Studds Accessories Ltd
Incorporated in 1975,Studds Accessories Limited is a manufacturer of two-wheeler helmets and motorcycle accessories.[1]
- Market Cap ₹ 1,762 Cr.
- Current Price ₹ 448
- High / Low ₹ 600 / 423
- Stock P/E 21.3
- Book Value ₹ 133
- Dividend Yield 0.00 %
- ROCE 22.7 %
- ROE 17.0 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
Cons
- The company has delivered a poor sales growth of 5.75% 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 480 | 463 | 499 | 529 | 584 | 634 | |
| 369 | 408 | 439 | 438 | 479 | 512 | |
| Operating Profit | 111 | 54 | 60 | 91 | 105 | 122 |
| OPM % | 23% | 12% | 12% | 17% | 18% | 19% |
| 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 | 46 | 76 | 95 | 112 |
| Tax % | 25% | 28% | 29% | 25% | 27% | 26% |
| 74 | 29 | 33 | 57 | 70 | 83 | |
| EPS in Rs | 37.60 | 14.56 | 16.85 | 29.09 | 17.70 | 21.00 |
| Dividend Payout % | 11% | 21% | 24% | 14% | 14% | 14% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 8% |
| TTM: | 9% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | 36% |
| TTM: | 19% |
| 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
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 430 | 503 |
| 28 | 46 | 32 | 9 | 9 | 8 | |
| 117 | 98 | 91 | 89 | 98 | 106 | |
| Total Liabilities | 435 | 455 | 461 | 486 | 557 | 638 |
| 266 | 310 | 311 | 331 | 338 | 343 | |
| CWIP | 10 | 13 | 12 | 12 | 29 | 53 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 159 | 133 | 138 | 142 | 189 | 242 | |
| Total Assets | 435 | 455 | 461 | 486 | 557 | 638 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 74 | 12 | 28 | 96 | 63 | 86 | |
| -34 | -40 | 1 | -54 | -51 | -43 | |
| -17 | 3 | -23 | -32 | -9 | -12 | |
| Net Cash Flow | 22 | -25 | 6 | 11 | 3 | 31 |
| Free Cash Flow | 38 | -45 | 9 | 56 | 22 | 38 |
| CFO/OP | 86% | 45% | 65% | 126% | 78% | 96% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 20 | 22 | 23 | 20 | 27 | 24 |
| Inventory Days | 48 | 62 | 49 | 62 | 80 | 107 |
| Days Payable | 103 | 73 | 48 | 47 | 46 | 69 |
| Cash Conversion Cycle | -35 | 11 | 23 | 34 | 62 | 62 |
| Working Capital Days | -24 | -5 | -1 | 9 | 25 | 30 |
| ROCE % | 13% | 14% | 21% | 23% | 23% |
Insights
In beta| Mar 2023 | Mar 2024 | Dec 2025 | |
|---|---|---|---|
| Blended Average Selling Price (ASP) - Helmets INR |
|
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| Installed Capacity - 2W Helmets and Boxes Million Units |
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| Total Two-Wheeler Helmets and Boxes Sales Volume Million Units |
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| Capacity Utilization - 2W Helmets and Boxes % |
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| Domestic Market Share (Volume) % ・Standalone data |
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| Number of Distributors in India Count ・Standalone data |
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| Number of SKUs Count |
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Extracted by Screener AI
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 9m
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
19h - Studds reported Q4/FY26 results: revenue 634.2 Cr, PAT 82.7 Cr; phase-I capacity expansion to begin Q2FY27.
- Announcement under Regulation 30 (LODR)-Investor Presentation 19h
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Announcement under Regulation 30 (LODR)-Change in Management
19h - FY26 audited results; ₹3 dividend; ESOP 2026; Manish Mehta steps down as CFO, Bharat Goyal appointed from July 1, 2026.
-
General-Updates Approval Of Studds Accessories Limited Employee Stock Option Scheme 2026 By The Board.
19h - Board approved FY26 audited results, ₹3 dividend, ESOP 2026, CFO смена from July 1, 2026, and internal auditor appointment.
Concalls
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May 2026TranscriptAI SummaryPPT
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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.