Analysts pick Safari over VIP as Q4 splits luggage duopoly
Safari Industries posted 12% Q4 revenue growth to ₹473.3cr with stable PAT of ₹37.47cr, while VIP's loss widened to ₹128.9cr on a 12% revenue drop. VIP's market share has collapsed from 47% to 29%, leaving it dependent on a Multiples-led turnaround. Elara sets Safari TP at ₹361 despite a rich 45-55x P/E.
What happened
Analysts back Safari Industries over VIP after Q4FY26 results: Safari posted 12% revenue growth and stable profit, while VIP's loss widened to ₹128.9cr with
Key facts
- Safari -29% YTD
- VIP -21% YTD
- Safari Q4 revenue ₹473.3cr +12%
- Safari Q4 PAT ₹37.47cr
- VIP Q4 revenue ₹436.23cr -12%
- VIP Q4 net loss ₹128.9cr
- VIP market share dropped 47% to 29%
- Elara TP ₹361
- Safari P/E 45-55x
Why this matters
VIP's collapse from 47% to 29% share signals a window for strategic tuck-ins or brand acquisitions in adjacent travel-gear segments before Safari consolidates further.