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Studds Accessories Ltd
Plastic productsIPO
₹585 - 585
We design, manufacture, market and sell two-wheeler helmets under the `Studds' and `SMK' brands and other accessories (such as two-wheeler luggage, gloves, helmet locking device, rain suits, riding jacket and eye wear) under the `Studds' brand. Our products are sold pan-India and in more than 70 countries internationally, with our key export markets situated across Americas, Asia (excluding India), Europe and rest of the world. We also manufacture helmets for Jay Squared LLC, which are sold under the "Daytona" brand in the United States of America, as well as for O'Neal under their branding, supplying to markets in Europe, United States of America and Australia.
Lot25Min Invest₹14,625Face Value₹5Issue Size₹455 CrOffer for Sale₹455 CrListing Price₹570CMP₹392
Timeline
30 Oct
Bidding opens
3 Nov
Bidding closes
4 Nov
Allotment
6 Nov
Refund & demat credit
7 Nov
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹455 Cr0.78 Cr shares
Offer for Sale₹455 Cr
Face Value₹5
Lot Size25 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,6251-13 lots
sNII₹2,04,750from 14 lots
bNII₹10,09,125from 69 lots
Managers & Registrar
Lead ManagerIIFL Capital Services Ltd
Co-ManagerICICI Securities Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrMadhu Bhushan KhuranaPRMTR38,00,000222.30Sidhartha Bhushan KhuranaPRMTR8,00,00046.80Chand KhuranaPRMTR21,00,000122.85Sanjay LeekhaOTH3,42,00020.01Sanjay Leekha jointly with Charu LeekhaOTH2,58,00015.09Charu LeekhaOTH2,49,60014.60Nisha LeekhaOTH1,00,8005.90Nain Tara MehtaOTH57,6003.37Sunil Kumar RastogiOTH36,0002.11SE Shoes Private LimitedOTH25,9201.52Ajay Kumar SakhujaOTH16,2000.95Total77,86,120455.49
Shareholding
CategoryPre IPOPost IPOPromoter Group78.78%61.76%Public21.22%38.24%
Objects of the Issue
- Listing the equity shares on the Stock Exchanges
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 499 | 529 | 584 | 634 | 655 |
| Operating ProfitCr | 60 | 90 | 105 | 122 | 111 |
| OPM% | 12.0 | 17.1 | 18.0 | 19.3 | 17.0 |
| PBTCr | 46 | 76 | 95 | 112 | 101 |
| PATCr | 33 | 57 | 70 | 83 | 75 |
| EPS | 17 | 15 | 18 | 21 | 19 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 10 | 10 | 20 | 20 | - |
| ReservesCr | 328 | 378 | 430 | 503 | - |
| BorrowingsCr | 32 | 9 | 9 | 8 | - |
| Fixed AssetsCr | - | - | 342 | 343 | - |
| Total AssetsCr | 461 | 486 | 557 | 638 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 28 | 72 | 63 | 86 | - |
| Investing Cash FlowCr | 1 | -20 | -51 | -43 | - |
| Financing Cash FlowCr | -23 | -41 | -9 | -12 | - |
| Net Cash FlowCr | 6 | 11 | 3 | 31 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Largest domestic player of two-wheeler helmets.
- Wide design and product catalogue across price points catering to diverse consumer requirements.
- Advanced manufacturing and D&D capabilities with vertically integrated operations.
- Strong pan-India and global presence supported by an extensive and well-developed sales and dealer network and major quality accreditations.
- Capital efficient and sustainable business model.
- Experienced Promoters and Management team.
Strategies · as stated in the DRHP
- Expand and strengthen our production capacity and deepen our vertical integration.
- Strategically expand into new markets and geographies.
- Increase our offering in the premium helmet segment in the Studds and SMK brand.
- Expand our product portfolio.
- Increase focus on domestic online sales channel.
Risks · as stated in the DRHP
- The sales of our products will suffer if we are unable to maintain and/ or enhance the `Studds' and `SMK' brands, which would have a material adverse effect on our business, financial condition, results of operations and brand equity.
- The sale of two-wheeler helmets manufactured by us contributes a significant portion to total sales (92.81%, 92.43%, 92.44% and 91.91% for the three months ended June 30, 2025 and Fiscals 2025, 2024, and 2023, respectively). Any decrease in motorcycle sales could have an adverse effect on our business, cash flows, results of operation and financial position.
- Our continued operations at our manufacturing facilities are critical to our business and any disruption, breakdown or shutdown of our manufacturing facilities may have a material adverse effect on our business, financial condition, results of operations and cash flows.
- We incur significant expenses in relation to the procurement of our primary raw materials. In the event we are unable to procure adequate amounts of raw material, at competitive prices, our business, results of operations and financial condition may be adversely affected. Further, we do not generally enter into agreements with the suppliers and accordingly may face disruptions in supply from the current suppliers.
- In the past, for instance designs for our products, such as, Stellar - Wings were not well received by customers in the three months ended June 30, 2025 and Fiscals 2025, 2024 and 2023 and if we are unable to provide new designs or update our product catalogue in accordance with customer preference, it may adversely affect our business prospects, results of operations and cash flows.
- We are dependent on certain raw material suppliers (which accounted for more than 40% in the three months ended June 30, 2025 and Fiscals 2025, 2024 and 2023). Any disruption in their operations or the inability of such suppliers to supply the raw materials in the quantities we require, may have an adverse effect on our business, results of operations and financial condition.