Safari Industries packs another year of double digit growth

MUMBAI: Safari Industries seems to be travelling light on slowdown fears and heavy on momentum. Safari Industries delivered another strong year of growth in FY26, with the luggage maker posting robust double-digit gains in revenue and profit despite rising competition and shifting consumer spending patterns in India’s travel and lifestyle market. The company’s consolidated revenue from operations rose 15.5 per cent year-on-year to Rs 2,047 crore in FY26, up from Rs 1,771.6 crore in FY25, as travel demand, premiumisation and aspirational spending continued to fuel the luggage category.

Consolidated net profit for the year climbed to Rs 167.8 crore from Rs 142.8 crore a year earlier, while profit before tax stood at Rs 216.3 crore against Rs 185.6 crore in FY25.

Even the March quarter managed to keep the wheels rolling.

Safari reported Q4 FY26 consolidated revenue of Rs 473.3 crore, compared to Rs 421.1 crore in the corresponding quarter last year. Quarterly net profit rose marginally to Rs 37.5 crore from Rs 37.6 crore, while profit before tax improved to Rs 49.1 crore.

The company’s performance came despite elevated operating costs and continued investments in distribution, inventory and brand expansion. Employee benefit expenses for FY26 rose to Rs 143.6 crore, while other expenses climbed to nearly Rs 550 crore as the company continued scaling operations.

Yet margins remained resilient enough to keep investors travelling comfortably.

Earnings per share improved to Rs 34.27 for FY26 from Rs 29.24 in the previous year. The board also recommended a final dividend of Rs 2 per equity share for FY26, signalling confidence in the company’s financial position and future growth trajectory.

Safari’s balance sheet reflected the expansion mindset as well.

Consolidated total assets rose to Rs 1,446.4 crore at the end of FY26, compared to Rs 1,319.2 crore a year ago, while total equity strengthened to Rs 1,114.7 crore. The company maintained healthy inventory and cash positions even as it continued investing in manufacturing capacity, warehousing and distribution.

Operating cash flow generation remained strong at Rs 173.4 crore for the year, although investing activity intensified with capital expenditure and capacity expansion initiatives gathering pace.

The company also continued rewarding and retaining talent through employee stock schemes, allotting fresh equity shares under ESAR and ESOP programmes during FY26.

Safari’s growth story arrives at a time when India’s luggage market is benefiting from booming domestic travel, rising disposable incomes and consumers increasingly treating luggage less like utility and more like lifestyle.

And if FY26 proved anything for Safari, it is this: when India packs its bags, business tends to follow close behind.