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15 Days Price Change

Studds Unlisted Share

₹990 0 | 0%

Market Cap ₹ 1948Cr.

Current Price ₹ 990

Lot Size 20

52W High ₹ 1100

EPS 14.55

P/B 6.3

Face Value 5

Debt to Equity 0.14

Stock P/E 68

Book Value ₹ 158

Company

52W Low ₹ 850

Demat Account Both

ISIN INE00Q601028

Valuation

No. of Shares 1.97Cr.

Research see more...

Studds Unlisted Share Price

| |

Price

Overview Inc. Year: 1983Industry: Auto Ancillary

Incorporated on 3rd February 1983, STUDDS Accessories Limited is a leading manufacturer of motorcycle accessories and helmets. Since then, they have grown and become the largest helmet manufacturer (two-wheeler) in the world with 70 lakh helmets and accessories manufactured every year. Their state-of-the-art manufacturing facilities in India are equipped to produce certified products and are certified by European Safety Agency. STUDDS has a strong product portfolio and a strong global presence in over 40 countries around the world. The company is headquartered in Faridabad, India which has four state-of-the-art facilities and is Asia's biggest helmet manufacturing facility. An array of products related to two-wheeler safety is manufactured in these facilities such as helmets, motorcycle accessories, face masks, face shields, etc.

STUDDS Accessories Limited's Unlisted Share Price are updated on our website on a daily basis, to stay updated with the share price you can visit our website every two days or register with us to get daily updates on WhatsApp.

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Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Financial Data (in cr.)

FY18 FY19 FY20 FY21 FY22 YOY % FY22 CAGR % FY22
Net Sales 336.4 389 414.5 479.6 462.5 -3.6 8.3
Total Income 341.8 397.3 420.2 484.2 468 -3.3 8.2
Net Profit 32.9 41.2 74.6 74 28.6 -61.4 -3.4
Shareholder Funds 118.7 158 216.1 290.1 310.9 7.2 27.2
Total Assets 222.8 302.3 347.5 434.6 455.5 4.8 19.6
EPS 16.71 20.92 37.89 37.6 14.55 -61.3

Financial Docs

Type Period/Date Document
Annual Report 2022-03
Annual Report 2021-03
Annual Report 2020-03
Annual Report 2019-03
Annual Report 2018-03
DRHP 2021-08-24

Studds Investment Thesis

Company Overview:

Studds Accessories Ltd (Studds), incorporated in 1973, is a leading manufacturer of helmets in India. The company owns two brands: Studds and SMK. SMK, a premium brand launched in 2016, is mainly targeted at the export market. Despite the sharp slowdown in the demand for two-wheelers (2Ws) in FY20 and FY21, the demand for helmets grew ~5% in FY20 and 8% in FY21. This was due to the strict implementation of regulations by state authorities across India, making it mandatory for 2W riders to wear helmets.

Going forward, we believe the laws related to helmets for 2W riders will continue to be stringent. This, coupled with the introduction of regulations making helmet wearing compulsory for pillion riders by an increasing number of states, would be the key growth driver for the helmet industry.

To increase road safety and curb the rising accidents, states have been implementing strict laws making helmets mandatory for 2W riders since 2010. Also, to contain counterfeiting in the domestic helmet industry, Central government imposed a ban on the sale of non-BIS helmets and duplicate helmets from 2018. We believe stricter enforcement of law and rising awareness, coupled with the trend of premiumisation, would drive growth in the domestic helmet industry. Studds, being the market leader, stands to be the major beneficiary of this change. 

The helmet industry in India has evolved over the past decade and continues to undergo rapid transformation. In addition to the tough stance of local authorities and police towards offenders, over the years, the government and private sector have also collaborated to bring awareness regarding safety in 2W riders. Consequently, the demand for helmets in India more than doubled from ~11mn units in FY12 to ~24mn units in FY21.

Despite the sharp slowdown in the demand for 2Ws in FY20 and FY21, the demand for helmets grew ~5% in FY20 and ~9% in FY21, mainly due to the regulatory push.

Mission Statement:

We aim to become the top helmet company in the world and provide safety to every two-wheeler rider. A rider who is not just travelling but also carrying with himself dreams, dreams which are associated with individual, family, society as well as nation.

We believe that dreams inspire a person and brings the best out of him. This quest to fulfil dreams of every individual motivates us to work tirelessly and deliver on quality and innovation.

We at STUDDS believe that dreams differentiate the better from the best and hence it’s our small effort in the journey of the individual to fulfil his dreams.

As we touch millions of lives every year, we continue to ride on this trust with our passion to produce safe, innovative, comfortable yet quality products.

Products Offered:

  • Helmets

  • Motorcycle Accessories

  • Personal Protective Equipment

Industrial Overview:

Post pandemic the two-wheeler Industry has started to grow. The industry was witnessed as the best individual mobility, even in those locations with high quality public transportations. The industry had a turnaround in sales after months of poor performance owing to multiple factors including limited demand from rural areas. The motorcycle industry is expected to achieve high growth due to the global growing demand for individual mobility. Motorcycle and scooter dispatches increased year-on-year (y-o-y) basis. An early harvest coupled with a pent-up demand for weddings and festivals has significantly increase the sales. Last year’s low base also made the y-o-y sales performance look impressive. The two-wheeler segment has also grown with the increase in the purchasing power of urban and semi urban markets. Further, the low cost ownership of two- wheelers has been a major growth driver of this sector.

The helmets segment is expected to achieve significant growth because of the regulations that enforces the use of helmets for two wheeler riders as the number of road accidents has increased over the last decade. Governments are taking initiatives and implementing stringent regulations to bring down the number road accidents. Furthermore, apart from enhanced safety, these helmets are available in a variety of designs. The popularity of motorbike events and racing championships is rising on global level, which is further expected to contribute toward the growth of the global market. In addition, the expansion of online distribution channel is driving the helmet market growth, the convenience of selecting, purchasing, and receiving doorstep delivery, which attracts consumers to online channels, is expected to continue in the future and is likely to foster the market growth.

Competitive Strength:

  • They have strategically expanded their product portfolio under our two brands, Studds and SMK, each positioned to target specific segments of the helmet and two-wheeler lifestyle accessory market, so as to compliment with one another. 

  • The safety, reliability and quality associated with a helmet brand are the key attributes which increase customer confidence and influence a purchase decision.

  • They understand changing fashion trends and anticipate customer requirements, while ensuring compliance with the highest quality standards. They have hired Spanish design firm for designing and developing SMK full face and flip- up helmets with inbuilt Bluetooth technology in order to enhance the riding comfort and safety of two-wheeler riders.

  • Strong pan India dealer network across urban, semi urban and rural parts of India which consists of dealers and institutional customers, such as the Central Police Canteens and Canteen Stores Department as well as a global distribution network.

  • They have developed their manufacturing processes over two decades of production experience and gradually created extensive backward integration, which has allowed them to have better control over the quality of their products. This ensures quality and safety control at each stage of the manufacturing process, supporting their ability to continuously develop new products and designs, reduced operational costs and economies of scale. 

  • Most of the orders placed by the dealers are backed by advance payments and all the orders placed by the importers are usually backed by advance payments or letter of credit, which allows them to have negative working capital.

  • In order to put a check on the increasing number of casualties involved in road accidents, the government had issued a mandate for the two-wheeler riders to compulsorily wear helmets a few years ago. This led to an exponential growth in the demand for helmets over the years as the two-wheeler market recorded sharp growth over the last decade.

  • Easier finance options, newer and more fuel-efficient models, rising incomes and emerging business models, such as e-commerce, also help OEMs to sell more in the market. In metros and major cities, choked infrastructure and traffic jams, paucity of parking space have fuelled the sale of two wheelers over four wheelers. People buy two-wheelers for shorter commutes despite owning a four wheeler. Preference for two wheelers is increasing in congested cities and they are commonly becoming second vehicles in households.

Promoters and ShareHolding Pattern:

Peer Comparison:

Financials:

Source: Company Filing Form AOC-4

Source: Company Filing Form AOC-4

Source: Company Filing Form AOC-4

Valuations:

  • Despite the adverse market climate, two factors sustain the gradual increase in overall income. First, higher average foreign exchange rate in FY22 than in previous years, which led to a 42.8 percent increase in total exports.

  • The accumulated retained earnings over the years of the company have been driven by the consistent revenue generation of the company.

  • The significant increase in EBITDA is due to the increased earnings of the company. The increased exports contributed majorly to increasing revenue in 2022.

  • The gradual increase in the asset base of the company is primarily due to the increase in the current asset group of the company.

  • Debt to Equity ratio is reduced showing their efficient debt payment.

  • he significant decrease in ROE is primarily because of the decrease in the ability of the assets to generate income as well as the low profit margin in FY22.

  • The decline in ROCE is mostly due to the company's expansionary goal, which involves developing new and improved gears using its assets, which has increased the company's current liabilities.

Studds Unlisted Shares: FAQs

1. Is trading in STUDDS Accessories Limited's unlisted shares legal in India?

Yes trading in unlisted shares is undoubtedly legal in India. The trading takes place in the over-the-counter market through various platforms like Sharescart.com.

2. Is unlisted shares regulated by SEBI?

No, SEBI does not regulate the unlisted share market but certain rules and regulations of SEBI are applicable in the unlisted market space as well, such as, the DP charges for each transaction, stamp duty, lock-in period and more.

3. Where can I get the best STUDDS Accessories Limited unlisted share price?

You will get the best price for STUDDS Accessories Limited and a hassle-free buying experience only on Sharescart.com platform.

4. How can I buy STUDDS Accessories Limited's unlisted shares?

STUDDS Accessories Limited's unlisted shares can be easily purchased at Sharescart.com by following a few easy steps. Given below are the steps involved in the buying of these shares:

Step 1 - Confirmation on the number of shares you want to purchase of STUDDS Accessories Limited at a trading price.

Step 2 - Submission of the necessary document like your Client Master Report. Certain additional documents will also be asked for by our representative if required such as a cancelled cheque and your PAN Card if you are paying from a secondary bank account which is not mentioned in your CMR.

Step 3 - The Sharescart.com representative will share the account details so that you can transfer the trade amount into the account.

Step 4 - The shares of STUDDS Accessories Limited will reflect in your Demat account within 24 hours as soon as the payment is received and depending on the holidays. Our details would be available to you before the transfer.

5. How can I sell STUDDS Accessories Limited unlisted shares?

STUDDS Accessories Limited's unlisted shares can be easily sold at Sharescart.com by following a few easy steps. Given below are the steps involved in the of selling of these shares:

Step 1- Confirmation on the number of shares you want to sell of STUDDS Accessories Limited and at what price you want to sell.

Step 2- At Sharescart, we will find a suitable buyer for you according to your requirements and if you accept the trade we will move on to the transfer and the payment aspect of the trade.

Step 3- The Sharescart representative will provide you with the Demat account details to transfer your STUDDS Accessories Limited shares. They will also notify you about the additional details required from your end before the transfer of shares such as client master copy, delivery instruction slip, and more.

Step 4- Once the transfer is complete, the payment would be credited to your bank account within 24 hours, depending on the holidays.

6. What is the minimum ticket size for investment in STUDDS Accessories Limited unlisted shares?

Over the years the minimum ticket size for investment has dropped as more and more people have started investing in the Unlisted market. Currently, the minimum ticket size for STUDDS Accessories Limited is between 30K to 50K.

7. How to check if STUDDS Accessories Limited shares are credited to my account?

Brokers or dealers provide you with a trading facility means you can buy and sell shares with your broker but when you buy shares the Depository holds your shares. There are mainly two depositories NSDL and CDSL.

If you want to check your shares in NSDL and CDSL you need to download the application (NSDL Speede App or CDSL myeasi).

  • You need to download the Application.
  • Login or Register yourself.
  • Fill in your DP Id and Client Id (NSDL DP Id starts with IN and CDSL DP & Client Id in numeric).
  • After registration, log on to your account and go to Dashboard.
  • You can see all your holding (Listed, Unlisted, Mutual Fund) there.

8. What will be the tax bearing on STUDDS Accessories Limited?

The taxation on the STUDDS Accessories Limited shares may vary depending on 2 Factors:

  • Short-term capital or long-term capital.
  • Pre-IPO stage (unlisted shares) or Post-IPO stage (listed shares)

Short-term capital

Unlisted shares - In unlisted shares, the taxation of short-term capital gain i.e. less than 24 months is taxable according to the investor's income tax slab.

Listed Shares - In listed shares, the taxation for short-term capital gains i.e. less than 12 months is at 15%

Long-term capital

Unlisted shares - The taxation for long-term capital gain i.e. more than 24 months is taxable at 20% with indexation benefits.

Listed Shares - The taxation for long-term capital gains i.e. more than 12 months is at 10% after an exemption of 1 lakh. There are no indexation benefits in listed shares.

9. What is the lock-in period of STUDDS Accessories Limited shares?

According to the current rule issued by SEBI last year in August 2021, the lock-in period is brought down from 1 year to 6 months. This was done to entice more investors to invest their money in pre-IPO companies and startups. The lock-in period of STUDDS Accessories Limited varies depending on which type of investor you are:

  • Foreign Venture Capital Investor - These investors have a lock-in period of 6 months from the procurement date of STUDDS Accessories Limited shares.
  • Alternative Investment Funds II - These investors don't have to serve any lock-in period.
  • Other investors - These investors include body corporate, retail, high net-worth individuals. The lock-in period for them is 6 months from the date of listing of STUDDS Accessories Limited enlisted shares.

10. How to check STUDDS Accessories Limited unlisted share price daily?

You can check daily share prices of companies on our website or register with us using your phone number where you will get daily whatsapp updates on company news and other essential informations.

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