A man looks at a STUDDS helmet during the STUDDS Accessories Limited IPO announcement press conference in Mumbai, India, October 27, 2025. | Photo Credit: FRANCIS MASCARENHAS
At the upper price band, the company will be valued at a post-issue market capitalisation of ₹2,302 crore, translating to a price-to-earnings ratio of 33.1 times based on FY25 earnings. The issue comprises 77.86 lakh shares with a minimum lot size of 25 shares. IIFL Capital Services and ICICI Securities are managing the offering.
Promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Chand Khurana will offload 67 lakh shares, while public shareholders including Sanjay Leekha and others will sell the remaining stake. Post-issue, promoter holding will decline from 78.8 per cent to 61.8 per cent.
Studds Accessories commands a 27.3 per cent volume share and 25.5 per cent value share in India’s domestic helmet market as of FY24. The company manufactures helmets under the ‘Studds’ and ‘SMK’ brands, with products ranging from ₹875 to ₹12,800. It operates four manufacturing facilities in Faridabad with a combined capacity of approximately 9 million units annually, with a fifth facility under construction.
The company’s financial performance shows revenue, EBITDA, and profit after tax growing at compound annual growth rates of 8 per cent, 32 per cent, and 45 per cent respectively over FY23-25. For FY25, it reported revenues of ₹584 crore with a net profit of ₹70 crore.
SBI Securities has recommended investors subscribe to the issue, citing the company’s market leadership and anticipated growth in the domestic two-wheeler industry.
Published on October 29, 2025
