Studds Accessories Limited IPO

Studds Accessories Limited is recognized as a dominant player in the two-wheeler helmet market, holding the position of the largest domestic player in India based on revenue in Fiscal 2024. Furthermore, the company is acknowledged as the world’s largest two-wheeler helmet player by volume in Calendar Year 2024 (Source: CARE Report). The organization is an established manufacturer, leveraging nearly five decades of industry experience.

Business Model and Operations

Studds Accessories Limited focuses on designing, manufacturing, marketing, and selling two-wheeler helmets and other accessories. The company operates primarily under two main brands:

1. ‘Studds’: This brand encompasses two-wheeler helmets, bicycle helmets, and other accessories such as two-wheeler luggage, gloves, helmet locking devices, rain suits, riding jackets, and eyewear. The Studds brand portfolio includes various models of helmets: Full-face (14 models), Modular (7 models), Open face (11 models), Dual sport (1 model), and Bicycle Helmets (1 model).
2. ‘SMK’: This brand is specifically targeted at the premium two-wheeler helmet market segment in India. Under the SMK brand, the company manufactures more than 80 different styles of helmets in categories like full face, modular, dual sport, and open face.

Sales of two-wheeler helmets contribute a significant portion to the total sales, accounting for 92.81% for the three months ended June 30, 2025, and 92.43% for Fiscal 2025.

Studds manages the entire production lifecycle, which extends from design through to manufacturing. As part of its integrated manufacturing approach, Studds Accessories Limited utilizes 4 operational manufacturing facilities in India, all located in Faridabad, Haryana, with a 5th manufacturing facility currently under construction. These facilities are highly equipped, featuring advanced technologies such as automated silicon hard coating, sputtering and metalizing for visors, in-house helmet liner stitching, conveyorized assembly lines, in-house mold making shops, and design centers. Notably, the facilities also include an in-house helmet testing laboratory certified by the Vehicle Certification Agency, England (VCA).

Revenue Channels

The company employs a multifaceted distribution strategy to reach its customers globally and domestically. Key revenue channels include:

• Distributor Networks: Products are primarily sold through the company's extensive distributor networks. Sales through all distributors accounted for 56.32% of total sales for the three months ended June 30, 2025, and 60.13% for Fiscal 2025.
• Original Equipment Manufacturers (OEMs): The company supplies products to key clients in the automotive segment, including India Yamaha Motor Private Limited, Honda Cars India Limited, Hero MotoCorp Limited, Suzuki Motorcycle India Private Limited, and Eicher Motors Limited (Royal Enfield). OEM sales accounted for 11.81% of total sales for the three months ended June 30, 2025, and 15.49% for Fiscal 2025.
• Government Channels: Sales are also generated directly through institutional customers and government customers such as the Canteen Stores Department (CSD) and Central Police Canteens (CPC).
• Online Sales: Products are sold through online retailers (which constituted 4.83% of revenue from operations for the three months ended June 30, 2025) and the company's own website (www.studds.com).
• Exports: International sales are a key strength, with products sold in over 70 countries across Asia (excluding India), the Americas, and Europe. Export sales comprised 22.77% of revenue from operations for the three months ended June 30, 2025, and 16.63% for Fiscal 2025. The map below shows the international presence of Studds.

Major Developments

The company has engaged in several significant corporate and strategic activities, including:

• Acquisition of Bikerz US Inc.: The company acquired 100% of the shares of its U.S. subsidiary, Bikerz US Inc. (incorporated in Delaware, U.S.). This acquisition was effective August 9, 2024, for a consideration of $304,963. Bikerz US Inc. primarily focuses on the importation, distribution, and sales of SMK Helmets throughout the United States of America. This move is intended to strengthen the distribution network and expand the company's presence in North America.
• Liquidation of SMK Europe: The company approved the divestment and subsequent liquidation of its wholly-owned subsidiary, SMK Europe-UNIPESSOAL LDA, effective September 19, 2023.
• Expansion Strategy: The company plans to establish a new subsidiary in Europe to further strengthen its presence in that region. It also intends to evaluate options for inorganic expansion in untapped markets, including Vietnam, Peru, and Egypt.
• Bonus Share Issuance: Pursuant to shareholder resolution dated December 17, 2024, the company issued and allotted Equity Shares through a bonus issue in the ratio of one Equity Share for every one Equity Share held on January 11, 2025.