Studds Accessories Ltd
Incorporated in 1975,Studds Accessories Limited is a manufacturer of two-wheeler helmets and motorcycle accessories.[1]
- Market Cap ₹ 1,838 Cr.
- Current Price ₹ 467
- High / Low ₹ 600 / 423
- Stock P/E 22.0
- Book Value ₹ 133
- Dividend Yield 0.00 %
- ROCE 23.1 %
- ROE 17.2 %
- Face Value ₹ 5.00
Pros
- Company has reduced debt.
- Company is almost debt free.
Cons
- The company has delivered a poor sales growth of 5.61% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 480 | 463 | 499 | 529 | 583 | 630 | |
| 369 | 408 | 439 | 438 | 477 | 507 | |
| Operating Profit | 111 | 54 | 60 | 91 | 106 | 124 |
| OPM % | 23% | 12% | 12% | 17% | 18% | 20% |
| 5 | 5 | 7 | 6 | 12 | 12 | |
| Interest | 4 | 3 | 3 | 2 | 1 | 1 |
| Depreciation | 13 | 17 | 18 | 19 | 21 | 21 |
| Profit before tax | 98 | 40 | 47 | 76 | 96 | 113 |
| Tax % | 25% | 28% | 29% | 25% | 26% | 26% |
| 74 | 29 | 33 | 57 | 71 | 84 | |
| EPS in Rs | 37.61 | 14.56 | 16.90 | 29.09 | 17.99 | 21.28 |
| Dividend Payout % | 11% | 21% | 24% | 14% | 14% | 14% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 8% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 36% |
| TTM: | 18% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 17% |
| Last Year: | 17% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 20 | 20 |
| Reserves | 280 | 301 | 328 | 378 | 431 | 505 |
| 28 | 46 | 32 | 9 | 6 | 4 | |
| 117 | 98 | 91 | 89 | 98 | 107 | |
| Total Liabilities | 434 | 455 | 461 | 486 | 554 | 636 |
| 266 | 310 | 311 | 331 | 334 | 338 | |
| CWIP | 10 | 13 | 12 | 12 | 29 | 53 |
| Investments | 2 | 2 | 2 | 0 | 3 | 4 |
| 156 | 130 | 135 | 142 | 189 | 241 | |
| Total Assets | 434 | 455 | 461 | 486 | 554 | 636 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 73 | 12 | 28 | 72 | 64 | 88 | |
| -34 | -40 | 1 | -18 | -49 | -44 | |
| -17 | 3 | -23 | -41 | -12 | -12 | |
| Net Cash Flow | 22 | -25 | 6 | 13 | 3 | 32 |
| Free Cash Flow | 37 | -45 | 9 | 40 | 22 | 41 |
| CFO/OP | 85% | 45% | 65% | 99% | 78% | 96% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 20 | 22 | 23 | 20 | 28 | 26 |
| Inventory Days | 48 | 62 | 49 | 62 | 79 | 103 |
| Days Payable | 103 | 73 | 48 | 47 | 46 | 69 |
| Cash Conversion Cycle | -35 | 11 | 23 | 34 | 61 | 60 |
| Working Capital Days | -25 | -5 | -1 | 9 | 26 | 30 |
| ROCE % | 13% | 14% | 21% | 23% | 23% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Active Distributors in India count |
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| Domestic Market Share (Volume) % |
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| Export Revenue Share % |
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| 2W Helmet Capacity Utilization % |
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| Two-wheeler Helmet & Box Volume million units |
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| 2W Helmet Installed Capacity million units |
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| SMK Brand Revenue Share % |
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Extracted by Screener AI
Documents
Announcements
-
Intimation Under Regulation 30(5) Of SEBI (LODR) Regulations, 2015
2d - Manish Mehta steps down as CFO; Bharat Goyal appointed CFO effective July 1, 2026.
-
Announcement under Regulation 30 (LODR)-Change in Management
2d - Manish Mehta steps down as CFO; Bharat Goyal appointed CFO effective July 1, 2026.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
25 Jun - Newspaper Publications- Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015.
- Closure of Trading Window 25 Jun
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
4 Jun - Studds schedules analyst/institutional investor group meeting on 12 June 2026 at Faridabad plant; Q4 FY26 presentation uploaded.
Concalls
-
May 2026Transcript PPT REC
-
Feb 2026Transcript PPT
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Dec 2025Transcript PPT REC
Market Leadership[1]
Studds Accessories Limited is the largest two-wheeler helmet manufacturer in India by revenue and the world’s largest by volume. It designs, manufactures, and sells helmets and related accessories under its mass-market brand Studds and premium brand SMK, selling ~7.4 million helmets in FY25.