** Luggage makers VIP Industries NSE:VIPIND and Safari Industries NSE:SAFARI 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)