Safe Enterprises Retail Fixtures Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Safe Enterprises Retail Fixtures Ltd trades at ₹263, in a confirmed uptrend and 54 weeks into that stage. That is +8.1% against its own 200-day average. It sits at 66% of a 52-week range of ₹184 to ₹304. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 54 of stage 2, confirmed. At ₹263 it trades +8.1% versus its 200-day average and sits at 66% of its 52-week range (₹184–₹304).

Against the market, two honest reads. Cumulative: over the last 1.1 years the stock moved +66% while the NIFTY 500 moved −1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 51st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Safe Enterprises Retail Fixtures Ltd trades at 18.2× P/E, mid-range by its own standards (51st percentile). Its long-run median P/E is 18.2×, measured across 1.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 18.2× is mid-range by its own standards (51st percentile), against a long-run median of 18.2× measured over 1.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +20.0% against a +14.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Safe Enterprises Retail Fixtures Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

61.2/100 — rank 8 of 10 in Steel · 50% evidence confidence · provisional, ranked below fully-evidenced peers

Safe Enterprises Retail Fixtures Ltd scores 61.2 out of 100 against the 10 companies it is compared with in Steel, ranking 8. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 15.1 + 21.8 + 10.8 + 13.5 = 61.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Safe Enterprises Retail Fixtures Ltd reported ₹106 Cr of revenue in the Mar 26 quarter, +30.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 2 years it has compounded at 46.9% a year. The last full year, FY26, came in at ₹218 Cr. The last four reported quarters add to ₹357 Cr.

Safe Enterprises Retail Fixtures Ltd reported ₹106 Cr of revenue in the Mar 26 quarter, +30.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 2 years it has compounded at 46.9% a year. The last full year, FY26, came in at ₹218 Cr. The last four reported quarters add to ₹357 Cr.

FY26 revenue came in at ₹218 Cr (+58.0% on the year), capping 2 years at 46.9% compound. The latest quarter (Mar 26) printed ₹106 Cr, +30.9% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +62.0% growth against the decade's 46.9% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 35.0% this quarter (+1.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Safe Enterprises Retail Fixtures Ltd's operating margin is 35.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 31.0% to 36.0%. The current quarter sits inside that band.

Safe Enterprises Retail Fixtures Ltd's operating margin is 35.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 31.0% to 36.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 35.0%, +1.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 31.0%–36.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

→ Margins held — did that reach the bottom line? Next: profit +40.9% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Safe Enterprises Retail Fixtures Ltd earned ₹31.0 Cr of net profit in the Mar 26 quarter, +40.9% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹64.0 Cr. The 2-year compound rate is 66.8%. That is 29.2% of the quarter's revenue.

Safe Enterprises Retail Fixtures Ltd earned ₹31.0 Cr of net profit in the Mar 26 quarter, +40.9% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹64.0 Cr. The 2-year compound rate is 66.8%. That is 29.2% of the quarter's revenue.

Mar 26 profit was ₹31.0 Cr, +40.9% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹64.0 Cr (+64.1%), and the 2-year compound rate is 66.8%.

→ Profit rose — but did the cash follow? Next: 62% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 62% of Safe Enterprises Retail Fixtures Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹34.0 Cr of operating cash against ₹64.0 Cr of profit. After ₹66.0 Cr of capital spending, ₹−32.0 Cr was left as free cash.

FY26: operating cash of ₹34.0 Cr against reported profit of ₹64.0 Cr, leaving free cash of ₹−32.0 Cr after ₹66.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 62% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 62%: the cash cycle stretched 49 days between FY24 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 49 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 69-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Safe Enterprises Retail Fixtures Ltd's cash conversion cycle runs 69 days in FY26, up from 20 days in FY24. Capital spending ran ₹72.0 Cr over the last 2 years. At FY26 sales of ₹218 Cr each day of that cycle holds about ₹0.6 Cr, so roughly ₹41.0 Cr sits inside the business at any moment.

FY26: debtors at 76 days, inventory at 55 days — roughly 1.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 69 days, looser than FY24's 20.

The full loop: cash goes out to suppliers and production on day 0; stock waits 55 days to sell; customers pay about 76 days after that; and suppliers themselves are paid at 62 days — netting out to the 69-day cycle.

In money terms: at FY26 sales of ₹218 Cr, each day of the cycle holds about ₹0.6 Cr — so the 69-day loop keeps roughly ₹41.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹72.0 Cr over the last 2 fiscal years against ₹3.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹59.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 47% and the ROIC − WACC spread is +24.9 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Safe Enterprises Retail Fixtures Ltd earns a ROCE of 47% in FY26. Return on invested capital clears the cost of that capital by +24.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 29.4% net margin on 0.69× asset turns.

FY26 ROCE is 47%.

Why the return is what it is — the wiring (FY26): 29.4% net margin × 0.69× asset turns × 1.11× balance-sheet leverage ≈ 22.5% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 36.9% − 12.0% = a +24.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Safe Enterprises Retail Fixtures Ltd carries total debt of ₹0.0 Cr against shareholder equity of ₹290 Cr as of Mar 26, a debt-to-equity of 0.00 — effectively unlevered. On the annual view that ratio went from 0.00 in FY25 to 0.00 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹0.0 Cr against shareholder equity of ₹290 Cr — a debt-to-equity of 0.00. On the annual view, debt-to-equity went from 0.00 (FY25) to 0.00 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Safe Enterprises Retail Fixtures Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Safe Enterprises Retail Fixtures Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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