New Delhi, May 22 -- India's top two luggage makers have lost ground in 2026 amid concerns over margin pressure from rising input costs and intensifying competition. Yet analysts remain bullish on one stock while turning cautious about the other.

While Safari Industries India Ltd is down nearly 29% year-to-date, VIP Industries Ltd has declined 21%. However, Safari has won analyst confidence after its March-quarter performance, with expectations of a faster margin recovery as raw material costs ease. It commands overwhelming bullishness with 11 'buy' calls and just one 'sell', shows Bloomberg data.

On VIP Industries Ltd, the Street remains divided. While some analysts see the delayed recovery in growth as a concern, others view the corre...