Safari Industries (India) Limited (SAFARI)

Consumer Durables · Consumer Durables · NSE · Updated 21 July 2026

₹1,636.9 ↓ 23.99% (1Y)

🎯 Key Takeaways

Safari Industries (India) Limited is navigating a phase of operational stabilization following a period of elevated margins, with recent financial performance showing mixed trends in revenue and profitability. Management has maintained a disciplined approach to capital allocation, including consistent dividend payouts and shareholder communication, while addressing long-standing compliance matters such as unclaimed dividends.
Revenue declined 3.3% QoQ to ₹443 in Q3FY25.
⚠️ Persistent margin pressure despite revenue growth, with OPM declining sharply in recent quarters, indicating potential pricing or cost control challen

Market Cap

₹7,144

P/E Ratio

47.7

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Safari Industries (India) Limited is navigating a phase of operational stabilization following a period of elevated margins, with recent financial performance showing mixed trends in revenue and profitability. Management has maintained a disciplined approach to capital allocation, including consistent dividend payouts and shareholder communication, while addressing long-standing compliance matters such as unclaimed dividends. The company operates in the consumer durables space with a focus on industrial and institutional furniture, and its narrative centers on sustaining profitability amid competitive pressures.

📰 What's Happening

In Q3FY25, Safari reported consolidated revenue of ₹2,042.54 crores and profit after tax of ₹124.78 crores for FY2025-26, following approval of audited financial results. The company declared a final dividend of Rs 2 per share (100% payout) for FY2025-26, payable on or before 3 September 2026, with a record date of 17 July 2026. Shareholders were instructed to claim unclaimed dividends dating back to 2018-19 by 13 September 2026 to avoid transfer to IEPF. The trading window for insider transactions closed on 1 July 2026, ahead of unaudited Q3FY25 results.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	303	427	370	388	365	450	458	443
Operating Profit	61	81	66	72	72	74	55	58
OPM %	19.3%	18.5%	17.1%	17.6%	18.3%	14.6%	10.5%	11.4%
Net Profit	38	50	40	43	43	44	30	31
EPS	₹16.06	₹21.06	₹16.74	₹9.02	₹9.00	₹9.11	₹6.07	₹6.37

Revenue has shown sequential improvement from ₹303 crores in Q4FY23 to ₹443 crores in Q3FY25, indicating recovery in top-line performance. However, operating performance has been volatile, with OPM declining from a peak of 19.3% in Q4FY23 to 11.4% in Q3FY25, suggesting margin compression despite revenue growth. Net profit and EPS peaked in earlier quarters but have stabilized at lower levels, reflecting the impact of cost pressures or pricing dynamics. The trend indicates that while scale is increasing, profitability remains sensitive to operational execution.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the latest filings beyond dividend policy and compliance timelines. The declaration of a final dividend and emphasis on shareholder communication suggest a focus on returning value while maintaining governance standards. There is no public commentary on growth projections, cost management initiatives, or market outlook in the recent disclosures, leaving future expectations ambiguous.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Consumer Durables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Titan Company Limited	3.70 L Cr	77.6	34.3%	41.0%	0.88
Asian Paints Limited	2.50 L Cr	65.0	26.0%	19.8%	0.04
LG Electronics India Limited	1.07 L Cr	—	—	—	—
Havells India Limited	75,873	54.2	—	—	—
Dixon Technologies (India) Limited	66,754	75.9	—	—	—
Berger Paints (I) Limited	62,200	54.5	—	—	—
Voltas Limited	40,722	56.8	—	—	—
Kalyan Jewellers India Limited	36,461	54.6	—	—	—
Blue Star Limited	34,091	61.2	—	—	—
Amber Enterprises India Limited	29,854	164.3	8.4%	4.1%	0.62

🔗 Peer Stock Analyses

TITAN ASIANPAINT LGEINDIA HAVELLS DIXON

⚠️ Risk Factors

1. Persistent margin pressure despite revenue growth, with OPM declining sharply in recent quarters, indicating potential pricing or cost control challenges. 2. Long-standing issue of unclaimed dividends since 2018-19 raises governance concerns and suggests possible liquidity or shareholder engagement weaknesses. 3. High P/E ratio of 47.7 relative to sector peers may reflect elevated valuation expectations not fully supported by current earnings trends. 4. Limited transparency in management commentary or strategic outlook may hinder investor confidence in future performance.

📋 Recent Filings

🧠 Analyst's Read

Safari Industries appears to be a mature company with stable but declining profitability and a history of governance-related shareholder issues. While recent financials show revenue recovery, margin erosion and lack of strategic guidance pose challenges. Investors should monitor operational efficiency and whether the company can stabilize margins while maintaining its dividend policy amid evolving market dynamics.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-21.

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