Goblin India Ltd Management Discussions

tiers: The market covers premium, mid-range, and economy price segments and the documented trend of premiumization is influencing product innovation and purchase behavior not only at the top of the market but progressively across mid-range segments as consumer aspirations and spending capacity rise together.

Source: https://sites.google.com/view/india-luggage-and-suitcases/

Travel accessories market outlook from 2026 to 2036 in India:

The travel accessories market is expanding as global travel volumes recover and consumer spending on travel-related products increases. The market encompasses a broad product range from luggage and bags to comfort accessories, electronic devices, organizers, and safety products, serving both leisure and business travel occasions. The growth in experiential and adventure travel is creating demand for specialized accessories beyond traditional luggage, broadening the addressable product range.

The travel accessories market was valued at USD 57.5 billion in 2025. The market is set to reach USD 61.6 billion by 2026-end and grow at a CAGR of 7.2% between 2026-2036 to reach USD 123.5 billion by 2036. Luggage and Bags will dominate with a 34.0% share, while Fabric will lead with a 41.0% share.

The travel accessories market encompasses products designed to support personal travel including luggage and bags, comfort accessories, electronic accessories, organizers, safety devices, and personal care items. Products are distributed through online retail, offline retail, supermarkets, specialty stores, and airport travel retail channels.

Luggage and bags account for 34.0% of product demand, followed by travel comfort accessories and electronic accessories. Fabric materials including polyester and nylon hold 41.0% of material share, reflecting the balance of durability, weight, and cost that mid-range products deliver. Online retail leads distribution at 36.0%, with individual travelers representing 68.0% of end user demand. Mid-range products hold 47.0% of price tier share, confirming the concentration of demand in the accessible premium segment.

Source: https://www.futuremarketinsights.com/reports/travel-accessories-market

Recent developments:

The luggage market is undergoing a significant transformation driven by changing travel behaviors and evolving consumer expectations. Modern luggage design integrates aesthetics, smart functionality, and sustainability, reflecting a broader shift toward experience-driven consumer demand. The top trends shaping the luggage industry are:

1. Lightweight Yet Durable Materials

Travelers increasingly seek luggage that combines easy portability with exceptional durability. Modern polycarbonate blends, reinforced fabrics, and layered composites now enable cases to be both featherlight and rugged. By utilizing impact-resistant engineered designs that retain their shape, leading manufacturers are successfully minimizing weight while maximizing mobility and travel convenience. 2. Smart Features and Connectivity

Technology is now integral to modern luggage design. Smart suitcases feature built-in chargers, GPS location tracking, and proximity alerts via mobile apps. Travelers can also monitor and open integrated digital locks directly from their smartphones. These innovations deliver superior convenience and security, directly solving the universal fear of misplaced baggage.

3. Adaptable Interiors

Modern travel demands flexibility, and modular luggage interiors deliver exactly that. With adjustable compartments, removable dividers, and multi-purpose pouches, you can customize your packing for every unique journey. Whether you are flying for business or packing for a vacation, this versatile system eliminates the need for multiple bags while keeping your belongings perfectly organized throughout long trips.

4. Sustainable and Recycled Materials

Sustainability is reshaping the luggage market as brands adopt eco-friendly materials like recycled plastics, regenerated nylon, and sustainable textiles to meet the demand for responsible consumption. To maximize product lifespans and reduce landfill waste, companies increasingly offer dedicated repair programs and circular trade-in schemes. Beyond the products themselves, manufacturers are shrinking their environmental footprint by transitioning to energy-efficient production methods and eliminating unnecessary packaging.

5. Growth of Direct-To-Consumer Brands

The luggage market is becoming significantly more dynamic as digital-first brands disrupt the industry by selling simple, well-designed products directly through online channels. This direct-to-consumer approach enables transparent pricing and fosters closer customer engagement, forcing traditional legacy brands to evolve in response. Ultimately, this industry-wide transformation benefits travelers by offering them vastly expanded choices, greater convenience, and more flexible shopping options.

6. Improved Wheel and Handle Systems

Smooth movement has become a key quality marker. Modern spinner wheels use softer compounds and precision bearings to glide quietly and handle uneven surfaces. Telescopic handles are now ergonomically shaped to reduce strain and improve manoeuvrability. These functional upgrades, though subtle, make travel less tiring and contribute to product longevity.

7. Enhanced Security and Privacy

Safety remains an essential factor in luggage design. Newer models feature lockable zippers, hidden compartments, and RFID-protected pockets that safeguard passports and cards from electronic theft. Discreet styling and tamper-resistant closures offer travellers added confidence, especially in crowded urban environments and transit hubs.

8. Personalization and Aesthetic Appeal

Luggage has evolved into an expression of personal style. Travelers now look for distinctive colors, textures, and finishes that stand out on the carousel. Custom engraving, patches, and limited-edition collaborations have made personalization more accessible. This trend reflects how luggage has moved beyond function to become a part of self-identity and travel culture.

9. Compact and Versatile Designs

The increase in short-distance and multi-modal travel has led to a preference for versatile luggage. Convertible designs that shift between backpack, duffel, and roller forms are gaining attention. Softside materials and collapsible structures make storage easier when the bag is not in use. These designs cater to the modern traveler who values mobility and practicality.

10. Repairability and Long-Term Use

There is a renewed focus on products that last. Repair-friendly construction, replaceable components, and extended warranties help reduce waste while building brand trust. Many travelers now prefer investing in a durable piece that can be maintained over time rather than replaced frequently. This approach blends economic sense with environmental awareness.

Risks & Concerns

The Company faces various risks and uncertainties that could adversely affect its performance, future growth, and cash flow. Key identified risks include cost volatility driven by global geopolitical upheavals, import-related currency fluctuations, and intense market competition. To proactively mitigate these threats, the Company utilizes its proprietary Enterprise Risk Management (ERM) framework, which integrates robust internal controls and strategic risk management practices.

Opportunities in the Indian travel gear industry:

The Indian travel gear industry is experiencing a dynamic transformation, offering substantial opportunities driven by a confluence of evolving consumer behaviour, technological integration, and a thriving tourism sector. Heres a detailed exploration of the key opportunities shaping this landscape:

Growing disposable incomes and travel aspirations: Indias expanding middle class, armed with increasing disposable incomes, is fuelling both domestic and international travel, expanding the market for travel gear.

Government Initiatives & infrastructure development: Initiatives like “Dekho Apna Desh” and enhanced air connectivity through schemes like RCS UDAN are promoting domestic travel and fostering the growth of the overall travel ecosystem.

Diverse travel segments: The rise of adventure tourism, fuelled by Indias diverse topography, necessitates specialized gear such as backpacks, hiking footwear, and camping equipment. Cultural tourism creates a market for heritage-inspired accessories, handicrafts, and souvenirs.

Hard-shell and Lightweight Materials: The demand for lightweight, durable luggage, especially hard-shell options, is on the rise, influenced by air travel regulations and the need for robust protection for belongings.

Omnichannel Strategies: A combination of online and offline retail channels is crucial for reaching a broader audience and providing a seamless customer experience.

Niche Accessories: Developing and marketing specialized products for specific activities, like trekking or wildlife safaris, can capture a dedicated customer base.

Focus on design and aesthetics: Beyond functionality, consumers are increasingly seeking aesthetically appealing travel accessories that complement their personal style.

Strategic collaborations: Partnerships with clothing brands or other travel-related services can expand market reach and brand awareness.

Government support and investment: Government initiatives promoting tourism and improving infrastructure create a favourable environment for the travel gear sector

The Indian travel gear industry is poised for significant growth, fuelled by rising incomes, evolving consumer preferences, technological integration, and a thriving tourism sector. Brands that focus on innovation, cater to evolving consumer preferences (including sustainability and tech integration), and leverage omnichannel distribution strategies will be well-positioned for success in this dynamic market.

India luggage and bags market trend:

Smart &Tech-Enabled Luggage & Bags Gaining Traction In India, the population of tech-savvy customers is increasing, especially among the middle and upper-middle classes and the demand for bags with features such as GPS tracking, USB charging ports, etc is increasing. Moreover, 2019-2023

Companies like Airwheel SE3S, Arista Vault, etc., have introduced electric motorized luggage carriers. Owing to this, there would be a wider adoption of smart, technology-integrated travel accessories, which is anticipated to further increase the introduction of smart bags from other Companies as well.

India luggage and bags market (2024-30) segmentation analysis:

The India Luggage and Bags Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024 2030 at the national level. According to the analysis, the market has been further classified as:

Based on Product Type:

Bags

Cross Body Bags

Bags and Backpacks

Business Bags

Duffle Bags

Clutches

Others (Tote Bags, Wallet and Coin Pouches, Other Small Bags, etc.)

Luggage

Soft Luggage

Hard Luggage

Wheeled Luggage

Non-Wheeled Luggage

In India, bags, especially duffle bags, have registered noteworthy demand in comparison to other types of luggage and bags. These duffle bags are more affordable than other bags, which has made them a suitable option for the price-sensitive Indian market. Moreover, consumers in India prefer luggage options that can be easily stored when not in use. Due to this, duffle bags are increasingly being adopted as they cater to the living conditions in Indian households. Along with this, these bags are versatile, owing to which they can be used for a wide range of activities like gym visits, weekend trips, etc. With the rising number of gym goers and increased participation of the population in sports activities in the country, the demand for duffle bags is projected to increase in the years to come as well. Furthermore, the soft structure of these duffle bags allows for more flexible packing, which is particularly appealing.

Based on Distribution Channel

Offline

Dealers & Distributors

Retail Stores

Online

The online distribution segment has experienced significant growth in the India Luggage and Bags Market due to factors such as the growing penetration of internet connectivity and the increasing popularity of e-commerce platforms. This has made it easier for consumers to browse, compare, and purchase luggage and bags online. Accessibility to E-commerce platforms has expanded the reach of manufacturers and retailers, allowing them to target a wider audience beyond traditional brick-and-mortar stores.

Furthermore, e-commerce platforms are evolving by catering to the need for budget-friendly products. This is projected to provide new opportunities for affordable brands that aim to reach out to the maximum number of customers across the country. In 2024, Amazon India launched a vertical called Bazaar for affordable, unbranded fashion and lifestyle products. The platform would provide a vast range of products, including apparel, watches, shoes, jewelry, and luggage, among others.

Additionally, online channels offer consumers a diverse range of products, including both domestic and international brands, catering to varied preferences and budgets. The convenience of doorstep delivery and the availability of multiple payment options further enhance the appeal of online shopping for luggage and bags, particularly among busy urban consumers. Moreover, the ability to access customer reviews and ratings online helps shoppers make informed purchasing decisions, fostering trust and confidence in online transactions. As a result, the online distribution segment continues to experience robust growth, playing a pivotal role in driving demand for the India Luggage and Bags Market.

Business Overview & Development:

Established in 2001, Goblin has built its trust and goodwill in the luggage industry by providing its customers with the best and the latest travelling gear solutions. Over the years, Goblin has become one of the top brands in India by providing strong and durable luggage along with corporate promotion solutions. With its headquarters and manufacturing plant based in the city of Ahmedabad, Gujarat, it has gained a significant foothold in the local markets as well as across the nation. Goblin currently has over 525 dealers across India and over 300 dealers in France. With the help of constant efforts, Goblin aims to automate and innovate its range of products making travelling user-friendly for all its customers. Since its inception in Ahmedabad, the urban heartland of Gujarat, Goblin has been a leading travel lifestyle brand. Today, Goblin profoundly crafts aesthetically designed luggage targeted to modern travel requirements. Our diversified institutional client base is built by providing exceptional quality services and nurturing long-term relationships. We cater to appropriately 100 direct corporate clients across numerous sectors. We specialize in corporate gifting for brand promotions and brand reminders.

Segment / product-wise performance:

Expansion by way of multi-distribution and retail channels. We believe there continues to be significant opportunity for us to expand our Company-owned retail store network in PAN India. As on date we have owned one retail outlet in Ahmedabad, Gujarat and plan to add new stores in PAN India basis. We shall explore modern technology to access new opportunities in the market to sell our products to the ultimate customer, including direct sales to the customer through the internet. Both B2B and B2C platforms shall be considered for access over well-known aggregator portals to market and sell our products to retail customers. We shall also expand our existing distributor network in the domestic and overseas markets. Our travel products form the core of our business. Currently, we are engaged in segments of hard luggage, soft luggage, accessories such as duffle bags, sling bags, messenger bags etc., different varieties of Back packs, ladies Purse and hand bags, duffle trolleys. The popularity of hard-side and soft-side luggage varies significantly across the various markets in which we operate, while hybrid luggage, as a recent development, is only a very small component of the luggage market. Hard luggage, office bags and back packs constitutes of half of our sales and we expect growth under the said segment in near future. Moreover, the other products constitute the remaining half of our sales wherein we have our newly added ladies handbags and purse segment is getting its pace with faster growth prospects.

Outlook:

The India luggage and travel gear market is poised for substantial growth, driven by increasing domestic travel and rising disposable incomes. As e-commerce continues to expand, brands that leverage online platforms will likely capture a larger market share. Additionally, the demand for eco-friendly and smart luggage solutions is expected to rise, reflecting changing consumer preferences. The Company has continued to adapt to the trends and invest in innovative products to be well-positioned to thrive in this dynamic market landscape.

Internal Control Systems:

The Company has established a robust internal control ecosystem that matches the scale and complexity of its business operations. This framework ensures the orderly and efficient conduct of business, safeguarding of assets, and compliance with applicable laws. To maintain strict objectivity, the Company has engaged M/s. A.D. Brahmbhatt & Co., were appointed as the Internal Auditors of the Company, to perform independent internal audit functions. The internal audit team evaluates control systems, reviews financial reporting reliability, and submits detailed risk-assessment reports to the Audit Committee every quarter. The Audit Committee exercises vigilant oversight by reviewing these findings, tracking system adequacy, and framing corrective measures. Management remains deeply committed to this governance loop, swiftly executing improvements based on actionable insights provided by our Statutory Auditors, Internal Auditors, and the Audit Committee.

Financial Highlights:

Standalone basis (in lakhs):

During the year under review, the Company has achieved revenue from operations of Rs. 3,903.87 lakhs and profit amounting to Rs. 156.08 lakhs as compared to the previous Financial Year 2024-25 where the revenue from operations was Rs. 3,729.36 lakhs and Profit after tax was Rs 140.48 lakhs. The basic and diluted earnings per share of the Company as on 31^st March, 2026 stands at Rs.1.13/-.

Consolidated basis (in lakhs):

During the year under review, the Company has achieved revenue from operations of Rs. 5,537.81 lakhs and profit amounting to Rs. 230.83 lakhs as compared to the previous Financial Year 2024-25 where the revenue from operations was Rs. 5532.35 lakhs and profit after tax was Rs. 242.30 lakhs. The Basic and Diluted Earnings per share of the Company as on 31^st March, 2026 stands at Rs. 1.67/-.

Foreign currency risks

Volatility in global economies have become the new common in recent times and since Company has less exposure to foreign revenue, risk is low in our case.

However, the Company has a defined policy for managing its foreign exchange exposure minimizing the currency risk which results in stable earnings.

Human resources

Your Company is focused in balance work life approach which promotes employee innovation, excellence and mutual trust between all the personnel and the Company. The Company also focuses on systematic training programs and developing the technical and behavioral skills of the personnel at each level of organization to upgrade and innovate the work culture.

Your Directors acknowledge and thank employees for their constant support.

Financial ratios

Return on Net Worth

Cautionary statement

Statements made in this Management Discussions and Analysis describing Companys objectives and predictions may be “forward-looking Statements” involving future plans of the Company within the meaning of applicable laws and regulations. Actual results may differ from those expressed herein. The Company is dependent on factors that can impact the operations i.e. Government regulations, tax regimes, and economic developments within India and other countries. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their dates. The following discussion and analysis should be read in conjunction with the Companys financial statements included in this report and the notes thereto. Investors are also requested to note that this discussion is based on the Standalone Financial Results of the Company.