Studds Accessories IPO: Everything You Need to Know

Studds Accessories Limited, India’s largest helmet manufacturer by revenue and volume, is all set to launch its Initial Public Offering (IPO) in October 2025. With a legacy dating back to 1975, the company has long been a supplier of affordable and premium helmets, as well as a broad range of motorcycle accessories, through its trusted Studds and SMK brands. This IPO is seen as a landmark for the auto accessories sector, as Studds looks to capitalise on India’s safety regulations, rising two-wheeler demand, and the expanding middle class.

The Studds IPO aims to raise approximately ₹455 – ₹460 crore, comprising entirely an offer for sale (OFS) of 77.86 lakh shares by promoters and investors. No fresh funds will enter the company; rather, the listing serves to facilitate partial exits and enhance liquidity for existing stakeholders. Upon listing, Studds will join the select league of Indian manufacturing and consumer brands successfully tapping the capital markets after decades of family-led growth.

This blog covers every critical aspect of the Studds Accessories Ltd IPO, issue particulars, business highlights, latest financials, sectoral context, and pointers every investor should consider when evaluating the opportunity.

Studds Accessories IPO Dates & Launch Details

• IPO opening date: 30 October 2025 (Thursday)
• IPO closing date: 3 November 2025 (Monday)
• Basis of allotment: 4 November 2025 (Tuesday)
• Refund initiation: 6 November 2025 (Thursday)
• Expected listing date: 7 November 2025 (Friday)

Lead Book Running Managers: IIFL Capital Services and ICICI Securities.

Registrar: MUFG Intime India.

Price Band & Investment Details

• Price band: ₹557 – ₹585 per equity share (Face value: ₹5 per share)
• Minimum lot size: 1 lot to have 25 shares for retail investors
• Minimum investment: ₹14,635 at the upper end of the price band for one lot
• Maximum retail investment: ₹1,90,125 (allowed for up to 13 lots, 325 shares)

Studds Accessories IPO Structure

About Studds Accessories

Founded in 1975, Studds is synonymous with quality, safety, and innovation in the Indian helmet industry. The company manufactures and sells two-wheeler helmets and a range of motorbike accessories, catering to mass, mid-market and premium categories via its SMK brand (from 2016 onwards).

Key Highlights:

• World’s largest helmet manufacturer (by volume) in 2024, with sales of over 7.4 million helmets and capacity exceeding 9 million units annually.
• Over 240 helmet designs and more than 19,000 SKUs, including luggage, gloves, jackets, rainwear, eyewear, and riding accessories.
• Four manufacturing facilities (three on company-owned land, one partly leased) in Faridabad, enabling control over cost and quality.
• Leading supplier to major OEMs (Hero MotoCorp, Honda, Suzuki, Royal Enfield, Yamaha) as well as government and defence departments.
• Widespread export network spanning more than 70 countries including the US, Europe, and Australia.
• R&D team of 75 driving product and safety innovation, including BIS and ECE certified products.

Financials 

Revenue and Profit Table

Cash Flow Table

Key Highlights:

• Studds Accessories’ revenue has grown steadily, crossing ₹500 crore for the first time in FY24, and momentum has continued into H1FY25.
• Net profit improved healthily to ₹57.2 crore in FY24, maintaining double-digit growth despite industry challenges.
• Operating and free cash flows have stayed positive since FY23, underlining better working capital and financial discipline compared to earlier periods.
• The company’s ability to remain profitable during economic downturns and to generate positive cash even as it invests in capacity expansion bodes well for capital markets.
• Studds Accessories’ scale, consistent profit generation, and prudent cash management offer a solid foundation for public listing and long-term value creation.

Sector & Market Context

India is the world’s largest two-wheeler market and is rapidly tightening safety norms (IS:4151), triggering a surge in demand for certified helmets. The sector is expected to grow at 14%–17% CAGR over the next five years, buoyed by increasing two-wheeler sales, urbanisation, disposable incomes and government mandates for helmet use.

Studds faces competition from locally manufactured and imported brands, but leads on volume, brand recall and innovation. The global helmet market is expanding, opening new export opportunities for Indian players with European, American and Asian tie-ups.

Key Considerations for Investors

Strengths

• Market leader with scale and a wide product catalogue
• Trusted domestic and export brand with deep OEM relationships
• Consistent profitability and cash flow generation
• Strong compliance, safety, and R&D led credentials

Risks

• Revenue and profitability are linked to economic cycles and two-wheeler sector health
• Raw material and logistics inflation could impact margins
• Competitive pressures, especially from low-cost or imported brands

Opportunities

• Growing OEM and institutional orders
• Increasing global export prospects with premium branding
• Product diversification into more motorbike and urban mobility accessories

IPO Structure

• The IPO comprises a pure OFS (Offer for Sale) by existing shareholders and promoters, totalling approximately ₹455 crore.
• Promoters (Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, Chand Khurana) along with select investors will offload their stake, with Studds not receiving any IPO proceeds.
• All shares will be listed on BSE and NSE, improving secondary liquidity and facilitating wider public and institutional ownership.
• The issue allows Studds to broaden its investor base while demonstrating operational transparency and maturity as a market leader.

About the Company

Headquartered in Faridabad, Haryana (since 1975), Studds has become India’s pre-eminent helmet and motorcycle accessories manufacturer. It addresses all rider segments, from entry-level to premium SMK customers, using India’s largest in-house R&D for safety, comfort and design evolution. Studds’ products are available in 50,000+ retail outlets worldwide, with regular supply to leading Indian and global motorcycle brands.

Conclusion

Studds Accessories IPO is a reflection of India’s manufacturing potential and the ongoing transition toward regulated, branded mobility accessories. For investors, Studds offers a blend of established cashflows, industry tailwinds, and proven leadership. As with all IPOs, applicants must review valuation, sector risks and long-term demand outlook before subscribing.

Always consider personal investment objectives and consult trusted sources before making any decisions.