STUDDS Accessories Limited

Company Overview

From manufacturing their first helmet in a garage to manufacturing 7 million helmets and motorcycle luggage every year, STUDDS Accessories Limited has today grown to become the largest two-wheeler helmet manufacturer in the world. Headquartered in Faridabad, the Company has four state-of-the-art facilities manufacturing an extensive array of over 50 products.
Backed by a rich legacy, a strong product portfolio and a robust dealer network, the Company has more than 26% market share in India and offers products to more than 40 countries across the globe. STUDDS Accessories Limited is a leading manufacturer of helmets and motorcycle accessories. Since its inception in 1983, over 3 decades, the company has continuously innovated products to ensure the safety to two-wheeler riders. It offers a wide range of two-wheeler helmets and accessories and possesses state-of-the-art manufacturing facilities, equipped to deliver over 13.2 million 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.

India is the largest market for 2-wheelers (e.g. scooterettes, mopeds, and motorcycles) as well as home to one of the world’s
most competitive manufacturers of 2-wheeler helmets with 35 million units produced each year. Despite disrupting the Indian
economy badly, Covid-19 has also provided an opportunity for innovation. Manufacturers shut down their manufacturing plants
for only a few days before starting to produce face shields, goggles, and masks. The new norm of social distancing will definitely lead to people going back to their personal modes of transportation instead of using public transportation. Due to the fact that two wheelers are the most convenient form of transportation in India, this will lead to a rise in sales for them. In addition, used two wheelers will have a huge market in the country as well. The demand for helmets will certainly increase as a result.

In India, the market for two-wheeler helmet is expected to grow around 25% by 2028. As consumers become more aware of safety, coupled with advanced safety features being introduced in two-wheeler helmets, the market for two-wheeler helmets is
expected to grow significantly. Moreover, rising per capita income coupled with the rise in sales of luxury or premium two-wheeler vehicles is further expected to stimulate helmet sales by 2022. Along with the introduction of some stringent government policies, the market is also expected to see a rise in demand. As per government data, about 3% of GDP is spent on road accidents, with the number of deaths in cases of road accidents equal to those of the current pandemic. By updating themselves regularly and enforcing new laws, the government works toward increasing rider safety. According to the Motor Vehicle Act, it is mandatory for all two-wheeler riders to wear helmets. Furthermore, the government has adopted a policy that prohibits the production, sale, and use of helmets that lack an ISI certification. The policy became effective on June 1, 2021. This will be a major step for improving the safety of riders of two-wheelers. The government has taken a number of steps aimed at ensuring the safety of riders, which is a positive development. The helmet industry will benefit from all these factors

id company_master_id company shareholder sharesNo shareHolding dateOfUpdate
199 34 Studds Accessories Ltd Madhu Bhushan Khurana 10892880 0 2022-03-31
202 34 Studds Accessories Ltd Others 4320540 0 2022-03-31
200 34 Studds Accessories Ltd Sidhartha Bhushan Khurana 2814480 0 2022-03-31
201 34 Studds Accessories Ltd Chand Khurana 1648800 0 2022-03-31
id company_master_id company shareholder sharesNo shareHolding dateOfUpdate

Revenue Segment

Share Holding

Revenue & Margins

% Margins

Company Financials

Profit and Loss Account (₹ in Crores) 2020 2021 2022
Revenue from Operations 431.23 479.62 462.5
Other Income 5.71 4.6 5.47
Total Income 436.94 484.21 467.97
Cost of Operations 172.16 200.27 251.03
EBITDA 103.63 115.11 59.7
EBITDA % 23.72 23.77 12.76
EBIT 96.35 101.77 43.07
EBIT % 22.05 21.02 19.94
PBT 95.44 98.3 40.01
PBT % 21.84 20.3 8.55
TAX -20.88 24.3 11.38
NPAT 74.56 73.99 28.63
NPAT % 17.06 15.28 6.12
EPS (Basic) in ₹ 37.89 37.61 14.55
EPS (Diluted) in ₹ 37.89 37.61 14.55
Dividend Per Share (in ₹) 4 4 3

Sources of funds

Application of funds

Balance Sheet (₹ in Crores) 2020 2021 2022
Share Capital 9.84 9.84 9.84
Reserves 206.29 280.2 301.05
Networth 216.13 290 310.89
Long Term Borrowings 27.73 15.58 29.76
Short Term Borrowings 12.2 12.14 13.91
Current Liabilities 84 110.45 95.22
Non-Current Assets 242.6 276 322.54
Current Assets 104.8 158.59 130.42
Total Assets 347.4 434.61 455.48
Cash Bank Balance 53.48 76.19 39.3
Trade Receivables 18.99 26.57 28.14
Trade Payables 33.96 62.78 62.7
Inventory 18.92 28.99 42.42
Cash Flow Statement (₹ in Crores) 2020 2021 2022
Cash flow from operating Activities 63.58 73.94 11.52
Cash flow from Investing Activities -36.53 -34.48 -39.88
Cash flow from Financing Activities -25.86 -17.32 3.21
Net Cash-Flow 1.19 22.14 -25.14




Price Multiples as on 2021-05-08
Face Value Per Share (in ₹) 5
Price Per Share (in ₹) 1120
P/E 76.98
P/B 7.09
Dividend Yield 0.27 %
Price / Sales 4.76
Market Cap (₹ in Crores) 2204
Interesting Quote / Trivial Information about the company's unlisted shares
STUDDS Accessories
Source Name
Additional details

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