Summary of Key Information:

Reporting Period (Quarter/Year): Quarter and Half Year ended September 30, 2026 (Q2 FY27)

Nature of Filing / Announcement: Outcome of Board Meeting pursuant to SEBI LODR Regulations

Audit Opinion:

Clean, unmodified limited review report issued by statutory auditors Rajan Chhabra & Co.

Key Financial Highlights [Rs. in millions]:

Standalone Results:

Quarter ended September 30, 2026:

  • Revenue from Operations: ₹1,824.64 (vs. ₹1,542.46 in Q2 FY26, +18.3% YoY)
  • Total Income: ₹1,858.66 (vs. ₹1,571.31 in Q2 FY26)
  • Net Profit: ₹155.02 (vs. ₹212.65 in Q2 FY26, -27.1% YoY)
  • EPS: ₹3.94 (vs. ₹5.40 in Q2 FY26)

Half year ended September 30, 2026:

  • Revenue from Operations: ₹3,494.07 (vs. ₹3,023.83 in H1 FY26, +15.6% YoY)
  • Total Income: ₹3,560.53 (vs. ₹3,080.60 in H1 FY26)
  • Net Profit: ₹287.54 (vs. ₹417.15 in H1 FY26, -31.1% YoY)
  • EPS: ₹7.31 (vs. ₹10.60 in H1 FY26)

Balance Sheet (Standalone) as at September 30, 2026:

  • Cash and Cash Equivalents: ₹506.75 (vs. ₹702.74 as at March 31, 2026)
  • Other Equity: ₹5,219.90 (vs. ₹5,049.44 as at March 31, 2026)
  • Total Assets: ₹6,565.67 (vs. ₹6,360.70 as at March 31, 2026)
  • Debt: Not specifically disclosed as separate line item

Consolidated Results:

Quarter ended September 30, 2026:

  • Revenue from Operations: ₹1,831.06 (vs. ₹1,544.37 in Q2 FY26, +18.6% YoY)
  • Total Income: ₹1,865.48 (vs. ₹1,573.22 in Q2 FY26)
  • Net Profit: ₹147.42 (vs. ₹206.22 in Q2 FY26, -28.5% YoY)
  • EPS: ₹3.75 (vs. ₹5.24 in Q2 FY26)

Half year ended September 30, 2026:

  • Revenue from Operations: ₹3,527.82 (vs. ₹3,036.56 in H1 FY26, +16.2% YoY)
  • Total Income: ₹3,594.68 (vs. ₹3,093.33 in H1 FY26)
  • Net Profit: ₹270.39 (vs. ₹408.68 in H1 FY26, -33.8% YoY)
  • EPS: ₹6.87 (vs. ₹10.38 in H1 FY26)

Balance Sheet (Consolidated) as at September 30, 2026:

  • Cash and Cash Equivalents: ₹539.89 (vs. ₹703.27 as at March 31, 2026)
  • Other Equity: ₹5,186.03 (vs. ₹5,032.91 as at March 31, 2026)
  • Total Assets: ₹6,582.09 (vs. ₹6,376.01 as at March 31, 2026)

Segment-wise Performance:

The company operates in a single reportable segment: manufacture and sale of helmets and accessories.

Corporate Actions:

Dividend: Final dividend of ₹3.00 per equity share for FY 2025-26 was paid during the quarter, aggregating ₹118.06 million.

Employee Stock Option Scheme:

  • Grant of 130,000 Employee Stock Options under Studds ESOP Scheme 2026
  • Effective grant date: October 31, 2026
  • Exercise price: ₹334.90 per option (15% discount to closing market price of ₹394.00 on October 30, 2026)
  • Each option convertible into 1 equity share of face value ₹5 each
  • Maximum options under scheme: 297,381 (0.75% of paid-up equity share capital)
  • Minimum vesting period: 1 year, maximum: 5 years from grant date

Other Significant Information:

Subsidiary Updates:

  • On May 22, 2026: Incorporated Wholly Owned Subsidiary in Italy - SMK Helmets Europe SRL with initial share capital of ₹33.51 million (EUR 0.30 million)
  • On September 8, 2026: Subscribed to 144 additional equity shares of Bikerz US Inc. for ₹9.48 million (USD 0.10 million)

Subsidiary Financials (unaudited):

Bikerz US Inc. (H1 FY27):

  • Total Revenue: ₹61.87 million
  • Net Profit: ₹3.07 million
  • Total Assets (as at Sep 30, 2026): ₹61.84 million

SMK Helmets Europe SRL (May 22-Sep 30, 2026):

  • Total Revenue: ₹0
  • Net Loss: ₹18.71 million
  • Total Assets (as at Sep 30, 2026): ₹31.31 million

Accounting Policies:

  • Prepared in accordance with Ind AS 34 "Interim Financial Reporting"
  • Tax expense provided based on estimated effective tax rate for full financial year
  • EPS for interim period not annualized
  • Single reportable segment: manufacture and sale of helmets and accessories