VIP Industries, Safari gain on Motilal's street-high target price amid luggage boom

About this update from Safari Industries (india) Limited

** 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)

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