VIP Industries vs Safari Industries: Share Price, Comparison and Key Differences

VIP Industries MCap Rs 4,471 Cr, loss-making (EPS -23.79, ROE -143.52%). Safari Industries MCap Rs 7,306 Cr, PE 44.26x, ROE 15.05%, D/E 0.10, Div 0.27%.

Updated: 10 Aug 2026 • 3:04 pm

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VIP Industries vs Safari Industries: Share Price, Comparison and Key Differences

VIP Industries vs Safari Industries is a comparison luggage sector investors look up when evaluating India’s two largest listed luggage companies. VIP Industries is India’s oldest and once-dominant luggage company, operating brands including VIP, Carlton, Caprese and Skybags, but is currently in a significant financial distress phase with losses. Safari Industries is a rapidly growing challenger that has consistently taken market share from VIP with its competitively priced and stylishly designed travel bags, suitcases and accessories.

This VIP Industries vs Safari Industries article covers reach and market position, key products, latest declared results and stock valuation. The VIP Industries vs Safari Industries data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.

Table of Contents

VIP Industries vs Safari Industries: Reach and Market Position

On the VIP Industries side of the VIP Industries vs Safari Industries comparison, VIP Industries distributes through exclusive brand outlets, department stores, modern trade and e-commerce. Its Caprese handbag brand and Skybags youth brand have been key growth bets. Market capitalisation is Rs 4,471 Cr.

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On the Safari Industries side of the VIP Industries vs Safari Industries comparison, Safari Industries distributes through a wide network of retail stores, e-commerce and export markets. It has been gaining market share through competitive pricing and modern designs. Market capitalisation is Rs 7,306 Cr.

VIP Industries vs Safari Industries: Key Products and Business Mix

In the VIP Industries vs Safari Industries product comparison, VIP Industries offers: VIP Industries earns from luggage (trolleys, suitcases), handbags and travel accessories. EPS is -Rs 23.79 (loss-making). ROE is -143.52 percent, reflecting accumulated losses. D/E is 2.55. The company is in a period of financial distress.

For Safari Industries in this VIP Industries vs Safari Industries breakdown: Safari Industries earns from trolley bags, suitcases and hard luggage. EPS is Rs 33.69. PE is 44.26x, ROE 15.05 percent, D/E 0.10. Dividend yield is 0.27 percent.

VIP Industries vs Safari Industries: Latest Results

The VIP Industries vs Safari Industries results for VIP Industries: VIP Industries has a market cap of Rs 4,471 Cr and is loss-making with EPS of -Rs 23.79. The ROE of -143.52 percent reflects severe accumulated losses that have eroded shareholders’ equity. The company is working on a turnaround but faces competitive pressure from Safari and cost pressures from its manufacturing restructuring.

The VIP Industries vs Safari Industries results for Safari Industries: Safari Industries has a market cap of Rs 7,306 Cr and PE of 44.26x. ROE is 15.05 percent with near-zero debt. Safari has overtaken VIP Industries by market capitalisation, reflecting its consistent earnings growth while VIP has been loss-making.

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VIP Industries vs Safari Industries: Stock and Valuation

The VIP Industries vs Safari Industries stock comparison uses the latest available market data from Groww. Investors tracking VIP Industries vs Safari Industries should verify current prices on NSE or BSE before trading.

VIP Industries vs Safari Industries at current valuations: VIP Industries trades at Rs 4,471 Cr market cap, loss-making, ROE -143.52 percent, D/E 2.55. Safari trades at Rs 7,306 Cr market cap, PE 44.26x, ROE 15.05 percent. Safari is now larger than VIP Industries by market cap – a remarkable reversal from five years ago when VIP was significantly larger.

VIP Industries vs Safari Industries: Quick Comparison Table

The VIP Industries vs Safari Industries comparison table below summarises the key metrics covered in this article side by side.

Parameter	VIP Industries	Safari Industries
Sector	Luggage: VIP, Carlton, Caprese, Skybags (distressed)	Luggage: Safari brand (profitable, gaining share)
Market Cap	Rs 4,471 Cr	Rs 7,306 Cr
P/E Ratio	N/A (loss-making)	44.26x
ROE	-143.52% (severe distress)	15.05%
Debt to Equity	2.55	0.10
Profitability	Loss-making	Profitable and growing
Dividend	None	0.27% yield

Conclusion

The VIP Industries vs Safari Industries comparison above covers the key data points on reach, products, results and valuation. VIP Industries vs Safari Industries illustrates a competitive shift in India’s organised luggage market. VIP Industries, once the unchallenged category leader, is in financial distress while Safari Industries has built a profitable challenger franchise. VIP Industries vs Safari Industries investors should note that VIP Industries is currently loss-making and carries elevated D/E – any investment carries material risk. Safari Industries is profitable with strong ROE and near-zero debt. VIP Industries vs Safari Industries each carry very different risk profiles – consult a SEBI-registered advisor before any decision.

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Disclaimer: Data and figures in this article are sourced from publicly available information, including company results filings and exchange data, and are current as of the time of writing. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

Why is VIP Industries making a loss?

Ans. VIP Industries has been impacted by competitive pressure from Safari Industries and Samsonite, combined with product mix challenges, higher manufacturing costs and inventory write-offs. The company is restructuring its brand and supply chain.

How has Safari Industries grown?

Ans. Safari Industries has gained significant market share by offering attractively designed, competitively priced hard luggage. It has consistently delivered profitable growth and is now larger than VIP Industries by market cap.

Is VIP Industries safe to invest in?

Ans. VIP Industries is currently loss-making with a negative ROE and elevated debt. Investors should treat it as a high-risk, turnaround speculation and consult a SEBI-registered advisor before investing.

What brands does VIP Industries own?

Ans. VIP Industries owns the VIP, Carlton, Caprese (women’s handbags) and Skybags (youth segment) brands.

Which is larger by market cap now, VIP or Safari?

Ans. Safari Industries (Rs 7,306 Cr) is now larger than VIP Industries (Rs 4,471 Cr) by market capitalisation – a reversal from their historical positions.