Studds Accessories Limited · NSE:STUDDS
Studds Accessories — H1 FY27 Earnings Presentation
40 slides from Studds Accessories's earnings presentation, Oct 31, 2026
Slide 1: Exchange filing cover letter for Earnings Presentation
PHONES: 91-129-4296500 E mail : [email protected], [email protected], [email protected] CIN No.: L25208HR1983PLC015135 Date: October 31, 2026 To, To, National Stock Exchange of India Ltd., BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street Bandra
Slide 2: Studds Accessories Limited Investor Presentation – Q2 & H1FY27
Studds Accessories Limited Investor Presentation – Q2 & H1FY27
Slide 3: Safe Harbour
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 s
Slide 4: Q2 & H1FY27 Performance Highlight
Q2 & H1FY27 Performance Highlight
Slide 5: From Managing Director's Desk
From Managing Director’s Desk “The first half of the year was marked by a challenging raw material environment. Ongoing geopolitical developments led to sharp volatility in crude oil prices, which in turn drove a steep rise in styrene-based input costs and weighed on our profitability. We have taken
Slide 6: Performance Highlights
Performance Highlights Revenue from Operation EBITDA PAT Export Revenue 352.8 60.2 40.9 303.7 42.3 27.0 183.1 29.9 20.6 +54.9% p.a. 154.4 22.8 14.7 127.6 +49.2% Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 97.2 79.4 Revenue and Profitability Performance 53.2 53
Slide 7: Multi Dimensional Revenue Mix
Multi Dimensional Revenue Mix Product Mix Channel Mix Geography Mix 6.9% 6.1% 7.0% 6.6% 4.2% 5.9% 4.5% 4.8% 4.1% 4.0% 4.8% 7.1% 3.3% 2.9% 4.0% 16.2% 19.2% 6.4% 23.4% 21.9% 6.9% 7.5% 12.8% 15.2% 1.1% 10.4% 8.7% 19.7% 17.9% 2.4% 12.1% 0.7% 1.3% 11.6% 12.5% 12.8% 15.4% 13.6% 13.7% 15.5% 83.8% 80.8% 76.
Slide 8: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Cr) Q2FY27 Q2FY26 YoY Q1FY27 QoQ H1FY27 H1FY26 YoY FY26 Net Revenue from Operations 183.1 154.4 18.6% 169.7 7.9% 352.8 303.7 16.2% 634.2 Cost of Goods Sold 84.5 64.2 79.0 163.5 124.8 255.5 Gross Profit 98.6 90.2 9.2% 90.7 8.7% 189.3 178.9 5.8% 37
Slide 9: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. Cr) Sep-26 Mar-26 Equity and Liabilities (Rs. Cr) Sep-26 Mar-26 Non-current assets Equity Property, Plant and Equipment 326.6 326.7 Equity Share Capital 19.7 19.7 Capital work-in-progress 60.5 52.9 Other Equity 518.6 503.3 Right to use of Assets 3.7 3.7 Shareho
Slide 10: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Cr) H1FY27 H1FY26 Net Profit Before Tax 37.6 54.9 Adjustments for: Non Cash Items / Other Investment or Financial Items 8.6 7.5 Operating profit before working capital changes 46.2 62.4 Changes in working capital -22.4 14.2 Cash generated from/(used
Slide 11: Expanding Capacities: Gearing up for Growth
Expanding Capacities: Gearing up for Growth Capacity is in Mn Capacity Expansion Growth Drivers Capacity Capacity Addition PREMIUM PRODUCT PORTFOLIO Expansion of 1.5 • Increasing mix of premium helmets of 1.5 Existing 12.5 • Better design, styling and safety features ~33% Capacity 11.0 9.5 EXPORT EX
Slide 12: Manufacturing Footprint: Current & Upcoming Capacities
Manufacturing Footprint: Current & Upcoming Capacities H1FY27 H1FY26 Particulars (Units in Mn) Installed Sales Utilisation Installed Sales Utilisation Manufacturing Facility I 1.81 1.66 Manufacturing Facility II 1.47 1.36 3.99 ~83% 3.89 ~86% Manufacturing Facility III 1.50 1.50 Total – 2W Helmet and
Slide 13: The Road Ahead
The Road Ahead Four clear growth engines underpin the next phase of Studds Premiumisation Exports Capacity Long Term Vision Scale SMK as a Deepen market- Expand installed Build riding gear, higher-value growth building across the capacity from ~9.5 Bluetooth, bicycle and margin engine US, Europe and
Slide 14: Our Business
Our Business
Slide 15: Key Strengths
Key Strengths The Case for STUDDS 01 02 03 04 05 06 A premium engine A distribution moat at A capital-efficient The largest two-wheeler A catalogue that covers Vertical integration that reshaping the home and abroad model that funds its helmet player every rider and price controls quality, cost and
Slide 16: Studds at a Glance
Studds at a Glance Brands Product Portfolio Incorporated in Motorised Helmets 5 1983 Non-Motorised Helmets Manufacturing Units* 2W Accessories Installed Capacity ~11.5 Mn 2W Helmets & Boxes* 240+ Designs 360+ 70+ ~9 Mn EPS Liners 19,000+ SKUs Presence in Distributors in India ~2 Mn Water Transfer De
Slide 17: Five Decade Journey of Innovation
Five Decade Journey of Innovation 1975 1999 2009 2016 2020 2025 Manufacturing Facility Listed on BSE & NSE Operations shifted to Launch of III set up The ‘Studds’ brand is Assigned trademark newly set up Manufacturing ‘SMK’ brand In-house facility Setup established ‘Studds’ Manufacturing for EPS and
Slide 18: Diversified Brand Portfolio
Diversified Brand Portfolio Other Accessories Full Open Dual Bicycle Full Open Dual Two-wheeler Helmet locking Gloves Riding Rain Eye Modular Modular luggage device suit wear Face Face Sport Helmet Face Face Sport jacket Studds SMK Product-wise Revenue FY26 Year 1975 2016 3.1% 7.0% MRP Range Rs 875
Slide 19: What Sets Us Apart
What Sets Us Apart Extensive pan-India and global Advanced, vertically distribution with strong retail integrated manufacturing & penetration and key R&D enabling quality, scale, international accreditations and faster innovation Capital-efficient, sustainable Broad, design-rich product business mod
Slide 20: Manufacturing & Technology
Manufacturing & Technology
Slide 21: Deep Vertical Integration Driving Scalability & Quality
Deep Vertical Integration Driving Scalability & Quality Assembly & Injection Molding Painting Visor Coating Cutting & Stitching Testing Packaging • In-house mold • Robotic painting • Automated silicon • Automated fabric • Conveyorized • In-house helmet making shop and concept hard coating facility c
Slide 22: In-house Design & Innovation Engine
In-house Design & Innovation Engine Focus on Customer-centric Design and Technological Advancement Regularly refreshed product offerings Products New Launch New Designs In-House Design Team External Designers 75-member design and development • European design firm – designing Full Face 2-3 models an
Slide 23: Strategy & Growth Levers
Strategy & Growth Levers
Slide 24: Product Strategy: Premiumisation & Diversification
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 Increasing Growing of Premium Disposable Replacement Motorcycles Income Market Bicy
Slide 25: India Strategy: Expanding Distribution & Digital Channels
India Strategy: Expanding Distribution & Digital Channels Seamless journey across touchpoints Invest in digital infrastructure to build further capabilities Invest further towards expansion of online presence May propose to launch a separate mobile application to deliver an integrated online-offline
Slide 26: Global Expansion Roadmap
Global Expansion Roadmap Global Growth Strategy – Strategically Expand Into New Markets and Geographies Strong presence in key export markets FY26 Leverage brand recall 2.1% Increase market presence and scale operations • Increase scale of operations 4.6% • Introduce new innovative product designs •
Slide 27: FY26: The Launches that Defined STUDDS
FY26: The Launches that Defined STUDDS DC Collection : A Warner Bros Collaboration Raider JET Long Laminar Nova Street DV Visor Drifter Batman Trooper Legacy Helios Superman Edition Shield Edition Edition Ninja Raider Terrain ✓ Strategic Partnership: Warner Bros. Discovery collaboration Comet DV Gog
Slide 28: Driving Premiumisation Through Product Mix & Export Expansion
Driving Premiumisation Through Product Mix & Export Expansion Our Performance over the last 3 years Overall Studds SMK Private Label ASP Volumes Volumes Volumes Volumes Niche / ~4% ~3% ~52% ~22% ~5% Performance led categories PREMIUM PRODUCT PORTFOLIO • Increasing mix of premium helmets • Better des
Slide 29: Strengthening Global Brand Positioning
Strengthening Global Brand Positioning INTERNATIONAL RACING ECOSYSTEM Participated in theMoto4 Latin Hosted as part of the prestigious America Cup, a key step in our MotoGP World Championship in global brand-building journey Goiânia, Brazil through SMK Helmets. THIS INITIATIVE HELPS TO Strengthen gl
Slide 30: Industry Overview
Industry Overview
Slide 31: Industry Snapshot: Global
Industry Snapshot: Global Global Helmet Market Size (Sales in USD Mn) Rising 2W base in APAC 01 Driving new & replacement helmet demand +5.2% 2,192 +6.2% 1,705 Adventure & moto-tourism growth 1,260 02 Boosting full-face / ADV helmet demand CY19 CY24 CY29 Tighter global safety norms (ECE 22.06 / DOT
Slide 32: Industry Snapshot: India
Industry Snapshot: India Indian Helmet Market Size Largest global 2W market (Sales in INR Mn) 01 Structurally strong helmet demand base +8.7% +8.8% 31,500 Faster replacement cycle (3–5 yrs) 20,800 02 Driven by quality awareness, design upgrades & wear-out 13,650 FY19 FY24 FY29 BIS mandate enforcemen
Slide 33: Corporate Information & Governance
Corporate Information & Governance
Slide 34: Board of Directors
Board of Directors Madhu Bhushan Khurana Sidhartha Bhushan Khurana Shilpa Arora Pankaj Duhan Deepshikha Singla Shishira Rudrappa Chairman and Managing Director Whole-time Director Independent Director Independent Director Independent Director Managing Director and Global Sales Head • On the Board si
Slide 35: Global-Standard Quality Certifications
Global-Standard Quality Certifications ISO 14001:2015 IS 4151:2015 ISO 9001:2015 ISO 45001:2018 Environmental Management Protective Helmets for Quality Management System Occupational Health and Safety System Motorcycle Riders ECE 22.06 17067:2013 DOT FMVSS 218 Compliant w/ Economic Compliance for ex
Slide 36: Historical Financial Performance
Historical Financial Performance
Slide 37: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Cr) FY26 FY25 FY24 FY23 Revenue from Operations 634.2 584.0 529.0 499.2 Cost of Goods Sold 255.5 255.7 238.6 261.7 Gross Profit 378.8 328.2 290.4 237.4 Gross Profit Margin 59.7% 56.2% 54.9% 47.6% Employee Cost 65.3 62.6 70.9 65.3 Other Expenses 1
Slide 38: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet Assets (Rs. in Cr.) Mar-26 Mar-25 Mar-24 Mar-23 Equity and Liabilities (Rs. in Cr.) Mar-26 Mar-25 Mar-24 Mar-23 Non-current assets Equity Property, Plant and Equipment 326.7 325.9 320.4 307.3 Equity Share Capital 19.7 19.7 9.8 9.8 Capital work-in-progress 52.9 2
Slide 39: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. in Cr.) FY26 FY25 FY24 FY23 Net Profit Before Tax 111.6 95.0 76.4 46.4 Adjustments for: Non Cash Items / Other Investment or Financial Items 16.5 16.8 17.8 19.2 Operating profit before working capital changes 128.1 111.8 94.2 65.6 Changes in working
Slide 40: Thank You
Thank You Company: Investor Relations Advisors: Studds Accessories Ltd. Strategic Growth Advisors Pvt. Ltd. CIN: L25208HR1983PLC015135 CIN: U74140MH2010PTC204285 Mr. Bharat Goyal Mr. Mandar Chavan / Ms. Khushi Bhandari Chief Financial Officer [email protected] / [email protected] cfo@s