Subscribe for Studds Accessories Ltd IPO; Anand Rathi

Anand Rathi, has come out with its report on Studds Accessories Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on October 29, 2025.

Broker Research

October 30, 2025 / 10:19 IST

IPO

Anand Rathi, Studds Accessories Ltd

Studds Accessories Limited is the largest two-wheeler helmets player in India in terms of revenue in Fiscal 2024 and also the world’s largest two-wheeler helmet player by volume in Calendar Year 2024. Company is an established manufacturer with nearly five decades of experience. As on March 31, 2025, their Manufacturing Facilities I, II and III have a combined annualised capacity of producing 9.04 million units. They sold around 7.40 million helmets in Fiscal 2025. Their ‘SMK’ brand was launched in 2016 and is being successfully sold in India and exported to overseas markets. Both of their brands, namely, Studds and SMK, have been marketed and sold in more than 70 countries as of August 31, 2025. They design, manufacture, market and sell two-wheeler helmets under the ‘Studds’ and ‘SMK’ brands and other accessories (such as two-wheeler luggage, gloves, helmet locking device, rain suits, riding jacket and eye wear) under their ‘Studds’ brand. Their products are sold pan-India and in more than 70 countries internationally, with their key export markets situated across Americas, Asia (excluding India), Europe and rest of the world. They also manufacture helmets for Jay Squared LLC, which are sold under the “Daytona” brand in the United States of America, as well as for O’Neal under their branding, supplying to markets in Europe, United States of America and Australia.

Valuation and Outlook

At the upper price band company is valuing at P/E of 28.5x to its FY26 annualized earnings and market cap of ₹ 23,021 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “SubscribeLong Term” rating to the IPO.

For all IPO report, click here