NSE: STUDDS · BSE: 544599
STUDDS ACCESSORIES LTD
Makes two-wheeler helmets and protective riding gear for motorcycle riders under its own STUDDS mass-market brand and SMK premium brand, alongside private-label production for retailers such as Decathlon and Alpinestars. In FY26 the company posted revenue of INR 634.233 crore at an EBITDA margin of 21.0815%. Raw materials form the biggest cost line at 43.8% of revenue, which is why an 8-9% price hike was implemented across the portfolio from April 1, 2026. Premiumisation is a key growth lever: SMK volumes are compounding at 52% CAGR at an average selling price of INR 2,552, and a new wholly-owned subsidiary in Reggio Emilia, Italy, has been set up as a warehousing and dealer-direct hub for Europe, with operations to start mid-Q2 FY27. Six new products are planned for FY27, including riding jackets and Bluetooth communication systems, and the company is preparing to enter MotoGP by calendar year 2028. India is seeing a structural shift from unorganised to organised helmet brands, with the unorganised share of 25-30% expected to shrink to 10-15% over the next two to three years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. STUDDS brand helmets, SMK premium brand helmets (23%), Private-label helmets, Exports (20%). Branded two-wheeler helmet manufacturer with a premiumisation tilt, growing export contribution, and capacity-led expansion
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 634 |
| EBITDA (ex other income) | 122 |
| margin % | 19.3 |
| Owners' profit | 83 |
| EPS, as reported (₹) | 21.00 |
| ROE % · ROCE % | 15.8 · 20.2 |
| Debt / equity (x) | 0.01 |
| Cash from operations | 86 |
| Capex | (47) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 154 | 163 | 168 | 170 |
| Profit before tax | 27 | 28 | 29 | 17 |
| Net profit | 21 | 21 | 21 | 12 |
| EPS (₹) | 5.24 | 5.27 | 5.36 | 3.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.8 | 25.0 | 45 of 119 | 63% |
| P/B | 3.0 | 3.3 | 54 of 117 | 53% |
| ROCE | 20.1 | 12.6 | 26 of 125 | 80% |
| ROE | 15.8 | 11.7 | 34 of 117 | 72% |
| Debt / Equity | 0.0 | 0.3 | 21 of 117 | 83% |
| EBITDA margin | 13.4 | 12.2 | 48 of 118 | 60% |
| Market cap | 1554 | 1455 | 61 of 126 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Q2 and H1 FY27 earnings call scheduled for November 3, 2026 | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Corrigendum to special-window notice for physical shares | compliance | minimal | — | — |
| 23 Oct 2026 · Special physical-share transfer and conversion window published | compliance | minimal | — | — |
| 12 Oct 2026 · Quarterly compliance certificate from registrar for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Facility-V commercial production delayed; Occupation Certificate received | capex operations | high | — | — |
| 29 Sept 2026 · Reminder to physical shareholders to update KYC details | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 results declaration | compliance | minimal | — | — |
| 25 Sept 2026 · Studds Accessories cancels Sept 29 analyst and investor meetings | investor communications | low | — | — |
| 22 Sept 2026 · NSE flagged unusual volume; company says no undisclosed info | regulatory legal | medium | — | — |
| 21 Sept 2026 · NSE queries Studds Accessories on sharp rise in trading volume | regulatory legal | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.