Studds Accessories Ltd(STUDDS)

NSE: STUDDSBSE: 544599

₹ 387-1.29%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,523 crNext results: 31 Oct 2026Website: www.studds.comUpdated: 27 Oct 2026

About

Studds Accessories Ltd is India's largest two-wheeler helmet manufacturer, selling under the mass-market Studds brand and premium SMK brand across more than 70 countries. The company reported consolidated revenue of ₹634.23 crore in FY26 and became India's first listed two-wheeler helmet manufacturer when it listed on BSE and NSE on 7 November 2025. It operates four manufacturing facilities in Faridabad, Haryana with installed capacity of approximately 9.5 million units.^[1][2][3]

Revenue mix by brand and channel

Revenue mix in FY26: Studds helmets 74.1%, SMK helmets 15.7%, private labels 3.1%, other accessories 7.1%.^[2]
Channel mix in FY26: distributor network and EBOs 55.2%, OEMs 13.7%; sold through 360+ active distributors pan-India.^[2]
Online sales are 4 - 5% of revenue vs approximately 25% offline market share in FY26.^[4]

Brands and products

Studds serves mass and mid-market segments at MRP range Rs. 925 - Rs. 4,195; SMK serves premium riders at MRP range Rs. 3,000 - Rs. 15,350.^[2]
Portfolio spans more than 240 helmet styles across full-face, modular, open-face, flip-up, flip-off, off-road and adventure helmets, translating into more than 19,000 SKUs.^[2]
SMK ASP stood at approximately Rs. 2,550 in FY26; its EBITDA margin runs approximately 10 percentage points above Studds brand.^[2]
In FY26 the company entered riding gear with CE EN 17092-4:2020 Level A certified protective jackets and gloves; Bluetooth communication systems, smart helmets and bicycle helmets are under development.^[2]
Licensed editions launched under Warner Bros. Discovery and DC Comics include Helios Superman Edition, Drifter Batman Edition and Trooper Legacy Shield Edition.^[2]

Manufacturing and capacity

Four active manufacturing facilities in Faridabad, Haryana with installed capacity of approximately 9.5 million units as of FY26.^[2][5]
Manufacturing is vertically integrated with in-house EPS liner production, mould-making, shell fabrication, painting, hard coating, water decal application, stitching, assembly and testing.^[2]
EPS liner capacity utilisation was approximately 85% in Q1 FY27.^[6]
In-house design and development team of 70+ members; product development takes approximately 9 months for Studds and 14 months for SMK; typically 5 - 7 new models launched annually.^[2]

Key operating numbers

Two-wheeler helmet and boxes volume: 1.95 million units in Q1 FY27 at approximately 81% capacity utilisation, vs 8.12 million units for full-year FY26 at 89% utilisation.^[6][3]
Blended helmet ASP: ₹845 in Q1 FY27 vs ₹802 in Q1 FY26; blended ASP was ₹815 in Q4 FY26 and ₹770 for 9M FY26.^[6][3][5]
Export blended ASP was ₹1,601 for 9M FY26 vs domestic channel ASP of ₹675 for the same period.^[5]
SMK volumes grew at an approximate three-year CAGR of 52%; SMK revenue mix rose from approximately 12% in 9M FY25 to approximately 14% of volumes in 9M FY26.^[2][5]

Customers and distribution

OEM customers include Honda, Hero, Royal Enfield, Suzuki and Yamaha, accounting for 13.7% of the channel mix in FY26.^[2]
Export revenue mix rose to 21.8% of consolidated revenue in Q1 FY27 from 20% in FY26 and 16.75% in FY25.^[6][3]
In Q4 FY26 Studds signed a distribution agreement with Mexico's largest retail chain spanning 1,200 stores.^[3]
Alpinestars was onboarded under the private-label helmet segment in FY26.^[3]
US subsidiary Bikerz US Inc. delivered its first year of profitability in FY26 with revenue of approximately USD one million.^[2]

Expansion and capex

Facility 5 Phase 1 adds 1.5 million units of annual capacity; as of Q1 FY27 it is on track to become operational in September - October 2026. Total two-phase capex is ₹150 crore.^[6][4]
Facility 5 Phase 2 will add a further 1.5 million units, bringing total installed capacity to 12.5 million units; Phase 2 construction to start in FY28.^[2][3]
FY27 capex is budgeted at approximately ₹58 crore for Facility 5 Phase 1; FY28 capex approximately ₹31 crore including Phase 2 construction start.^[6]
Italy subsidiary incorporated in Reggio Emilia as a warehousing and distribution hub; commercial operations expected October 2026 with dealer-direct sales in Italy, Germany and France.^[6][2]

Recent developments

Studds listed on BSE and NSE on 7 November 2025, becoming India's first listed two-wheeler helmet manufacturer.^[2]
In October 2025, Studds entered a strategic engagement with Decathlon to supply bicycle helmets; commercial production deferred to October 2026 from the earlier target of July 2026.^[4][6]
Styrene-based raw material prices surged approximately 65% from approximately ₹135/kg (Q4 FY26 average) to a peak of approximately ₹225/kg in Q1 FY27, compressing EBITDA margin by 880 bps YoY to 11.5%.^[6]
Riding jacket expected commercially available in Q2 FY27; mesh Bluetooth communication system prototype ready with commercial production targeted Q3 FY27; combined FY27 revenue from both categories estimated at ₹15 - 20 crore.^[6]
A 9% price increase was implemented from 1 April 2026; blended ASP rose to ₹845 in Q1 FY27 reflecting partial pass-through, with full realisation expected from Q2 FY27.^[6][3]

Market Cap

₹1,523 Cr

High / Low

₹600 / 389

Stock P/E

20.8

Price / Book

3.0

Book Value

₹133

EPS

₹21.0

No. of Shares

3.94 Cr

ROCE

20.9%

ROE

15.8%

OPM

17.4%

Debt / Equity

0.01

Sales

₹634 Cr

Net Profit

₹83 Cr

Promoter holding

61.8%

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