Studds Accessories Limited has informed the Exchange about Investor Presentation
REGD. AND CORP. OFF.: PLOT NO. 918, SECTOR-68 IMT
FARIDABAD-121004, HARYANA (INDIA)
PHONE: 91-129-4296500 E mail: secretarial@studds.com; info@studds.com CIN No.: U25208HR1983PLC015135
Date: November 27, 2025
To, National Stock Exchange of India Ltd., Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400051 NSE Scrip Symbol: STUDDS
To, BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400001 BSE Scrip Code: 544599
Subject: Investor Presentation pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir/ Ma’am,
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Investor Presentation for Financial results of Q2 & H1FY26.
The above details will also be available on the website of the Company at www.studds.com under Investor Relations’ Section.
This is submitted for your information & records.
Thanking You,
FOR STUDDS ACCESSORIES LIMITED
ASHA MITTAL Company Secretary and Compliance Officer
www.studds.com
Studds Accessories Limited
Investor Presentation – Q2 & H1FY26
Safe Harbour
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Studds Accessories Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.
2
Q2 & H1FY26 Performance Highlight
Management Commentary
“Our successful listing on 7th November 2025 represents a significant milestone in our five-decade journey. It marks our transition into a new phase of growth and reflects the strong confidence placed in our business, governance framework, and long-term strategy.
In H1FY26, we delivered steady and improving financial performance. Revenue increased by 6.4% YoY to ₹303.7 crore, while operating EBITDA grew by 17.9% YoY to ₹60.2 crore, driven by superior product mix, operating leverage, higher efficiency, and disciplined cost management. These results underscore the inherent scalability and resilience of our business model.
Demand across our core categories remained healthy, as reflected in the capacity utilization of ~86% for two-wheeler helmets and boxes during H1FY26. To support sustained growth, we are progressing with capacity expansion, with the first phase of additional capacity of 1.5 mn units expected to become operational by Q1FY27. This expansion will enhance our ability to service both domestic and export markets while providing headroom for future growth initiatives.
In October, we entered into a strategic customer engagement with Decathlon, adding a marquee global brand to our customer portfolio. Under this engagement, we will serve Decathlon’s India requirements for bicycle helmets and allied protective products. We are currently investing in new molds, with commercial production expected to commence by the end of Q4FY26.
In parallel, to enhance our international footprint and brand visibility, we are in process of establishing a new warehouse in Spain. This initiative is expected to strengthen our European distribution capabilities, improve service levels and delivery timelines, enable deeper market penetration, and support the introduction of additional product lines across export markets.
As we move forward, our priorities remain clear: • Strengthening our market leadership in the domestic market • Expanding our global footprint • • Maintaining a sharp focus on returns and cash flows
Investing in capacities and capabilities
We remain committed to building Studds into a stronger, more diversified global safety brand.”
Ride Your Dreams
4
Sidhartha Bhushan Khurana Managing Director
Performance Snapshot: H1FY26
Revenue from Operation Rs 303.7 cr 6.4% YoY
EBITDA
Rs 60.2 cr 17.9% YoY
PAT Rs 40.9 cr 22.9% YoY
Expanding Capacity for two-wheeler helmets and boxes by 1.5 mn units in the first phase, expected to become operational by Q1FY27
Onboarded Decathlon as a new customer to serve its India requirements for bicycle helmets and allied products
The Board has approved the setting up of a new warehouse in Spain to strengthen European distribution, improve service levels, and support product portfolio expansion
Capacity utilisation for 2W helmet and boxes, EPS Liners and Water Decals stood at ~86%, ~84%, ~64% respectively in H1FY26
Set up an IT office in Gurugram to strengthen capabilities and advance technology-led initiatives
EPS - Expanded Polystyrene Liners
5
Consolidated Performance Highlights
Revenue from Operations
EBITDA & Margins
PAT & Margins
(Rs. in Cr.)
+6.5%
154.4
86.6%
13.4% Q2FY26
145.0
86.0%
14.0% Q2FY25
18.4%
26.7
+12.0%
19.3%
29.9
12.1%
17.5
+17.9%
13.4%
20.6
Q2FY25
Q2FY26
Q2FY25
Q2FY26
Revenue from Operations
EBITDA & Margins
PAT & Margins
+6.4%
303.7
82.5%
17.5% H1FY26
285.3
84.5%
15.5% H1FY25
Domestic
Export
Margins (%)
17.9%
51.0
+17.9%
19.8%
60.2
11.7%
33.2
+22.9%
13.5%
40.9
H1FY25
H1FY26
H1FY25
H1FY26
6
Revenue Breakup
Product Mix
Channel Mix
Geography Mix
7.8% 2.4% 10.4%
7.0% 3.4%
13.0%
5.2%
11.5%
2.2%
7.1% 2.9%
15.5%
14.0%
13.4%
22.3%
5.6%
15.4%
15.5%
15.5%
9.3%
17.3%
17.5%
13.8%
13.8%
2.5% 3.5%
4.0% 4.5%
2.2%
2.8%
3.8% 4.1%
2.0%
4.0% 4.8% 4.7%
4.5% 5.8% 4.7%
2.5%
79.4%
76.6%
81.1%
74.4%
86.0%
86.6%
84.5%
82.5%
58.1%
55.7%
57.9%
54.8%
Q2FY25
Q2FY26
H1FY25
H1FY26
Q2FY25
Q2FY26
H1FY25
H1FY26
Q2FY25
Q2FY26
H1FY25
H1FY26
Studds Helmets SMK Helmets
DAYTONA & ONEAL Other Accessories
Exports Others#
OEMs Distributor Network & EBO
Row* Europe USA
Asia (Excluding India) India
*includes Africa, Australia, Oceania
#includes E-com, Government Channels, Others
7
Consolidated Profit & Loss Statement
Particulars (Rs. Cr)
Revenue from Operations
Other Income
Total Income
Cost of Goods Sold
Gross Profit (Revenue - COGS)
Gross Profit Margin
Employee Cost
Other Expenses
EBITDA**
EBITDA Margin
Depreciation EBIT#
EBIT Margin
Finance Cost
Profit before Tax
Profit before Tax Margin
Tax
Profit After Tax
Profit After Tax Margin
Basic EPS (in Rs.)
Q2FY26
Q2FY25
154.4
2.9
157.3
64.2
90.2
58.4%
15.9
44.5
29.9
19.3%
5.3
27.5
17.8%
0.2
27.2
17.6%
6.6
20.6
13.4%
5.24*
145.0
2.9
147.9
65.2
79.8
55.0%
14.4
38.7
26.7
18.4%
5.3
24.3
16.7%
0.4
23.8
16.4%
6.3
17.5
12.1%
8.89*
YoY
6.5%
6.3%
13.0%
12.0%
13.3%
14.3%
17.9%
H1FY26
H1FY25
303.7
5.7
309.3
124.8
178.9
58.9%
31.6
87.1
60.2
19.8%
10.4
55.4
18.2%
0.5
54.9
18.1%
14.0
40.9
13.5%
10.38*
285.3
5.1
290.4
128.7
156.7
54.9%
29.5
76.1
51.0
17.9%
10.2
45.9
16.1%
0.7
45.2
15.8%
12.0
33.2
11.7%
16.89*
YoY
6.4%
6.5%
14.2%
17.9%
20.8%
21.4%
22.9%
FY25
584.0
11.9
595.9
255.7
328.2
56.2%
62.6
160.7
105.0
18.0%
20.7
96.2
16.5%
1.2
95.0
16.3%
25.4
69.6
11.9%
17.69
*Not Annualised
**Excludes other income
#includes other income
8
Consolidated Balance Sheet
Assets (Rs. Cr) Non-current assets Property, Plant and Equipment Capital work-in-progress Right to use of Assets Intangible Assets Goodwill Intangible Assets Under Development Financial Assets Non-Current Investments Others Financial Assets Total Non-Current Assets
Current assets Inventories Financial Assets Trade receivables Cash and cash equivalents Bank balances other than Above Other Financial Assets Other Current Assets
Total Current Assets Total Assets
Sep-25
Mar-25
323.2 45.8 4.6 2.1 5.0 4.1
0.0 12.6 397.4
68.8
42.7 81.9 12.3 0.2 27.2
325.9 25.3 5.5 2.4 4.7 3.5
0.0 3.2 370.5
56.3
43.4 39.0 33.2 0.3 14.4
233.2 630.5
186.6 557.2
Equity and Liabilities (Rs. Cr) Equity Equity Share Capital Other Equity Shareholders Fund Non-Current Liabilities Financial Liabilities Borrowings Lease Liability Other Financial Liabilities Provisions Deferred Tax Liabilities (Net) Total Non Current Liabilities Current liabilities Financial Liabilities Borrowings Lease Liability Trade Payables Other Financial Liabilities Other Current Liabilities Provisions Current tax liabilities (net) Total Current Liabilities Total Equity and Liabilities
Sep-25
Mar-25
19.7 460.7 480.3
19.7 429.8 449.5
3.4 3.6 2.9 5.6 18.8 34.3
1.8 68.8 19.2 13.1 2.3 10.7 115.9 630.5
3.2 4.5 3.0 5.1 18.4 34.1
1.6 32.4 16.0 14.4 2.0 7.1 73.6 557.2
9
Consolidated Cash Flow Statement
Particulars (Rs. Cr)
Net Profit Before Tax
Adjustments for: Non Cash Items / Other Investment or Financial Items
Operating profit before working capital changes
Changes in working capital
Cash generated from/(used in) operations
Direct taxes paid (net of refund)
Net Cash from Operating Activities
Net Cash from Investing Activities
Net Cash from Financing Activities
Net Decrease in Cash and Cash equivalents
Add: Cash & Cash equivalents at the beginning of the period
Cash & Cash equivalents at the end of the period
H1FY26
54.9
7.5
62.4
14.0
76.4
-10.0
66.4
-12.6
-10.8
43.0
39.0
81.9
FY25
95.0
16.8
111.8
-30.0
81.8
-18.6
63.3
-51.1
-8.8
3.4
35.6
39.0
10
Our Business
Studds at a Glance
Incorporated in 1983
Installed Capacity ~9 Mn 2W Helmets & Boxes ~9 Mn EPS Liners ~2 Mn Water Transfer Decals
Brands
Product Portfolio Motorised Helmets Non-Motorised Helmets 2W Accessories
4 Manufacturing Units
240+ Designs 19,000+ SKUs
360+ Distributors in India
70+ Presence in Countries
As on 30th sept’25
12
Five Decade Journey of Innovation
1975
1999
The ‘Studds’ brand is established
Assigned trademark ‘Studds’
2009
Operations shifted to newly set up Manufacturing Facility I
2016
Launch of ‘SMK’ brand
2020 Manufacturing Facility III set up In-house facility Setup for EPS and printing for vertical integration
2025 Listed on BSE & NSE Manufacturing Facility V currently under construction
Incorporation of our Company
Commenced export of 2W helmets to Europe (Czech Republic)
1983
2001
Expanded Manufacturing Facility I Manufacturing Facility II set up
2015
Manufacturing Facility IV set up Bicycle helmet manufacturing starts 2019
Acquired Bikerz US Inc.
2024
13
Diversified Brand Portfolio
Full Face
Open Face
Modular
Dual Sport
Bicycle Helmet
Full Face
Open Face
Modular
Other Accessories
Two-wheeler luggage
Helmet locking device
Gloves
Riding jacket
Rain suit
Eye wear
Product-wise Revenue FY25
Dual Sport
SMK
2016
Year
MRP Range
Studds
1975
Rs 875 – Rs 4,000
Rs 3,000 – Rs 12,800
2.2%
7.6%
11.9%
Target Segments
Mid and mass market
Premium
Major Export Markets
Africa, Latin Central America, Philippines, Indonesia
North & South America, Africa, EU, ASEAN
78.3%
Studds Helmets
Daytona & Oneal Helmets
SMK Helmets
Other Accessories
Comprehensive Product Catalogue
Increased Range And Diversity
Increased Brand Loyalty
Repeat Customers
14
What Sets Us Apart
Extensive pan-India and global distribution with strong retail penetration and key international accreditations
Advanced, vertically integrated manufacturing & R&D enabling quality, scale, and faster innovation
Broad, design-rich product portfolio spanning all price segments and rider needs
India’s largest two-wheeler helmet manufacturer with strong leadership in domestic market
Capital-efficient, sustainable business model delivering consistent growth and profitability
Experienced promoters and professional management team driving long-term strategy and execution
15
Manufacturing & Technology
Deep Vertical Integration Driving Scalability & Quality
Injection Molding
Painting
Visor Coating
Cutting & Stitching
Assembly & Packaging
Testing
•
In-house mold making shop and design centre • Multiple shell sizes
• Robotic painting
concept
• Automated silicon hard coating facility
• Sputtering & metalizing technologies
• Automated fabric
cutting and stitching • High frequency thermal
• Conveyorized assembly line • Laser based
embossing
automatic PP tape cutting
•
In-house helmet testing laboratory certified by Vehicle Certification Agency (VCA), England
Improved Precision, Consistency & Product Quality
Cost-Efficient vis-à-vis Third Party Manufacturing
Reduced Human Intervention Resulting in Enhanced Operational Efficiencies
All manufacturing facilities are ISO 9001:2015 certified
17
In-house Design & Innovation Engine
Focus on Customer-centric Design and Technological Advancement
Regularly refreshed product offerings
In-House Design Team
External Designers
75-member design and development Team* • Forecast design trends • Design and improve fit and comfort •
Integrate new and advanced technologies
• European design firm – designing and conceptualising 2W helmets
• Spanish design firm – full face
and flip-up helmets with inbuilt Bluetooth
Differentiated Product Capabilities
Products
New Launch
New Designs
Full Face
2-3 models annually
1 graphic in 3 months
Open Face
1-2 models annually
1 graphic in 6 months
Skull Cap
1 model in 2 years
1 graphic annually
Flip Up
1 model annually
1 graphic annually
Gloves / Jackets
1-2 models in 2 years
-
Built-in Communications
LED Indicators
Integrated Navigation & Helmet Wear Detection
Reduced Timeline from Ideation To Production
Time To Launch - 9 Months
Time To Launch - 14 Months
Ability to Develop New Prototypes and Develop New Products Improves Competitive Positioning
*As on 30th Sept’25
18
Manufacturing Footprint: Current & Upcoming Capacities
Particulars (Units in Mn)
Installed
H1FY26
FY25
Sales
Utilisation
Sales
Utilisation
Manufacturing Facility I
Manufacturing Facility II
Manufacturing Facility III
Total – 2W Helmet and Boxes (I + II + III)
Manufacturing Facility IV (Captive Facility)
EPS Liners
Water Transfer Decals
Upcoming Facility
3.32
2.72
3.00
9.04
9.00
2.00
3.89
~86%
7.82
~87%
3.76
0.64
~84%
~64%
7.24
1.33
~80%
~66%
Faridabad, Haryana
Manufacturing Facility V
Planned capacity in Phase I
Operational by
2W Helmet and Boxes
1.5
Q1FY27
240+ Designs
19,000+ SKUs
•
•
•
75+ members dedicated to R&D, design, aerodynamics & electronics lab focuses on product innovation, comfort enhancement, and advanced technology integration.
Dedicated supply chain & procurement teams for raw material stability Large skilled workforce across moulding, painting, stitching, assembly & testing
Strong QC and compliance teams ensuring ECE 22.06 and IS 4151 standards
As on 31st March’25
EPS - Expanded Polystyrene Liners
19
Faridabad Facility 5: Expanding Our Capacity
Planned Capex
Two Wheeler Helmet & Boxes
Estimated Capex of Rs 150 cr
capacity expansion of 3 mn units
Capex Update
Phase 1: 1.5 mn Units
Commercial operation Q1FY27
Estimated capacity utilization for unit 5 in FY27 : ~50%
Sidhartha Bhushan Khurana, Managing Director - With improving demand for two-wheelers and a strengthening export outlook, this expansion positions us well to support future growth and serve our markets more effectively.
20
Strategy & Growth Levers
Product Strategy: Premiumisation & Diversification
Increase Offering In The Premium Helmet Segment
Expand Product Portfolio
Demand for Premium 2W Helmets Driven By
Expand Production Of Niche Products
Increasing Sales of Premium Motorcycles
Increasing Disposable Income
Growing Replacement Market
Bicycle Helmets
2W Luggage
2W Apparel
Trusted mid and mass market 2W helmet brand
Established premium 2W helmet brand
Develop new & diversified 2W lifestyle products
•
Introduce premium offerings under Studds (at lower prices than SMK)
• Capture broader base of
consumers across different price points
•
Increase manufacturing capacity of SMK and of premium helmets under Studds
Enter New Aspirational Product Lines
Target New Customer Segments
Increase Market Share And Sales in Premium 2W Helmet Segment Internationally and in India
Higher margins by targeting niche customer segments
22
India Strategy: Expanding Distribution & Digital Channels
Invest further towards expansion of online presence
Invest in digital infrastructure to build further capabilities to deliver an integrated online-offline shopping experience
May propose to launch a separate mobile application
Seamless journey across touchpoints
Increase focus on domestic online sales channel
Diversified Channel-mix FY25
Strong relationships with OEMs
16.6%
10.3%
15.8%
57.3%
Export Distributor Network & EBOs OEMs# Others (E-com, Govt Channels, Others)
Established Online Presence
Institutional Customers
EBOs Serving as Brand Extension
E-commerce
Central Police Canteens
Quick Commerce
Own website www.studds.com
Canteens Stores Department
Drive Customer Engagement
Increase Brand Visibility
360+ Active Distributors Pan-India*
Note: The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only
*As on 30th Sept’25
#includes E-com, Government Channels, Others
23
Global Expansion Roadmap
Global Growth Strategy – Strategically Expand Into New Markets and Geographies
Strong presence in key export markets FY25
s n o i t a r e p o e l a c s d n a e c n e s e r p t e k r a m e s a e r c n I
Leverage brand recall • • • Expand presence into new geographies and markets
Increase scale of operations Introduce new innovative product designs
Existing Markets - North & South America, ASEAN • Expand footprint in new geographical locations leveraging well-
established global distributor, OEMs network
• Strengthen distribution network in USA through recently acquired
Bikerz US Inc.
Untapped Markets – Vietnam, Peru, Egypt • Evaluate options for inorganic expansion based on
synergies with existing business
Implement distributor-direct approach
Key Export Markets • • Establish a WOS in Europe to set up a warehouse, aimed at streamlining logistics, enhancing supply-chain efficiency, and improving delivery timelines across key European markets
12.0%
28.4%
30.1%
29.4%
Asia (Excluding India)
USA
Europe
Row*
Serving Customers in 70+ Countries#
Manufacturing For Leading Global Brands
Daytona
USA
O’neal
Australia EU USA
*includes Africa, Australia, Oceania
#As of 30th Sept’25
Note: The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only
24
Industry Overview
Industry Snapshot: Global
Global Helmet Market Size (Sales in USD Mn)
+5.2%
2,192
+6.2%
1,705
1,260
CY19
CY24
CY29
Global Helmet Market Size (Units in Mn)
+3.5%
78
+4.5%
66
53
CY19
CY24
CY29
Source: CareEdge Research
01
02
03
04
05
Rising 2W base in APAC Driving new & replacement helmet demand
Adventure & moto-tourism growth Boosting full-face / ADV helmet demand
Tighter global safety norms (ECE 22.06 / DOT / JIS) Push toward certified helmets
Strengthening OEM tie-ups Motorcycle brands preferring branded, compliant helmets
Premiumisation wave Higher uptake of modular, carbon-fiber & smart helmets
26
Industry Snapshot: India
Indian Helmet Market Size (Sales in INR Mn)
+8.7%
+8.8%
31,500
20,800
13,650
FY19
FY24
FY29
Indian Helmet Market Size (Units in Mn)
+6.1%
35
+4.4%
26
21
FY19
FY24
FY29
Source: CareEdge Research, *Average helmet per biker
01
02
03
04
05
Largest global 2W market Structurally strong helmet demand base
Faster replacement cycle (3–5 yrs) Driven by quality awareness, design upgrades & wear-out
BIS mandate enforcement Removes unorganised/low-quality supply, boosts organised players
Higher incomes & urbanization Supporting premiumisation & broader adoption
Severe under-penetration (India ~0.6 vs Global ~1.5)* Multi-year growth runway
27
Corporate Information & Governance
Board of Directors
Madhu Bhushan Khurana
Sidhartha Bhushan Khurana
Shilpa Arora
Pankaj Duhan
Deepshikha Singla
Shishira Rudrappa
Chairman and Managing Director • On the Board since 1983. Promoter of the Company • 50+ years of experience in business administration and manufacturing • Holds a Bachelor’s of
Science in Engineering (Aeronautical) from Punjab Engineering College, Chandigarh
Managing Director
• On the Board since 1998.
Promoter of the Company
• 25+ years of experience
in business administration and manufacturing at Studds
• Holds a Bachelor’s in
Engineering (Aeronautical) from Punjab Engineering College, Chandigarh
Whole-time Director and Global Sales Head • On the Board since 2024. Promoter of the Company Incorporated ‘Bikerz US Inc.’ in 2021
•
• Previously worked as
senior director at Rogers Communications Inc, Canada
• Holds a bachelor’s degree in dental surgery and an MBA from the University of Toronto, Ontario, Canada
Independent Director
Independent Director
Independent Director
• On the Board since 2018. More than a decade of experience at Procter & Gamble Europe SA, Singapore
• Holds a bachelor’s
degree in engineering from Punjab Engineering College, Chandigarh and a post-graduate diploma in management from the IIM, Ahmedabad
• On the Board since 2024. Experienced in the field of IT service and consulting
• Holds a bachelor’s degree in business administration from Guru Nanak Dev University, Amritsar and an MBA from IIT Roorkee
• On the Board since 2024. Presently a director on the board of Philos Advisory Services Pvt Ltd, Spire Capital Services Pvt Ltd, Spire Projects Pvt Ltd • Holds a bachelor’s degree in law from the National Law School of India University, Bangalore and a master’s degree from George Washington University
29
Global-Standard Quality Certifications
ISO 9001:2015 Quality Management System
ISO 14001:2015 Environmental Management System
ISO 45001:2018 Occupational Health and Safety
IS 4151:2015 Protective Helmets for Motorcycle Riders
DOT FMVSS 218 USA –Self Certification
ECE 22.06 Compliant w/ Economic Commission of Europe
17067:2013 Compliance for exporting to Philippines
30
Historical Financial Performance
Consolidated Profit & Loss Statement
Particulars (Rs. Cr)
Revenue from Operations
Other Income
Total Income
Cost of Goods Sold
Gross Profit (Revenue - COGS)
Gross Profit Margin
Employee Cost
Other Expenses
EBITDA**
EBITDA Margin
Depreciation EBIT#
EBIT Margin
Finance Cost
Profit before Tax
Profit before Tax Margin
Tax
Profit After Tax
Profit After Tax Margin
Basic EPS (in Rs.)
FY25
584.0
11.9
595.9
255.7
328.2
56.2%
62.6
160.7
105.0
18.0%
20.7
96.2
16.5%
1.2
95.0
16.3%
25.4
69.6
11.9%
17.70
FY24
529.0
6.8
535.8
238.6
290.4
54.9%
70.9
129.4
90.2
17.0%
19.0
78.0
14.7%
1.6
76.4
14.4%
19.1
57.2
10.8%
14.54
FY23
499.2
7.3
506.5
261.7
237.4
47.6%
65.3
112.0
60.1
12.0%
18.1
49.3
9.9%
2.8
46.4
9.3%
13.3
33.1
6.6%
8.42
**Excludes other income
#includes other income
32
Consolidated Historical Balance Sheet
Assets (Rs. in Cr.)
Non-current assets
Property, Plant and Equipment
Capital work-in-progress
Right to use of Assets/Investment Properties
Intangible Assets
Intangible Assets Under Development
Goodwill
Financial Assets
Investments
Others Financial Assets
Total Non-Current Assets
Current assets
Inventories
Financial Assets
Trade receivables
Cash and cash equivalents
Bank balances other than Above
Other Financial Assets
Other Current Assets
Total Current Assets
Total Assets
Mar-25
Mar-24
Mar-23
Equity and Liabilities (Rs. in Cr.)
Mar-25
Mar-24
Mar-23
325.9
25.3
320.4
10.0
5.5
2.4
3.5
4.7
0.0
3.2
7.7
3.2
1.8
0.0
0.0
3.7
370.5
346.8
307.3
10.2
0.9
3.3
1.6
0.0
0.0
29.6
352.9
Equity
Equity Share Capital
Other Equity
Shareholders Fund
Non-Current Liabilities
Financial Liabilities
Borrowings
Lease Liability
Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
Total Non Current Liabilities
Current liabilities
56.3
40.2
35.0
Financial Liabilities
43.0
39.0
33.2
0.3
14.4
28.4
35.6
23.0
0.2
11.4
31.3
24.9
4.8
0.3
11.9
186.2
556.7
138.8
485.6
108.1
461.1
Borrowings
Lease Liability
Trade Payables
Other Financial Liabilities
Other Current Liabilities
Provisions
Current tax liabilities (net)
Total Current Liabilities
Total Equity and Liabilities
19.7
429.8
449.5
9.8
377.6
387.4
9.8
328.2
338.0
2.9
4.5
3.0
5.1
18.4
33.9
0.0
1.6
31.9
16.3
14.4
2.0
7.1
73.4
556.7
0.2
6.3
3.0
4.5
16.6
30.5
0.4
1.9
30.6
16.1
14.7
1.9
2.1
67.6
485.6
19.9
0.4
2.7
4.1
15.5
42.6
10.6
0.6
34.7
17.8
12.6
1.8
2.3
80.4
461.1
33
Consolidated Cash Flow Statement
Particulars (Rs. in Cr.)
Net Profit Before Tax
Adjustments for: Non Cash Items / Other Investment or Financial Items
Operating profit before working capital changes
Changes in working capital
Cash generated from/(used in) operations
Direct taxes paid (net of refund)
Net Cash from Operating Activities
Net Cash from Investing Activities
Net Cash from Financing Activities
Net Decrease in Cash and Cash equivalents
Add: Cash & Cash equivalents at the beginning of the period
Cash & Cash equivalents at the end of the period
FY25
95.0
16.8
111.8
-30.0
81.8
-18.6
63.3
-51.1
-8.8
3.4
35.6
39.0
FY24
76.4
17.8
94.2
-4.0
90.2
-18.3
71.9
-20.0
-41.1
10.7
24.9
35.6
FY23
46.4
19.2
65.6
1.2
66.8
-10.9
55.9
-26.2
-23.9
5.8
19.0
24.9
34
Consolidated Ratios
Return on Net Worth (%)
Return on Capital employed (%)
Net Debt/Equity (in times)
14.8%
15.5%
20.3%
0.02
19.0%
9.8%
12.8%
FY23
FY24
FY25
FY23
FY24
FY25
Return on Networth = PAT/Networth
Return on Capital Employed = EBIT/Total Capital Employed* *Total Capital Employed = Total Equity + Borrowings + long term lease labilities + Deferred Tax labilities(net)
FY23
-0.07 FY24
-0.07 FY25
Net Debt/Equity (Total Debt-cash & cash equivalents)/Total Equity
35
IPO listing
November 2025
•
Listing date: 7th November 2025
• Offer for sale up to 77,86,120 Equity Shares of face
value of ₹ 5 (the “Offer”)
Listing of ‘Studds Accessories Limited’ on BSE and NSE
36
Thank You
Company: Studds Accessories Ltd. CIN: U25208HR1983PLC015135
Mr. Bharat Goyal VP – Finance & Investor Relations bharat.goyal@studds.com
Investor Relations Advisors: Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285
Mr. Mandar Chavan / Ms. Khushi Bhandari mandar.chavan@sgapl.net / khushi.bhandari@sgapl.net +91 96993 82195 / +91 76666 89925
www.studds.com
www.sgapl.net