Studds Accessories is a manufacturer of two-wheeler helmets and motorcycle accessories based in Faridabad, Haryana, India. The company designs, manufactures, markets, and sells helmets under the“Studds”and“SMK”brands, while other accessories such as two-wheeler luggage, gloves, helmet locking device, rain suits, riding jacket and eye wear are sold under ‘Studds’ brand.

The company sells its products across India and exports to over70 countries, including markets in the Americas, Asia (excluding India), Europe, and other regions.

The Studds brand, established in 1975, serves the mass and mid-market segments in India and certain countries in Asia, Latin America, Central America and Africa. As of August 31, 2025, two-wheeler helmets under the Studds brand are priced between Rs 875 and Rs 4,000 in India.

The SMK brand, launched in 2016, caters to the premium motorcycle segment in India and the mid-market segment in Europe. As of August 31, 2025, SMK helmets are sold in India at prices ranging from Rs 3,000 to Rs 12,800.

In Q1 FY26, Studds contributed 72.22% to total sales, and SKM 18.14%.

The company also manufacture helmets for Jay Squared LLC, which are sold under the “Daytona” brand in the United States of America, as well as for O’Neal under their branding, supplying to markets in Europe, United States of America and Australia.

In Fiscal 2025, the company sold a total of 7,429,587 helmets, comprising 7,065,854 Studds, 288,408 SMK, and 75,325 Daytona & Oneal.

In Q1 FY26, Two-wheeler helmets contributed around 92.81% to revenue, and Other Accessories 6.98%.

Studds Accessories is the largest two-wheeler helmet player in India. The company had a market share of 27.30% in terms of volume and 25.50% in terms of value, in the domestic market in Fiscal 2024.

Its products are sold primarily through extensive distributor networks, OEMs, EBO’s, online retailers, quick commerce platforms, central stores department, central police canteen and institutional customers. The company supply its products to OEMs such as Honda Cars India, Hero MotoCorp, Suzuki Motorcycle India, Eicher Motors (Royal Enfield) and India Yamaha Motor.

In Q1 FY26, Distributor Network and EBO contributed 54.98% to total sales, OEMs 11.81%, E-commerce 4.75%, Government channels 3.95%, Exports 22.22%, and Others 2.29%.

Under the recent GST reforms, the tax on two-wheeler helmets remains unchanged at 18%, and the company does not gain any immediate benefit from tax-related cost or pricing advantages.

The company engages specialized design firms to create niche helmet designs. A European design firm supports the conceptualization of two-wheeler helmets, while a Spanish firm contributed to the development of Studds and SMK full-face and flip-up helmets with built-in Bluetooth, enhancing riding comfort and safety.

The company has a strong distributor network across urban, semi urban and rural parts of India. As on August 31, 2025, it sold products through 363 active distributors in India.

The company operates four manufacturing facilities in Faridabad, India. Manufacturing Facility II, III and IV are situated over owned land. While, manufacturing Facility I is situated on land, which is partially owned, and some portion is on leasehold basis. As on March 31, 2025, its Manufacturing Facilities I, II and III have a combined annualized capacity of producing 9.04 million units.

Additionally, the company is enhancing its production capacity through the construction of Manufacturing Facility V, which is expected to be completed and commissioned in Fiscal 2026. The new facility will support growing demand for two-wheeler helmets in India.

The company intends to strategically expand into new markets and geographies and increase offering in the premium helmet segment.

Offer and its objects

The IPO is an offer for sale of 77,86,120 equity shares aggregating up to Rs 455.49 crore by existing shareholders, including Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, Chand Khurana, among others.

Price band for the IPO is Rs 557 to Rs 585 per equity share of face value Rs 5 each.

All the offer proceeds will be received by the selling shareholders, in proportion to the number of offered shares sold by them.

The promoters are Madhu Bhushan Khurana, Sidhartha Bhushan Khurana and Shilpa Arora. The promoters and promoter group hold an aggregate of 3,10,02,320 equity shares, aggregating to 78.78% of the pre-offer issued and paid-up equity share capital. Their post IPO shareholding is expected to be around 61.75%.

The issue, through the book-building process, will open on 30 Oct 2025 and will close on 3 Nov 2025.

Strengths

Largest two-wheeler helmet player in India by revenue in Fiscal 2024 and the world’s largest by volume in Calendar Year 2024.

Decades of experience have enabled it to offer a wide range of designs and a comprehensive product catalog across various price points, catering to diverse consumer needs.

Strategic focus on premium products has strengthened profitability, as reflected in the increase in EBITDA margin from 12.03% in FY23 to 17.96% in FY25 and 20.29% in Q1 FY26.

As of June 30, 2025, the company has zero net debt, providing financial flexibility for future investments and acquisitions, lowering interest expenses, and supporting faster strategic decision-making.

Cost-efficient production, a well-developed sales and distribution network, and compliance with international safety standards enable the company to tap into growing export markets across Southeast Asia, Africa, and Europe.

Vertically integrated business model gives control over processes from raw material procurement, design, production and marketing to distribution and sales, thereby reducing time to market and enabling faster product and design development cycles.

Well positioned to benefit from rising helmet demand supported by shorter replacement cycles, increasing consumer awareness, and stricter government enforcement.

Extensive experience of promoters and senior management personnel.

Weaknesses

Derived 22.22% of revenue in Q1 FY2026 from exports, making the company susceptible to risks from exchange rate fluctuations, tariffs, and geopolitical factors.

Operations are exposed to volatility in the prices of key raw materials, including ABS plastic, polycarbonate, expanded polystyrene, cloth, paints, and packaging materials.

In the past, certain product designs, such as the Stellar – Wings series, were not well received by customers in Q1 FY26 and in FY2025, FY2024, and FY2023. A failure to introduce new designs or update the product catalogue in line with customer preferences could adversely affect business prospects.

Over 90% of sales come from motorcycle helmets, making the business sensitive to two-wheeler industry trends.

There has been instances of non-compliance with certain provisions of the Companies Act, 1956. Continued non-compliance could expose the company to regulatory actions and penalties.

Planned expansion of manufacturing capacity through new facility may face execution delays, cost overruns, or underutilization, potentially impacting short-term profitability.

There are outstanding legal proceedings, including criminal cases, involving its directors and promoters. An adverse outcome in any of these proceedings could negatively affect the business.

Valuation

Net sales increased 10% to Rs 583.82 crore in FY2025 as compared with FY2024. The OPM improved 91 bps to 17.96%, leading to 16% increase in OP to Rs 104.84 crore. OI increased 77% to Rs 12.07 crore. Interest cost fell 24% to Rs 1.22 crore. Depreciation cost went up 9% to Rs 20.67 crore. PBT surged 24% to Rs 95.02 crore. Tax expenses were Rs 25.39 crore as compared with Rs 19.15 crore. PAT increased 22% to Rs 69.64 crore.

The FY25 EPS on post-issue equity works out to Rs 17.7. At the upper price band of Rs 585, P/E is 33. The OPM and ROE stood at 17.96% and 16.64% respectively, in FY 2025.

There are no listed companies, which are comparable in size to Studds Accessories in India or globally in the same industry.

As the largest two-wheeler helmet manufacturer in India with a strong global presence, Studds Accessories is well-positioned to benefit from the growing domestic and international two-wheeler markets. Key growth drivers include expanding production capacity, a diversified product portfolio spanning mass-market and premium segments, strong brand recognition, and a robust distribution network. However, it must navigate certain challenges, including fluctuations in raw material prices, and potential execution challenges associated with expanding manufacturing capacity.