Studds Accessories Unlisted Shares
About Studds Accessories Unlisted Shares
Founded in 1972, Studds Accessories Limited started its journey in a garage, manufacturing its first helmet. Today, it has grown into the world’s largest two-wheeler helmet manufacturer, producing approximately 7 million helmets annually. Headquartered in Faridabad, India, Studds has established a significant global footprint, exporting its products to over 45 countries and holding a commanding 26% market share in India’s two-wheeler helmet segment.
Studds stands out for its dedication to safety standards and product quality. The company operates the only laboratory in India certified by the European Safety Agency. This ensures that each helmet produced meets world-class safety standards. With a legacy of over four decades, Studds is renowned not only for its helmets but also for its commitment to innovation, quality assurance, and safety.
2. Business Divisions
Studds Accessories operates across several key business segments:
- Helmets: Studds offers a wide range of helmets, including full-face, flip-up full-face, sporting, and industrial helmets. The company’s helmets are available in seven different sizes, catering to a broad customer base. Its Studds brand helmets range from ₹825 to ₹2,165, while the SMK brand, a premium offering, is priced between ₹2,300 and ₹9,800.
- Motorcycle Accessories: Apart from helmets, Studds manufactures and markets a wide array of motorcycle accessories. These include jackets, gloves, glasses, and other essential riding gear, catering to the needs of motorcycle enthusiasts.
- Bicycle Helmets: Studds has also ventured into the bicycle helmet market, expanding its product offerings beyond two-wheeler motorbikes. These helmets are designed to meet global safety standards, ensuring that cyclists have access to reliable protective gear.
- Face Shields and Face Masks: As part of its innovation and adaptability, Studds manufactures face shields and masks, which add to its portfolio of safety and protective products.
- Global Reach: With a robust distribution network, Studds has made its mark not only in India but across the globe. The company has 385 active dealers worldwide and 7 exclusive brand outlets (EBOs) in India. It continues to expand its international presence, with exports growing consistently, including in new and emerging markets.
3. Financial Highlights
Studds Accessories Unlisted Shares offer a compelling investment proposition, underpinned by strong financial growth. Here are five key financial highlights:
- Revenue Growth: Studds Accessories has seen consistent growth in revenue, with FY2024 revenue standing at ₹529 crore, up from ₹499 crore in FY2023. This represents a growth rate of around 6%, driven by increased helmet production and global expansion.
- Improved Profitability: The company’s EBITDA increased by 50% from ₹60 crore in FY2023 to ₹90 crore in FY2024, reflecting stronger operational efficiency and cost management. The EBITDA margin also improved to 17.01% in FY2024, up from 12.02% in FY2023.
- Strong Net Profit: Studds posted a PAT of ₹57 crore in FY2024, a 72% increase compared to ₹33 crore in FY2023. The net profit margin (NPM) for FY2024 stood at 10.78%, showing solid profitability despite challenges in the market.
- Increase in Earnings Per Share (EPS): The company’s EPS rose to ₹29.08 in FY2024, up from ₹16.84 in FY2023, highlighting the company’s ability to generate higher shareholder value. This increase is a positive indicator for potential investors looking for growth in earnings.
- Stable Asset and Liabilities Structure: Studds Accessories has maintained a stable balance sheet, with total assets of ₹485 crore in FY2024. The company has kept its debt levels low with borrowings standing at just ₹0.6 crore in FY2024, ensuring minimal financial risk and a debt-to-equity ratio of 0
Pros
- Largest two-wheeler helmet manufacturer globally.
- Strong safety focus with ECE 22.05 certification.
- 26% market share in India’s helmet segment.
Cons
- 92.3% revenue reliance on the Indian market.
- Vulnerable to global supply chain disruptions.
- Faces stiff competition in the premium helmet segment.
Key Details
| Share Name | Particulars |
|---|---|
| Studds Accessories Unlisted | ₹640.00 |
| Shares Price | Per Equity Share |
| Lot Size | 50 Shares |
| 52 Week High | ₹1,525 |
| 52 Week Low | ₹650 |
| Depository | NSDL & CDSL |
| PAN Number | AACCS4217Q |
| ISIN Number | INE00Q601028 |
| CIN | U25208HR1983PLC015135 |
| RTA | Link Intime |
| Fundamentals | Value |
|---|---|
| Market Cap (in ₹ Cr.) | 2,518.62 |
| P/E Ratio | 22.01 |
| P/B Ratio | 6.43 |
| Debt to Equity | 0 |
| ROE (%) | 15% |
| Book Value (₹) | 99.56 |
| EPS (₹) | 29.08 |
| Face Value (₹) | 5 |
| Total Shares | 3,93,53,400 |
Financials
| P&L Statement | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 529 | 499 | 463 |
| Cost of Material Consumed | 243 | 259 | 260 |
| Gross Margins (%) | 54.06 | 48.10 | 43.84 |
| Change in Inventory | -4 | 3 | -9 |
| Employee Benefit Expenses | 71 | 65 | 58 |
| Other Expenses | 129 | 112 | 99 |
| EBITDA | 90 | 60 | 55 |
| OPM (%) | 17.01 | 12.02 | 11.88 |
| Other Income | 7 | 7 | 5.5 |
| Finance Cost | 1.6 | 3 | 3 |
| D&A | 19 | 18 | 17 |
| EBIT | 71 | 42 | 38 |
| EBIT Margins (%) | 13.42 | 8.42 | 8.21 |
| PBT | 76 | 46 | 40 |
| PBT Margins (%) | 14.37 | 9.22 | 8.64 |
| Tax | 19 | 13 | 11 |
| PAT | 57 | 33 | 29 |
| NPM (%) | 10.78 | 6.61 | 6.26 |
| EPS (₹) | 29.08 | 16.84 | 14.80 |
| Financial Ratios | FY24 | FY23 | FY22 |
|---|---|---|---|
| Operating Margin | 15% | 10% | 9% |
| Net Profit Margin | 11% | 7% | 6% |
| Return on Equity (ROE) | 16% | 10% | 10% |
| Debt-Equity | 0 | 0.09 | 0.47 |
| Current Ratio | 2.05 | 1.34 | 1.37 |
| Dividend Payout | 14% | 24% | 21% |
| Company | STUDDS ACCESSORIES |
|---|---|
| Market Cap (₹ Crores) | 2,892 |
| Profitability Margin (%) | 11.00% |
| ROCE (%) | 19.00% |
| ROE (%) | 16.00% |
| D/E Ratio | 0 |
| P/E Ratio | 50.55 |
| P/B Ratio | 7.47 |
| Book Value per Share (₹) | 99.56 |
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Fixed Assets | 324 | 307 | 305 |
| CWIP | 10 | 12 | 10 |
| Investments | 0 | 0 | 0 |
| Trade Receivables | 28 | 31 | 28 |
| Inventory | 40 | 35 | 42 |
| Other Assets | 83 | 76 | 70.8 |
| Total Assets | 485 | 461 | 455.8 |
| Liabilities | 2024 | 2023 | 2022 |
|---|---|---|---|
| Share Capital | 9.8 | 9.8 | 9.8 |
| FV (Face Value) | 5 | 5 | 5 |
| Reserves | 377 | 328 | 301 |
| Borrowings | 0.6 | 31 | 44 |
| Trade Payables | 31 | 35 | 50 |
| Other Liabilities | 66.6 | 57.2 | 51 |
| Total Liabilities | 485 | 461 | 455.8 |
Promoters or Management
Frequently Asked Questions
Studds Accessories has filed its DRHP in March 2025. The issue consists of only an OFS. There is no fresh issue of shares. The shareholders are looking to sell 77,86,120 shares.
Yes, Studds had announced a stock split back in December 2024 at a ratio of 1:1. The record date for this bonus was 10 Jan, 2025.
Two wheeler helmets contribute 90% of Studds Accessories revenue, whereas rest is contributed by other accessories. Geographically, 84.86% revenue is from India. Out of the total revenue 58.91% is from distributor networks, 16.91% is from OEMs, 4.32% is from E-commerce, 3.36% is from government channels, 1.36% from other sources. 15.14% revenue is from Export.
Studds Accessories Supplies to Honda Cars India Limited, Hero MotoCorp Limited, Suzuki Motorcycle India Private Limited, Eicher Motors Limited (Royal Enfield) and India Yamaha Motors Private Limited.
Studds Accessories’ major competitors are Steelbird Hi-tech India and Vega Auto Accessories. In FY24, it had a market share of 27.3% in volume and 25.5% market share in value.
