amit@unlistedkraft.in
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Studds Unlisted Shares
DRHP Status : Not Filed
4.7
Fundamentals About Studds
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Studds
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 480 | 463 | 499 | 529 |
| Cost of Material Consumed | 226 | 260 | 259 | 243 |
| Gross Margins | 52.92 | 43.84 | 48.1 | 54.06 |
| Change in Inventory | -5 | -9 | 3 | -4 |
| Employee Benefit Expenses | 56 | 58 | 65 | 71 |
| Other Expenses | 90 | 99 | 112 | 129 |
| EBITDA | 113 | 55 | 60 | 90 |
| OPM | 23.54 | 11.88 | 12.02 | 17.01 |
| Other Income | 4.5 | 5.5 | 7 | 7 |
| Finance Cost | 3 | 3 | 3 | 1.6 |
| D&A | 13 | 17 | 18 | 19 |
| EBIT | 100 | 38 | 42 | 71 |
| EBIT Margins | 20.83 | 8.21 | 8.42 | 13.42 |
| PBT | 98 | 40 | 46 | 76 |
| PBT Margins | 20.42 | 8.64 | 9.22 | 14.37 |
| Tax | 24 | 11 | 13 | 19 |
| PAT | 74 | 29 | 33 | 57 |
| NPM | 15.42 | 6.26 | 6.61 | 10.78 |
| EPS | 37.76 | 14.8 | 16.84 | 29.08 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 23.54 | 11.88 | 12.02 | 17.01 |
| Net Profit Margin | 15.42 | 6.26 | 6.61 | 10.78 |
| Earning Per Share (Diluted) | 37.76 | 14.8 | 16.84 | 29.08 |
<table class="table rounded-10 yearly">
<thead>
<tr>
<th scope="col" class="w-40">
<h6 class="fw-extrabold p-2">Financial Ratios</h6>
</th>
<th scope="col" class="text-end w-15">2021</th>
<th scope="col" class="text-end w-15">2022</th>
<th scope="col" class="text-end w-15">2023</th>
<th scope="col" class="text-end w-15">2024</th>
</tr>
</thead>
<tbody>
<tr>
<td class="ps-3 w-40">Operating Profit Margin</td>
<td class="text-end w-15">23.54</td>
<td class="text-end w-15">11.88</td>
<td class="text-end w-15">12.02</td>
<td class="text-end w-15">17.01</td>
</tr>
<tr>
<td class="ps-3">Net Profit Margin</td>
<td class="text-end">15.42</td>
<td class="text-end">6.26</td>
<td class="text-end">6.61</td>
<td class="text-end">10.78</td>
</tr>
<tr>
<td class="ps-3">Earning Per Share (Diluted)</td>
<td class="text-end">37.76</td>
<td class="text-end">14.8</td>
<td class="text-end">16.84</td>
<td class="text-end">29.08</td>
</tr>
</tbody>
</table>
<table class="table rounded-10 yearly">
<thead>
<tr>
<th scope="col" class="w-40">Liabilities</th>
<th scope="col" class="text-end w-15">2021</th>
<th scope="col" class="text-end w-15">2022</th>
<th scope="col" class="text-end w-15">2023</th>
<th scope="col" class="text-end w-15">2024</th>
</tr>
</thead>
<tbody>
<tr>
<td class="ps-3 w-40">Share Capital</td>
<td class="text-end w-15">9.8</td>
<td class="text-end w-15">9.8</td>
<td class="text-end w-15">9.8</td>
<td class="text-end w-15">9.8</td>
</tr>
<tr>
<td class="ps-3">FV</td>
<td class="text-end">5</td>
<td class="text-end">5</td>
<td class="text-end">5</td>
<td class="text-end">5</td>
</tr>
<tr>
<td class="ps-3">Reserves</td>
<td class="text-end">280</td>
<td class="text-end">301</td>
<td class="text-end">328</td>
<td class="text-end">377</td>
</tr>
<tr>
<td class="ps-3">Borrowings</td>
<td class="text-end">28</td>
<td class="text-end">44</td>
<td class="text-end">31</td>
<td class="text-end">0.6</td>
</tr>
<tr>
<td class="ps-3">Trade Payables</td>
<td class="text-end">63</td>
<td class="text-end">50</td>
<td class="text-end">35</td>
<td class="text-end">31</td>
</tr>
<tr>
<td class="ps-3">Other Liabilities</td>
<td class="text-end">54</td>
<td class="text-end">51</td>
<td class="text-end">57.2</td>
<td class="text-end">66.6</td>
</tr>
<tr>
<th class="ps-3">Total Liabilities</th>
<td class="text-end">434.8</td>
<td class="text-end">455.8</td>
<td class="text-end">461</td>
<td class="text-end">485</td>
</tr>
</tbody>
</table>
About Company
The following table shows a 10-point analysis of Studds Accessories Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹584 cr · PAT ~₹70 cr · PAT Margin ~12% | Leading two-wheeler helmet manufacturer in India; sells ~7.4 million helmets annually; operates mass-market and premium brands; vertically integrated with in-house manufacturing, testing & design; exports to 70+ countries (~17% revenue share). |
| Industry & Market Position | ~27% Domestic Market Share · Largest by Volume | Strong brand trust and distribution network (360+ distributors); competitive edge over unorganized players through certifications & innovation; benefits from safety regulations; exposed to raw material price volatility & competition. |
| Revenue Growth Trend | FY23–FY25 CAGR ~8–10% · FY25 ~10–11% YoY Growth | Stable growth supported by helmet mandates, export expansion & two-wheeler sales; consistent performance across cycles; long-term supported by road safety awareness & mobility demand. |
| Profitability & Margins | EBITDA Margin ~18–20% · PAT Margin ~12% | Improved margins due to operational efficiency & cost control; PAT growth ~23% YoY; healthy ROE; strong earnings quality compared to auto ancillary peers. |
| Cash Flow Quality | Positive OCF · Consistent Dividend Policy | Reliable operating cash flows; supports dividends & reinvestment; relatively low capex intensity; stable earnings with negligible debt burden. |
| Balance Sheet Strength | Strong Net Worth · D/E ~0.01x (Near Debt-Free) | Highly conservative capital structure; strong liquidity position; minimal financial risk; solid asset backing & internal accrual support. |
| Valuation Comfort | Price ₹520–600 (Feb 2026) · P/E ~27–30x · EPS ~₹17–18 | Reasonable valuation for category leader with stable margins & growth; Market Cap ~₹2,000–2,100 cr; justified by brand strength & safety-driven demand; stable post-listing profile. |
| Management & Governance | Promoter-Led · Transparent Disclosures | Strong legacy leadership; consistent compliance & dividend track record; no major governance concerns; focus on innovation & quality standards. |
| Growth Triggers & Catalysts | Helmet Mandate Enforcement · Export Expansion · Premium Segment Growth | Upside from stricter safety norms & global market penetration; premiumization supports margin expansion; product diversification & efficiency improvements drive incremental growth. |
| Liquidity & Exit Visibility | Listed on NSE/BSE (Since Nov 2025) | High liquidity post-listing; easy exit via secondary markets; reduced liquidity risk with institutional participation & public market visibility. |
Studds Accessories Ltd is a leading two-wheeler helmet and motorcycle-accessories manufacturer based in Faridabad, Haryana. It was founded in 1983, the company has grown to be one of the world’s largest helmet manufacturers, with a strong presence in both domestic and international markets. The following are the important points about Studds:
- Its product portfolio includes helmets (full-face, open-face, flip-up, off-road, etc.) under two main brands: Studds (mass and mid-market) and SMK (premium).
- Beyond helmets, Studds also makes motorcycle accessories such as luggage, gloves, helmet locks, rain suits, riding jackets, and eyewear.
- The company has four highly integrated manufacturing facilities in Faridabad, supporting in-house molding, visor coating, liner stitching, painting, and testing.
- Studds exports to more than 70 countries, and also manufactures helmets for global brands under OEM / private-label arrangements (e.g., Daytona in the US, O’Neal in Europe / Australia).
Challenges in Studds’s Business
- Raw Material Risk: The cost of key raw materials (e.g., polycarbonate, ABS) can be volatile, affecting manufacturing margins.
- Highly Competitive Market: The helmet industry is fragmented, and competition comes from both organised and unorganised players, as well as global brands.
- Regulatory / Safety Compliance: Helmets must meet stringent safety standards (BIS, ECE, etc.), and maintaining these certifications across many SKUs is costly and complex.
- Distribution Costs & Reach: Managing a wide network (363+ distributors) and serving both domestic and export markets poses logistical challenges.
- Dependence on Two-Wheeler Market: Demand for helmets is closely tied to two-wheeler sales and regulatory mandates (helmet laws), making the business somewhat cyclical.
Strategic Strengths/Advantages
- Strong Brand Equity: With legacy brands “Studds” and “SMK,” the company enjoys high trust and recognition among riders.
- Scale & Capacity: Four backward-integrated plants in Faridabad with capacity to produce millions of helmets annually.
- Global Reach: Exports to over 70 countries offer geographic diversification.
- OEM Partnerships: Supplies to major two-wheeler OEMs (Hero, Honda, Suzuki, Royal Enfield, Yamaha) and global brands under private label.
- Integrated Manufacturing: Strong in-house R&D and manufacturing (moulding, painting, helmet testing lab) helps maintain quality and control costs.
Quick Summary
Studds Accessories Ltd is a market leader in the two-wheeler helmet industry, with deep manufacturing capabilities, a trusted dual-brand strategy (Studds + SMK), and strong global distribution. It’s well-positioned to benefit from rising safety awareness, stricter helmet regulations, and global export demand. However, raw material volatility, regulatory compliance costs, and reliance on two-wheeler market dynamics remain key risks.
Shareholding Pattern of Studds
| Name | Holding |
|---|---|
| Madhu Bhushan Khurana | 53.23% |
| Sidhartha Bhushan Khurana | 14,46% |
| Chand Khurana | 8.35% |
| Others | 21.96% |
Promoters of Studds
- Madhu Bhushan Khurana — Chairman & Managing Director.
- Sidhartha Bhushan Khurana — Managing Director.
Click here to visit the official website of Studds.
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Frequently Asked Questions
Studds Accessories Ltd unlisted shares represent equity in a privately held company specialising in motorcycle helmets and safety gear. These shares are not listed on NSE or BSE and can only be bought through private-market platforms like UnlistedKraft.
Yes, UnlistedKraft provides verified access to these unlisted shares. After completing your KYC and placing the order, shares are typically credited to your demat account within 24 hours.
Unlisted share investments come with risks like limited liquidity and reduced public disclosure. However, Studds is a leading brand in protective gear with strong product recognition. Investing via UnlistedKraft ensures a secure, verified, and transparent process.
The share price is based on recent private trades, investor demand, the financial performance of the company, and market sentiment. UnlistedKraft updates pricing regularly to ensure fair and current valuation.
Yes, an active demat account is required to receive and hold Studds Accessories Ltd unlisted shares after purchase.
There is no fixed holding period unless the company decides to go public. Most investors hold until a liquidity event, such as an IPO or strategic sale, to maximise potential gains.
Yes, UnlistedKraft offers a resale network through which you can sell your shares, subject to buyer availability and market demand.
Yes, as per SEBI regulations, pre-IPO shareholders must observe a six-month lock-in period after the company lists on a public stock exchange.
If held for more than two years, gains are considered long-term capital gains and taxed at 20% with indexation. Gains from shares held for less than two years are treated as short-term and taxed per your income tax slab.
UnlistedKraft provides verified access to private equity opportunities like Studds Accessories Ltd, with transparent pricing, expert guidance, a secure transaction process, and fast share credit into your demat account, providing a smooth and trusted investment experience.
+91-9599071664
amit@unlistedkraft.in