Studds Accessories IPO: Know about business model, strengths and risks ahead of issue opening

Incorporated in 1983, Studds Accessories designs, manufactures, markets, and sells 2-wheeler helmets and related motorcycle accessories. It is one of the largest 2-wheeler helmet manufacturers by revenue in FY24 in India and also the world’s largest by volume in CY24.

Studds Accessories IPO details

Studds Accessories IPO aims to raise ₹455.49 crore through its public issue. The issue is 100% book-built and a fresh issue of 77.86 lakh shares.

The company has fixed the price band of the issue at ₹557 to ₹585 per share. The lot size, or the minimum bid quantity to apply for the issue, is 25 shares. This equates to a minimum investment amount of ₹14,625 per lot at the upper end of the price band for retail investors.

Studds Accessories has appointed IIFL Capital Services as the book-running lead managers of the IPO, while MUFG Intime India Pvt.Ltd is the registrar for the issue.

Studds Accessories IPO timeline

Studds Accessories IPO will remain open for bidding from October 30 to November 3, 2025. After the bidding is closed, the allotment of shares is expected to be finalised on November 4.

Successful bidders can expect the shares to be credited to their demat accounts by November 6, with others receiving refunds on the same day. Studds Accessories shares are scheduled to list on the BSE and NSE on November 7, 2025.

Studds Accessories IPO objective

The money raised from the IPO will be used towards the following objectives:

• Carry out the offer for sale: The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to selling shareholders.
• Listing on stock exchanges: The company want to achieve the benefits of listing its shares on the stock exchanges.

Financial snapshot

About the company

Since its incorporation, Studds Accessories has built a strong presence in the helmet and motorcycle accessories space. The company operates three manufacturing facilities with a combined annualised production capacity of 90.4 lakhs units. It sold around 74 lakh units in FY25.

The company offers 240+ styles across 19,258 SKUs. As of August 31, 2025, it had 363 active distributors across India and exported products to over 70 countries. For efficient logistics, the company works with three third-party logistics partners based in Faridabad, Bangalore, and the United States. The company directly sells products to reputed 2-wheeler OEMs, such as Honda Cars India Limited, Hero MotoCorp Limited, Suzuki Motorcycle India Private Limited, Eicher Motors Limited (Royal Enfield) and India Yamaha Motors Private Limited. OEM sales contributed 11.81% of revenue in Q1FY26.

Studds Accessories products are primarily marketed under two brands - Studds and SMK. SMK was launched in 2016, while Studds was introduced in 1975. It also sells accessories such as motorcycle luggage, gloves, helmet locks, rain suits, riding jackets, and eyewear under the Studds brand. Studds has a strong domestic presence and exports to 70+ countries across the Americas, Asia, and Europe. Under white label arrangements, it also manufactures helmets for international brands like “Daytona” for Jay Squared LLC in the U.S. and “O’Neal” for clients in Europe, the U.S., and Australia.

In Q1FY26, helmet sales accounted for 92.81% of operational revenue while accessories contributed 6.98%. In FY25, helmets generated ₹539.621 crore (92.43% of revenue), and accessories sales accounted for ₹42.55 crore (7.29%). Studds holds a 27.3% market share by volume and 25.5% by value in FY24. The company targets the mass and mid-market categories, offering helmets priced between ₹875 and ₹4,000. The brand sold about 70.7 lakhs units in FY25. SMK focuses on the premium segment in India and mid-market customers in Europe, with prices ranging from ₹3,000 to ₹12,800. It sold approximately 2.9 lakhs units globally in FY25.

Studds operates manufacturing units in Faridabad, Haryana. Facilities I, II, and III are fully integrated and equipped with advanced automation technologies such as silicon hard coating for visors, sputtering and metalising processes, in-house helmet liner stitching, conveyorised assembly lines, mould-making capabilities, and robotic painting systems.

Risks and Threats

• Heavy dependence on the 2-wheeler market: The sale of two-wheeler helmets manufactured by the company contributed 92.81% of the total revenue as of June 30, 2025. Any slowdown in domestic or global 2-wheeler demand could directly impact revenue growth and margins. Exports, which formed 19.07% of helmet sales, also depend on compliance with evolving international norms.
• Geographic concentration of manufacturing facilities: The company has all of its manufacturing facilities in Faridabad, Haryana, with a 5th manufacturing facility under construction in the same region. Any regional risk, such as natural calamity, political instability, or regulatory changes, would impact the business operations.
• Significant raw material expenses: Purchase of raw materials accounted for 49.03% of total expenses as of June 30, 2025. Domestically sourced raw materials contributed 84.02% of expenses, whereas imported raw materials contributed 15.98%. If the company is unable to procure adequate amounts of raw material at competitive prices, its business operations and financial condition may be adversely affected.

Strengths and Opportunities

• Market leader of 2-wheeler helmets: The company is India’s largest 2-wheeler helmet manufacturer by revenue in FY24 and the world’s largest by volume in CY24. With nearly five decades of expertise, the company sold approximately 74 lakhs helmets in FY25, reflecting its dominant market position.
• Diversified product portfolio: The company offers over 240 helmet designs and 19,258 SKUs as of August 2025, catering to both mass and premium markets. Its brands, Studds and SMK, ensure presence across all market segments and price points. In Q1FY26, the Studds brand contributed 72.22% of helmet sales, while SMK accounted for 18.14%.
• Extensive distribution and pan-India presence: The company has a strong distribution network of 363 active distributors across India and exports to 70+ countries. It also supplies helmets to leading OEMs such as Hero MotoCorp, Honda Cars India, Suzuki Motorcycle India, and Yamaha, with OEM sales accounting for 11.81% of total revenue and distributor network contributing 54.98% as of June 30, 2025. Exports formed 22.7% of revenue.