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Business Type

Dominant Leader

Discover and get complete analysis on Studds accessories upcoming IPO unlisted shares - Management, Business Model, Studds Financials Statements, Growth, Valuations, Funding Rounds, News & Studds Share price, and latest updates on Studds Peers



Face Value


Total Share


Total Income

₹484.21 Crores

Profit After Tax

₹73.99 Crores







Market Capitalisation

₹3,345.04 Cr

Enterprise Value

₹3,044.00 Cr

Book Value


Intrinsic Value


Dividend Yield

0.24 %

Earnings Yield

2.21 %


Consumer Discretionary


Auto Parts


Upcoming IPO

Cashflow - Operations

₹73.94 Crores

Cashflow - Financing

-₹17.32 Crores

Studds Growth

Compounded Sales Growth

  • 15.22%

    1 Year

  • 12.31%

    3 Year

  • 10.55%

    5 Year

Pro Only

Compounded Profit Growth

  • -0.75%

    1 Year

  • 31.04%

    3 Year

  • 24.55%

    5 Year

Pro Only

Return On Equity

  • 29.23%

    1 Year

  • 31.40%

    3 Year

  • 47.13%

    4 Year

Pro Only

About Studds

  • STUDDS Accessories Limited is a leading manufacturer of helmets and motorcycle accessories. It offers a wide range of two-wheeler helmets and accessories and possesses state-of-the-art manufacturing facilities, equipped to deliver over 130 lakhs helmets every year.
  • STUDDS has a strong global presence across Europe, Asia, Latin America and the Middle East, covering more than 40 countries around the globe. The company’s continuous emphasis on safety along with style, design and quality has created a loyal following for its unique products.
  • They have launched premium two-wheeler helmets under the name of 'SMK' in 2016, which has emerged as the leading brand with the largest market share in the premium two-wheeler helmet segment. 
  • Since its inception in 1983, over 3 decades, the company has continuously innovated products to ensure the safety to two-wheeler riders.
  • The Company's registered office is in Faridabad, Haryana which is newly built and is Asia's biggest helmet manufacturing facility.

  • Studds IPO Details

  • In August 2018, company filed DRHP with SEBI for listing. They were offering 39,39,000 Equity Shares of face value of ₹ 5 each.
  • On December 14, 2018, the company got approval from SEBI. However, they did not raise the IPO.

  • Studds Merger & Acquisition


On July 30, 2019, Studds bought 100% of SMK EUROPE,UNIPESSOAL, LDA. At a rate of Rs 79.98 for 1 Euro, the total value of the investment is Rs 2,39,94,000 for 3,00,000 shares of 1 Euro. It was done in order to expand the company's export efforts. The core activities of SMK Europe are the import, distribution, and export of motorcycle and bicycle equipment and accessories.

  • Studds Subsidiaries

SMK Europe - Unipessoal, LDA

Studds Business Model

  • Company sells helmets under two brands, Studds and SMK. The brands are focused on the mass-market commuter (Studds) and premium (SMK) segments. The company also manufactures two-wheeler lifestyle accessories under the Studds brand.
  • Studds two-wheeler helmets is the largest selling two-wheeler helmet brand in the two-wheeler helmet market in India in terms of volume of helmets sold in India, 6.41 million with market share of 25.66% and exporting their helmets to 45 countries. Company also produces a range of products in the two-wheeler lifestyle accessories under the Studds brand including backpacks, gloves, eye wear, two wheeler luggage and helmet security guard.
  • Studds Revenue Segmentation

  • Motorcycles Accessories
  • Helmets
  • Studds Product & Services

  • There are basically three types of helmets: Full face, Open face and Modular helmets
  • Motorcycle accessories- Gloves, Mobike side luggage, Mobike top luggage, Spare visor, Rainwear, Goggles and Helmet security guard.
  • Studds Assets

  • Tangible Assets as on 31st March 2021 

    AssetsAmount in Cr.
    Freehold Land64.94
    Plant and machinery103.77
    Furniture and fittings4.29
    Office Appliance1.36

  • Company has spent 60 Cr on the account of adding new building and additional 50 Cr on equipments for new manufacturing facility in Faridabad, Haryana.
  • Company owns 1.2 Cr worth of intangible assets.
  • Company has 4.2 Cr worth of intangible assets under development. 
  • Studds Industry Overview

Industry Statistics

  • India being the world’s biggest two-wheeler market is also the biggest market for scooter and motorcycle helmets. There are 2 crores two-wheelers sold annually and more than 25 crores two-wheeler plying on Indian roads. Therefore, India’s helmet market is the biggest in the world.
  • As per government data, about 3% of GDP is spent on road accidents. By updating regularly and enforcing new laws, the government works towards increasing safety of the two wheelers riders. According to Motor Vehicle Act, it is mandatory for all two-wheeler rider to wear helmet. Furthermore, the government has adopted a policy that prohibits the sale, production and use of helmets that lacks ISI certification, which is a positive development towards the road safety and which will also drive the demand for helmets and safety gears. 
  • India’s two-wheeler helmet market can be classified based on helmet type, by distributor channel, and by region. In terms of helmet type, the market is classified into full face helmets, open face helmets, half face helmets, modular helmets, and motocross helmets.
  • The competitive landscape of Indian helmet market is highly fragmented with unorganised players accounting for more than 2/3rd of the market. The helmets manufactured by regional vendors are of low quality and often sold by street vendors at less than ₹300.
  • Growth of the two wheeler vehicle sales is 72.7% from previous year and along with the MVA Act will further improve the demand for safety gears.
  • The two-wheeler helmet industry in India is highly fragmented. ISI certified manufacturers apart from the key players and unorganised players constitute over 40% market share, it is estimated that currently, there are more than 150 unorganised manufacturers operating in India, with North-India constituting the highest number of unorganised manufacturers. However, the unorganised manufacturers lack proper manufacturing set up and do not have modern manufacturing facility for quality checks and testing.

Future Prospects

  • India’s two-wheeler helmet market is projected to grow at a CAGR of 14% during FY2021-FY2026, owing to increasingly stringent regulations and strictness at roads in India for both commuters and manufacturers of helmets in the country.
  • There is a rising demand for premium helmets due to increase in the number of riders, technological advancements, strict enforcement of helmet laws. These factors are boosting the market growth for helmets worldwide.

Government Initiatives

  • Due to growing road fatalities, and below-par road infrastructure in India, now many state governments have made helmets compulsory for riders as well as pillions. There are several other initiatives taken to prevent such fatalities such as the Tamil Nadu government enforcing an old Motor Vehicle rule which says two-wheeler companies must also supply BIS compliant helmets to their customers which will result in an increase in demands for helmets.
  • Due to increasing government strictness in regulations like the recent amendment of Section 129 of the Motor Vehicle Act, which defines that the helmet should at least have a thickness of 20-25 mm with superior quality foam, ISI mark and follow Bureau of Indian Standards, customer inclination towards leading organised helmet brands is expected to increase in India in the coming years
  • The transport commissioner has now proposed a blanket ban on two-wheeler registrations in the state unless manufacturers ensure the provision of two BIS quality helmets to customers at the time of vehicle sale.

Studds Awards & Achievements

  • Zee Business - Dare to Dream Award
  • Honda Motor India - Certificate of Excellence - Spare Parts - Cost
  • Honda Motor India - Accessories Award 2013-14 - Best Performance
  • Council of Leather Exports - Export Performance 2007-08 NON-SME Category - Fashion Gloves 2nd Place

Studds Strengths

  • They have strategically expanded their product portfolio under our two brands, Studds and SMK, each positioned to target specific segments of the helmet and two-wheeler lifestyle accessory market, so as to compliment with one another. 
  • The safety, reliability and quality associated with a helmet brand are the key attributes which increase customer confidence and influence a purchase decision.
  • They understand changing fashion trends and anticipate customer requirements, while ensuring compliance with the highest quality standards. They have hired Spanish design firm for designing and developing SMK full face and flip- up helmets with inbuilt Bluetooth technology in order to enhance the riding comfort and safety of two-wheeler riders.
  • Strong pan India dealer network across urban, semi urban and rural parts of India which consists of dealers and institutional customers, such as the Central Police Canteens and Canteen Stores Department as well as a global distribution network.
  • They have developed their manufacturing processes over two decades of production experience and gradually created extensive backward integration, which has allowed them to have better control over the quality of their products. This ensures quality and safety control at each stage of the manufacturing process, supporting their ability to continuously develop new products and designs, reduced operational costs and economies of scale. 
  • Most of the orders placed by the dealers are backed by advance payments and all the orders placed by the importers are usually backed by advance payments or letter of credit, which allows them to have negative working capital.

Studds Shortcomings

  • They company do not enter into agreements with suppliers of their raw materials that they purchase and typically transact business on an order-by-order basis and also procure their raw materials on the spot. If there will be a significant disruption in the supply of raw materials or finished products from current sources or, in the event of a disruption, they would not be able to allocate alternative suppliers of materials of comparable quality at an acceptable price.
  • As far as bicycle helmets are concerned, India is still an emerging market. While the bicycle accessories market in India is expected to grow at a CAGR of 3.26% but they were unable to successfully sell all the bicycle helmets that they manufacture which is primarily because of their focus on two-wheeler vehicle helmet and inability to compete with the prices by Chinese manufacturers of bicycle helmets.
  • Company's asset turnover ratio has declined by 3.1% because of their inability to mobilize their fixed capital on the account of setting up new manufacturing plant in Faridabad which shows diseconomies of scale as they already have three manufacturing unit within Faridabad.
  • Except their two-wheeler helmets their other business line which includes gears and jackets are not able to meet the standards as their competitors.

Studds Opportunities

  • In order to put a check on the increasing number of casualties involved in road accidents, the government had issued a mandate for the two-wheeler riders to compulsorily wear helmets a few years ago. This led to an exponential growth in the demand for helmets over the years as the two-wheeler market recorded sharp growth over the last decade
  • Growth prospects of Indian tier II and tier III cities and rural economy offer a significant opportunity for the two wheelers industry. The penetration of motorcycles among rural households with income levels greater than US $2,200 per annum has already increased to over 50%. The current target segment for two wheelers is expected to grow at a CAGR of 10%.
  • This growth is relevant in the light of the fact that 70% of India’s population is below the age of 35 years and the number of women in the urban and semi-urban work force is also increasing; this will lead to growth of gearless scooters.
  • Easier finance options, newer and more fuel-efficient models, rising incomes and emerging business models, such as e-commerce, also help OEMs to sell more in the market. In metros and major cities, choked infrastructure and traffic jams, paucity of parking space have fuelled the sale of two wheelers over four wheelers. People buy two-wheelers for shorter commutes despite owning a four wheeler. Preference for two wheelers is increasing in congested cities and they are commonly becoming second vehicles in households.

Studds Threats

  • In FY21, most companies were forced to change the way they work. Remote work became the ‘new normal’. Many STUDDS projects require on-site development and testing, this led to slow in production process in many products.
  • The growth witnessed by the Indian two wheelers industry has attracted a number of new entrants to the market and it is expected that the Indian two wheeler industry will become more competitive in the future. The plethora of products introduced in the past has also raised customer expectations with respect to reliability, styling, performance and economy.
  • Leading manufacturers need to ensure that on one hand they build adequate infrastructure in terms of dealerships and servicing stations in the urban areas and on the other ensure that their distribution infrastructure also reaches rural areas.
Studds Rating


    Strong Buy

  • Studds Detail Info

Industry Statistics


Registered In


last Updated


Registered Date


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Reg Office: 23/7, Mathura road, Ballabgarh, Faridabad, 121004, India

Website: http://www.studds.com