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Studds Accessories Limited IPO Review: World’s Largest Helmet Manufacturer.
India is a country where millions of bikes hit the roads every single day — from office commuters and college students to delivery riders. And there’s one thing every rider has in common — a helmet. Some wear it for safety, while others wear it to avoid fines.
Among the leading names in this space, Studds Accessories Limited stands out as a market leader — not just in India, but globally. The company has earned the trust of riders for nearly five decades and is now gearing up to make its debut on the stock market.
In this article, let’s explore Studds Accessories Limited’s IPO details, business model, financials, strengths, risks, and peer comparison — to help you make an informed investment decision.
IPO Size: ₹455.49 crore (entirely Offer for Sale)
Face Value: ₹5 per share
Price Band: ₹557–₹585 per share
Lot Size: 25 shares
Minimum Investment (Retail):
At ₹557 → ₹13,925
At ₹585 → ₹14,625
Important Dates:
IPO Opens: 30 October 2025
IPO Closes: 3 November 2025
Allotment Date: 4 November 2025
Credit of Shares / Refund: 6 November 2025
Listing Date: 7 November 2025
Since it’s a 100% Offer for Sale (OFS), all proceeds will go to existing shareholders — no fresh issue component.
Business Overview
Studds Accessories Limited is India’s largest two-wheeler helmet manufacturer (by revenue, FY24) and the world’s largest by volume (CY2024).
With nearly 50 years of experience, the company operates three manufacturing plants (as of March 2025) with an annual capacity of 9.04 million units. In FY25, it sold 7.4 million helmets globally.
Its premium brand SMK, launched in 2016, is now a recognized name both in India and abroad. As of August 2025, Studds and SMK products were sold in over 70 countries.
Beyond helmets, the company also manufactures:
Two-wheeler luggage
Gloves and riding jackets
Helmet locks
Eyewear and rain suits
Additionally, Studds manufactures helmets for J Square LLC, which are sold under the brands Daytona and O’Neal in the US, Europe, and Australia.
Industry Outlook
The global two-wheeler helmet market is projected to grow at a 5.1% CAGR (2024–2029) due to:
Rising urbanization and road safety awareness
Increased disposable income
Stricter government regulations mandating helmet use
Studds Accessories Limited is well-positioned to benefit from this trend, offering products that blend safety, design, and innovation across all price segments.
Its Studds brand dominates the mass market, while SMK caters to premium, safety-conscious riders.
Key Strengths of Studds Accessories Limited
1. India’s and World’s Largest Helmet Manufacturer
With 7.4 million helmets sold in FY25 and presence across 70+ countries, Studds commands a leadership position in both domestic and global markets.
2. Strong Product Portfolio
Studds offers 240+ helmet designs, from full-face to off-road styles.
SMK helmets include Bluetooth and GPS-enabled models, while Studds caters to the affordable mass segment.
3. Vertically Integrated Manufacturing
Studds operates four advanced manufacturing facilities, covering everything from raw material sourcing to final testing. This ensures high quality control and cost efficiency.
4. Robust Distribution Network
Sales channels include:
Distributors & OEMs
Exclusive Brand Outlets (EBOs)
E-commerce & Quick Commerce
Institutional clients (including police departments)
In FY25, domestic distributors and EBOs accounted for 58% of total sales, while exports formed 16%.
5. Consistent Financial Growth
Between FY23 and FY25:
Revenue CAGR: 8.47%
EBITDA CAGR: 32.13%
Profit Before Tax CAGR: 43.04%
6. Experienced Leadership
Led by Chairman Madhu Bhushan Khurana (42 years of experience) and MD Sidhartha Bhushan Khurana (25 years), the management team has built two globally respected brands — Studds and SMK.
Weaknesses and Risks
Dependence on Two Key Brands: Over 90% of revenue comes from Studds and SMK.
High Reliance on Helmet Segment: Helmets contribute 92%+ of total revenue.
Raw Material Volatility: ABS plastic and polycarbonate prices affect margins.
Product Acceptance Risk: Market reception to new designs like “Stellar Wings” has been mixed.
Supplier Concentration: Top 10 suppliers account for 51% of raw material costs.
Peer Comparison
| Parameter | Studds | Vega | Steelbird |
|---|---|---|---|
| FY24 Revenue | ₹529 Cr | ₹474 Cr | ₹429 Cr |
| FY25 Revenue | ₹583 Cr | — | — |
| FY24 EBITDA | ₹90 Cr | ₹89 Cr | ₹40 Cr |
| FY24 ROE | 14.77% | 16.15% | 29.11% |
| FY24 ROCE | 18.98% | 20.88% | 36.72% |
While Steelbird shows higher return ratios, Studds Accessories Limited dominates in scale, profitability, and global reach.
Conclusion:
Studds Accessories Limited has evolved from a domestic manufacturer to a global leader in helmet production, known for its quality, safety, and innovation.
The company’s strong financial performance, robust global presence, and experienced management make it an attractive name in the safety gear industry.
However, investors should remain cautious of risks like brand dependency and raw material volatility.
📘 Disclaimer: This article is for educational purposes only. Please read the Red Herring Prospectus (RHP) and consult your financial advisor before investing in the Studds Accessories Limited IPO.
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