STUDDS
Studds Accessories share price & financials
- Price
- ₹451.25
- Market cap
- ₹1.7k Cr
- Calls analysed
- 4
Studds Accessories Limited Q1 FY27
What went well
- Healthy 13.7% year-on-year revenue growth to INR 169.7 crores in Q1 FY27, despite challenging environment.
- Effective price realization of 5% in Q1 FY27, with expectations to reach 8-9% in Q2 FY27 and 9% in Q3 FY27.
- New capacity addition of 1.5 million helmets expected to be operational by October/September 2026, providing headroom for growth.
What to watch
- EBITDA margin compressed to 11.5% in Q1 FY27 due to a sharp 65% increase in styrene-based raw material prices.
- Manpower costs increased by 200 bps due to a 35% minimum wage hike in Haryana from April 1st, impacting profitability.
What Studds Accessories Limited does
Studds Accessories designs, manufactures and sells two-wheeler helmets and riding accessories through two owned brands - the mass/mid-market Studds brand and the premium SMK brand - alongside private-label helmets it manufactures for global brands such as Daytona and O'Neal. It runs a vertically integrated manufacturing base covering injection moulding, painting, visor coating, cutting/stitching, assembly and in-house testing, and also produces its own EPS liners and water-transfer decals. Products are sold in India through a nationwide distributor and retail network and exported to customers across 70+ countries, supported by a US subsidiary (Bikerz US Inc.) and a newly incorporated entity in Italy for European distribution.
Segments
- Studds Helmets
- SMK Helmets
- Private Labels
- Other Accessories
- Market position
- India's largest two-wheeler helmet manufacturer
- Installed helmet & box manufacturing capacity
- ~9.5 Mn units/year
- Manufacturing facilities
- 4 operating units in Faridabad, Haryana (a 5th under construction)
- Countries served
- 70+
- Distributors in India
- 360+
- SKUs offered
- 19,000+
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 1 delivered 2 missed 18 open- Blended ASP delivered said Q3 FY26 Promised: target is to take it to beyond INR800 next year Q1 FY27: Q1 FY27 Helmet ASP reported at Rs 845, comfortably exceeding the target of >Rs 800 for FY27.
- Consolidated Revenue Growth missed said Q2 FY26 Promised: revenue growth would be more than 11% Q1 FY27: Promise concluded in FY26 with a 'missed' verdict. No new information.
- Capacity Expansion (Phase 1) delayed said Q2 FY26 Promised: expected to start production in quarter one of financial year 27 Q1 FY27: Timeline further delayed. Management now expects the 1.5 million unit expansion to be operational by September/October 2026 (Q3 FY27), a slip from the previously revised Q2 FY27 target.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 14.1%, net profit down 40.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 145 | 149 | 150 | 149 | 154 +6% | 163 +9% | 168 +12% | 170 +14% |
| EBITDA | 27 | 26 | 28 | 30 | 30 +11% | 31 +19% | 31 +11% | 20 −33% |
| Net profit | 17 | 16 | 20 | 20 | 21 +24% | 21 +31% | 21 +5% | 12 −40% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −21.3% YTD
YTD: ₹532.1 on 1 Jan 2026 → ₹418.65. High ₹542.2 (2 Jan 2026), low ₹414.6 (9 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.5%
- 10 Aug
- Q4 FY26
- +0.8%
- 25 May
- Q3 FY26
- −2.2%
- 2 Feb
- Q2 FY26
- −0.6%
- 27 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹634 Cr |
| Operating profit | ₹122 Cr |
| Operating margin | 19.2% |
| Interest | ₹0 Cr |
| Depreciation | ₹20 Cr |
| Net profit | ₹83 Cr |
| Net margin | 13.1% |
| Cash from operations | ₹86 Cr |
| Free cash flow | ₹38 Cr |
| ROCE | 23.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹20 Cr | ₹20 Cr |
| Reserves | ₹280 Cr | ₹301 Cr | ₹328 Cr | ₹378 Cr | ₹461 Cr | ₹503 Cr |
| Borrowings | ₹28 Cr | ₹46 Cr | ₹32 Cr | ₹9 Cr | ₹9 Cr | ₹8 Cr |
| Other liabilities | ₹117 Cr | ₹98 Cr | ₹91 Cr | ₹89 Cr | ₹141 Cr | ₹106 Cr |
| Total liabilities | ₹435 Cr | ₹455 Cr | ₹461 Cr | ₹486 Cr | ₹631 Cr | ₹638 Cr |
| Fixed assets | ₹266 Cr | ₹310 Cr | ₹311 Cr | ₹331 Cr | ₹339 Cr | ₹338 Cr |
| Capital work in progress | ₹10 Cr | ₹13 Cr | ₹12 Cr | ₹12 Cr | ₹46 Cr | ₹58 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹159 Cr | ₹133 Cr | ₹138 Cr | ₹142 Cr | ₹246 Cr | ₹242 Cr |
| Total assets | ₹435 Cr | ₹455 Cr | ₹461 Cr | ₹486 Cr | ₹631 Cr | ₹638 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, the public trimmed −0.35 pp while DIIs added +0.21 pp. The shareholder count shrank 13% to 73,166.
- Promoters
- 61.8%
- FIIs
- 1.5%
- DIIs
- 9.2%
- Public
- 27.6%
Since Dec 2025
- Public −0.35 pp
- DIIs +0.21 pp
- FIIs +0.12 pp
How it drifted, 3 quarters
Ownership split by quarter, oldest first. Dec '25: Promoters 61.8%, FIIs 1.4%, DIIs 9.0%, Public 27.9%.Mar '26: Promoters 61.8%, FIIs 1.1%, DIIs 9.6%, Public 27.6%.Jun '26: Promoters 61.8%, FIIs 1.5%, DIIs 9.2%, Public 27.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kedaara Capital Public Markets Fund I VC / PE +0.54 pp 1.72% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Studds Accessories Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sidhartha Bhushan Khurana | 29.75% | unchanged |
| Madhu Bhushan Khurana | 28.30% | unchanged |
| ICICI Prudential Multi-Asset Fund Mutual fund | 4.12% | −0.14 pp |
| Chand Khurana | 3.02% | unchanged |
| Kedaara Capital Public Markets Fund I VC / PE | 1.72% | +0.54 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 1.41% | unchanged |
| Sanjay Leekha | 1.40% | unchanged |
| Shilpa Arora | 0.46% | unchanged |
| Garima Khurana | 0.18% | unchanged |
| Anup Kumar Chhibber | 0.05% | unchanged |
| Indu Mehendiratta | 0.00% | unchanged |
| Dr. Rohit Arora Dentistry Professional Corporation | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in STUDDS
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹36 Cr
- 2 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹25 Cr · 0.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹25 Cr | held | Oct '25 |
| HDFC Transportation and Logistics Fund HDFC Mutual Fund | ₹11 Cr | held | Oct '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -23%
- vs est. average cost
- Held by funds
- ₹36 Cr
- 2 schemes · ≈ 2.2% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹25 Cr · 0.0% of that fund
Shares held by these funds −21%
Oct '25 8.13 L shares Jul '26
What the price assumes
- Growth the price implies
- 15.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Studds Accessories Limited
Guides on how to read this kind of business and the numbers that matter.