Financial Performance Highlights

FY26 Consolidated Performance (Year-ended March 31, 2026)

  • Revenue from Operations: ₹634.2 crore, up 8.6% YoY from ₹584.0 crore in FY25
  • Gross Profit: ₹378.8 crore with Gross Profit Margin of 59.7% (vs 56.2% in FY25)
  • EBITDA: ₹122.2 crore, up 16.4% YoY with EBITDA Margin of 19.3% (vs 18.0% in FY25)
  • Profit After Tax: ₹82.7 crore, up 18.7% YoY with PAT Margin of 13.0% (vs 11.9% in FY25)
  • Basic EPS: ₹21.00 (vs ₹17.69 in FY25)

Q4FY26 Consolidated Performance

  • Revenue: ₹167.0 crore
  • Gross Profit: ₹99.8 crore with Gross Profit Margin of 59.6%
  • EBITDA: ₹31.3 crore with EBITDA Margin of 18.7%
  • Profit After Tax: ₹21.1 crore with PAT Margin of 12.6%
  • Basic EPS: ₹5.36

Balance Sheet Position (as of March 31, 2026)

  • Total Assets: ₹637.6 crore (vs ₹556.7 crore in Mar-25)
  • Property, Plant and Equipment: ₹326.7 crore
  • Capital work-in-progress: ₹52.9 crore (vs ₹25.3 crore in Mar-25)
  • Inventories: ₹75.0 crore (vs ₹56.3 crore in Mar-25)
  • Cash and cash equivalents: ₹70.3 crore (vs ₹39.0 crore in Mar-25)
  • Shareholders Fund: ₹523.0 crore (vs ₹449.5 crore in Mar-25)
  • Equity Share Capital: ₹19.7 crore (unchanged)
  • Total Debt: ₹3.7 crore in non-current borrowings
  • Net Debt/Equity: Negative (cash exceeds debt)

Cash Flow Statement FY26

  • Net Cash from Operating Activities: ₹86.3 crore (vs ₹63.0 crore in FY25)
  • Net Cash from Investing Activities: -₹43.1 crore
  • Net Cash from Financing Activities: -₹11.9 crore
  • Net Increase in Cash and Cash equivalents: ₹31.3 crore

Strategic and Operational Updates

Capacity Expansion

  • Phase-I capacity expansion of 1.5 million helmets per annum progressing as planned
  • Expected to commence operations by Q2FY27
  • Additional 1.5 million helmets planned for capacity expansion over next 15-18 months
  • Post completion, total installed capacity will increase by 30% over FY26 levels to 12.5 million helmets per annum

International Expansion

  • Establishing presence in Europe, particularly in Italy
  • Operations expected to commence from Q2FY27
  • Participated in Moto4 Latin America Cup for global brand-building through SMK Helmets

Product and Brand Initiatives

  • Onboarding globally recognized premium riding gear brand Alpinestars under private-label helmet segment
  • Implemented calibrated price hikes averaging 8-9% across portfolio to safeguard against rising input costs
  • Raw material prices witnessing upward trend since March 2026, but no challenges with sourcing or availability

Revenue Mix FY26

  • Studds Helmets: 74.1%
  • SMK Helmets: 15.7%
  • Private Labels: 7.0%
  • Other Accessories: 3.1%

Manufacturing Capacity Utilization

  • 2W Helmet and Boxes (Facilities I+II+III): 9.23 million units capacity, ~90% utilization
  • EPS Liners: 9 million units capacity, ~88% utilization
  • Water Transfer Decals: 2 million units capacity, ~57% utilization

Management Commentary

From Managing Director Sidhartha Bhushan Khurana: \"We are pleased to report a strong performance for FY26, with revenue growing by 8.6% YoY to Rs. 634 crore, EBITDA increasing by 16.4% YoY to Rs. 122.2 crore with EBITDA margins improving to 19.3%, and PAT rising by 18.7% YoY to Rs. 82.7 crore. The year was marked by healthy growth across both domestic and export markets, supported by an improved product mix, premiumisation initiatives, operational efficiencies, and strong brand acceptance across segments.\"

Historical Financial Trends

| Metric | FY26 | FY25 | FY24 | FY23 |

| Revenue (₹ Cr) | 634.2 | 584.0 | 529.0 | 499.2 |

| EBITDA (₹ Cr) | 122.2 | 105.0 | 90.2 | 60.1 |

| PAT (₹ Cr) | 82.7 | 69.6 | 57.2 | 33.1 |

| Basic EPS (₹) | 21.00 | 17.69 | 14.54 | 8.42 |

Corporate Governance

Board of Directors includes:

  • Sidhartha Bhushan Khurana (Chairman and Managing Director)
  • Madhu Bhushan Khurana (Whole-time Director and Global Sales Head)
  • Shilpa Arora (Promoter Director)
  • Pankaj Duhan (Independent Director)
  • Deepshikha Singla (Independent Director)
  • Shishira Rudrappa (Independent Director)

Investor Relations Contacts

  • Mr. Bharat Goyal, VP – Finance & Investor Relations
  • Strategic Growth Advisors Pvt. Ltd. as Investor Relations Advisors