Studds Accessories Limited IPO

Apply 0
Avoid 0

Closing in

Days
Hours
Mins
Secs

Don't Miss It! Mark Your Calender Now:


Studds Accessories Limited is India’s largest two-wheeler helmet manufacturer by revenue in Fiscal 2024 and the world’s largest by volume in Calendar Year 2024. With nearly five decades of industry expertise, the Company has built a strong leadership position in the global protective riding gear market. Its brands, Studds and SMK, cater to a wide customer base across price points and design needs, positioning the Company as a dominant player in both mass and premium segments.

Product Portfolio & Brand Presence

Studds designs, manufactures, markets, and sells:

1. Two-wheeler helmets (full face, flip-up, modular, open face)

2. Riding accessories including luggage, gloves, riding jackets, eyewear, rain suits, and helmet locks

The Company’s products are distributed pan-India and exported to over 70 countries across the Americas, Europe, Asia, and other regions.
It also manufactures helmets for leading international brands such as Daytona (USA) and O’Neal (EU, USA & Australia), demonstrating strong global OEM capabilities.

The premium brand SMK, launched in 2016, continues to gain strong traction in both Indian and international markets.

Scale & Manufacturing Capabilities

Studds operates four advanced facilities in Faridabad with automated coating, in-house mold making, stitching, painting, and a VCA-certified testing lab. Facility IV manufactures EPS liners and decals, supporting backward integration.
As of March 31, 2025, annualized capacity stands at 9.04 million units with 7.40 million helmets sold in FY25. A fifth facility is under construction, expected to be operational in FY26.
Distribution is supported by 3PL partners in Faridabad, Bangalore, and the United States.

Innovation, Technology & Design

A 75-member R&D team focuses on advanced safety designs and smart-technology helmets with Bluetooth, rear-view cameras, wear-detection and navigation features.
Collaboration with leading European and Spanish design firms enhances product innovation.
Automation measures like robotic cutting and painting aim to improve efficiency and consistency.

Distribution Network & Market Access

Studds follows a multi-channel model with 363 distributors in India, exports to 70+ countries, supply partnerships with major OEMs (Hero, Royal Enfield, Honda, Suzuki, Yamaha) and institutional buyers (CPC, CSD).
Products are also sold through EBOs, e-commerce, quick-commerce and the company website, ensuring strong market penetration.

Strong Industry Outlook

The global helmet market is projected to grow at ~5.10% CAGR (2024–2029) driven by rising urbanization, disposable income, safety awareness and regulatory mandates.
With its scale, brand strength and innovation focus, Studds is well-positioned to capitalize on this growth.

Objects of the Studds Accessories Limited IPO:

Company will not receive any proceeds from the Offer for Sale. The net proceeds, after deduction of applicable offer-related expenses and taxes, will be received by the respective Selling Shareholders.

Studds Accessories Limited IPO Details:

Open Date: Oct 30 2025
Close Date: Dec 03 2025
Total Shares: 77,86,120
Face Value: ₹ 5 Per Equity Share
Issue Type: Book Building
Issue Size: 455.49 Cr.
Lot Size: 25 Shares
Issue Price: ₹ 557 - 585 Per Equity Share
Listing At: NSE,BSE
Listing Date: Nov 07 2025

Promoters And Management:

1. Madhu Bhushan Khurana – Chairman & Managing Director, he holds a B.Sc. in Aeronautical Engineering from Punjab Engineering College, Chandigarh, and has been on the Board since incorporation. He oversees overall business administration and financial strategy of the Company. Prior to founding the Company, he was an entrepreneur in the two-wheeler helmet manufacturing business. He brings nearly 42 years of experience in business administration, finance, strategy, and manufacturing. 2. Sidhartha Bhushan Khurana – Managing Director, he holds a Bachelor’s degree in Aeronautical Engineering from Punjab Engineering College, Chandigarh, and has been on the Board since 1998. He oversees administrative, financial, and management functions. He has over 25 years of experience in business administration, finance, strategy, and manufacturing within the Company. 3. Shilpa Arora – Whole-time Director & Global Sales Head (excluding India, Nepal & Bangladesh), she holds a Bachelor’s degree in Dental Surgery from Manipal Academy of Higher Education and an MBA from the University of Toronto, Canada. She joined the Board on August 24, 2024. She is responsible for driving international sales and marketing. Previously, she worked for nearly 15 years with Rogers Communications Inc., Canada, last serving as Senior Director – Demand & Planning, and has 3 years of marketing and management experience with Bikerz US Inc.

Financials of Studds Accessories Limited IPO:

Particulars 3M FY 2026 FY 2025 FY 2024 FY 2023
Revenue from Operations (Cr) 149 584 529 499
Total Income (Cr) 152 596 536 506
Revenue Growth (Y-o-Y) N.A. 10.36 5.98 7.93
EBITDA (Cr) 30 105 90 60
EBITDA Margin (%) 20.3 18.0 17.1 12.0
PAT (Cr) 20 70 57 33
PAT Margin (%) 13.6 11.9 10.8 6.6
RoNW (%) 4.31 15.49 14.77 9.81
RoCE (%) 5.65 20.25 18.98 12.81
Net Debt/ Equity (times) -0.1 -0.07 -0.07 0.02
Operating Cash Flow (Cr) 24 63 72 56

Comparison With Peers:

According to its RHP Their is no listed peers existed in the same business segment.

Lead Manager of Studds Accessories Limited IPO:

  1. ICICI Securities Limited
  2. IIFL Securities Ltd

Registrar of Studds Accessories Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Studds Accessories Limited IPO:

Leave a Reply