Unsung hero
Accamma Cherian
She left teaching to join the freedom struggle and led a vast peaceful rally when Travancore's leaders were arrested. Gandhi called her the Jhansi Rani of Travancore.
Studds Accessories Ltd
₹ 425
-2.03%
14 Aug
- close price
About
Incorporated in 1975,Studds Accessories Limited is a manufacturer of two-wheeler helmets and motorcycle accessories.[1]
Key Points
- Market Cap ₹ 1,674 Cr.
- Current Price ₹ 425
- High / Low ₹ 600 / 412
- Stock P/E 22.4
- Book Value ₹ 133
- Dividend Yield 0.71 %
- ROCE 22.7 %
- ROE 17.0 %
- Face Value ₹ 5.00
Unsung hero
Bhikubhai Gomansinh Solanki
He helped liberate Dadra and Nagar Haveli. He coordinated with freedom fighters and captured Naroli during floods. People of Naroli called him Kazi because he resolved their problems.
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.
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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 | TTM | |
|---|---|---|---|---|---|---|---|
| 480 | 463 | 499 | 529 | 584 | 634 | 655 | |
| 369 | 408 | 439 | 438 | 479 | 512 | 543 | |
| Operating Profit | 111 | 54 | 60 | 91 | 105 | 122 | 111 |
| OPM % | 23% | 12% | 12% | 17% | 18% | 19% | 17% |
| 5 | 5 | 7 | 6 | 12 | 12 | 12 | |
| Interest | 4 | 3 | 3 | 2 | 1 | 1 | 1 |
| Depreciation | 13 | 17 | 18 | 19 | 21 | 21 | 21 |
| Profit before tax | 98 | 40 | 46 | 76 | 95 | 112 | 101 |
| Tax % | 25% | 28% | 29% | 25% | 27% | 26% | |
| 74 | 29 | 33 | 57 | 70 | 83 | 75 | |
| EPS in Rs | 37.60 | 14.56 | 16.85 | 29.09 | 17.70 | 21.00 | 18.99 |
| Dividend Payout % | 11% | 21% | 24% | 14% | 14% | 14% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 8% |
| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | 36% |
| TTM: | 1% |
| 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 | 72 | 63 | 86 | |
| -34 | -40 | 1 | -20 | -51 | -43 | |
| -17 | 3 | -23 | -41 | -9 | -12 | |
| Net Cash Flow | 22 | -25 | 6 | 11 | 3 | 31 |
| Free Cash Flow | 38 | -45 | 9 | 40 | 22 | 38 |
| CFO/OP | 86% | 45% | 65% | 99% | 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 | 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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Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Transcript for the Earning Conference call for Analysts/Investors held on August 10, 2026 in connection with Unaudited Standalone and Consolidated Financial Results for the quarter …
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- Newspaper Publication, inter alia, for e-voting information for the 44th Annual General Meeting of the Company
-
Dispatch Of Letters Providing The Weblink Of Exact Pathway Of The Annual Report
- 44th AGM on September 5, 2026; annual report sent; final dividend Rs.3 per share record date August 29.
-
Intimation Of The Date Of Record Date For Payment Of The Final Dividend For The Financial Year 2025-26
- 44th AGM on September 5, 2026; record date August 29, 2026; annual report filed.
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Reg. 34 (1) Annual Report.
- 44th AGM on 5 Sep 2026; annual report filed; record date 29 Aug 2026.
Concalls
-
Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT
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Dec 2025Transcript PPT REC
Market Leadership[1]
Studds Accessories Limited is the second largest two-wheeler helmet manufacturer in India by revenue and the world’s second largest by volume after Steelbird. 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.