VIP Industries, Safari gain on Motilal's street-high target price amid luggage boom

Safari Industries (INDIA)

11/09/2025 07:02

** Luggage makers VIP Industries VIPI.NS and Safari Industries SAFA.NS shares rise 1% and 1.5, respectively

** Motilal Oswal initiates with "buy" on both, citing structural tailwinds, premiumisation trends

** Sets Street-high PT of 530 rupees for VIP (18.4% upside to last close), 2,700 rupees for Safari (21% upside), per LSEG data

** Forecast market 12% CAGR to 267 bln rupees ($3.03 bln) by CY28

** Notes transition from utility to lifestyle, driven by weddings, student mobility, corporate travel

** Expects VIPI to deliver revenue CAGR of 10%, EBITDA CAGR 73% over FY25-FY28E

** SAFA to deliver revenue CAGR of 16%, EBITDA CAGR 25%, APAT CAGR 27% over FY25-FY28E

   ** YTD: VIPI down 5.7%, SAFA down 13%

($1 = 88.2230 Indian rupees)

 (Reporting by Rudra Pratap Singh in Bengaluru)

 ((rudrapratap.singh@thomsonreuters.com))