Event Type: The document contains the transcript of the Earnings Conference Call for Analysts/Investors held on May 25, 2026, in connection with the Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026.

Date and Time: The conference call was held on May 25, 2026. A specific start time was not mentioned in the transcript.

Purpose: The stated purpose of the call was to discuss the company's Q4 and FY26 financial performance and strategic updates.

Management Participants: The management participants on the call were:

  • Mr. Sidhartha Bhushan Khurana – Managing Director
  • Mr. Bharat Goyal – Vice President, Finance and Investor Relations (appointed as CFO effective July 1, 2026)
  • SGA, Investor Relations Advisors

Availability of Materials: The financial results and investor presentation were available on the company's website (www.studds.com) and on the stock exchanges. The audio recordings of the call were also uploaded on the stock exchanges and the company website on May 25, 2026.

Financial Period Discussed: The call discussed results for Q4 FY26 (quarter ended March 31, 2026) and the full financial year FY26 (year ended March 31, 2026).

Forward-Looking Statements & Strategic Themes:

  • The company provided revenue growth guidance of around 17%-18% for FY27 while expecting to maintain EBITDA margins at broadly similar levels.
  • Strategic themes included a focus on premiumization through the SMK brand, global expansion (especially in exports targeting 30% of revenue in 2-3 years), and capacity expansion.
  • The company is developing new products including riding jackets and an external Bluetooth communication system for helmets, with commercial sales anticipated from H2 FY27.
  • A new subsidiary is being set up in Italy to function as a warehousing and distribution hub for European markets, with operations expected to commence by mid-Q2 FY27.
  • The Board has approved an Employee Stock Option Plan (ESOP) for eligible employees, subject to shareholder approval.
  • The Board recommended a dividend of INR 3 per equity share (face value INR 5), translating to a 60% payout.

Compliance Language: The transcript included a standard disclaimer: "E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchanges and the Company website on 25 th May, 2026 will prevail."

Financial Performance Highlights

Q4 FY26 Consolidated Performance:

  • Two-wheeler helmet and boxes volume: 2.08 million units
  • Revenue: INR 167.5 crores (11.9% YoY growth)
  • EBITDA: INR 31.3 crores (11% YoY growth)
  • EBITDA Margin: 18.7%
  • PAT: INR 21.1 crores (6.1% YoY growth)
  • PAT Margin: 12.6%
  • Capacity Utilization: Two-wheeler helmets and boxes (89%), EPS (91%), Water decals (57%)
  • Average Selling Price (ASP): INR 815 (up from INR 752 in Q3 FY26)
  • Export Contribution: 22.79% of Q4 revenue

FY26 Full Year Consolidated Performance:

  • Two-wheeler helmet and boxes volume: 8.12 million units
  • Revenue: INR 634.2 crores (8.6% YoY growth)
  • EBITDA: INR 122.2 crores (16.4% YoY growth)
  • EBITDA Margin: 19.3%
  • PAT: INR 82.7 crores (18.7% YoY growth)
  • PAT Margin: 13.0%
  • Capacity Utilization: Two-wheeler helmets and boxes (89%), EPS (88%), Water decals (57%)
  • Total CAPEX Incurred: INR 48 crores

Brand Performance (Volume CAGR):

  • STUDDS brand: ~3% CAGR (from 68.7 lakh units in FY24 to 72.6 lakh units in FY26)
  • SMK brand: ~52% CAGR
  • Private label business: ~22% CAGR
  • Overall volumes: ~4.4% CAGR (from 71 lakh to 77.4 lakh units in FY26)

Brand ASPs (FY26 vs FY25):

  • SMK ASP: INR 2,552 (up from INR 2,359)
  • O'Neal (private label) ASP: INR 1,918 (up from INR 1,831)

Additional Notes Section

The document was a regulatory filing submitted to the National Stock Exchange of India Ltd. and BSE Limited pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The document contained the full transcript of the earnings conference call, including the management presentation and detailed Q&A session with analysts. No separate financial data beyond what was discussed in the call was disclosed in this specific announcement.