Overview
Founded in 1983 and headquartered in Faridabad, Studds Accessories Ltd. is the world’s largest organized manufacturer of two-wheeler helmets and motorcycle accessories, producing over 7 million helmets annually from its four advanced manufacturing facilities. With a strong domestic presence—holding about 25–30% of India’s helmet market by volume and value—and an expanding export footprint across 70+ countries, Studds combines safety, innovation, and scale in its business model .
1. Strategic Global Ownership
Privately held, Studds boasts a robust leadership with visionary promoters who have nurtured its growth over decades, enabling deep relationships with OEMs (like Hero, Honda, Royal Enfield) and global distributors .
2. World-Class Manufacturing Infrastructure
Operating multiple facilities with cutting-edge safety labs—including India’s only lab certified by the European Safety Agency—Studds ensures world-class quality and compliance with global standards like ECE 22.05, BIS, and more .
3. Extensive Retail & Distribution Network
Studds’ products reach consumers through an expansive network of over 373 active dealers, 7 exclusive brand outlets (EBOs), and robust e-commerce presence on platforms like Flipkart and Amazon .
4. Strong Financial Metrics Despite Market Challenges
Studds delivered consistent performance with FY24 revenue rising to ₹529 crore (from ₹491–506 crore in FY23), EBITDA increasing to ~₹90–97 crore, and PAT surging from ₹33 crore to ₹57 crore. EPS notably jumped to ₹29 (from ₹17) . Export revenue dipped due to stricter European standards but is expected to rebound with compliance efforts underway .
5. Upcoming ESG & Brand Expansion Plans
While direct ESG initiatives are not explicitly disclosed, Studds’ emphasis on safety certifications, regulatory compliance, and high-quality manufacturing hints at a responsible and environmentally conscious approach . Additionally, its upcoming IPO (mostly via promoter stake sale) indicates strategic maturity and alignment with investor transparency norms .
6. Global Strategic Positioning
Positioned strongly in both domestic and international markets, Studds leverages India’s “China Plus One” manufacturing strategy. Increasing demand from the electric vehicle segment and safety-conscious consumers further enhances its global growth prospects .
7. Privately Held, Yet Transparent
Despite being unlisted, Studds has consistently shared financials (revenue, profit, margins) publicly and filed its DRHP in 2025—augmenting investor visibility before the IPO .
Financial Performance & Trends
Fiscal Year Revenue (₹ Cr) PAT (₹ Cr) EPS (₹)
FY23 ~500 33 ~17
FY24 ~529 57 ~29
This reflects ~6% revenue growth and ~73% PAT growth, highlighting strong operational leverage and growing profitability .
Financial Resilience & Growth
Studds’ steady top-line growth, margin expansion, and careful expansion into export markets illustrate solid financial health and resilience. The company’s ability to adapt to regulatory shifts and scale operations underlines its ability to sustain and build growth momentum.
Current Unlisted Share Price & Valuation
Grey-market Price (Aug 2025): ₹620–₹741, with recent trades around ₹671 .
Implied Market Cap: Previously estimated at ~₹1,800–3,500 crore, translating into a P/E around 34–54× based on FY23–24 earnings .
Updated Fixed Pricing Slabs – Studds Accessories Unlisted Shares (Date: 4 July 2025)
| Quantity (Shares) | Price per Share (₹) | Total Investment (₹) |
| 100 | 671 | 67,100 |
| 500 | 665 | 3,32,500 |
| 1,000 | 655 | 6,55,000 |
| 2,000+ | 650 | 13,00,000 |
Slabs based on grey-market indications around mid-2025
Studds Key Financial Ratios (FY24)
EBITDA Margin: ~17% (up from ~12%)
Net Profit Margin: ~10.8%
Debt-to-Equity: Nearly zero (<0.5%)
ROE & ROCE: Likely healthy, enabled by strong profits and minimal debt .
Peer Comparison – Studds vs Listed Consumer Brands
While direct listed peers are limited, Studds can be compared to listed helmet or accessory makers like Steelbird or Vega, though it generally reports stronger export reach, certifications, and growth trajectories.
Why Invest in Studds Unlisted Shares?
Market leader in domestic and global helmet markets
Profitable and growing business with healthy margins
Visible path to IPO with DRHP filed and SEBI approval granted
Low leverage and strong financial discipline
Analysis
Studds stands out with consistent financial growth, deep regulatory compliance, and manufacturing excellence. As demand for safety gear and EV infrastructure scales, the company’s global relevance and potential listing make it a compelling unlisted investment.
Key Risks & Considerations
Export revenue is sensitive to regulatory shifts and certifications (as seen in FY24)
Two-wheeler demand volatility could impact topline growth
Grey-market illiquidity and pricing opacity remain inherent unlisted risks
Valuation may appear steep (P/E 34–54×), depending on future performance expectations
How to Invest in Studds Unlisted Shares
Available through grey-market platforms or intermediaries managing unlisted share trades
Typical lot size starts at 100 shares, settlements through bank transfers, with shares credited to demat accounts post-transfer
Full documentation and due diligence is recommended due to market opacity
Conclusion
Studds Accessories is a shining example of a profitable, scale-driven, and globally focused Indian manufacturing powerhouse. With its IPO journey underway and strong financial backing, its unlisted shares offer a rare chance to invest in a high-quality business before it hits public markets.
To buy unlisted shres of Studds contact Manbhi
Contact details:- (Studds Accessories Ltd. – Unlisted Share Available to buy)
Manbhi Verma – Senior manager, StartupLanes
Mobile no- 8894256359 Email:- manbhi.startuplanes@gmail.com
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