The company has set a price band of Rs 557–585 per share for its Rs 455.49 crore issue. Based on the current GMP, the expected listing price is estimated at around Rs 640 per share, suggesting a potential listing gain of approximately 9.5% for early investors.
Studds Accessories IPO Details:
The Rs 455.49 crore IPO is entirely an offer-for-sale (OFS), with no fresh issue of shares. This means all proceeds from the issue will go to the existing shareholders. In total, Studds will offload 78 lakh equity shares in the public offering. Promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Chand Khurana, along with other shareholders, will sell their stakes through this listing.The subscription window opens on October 30 and closes on November 3, with a tentative listing date of November 7, 2025. Retail investors can bid for a minimum of 25 shares, extendable to 14,625. IIFL Capital Services Limited and ICICI Securities are managing the issue, with MUFG Intime acting as registrar.
About Studds Accessories
Founded in 1975 and incorporated in 1983, Studds Accessories Ltd, headquartered in Faridabad, Haryana, is synonymous with two-wheeler safety gear in India. Its product range spans helmets, riding jackets, gloves, luggage systems, eyewear, rain suits, and helmet security accessories.The company operates under two flagship brands — “Studds” and “SMK” — and exports to over 70 countries across Asia, Europe, and the Americas. Studds also manufactures helmets for leading global brands, reinforcing its strong international presence.
Financial Performance: Accelerating Growth
Studds reported a revenue of Rs 584 crore in FY25, marking a 10.3% jump from Rs 529 crore in FY24. Net profit surged 22% year-on-year to Rs 70 crore, while Earnings Per Share (EPS) climbed from Rs 14.54 to Rs 17.70, a reflection of operational efficiency and margin expansion.
Should You Subscribe?
According to a report by SBI Securities, the company’s fundamentals justify optimism: “Studds Accessories is the market leader in India’s helmet industry, boasting a fully integrated design-to-delivery setup. As of FY24, it commands a domestic market share of 27.3% (volume) and 25.5% (value). Between FY23 and FY25, the company’s Revenue, EBITDA, and PAT have grown at a CAGR of 8%, 32%, and 45%, respectively.”
The report further notes Studds’ strong return ratios, robust balance sheet, and self-funded growth strategy. The broader two-wheeler industry upcycle, aided by GST rationalisation and rising safety regulations, adds to its long-term growth tailwinds.
At the upper price band of Rs 585, Studds is valued at a P/E of 33.1x (FY25 earnings), a reasonable valuation for a category leader with consistent performance and brand equity. SBI Securities recommends a “Subscribe” rating for investors at the upper price band.
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