Established in 1983, Studds today is the largest and one of the leading manufacturers of helmets in the world. Studds has a presence in more than 65 countries throughout the world and offers a wide range of two-wheeler helmets and accessories.

Studds “wow” factor is what makes them different from others. It has four backward integrated state-of-art manufacturing facilities that develop helmets and motorcycle accessories that cater to the needs of the consumers. These facilities have the capacity of manufacturing over 14 million helmets every year.

It has one wholly owned subsidiary company SMK Europe Unipessoal LD which was incorporated in 2019 & has accumulated total assets worth of Euro 2,87,858.92 in FY23.

Product Lines

Helmets, Motorcycle Accessories, Bicycle Helmets & Personal Protective Equipment.

Over 6.4 million helmets were sold in FY23 with market share comprises of 25.66% in India & on an average total domestic & foreign sales volume account for 86.83% and 13.17% respectively.

Financial Figures (INR CRORES)

DESCRIPTION Mar-23 Mar-22 Mar-21 Mar-20 Mar-19
Revenue 499.17 462.51 479.62 414.52 389.03
EBITDA 67.47 59.71 115.11 103.62 73.4
PBT 46.55 40.02 98.3 95.4 67.16
PAT 33.26 28.64 73.99 74.56 41.17
Cash Flow from Operations 28.15 11.53 73.38 62.26 28.68
Cash Flow from Investing 0.88 -39.88 -34.48 -26.44 -38.95
Cash Flow from Financing -23.31 3.21 -17.32 -25.86 -25.86
Debt to Equity 0.36 0.47 0.1 0.18 0.01
Current Ratio 1.31 1.33 1.4 1.25 1.37
ROE 10.19 9.58 29.25 39.86 29.76
EPS 16.9 14.55 37.61 37.88 20.92

Net Worth stood at INR 337.97 crores in FY’23 as compared to INR 462.51 crores in FY’22. The number of manufacturing facilities is 4. Over the years, Studds distinguished itself from its peers with their well-known and excellent product lines in the industry and has been awarded many prestigious awards, certifications and accolades.

Care Rating has given A+ for long term & A1+ for short term.

For energy conservation, Studds has taken following measures: -

Energy efficient centralized HVAC system for corporate office.

Introduced laser based Automatic PP tape cutting machine with servo-controlled system, for product quality enhancement and reduction in manpower.

Robotic PC sheet cutting system for Bicycle Helmet for enhancement of product quality.

Introduced Robotic Plasma technology in Decal application for purpose of technology enhancement.

Schedule a meeting with the Private Equity Experts to understand more about Unlisted Shares & Stock Investments

Schedule Now


As the helmet business is directly proportional & driven by the sales figure of two– Wheeler market & it is projected to reach 60.7 million units in 2027. Apart from that the government is reforming its policies and taking road safety measures seriously by mandating helmets for both the riders which will be ultimately enhancing the sale of helmets. In coming years two-wheeler sector in India is poised for steady growth according to ICRA, with projections of a 9-12% growth rate in FY23 and an anticipated 6-9% growth in FY24 will further push the sale of helmets in domestic market.

With the number of road accidents on the rise, governments around the world are placing stringent rules on the use of helmets. Wearing of helmets certified by Indian Standards Institution (ISI) have been compulsory in India. In addition, electric two-wheelers in India have received a massive growth. With the advent of EVs, having top speed of more than 25km/hr wearing of helmet has been made compulsory for the riders.

These products are developed keeping in mind the aesthetic demands of the customers, new trends in the market and the safety regulations along with safety of helmets with a good design that increases their market reach.

Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence are Studds Foundation, Bikerz INC (formerly known as Studds Canada) & Bikerz US INC. will be helpful as US motorcycle helmet market is speculated to grow at 7.6% CAGR between 2022-2030.

Key Managerial Personnel

Mr. Madhu Bhushan Khurana – Chairman

Mr. Sidhartha Bhushan Khurana – Managing Director

Mr. Manish Mehta – Chief Financial Officer

Mr. Hitesh Wadhera – Company Secretary

Buy or Sell Studds Accessories Limited Unlisted Shares

For any queries, reach out to: unlisted@rurashfin.com or Call: +91 224157 1111