Safari Industries Q4: Revenue +12.4%, EBITDA Margin 13%

Revenue rises in double digits, profit stays flat

Safari Industries (India) Limited reported a fourth-quarter performance where sales grew at a double-digit pace but profit remained largely unchanged year-on-year. Revenue from operations rose 12.4% YoY to ₹473.3 crore from ₹421 crore in the year-ago quarter, supported by steady demand in luggage and travel accessories. Net profit for the quarter came in at ₹37.5 crore, marginally lower by 0.3% compared with ₹37.6 crore last year. The mix of growth and flat profit kept the focus on operating efficiency rather than just topline momentum. The company has remained in focus amid rising travel demand and improving consumer spending trends in India’s travel gear segment.

EBITDA grows, but margins weaken

Operating performance improved in absolute terms, but margins showed pressure. EBITDA increased 2.3% YoY to ₹62 crore versus ₹60.4 crore in the corresponding quarter last year. However, EBITDA margin declined to 13% from 14.3% YoY. The margin compression indicates that costs grew faster than operating profit during the period. For investors tracking consumer discretionary companies, this margin trend becomes important because it can influence earnings quality even when revenues rise.

Key Q4 numbers at a glance

The quarter’s reported financial metrics show a clear divergence between growth and profitability ratios. Revenue growth was strong, while profit and margin movement was muted to negative. The data below captures the headline numbers disclosed for the quarter.

What kept Safari Industries in market focus

Safari Industries has been watched closely as travel demand improves and discretionary spending trends support categories like luggage and travel accessories. But the latest quarter suggests the company is balancing growth with operating profitability. While the article highlights steady demand, it also flags pressure on operational profitability through a lower EBITDA margin. In consumer-facing categories, this often reflects a combination of pricing actions, discounting, input costs, and channel costs, though the disclosure here is limited to the reported margin movement.

Q4 FY26 results: board meeting expected in May 2026

Separately, Safari Industries India (NSE: SAFARI) is set to announce its Q4 FY26 financial results for the quarter and full year ended March 31, 2026. The company has scheduled its Q4 FY26 results for May 2026 (expected). The board of directors will meet to approve the audited consolidated financial statements for the quarter and full year ended March 31, 2026. Ahead of the announcement, brokerages including MOFSL, YES Securities, JM Financial, and others have published preview estimates.

Street estimates for Q4 FY26 and Q3 FY26 comparison

Analyst estimates for Q4 FY26 revenue are in the range of ₹530 to ₹570 crore, with profit after tax (PAT) expected at ₹38 to ₹48 crore. Margin projections in those previews are in the 7% to 9% range. The consensus also compares the expected Q4 FY26 revenue range with a reference point of ₹480 crore in Q3 FY26, as cited in the preview section. These estimates frame investor expectations going into the results date, especially after recent quarters where margin discussion has dominated.

Recent quarterly trend: growth vs margin pressure in FY26

For the quarter ended December 2025 (Q3 FY26), Safari Industries reported revenue of ₹512.37 crore, up 15.73% YoY and down 3.97% QoQ. Net profit was ₹32.89 crore, down 29.93% QoQ and up 5.62% YoY. Operating margin (excluding other income) stood at 10.86%, while PAT margin was 6.42%. The narrative around Q3 FY26 also highlighted that revenue climbed to about ₹512 crore (also cited as ₹512 crore in a separate summary), driven by a roughly 20% surge in volumes, while competition and discounting weighed on margins. The same discussion pointed to sequential erosion in EBITDA margin to 10.9% from 11.4% a year earlier and 15.02% in Q2 FY26.

Stock levels and near-term sentiment indicators

Safari Industries was trading at ₹1,750 as of April 2026, against a 52-week high of ₹2,800 and a 52-week low of ₹1,350. On another referenced trading day, the share price touched an intraday low of ₹1,771.15, a 3.85% drop from the previous close. The stock underperformed its sector by 2.02% and had fallen for four consecutive sessions, cumulatively losing 17.89% over that period. Separately, it was noted that the stock was around ₹1,766.50 on February 16, 2026 and had seen a year-to-date decline of over 4.68% at that time. Another market note stated the stock was down 25.1% YTD in the context of a separate Q4 profit-decline headline.

Market impact: what the numbers imply for investors

The immediate market takeaway from the reported Q4 set is that revenue growth alone did not translate into proportionate profit expansion. A 12.4% YoY increase in revenue alongside a flat net profit outcome points to higher cost intensity or tighter pricing. The decline in EBITDA margin from 14.3% to 13% reinforces that operational profitability came under pressure during the quarter. In FY26 discussions, the Q3 FY26 operating margin of 10.86% and PAT margin of 6.42% show how sensitive profitability can be when discounting and marketing costs rise. Working capital indicators also drew attention, with a debtors turnover ratio of 4.72 times for the half-year period, pointing to a slower collection cycle compared to historical levels.

Analysis: why the margin line is the key monitor

Safari’s recent updates highlight a recurring theme across consumer discretionary names in competitive categories: growth can be supported through volumes and channel push, but margin sustainability decides earnings quality. The Q4 reported EBITDA increase to ₹62 crore is positive in absolute terms, yet the margin drop signals limited operating leverage. In the Q3 FY26 narrative, higher competition across online and offline channels was linked to elevated discounting and marketing spends, alongside rising employee costs (up 25.2% YoY, as cited). With Q4 FY26 estimates implying margins of 7% to 9%, the market will likely focus on what the audited numbers show relative to those expectations.

Conclusion

Safari Industries delivered double-digit Q4 revenue growth to ₹473.3 crore, while net profit stayed flat at ₹37.5 crore and EBITDA margin eased to 13%. The next key milestone is the expected May 2026 board meeting for approving audited consolidated results for Q4 FY26 and the full year ended March 31, 2026, with brokerages pencilling in ₹530 to ₹570 crore revenue and ₹38 to ₹48 crore PAT for the quarter.