Studds Accessories Limited Share Price – Buy Sell Studds Unlisted Shares

Studds Accessories is largest manufacturer of helmet in world
Studds logo shown in image – largest helmet manufacturer

Studds Accessories Ltd is one of the leading manufacturers and exporters of Helmets & two wheeler accessories in India. Buy Sell Unlisted Shares of Studds Accessories at best rates from us. Studds Accessories Ltd Share Price is Rs 1350 per share. For buying shares of Studds Accessories or any other companies, please call Dharawat Securities on 8108303330 or place your order here

Company Profile

Studds Accessories Limited is the world’s largest manufacturer of two wheeler helmets (in terms of volume of helmets sold. (for Fiscal 2018 F & S report on two wheeler helmet and select accessories market in India ). The company’s flagship brand Studds is the largest selling two-wheeler helmet brand in India in terms of volume of two-wheeler helmets sold in India. Premium helmet brand SMK which was launched in 2016 has emerged as the leading brand with the largest market share in the premium two-wheeler helmet segment in India.

The Studds brand covers the mass commuter market whereas the SMK brand caters to the premium segment. Since incorporation in 1983, the company has witnessed a sustained growth in business. The company’s plants produced and sold 4.95 million helmets under the Studds  brand in Fiscal 2018. It has a wide range of helmets and motorcycle accessories, which keep on evolving every year in terms of new design and graphics.

Motorcycle Accessories range of products include two-wheeler lifestyle accessories such as two-wheeler luggage, gloves, helmet security guards, rain suits and eye wear. It has agreements for supply of helmets and two-wheeler lifestyle accessories with two-wheeler OEMs such as Honda Motor India, Hero Motorcorp, Suzuki Motorcycle India, Royal Enfield, TVS Motor Company. All the helmets supplied to the two-wheeler makers are under joint branding.

Manufacturing Facilities

Studds Accessories product development process is supported by two backward integrated manufacturing facilities located in Faridabad, Haryana. The facilities are equipped with in-house automated injection moulding shop, four paintshops (one of which is fully automated), automated silicon hard coating facility for visors, sputtering and metalizing technologies available for coating visors, in-house helmet liners stitching facility, conveyorized assembly line, in-house mould making shop and design center.


Full-face helmet
Flip-up full face helmet
Flip-off full face helmet
Off road full face helmet
Open Face Helmet
Sporting helmets
Industrial Helmet

Studds Accessories Top Company Management

Madhu Bhushan Khurana – Chairman and Managing Director

Sidhartha Bhushan Khurana – Managing Director

Shanker Dev Choudhry – Independent Director

Pallavi Saluja – Independent Director

Pankaj Duhan – Independent Director

Manish Mehta – Chief Financial Officer

Manish Mehta is auditor of Studds Accessories.  Proprietor Membership: 504641.  For A.C. Mehta & Co Chartered Accountants. Place: Faridabad Dated: 24th August, 2011.

Studds Accessories Unlisted Shares Details:

Established: 1983

CIN: U25208HR1983PLC015135

Face Value: Rs 5

Sector: Helmets and accessories manufacturer

ISIN: INE00Q601028

Company Financials (Figs in Rs crore) 

(Rs m) FY19 FY20 FY21
Revenue 3,327 4,202 4,842
Revenue growth (%) 26.3% 15.2%
Net Profit 325 746 740
Net Profit Growth (%) 129.6% -0.8%

Latest equity share capital is Rs. 9.837 crore of Face Value Rs.5 per share. The Board in its meeting in June 2018 recommended stock-split of face value from Rs.10 to Rs.5 per share along with Bonus issue in ratio of 8 shares for every 1 share held.

As far as the financials of the company are concerned, it clocked a revenue of Rs 4.8 billion in fiscal 2021, which is 15% higher than its revenue last year. It also registered a net profit of Rs 740 m for the financial year 2021 against a profit of Rs 745 m posted in 2020.

For the last five years the company’s revenue and net profit have grown at a CAGR of 9.2% and 25.2%, respectively.

Fixed assets of the company have grown from 1.5 bn to 2.6 bn and yet the debt-to-equity ratio of the company is less than 1 which reflects its robust financials.

Helmet Industry: 

India is one of the largest manufacturers for two-wheeler helmets in the world. The country has a total manufacturing capacity of 35 million for two-wheeler helmets. In last 5 years, the two-wheeler helmet industry has grown by a CAGR of 10%. This happened as government took various steps for ensuring safety of two-wheeler users by wearing a helmet.

In India, around 50% of the helmet industry is under unorganized sector. With GST and demonetization, a shift is expected to be seen from unorganized sector to organized sector. The helmet industry is expected to grow at a CAGR of 17% till 2022.

India is the largest two-wheeler market of the world. Two-wheelers are most popular vehicles in the Indian automobile industry. With a market share of around 81% two-wheeler sector is a leader in Indian automobile industry. In India, there are 11 motorcycle manufacturing companies and 7 scooter
manufacturing companies. The two-wheeler industry is experiencing a rise in demand backed by increase in production by major automotive players.

Helmet Industry market share of each company:

Studds Accessories Market Share in Helmet Industry
Studds Accessories is a leading Helmet manufacturer by volume and market share

With a market share of more than 25% in India, Studds Accessories has established itself as the largest organized player of the industry.  The company’s helmets are available in more than 30 countries (Europe, North America, Asia, Latin America, Central America and Africa) across the
globe and through 363 active dealers in India. The premium helmets segment is one of the fastest growing helmet segments of the country.

Studds is aiming to increase its market share in the two-wheeler helmet segment to up to 40% by 2025.

Studds, Vega and Steelbird are top three organised players in two-wheeler helmet industry with a collective share of about 50% and Studds is the largest brand in the segment. The other 50% of helmets are manufactured locally by unorganised manufacturers. Studds helmets are best quality and offer good price value in comparison to vega helmets and steelbird helmet.  

IPO update:

Studds Accessories has filed its draft IPO prospectus on 24 August 2018. The IPO is likely to hit the primary market soon. The company has already got market regulator Sebi’s approval for an initial public offer (IPO). Studds plans to raise about Rs 100 crore in fresh capital through its proposed IPO, according to its draft prospectus. The IPO also includes an offer for sale of 3.94 million shares by promoters Madhu Bhushan Khurana and Sidhartha Bhushan Khurana, and other existing shareholders. The company plans to part-finance the motorcycle helmet manufacturing facility and bicycle helmet manufacturing unit; both situated in Faridabad.

The upcoming Studds IPO is likely to be listed on both the premier stock exchanges of the country – the BSE and the NSE. The company has acquired in-principle approvals from both the stock exchanges as well. The lead manager to the issue is Edelweiss Financial Services Limited and IIFL Holdings Limited and the Registrar to this issue is Link Intime India Private Limited.

Sidhartha Bhushan Khurana, MD, STUDDS Accessories Ltd. Exclusive on Helmets Outlook in India


The number of two wheelers in India has been on rise but so has been the number of road accidents.

The government has mandated the use of helmets for two-wheeler riders.


Investment Rationale:

Two-wheeler helmet market growth is directly linked to bike sales. There is also a very large replacement market as the consumer changes helmet after 3 to 5 years.  

There is a shift in customers preference from local unbranded helmet manufacturers to organised branded players due to high quality and durability and advanced safety features.  Government has taken key initiatives for Helmet industry of India including mandatory use of Helmets. In India, increasing number of two-wheeler accidents have compelled the government to make use of helmets compulsory by both rider and pillion. Also mandatory approvals  are required to make helmets safer for the riders and reduce the number of road fatalities, the government has planned to make it compulsory to have BIS certification. Currently, 50% of helmets used by riders are without ISI marks.

In addition, with implementation of Goods and Service Tax (GST) and increasing safety benchmarks set for helmets, the company will further strengthen its market share and address the demand opportunity.

Studds Accessories manufactures industrial helmets and now has plans to expand into the new market of bicycle helmets.  These products would be destined for domestic and global market. Bicycle helmets have a larger market share in advanced Economies and the company expects a bigger export market.

Studds Accessories aims to double its manufacturing capacity to 13.5 million helmets and motorcycle accessories (12 million motorcycle helmets & accessories and 1.5 million bicycle helmets) in the coming years.

Moreover, the company is targeting increase in sales of luxury or premium two-wheeler vehicles where margins are higher. The company’s topline and bottomline growth has been consistent over the past three years. Currently, there is no helmet manufacturer which is listed on the stock exchanges. Therefore,  Studds Accessories is likely to command premium valuations whenever it gets listed.

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