continues to gain market share despite challenging operating conditions, outperforming major competitors like VIP with 11.5% revenue growth and over 10% volume growth in Q1. Near-term gross margins contracted by 480 basis points sequentially to 44.6%, primarily driven by a 10–15% surge in key raw material costs (Polypropylene and Polycarbonate) stemming from Middle East supply disruptions. To cushion input inflation and safeguard margins, the company implemented a modest 5–6% price hike in June, while benefiting from low-cost inventory usage and in-house manufacturing of wheels, locks, and trolleys. Growth strategies center on scaling up its premium portfolio—including Urban Jungle, Safari Select, and the upcoming launch of Carlton—targeting a projected 25%+ growth rate alongside opening 4–5 exclusive outlets monthly. Operational capacity at the Jaipur plant is operating at 85–90% utilization, prompting expansion plans to boost monthly output from 5 million to 6.5 million units without immediate external funding. While intense competition from D2C brands, Samsonite, and a recovering VIP poses persistent headwinds, strong demographic trends and a steady structural shift toward branded luggage favor long-term resilience.

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