Safari Industries (India) Limited's board of directors held a comprehensive meeting on 10th February 2026, approving multiple strategic decisions that will shape the company's future operations and leadership structure. The meeting, which commenced at 11:00 am IST and concluded at 2:30 pm IST, addressed key corporate governance matters and growth initiatives.

Fund Raising Through Qualified Institutions Placement

The board approved a significant fundraising initiative through a Qualified Institutions Placement (QIP), subject to shareholder approval. The company plans to issue equity shares with specific parameters outlined below:

This fundraising initiative represents a substantial capital expansion effort, with the QIP structure allowing the company to raise funds from qualified institutional investors while maintaining regulatory compliance under SEBI guidelines.

Managing Director Re-appointment

The board recommended the re-appointment of Mr. Sudhir Jatia (DIN: 00031969) as Managing Director for an extended term. His current tenure concludes on 17th April 2026, and the proposed re-appointment covers the following period:

Mr. Jatia brings extensive industry experience, having studied Commerce from Mumbai University and completed the Owner/President Management Program at Harvard Business School. He acquired Safari Industries (India) Limited in 2012 and possesses over three decades of experience in India's luggage industry. The board confirmed that he is not inter-se related to any other director and remains compliant with SEBI regulations regarding directorship eligibility.

Key Management Changes

The company announced the resignation of Mr. Rameez Shaikh (Membership No. A24939) from his positions as Company Secretary, Compliance Officer, and Nodal Officer. His resignation, submitted on 19th January 2026, cited pursuit of professional opportunities outside the organization.

The board acknowledged Mr. Shaikh's valuable contributions during his tenure and accepted his resignation with appreciation. The company is actively identifying suitable candidates to fill this crucial compliance role.

Registrar and Transfer Agent Change

In response to exponential growth in shareholder base and market share, the board approved changing the Registrar and Share Transfer Agent from Adroit Corporate Services Private Limited to MUFG Intime India Private Limited (SEBI Registration No. INR000004058). This transition aims to leverage enhanced infrastructure, expertise, and market reputation in RTA services.

The effective date will be communicated following completion of definitive agreements, data transition, electronic connectivity shifting, and confirmations from National Securities Depository Limited and Central Depository Services Limited.

Postal Ballot Process

The board approved issuing a postal ballot notice to shareholders for approval of both the Managing Director re-appointment and QIP fundraising initiative. The notice will be circulated within prescribed regulatory timelines and disclosed to stock exchanges upon dispatch. All meeting documentation and annexures have been uploaded to the company's website at www.safaribags.com for stakeholder access.

Safari Industries (India) Limited announced its unaudited financial results for the quarter and nine months ended 31st December 2025. The Board of Directors approved the standalone and consolidated financial results at their meeting held on 10th February 2026, with the results being reviewed by the Audit Committee and subjected to limited review by statutory auditors.

Quarterly Financial Performance

The company's standalone performance for Q3FY26 showed mixed results compared to the previous year. Revenue from operations increased to ₹511.77 crores from ₹442.33 crores in Q3FY25, while total income including other income reached ₹521.37 crores compared to ₹452.40 crores in the corresponding quarter last year.

Nine-Month Performance Analysis

For the nine-month period ended 31st December 2025, Safari Industries demonstrated stronger year-over-year growth. Standalone revenue from operations reached ₹1,571.91 crores compared to ₹1,349.11 crores in the corresponding period of the previous year. Net profit for the nine-month period stood at ₹89.85 crores against ₹84.05 crores in the previous year.

Consolidated Results

The consolidated financial results, which include Safari Industries and its two wholly owned subsidiaries Safari Manufacturing Limited and Safari Lifestyles Limited, showed similar trends. Consolidated revenue from operations for Q3FY26 was ₹512.37 crores compared to ₹442.71 crores in Q3FY25. Net profit on a consolidated basis reached ₹32.89 crores versus ₹31.14 crores in the corresponding quarter last year.

Operational Highlights

During the quarter and nine months ended 31st December 2025, the company allotted equity shares under its employee stock option schemes. The company allotted 1,200 equity shares during the quarter and 10,200 equity shares during the nine-month period under the Safari Employee Stock Option Scheme, 2016. Additionally, 95,535 equity shares were allotted during the nine months under the Safari Employees Stock Appreciation Rights Scheme, 2022.

Regulatory Compliance

The financial results were prepared in accordance with Indian Accounting Standard 34 'Interim Financial Reporting' and comply with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company noted the implementation of the New Labour Codes effective 21st November 2025, which consolidated multiple existing labour legislations into four unified codes, and has accounted for increased obligations accordingly.