Studds Accessories IPO Ltd is launching its Initial Public Offering (IPO) to benefit from listing Equity Shares on Stock Exchanges. The IPO comprises a complete offer for sale of 0.78 crore shares aggregating to Rs. 455.49 crores with a face value of Rs. 5 each.
Studds Accessories IPO opens for subscription on October 30, 2025, and closes on November 03, 2025, with the price band set at Rs. 557.00 to 585.00 per equity share. Studds Accessories Ltd IPO will list on BSE and NSE, with a tentative listing date fixed as November 7, 2025.
GMP of Om Studds Accessories IPO
As of October 30, 2025, the shares of Studds Accessories in the grey market were trading at a 9.06 percent premium. The shares in the Grey Market traded at Rs. 638. This gives it a premium of Rs. 53 per share over the cap price of Rs. 585.00.
Overview of Studds Accessories Ltd
Studds Accessories Limited, incorporated in 1975 and established in 1983, is a leading manufacturer of two-wheeler helmets and motorcycle accessories based in Faridabad, Haryana, India.
The company designs, manufactures, markets, and sells helmets under the “Studds” and “SMK” brands, while other motorcycle accessories are offered under the “Studds” brand. Its diverse product portfolio includes helmets, two-wheeler luggage, gloves, helmet security guards, rain suits, riding jackets, and eyewear.
Studds has a strong market presence, distributing its products across India and exporting to over 70 countries, including regions in the Americas, Europe, and Asia (excluding India). The company also manufactures helmets for Jay Squared LLC (sold under the “Daytona” brand in the United States) and O’Neal, which supplies to markets in Europe, the U.S., and Australia.
It operates four manufacturing facilities in Faridabad—Facilities II, III, and IV are situated on company-owned land, while Facility I is partially owned and partially leasehold. As of August 31, 2025, Studds has 19,258 SKUs across product categories and offers over 240 designs, including 80 designs under the SMK brand and more than 160 designs under the Studds brand. In Fiscal 2025, the company sold 7.40 million helmets, supported by a dedicated R&D team of 75 members driving innovation and product development.
Promoters of Studds Accessories Ltd
The promoters of Studds Accessories Ltd, Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora, bring extensive expertise in manufacturing, product innovation, and brand development within the automotive and protective gear industry. Their visionary leadership and deep understanding of high-quality helmet design, safety standards, customer-focused solutions, and technology-driven innovation have been instrumental in establishing Studds as a trusted and leading brand in India’s motorcycle accessories market.
Offer For Sale
The Offer for Sale includes
Madhu Bhushan Khurana (Promoter Selling Shareholder) is offering up to 3,800,000 equity shares of face value Rs. 5 each, and Sidhartha Bhushan Khurana (Promoter Selling Shareholder) is offering up to 800,000 equity shares of face value Rs. 5 each, and Chand Khurana (Promoter Group Selling Shareholder) is offering up to 2,100,000 equity shares of face value Rs. 5 each
Along with it, Sanjay Leekha (Other Selling Shareholder) is offering up to 342,000 equity shares of face value Rs. 5 each. Sanjay Leekha, jointly with Charu Leekha (Other Selling Shareholders), are offering up to 258,000 equity shares of face value Rs. 5 each
Furthermore, Other Selling Shareholders, Charu Leekha, Nisha Leekha, Nain Tara Mehta, Sunil Kumar Rastogi, SE Shoes Private Limited, and Ajay Kumar Sakhuja are collectively offering up to 486,120 equity shares of face value Rs. 5 each.
Lead Managers of Studds Accessories Ltd
IIFL Capital Services Limited and ICICI Securities Limited are acting as the Book Running Lead Managers. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar managing investor applications and allotment.
Objectives of the IPO Offer
The Studds Accessories proposes to utilize the net proceeds from the IPO primarily to achieve the benefits of listing its Equity Shares on the Stock Exchanges, enhancing its visibility, brand reputation, and shareholder base.
Financial Analysis of Studds Accessories Ltd
Studds Accessories Ltd has shown consistent financial growth over the past few years. The company’s total income increased from Rs. 506.48 crore in FY23 to Rs. 535.84 crore in FY24, and further to Rs. 595.89 crore in FY25, with Rs. 152.01 crore recorded as of June 2025.
Profit After Tax (PAT) grew steadily from Rs. 33.15 crore in FY23 to Rs. 57.23 crore in FY24, and then to Rs. 69.64 crore in FY25, standing at Rs. 20.25 crore as of June 2025.
Studds Accessories Vs Peers
The company does not have any listed peers in India or globally with a comparable scale of operations or financial profile in the same industry.
Studds Accessories Strengths and Weaknesses
Strengths
Largest domestic player of two-wheeler helmets: The company 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.
Wide design and product catalogue across price points, catering to diverse consumer requirements: It offers a wide and diversified portfolio of helmets and motorcycle accessories catering to mass commuter and premium segments.
Advanced manufacturing and D&D capabilities with vertically integrated operations: Its vertically integrated business model gives us control over raw material procurement, design, production, marketing, distribution, and sales, enabling faster response to market trends and quicker prototype iterations.
Strong pan-India and global presence supported by an extensive and well-developed sales and distribution network and major quality accreditations: It sells the products primarily through the extensive distributor networks, OEMs, EBOs, online retailers, quick commerce platforms, central stores department, central police canteen, and institutional customers.
Weakness
Brand Risk: The ‘Studds’ and ‘SMK’ brands are critical to the sales and market presence. Any inability to maintain or enhance these brands could materially affect the business, financial condition, results of operations, and brand equity.
Revenue Concentration Risk: Sales of two-wheeler helmets contribute a significant portion of total revenue (92.81% for Q1 FY2026; 92.43%, 92.44%, and 91.91% for FY2025, FY2024, and FY2023, respectively). A decline in motorcycle sales or helmet demand could adversely impact business performance, cash flows, and financial position.
Operational Risk: Continuous operation of the manufacturing facilities is vital to the business. Any disruption, breakdown, or shutdown could have a material adverse effect on the business, financial condition, results of operations, and cash flows.
Supply Chain & Raw Material Risk: Significant expenses are incurred for primary raw material procurement, and we typically do not enter into long-term agreements with suppliers. Any inability to secure adequate supplies at competitive prices may negatively impact the business, results of operations, and financial condition.
Conclusion
Studds Accessories Ltd is the largest in two-wheeler helmets, shows consistent financial growth, strong R&D, and a wide domestic and international reach. The IPO offers investors a chance to participate in a well-established brand with strong market presence, supported by positive grey market sentiment. However, risks include high dependence on helmet sales, brand concentration, and operational vulnerabilities, which investors should consider before investing.
Written by Sridhar J
tradebrains.in (Article Sourced Website)
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