Studds Accessories, India’s largest two-wheeler helmet manufacturer, has announced strong Q2 FY26 results. Studds Accessories Q2 FY26 results show growth across key parameters as demand improves, operations become more efficient and expansion in both domestic and export markets picks up.
Studds Accessories Q2 FY26 Results
| Metrics | Q2 FY25 | Q2 FY26 | YoY Change (%) |
|---|---|---|---|
| Revenue from Operations | 145.0 | 154.4 | 6.5 |
| EBITDA | 26.7 | 29.9 | 12.0 |
| EBITDA Margin (%) | 18.4 | 19.3 | — |
| Profit After Tax (PAT) | 17.5 | 20.6 | 17.9 |
| PAT Margin (%) | 12.1 | 13.4 | — |
| EPS (INR) | 4.45* | 5.24* | — |
*Not annualised
Studds delivered double-digit growth in EBITDA and PAT on the back of improved operating leverage, superior product mix, and disciplined cost management.
Studds Accessories H1 FY26 Results
| Metrics | H1 FY25 | H1 FY26 | YoY Change (%) |
|---|---|---|---|
| Revenue from Operations | 285.3 | 303.7 | 6.4 |
| EBITDA | 51.0 | 60.2 | 17.9 |
| EBITDA Margin (%) | 17.9 | 19.8 | — |
| Profit After Tax (PAT) | 33.2 | 40.9 | 22.9 |
| PAT Margin (%) | 11.7 | 13.5 | — |
| EPS (INR) | 8.89* | 10.38* | — |
*Not annualised
In the first half of FY26, the company’s profitability expanded sharply, with margins improving due to cost optimisation and a favourable shift toward higher-value helmet segments.
Studds Accessories Q2 FY26: Operational Highlights
- Capacity Utilisation: ~86% for two-wheeler helmets and boxes; 84% for EPS liners; 64% for water decals during H1FY26.
- Export Contribution: Increased to 17.5% of total revenue, up from 15.5% YoY.
- Product Mix: Premium SMK helmets and accessories contributed to higher margins.
- Cash Position: Cash and cash equivalents rose to INR 81.9 crore as of September 2025, compared to INR 39 crore in March 2025.
Manufacturing Footprint & Capacity Expansion
Studds has four integrated manufacturing facilities in Faridabad, Haryana, which manufacture helmets, EPS liners and water transfer decals. Combined, these units have an installed capacity of over 90 lakh helmets and boxes per annum and deep vertical integration ensures quality and efficiency.
Existing Manufacturing Footprint
| Facility | Product Category | Installed Capacity (Units in Lakh) | Capacity Utilisation (H1FY26) |
|---|---|---|---|
| Manufacturing Facility I–III | Two-Wheeler Helmets & Boxes | 90.4 | ~86% |
| Manufacturing Facility IV | EPS Liners | 90.0 | ~84% |
| Manufacturing Facility IV | Water Transfer Decals | 20.0 | ~64% |
All facilities are ISO 9001:2015 certified, with in-house mould-making, robotic painting, automated visor coating, and certified helmet testing labs.
Upcoming Expansion – Facility V
| Particulars | Details |
|---|---|
| Project | Manufacturing Facility V |
| Location | Faridabad, Haryana |
| Phase I Capacity | 15 lakh units |
| Total Planned Capacity | 3.0 lakh units |
| Estimated Capex | INR 150 crore |
| Expected Commercial Operation | Q1 FY27 |
| Expected Utilisation (FY27) | ~50% |
Facility V marks the next phase of Studds’ growth, to increase production capacity, export readiness and support future product launches under Studds and SMK brands.
Strategic Developments
- Decathlon Partnership: Studds has partnered with Decathlon to supply bicycle helmets and allied protective products for the Indian market. Commercial production to start by Q4FY26.
- Spain Warehouse: We are setting up a new warehouse in Spain to strengthen European distribution and logistics.
- Capacity Expansion: Construction of Facility V is underway, Phase 1 (15 lakh units) to be operational by Q1 FY27, with an estimated capex of INR 150 crore.
- Digital & Technology: We have set up an IT office in Gurugram to drive technology-led operations and digital transformation.
Management Commentary
Sidhartha Bhushan Khurana, Managing Director, said:
“Our listing is a big milestone for us in our 50 year journey. First half of FY26 has shown growth across all verticals, the business model is robust. We will continue to invest in capacity, digital and international presence to make Studds a stronger and more diversified global safety brand.”
Industry Outlook
The Indian helmet market is expected to grow at 8.8% CAGR from FY24–FY29 to INR 31,500 crore, driven by BIS compliance norms, increasing safety awareness and two-wheeler growth. Globally, the helmet market is expected to reach USD 2.2 billion (~INR 19,650 crore) by 2029 at 5% CAGR.
With its strong brand recall, scale advantage and expansion plans, Studds is well placed to benefit from domestic formalisation and international premiumisation.
Conclusion
Studds Accessories Q2 and H1 FY26 numbers show growth momentum continues and profitability is expanding. With strong cash flows, new partnerships and upcoming capacity additions, the company is well on track to consolidate its leadership in India and expand in global safety gear space.
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