MoneyWorks4Me

Studds Accessories Ltd (STUDDS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544599 NSE: STUDDS Auto Ancillary | Small Cap | Studds Accessories Share Price

₹406.75 2.70 (0.67%)

As on 18-Sep'26 16:59

Studds Accessories Ltd (STUDDS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544599 NSE: STUDDS Auto Ancillary | Small Cap | Studds Accessories Share Price

₹406.75 2.70 (0.67%)

As on 18-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,601 Cr.
Current Price
₹406.8
52-Week Low / High
₹403 / 600
TTM EPS
₹19
TTM Sales
₹655 Cr.
Book Value per Share
₹136
P/E Ratio
21.42
Industry PE
49.2
Price to Book (P/B)
2.99
Price to Sales (P/S)
2.44
EV/EBITDA
12.31
Dividend Yield
0.74%
Profitability Efficiency
Return on Equity (ROE)
17.00%
Outperforms industry median
Return on Capital Employed (ROCE)
23.20%
Outperforms industry median
Return on Assets (ROA)
13.84%
Operating Profit Margin
19.4%
Net Profit Margin
13.03%
Gross Profit Margin
20.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
8.18%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
17.26%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
18.68%
Asset Quality
Promoter Holding
61.75%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹516 Cr.
Equity
₹19.7 Cr.
Face Value
₹5
All Time Low / High
₹403.00 / 599.80

Studds Accessories stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Weak
Q.1 Is Studds Accessories Ltd a good quality company?
Studds Accessories Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Studds Accessories Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Studds Accessories Ltd vs industry peers?
Studds Accessories Ltd revenue CAGR is 5.75%, compared to the industry median CAGR of 0.79%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Studds Accessories Ltd?
Promoters hold 61.75% of the Studds Accessories Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Studds Accessories Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Studds Accessories Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 48.3%49.6%41.5%41.7%35.5%12.9%13.7%20.7%23.2%23.6%-
Value Creation
Index
2.52.52.02.01.5-0.10.00.50.70.7-

Growth Parameters

Sales 272328389415480463499529583630649
Sales YoY Gr.-20.4%18.7%6.6%15.7%-3.6%7.9%6%10.1%8.2%-
Adj EPS 67.910.11918.77.28.314.517.720.819.5
YoY Gr.-31.7%26.8%88.3%-1.5%-61.6%15.6%74.4%22.1%17.8%-
BVPS (₹) 22.130.240.254.973.77985.998.5114.5133.3136.7
Adj Net
Profit
23.731.339.674.673.528.232.656.969.581.977
Cash Flow from Ops. 23.143.128.762.773.411.628.27263.688.1-
Debt/CF from Ops. 0.101.70.60.43.81.1000-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 9.8%5.6%8.1%8.2%
Adj EPS 14.8%2.2%35.9%17.8%
BVPS22.1%12.6%15.8%16.5%
Share Price - - - -

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
31.630.428.739.929.19.410.115.716.616.814.4
Op. Profit
Mgn %
14.91616.823.723.111.812.117.218.219.817.5
Net Profit
Mgn %
8.79.510.21815.36.16.510.811.91311.8
Debt to
Equity
000.30.20.10.10.1000-
Working Cap
Days
2225313850677164617763
Cash Conv.
Cycle
-25-19-13-10-13-11318283236

Valuation of Studds Accessories - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'16Mar'17Mar'18Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales257272328415480463499529584634
Operating Expenses + 215232275316369408439439479511
Manufacturing Costs324649604746567393105
Material Costs119124153172222251262239256255
Employee Cost 21273246565865716365
Other Costs 43354137435356566785
Operating Profit 42405298111546090105123
Operating Profit Margin (%) 16.3%14.9%16.0%23.7%23.1%11.8%12.0%17.1%18.0%19.4%
Other Income + 125655771212
Exceptional Items 0000000000
Interest 1101433212
Depreciation 4567131718192121
Profit Before Tax 393751959840467695112
Tax 14131921241113192529
Profit After Tax 25243275742933577083
PAT Margin (%) 9.6%8.7%9.9%18.0%15.4%6.2%6.6%10.8%11.9%13.0%
Adjusted EPS (₹)6.26.08.319.018.87.38.414.517.721.0
Dividend Payout Ratio (%)3.60%4.10%0.30%10.60%10.60%20.60%23.70%13.80%14.10%14.30%
PARTICULARSMar'16Mar'17Mar'18Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 6487119216290311338387449523
Share Capital 11110101010102020
Reserves 6286118206280301328378430503
Debt +12028163020034
Long Term Debt12028163020034
Short Term Debt0000000000
Minority Interest0000000000
Trade Payables28253434635035313248
Others Liabilities 31276970666568677263
Total Liabilities 124142223347435455461486557638

Fixed Assets

Net Fixed Assets +7581125156266310311331338338
Gross Block9486136180303363381417444463
Accumulated Depreciation195112437537086105125
CWIP 01686101312122958
Investments 0000000000
Inventories8111319294235405675
Trade Receivables841219272831284342
Cash Equivalents 29426452763930597285
Others Assets 33315272342151840
Total Assets 124142223347435455461486557638
PARTICULARSMar'16Mar'17Mar'18Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 34234362741256726386
PBT 393751959840467695112
Adjustment 3413131519181716
Changes in Working Capital 5-14-11-17-311-4-30-11
Tax Paid -12-17-14-25-21-13-11-18-19-31
Cash Flow From Investing Activity + -15-21-32-24-34-40-26-20-51-43
Capex -17-12-23-66-36-56-18-32-42-47
Net Investments 00336-212-108-10-2
Others 1-9-126452405
Cash Flow From Financing Activity + -6-0-4-26-173-24-41-9-12
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 000-80160-2001
Interest Paid -1-0-0-1-3-3-3-2-1-1
Dividend Paid -1-0-1-170-8-6-8-8-10
Others -50-2-0-14-2-15-121-2
Net Cash Flow 12271222-25611331
PARTICULARSMar'16Mar'17Mar'18Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)47.2931.4531.544.5329.239.5310.2215.7816.6417
ROCE (%)71.1648.3349.1551.3835.5212.8513.6520.6522.9323.2
Asset Turnover Ratio2.722.321.841.511.271.071.131.161.151.1
PAT to CFO Conversion(x)1.360.961.340.8310.411.71.260.91.04
Working Capital Days
Receivable Days8.107.308.8013.2016.80212119.9021.6023.60
Inventory Days8.2011.1012.8013.4017.6027.4027.402529.3036.50
Payable Days79.4078.9071.2072.5079.508259.1049.9044.6057.40

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Studds Accessories Ltd FAQs

The current trading price of Studds Accessories on 18-Sep-2026 16:59 is ₹406.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Studds Accessories stood at ₹1,600.7 Cr

The latest P/E ratio of Studds Accessories as of 17-Sep-2026 is 20.91.

The latest P/B ratio of Studds Accessories as of 17-Sep-2026 is 2.98.

The 52-week high of Studds Accessories is ₹599.8 and the 52-week low is ₹403.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Studds Accessories is ₹649 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Studds Accessories Ltd is a good quality company.

The key valuation ratios of Studds Accessories Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Studds Accessories Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Studds Accessories Ltd

Studds Accessories was incorporated as ‘Studds Accessories Private Limited’ on February 3, 1983. It became a deemed public limited company in terms of Section 43(A) of the Companies Act 1956 with effect from March 31, 1990, and the word ‘private’ was deleted from the name of the company. It was subsequently converted into a public limited company pursuant to a special resolution dated October 22, 1994, passed by the shareholders of the company and its name was changed to ‘Studds Accessories Limited’. 

It is the largest two-wheeler helmets player in India. Owing to its operational history of decades, its flagship brand ‘Studds’ is recognized as a popular brand in the two-wheeler helmet market in India. The safety, reliability and quality associated with a helmet brand are the key attributes which increase customer confidence and influence a purchase decision. Over time, its consistent focus on improving the safety features and quality of its helmets have helped it in establishing its brands, Studds and SMK, as trusted brands amongst its customers. It has obtained key certifications such as ISO 9001:2015 (for quality management system), ISO 14001:2015 (for Environmental Management System), IS 4151:2015 (for Protective Helmets for Motorcycle Riders issued by the BIS) and Economic Commission of Europe (ECE) ECE 22.06 (for certifying compliance with ECE) for sale of its products in India and global markets.

Its extensive experience in the helmet and two-wheeler lifestyle accessory market has given it deep insights into customer requirements, enabling it to design products with a primary focus on safety supported by quality, fit, comfort, and sizing. By harnessing this knowledge, it has strategically developed a product portfolio under its two leading brands, Studds and SMK, with each brand positioned to cater to well-defined needs of their respective target consumers, while being complimentary to each other along the price points.

It also engages the services of specialised design firms for designing and conceptualising certain niche designs for its helmets. It has also engaged services of a Spanish design firm and launched Studds and SMK full face and flip-up helmets with inbuilt Bluetooth technology in order to enhance the riding comfort and safety of motorcycle riders.

Business area of the company

The company is engaged in design, manufacture, market and sell of 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 the ‘Studds’ brand. Its products are sold pan-India and in several countries internationally, with its key export markets situated across Americas, Asia (excluding India), Europe and rest of the world. It  also manufactures 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.

Products of the company

Studds

  • Trooper DV D2 hellcat decor
  • Raider Skulpt D1 decor
  • Drifter D5 fiker decor
  • Vogue open face helmet

SMK

  • Typhoon sports tourer
  • Typhoon aerot
  • Stellar sport uno
  • Gullwing supertour
  • Allterra fulmine

Awards and recognitions

  • 2014: The company received the Accessories Award from Honda Motors India Private Limited 
  • 2018: The company was awarded by Honda Motorcycle & Scooter India Private Limited (HMSI) for its valuable contribution in making HMSI ‘an over 6 million company’  
  • 2019: The company received a certificate of excellence by Honda Motor India 
  • 2020: The company received the Award for Cost Competitive from Honda Motor India 
  • 2022: The company received a certificate of appreciation by Honda Motor India 
  • 2023: The company received an award for Appreciation for Quality Building from Bureau of Indian Standards

History and Millstones

  • 1983: Incorporation of the company 
  • 1998: Obtained license to operate factory for its first manufacturing facility at Plot no. 61, Sector 27-A, Faridabad, Haryana, India 
  • 1999: Its trademark ‘Studds’ was assigned to it by Studds Limited 
  • 2001: Commencement of export of two-wheeler helmets to Europe wherein, it exported two-wheeler helmets to Czech Republic 
  • 2004: Obtained license to operate factory for a manufacturing facility at Plot no. 54, Sector 27-A, Faridabad, Haryana, India 
  • 2006: Obtained license to operate factory for a manufacturing facility at Plot no. B-72, Sector 27-A, Faridabad, Haryana, India 
  • 2009: Manufacturing Facility I was set up and the operations conducted out of prior set up facilities of the Company were moved to Manufacturing Facility I 
  • 2015: Expansion of Manufacturing Facility I by taking the adjoining premises on lease 
  • 2015: Manufacturing Facility II was set up in Faridabad, Haryana, India 
  • 2016: Launch of the ‘SMK’ brand 
  • 2019: Manufacturing Facility IV was set up in Faridabad, Haryana, India, wherein manufacturing of bicycle helmets began 
  • 2020: Manufacturing Facility III was set up in Faridabad, Haryana, India
  • 2020: Setup its own EPS and Printing Plants for catering to bicycle helmet market

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