Safari Industries (India) Ltd (SAFARI)
🎯 Key Takeaways
- Safari Industries is navigating a transitional phase marked by leadership continuity and financial stabilization amid modest growth. The company has demonstrated consistent profitability with healthy margins and strong returns, but faces pressure from a declining stock price over the past year.
- Revenue grew 24.4% QoQ to ₹589 in Q1FY27.
- ⚠️ The company faces margin pressure from rising input costs, as reflected in historically compressed operating margins despite revenue recovery. There i
📖 The Story
Safari Industries is navigating a transitional phase marked by leadership continuity and financial stabilization amid modest growth. The company has demonstrated consistent profitability with healthy margins and strong returns, but faces pressure from a declining stock price over the past year. Management has focused on operational discipline and governance compliance, while maintaining a conservative capital structure.
📰 What's Happening
In Q1 FY27 (ended June 30, 2026), Safari Industries approved unaudited financial results and appointed Aditya Bhargava as Chief Financial Officer effective August 4, 2026, signaling leadership continuity. The board also declared a final dividend of Rs 2 per share and re-appointed two independent directors at the 46th Annual General Meeting on August 4, 2026, with 100% shareholder participation via e-voting. Additionally, the company allotted 1,755 equity shares under its Employee Stock Appreciation Rights scheme, increasing paid-up capital by Rs 3,510, reflecting routine ESOP exercises without material dilution.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 534 | 512 | 473 | 589 |
| Operating Profit | 56 | 38 | 44 | 56 |
| OPM % | 10.6% | 7.4% | 9.3% | 9.6% |
| Net Profit | 47 | 33 | 37 | 48 |
| EPS | ₹9.58 | ₹6.72 | ₹7.65 | ₹9.75 |
Revenue has shown sequential improvement, rising from ₹534 crore in September 2025 to ₹589 crore in June 2026, driven by operational recovery. Operating margins have stabilized around 9-10%, with a slight uptick in June 2026, supporting net profit growth to ₹48 crore. EPS rose to ₹9.75 in Q1 FY27 from ₹7.65 in the prior quarter, indicating improved bottom-line performance. Despite this, annual revenue remains below peak levels, suggesting the company is in a recovery phase rather than experiencing rapid expansion.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance in the latest filings beyond routine operational updates. However, the appointment of a new CFO and board-level approvals of financial results and governance measures suggest a focus on stability and compliance. The consistent declaration of dividends and shareholder engagement through e-voting reflect confidence in financial sustainability, though no strategic expansion plans or growth targets were disclosed in the recent filings.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 |
| Reserves | 882 | 944 | 1,035 | 1,105 |
| Borrowings | 157 | 125 | 113 | 0 |
| Total Liabilities | 1,284 | 1,319 | 1,436 | 1,446 |
| Fixed Assets | 287 | 412 | 432 | 457 |
| Investments | 24 | 3 | 3 | 13 |
| Total Assets | 1,284 | 1,319 | 1,436 | 1,446 |
The balance sheet remains strong with zero net debt and a growing equity base supported by retained earnings. Reserves increased to ₹1,105 crore by March 2026 from ₹944 crore in the prior year, indicating healthy profitability accumulation. With no long-term borrowings, the company is not leveraging its capital structure, suggesting a conservative approach to growth financing and a preference for internal fund generation.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +173 |
| Investing | -103 |
| Financing | -73 |
| Net Cash Flow | -3 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 44.9% | 44.7% | 44.7% | 44.7% |
| FII | 12.3% | 12.3% | 10.8% | 10.6% |
| DII | 26.1% | 26.6% | 28.3% | 28.3% |
| Public | 9.3% | 9.0% | 9.3% | 9.7% |
| # Shareholders | 36,627 | 35,017 | 34,886 | 36,853 |
Institutional investor interest has declined slightly, with FII holdings reducing from 12.32% in Q3 FY26 to 10.56% in Q1 FY27, while DII holdings remained relatively stable. Promoter holding has been steady at 44.7% over the past four quarters. The growing number of retail shareholders (36,853 in Q1 FY27) suggests increasing market participation, but the outflow from foreign investors may signal concerns about near-term performance or sectoral headwinds.
⚖️ Peer Comparison — Plastic products
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| SUPREMEIND | 42,770 | 41.4 | 22.1% | 16.7% | 0.00 |
| ASTRAL | 37,882 | 65.8 | 20.0% | 14.2% | 0.04 |
| SHAILY | 15,086 | 85.3 | 33.8% | 32.3% | 0.34 |
| FINPIPE | 9,527 | 15.4 | 12.7% | 9.9% | 0.07 |
| TIMETECHNO | 8,930 | 17.6 | 20.9% | 17.2% | 0.22 |
| KINGFA | 8,398 | 37.2 | 39.9% | 31.0% | 0.05 |
| SAFARI | 7,563 | 45.8 | 19.8% | 14.8% | 0.00 |
| RESPONIND | 4,622 | 45.6 | 7.5% | 6.5% | 0.12 |
| VIPIND | 4,266 | — | -43.7% | -130.7% | 1.42 |
| NILKAMAL | 3,066 | 24.6 | 11.4% | 7.9% | 0.16 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
The company faces margin pressure from rising input costs, as reflected in historically compressed operating margins despite revenue recovery. There is limited visibility on growth catalysts, with no new capacity expansions or order announcements in recent filings. Additionally, the declining stock price (-28.77% over 12 months) and reduced FII interest suggest market skepticism about near-term earnings visibility, despite strong ROE and ROCE.
📋 Recent Filings
-
Announcement 8 September 2026Safari Industries (India) Ltd has sent a mandatory notice to physical shareholders requiring them to update PAN, KYC details, and nomination informati...
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🟡 Board Meeting 6 August 2026Safari Industries held its 46th Annual General Meeting on 4 August 2026 via video conference, enabling remote e-voting for shareholders as of 29 July ...
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🔴 Financial Results 4 August 2026Safari Industries announced the appointment of Aditya Bhargava as Chief Financial Officer effective August 4, 2026, following board approval of unaudi...
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🟡 Board Meeting 4 August 2026Safari Industries announced the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, along with the appointmen...
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🟡 Board Meeting 3 August 2026The Nomination, Remuneration and Compensation Committee approved the allotment of 1,755 equity shares of Rs 2 each to an ESAR grantee upon vesting of ...
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🟡 Board Meeting 3 August 2026The Nomination, Remuneration and Compensation Committee approved the allotment of 1,755 equity shares of Rs 2 each to an ESAR grantee upon vesting of ...
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Financial Results 30 June 2026Safari Industries (India) Limited announced that its trading window will close on 1 July 2026, remaining shut until 48 hours after the unaudited finan...
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🔴 Corporate Action 9 June 2026Safari Industries (India) Limited notified shareholders that unclaimed dividends for seven consecutive years, starting from 2018-19, must be claimed b...
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🟡 Board Meeting 19 May 2026No summary available
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🔴 Corporate Action 19 May 2026Safari Industries (India) Limited announced a final dividend of Rs 2 per share (100% payout) for FY 2025-26, subject to shareholder approval at the AG...
🧠 Analyst's Read
Safari Industries demonstrates financial resilience with strong returns and a clean balance sheet, but operates in a stagnant growth phase with limited upside catalysts currently priced in. Investors should monitor management's ability to expand margins and rekindle institutional confidence, particularly amid sector-specific headwinds in plastic packaging demand.
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 2026-09-13.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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