Studds Accessories IPO offers more than a look at another consumer product company — it’s a case study in how an Indian manufacturing brand has evolved into a global safety-tech leader. Through Studds Accessories IPO review, we’ll decode how Studds built a dual-brand business model, monetized scale manufacturing, and positioned itself as the world’s largest helmet producer by volume (as of CY 2024).
Studds Accessories IPO analysis focuses on hard data: market share, revenue streams, profitability levers, and sectoral tailwinds. By the end, readers will understand why Studds stands as a benchmark in Indian manufacturing scalability and brand-led profitability.
Studds Accessories IPO Review: Company Overview
Founded in 1983 by Madhu Bhushan Khurana, Studds Accessories is a pioneer in India’s helmet industry — and a name that has grown synonymous with reliability and innovation.
Over the past five decades, the company has evolved from a garage-based operation in Faridabad into a global volume leader, supported by advanced automation and a design-led product strategy.
Operational Scale (as of FY25):
- 🏭 4 advanced manufacturing facilities across Faridabad, Haryana.
- ⚙️ Annual installed capacity: 9.04 million helmets & boxes.
- 👩🏭 Workforce: 3,232 employees.
- 🌍 Global presence: Products exported to 70+ countries.
- 🛒 Distribution: 348 Indian distributors + OEM partners (Hero MotoCorp, Royal Enfield, TVS, Suzuki).
With a domestic market share of 27.3% by volume and 25.5% by value (FY24), Studds leads India’s organized helmet sector by a wide margin. Its evolution reflects how continuous innovation and brand segmentation can create a self-sustaining growth engine in a regulated category.
Product Ecosystem & Brand Architecture
Studds operates through a carefully designed two-brand strategy that allows it to tap into both mass and premium markets:
🔹 1. Studds – The Mass & Mid-Market Leader
The flagship Studds brand caters to the broad commuter market, offering durable, certified helmets at accessible prices ranging between INR 900 and INR 4,500. This segment remains Studds’ backbone, combining affordability with scale.
Key categories:
- Full-face and open-face helmets.
- Industrial safety helmets.
- Riding accessories (rain suits, visors, gloves, and luggage boxes).
🔹 2. SMK – The Premium Global Brand
Launched in 2016, SMK Helmets targets premium riders seeking global safety standards and style. Certified with ECE 22.06 and DOT, SMK has gained traction in both domestic urban markets and international exports.
Price range: INR 5,000 – INR 12,800.
In FY25, premium helmets accounted for nearly 18% of total revenue, and the brand’s focus on smart, Bluetooth-enabled models signals Studds’ entry into the high-tech mobility segment.
🔹 Product Diversification
Beyond helmets, Studds has built a supporting ecosystem:
- Riding jackets, gloves, rainwear, and pannier boxes.
- Motorcycle accessories catering to commuter and touring segments.
This diversification strengthens revenue stability and enhances consumer stickiness.
Studds Accessories IPO Review: IPO Details & Context
The Studds Accessories IPO, opening from 30 October to 3 November 2025, is positioned as a pure Offer for Sale (OFS), signaling confidence from existing promoters and early investors in the company’s maturity phase.
IPO Highlights:
| Detail | Information |
|---|---|
| Price Band | INR 557 – 585 per share |
| Issue Type | 100% Offer for Sale (77,86,120 shares) |
| Total Issue Size | INR 433.69 – 455.49 crore |
| Lot Size | 25 shares (INR 14,625 minimum) |
| Face Value | INR 5 per share |
| Retail Allocation | 35% |
| Listing | NSE, BSE |
| Listing Date | 7 November 2025 |
| Lead Manager | IIFL Capital Services, ICICI Securities |
| Registrar | MUFG Intime India |
| Promoters | Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora |
With no fresh issue, this IPO is aimed at providing liquidity to existing shareholders and enhancing market visibility and brand positioning. Given the strong cash generation and virtually zero debt, the OFS route reinforces Studds’ financial discipline.
Valuation Snapshot:
At INR 585, Studds commands a P/E of 33.05× (FY25 EPS INR 17.7), aligning with mid-cap consumer manufacturing peers like Dixon Technologies and Blue Star.
Its RoCE of 20.25% and PAT margin near 12% justify a premium valuation within the automotive accessories segment.
Studds Accessories IPO Review: Business Model
Studds’ business model is a masterclass in integrated manufacturing and brand monetization. Its revenue engine runs on four complementary streams that balance stability and growth:
| Revenue Stream | Contribution (FY25) | Highlights |
| Retail (B2C) | ~55% | Studds & SMK products are sold through 348 distributors, e-commerce & brand outlets. |
| OEM (B2B) | ~16% | Supplies to Hero MotoCorp, Royal Enfield, TVS, and Suzuki; FY25 OEM revenue INR 93.15 crore. |
| Exports | ~16% | Products sold across 70+ countries; global certifications boost credibility. |
| Accessories & Gear | ~10–12% | High-margin segment (jackets, gloves, pannier boxes). |
Operational Leverage:
- In-house R&D and tooling allow cost control and design agility.
- Backward integration (EPS liner & decal manufacturing) ensures quality consistency.
- Automation drives throughput efficiency, supporting scalable margins (~18% EBITDA).
Financial Linkage:
- Revenue CAGR (FY23–FY25): ~10.36%.
- EBITDA CAGR: ~22%, reflecting improved margin discipline.
- Net margin expansion: 6.6% (FY23) → 11.9% (FY25).
Industry Landscape & Growth Drivers
India’s two-wheeler helmet market is at an inflection point — shifting from regulatory compliance to aspirational consumption. According to CareEdge and QY Research, the domestic market grew at a 4.4% CAGR (CY19–CY24) and is expected to rise 6.1% in volume, and the Indian helmet market (value terms) to grow from INR 2,080 Cr. → INR 3,150 Cr. by FY 2029, a CAGR of 8.7 %. Studds, already a 25%+ value-share player, stands to capture a major share of this incremental growth..
- Market Penetration Comparison (CY24):
| Region | Helmet Penetration |
| Americas | 67% |
| Europe | 75% |
| China | 80% |
| India | 60% |
India’s 60% penetration indicates room for 15–20% headroom growth, particularly from semi-urban and rural areas.
Export Market: Indian helmet exports are growing at a 17% CAGR (FY20–25), projected to reach USD 31.9 million (~INR 281 crore) by FY25. Studds, already exporting to 70 countries, is well-placed to benefit from global safety compliance trends.
Studds Accessories IPO Analysis: Financial Performance
Studds’ revenue trajectory over the past three fiscal years and the latest quarter reflects steady top-line expansion, operating leverage, and margin discipline — a hallmark of process-driven manufacturing businesses.
| Metric | FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 |
| Revenue from Operations | 499.17 | 529.02 | 583.82 | 149.18 |
| YoY Growth (%) | 7.93 | 5.98 | 10.36 | — |
| PAT (Profit After Tax) | 33.15 | 57.23 | 69.64 | 20.25 |
| PAT Margin (%) | 6.64 | 10.82 | 11.93 | 13.57 |
| EBITDA | 60.05 | 90.19 | 104.84 | 30.26 |
Key Highlights:
- Revenue CAGR (FY 2023–25): ~8.1 %, ahead of industry growth (6 %).
- EBITDA nearly doubled in three years, proving operating leverage and efficiency gains.
- PAT Margin Expansion: from 6.6% to 11.9% in just two years.
- Q1 FY26 EBITDA Margin (20.28%) — the company’s best in recent history, reflecting premium mix gains and internal efficiencies.
Margin Drivers – How Studds Protects Profitability
- Premium Mix Expansion: SMK brand’s share in revenue has grown from 7 % (FY 2023) to 18 % (FY 2025). With average realization per unit nearly 2–3× Studds’ mass-market helmets, this directly enhances gross margins.
- Operational Efficiency: Automation, robotics-based visor molding, and in-house EPS liner production have reduced per-unit manufacturing cost by nearly 8 % in two years.
- Export Arbitrage: Exports contribute ~16 % of revenue, and foreign-currency realization adds incremental profitability due to cost competitiveness and favorable exchange rates.
- Lean Balance Sheet: Debt-free operations (D/E = –0.07) and healthy working-capital turnover keep interest costs negligible.
- Integrated Supply Chain: Backward integration in decals, moldings, and packaging minimizes dependency on third parties — ensuring consistent margins despite raw-material price fluctuations.
Studds Accessories IPO Analysis: Return Ratios & Financial Strength
| Metric | FY 2023 | FY 2024 | FY 2025 |
| RoNW (%) | 9.81 | 14.77 | 15.49 |
| RoCE (%) | 12.81 | 18.98 | 20.25 |
| Debt/Equity | 0.02 | (0.07) | (0.07) |
| EBITDA Margin (%) | 12.03 | 17.05 | 17.96 |
These metrics demonstrate how Studds combines asset efficiency with capital prudence — delivering “consumer-goods-like margins in a manufacturing-intensive business.
Key Financial Insights
- FY 2025 net profit of INR 69.6 crore grew 22 % YoY.
- Export revenue (INR 95.8 crore) rebounded strongly post-FY 2024 softness, confirming resilient demand.
- OEM segment revenue touched INR 93.15 crore, underlining trust from large two-wheeler manufacturers.
- Operating cash flow remains consistently positive, funding expansion without external leverage.
Studds has mastered the formula of volume × value × discipline — scaling revenue while holding costs constant. Its financial performance validates its evolution from a family-run manufacturer to a process-driven public enterprise.
Revenue Sustainability & Scalability Outlook
Growth Visibility: The company is entering a multi-year growth phase driven by domestic safety mandates and global demand.
Key Levers Ahead:
- Rising Helmet Penetration: India’s helmet usage at 60 % offers a 15–20 % headroom to global averages.
- Premiumization: SMK’s contribution projected to cross 25 % of revenue by FY 2028.
- Export Expansion: Targeting new markets in Southeast Asia, Africa, and Europe, export CAGR expected at 15–17 %.
- Accessories Growth: Riding jackets, gloves, and luggage boxes expected to add 10 %+ incremental revenue over three years.
- Capacity Headroom: Current utilisation ~78 % of 9.04 million-unit capacity — allows scalable growth without major capex.
Verdict
- Strong Financial DNA: Debt-free, 20 % RoCE, and consistent profit compounding.
- Global Leadership: World’s largest helmet maker by volume (CY 2024).
- Brand Ladder Strategy: Studds = mass affordability, SMK = premium lifestyle — covering entire consumer pyramid.
- Regulatory Tailwinds: Safety mandates and OEM partnerships provide predictable demand.
- Export Upside: 70-country presence offers currency diversification and growth runway.
- Valuation Comfort: Moderately priced for a market-leading franchise with a visible earnings trajectory.
Conclusion
The Studds Accessories IPO highlights how disciplined execution, product innovation, and regulatory alignment can build a defensible growth franchise in a sector once seen as unorganized. Its journey — from a family workshop to a global market leader — mirrors the broader evolution of Indian manufacturing: quality-led, export-ready, and brand-anchored.
In essence, investors reviewing Studds are not just evaluating a helmet company — they are witnessing the blueprint of how Indian SMEs transform into global category leaders. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.