Studds Accessories
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Nov 2025 | ₹35 | +5.98% | ₹700 | ₹620 | ₹875 |
| 06 Nov 2025 | ₹45 | +7.69% | ₹900 | ₹630 | ₹1,125 |
| 05 Nov 2025 | ₹63 | +10.77% | ₹1,200 | ₹648 | ₹1,575 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 30 Oct 2025 – 03 Nov 2025
- Listing date
- 07 Nov 2025
- Face value
- ₹5 per share
- Issue price
- ₹585 per share
- Lot size
- 25 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹455 Cr
- Market cap at offer price
- ₹2,302 Cr
- Promoter holding
- 78.78% → 61.76% pre-issue → post-issue
- ISIN
- INE00Q601028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- Plot No.918, Sector 68, IMT, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 23,35,836 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 25 shares per lot, in multiples, at ₹585
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,625 |
| Retail (max) | 13 | 325 | ₹1,90,125 |
| S-HNI (min) | 14 | 350 | ₹2,04,750 |
| S-HNI (max) | 68 | 1,700 | ₹9,94,500 |
| B-HNI (min) | 69 | 1,725 | ₹10,09,125 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹585 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 17.70 | 20.58 |
| P/E (×) | 33.05 | 28.43 |
| Price to book (×) | 5.12 | — |
| Market cap | — | ₹2,302 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 15.49%
- ROCE
- 20.25%
- Debt / equity
- -0.07
- PAT margin
- 11.93%
- EBITDA margin
- 17.96%
- NAV per share
- ₹114.22
- Price to book
- 5.12
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Studds Accessories
Studds Accessories Limited, incorporated on February 3, 1983, is India's largest two-wheeler helmet manufacturer by volume (as of CY 2024). The company designs, manufactures, and sells two-wheeler helmets under the 'Studds' and 'SMK' brands, and motorcycle accessories such as luggage, gloves, locking devices, rain suits, jackets, and eyewear under the 'Studds' brand. The company also manufactures helmets for third parties including Jay Squared LLC (sold as 'Daytona' brand in USA) and O'Neal. Products are sold pan-India through 363 active distributors and in over 70 countries across Americas, Asia, Europe, and rest of world. Revenue from operations for Fiscal 2025 was ₹5,838.16 million with restated profit of ₹696.41 million.
Company Analysis
from RHPStudds Accessories Limited designs, manufactures, markets and sells two-wheeler helmets under the 'Studds' and 'SMK' brands, along with motorcycle accessories, operating across domestic and 70+ international markets.
Studds Accessories Limited, incorporated on February 3, 1983, is India's largest two-wheeler helmet manufacturer by volume (as of CY 2024). The company designs, manufactures, and sells two-wheeler helmets under the 'Studds' and 'SMK' brands, and motorcycle accessories such as luggage, gloves, locking devices, rain suits, jackets, and eyewear under the 'Studds' brand. The company also manufactures helmets for third parties including Jay Squared LLC (sold as 'Daytona' brand in USA) and O'Neal. Products are sold pan-India through 363 active distributors and in over 70 countries across Americas, Asia, Europe, and rest of world. Revenue from operations for Fiscal 2025 was ₹5,838.16 million with restated profit of ₹696.41 million.
Objects of the Issue
- Achieve benefits of listing on stock exchanges p.72
- Offer for Sale by Selling Shareholders Up to ₹[●] million p.138
Issue Structure
- Total Issue
- Up to 7,786,120 Equity Shares of face value of ₹5 each aggregating up to ₹[●] million
- Fresh Issue
- Not applicable (0 shares - 100% Offer for Sale)
- Offer for Sale
- Up to 7,786,120 Equity Shares of face value of ₹5 each aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (Cap Price shall be at least 105% of Floor Price and not greater than 120% of Floor Price)
- Lot Size
- [●] Equity Shares (to be decided by Company in consultation with BRLMs)
- Face Value
- ₹5 per Equity Share
Business Model
The company earns revenue primarily through the sale of two-wheeler helmets (92.81% of sales in Q1 FY26) and other accessories. Raw materials including ABS plastic, polycarbonate, expanded polystyrene, cloth, and paints are procured from 240 suppliers. The company operates manufacturing facilities in Faridabad with capacity to produce helmets, boxes, and accessories. Distribution occurs through a network of 363 distributors, OEMs (15.96% of FY25 sales), government channels (CSDs, naval canteens, police canteens), and online retailers.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Madhu Bhushan Khurana | Promoter | 37.95% | — |
| Sidhartha Bhushan Khurana | Promoter | 31.79% | — |
| Shilpa Arora | Promoter | 0.46% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.