Studds Accessories Ltd

Strengths & Weaknesses

Strengths

Experienced promoters and management:Madhu Khurana, Chairman and Managing Director of SAL, brings over 40 years of expertise in the helmet industry, overseeing the company’s operations. He is joined by his son, Sidhartha Khurana, the Managing Director with over 20 years of experience. Under their leadership, SAL has grown into a prominent PAN-India helmet brand, fostering strong relationships with customers and vendors. The company consistently launches new products and has expanded its reach both domestically and internationally.

Long track record and dominant market position; which is likely to be maintained:SAL, a leader in the helmet industry for over 40 years, produces 1.4 crore helmets annually under Studds and premium SMK brands. It also offers accessories like jackets and visors. With a strong OEM supply history, SAL's expertise and brand strength create high entry barriers for competitors.

Diversified sales channels along with reputed clientele:SAL shares an extensive relationship with its domestic OEMs and retailers across India. SAL mainly sells through dealers, OEMs, Government canteens, institutional buyers, exports and though its own website. The revenue concentration from top-10 customers remained low at around 34% in FY23 (FY22: 35%) and around 33% in H1FY24 (UA).

Weaknesses

Exposure to raw material price volatility: Around 50% of SAL’s raw materials are derivatives of crude oil; hence, the prices of its raw materials vary with the fluctuation in international crude oil prices. SAL enters short-term contracts with its customers to mitigate any large volatility in raw material prices. Moreover, being market leader, SAL has bargaining power to pass on increase in raw material prices to its customers. However, the same cannot be passed on fully due to increased competition.

Exposure to competitive pressure: The domestic helmet market is dominated by a few organized players, including Studds, Steelbird, and Vega, which hold the majority share. SAL faces competition from both organized and unorganized players, impacting its profitability. However, the share of organized players has grown in recent years, boosting revenues and margins. This growth came largely at the expense of unorganized players, significantly affected by GST implementation.

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	9.83	9.83	9.84	9.83	9.83	9.83
Reserves	377.57	328.18	301.05	280.24	206.29	148.15
Total Equity	387.41	338.02	310.89	290.08	216.13	157.99
Borrowings	0.41	10.65	13.92	12.14	33.96	36.34
Provision	1.89	1.77	1.75	1.80	1.70	1.58
Other Non-Current Liabilities	65.33	68.00	79.56	96.50	48.35	37.27
Total current Liabilities	67.63	80.42	95.22	110.45	84.00	75.18
Borrowings	0.20	19.93	29.76	15.58	27.73	39.07
Other Current Liabilities	30.33	22.70	19.61	18.50	19.63	30.05
Total non current Liabilities	30.53	42.63	49.38	34.08	47.36	69.11
Equity + Liabilities	485.56	461.07	455.49	434.61	347.49	302.28
Fixed Assets (incl. WIP)	341.31	321.69	320.00	271.81	86.27	187.23
Other Non Current Assets	5.47	31.23	6.81	4.21	156.40	0.45
Total Non current Assets	346.77	352.93	326.81	276.02	242.67	187.68
Trade Receivables	28.36	31.27	28.15	26.57	18.99	21.61
Cash & Cash Equivalents	58.55	29.72	39.31	12.15	53.48	76.46
Other Current Assets	51.88	47.16	61.23	119.87	32.34	16.54
Total current Assets	138.79	108.14	128.68	158.59	104.82	114.60
Total Assets	485.56	461.07	455.49	434.61	347.49	302.28

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	529.02	499.17	462.51	479.62	431.24	389.04
Growth %	5.98%	7.93%	-3.57%	11.22%	10.85%	0
Operating Expenses	438.83	439.12	408.28	369.11	333.30	323.85
Growth %	-0.07%	7.55%	10.61%	10.74%	2.92%	0
Operating Profit	90.19	60.05	54.23	110.51	97.93	65.19
Op. Profit Margin %	17.05%	12.03%	11.72%	23.04%	22.71%	16.76%
Other Income	6.82	7.31	5.48	4.60	5.71	8.21
Finance Costs	1.61	2.82	3.06	3.46	0.91	0.31
Depreciation	19.03	18.10	16.63	13.35	7.28	5.93
Profit Before Tax	76.38	46.44	40.02	98.30	95.45	67.16
Tax	19.15	13.29	11.38	24.30	20.89	25.99
Tax %	3.62%	2.66%	2.46%	5.07%	4.84%	6.68%
Profit After Tax	57.23	33.15	28.64	73.99	74.56	41.17
Growth %	72.65%	15.75%	-61.30%	-0.75%	81.08%	0
PAT %	10.82%	6.64%	6.19%	15.43%	17.29%	10.58%
Diluted EPS	29.08	16.85	14.55	37.61	37.89	20.92

Shareholding Pattern

Color	Shareholder	Holding
	Madhu Bhushan Khurana	55.23%
	Sidhartha Bhushan Khurana	14.46%
	others	30.31%

Fundamentals

Quick Insights

Experienced promoters and management: Madhu Khurana, Chairman and Managing Director of SAL, brings over 40 years of expertise in the helmet industry, overseeing the company’s operations. He is joined by his son, Sidhartha Khurana, the Managing Director with over 20 years of experience. Under their leadership, SAL has grown into a prominent PAN-India helmet brand, fostering strong relationships with customers and vendors. Long track record and dominant market position: SAL, a leader in the helmet industry for over 40 years, produces 1.4 crore helmets annually under Studds and premium SMK brands. It also offers accessories like jackets and visors. With a strong OEM supply history, SAL's expertise and brand strength create high entry barriers for competitors. Diversified sales channels along with reputed clientele :SAL shares an extensive relationship with its domestic OEMs and retailers across India. SAL mainly sells through dealers, OEMs, Government canteens, institutional buyers, exports and though its own website.

Market Cap₹1,298.66 Cr

PE Ratio22.7

EPS₹29.08

Dividend Yield-

Book Value₹196.89 Cr

Debt/Equity0.002

Price/Book3.35

Price/Sales-

Industry PE-

Sales₹529.02 Cr

Profit After Tax₹57.22 Cr

Share Capital₹9.83 Cr

Shares Outstanding-

ISININE00Q601028

SectorSafety Accessories

Symbol-

About Company

Started in the year 1972, Studds Accessories today is the leading two-wheeler helmet manufacturer in India with 30% market share (Source: Annual Report FY24) diligently serving their customers with safety, style, and comfort. Backed by a strong portfolio of more than 50 products and a strong dealer network, the two major brands of the Company - STUDDS and SMK are synonymous with quality two-wheeler helmets.

Quick Insights

Experienced promoters and management: Madhu Khurana, Chairman and Managing Director of SAL, brings over 40 years of expertise in the helmet industry, overseeing the company’s operations. He is joined by his son, Sidhartha Khurana, the Managing Director with over 20 years of experience. Under their leadership, SAL has grown into a prominent PAN-India helmet brand, fostering strong relationships with customers and vendors. Long track record and dominant market position: SAL, a leader in the helmet industry for over 40 years, produces 1.4 crore helmets annually under Studds and premium SMK brands. It also offers accessories like jackets and visors. With a strong OEM supply history, SAL's expertise and brand strength create high entry barriers for competitors. Diversified sales channels along with reputed clientele :SAL shares an extensive relationship with its domestic OEMs and retailers across India. SAL mainly sells through dealers, OEMs, Government canteens, institutional buyers, exports and though its own website.

Market Cap₹1,298.66 Cr

PE Ratio22.7

EPS₹29.08

Dividend Yield-

Book Value₹196.89 Cr

Debt/Equity0.002

Price/Book3.35

Price/Sales-

Industry PE-

Sales₹529.02 Cr

Profit After Tax₹57.22 Cr

Share Capital₹9.83 Cr

Shares Outstanding-

ISININE00Q601028

SectorSafety Accessories

Symbol-

About Company

Strengths

Weaknesses

Annual Reports

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	9.83	9.83	9.84	9.83	9.83	9.83
Reserves	377.57	328.18	301.05	280.24	206.29	148.15
Total Equity	387.41	338.02	310.89	290.08	216.13	157.99
Borrowings	0.41	10.65	13.92	12.14	33.96	36.34
Provision	1.89	1.77	1.75	1.80	1.70	1.58
Other Non-Current Liabilities	65.33	68.00	79.56	96.50	48.35	37.27
Total current Liabilities	67.63	80.42	95.22	110.45	84.00	75.18
Borrowings	0.20	19.93	29.76	15.58	27.73	39.07
Other Current Liabilities	30.33	22.70	19.61	18.50	19.63	30.05
Total non current Liabilities	30.53	42.63	49.38	34.08	47.36	69.11
Equity + Liabilities	485.56	461.07	455.49	434.61	347.49	302.28
Fixed Assets (incl. WIP)	341.31	321.69	320.00	271.81	86.27	187.23
Other Non Current Assets	5.47	31.23	6.81	4.21	156.40	0.45
Total Non current Assets	346.77	352.93	326.81	276.02	242.67	187.68
Trade Receivables	28.36	31.27	28.15	26.57	18.99	21.61
Cash & Cash Equivalents	58.55	29.72	39.31	12.15	53.48	76.46
Other Current Assets	51.88	47.16	61.23	119.87	32.34	16.54
Total current Assets	138.79	108.14	128.68	158.59	104.82	114.60
Total Assets	485.56	461.07	455.49	434.61	347.49	302.28

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	529.02	499.17	462.51	479.62	431.24	389.04
Growth %	5.98%	7.93%	-3.57%	11.22%	10.85%	0
Operating Expenses	438.83	439.12	408.28	369.11	333.30	323.85
Growth %	-0.07%	7.55%	10.61%	10.74%	2.92%	0
Operating Profit	90.19	60.05	54.23	110.51	97.93	65.19
Op. Profit Margin %	17.05%	12.03%	11.72%	23.04%	22.71%	16.76%
Other Income	6.82	7.31	5.48	4.60	5.71	8.21
Finance Costs	1.61	2.82	3.06	3.46	0.91	0.31
Depreciation	19.03	18.10	16.63	13.35	7.28	5.93
Profit Before Tax	76.38	46.44	40.02	98.30	95.45	67.16
Tax	19.15	13.29	11.38	24.30	20.89	25.99
Tax %	3.62%	2.66%	2.46%	5.07%	4.84%	6.68%
Profit After Tax	57.23	33.15	28.64	73.99	74.56	41.17
Growth %	72.65%	15.75%	-61.30%	-0.75%	81.08%	0
PAT %	10.82%	6.64%	6.19%	15.43%	17.29%	10.58%
Diluted EPS	29.08	16.85	14.55	37.61	37.89	20.92

Shareholding Pattern

Color	Shareholder	Holding
	Madhu Bhushan Khurana	55.23%
	Sidhartha Bhushan Khurana	14.46%
	others	30.31%

Board of Directors

Madhu bhushan khuranaChairman & MD

sidharta bhushan khuranaMD

shankar dev choudharyIndependant Director

pallavi salujaIndependant Director

pankaj duhanIndependant Director

Senior Management

Madhu Bhushan KhuranaChairman and Managing Director

Sidhartha Bhushan KhuranaManaging Director

Manish MehtaChief Financial Officer

Asha MittalCompany Secretary

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