Studds Accessories, India’s leading two-wheeler helmet manufacturer, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking its intent to launch an Initial Public Offering (IPO). Studds IPO will consist of an Offer for Sale (OFS) of up to 77,86,120 equity shares with a face value of INR 5 per share.
Studds Accessories had filed for an IPO in 2018 to raise INR 98 crore but later withdrew the issue for undisclosed reasons.
Studds IPO – Business Overview
Studds Accessories is a household name in India’s two-wheeler accessory market. According to the CARE Report cited in the DRHP, Studds was the largest two-wheeler helmet player in India by revenue in the Fiscal year 2023 and the largest globally by volume in the Calendar Year 2024. With over five decades of experience, the company has a combined annualized production capacity of 9.04 million helmets across its 3 manufacturing units in Faridabad, Haryana.
Its portfolio includes two prominent brands: Studds, targeting mass and mid-market segments with helmet prices ranging from INR 895 to INR 3,895, and SMK, a premium brand priced between INR 3,000 to INR 12,800. In FY 2024, the company sold 6.87 million helmets, with Studds contributing to the majority of the volume.
Studds also manufactures helmets for global brands such as Daytona (Jay Squared LLC) and O’Neal, which are exported to the United States, Europe, and Australia.
Studds unlisted shares are trading at INR 695. The company’s market capitalization stands at INR 1,367.5 crore, backed by 1,96,76,700 outstanding shares. Shares are available in a lot size of 50 and held in demat form via NSDL and CDSL.
Studds IPO – Promoters Shareholding
Here is the shareholding of promoters and promoter groups and the number of shares being sold in OFS:
| Name | Category | Pre-Offer Equity Shares | % of Pre-Offer Capital | Equity Shares Offered in OFS |
| Madhu Bhushan Khurana | Promoter Selling Shareholder | 1,49,35,560 | 37.95 | 38,00,000 |
| Sidhartha Bhushan Khurana | Promoter Selling Shareholder | 1,25,09,360 | 31.79 | 8,00,000 |
| Shilpa Arora | Promoter (Not Selling) | 1,80,000 | 0.46 | – |
| Chand Khurana | Promoter Group Selling Shareholder | 32,87,400 | 8.35 | 21,00,000 |
| Total | 3,09,12,320 | 78.55 | 67,00,000 |
Studds IPO – Strong Financials and Operational Efficiency
The company has shown consistent financial performance with steady growth. Between FY 2022 and FY 2024, total revenue grew at 6.95%, EBITDA at 28.97%, and Profit Before Tax at 38.15%. In FY 2024, Studds reported revenue from operations of INR 529.02 crore and a net profit (PAT) of INR 57.23 crore. EBITDA margin was 17.05%.
The business model is designed for capital efficiency, relying on its widespread distribution network and brand recall rather than heavy advertising expenditure. As of 31 December 2024, the company had 348 active distributors in India and exported to over 70 countries. Exports contributed around 10% to total revenue in FY 2024.
Studds RoCE was 18.98% in FY 2024, and the company is net debt-free with a net debt to equity ratio of -0.07. The negative ratio means the company has more cash than debt and is net cash positive.
Studds IPO – Strategic Investments and Expansion
The company is not just focused on volumes but also on innovation. Its in-house design and development (D&D) team of 75 professionals, along with partnerships with international design firms from Europe and Spain, are actively working on integrating smart technologies into helmets — such as Bluetooth, helmet wear detection, and rear-view cameras.
To meet rising demand, Studds is constructing a fifth manufacturing facility, expected to be commissioned in the Fiscal year 2026. Its fourth facility already produces 9 million EPS (Expanded Polystyrene) liners annually — a critical safety component in helmets.
Studds Accessories IPO – Offer Details
The IPO will be managed by IIFL Capital Services and ICICI Securities as the Book Running Lead Managers (BRLMs), while MUFG Intime India will act as the Registrar to the Offer. The equity shares are proposed to be listed on both BSE and NSE.
Conclusion
With a strong foundation, global reach, and a product portfolio tailored for both mass and premium segments, Studds Accessories appears to be entering the public market with solid fundamentals. The IPO will offer investors a chance to participate in India’s expanding two-wheeler safety gear market, which is being driven by rising urbanization, premiumization, and government regulations mandating helmet use.
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