Financial Performance Summary

Q2 FY27 Performance (Consolidated):

  • Net Revenue from Operations: ₹183.1 Cr (vs ₹154.4 Cr in Q2FY26, +18.6% YoY)
  • EBITDA: ₹22.8 Cr (vs ₹29.9 Cr in Q2FY26, -23.7% YoY)
  • EBITDA Margin: 12.4% (vs 19.3% in Q2FY26)
  • Profit After Tax: ₹14.7 Cr (vs ₹20.6 Cr in Q2FY26, -28.5% YoY)
  • PAT Margin: 8.1% (vs 13.4% in Q2FY26)

H1 FY27 Performance (Consolidated):

  • Net Revenue from Operations: ₹352.8 Cr (vs ₹303.7 Cr in H1FY26, +16.2% YoY)
  • EBITDA: ₹42.3 Cr (vs ₹60.2 Cr in H1FY26, -29.6% YoY)
  • EBITDA Margin: 12.0% (vs 19.8% in H1FY26)
  • Profit After Tax: ₹27.0 Cr (vs ₹40.9 Cr in H1FY26, -33.8% YoY)
  • PAT Margin: 7.7% (vs 13.5% in H1FY26)

Full Year FY26 Reference:

  • Net Revenue from Operations: ₹634.2 Cr
  • EBITDA: ₹122.2 Cr
  • EBITDA Margin: 19.3%
  • Profit After Tax: ₹82.7 Cr
  • PAT Margin: 13.0%

Management Commentary

From Managing Director Sidhartha Bhushan Khurana:

Challenges:

  • The first half was marked by challenging raw material environment
  • Ongoing geopolitical developments led to sharp volatility in crude oil prices
  • This drove a steep rise in styrene-based input costs that weighed on profitability
  • The company has taken calibrated price increases to partly offset this impact
  • Sustained recovery in margins will depend on raw material prices stabilizing

Positive Developments:

  • Demand remained robust despite headwinds
  • Revenue growth of 16.2% YoY in H1FY27 driven by strong traction in both domestic and international markets
  • This reflects strength of brand and trust riders place in products

Growth Initiatives:

  • New manufacturing facility commenced commercial production on 30 Oct'26
  • Added 1.5 million units per annum of helmet and box capacity
  • Provides significant headroom to meet rising demand at home and overseas
  • Incorporated wholly owned Italian subsidiary to establish warehousing and distribution hub
  • Developing European market presence through the Italian subsidiary
  • Expanding beyond helmets into riding jackets
  • Bluetooth-enabled rider communication systems launching in Nov'26
  • Participating in EICMA in Milan (Italy) and India Bike Week in Panchgani (Maharashtra) in Nov'26 to strengthen brand visibility

Strategic Outlook:

  • Firmly on course towards medium-term aspiration of ₹1,000 crore in revenue
  • Exports expected to contribute 25% to 30%
  • Substantial opportunity across US, Europe and Latin America through deeper market penetration, stronger distribution and broader portfolio
  • Priorities: delivering high-quality differentiated products, managing costs with discipline, constant innovation

Business Performance Highlights

Revenue and Profitability:

  • Revenue growth supported by healthy demand across domestic and international markets
  • Export ASP increased from ~₹1,600 in FY24 to ~₹2,000 in H1FY27
  • SMK ASP improved from ~₹2,350 in FY24 to ~₹2,900 in H1FY27
  • Improvement in product realizations demonstrated

Operational Updates:

  • Commenced commercial production at new facility on 30 Oct'26
  • Added 1.5 million units p.a. of helmet and box capacity
  • Wholly owned Italian subsidiary incorporated for European market presence
  • Started in-house manufacturing of riding jackets
  • Bluetooth-enabled communication systems launching in Nov'26
  • Participating in EICMA Milan (Italy) and India Bike Week Panchgani (Maharashtra) in Nov'26

Company Background

Studds Accessories Limited is India's largest two-wheeler helmet manufacturer and one of the world's leading helmet and motorcycle accessories brands. Key facts:

  • Installed capacity: 11.5 million two-wheeler helmets and boxes across four advanced, vertically integrated manufacturing units
  • Portfolio: 240+ designs and 19,000+ SKUs
  • Distribution: 360+ active distributors across India, serves 70+ international markets
  • Over five decades of industry leadership
  • Strong in-house design and development team focused on innovation, comfort, and world-class styling

Safe Harbor Statement

The document contains forward-looking statements based on estimates and anticipated effects of future events, subject to numerous risks and uncertainties, and not necessarily predictive of future results. The company assumes no obligation to update forward-looking statements.