In late 2025, India’s primary market stays active with consumer brands tapping investors. Against this backdrop, Studds Accessories Limited, a leading maker of two-wheeler helmets and motorcycle accessories, opens its IPO on October 30, 2025. Below is a structured look at the company, its IPO, and the outlook.
About Studds Accessories Ltd.
Incorporated in 1975 (established 1983), Studds designs, manufactures, markets and sells helmets under “Studds” and “SMK”; other accessories are sold under “Studds.”
Products: Helmets, riding jackets, rain suits, gloves, eyewear, helmet security guards, two-wheeler luggage.
Presence: Pan-India distribution and exports to 70+ countries. OEM/contract manufacturing includes Jay Squared LLC (Daytona, US) and O’Neal (EU/US/Australia).
Manufacturing: Four facilities in Faridabad, Haryana (Facilities II–IV on owned land; Facility I partly owned/leasehold).
Scale & R&D: 19,258 SKUs, 240+ designs (80 SMK; 160+ Studds), 7.40 million helmets sold in FY25, 75-member R&D team.
Promoters: Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, Shilpa Arora.
Studds Accessories IPO Details
| Particulars | Details |
| IPO Type | Bookbuilding – Offer for Sale (OFS) |
| IPO Size | ₹455.49 crore |
| Fresh Issue | (No fresh capital; company won’t receive proceeds) |
| OFS | 77,86,120 shares |
| Face Value | ₹5 per share |
| Price Band | ₹557 – ₹585 per share |
| Lot Size | 25 shares |
| Listing | BSE, NSE |
| Lead Manager | IIFL Capital Services Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Pre-Issue Shares | 3,93,53,400 |
| Post-Issue Shares | 3,93,53,400 (unchanged; pure OFS) |
Important IPO Timeline
| Event | Date |
| IPO Open | Thu, Oct 30, 2025 |
| IPO Close | Mon, Nov 3, 2025 |
| Allotment (Tentative) | Tue, Nov 4, 2025 |
| Initiation of Refunds | Thu, Nov 6, 2025 |
| Credit of Shares to Demat | Thu, Nov 6, 2025 |
| Listing (Tentative) | Fri, Nov 7, 2025 |
| UPI Mandate Cut-off | 5 PM on Mon, Nov 3, 2025 |
IPO Reservation
| Investor Category | Allocation Guideline |
| QIB | Not more than 50% of the Offer |
| NII | Not less than 15% of the Offer |
| Retail | Not less than 35% of the Offer |
Studds Accessories IPO Lot Size
| Application | Lots | Shares | Amount (₹ at ₹585) |
| Retail (Min) | 1 | 25 | 14,625 |
| Retail (Max) | 13 | 325 | 1,90,125 |
| S-HNI (Min) | 14 | 350 | 2,04,750 |
| S-HNI (Max) | 68 | 1,700 | 9,94,500 |
| B-HNI (Min) | 69 | 1,725 | 10,09,125 |
Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoters’ Stake | 78.78% | 61.76% |
(Stake reduces due to OFS; share count unchanged.)
Studds Accessories Ltd. Financials (Restated Consolidated)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 586.61 | 556.71 | 485.56 | 461.07 |
| Total Income (₹ Cr) | 152.01 | 595.89 | 535.84 | 506.48 |
| PAT (₹ Cr) | 20.25 | 69.64 | 57.23 | 33.15 |
| EBITDA (₹ Cr) | 30.26 | 104.84 | 90.19 | 60.05 |
| Net Worth (₹ Cr) | 469.77 | 449.48 | 387.41 | 338.02 |
| Reserves & Surplus (₹ Cr) | 450.09 | 429.80 | 377.57 | 328.18 |
| Total Borrowing (₹ Cr) | 2.91 | 2.91 | 0.61 | 30.58 |
Key Performance Indicators (KPI)
| KPI | Value |
| Market Capitalization (₹ Cr) | 2,302.17 |
| ROE | 16.64% |
| ROCE | 20.25% |
| Debt/Equity | −0.07 |
| RoNW | 15.49% |
| PAT Margin | 11.93% |
| EBITDA Margin | 17.96% |
| Price to Book | 5.12 |
Per-share metrics
| Metric | Pre-IPO | Post-IPO |
| EPS (₹) | 17.70 | 20.58 |
| P/E (x) | 33.06 | 28.43 |
Objects of the Issue
| Objective | Details |
| Listing Benefits | Achieve the benefits of listing the Equity Shares on BSE & NSE (enhanced visibility, liquidity, and corporate profile). |
Note: This is a 100% OFS. Proceeds go to the selling shareholders; the company does not receive funds.
Industry Outlook
- Two-Wheeler Helmets: Mandatory helmet usage, rising urban two-wheeler penetration, and premiumization trends support steady demand.
- Exports & Branding: Strong global distribution and multi-brand strategy (Studds/SMK) position the company to benefit from export growth.
- Innovation: Large SKU base, robust R&D, and design variety underpin premium segments and international certifications.
Studds Accessories IPO: Peer Comparison
Studds Accessories IPO can be compared with peers like Steelbird Hi-Tech India Ltd, VEGA Auto Accessories Pvt. Ltd, Sparx Helmets Ltd, Hero MotoCorp Ltd, and TVS Motor Company Ltd. Analyzing these companies allows investors to understand Studds Accessories’ standing within the two-wheeler accessories and safety gear segment, evaluate its growth potential, and make informed investment decisions.
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Conclusion
Studds Accessories Ltd. combines a dominant brand presence, export reach, and improving profitability. With no fresh issue, the IPO serves as a liquidity event and broadens shareholding via OFS. Investors should weigh valuation (implied P/E ~28–33x based on provided EPS) against brand strength, global reach, and healthy returns profile. For those seeking consumer-durables exposure within auto-accessories, Studds offers a compelling, brand-led narrative.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
