Annual reportSep 2026
Sep 2026 · Outcome of Board Meeting 14 Aug - Board approved FY26 annual report, AGM on September 11, 2026, and e-voting schedule.
Source: Nse
Safe Enterprises Retail Fixtures Ltd. (SAFEENTP)
SME CapConsumer stocks · SME cap · NSE
Safe Enterprises Retail Fixtures Ltd. designs, manufactures, and installs retail fixtures and infrastructure. Listed on NSE in June 2025, the company focuses on innovative, premium, and technology-enabled solutions for retail. It is expanding into home interiors and aims to be a one-stop shop for retail infrastructure.
₹230.4
-11.45 · -4.73%
Market cap ₹1,186 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:14 pm ISTDetails
Quote21 Oct, 01:14 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result20 May, 10:24 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
32BearishSMA20 -3.6% / mo · MACD − · sector -4.4pp vs Nifty 500 (3M)
Stock trend: 33
Sector RS: 32
Sector 3M: -10.5% vs Nifty 500 -6.0%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SAFEENTPD candles · FIT view-4.4%TODAY · PROVISIONALLatest price ₹230.40 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.4%
RSI
38
MACD hist
-1.18
52W pos
34%
2026-10-21O ₹241.00H ₹242.00L ₹228.00C ₹230.40Vol 35,500 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SAFEENTPNifty Consumer DurablesNifty 500
- SAFEENTP
- -6.1%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -0.5 pp
Chart stats
19 Oct 2026- From 52W high
- -24.2%
- 52W range position
- 43%
- ATR (14)
- 4.4%
- Volume vs 20D
- 0.62x
- Avg traded value
- ₹1.3 Cr
- 20D price channel
- ₹236.2 - ₹270
₹319
₹183.1 - ₹319
₹10.5
Latest completed session
20-session average
43.7% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED72
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+49.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹106 Cr | NDF | -5.4% |
| EBITDA | ₹37 Cr | NDF | -11.9% |
| Operating margin | 35.0% | NDF | -200 bps |
| PAT | ₹31 Cr | NDF | -6.1% |
| PAT margin | 29.3% | NDF | -21 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.40
- P/B
- 4.11
- EV/EBITDA
- 14.64
- Market Cap
- 1186.00Cr
Profitability
- ROE
- 35.90%
- ROCE
- 47.00%
- ROA
- 20.13%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 46.92%
- EPS 5Y
- 66.81%
- Revenue 3Y
- 49.00%
- EPS 3Y
- 49.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.99
- Book Value
- 61.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 34.00 Cr
- EPS TTM
- 13.70
Shareholding
- Promoter Hold
- 70.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 218+92.9% vs prev
Net Profit
₹ CrLatest: 64.0+113.3% vs prev
Return on Equity
%Latest: 22.3-46.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~4.1% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
75
RS percentile
Stage 1 Base / Transition
1M return
-3.0%
3M return
-6.1%
6M return
-3.2%
1Y return
+29.4%
RS 1D
0
RS 20D
+3
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is within 4.8% of the 30-week proxy.
- The 30-week proxy changed +0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 131.18-1.01%
RS vs Nifty 500131
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation13/30
Growth23/25
Quality20/20
Balance Sheet9/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
72
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
72/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 49.5%.
- Quality contributes 20/20 to the score.
Main drags
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
18.4
PB
4.1
EV/EBITDA
14.6
ROE
35.9%
ROCE
47.0%
FCF Yield
—
Debt/Equity
0.0
MoS
+49.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
72
Previous: 72
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+49.5%
Previous: +47.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
72
72
72
72
69
69
69
72
72
72
72
72
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹138.02
-66.9% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹456.21
+49.5% MoS
PEG
0.31
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MONTECARLO
Small
Monte Carlo Fashions Limited
Retail
match 59
70
10.2
12.7%
+74%
UNDERVALUED
TEMBO
Small
Tembo Global Industries Limited
Retail
match 58
66
10.0
27.5%
+70%
UNDERVALUED
PUSHPA
SME
Pushpa Jewellers Ltd.
Retail
match 58
67
10.8
25.2%
+66%
UNDERVALUED
PLATIND
Small
Platinum Industries Limited
Retail
match 58
52
22.2
12.7%
+25%
FAIR VALUE
PURPLEUTED
SME
Purple United Sales Ltd.
Retail
match 58
48
27.9
22.3%
+16%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-22T08:41:04.309Z
Management commentary snapshot
FY26 revenue grew 57% to INR218.40 Cr, operating EBITDA up 60% to INR79.1 Cr, and PAT increased 63% to INR63.90 Cr, driven by new store rollouts and refurbishment orders. Average revenue per store surged 65% to INR51.4 lakhs, reflecting higher fixture intensity and richer product mix.
Strong FY26 results show significant top-line and bottom-line growth, supported by increased average revenue per store and new product innovation. Capacity expansion is on track, setting up for future growth. However, management's long-term margin guidance of 25% PAT suggests a normalization from current higher levels.
Growth engines
Increased Average Value per Store
Strategy to increase average value per store by focusing on premium finishes, more work per store (e.g., cash counters, trial rooms), and expanding product range.
New Product Lines
Launch of WAVE (RFID-based self-checkout solution) and EVOLV (modular home interior segment using fixture components) to deepen penetration and expand offerings.
Capacity Expansion
Ambernath plant commissioning in Q3 FY27 will enable exponential growth in projects and customer onboarding, supporting up to INR500 Cr revenue.
Organized Retail Shift
Growth is driven by the shift from unorganized to organized retail, with larger chains seeking organized retail fixture and infrastructure players.
Capacity and execution
Ambernath Plant
Construction of the Ambernath plant (2,50,000 sq ft) is on track for completion in Q3 FY27, with a total capex of ~INR90-95 crores (INR58 Cr spent).
Pune Lease Space
Increased lease capacity in Pune, with commercial production expected to start in 2-3 months.
Tailwinds
Retail Sector Growth
Retail as a whole is on an increase, allowing the company to take a share of the growing market pie.
Unorganized to Organized Shift
The main growth driver is the shift from unorganized to organized retail, favoring organized fixture and infrastructure players like Safe Enterprises.
Headwinds
Geopolitical Impact on Input Costs
A gas shortage in March impacted the powder coating plant for a few weeks, but it was resolved. No foreseeable impact currently, but conditions can change.
Risk radar
Receivables Management
Receivables as a percent of sales increased from 17.21% in FY25 to 20.73% in FY26, which management attributes to normal business circumstances.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The earnings call explicitly discusses H2 and full-year FY26 results, with all key financial growth figures (revenue, EBITDA, PAT) presented on a year-over-year basis for the full fiscal year, which is standard for annual performance reviews.
Sector KPIs management disclosed
Revenue Growth
Revenue from operations grew by 57% to INR218.40 crores in FY26.
Operating EBITDA Growth
Operating EBITDA increased by 60% to INR79.1 crores in FY26.
PAT Growth
PAT increased by 63% to INR63.90 crores in FY26.
Average Revenue per Store
Average revenue per store grew by 65% to INR51.4 lakhs in FY26, resulting from higher fixture intensity, larger store formats, and a richer product mix.
Management forward view
Long-term Margin Outlook
Management expects PAT margin to normalize to ~25% in the long term, despite short-term improvement potential from new plant efficiencies and reduced lease rentals.
Capital Utilization Strategy
Unutilized IPO funds will be spent on the Ambernath plant; remaining cash to be used for new product lines or market expansion, including potential inorganic acquisitions.
FY28 Revenue and PAT Target
Guidance for FY28 is above INR400 crores revenue and INR100 crores PAT, with potential to overshoot.
Main Board Listing Plans
Management has plans to list on the main board after completing 3 years on NSE.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Ambernath Plant Commissioning | On track for Q3 FY27 | Timely commissioning and effective ramp-up of the new Ambernath plant capacity. |
| Pune Plant Commercial Production | Expected in 2-3 months | Commencement of commercial production and utilization ramp-up from the expanded Pune lease capacity. |
| Average Revenue per Store | INR51.4 lakhs (FY26) | Continued growth in average revenue per store, driven by premiumization, increased fixture intensity, and new product adoption. |
| PAT Margin | ~29% (FY26) | Stabilization of PAT margins around the 25% long-term guidance post-capacity expansion and operational consolidation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 84th percentile within Consumer. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Consumer: 84th pctile, median 66 · SME: 96th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 70.1%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
- ▸ROCE is 47%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Safe Enterprises Retail Fixtures Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Mar 2026 · Shareholders meeting 19 Aug - 2nd AGM on September 11, 2026; FY2025-26 annual report and e-voting schedule released.
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.