Studds Accessories IPO: Will India’s Helmet Giant Ride High on Market Debut?

Studds Accessories Limited, the Faridabad-based maker of motorcycle helmets and accessories, will open its ₹455.49-crore public issue on October 30. The company has fixed its price band between ₹557 and ₹585 per share. The offer will close on November 3.

Can one of India’s oldest helmet brands turn investor confidence into fresh speed on Dalal Street?

What Does the Offer Include?

The Studds IPO is an Offer for Sale of 77.86 lakh shares by the promoters and existing shareholders. Studds itself will not receive funds from this issue. Investors can apply for a minimum of 25 shares, costing ₹14,625, and then in multiples of 25.

Half of the shares are reserved for qualified institutional investors, 15% for non-institutional investors, and the rest for retail participants.

Promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora together hold 78.78% of the company. The balance 21.22% is owned by the public.

IIFL Capital Services and ICICI Securities are the lead managers. The basis of allotment will be finalized on November 4, and the stock is expected to be listed on BSE and NSE on November 7. (RHP, CNBC TV18)

How Is Studds Positioned in Its Segment?

Studds began operations in 1975 and established its manufacturing base in 1983. Over the years it has built a broad range of helmets and two-wheeler accessories under the Studds and SMK brands. Its catalogue includes luggage, gloves, helmet guards, rain suits, jackets, and eyewear.

The company sells across India and exports to more than 70 countries. It also makes helmets for global names like Jay Squared LLC, sold under the Daytona brand in the United States, and O’Neal, which is distributed in Europe, the US, and Australia.

Studds runs four factories in Faridabad with a combined annual capacity of 9.04 million units. Three are fully owned by the company and one is on leasehold land. As of August 2025, it had 19,258 SKUs and more than 240 designs, supported by a 75-member R&D team

What Do the Numbers Show?

Studds has maintained steady growth. In the year ended March 31, 2025, total income rose 10.4% to ₹583.8 crore, while profit after tax climbed nearly 22% to ₹69.64 crore.

For the June 2025 quarter, revenue stood at ₹149.2 crore with a PAT of ₹20.25 crore. Borrowings have reduced sharply to ₹2.91 crore, from ₹30.58 crore in FY 2023. (Moneycontrol)

Key metrics (FY 2025):

• Return on equity (ROE): 16.64%
  
• Return on capital employed (ROCE): 20.25%
  
• PAT margin: 11.93%
  
• EBITDA margin: 17.96%
  
• Debt-to-equity ratio: -0.07
  
• Market capitalisation at upper band: ₹2,302.17 crore
  
• Price-to-book value: **5.12 **
  

Studds Accessories has been quietly building momentum. The ROE and ROCE ratios indicate a healthy return of nearly ₹17 per ₹100 rupees invested, and efficient utilisation of funds, respectively.

Profitability also appears to be healthy. A PAT margin of almost 12% indicates that Studds has a healthy amount of revenue available after tax and expense, and an EBITDA margin of about 18% indicates good control over operating expense. Overall, the company is doing well to convert manufacturing scale into recurring profit.

Can Studds Keep the Helmet Ahead of the Pack?

India’s two-wheeler market continues to expand, helped by rising mobility and better road-safety awareness. Studds, with its long brand history and international reach, looks well-placed to benefit. Yet competition is intensifying, and investors will weigh whether the company’s margins and exports can keep pace.

As the IPO week also features Orkla India and Lenskart Solutions, one question stays open - will Studds Accessories manage to hold its balance and deliver a strong ride after listing?

Sources

RHP
CNBC TV18
Chittorgarh
Moneycontrol