In India’s fast-evolving two-wheeler accessories market, few stories exemplify transformation and scale as compellingly as Studds Accessories. With its upcoming IPO, Studds isn’t merely inviting investors into a business — it’s offering a stake in an Indian manufacturing success story that has gone global.
In Studds Accessories peer comparison analysis, we benchmark the company against its key industry peers — Vega Auto Accessories and Steelbird Hi-Tech India — to understand how the market leader stacks up in terms of scale, profitability, exports, and brand leverage.
Studds vs Vega vs Steelbird: Company Overview & Infrastructure
| Details | Studds Accessories | Vega Auto Accessories | Steelbird Hi-Tech India |
| Incorporation | 1983 | 1982 | 1964 |
| Manufacturing Facilities | 4 plants (Faridabad & Ballabgarh, Haryana) | 6 plants (Belgaum & Rudrapur) | 6 plants (largest at Baddi, HP) |
| Installed Capacity | 9.04 million helmets & boxes | 9 million helmets | 8 million units (expanding to 15 million) |
| Key Markets | 70+ countries | 35+ countries | 50 countries |
| Certifications | BIS, ECE 22.06, DOT, SLSI | ISI, DOT, ISO, NABL, SMETA | IS, ECE, DOT |
Summary: Studds Accessories stands as India’s largest two-wheeler helmet manufacturer by revenue, leveraging world-class automation and backward integration. While Vega and Steelbird boast comparable installed capacities, Studds’ export reach (70+ countries) and broader certification portfolio reflect its global-grade operations. Steelbird’s rapid capacity expansion and Vega’s entrenched domestic dealer base make them strong challengers, but Studds’ brand recall and integrated R&D edge sustain its leadership.
Studds Product Portfolio & Price Architecture
| Category | Studds Accessories | Vega Auto Accessories | Steelbird Hi-Tech India |
|---|---|---|---|
| Full Face Helmets | INR 955 – 12,800 | INR 1,000 – 3,000 | INR 600 – 6,400 |
| Open Face Helmets | INR 895 – 4,590 | INR 900 – 1,900 | INR 600 – 10,000 |
| Flip-up/Off-Road Helmets | INR 1,495 – 6,950 | INR 1,000 – 1,500 | INR 1,200 – 5,000 |
| Accessories | Gloves, Jackets, Rainwear, Boxes (INR 700–7,000) | Visors, Spares, Locks, Covers (INR 40–1,050) | Jackets, Gloves, Balaclava, Boxes (INR 200–4,000) |
Summary: Studds’ dual-brand approach — Studds (mass) and SMK (premium) — allows it to capture the full consumer pyramid. Its premium SKUs are priced up to INR 12,800, rivaling global standards, while entry models maintain affordability. Vega dominates the mid-tier commuter market, and Steelbird’s expansion into fashion-forward helmets reflects growing consumer aspiration in the segment. Studds’ pricing agility underscores a “value-to-premium” continuum unmatched by peers.
Studds IPO Peer Comparison Analysis: Financial Performance
Revenue from Operations
| Metric (INR Cr.) | FY 2023 | FY 2024 | FY 2025 |
| Studds Accessories | 499.17 | 529.02 | 583.82 |
| Vega Auto Accessories | 454.23 | 474.03 | NA |
| Steelbird Hi-Tech India | 164.57 | 209.81 | 787.0 |
Summary: Over FY23–FY25, Studds demonstrated a consistent revenue CAGR of ~10.36%, outperforming the broader industry’s 6–7% range. While Vega maintained steady domestic growth, its scale plateaued compared to Studds’ expanding global footprint. Steelbird’s revenue base remains smaller, but its FY25 rebound highlights emerging traction from OEM clients and exports.
Profitability Metrics
| EBITDA (INR Cr.) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Studds | 60.05 | 90.19 | 104.84 |
| Vega | 77.69 | 89.23 | NA |
| Steelbird | 22.25 | 40.43 | NA |
| EBITDA Margin (%) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Studds Accessories | 12.03 | 17.05 | 17.96 |
| Vega Auto Accessories | 17.10 | 18.82 | NA |
| Steelbird Hi-Tech India | 13.52 | 19.27 | NA |
Summary: Studds’ margin recovery post-FY22 underscores superior cost discipline and operational leverage. EBITDA margins rose from 12.0% to 18.0% within two years, aided by automation, premiumization, and exports. Vega maintains healthy profitability but relies largely on domestic demand, whereas Steelbird’s margin improvement comes off a smaller base. Studds’ scale and product mix give it durability and pricing power unmatched by peers.
Net Profit & Margins
| Net Profit (INR Cr.) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Studds | 33.15 | 57.23 | 69.64 |
| Vega | 47.63 | 53.05 | NA |
| Steelbird | 12.28 | 27.32 | NA |
| PAT Margin (%) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Studds | 6.54 | 10.68 | 11.93 |
| Vega | 10.49 | 11.19 | NA |
| Steelbird | 7.38 | 13.02 | NA |
Summary: Studds Accessories achieved net profit growth of 110% between FY23 and FY25 — evidence of margin restoration and better product realization. While Vega and Steelbird also delivered solid profitability, Studds’ steady margin expansion with rising export share and zero debt amplifies its resilience. Its FY25 PAT margin of 11.9% firmly places it in the elite profitability bracket among mid-cap manufacturing players.
Return Ratios
| ROE (%) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Studds | 9.81 | 14.77 | 15.49 |
| Vega | 17.35 | 16.15 | NA |
| Steelbird | 18.39 | 29.11 | NA |
Summary: Return ratios mirror Studds’ shift from recovery to growth. The company’s ROE improved from 9.8% to 15.5%, while RoCE crossed 20% in FY25. Vega’s stable but slightly tapering returns indicate a mature growth phase, whereas Steelbird’s volatile ROE swings reflect a smaller equity base and expansion projects. Studds, with consistent cash flows and zero leverage, emerges as the most financially disciplined among the three.
Studds vs Vega vs Steelbird: Export Performance
| Company (INR Cr.) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Studds | 67.90 | 53.20 | 95.81 |
| Vega | 35.58 | NA | NA |
| Steelbird | 10.04 | 6.76 | 8.70 |
Summary: Studds Accessories continues to dominate India’s helmet export landscape, contributing ~16% of total revenue in FY25. Despite a dip in FY24 due to global shipment disruptions, FY25 saw exports rebound nearly 80% YoY, reaffirming its international brand pull. Vega and Steelbird’s smaller export exposure underlines Studds’ first-mover advantage in global compliance and certification.
Product Mix & Premiumization
| Brand Segment | Target Market | Price Range (INR) | Contribution (FY25) |
|---|---|---|---|
| Studds (Mass-Mid) | Commuter, value-conscious riders | 900 – 4,500 | ~72% |
| SMK (Premium) | Urban & export riders | 5,000 – 12,800 | ~18% |
| Accessories & Gear | Gloves, jackets, pannier boxes | 700 – 7,000 | ~10% |
Summary: The dual-brand strategy (Studds & SMK) has been a structural game-changer. SMK’s premium helmets, with international safety standards (ECE 22.06, DOT), boosted blended realizations and margins.
While Vega and Steelbird offer similar product diversity, Studds’ combination of volume leadership + value-tier + global-grade premium makes it uniquely positioned for sustainable margin growth.
Verdict
Studds’ financials between FY23 and FY25 highlight a company moving from stabilization to leadership. Its strength lies not just in scale but in systemic efficiency — automation, vertical integration, and a steady premium mix transition that boosts margins without adding leverage.
Vega continues to command the commuter segment with broad dealer penetration, while Steelbird remains a dark horse with ambitious capacity expansion. Yet, both competitors operate within narrower brand and margin bandwidths.
In contrast, Studds enjoys a balanced ecosystem — domestic dominance, premium growth, and export credibility — marking it as the most institutionally ready among its peers.
Conclusion
From FY23 to FY25, Studds Accessories has redefined what Indian manufacturing excellence looks like — combining consumer brand finesse with industrial precision. Its debt-free operations, 20%+ RoCE, and consistent profit growth underline a company ready for long-term compounding.
While Vega and Steelbird remain important players shaping the industry landscape, Studds continues to set the benchmark for scale, governance, and global integration.
For investors, the Studds Accessories IPO represents more than an opportunity to own a helmet brand — it’s a chance to back India’s next manufacturing champion on the global stage. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.