Safe Enterprises Retail FixturesShare price, financial results, shareholding and management
- Market cap
- ₹1,065 cr
- Stock P/E
- 16.7peers 10.5
- Book value
- ₹61.7
- Price to book
- 3.70
- EV / operating profit
- 11.8
- Market cap to sales
- 4.87
- ROCE · FY26
- 47.0%
- ROE · FY26
- 35.5%
- ROE, 3-year average
- 72.4%
- Operating margin · FY26
- 36.2%peers 9.3%
- Sales growth, 3 years
- 41.6%
- Profit growth, 3 years
- 74.6%
- Debt to equity
- 0.00peers 0.34
- Borrowings
- ₹0 cr
- Interest cover
- 497.4×
- Cash from business / op. profit
- 43%
- Debtor days
- 76
- Pledged
- 0.00%
- Promoter holding
- 70.07%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,716
- 52-week high / low
- ₹319 / ₹191
- Dividend yield
- 0.00%
- Face value
- ₹5
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Safe Enterprises Retail Fixtures share price chart
Close on 6 Nov 2026 · -3.75% on the day · Vol 21,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -12.3%
- 3 months
- -8.4%
- 6 months
- -15.1%
- 1 year
- +14.8%
- Since IPO
- +65.5%
- Traded a day, 20 days
- ₹0.95 cr
- Taken for delivery
- 73%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +58% | +64% |
| 3 years, a year | +42% | +75% |
| Latest half, H2 FY26 | +31% | +39% |
About Safe Enterprises Retail Fixtures: business, products and customers
Safe Enterprises Retail Fixtures designs, makes and installs the shelves, racks, counters and display systems that fill the stores of large retail chains and brands. It has also started offering self checkout machines for shops and modular furniture for homes. Its shares trade on NSE Emerge.
The company designs, makes, delivers and installs store fixtures: wall racks, shelving, display units, cash counters and trial rooms, in both made to order designs and its own INSYNC range of modular, electrified shop fitting systems with built in lighting and screens. Its customers are organised retail chains and brands in fashion, footwear, electronics, food and lifestyle, and it works on new stores as well as full refits of old ones.
It earns money on each store it fits out. The company says value per store has grown because stores are larger, finishes richer and it now supplies more items per store, such as counters and trial rooms once built by carpenters on site. Customers usually pay an advance before dispatch and the rest within one to two months, which keeps the money tied up in the business low for a maker.
Read more about the business
Work is done at leased plants in and around Navi Mumbai and at a Pune unit run by its subsidiary Safe Enterprises Retail Technologies, which became wholly owned in June 2026. The company names no Indian listed rival; asked on the May 2026 call, it said it had benchmarked itself against Visplay, a German shop fitting maker, in its early years.
What is new: an owned plant at Ambernath built with IPO money, WAVE, an RFID self checkout system with first orders in July 2026, and EVOLV, modular home furniture such as wardrobes and TV units, with first orders in August 2026.
From the November 2025 and June 2025 investor presentations, the May 2026 earnings call, the FY26 results and the company's press releases and announcements of June to August 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 42% a year over three years.
- It earns a high return on the money it uses: ROCE 47% in FY26.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 70.07%.
To watch
- Completion of the Ambernath plant, due in December 2026 (Press release, 17 August 2026, p.3).
- Start of production at the expanded Pune unit, expected two to three months after May 2026 (Earnings call, May 2026, p.21).
- The company's guidance of revenue above ₹400 cr and profit of ₹100 cr in FY28 (Earnings call, May 2026, p.12).
- Spending of the ₹68.0 cr of IPO money still unused at 31 March 2026 (FY26 results, refiled 17 June 2026, p.6).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Safe Enterprises Retail Fixtures revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Safe Enterprises Retail Fixtures half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 58 | 81 | 112.38 | 106.04 |
| Expenses | 36 | 53 | 70.64 | 69.27 |
| Operating profit | 22 | 28 | 41.73 | 36.77 |
| OPM | 38.0% | 34.0% | 37.1% | 34.7% |
| Interest | 0 | 0 | 0.01 | 0.16 |
| Depreciation | 0 | 0 | 0.78 | 0.87 |
| Profit before tax | 22 | 28 | 43.72 | 40.68 |
| Net profit | 17 | 22 | 33.25 | 30.61 |
Safe Enterprises Retail Fixtures profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 39 | 77 | 101 | 138 | 218.42 |
| Expenses | 36 | 58 | 69 | 89 | 139.32 |
| Operating profit | 2 | 19 | 32 | 49 | 79.09 |
| OPM | 6.0% | 25.0% | 31.0% | 36.0% | 36.2% |
| Other income | 0 | 0 | 3 | 1 | 8.09 |
| Interest | 0 | 0 | 0 | 0 | 0.17 |
| Depreciation | 0 | 1 | 1 | 1 | 1.65 |
| Exceptional and other items | · | 1 | · | · | · |
| Profit before tax | 2 | 19 | 34 | 50 | 84.39 |
| Tax rate | 50.0% | 36.8% | 32.4% | 22.0% | 24.3% |
| Net profit | 1 | 12 | 23 | 39 | 63.86 |
| EPS ₹ | · | · | · | 11.42 | 14.62 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Safe Enterprises Retail Fixtures profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 6.0% | 25.0% | 31.0% | 36.0% | 36.2% |
| Tax rate | 50.0% | 36.8% | 32.4% | 22.0% | 24.3% |
| ROCE | · | 181.0% | 147.8% | 98.0% | 47.0% |
| ROE | · | 133.3% | 104.5% | 77.2% | 35.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Safe Enterprises Retail Fixtures debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Safe Enterprises Retail Fixtures balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 17 | 23.30 |
| Reserves | 3 | 15 | 29 | 55 | 264.46 |
| Net worth | 3 | 15 | 29 | 72 | 287.76 |
| Borrowings | 2 | 1 | 1 | 0 | 0 |
| Other liabilities | 15 | 23 | 24 | 30 | 30.24 |
| Total liabilities | 20 | 39 | 54 | 102 | 318 |
| Fixed assets | 4 | 5 | 5 | 10 | 73.44 |
| Capital work in progress | 0 | 0 | 0 | 0 | 59 |
| Investments | 0 | 1 | 9 | 2 | 23.18 |
| Other assets | 16 | 33 | 40 | 90 | 162.38 |
| Receivables | · | · | · | · | 45.24 |
| Inventory | · | · | · | · | 11.68 |
| Cash | · | · | · | · | 130.44 |
| Trade payables | · | · | · | · | 13.09 |
Safe Enterprises Retail Fixtures cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 3 | 9 | 13 | 31 | 33.87 |
| Cash from investing | 0 | -2 | -8 | -10 | -183.90 |
| Cash from financing | -2 | -1 | -11 | -8 | 151.21 |
| Net cash flow | 1 | 6 | -6 | 13 | 1.18 |
| Capital spending | · | · | · | · | 0 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 95 | 98 | 78 | 63 | 76 |
| Inventory days | 18 | 9 | 15 | 64 | 55 |
| Days payable | 96 | 94 | 74 | 62 | 62 |
| Cash conversion cycle | 17 | 13 | 20 | 65 | 69 |
| Working capital days | 14 | 26 | 20 | 32 | 62 |
Safe Enterprises Retail Fixtures peers and competitors
Listed SME companies in the same industryBy sales, Safe Enterprises Retail Fixtures is number 15 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Sylvan Plyboard (India) | 95 | 13.2 | 253 | 7.2 | 8.5% | 0.48 |
| Safe Enterprises Retail Fixtures | 1,065 | 16.7 | 218 | 63.9 | 36.2% | 0.00 |
| Acme Universal Safezone 9 | 221 | - | 204 | -5 | 7.0% | 1.09 |
| Manoj Ceramic | 87 | 7.3 | 203 | 12 | 12.0% | 0.54 |
| Durlax Top Surface | 179 | 14.2 | 185 | 12.6 | 12.0% | 0.35 |
| Clay Craft India | 334 | 12.4 | 179 | 27 | 24.0% | 0.30 |
| Pro FX Tech | 119 | 7.9 | 177 | 15.2 | 11.5% | 0.00 |
| Aspire & Innovative Advertising | 21 | 8.4 | 176 | 2.6 | 1.0% | 0.34 |
| K. V. Toys India | 166 | 18.5 | 174 | 9 | 7.0% | 0.24 |
| Patdiam Jewellery | 147 | 8.6 | 173 | 17 | 10.0% | 0.32 |
| Esprit Stones | 125 | - | 173 | -2.6 | 3.3% | 0.39 |
| Median of the 10 others | 136 | 10.5 | 178 | 10.5 | 9.3% | 0.34 |
Safe Enterprises Retail Fixtures shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Safe Enterprises Retail Fixtures shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 70.07% | 70.07% | 70.07% |
| Foreign investors (FIIs) | 3.35% | 1.47% | 0.79% |
| Indian institutions (DIIs) | 12.48% | 6.47% | 6.64% |
| HNIs (over ₹2 lakh each) | 0.27% | 3.68% | 4.60% |
| Small holders (up to ₹2 lakh) | 10.81% | 6.78% | 6.98% |
| Companies and others | 3.02% | 11.53% | 10.92% |
| Number of shareholders | 5,034 | 1,501 | 1,716 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Safe Enterprises Retail Fixtures study: the business from its own documents
Read from 6 of the company's own documentsSafe Enterprises Retail Fixtures so far
From the company's own record
- 27 June 2025Listed on NSE Emerge at ₹138
- 17 Aug 2026An order announced
- 31 March 2026Promoters at 70.07%
- 1 July 2026Highest close since listing, ₹299.80
Safe Enterprises Retail Fixtures key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹218.4 cr
- Consolidated revenue from operations, up 57.9% on FY25; profit for the year was ₹63.9 cr.FY26 results, refiled 17 June 2026, p.7; our arithmetic
- Operating margin
- About 36%
- Operating profit of ₹79.1 cr in FY26; the company says a net margin of about 25% is what to expect over the long term.Earnings call, May 2026, p.3 and p.5
- Revenue per store
- ₹0.51 cr
- Average revenue per store in FY26, up 65%, from larger stores, richer finishes and more items per store.Earnings call, May 2026, p.3 and p.8
- New stores and refits
- 68.9% and 24.8%
- Shares of FY26 revenue from new stores and from refits; refits come back roughly every three to four years.Earnings call, May 2026, p.3
- Capacity used
- Above 90%
- Use of the existing plants in May 2026, which the company says has kept the number of stores it serves flat.Earnings call, May 2026, p.6 and p.10
Show 5 more facts
- Ambernath plant
- 2,50,000 sq ft
- Owned plant now due for completion in December 2026, taking total plant area to about 5,30,000 sq ft.Earnings call, May 2026, p.10; Press release, 17 August 2026, p.3
- IPO money unspent
- ₹68.0 cr
- Of ₹169.7 cr raised in the June 2025 IPO, still unspent at 31 March 2026, most of it meant for the new plant.FY26 results, refiled 17 June 2026, p.6
- How customers pay
- 30% to 70% advance
- The rest within 30 to 60 days, with 10% held back for six months; new customers pay in full before dispatch.Earnings call, May 2026, p.5 and p.18
- Subsidiary stake acquired
- ₹12.6 cr
- Paid in cash in June 2026 to the three promoters for the last 5.74% of the Pune subsidiary, which had FY26 turnover of ₹53.7 cr.Exchange announcement, 17 June 2026, p.2 and p.3
- Promoter holding
- 70.07%
- Unchanged since listing; the company said in May 2026 that promoters have no plan to reduce it.Shareholding pattern, March 2026; Earnings call, May 2026, p.19
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says its plants are nearly full, so FY28 rather than FY27 will be the main year of growth, once the Ambernath plant is complete; the August 2026 release puts completion in December 2026. On the May 2026 call it guided for about 30% revenue growth in FY27 from existing plants, and for revenue above ₹400 cr with profit of ₹100 cr in FY28, adding that the enlarged plant network could support about ₹500 cr of revenue. It expects margins to rise for a time when the leased plants close, and a net margin of about 25% over the long term. It says the home furniture line will matter only after FY28.
| What management said | When | What happened |
|---|---|---|
| Healthy double digit revenue growth in FY26 | H1 FY26 press release, Nov 2025 | Revenue up 57.9% to ₹218.4 cr |
| Pune expansion working by March 2026 | Stated target, as recalled on the May 2026 call | Lease in place but production not started in May 2026; expected in two to three months |
| Ambernath plant complete in the third quarter of FY27 | May 2026 call | December 2026 in the August 2026 release; not yet reported complete |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Safe Enterprises earns its money fitting out stores for big retail chains, and it keeps a large share of each sale as profit while customers pay much of the bill up front.
Its weak spots are that it has no fixed contracts for future stores, its plants are full until the new one opens, and the company itself expects margins to come down over time.
StrongCan it set its own prices?Margins are very high for a maker, and the company says it competes on speed, quality and range rather than on price.
AverageHow strong is it against rivals?Its own shop fitting systems, tested designs and long ties with retail chains set it apart, but customers deliberately keep more than one supplier.
WatchWho are its customers?Large organised retail chains and brands, which decide how many stores to open each year; the company does not disclose how much any one customer brings in.
AverageDoes it need a lot of money?Day to day it needs little, as customers pay advances, but it is spending heavily on a new plant and cash from the business fell short of profit in FY26.
AverageCan it keep finding new work?Retail chains keep opening and refreshing stores, and refits bring old customers back, but there is no order book to show how much work is ahead.
AverageDo good and bad years swing a lot?Sales follow how fast retail chains open stores, so a slowdown in retail would show up quickly, though recent years have grown steadily.
Who runs Safe Enterprises Retail Fixtures?
Promoters, directors and officers; tap a name for the background
SSSaleem Shabbir MerchantPromoter, Chairman and Managing Director
One of the founding members of the business, with over 48 years of experience. Responsible for business planning and strategy and leads sales and marketing.
Investor presentation, Nov 2025, p.10 and p.19; Exchange announcement, 11 June 2026, p.3MSMikdad Saleem MerchantPromoter, Whole Time Director and Chief Financial Officer
A Chartered Accountant with over 13 years of experience. Oversees finance and secretarial work, financial planning and compliance, and speaks for the company on earnings calls.
Investor presentation, Nov 2025, p.2 and p.19; Earnings call, May 2026, p.2; Exchange announcement, 11 June 2026, p.3HSHuzefa Saleem MerchantPromoter, Whole Time Director and Chief Executive Officer
Over 16 years of experience. Oversees production, operations and vendor management, and leads business development, marketing and after sales service.
Investor presentation, Nov 2025, p.19; Exchange announcement, 11 June 2026, p.3MWMohini WaghadeCompany Secretary and Compliance Officer
Signs the company's filings with the exchange; the documents read give no further background.
Earnings call, May 2026, p.1; Exchange announcement, 17 June 2026, p.1Safe Enterprises Retail Fixtures latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹106 cr (+31%), net profit ₹30.6 cr (+39%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 70.07%.
- 17 Aug 2026: an order announced.
Safe Enterprises Retail Fixtures announcements
25 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 11, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 11, 2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 11, 2026PDF ↗
- Press Releasea press release dated August 17, 2026, titled "Safe Enterprises Enters USD 800 Bn+ Home Furnishings Market with EVOLV, Secures First Commercial Orders"PDF ↗
- Outcome of Board MeetingHeld on August 14, 2026PDF ↗
- Updates'Voluntary Clarification regarding Media Articles/Reports and Speculations underRegulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) ReguPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Integrated Filing- GovernanceInvestor Grievance Report as per Regulation 13 (3) of the SEBI (LODR) Regulations, 2015 for the quarter ended the 30th June, 2026PDF ↗
- Reply to Clarification- Financial resultsThe Exchange had sought clarification from Safe Enterprises Retail Fixtures Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI PDF ↗
Safe Enterprises Retail Fixtures annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Safe Enterprises Retail Fixtures share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Safe Enterprises Retail Fixtures' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (4,66,04,478 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Safe Enterprises Retail Fixtures
What does Safe Enterprises Retail Fixtures do?
Safe Enterprises Retail Fixtures designs, makes and installs the shelves, racks, counters and display systems that fill the stores of large retail chains and brands. It has also started offering self checkout machines for shops and modular furniture for homes. Its shares trade on NSE Emerge.
What is the share price of Safe Enterprises Retail Fixtures?
₹228 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Safe Enterprises Retail Fixtures?
₹1,065 cr at the close on 6 Nov 2026, on 4,66,04,478 shares.
What is the P/E of Safe Enterprises Retail Fixtures?
16.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Safe Enterprises Retail Fixtures' revenue and profit?
Revenue ₹218 cr and profit after tax ₹64 cr in FY26.
Who are the promoters of Safe Enterprises Retail Fixtures?
Saleem Shabbir Merchant, Mikdad Saleem Merchant, Huzefa Saleem Merchant; promoters held 70.07% at 31 March 2026.
What was the IPO price of Safe Enterprises Retail Fixtures?
₹138 a share; it listed on 27 June 2025.
What is Safe Enterprises Retail Fixtures' website?
www.safeenterprises.com
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Built from 2 investor presentations, 2 press releases, 1 result filing, 1 earnings call transcript, 25 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.