Safari Industries (India) Limited, established in 1974, is a prominent Indian company specializing in the manufacturing and marketing of luggage and luggage accessories. Starting as a partnership firm manufacturing plastic moulded luggage in Bombay, it transitioned to a private limited company in 1980 and a public limited company in February 1986, promoted by Sudhir M. Jatia.
With a market capitalization of ₹10,398.75 crore as of June 27, 2025, Safari Industries has solidified its position as a key player in the Indian luggage market, offering a wide array of products to meet various travel needs.
Safari Industries primarily engages in the manufacturing and trading of luggage and luggage accessories. Its product offerings are broadly categorized into:
- Hard Luggage: Primarily made from Polypropylene (PP) and Polycarbonate (PC), these are manufactured in-house at Safari's plant in Halol, Gujarat. Categories include lightweight luggage and TSA luggage.
- Soft Luggage: Made from various fabrics, these products are mainly imported.
The company's extensive product portfolio includes:
- Luggage Categories: Hard luggage, soft luggage, lightweight luggage, and TSA luggage. Available in various sizes (carry-on, checked-in medium, checked-in large) for diverse occasions like vacations, work, international travel, and weekend getaways.
- Backpack Categories: Everyday casual backpacks, laptop backpacks, rucksacks, concept backpacks, and overnighters.
- Other Products: Trolley bags, backpack suitcases, satchel bags with laptop sleeves, duffle bags, school backpacks, anti-theft trolley bags, neck pillows, sling bags, travel rucksacks, messenger bags, formal backpacks, passport wallets, and more.
Safari Industries operates manufacturing plants in Mumbai and Halol, Gujarat, producing injection moulded and vacuum formed plastic articles.
- The Mumbai unit primarily serves as an assembly shop, manufacturing plastic moulded luggage from bought-out components.
- The Halol, Gujarat plant, established in 1982 with an initial installed capacity of 840 tpa, is a fully integrated facility for plastic moulded luggage. Its capacity was expanded to 1500 tpa in 1985.
In a significant operational expansion, Safari Manufacturing Limited, a wholly-owned subsidiary, was incorporated on November 9, 2021. This subsidiary commenced commercial production/manufacturing of luggage on June 17, 2022, at its newly established factory, also located in Halol, Gujarat.
- Net Profit: Declined 12.97% to ₹37.59 crore (compared to ₹43.19 crore in Q4 FY24).
- Sales: Rose 15.23% to ₹421.06 crore (compared to ₹365.42 crore in Q4 FY24).
- Profit Before Tax (PBT): Stood at ₹49.43 crore, down 11.61% from ₹55.92 crore in the same quarter last year.
- Total Expenses: Spiked 20.06% year-on-year to ₹377.66 crore.
- Cost of Material Consumed: ₹155.49 crore (up 23.08% year-on-year).
- Employee Benefits Expenses: ₹31.35 crore (up 29.44% year-on-year).
- Net Profit: Declined 18.78% to ₹142.80 crore (compared to ₹175.81 crore in FY24).
- Sales: Rose 14.26% to ₹1771.58 crore (compared to ₹1550.42 crore in FY24).
- Revenue: ₹1,772 crore
- Profit: ₹143 crore
- Stock P/E: 76.3
- Book Value: ₹195
- Dividend Yield: 0.14 %
- ROCE (Return on Capital Employed): 19.0 %
- ROE (Return on Equity): 16.1 %
- Last 6 Months: Safari Industries (India) share price decreased by 16.4%.
- Last 1 Year: Share price increased by 1.47%.
- 52-Week Low: ₹1670.15
- 52-Week High: ₹2744.7
- Last 3 Years: The share price has demonstrated remarkable growth, moving up by 360.31% on BSE, reflecting strong market position and investor confidence over the medium term.
The company's board has declared a final dividend of ₹1.50 per share for FY 2024-25, which is subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for August 1, 2025. Safari Industries (India) Ltd. has an upcoming dividend payment of ₹1.50 per share due on July 18, 2025, making it an attractive option for income-focused investors.
Mr. Sudhir Jatia, an alumnus of the Owner/President Management Program of Harvard Business School and a commerce graduate from Mumbai University, acquired Safari Industries (India) Limited in 2011. He was appointed as its Managing Director on April 18, 2012, bringing over three decades of experience in the Indian luggage industry.
- Promoter Holding: 45.4%. Promoter holding in Safari Industries (India) Ltd decreased slightly to 45.41% as of March 2025, from 45.73% as of June 2024.
CRISIL has reaffirmed Safari Industries' ₹150 crore bank loan ratings at AA-/Stable and A1+. This strong credit rating underscores the company's financial stability and creditworthiness.
Safari Industries (India) has granted 5,000 Employee Stock Appreciation Rights ('ESAR') to eligible employees under the Safari Employees Stock Appreciation Rights Scheme 2022. This initiative highlights the company's commitment to employee welfare and retention.
Safari Industries continues to be a significant player in the Indian luggage market, leveraging its robust manufacturing capabilities, diverse product portfolio, and established market presence. While recent quarterly results have shown a decline in profits despite revenue growth, the company's long-term performance and market position remain strong. The upcoming dividend payment and solid business fundamentals make it an interesting proposition for investors seeking exposure to the consumer discretionary sector.
