthetics and features.
Geopolitical Risks
Vulnerability to global trade policies and tariffs due to high reliance on imported raw materials and soft luggage products.
Regulatory & Governance
Industry Regulations
Operations must comply with environmental norms regarding waste generation (reduced to 0.62 tonnes/revenue) and plastic recycling standards.
Environmental Compliance
The company is investing in 100% recyclable materials (PP and PC) and has reduced GHG emissions intensity from 0.67 to 0.57 tCO2/revenue between 2022 and 2023.
Taxation Policy Impact
Not explicitly detailed, but PAT was INR 117.53 Cr on a PBT of approximately INR 152.28 Cr (implied from total income minus expenses).
Legal Contingencies
The company reported a 100% investor complaint redressal rate; no specific pending high-value court cases were detailed in the provided documents.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (55-60% of costs) and forex rates are the primary uncertainties that could impact margins by more than 5% in adverse scenarios.
Geographic Concentration Risk
Historically concentrated in West/South India, now diversifying into North India via the Jaipur plant.
Third Party Dependencies
Significant dependency on imports for the soft luggage category and raw material supply chains.
Technology Obsolescence Risk
Risk is mitigated by consistent R&D in product design and aesthetics to match new-age competitors.
Credit & Counterparty Risk
Liquidity is 'Superior' with bank limit utilization as low as 2-12% and cash/equivalents of INR 228 Cr as of March 2025.