SAFARISafari Industries (India) Ltd.
Safari Industries (India) Q2 FY27 Results: Consolidated Net Profit ₹36.93 Crore on Total Income of ₹589 Crore
- Earnings
- Luggage and bags
Reviewed byRachit TripathiBlacklitt Research
Safari Industries (India) (NSE: SAFARI) reported a consolidated total income of ₹589.45 crore and a consolidated net profit of ₹36.93 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income was ₹590.22 crore and standalone net profit ₹17.55 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹589.45 crore, up 9.3% YoY and down 1.1% QoQ
- Net profit and EPS: ₹36.93 crore, down 21.3% YoY; basic EPS ₹7.54
- Profit before tax: ₹45.67 crore, down 24.0% YoY and 25.2% QoQ
- Interim dividend: ₹2 per share (100% of face value), record date 12 Nov 2026
Standalone
The company on its own, without its subsidiaries
- Total income: ₹590.22 crore, up 9.0% YoY and down 1.1% QoQ
- Net profit and EPS: ₹17.55 crore, down 46.3% YoY; basic EPS ₹3.58
- Other income: ₹10.39 crore, up 17.4% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 589.45 | 539.30 | +9.3% | 595.78 | -1.1% | |
| Revenue from operations | 582.22 | 533.55 | +9.1% | 588.58 | -1.1% |
| Other income | 7.23 | 5.75 | +25.7% | 7.20 | +0.4% |
| 36.93 | 46.94 | -21.3% | 47.75 | -22.7% | |
| Profit before tax | 45.67 | 60.13 | -24.0% | 61.05 | -25.2% |
| Finance costs | 2.44 | 2.11 | +15.6% | 2.53 | -3.6% |
| Depreciation | 18.84 | 17.55 | +7.4% | 19.04 | -1.1% |
| Tax expense | 8.74 | 13.19 | -33.7% | 13.30 | -34.3% |
| Net profit margin | 6.27% | 8.70% | -2.44 pp | 8.01% | -1.75 pp |
| EPS, basic (₹) | 7.54 | 9.58 | -21.3% | 9.75 | -22.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Income grew while profit fell. Tax reduced the decline, so profit fell less than pre-tax profit.
Other income of ₹7.23 crore is 1.2% of total income this quarter, and finance costs of ₹2.44 crore are 0.4% of total income.
The group reports a single segment, luggage business, and the statutory auditors Walker Chandiok & Co LLP carried out a limited review with unmodified conclusions.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 590.22 | 541.65 | +9.0% | 596.73 | -1.1% | |
| Revenue from operations | 579.83 | 532.80 | +8.8% | 586.77 | -1.2% |
| Other income | 10.39 | 8.85 | +17.4% | 9.96 | +4.3% |
| 17.55 | 32.71 | -46.3% | 28.87 | -39.2% | |
| Profit before tax | 22.20 | 42.43 | -47.7% | 37.68 | -41.1% |
| Finance costs | 2.41 | 1.80 | +33.9% | 2.48 | -2.8% |
| Depreciation | 11.27 | 11.05 | +2.0% | 11.69 | -3.6% |
| Tax expense | 4.65 | 9.72 | -52.2% | 8.81 | -47.2% |
| Net profit margin | 2.97% | 6.04% | -3.07 pp | 4.84% | -1.86 pp |
| EPS, basic (₹) | 3.58 | 6.68 | -46.4% | 5.89 | -39.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone profit fell much more than consolidated profit. Standalone net profit fell 46.3% YoY on total income up 9.0%, with profit before tax down 47.7%. Standalone tax expense fell 52.2%.
Other income of ₹10.39 crore is 46.8% of standalone profit before tax of ₹22.20 crore, a larger share than in the consolidated figures. Standalone finance costs rose 33.9% YoY to ₹2.41 crore.
Consolidated net profit of ₹36.93 crore is ₹19.38 crore higher than standalone net profit of ₹17.55 crore. The filing does not give the reason for the gap between the two.
Inference
The board declared an interim dividend of ₹2 per share, 100% of the ₹2 face value, for FY 2026-27, payable on or before 5 Dec 2026, with 12 Nov 2026 fixed as the record date.
The board approved capital expenditure of up to ₹170 crore for the company and up to ₹60 crore for its wholly owned subsidiary Safari Manufacturing Limited, to add up to 6,00,000 pieces per month of capacity by June 2028, financed by internal accruals. The filing does not say why receivables rose or whether the ₹170 crore company capex will be funded the same way.
Filed with BSE on . Reference: Original filing (PDF)
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