Subscribe for Studds Accessories Ltd IPO; Choice Equity Broking

Choice Equity Broking, has come out with its report on Orkla India Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on October 29, 2025.

Broker Research

October 30, 2025 / 10:27 IST

IPO

Choice Equity Broking, Studds Accessories Ltd

Studds Accessories Ltd. (SAL) incorporated in 1983, it is India’s largest two-wheeler helmet manufacturer by revenue in FY24 and the world’s largest by volume in Calendar Year 2024. With nearly five decades of experience, the company operates three manufacturing facilities with a combined annualized capacity of 9.04mn units. Its flagship brand Studds held a strong domestic market share of 27.3% by volume and 25.5% by value in FY24. The company designs, manufactures, markets, and sells two-wheeler helmets under the ‘Studds’ and ‘SMK’ brands, and also offers a range of two-wheeler accessories - including luggage, gloves, helmet locks, rain suits, riding jackets, and eyewear - under the ‘Studds’ brand. SAL has a strong domestic and international presence, with products sold across India and exported to more than 70 countries spanning the Americas, Europe, Asia (excluding India), and other regions. The company also manufactures helmets for Jay Squared LLC (sold under the “Daytona” brand in the U.S.) and for O’Neal, supplying their branded helmets to markets in Europe, the United States, and Australia. This public issue is entirely OFS (Rs. 433.69 - 455.49cr), thus the company will not receive any proceeds from this public issue.

Valuation and Outlook

At a valuation of P/E multiple of 33.1x (FY25 EPS of Rs. 17.7) and an EV/Sales multiple of 3.8x, SAL appears fairly priced. Its dominant market position, strong brand recall, and growing presence across domestic and international markets, coupled with favorable industry tailwinds and consistent financial performance, position it well for sustainable growth. We therefore recommend a “SUBSCRIBE” rating.

For all IPO report, click here