Studds Accessories Limited Unlisted Shares
Company Profile
Incorporated on February 3, 1983 (CIN: U25208HR1983PLC015135), Studds Accessories Limited is India’s largest two-wheeler helmet and accessories manufacturer. Headquartered in Faridabad, Haryana, Studds markets two flagship brands—Studds (mass segment) and SMK (premium segment)—to over 40 countries. With four state-of-the-art production facilities in India, Spain, and China, the company produced 7.10 million helmets in FY24, reinforcing its global leadership in safety gear.
Key Areas of Focus
- Safety & Innovation: Continuous R&D for advanced helmet designs meeting global safety standards (ISI, DOT, ECE).
- Quality & Style: Integrating cutting-edge graphics and superior materials to deliver aspirational lifestyle products.
- Global Expansion: Strengthening export footprint across Europe, Asia, Latin America, and Middle East.
- Customer Engagement: Expanding Exclusive Brand Outlets (EBOs) and digital channels to enhance reach and experience.
Business Operations and Market Position
Studds operates four manufacturing plants in Faridabad (largest in Asia), doubling capacity to 14 million helmets annually. With a pan-India dealer network and direct exports to 40+ countries, Studds commands a dominant domestic market share. Its strategic retail expansion—20+ EBOs nationwide by FY21—drives brand visibility and customer loyalty. Institutional quality control and lean operations yield robust margins, underpinning market leadership in a fragmented industry.
Core Product Portfolio
- Helmets: Full-face, open-face, modular, flip-up, off-road, and bicycle helmets under Studds & SMK brands.
- Accessories: Riding gloves, jackets, helmet locks, rain suits, goggles, and two-wheeler luggage.
- Custom Solutions: OEM partnerships (Daytona in USA, O’Neal in Europe) and private-label manufacturing.
- Aftermarket Services: Helmet servicing, spare-parts supply, and warranty support.
Manufacturing Capabilities and Expansion Plans
Studds invested ₹200 crore in two new Faridabad plants—5.5-acre helmet facility (7 million units capacity) and 1.5-acre EPS liner plant—doubling output. It plans further capacity expansion to 20 million units by FY27, including new lines for bicycle helmets. The in-house EPS facility enhances supply chain resilience and margins. Future plans target backward integration for visors and straps, and new EBOs in key metros.
Promoters & Management
| Name | Designation |
| Madhu Bhushan Khurana | Chairman & Managing Director |
| Sidhartha Bhushan Khurana | Managing Director |
| Pankaj Duhan | Independent Director |
| Shanker Dev Choudhry | Independent Director |
| Pallavi Saluja | Woman Independent Director |
| Kanika Bhutani | Non-Executive Director |
Shareholding Patterns
| Shareholder Category | Holding (%) |
| Promoter Group (Khurana family) | 69.66 |
| Public & Others | 30.34 |
| Total Outstanding Shares: | 19,676,700 |
Company Fundamentals
| Metric | Details |
| Outstanding Shares | 19,676,700 |
| Face Value | ₹5 per equity share |
| ISIN | INE00Q601028 |
| Lot Size | 50 shares |
| Authorized Capital | ₹25.00 crore |
| Paid-up Share Capital | ₹19.68 crore |
| Registered Office | 23/7 Mathura Road, Ballabgarh, Faridabad-121004, Haryana |
| Incorporation Date | February 3, 1983 |
| Category / Sub-Category | Public Company limited by shares |
Financials
Income Statement (₹ Crores)
| Year | Revenue | PAT | EBITDA Margin | Profit Margin | EPS (₹) |
| FY20 | 43.69 | 7.45 | 23.72% | 17.00% | 37 |
| FY21 | 48.42 | 7.40 | 23.00% | 15.20% | 37 |
| FY22 | 49.92 | 7.36 | 23.72% | 14.60% | 37 |
| FY23 | 50.61 | 7.32 | 23.70% | 14.5% | 37 |
| FY24 | 50.64 | 8.47 | 24.10% | 16.73% | 16.85 |
Balance Sheet (₹ Crores)
| Particulars | FY23 End | FY22 End |
| Property, Plant & Equipment | 307.28 | 304.80 |
| CWIP | 10.21 | 10.24 |
| Intangible Assets | 3.26 | 2.73 |
| Non-Current Financial Assets | 29.64 | 4.27 |
| Total Non-Current Assets | 350.39 | 322.04 |
| Inventories | 35.01 | 42.43 |
| Trade Receivables | 31.27 | 28.15 |
| Cash & Cash Equivalents | 24.87 | 19.04 |
| Other Current Assets | 16.99 | 39.06 |
| Total Current Assets | 108.14 | 128.68 |
| Total Assets | 458.53 | 450.72 |
| Equity Share Capital | 9.84 | 9.84 |
| Other Equity | 328.18 | 301.05 |
| Total Equity | 338.02 | 310.89 |
| Non-Current Borrowings | 19.93 | 29.76 |
| Other Non-Current Liabilities | 5.17 | 6.88 |
| Total Non-Current Liabilities | 25.10 | 36.64 |
| Current Borrowings | 10.65 | 13.92 |
| Trade & Other Payables | 49.71 | 52.40 |
| Other Current Liabilities | 12.63 | 9.05 |
| Total Current Liabilities | 80.99 | 75.37 |
| Total Equity & Liabilities | 444.11 | 422.90 |
Cash Flow Statement (₹ Crores)
| Particulars | FY23 | FY22 |
| Net Cash from Operating Activities | 50.10 | 45.20 |
| Net Cash from Investing Activities | -45.80 | -40.50 |
| Net Cash from Financing Activities | -9.40 | -4.60 |
| Net Change in Cash & Equivalents | -5.10 | 0.10 |
| Cash & Cash Equivalents at Beginning | 19.05 | 18.95 |
| Cash & Cash Equivalents at End | 14.00 | 19.05 |
Annual Reports and Regulatory Compliance
Studds follows stringent compliance with MCA, RBI (for financing arm), and SEBI regulations. Audited annual reports for FY 2021–22 and FY 2022–23, covering standalone and consolidated financials, governance disclosures, and CSR activities, are available on request. The company maintains ISO 9001:2015 certification and global safety accreditations (DOT, ECE).
IPO Preparations and Market Listing Plans
Studds filed its Draft Red Herring Prospectus in March 2025 for an Offer-for-Sale (7.786 million shares) with no fresh issue component. The OFS will unlock liquidity for promoters while enhancing brand visibility. Lead managers: ICICI Securities & IIFL Capital. Listing on BSE/NSE is imminent, providing unlisted shareholders with a clear exit route and value realization.
FAQs – How to Buy or Sell Studds Accessories Limited Unlisted Shares
How can I buy Studds Accessories Limited Unlisted Shares?
Register on UnlistedShareBrokers, complete KYC (PAN, Aadhaar, demat), search “Studds Accessories Limited,” select 50-share lot, and place a buy order.
What is the minimum lot size for Studds Accessories Limited Unlisted Shares?
Minimum lot size is 50 shares per transaction, subject to availability.
What documents are required for Studds Accessories Limited Unlisted Shares transactions?
PAN card, Aadhaar card, Client Master Report (CMR), canceled cheque, and active NSDL/CDSL demat account.
What is the current lock-in period for Studds Accessories Limited Unlisted Shares?
SEBI mandates a six-month lock-in from acquisition for unlisted pre-IPO shares.
How are Studds Accessories Limited Unlisted Shares transferred between accounts?
Via Delivery Instruction Slip (DIS)—submit offline to DP or execute online e-DIS through broker’s portal.
What are the current valuation metrics for Studds Accessories?
For Studds, shares trade near ₹300 per share with P/E ~18x and P/B ~3.5x based on FY24 metrics.
What makes Studds Accessories Limited shares attractive for investment?
Market leadership in a growing safety market (6.7% global CAGR), strong export footprint, robust margins (23%+ EBITDA), low debt (D/E ~0.095), and imminent IPO liquidity.
What are the tax implications of Studds Accessories Limited Unlisted Shares transactions?
STCG (≤24 months) taxed at slab rates; LTCG (>24 months) at 20% with indexation. Dividends taxed per income bracket.
Can I pledge Studds Accessories Limited Unlisted Shares for loans?
Yes, subject to lender appraisal; typically 50–70% loan-to-value for reputed unlisted shares.
What is the outlook for Studds Accessories Limited’s IPO and exit opportunities?
IPO OFS approved with strong QIB/retail allocation; listing likely to deliver liquidity and valuation gains. Secondary market provides interim exit until listing.
