WEBSITE BSE:544599 NSE: STUDDS Inc. Year: 1983 Industry: Auto Ancillary My Bucket: Add Stock
Last updated: 15:56
Studds Accessories Ltd. is a leading two-wheeler helmet and safety-gear manufacturer with a legacy dating back to 1983. Studds sells its products under two primary brands, Studds for the mass and mid-market segments and SMK for the premium and export market. The company operates four fully integrated manufacturing units in Faridabad, Haryana, utilizing advanced automation, a facility for the in-house production of EPS liners, robotic painting, and a certified testing laboratory. The product offering of Studds is extensive: the company has more...Read More
Studds Accessories Ltd. is a leading two-wheeler helmet and safety-gear manufacturer with a legacy dating back to 1983. Studds sells its products under two primary brands, Studds for the mass and mid-market segments and SMK for the premium and export market. The company operates four fully integrated manufacturing units in Faridabad, Haryana, utilizing advanced automation, a facility for the in-house production of EPS liners, robotic painting, and a certified testing laboratory. The product offering of Studds is extensive: the company has more than 240 styles of helmets (with 19,000 stock keeping units (\'SKU\')) that range in price from entry-level to premium, and it also sells motorcycle luggage, gloves, rainwear, helmet locks, and eyewear. The company has a highly diverse customer base through 363 distributors within India, original equipment manufacturer (OEM) relationships with major two-wheeler manufacturers (e.g. Hero, Honda, Yamaha), and sells products in more than 70 countries globally. The company is also a trusted white-label manufacturer for brands in the USA (Daytona) and Europe (O’Neal) among others. Domestically, Studds has a leading market share (27.3% by volume and 25.5% by value in FY24) and produces over 9 million units each year. The business is vertically integrated, which allows for strong quality assurance and cost control within manufacturing and procurement. Studds is currently launching an initial public offering (IPO) to fund the expansion of its manufacturing capacity, scaling its global presence, and continued innovation in safety gear. ...Read Less
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Market Cap ₹1914 Cr.
Stock P/E 27.5
P/B 3.8
Current Price ₹486.5
Book Value ₹ 127.3
Face Value 5
52W High ₹599.8
Dividend Yield 0.51%
52W Low ₹ 440.5
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2024 | Dec 2024 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|
| Net Sales | 145 | 149 | 154 | 163 |
| Other Income | 3 | 2 | 3 | 3 |
| Total Income | 148 | 151 | 157 | 166 |
| Total Expenditure | 118 | 123 | 125 | 132 |
| Operating Profit | 30 | 28 | 33 | 33 |
| Interest | 0 | 0 | 0 | 0 |
| Depreciation | 5 | 5 | 5 | 5 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 |
| Profit Before Tax | 24 | 23 | 27 | 28 |
| Provision for Tax | 6 | 6 | 7 | 7 |
| Profit After Tax | 17 | 16 | 21 | 21 |
| Adjustments | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 17 | 16 | 21 | 21 |
| Adjusted Earnings Per Share | 4.4 | 4.2 | 5.2 | 5.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 181 | 257 | 272 | 328 | 415 | 480 | 463 | 499 | 529 | 584 | 611 |
| Other Income | 0 | 1 | 2 | 5 | 6 | 5 | 5 | 7 | 7 | 12 | 11 |
| Total Income | 181 | 258 | 274 | 333 | 420 | 484 | 468 | 506 | 536 | 596 | 622 |
| Total Expenditure | 161 | 215 | 232 | 275 | 316 | 369 | 408 | 439 | 439 | 479 | 498 |
| Operating Profit | 21 | 43 | 43 | 57 | 104 | 115 | 60 | 67 | 97 | 117 | 124 |
| Interest | 1 | 1 | 1 | 0 | 1 | 4 | 3 | 3 | 2 | 1 | 0 |
| Depreciation | 3 | 4 | 5 | 6 | 7 | 13 | 17 | 18 | 19 | 21 | 20 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 16 | 39 | 37 | 51 | 95 | 98 | 40 | 46 | 76 | 95 | 102 |
| Provision for Tax | 6 | 14 | 13 | 19 | 21 | 24 | 11 | 13 | 19 | 25 | 26 |
| Profit After Tax | 10 | 25 | 24 | 32 | 75 | 74 | 29 | 33 | 57 | 70 | 75 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 10 | 25 | 24 | 32 | 75 | 74 | 29 | 33 | 57 | 70 | 75 |
| Adjusted Earnings Per Share | 2.7 | 6.2 | 6 | 8.3 | 18.9 | 18.8 | 7.3 | 8.4 | 14.5 | 17.7 | 19.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 10% | 8% | 7% | 0% |
| Operating Profit CAGR | 21% | 25% | 2% | 0% |
| PAT CAGR | 23% | 34% | -1% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 17% | 14% | 16% | 26% |
| ROCE Average | 23% | 19% | 21% | 36% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 40 | 64 | 87 | 119 | 216 | 290 | 311 | 338 | 387 | 449 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 3 | 1 | 2 | 0 | 28 | 16 | 30 | 20 | 0 | 3 |
| Other Non-Current Liabilities | 9 | 11 | 11 | 37 | 20 | 18 | 20 | 23 | 30 | 31 |
| Total Current Liabilities | 39 | 48 | 42 | 67 | 84 | 110 | 95 | 80 | 68 | 73 |
| Total Liabilities | 91 | 124 | 142 | 223 | 347 | 435 | 455 | 461 | 486 | 557 |
| Fixed Assets | 62 | 75 | 81 | 125 | 156 | 266 | 310 | 311 | 331 | 338 |
| Other Non-Current Assets | 0 | 0 | 1 | 6 | 86 | 14 | 17 | 41 | 15 | 32 |
| Total Current Assets | 29 | 49 | 60 | 92 | 105 | 155 | 129 | 108 | 139 | 186 |
| Total Assets | 91 | 124 | 142 | 223 | 347 | 435 | 455 | 461 | 486 | 557 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 7 | 17 | 8 | 10 | 10 | 22 | 44 | 19 | 25 | 36 |
| Cash Flow from Operating Activities | 22 | 34 | 23 | 43 | 62 | 74 | 12 | 56 | 72 | 63 |
| Cash Flow from Investing Activities | -9 | -15 | -21 | -32 | -24 | -34 | -40 | -26 | -20 | -51 |
| Cash Flow from Financing Activities | -4 | -6 | -0 | -4 | -26 | -17 | 3 | -24 | -41 | -9 |
| Net Cash Inflow / Outflow | 9 | 12 | 2 | 7 | 12 | 22 | -25 | 6 | 11 | 3 |
| Closing Cash & Cash Equivalent | 17 | 29 | 10 | 17 | 22 | 44 | 19 | 25 | 36 | 39 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.67 | 6.23 | 6.04 | 8.25 | 18.95 | 18.8 | 7.28 | 8.42 | 14.54 | 17.7 |
| CEPS(Rs) | 3.51 | 7.2 | 7.36 | 9.71 | 20.8 | 22.19 | 11.5 | 13.02 | 19.38 | 22.95 |
| DPS(Rs) | 0.19 | 0.22 | 0.25 | 0.03 | 2 | 2 | 1.5 | 2 | 2 | 2.5 |
| Book NAV/Share(Rs) | 10.19 | 16.15 | 22.22 | 30.16 | 54.92 | 73.71 | 79 | 85.9 | 98.45 | 114.21 |
| Core EBITDA Margin(%) | 9.89 | 14.33 | 13.08 | 15.55 | 22.74 | 22.31 | 11.43 | 11.65 | 16.47 | 17.37 |
| EBIT Margin(%) | 8.41 | 13.45 | 12.1 | 15.32 | 22.37 | 20.54 | 9.09 | 9.56 | 14.25 | 15.95 |
| Pre Tax Margin(%) | 7.88 | 13.23 | 11.92 | 15.19 | 22.13 | 19.81 | 8.41 | 9 | 13.93 | 15.72 |
| PAT Margin (%) | 5.1 | 8.4 | 7.68 | 9.65 | 17.29 | 14.91 | 6.02 | 6.42 | 10.44 | 11.52 |
| Cash Profit Margin (%) | 6.72 | 9.71 | 9.37 | 11.36 | 18.98 | 17.6 | 9.52 | 9.93 | 13.91 | 14.94 |
| ROA(%) | 11.52 | 22.82 | 17.86 | 17.79 | 26.14 | 18.92 | 6.43 | 7.23 | 12.09 | 13.36 |
| ROE(%) | 26.15 | 47.29 | 31.45 | 31.5 | 44.53 | 29.23 | 9.53 | 10.22 | 15.78 | 16.64 |
| ROCE(%) | 37.79 | 71.16 | 48.33 | 49.15 | 51.38 | 35.52 | 12.85 | 13.65 | 20.65 | 22.94 |
| Receivable days | 8.04 | 8.11 | 7.32 | 8.76 | 13.2 | 16.76 | 21 | 21.01 | 19.85 | 21.54 |
| Inventory Days | 9.45 | 8.22 | 11.11 | 12.83 | 13.37 | 17.62 | 27.4 | 27.38 | 25.04 | 29.14 |
| Payable days | 92.11 | 79.42 | 78.89 | 71.15 | 72.48 | 79.45 | 82 | 59.07 | 49.92 | 44.61 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | -0.05 | -0.11 | -0.14 | -0.19 | -0.01 | -0.08 | 0.03 | 0.02 | -0.09 | -0.09 |
| EV/Core EBITDA(x) | -0.48 | -0.63 | -0.89 | -1.08 | -0.02 | -0.34 | 0.24 | 0.16 | -0.5 | -0.42 |
| Net Sales Growth(%) | 0 | 41.97 | 6.02 | 20.37 | 26.48 | 15.7 | -3.57 | 7.93 | 5.98 | 10.36 |
| EBIT Growth(%) | 0 | 126.71 | -4.7 | 37.78 | 87.13 | 5.64 | -57.6 | 14.22 | 58.25 | 23.41 |
| PAT Growth(%) | 0 | 133.72 | -3.13 | 36.72 | 129.64 | -0.75 | -61.3 | 15.76 | 72.64 | 21.69 |
| EPS Growth(%) | 0 | 133.72 | -3.11 | 36.71 | 129.61 | -0.75 | -61.3 | 15.76 | 72.64 | 21.69 |
| Debt/Equity(x) | 0.14 | 0.02 | 0.03 | 0.01 | 0.18 | 0.1 | 0.14 | 0.09 | 0 | 0.01 |
| Current Ratio(x) | 0.73 | 1.01 | 1.45 | 1.37 | 1.25 | 1.4 | 1.35 | 1.34 | 2.05 | 2.54 |
| Quick Ratio(x) | 0.59 | 0.84 | 1.19 | 1.18 | 1.02 | 1.14 | 0.91 | 0.91 | 1.46 | 1.77 |
| Interest Cover(x) | 15.59 | 60.68 | 67.42 | 119.61 | 94.3 | 28.17 | 13.52 | 16.94 | 45.1 | 70.67 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Sep 2014 | Sep 2015 | Sep 2016 | Sep 2017 | Mar 2018 | Nov 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0.25 | 76.52 | 76.98 | 82.1 | 78.73 | 61.75 | 61.75 | 61.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 1.67 | 1.36 | 1.07 |
| DII | 0 | 0 | 0 | 0 | 0 | 7.84 | 8.98 | 9.6 |
| Public | 99.75 | 23.48 | 23.02 | 17.9 | 21.27 | 28.74 | 27.91 | 27.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2014 | Sep 2015 | Sep 2016 | Sep 2017 | Mar 2018 | Nov 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0.08 | 0.08 | 0.09 | 1.55 | 2.43 | 2.43 | 2.43 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.07 | 0.05 | 0.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.31 | 0.35 | 0.38 |
| Public | 0.11 | 0.03 | 0.03 | 0.02 | 0.42 | 1.13 | 1.1 | 1.09 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.11 | 0.11 | 0.11 | 0.11 | 1.97 | 3.94 | 3.94 | 3.94 |
* The pros and cons are machine generated.
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