Safe Enterprises Retail Fixtures Ltd is the company that builds the shelves, racks, and display systems inside India’s organised retail stores - it is the physical backbone that turns empty shop floors into branded shopping environments. Founded in 1976 as a precision fabrication workshop, the business pivoted decisively in 1991 to retail fixtures and has since spent over three decades embedding itself into the store-rollout plans of national retail chains, a journey that culminated in a 2025 stock-market listing. The recurring approach that explains everything else is a philosophy management calls “standardised engineering, customisable skins” - make a core set of modular, load-tested components that can be dressed differently for each brand, so retailers get a bespoke look without bespoke cost and lead times. # Business segments A single integrated engine - designing, making, and installing the physical infrastructure for organised retail stores - now extending its modular engineering into retail automation and home interiors. ## 1. Retail shop fittings and fixtures: the backbone of India’s retail infrastructure **The company earns by designing, manufacturing, and installing the modular display systems that retailers use to outfit new stores and refresh existing ones - a model where roughly a quarter of revenue comes from repeat refurbishment work every three to four years.** - **New-store rollouts are the mainstay** - fitting out fresh retail locations contributed 68.9% of revenue in FY26, as the company’s clients kept expanding into new cities and store formats across 25 states and union territories. - **Refurbishment creates a built-in repeat cycle** - store upgrades generated 24.8% of revenue, and because retailers typically refresh their fit-outs every three to four years, each installed store becomes a recurring revenue opportunity long after the initial project. - **Standardised components, customised finishes** - the catalogue runs to over 3,000 standard shop-fitting parts, including modular and electrified fixtures, which can be reconfigured by store teams in under 30 minutes using tool-less assembly; the “skin” changes per brand, but the engineering underneath stays the same. - **Design-to-installation under one roof** - since 2010, the InSync Shop Fittings division has bundled conceptual design, prototyping, manufacturing, and on-site installation as a single turnkey service, which increases the billing per store and removes coordination headaches for the retailer. - **Capacity is the current bottleneck** - five leased factories in Mumbai plus a subsidiary plant in Pune give 192,930 sq. ft. of manufacturing space running above 90% utilisation, so a new 250,000 sq. ft. plant at Ambernath is being built to consolidate the Mumbai facilities and unlock growth that existing floorspace could not accommodate. ## 2. WAVE: bringing self-checkout to the shop floor **A proprietary RFID-based self-checkout platform that moves the company from building the store’s skeleton to powering the transaction at the till - launched commercially in mid-2026.** - **RFID, not barcodes** - customers place clothes into an RFID-enabled basket, the system reads every tagged item instantly, and the screen completes the billing journey without any manual scanning, cutting queues at the checkout. - **Sold as hardware-as-a-platform** - WAVE is offered in two configurations, GO-X and GO-Z, targeting the same fashion, apparel, and department-store clients that already buy the company’s fixtures. - **Early commercial validation** - the first orders were deployed in July 2026, marking the company’s entry into a global retail-automation market projected to grow from roughly USD 31 billion to over USD 77 billion by 2034. ## 3. EVOLV: retail engineering repurposed for the home **An electrified modular track system that takes the same plug-and-play shelving logic used in stores and applies it to wardrobes, TV units, and home interiors - a B2B2C bet being built quietly for the long term.** - **Shelves that click into a powered track** - drawers, hanging rails, and integrated lights can be plugged in, moved, and shifted without tools, using fixture components originally engineered for retail displays. - **Launched, but not yet scaled** - EVOLV reached the market in December 2025, yet management has been clear that it is not a mainstream focus today; meaningful growth is expected only after 2028, with the intervening years spent building a distribution network. # Group structure and partners **A recently listed holding company with a wholly owned manufacturing subsidiary and an advisory arm, run by the founding family.** - The flagship entity, Safe Enterprises Retail Fixtures Ltd, converted from a partnership to a limited company in 2024 and listed on the NSE SME platform in June 2025. - Safe Enterprises Retail Technologies Private Limited (SERTPL) is the Pune-based manufacturing subsidiary; the parent held 94.26% and moved to acquire the remaining stake from promoter shareholders in June 2026, making it a wholly owned unit. - Inscite Advisory Services LLP, also acquired in 2024, provides strategic and financial advisory services, rounding out a group that describes itself as delivering both retail-fixture innovation and advisory expertise.