Studds Accessories Limited · NSE:STUDDS
Studds Accessories — Q3 FY26 Earnings Presentation
35 slides from Studds Accessories's earnings presentation, Feb 1, 2026
Slide 1: Cover letter to stock exchanges
PHONES : 91-129-4296500 E mail : sales@studds.com, info@studds.com, secretarial@studds.com CIN No.: L25208HR1983PLC015135 Date: February 01, 2026 To, To, National Stock Exchange of India Ltd., BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street Band
Slide 2: Investor Presentation – Q3 & 9MFY26
Studds Accessories Limited Investor Presentation – Q3 & 9MFY26
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Studds Accessories Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any s
Slide 4: Q3 & 9MFY26 Performance Highlight
Q3 & 9MFY26 Performance Highlight
Slide 5: From Managing Director’s Desk
From Managing Director’s Desk We are pleased to present an update on our financial and operating performance for the nine months ended 31st Dec’25, along with key developments across our business. We would summarise the period as follows: • Revenue from Operations grew 7.5% YoY to Rs 466.7 cr, drive
Slide 6: 9MFY26 Consolidated Performance Highlights
9MFY26 Consolidated Performance Highlights (Rs. in Cr.) Revenue from Operations EBITDA & Margins PAT & Margins 17.7% 19.5% 11.5% 13.2% +7.5% +18.5% +23.9% 466.7 90.9 61.6 434.2 76.7 49.7 81.0% 83.8% 16.2% 19.0% 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 Domestic Export Margins (%) 5
Slide 7: Q3FY26 Consolidated Performance Highlights
Q3FY26 Consolidated Performance Highlights (Rs. in Cr.) Revenue from Operations EBITDA & Margins PAT & Margins 17.2% 18.8% 11.0% 12.7% +9.4% +20.1% +26.3% 163.0 30.7 20.7 149.0 25.6 16.4 81.9% 81.8% 18.2% 18.1% Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Domestic Export Margins (%) 6
Slide 8: Revenue Breakup
Revenue Breakup Product Mix Channel Mix Geography Mix 8.2% 7.8% 7.7% 7.3% 4.7% 4.8% 4.1% 4.6% 2.9% 16.2% 5.2% 5.4% 4.9% 5.1% 2.3% 2.8% 2.2% 18.2% 18.1% 19.0% 5.1% 5.9% 6.3% 7.2% 11.9% 12.4% 11.5% 14.4% 2.5% 1.6% 2.2% 2.1% 9.3% 9.4% 9.8% 11.1% 15.3% 13.0% 16.6% 13.5% 81.8% 81.9% 83.8% 81.0% 77.6% 77.
Slide 9: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Cr) Q3FY26 Q3FY25 YoY 9MFY26 9MFY25 YoY FY25 Revenue from Operations 163.0 149.0 9.4% 466.7 434.2 7.5% 584.0 Gross margins expansion Cost of Goods Sold 62.9 64.3 187.7 193.0 255.7 was driven by favorable raw Gross Profit 100.1 84.7 18.2% 279.0 24
Slide 10: Our Business
Our Business
Slide 11: Studds at a Glance
Studds at a Glance Brands Product Portfolio Incorporated in Motorised Helmets 4 1983 Non-Motorised Helmets Manufacturing Units 2W Accessories Installed Capacity ~9.5 Mn 2W Helmets & Boxes 240+ Designs 360+ 70+ ~9 Mn EPS Liners 19,000+ SKUs Presence in Distributors in India ~2 Mn Water Transfer Decal
Slide 12: Five Decade Journey of Innovation
Five Decade Journey of Innovation 1975 1999 2009 2016 2020 2025 Manufacturing Facility Listed on BSE & NSE Operations shifted to Launch of III set up The ‘Studds’ brand is Assigned trademark newly set up Manufacturing ‘SMK’ brand In-house facility Setup established ‘Studds’ Manufacturing Facility V
Slide 13: Diversified Brand Portfolio
Diversified Brand Portfolio Other Accessories Full Open Dual Bicycle Full Open Dual Two-wheeler Helmet locking Gloves Riding Rain Eye Modular Modular luggage device suit wear Face Face Sport Helmet Face Face Sport jacket Studds SMK Product-wise Revenue FY25 Year 1975 2016 2.2% 7.6% MRP Range Rs 875
Slide 14: What Sets Us Apart
What Sets Us Apart Extensive pan-India and global Advanced, vertically distribution with strong retail integrated manufacturing & penetration and key R&D enabling quality, scale, international accreditations and faster innovation Capital-efficient, sustainable Broad, design-rich product business mod
Slide 15: Manufacturing & Technology
Manufacturing & Technology
Slide 16: Deep Vertical Integration Driving Scalability & Quality
Deep Vertical Integration Driving Scalability & Quality Assembly & Injection Molding Painting Visor Coating Cutting & Stitching Testing Packaging • In-house mold • Robotic painting • Automated silicon • Automated fabric • Conveyorized • In-house helmet making shop and concept hard coating facility c
Slide 17: In-house Design & Innovation Engine
In-house Design & Innovation Engine Focus on Customer-centric Design and Technological Advancement Regularly refreshed product offerings Products New Launch New Designs In-House Design Team External Designers 75-member design and development • European design firm – designing Full Face 2-3 models an
Slide 18: Manufacturing Footprint: Current & Upcoming Capacities
Manufacturing Footprint: Current & Upcoming Capacities 9MFY26 FY25 Particulars (Units in Mn) Installed Sales Utilisation Installed Sales Utilisation Manufacturing Facility I 3.63 3.32 Manufacturing Facility II 2.95 2.72 6.12 ~85% 7.82 ~87% Manufacturing Facility III 3.00 3.00 Total – 2W Helmet and B
Slide 19: Faridabad Facility 5: Expanding Our Capacity
Faridabad Facility 5: Expanding Our Capacity Two Wheeler Estimated Capex of capacity expansion of Planned Capex Helmet & Boxes Rs 150 cr 3 mn units Estimated capacity Phase I: Commercial operation Capex Update utilization for unit 5 in 1.5 mn Units Q2FY27 FY27 : ~35-40% Sidhartha Bhushan Khurana, Ma
Slide 20: Strategy & Growth Levers
Strategy & Growth Levers
Slide 21: Product Strategy: Premiumisation & Diversification
Product Strategy: Premiumisation & Diversification Increase Offering In The Premium Helmet Segment Expand Product Portfolio Demand for Premium 2W Helmets Driven By Expand Production Of Niche Products Increasing Sales Increasing Growing of Premium Disposable Replacement Motorcycles Income Market Bicy
Slide 22: India Strategy: Expanding Distribution & Digital Channels
India Strategy: Expanding Distribution & Digital Channels Seamless journey across touchpoints Invest in digital infrastructure to build further capabilities Invest further towards expansion of online presence May propose to launch a separate mobile application to deliver an integrated online-offline
Slide 23: Global Expansion Roadmap
Global Expansion Roadmap Global Growth Strategy – Strategically Expand Into New Markets and Geographies Strong presence in key export markets FY25 Leverage brand recall Increase market presence and scale operations 12.0% • Increase scale of operations • Introduce new innovative product designs 28.4%
Slide 24: Industry Overview
Industry Overview
Slide 25: Industry Snapshot: Global
Industry Snapshot: Global Global Helmet Market Size (Sales in USD Mn) Rising 2W base in APAC 01 Driving new & replacement helmet demand +5.2% 2,192 +6.2% 1,705 Adventure & moto-tourism growth 1,260 02 Boosting full-face / ADV helmet demand CY19 CY24 CY29 Tighter global safety norms (ECE 22.06 / DOT
Slide 26: Industry Snapshot: India
Industry Snapshot: India Indian Helmet Market Size Largest global 2W market (Sales in INR Mn) 01 Structurally strong helmet demand base +8.7% +8.8% 31,500 Faster replacement cycle (3–5 yrs) 20,800 02 Driven by quality awareness, design upgrades & wear-out 13,650 FY19 FY24 FY29 BIS mandate enforcemen
Slide 27: Corporate Information & Governance
Corporate Information & Governance
Slide 28: Board of Directors
Board of Directors Madhu Bhushan Khurana Sidhartha Bhushan Khurana Shilpa Arora Pankaj Duhan Deepshikha Singla Shishira Rudrappa Chairman and Managing Director Whole-time Director Independent Director Independent Director Independent Director Managing Director and Global Sales Head • On the Board si
Slide 29: Global-Standard Quality Certifications
Global-Standard Quality Certifications ISO 14001:2015 IS 4151:2015 ISO 9001:2015 ISO 45001:2018 Environmental Management Protective Helmets for Quality Management System Occupational Health and Safety System Motorcycle Riders ECE 22.06 17067:2013 DOT FMVSS 218 Compliant w/ Economic Compliance for ex
Slide 30: Historical Financial Performance
Historical Financial Performance
Slide 31: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Cr) FY25 FY24 FY23 Revenue from Operations 584.0 529.0 499.2 Cost of Goods Sold 255.7 238.6 261.7 Gross Profit 328.2 290.4 237.4 Gross Profit Margin 56.2% 54.9% 47.6% Employee Cost 62.6 70.9 65.3 Other Expenses 160.7 129.4 112.0 EBITDA 105.0 90.2
Slide 32: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet Assets (Rs. in Cr.) Mar-25 Mar-24 Mar-23 Equity and Liabilities (Rs. in Cr.) Mar-25 Mar-24 Mar-23 Non-current assets Equity Property, Plant and Equipment 325.9 320.4 307.3 Equity Share Capital 19.7 9.8 9.8 Capital work-in-progress 25.3 10.0 10.2 Other Equity 429
Slide 33: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. in Cr.) FY25 FY24 FY23 Net Profit Before Tax 95.0 76.4 46.4 Adjustments for: Non Cash Items / Other Investment or Financial Items 16.8 17.8 19.2 Operating profit before working capital changes 111.8 94.2 65.6 Changes in working capital -30.0 -4.0 1.2
Slide 34: Consolidated Ratios
Consolidated Ratios Return on Net Worth (%) Return on Capital employed (%) Net Debt/Equity (in times) 15.5% 20.3% 0.02 14.8% 19.0% 9.8% 12.8% FY23 FY24 FY25 FY23 FY24 FY25 -0.07 -0.07 FY23 FY24 FY25 Return on Networth = PAT/Networth Return on Capital Employed = EBIT/Total Capital Employed* Net Debt/
Slide 35: Thank You
Thank You Company: Investor Relations Advisors: Studds Accessories Ltd. Strategic Growth Advisors Pvt. Ltd. CIN: L25208HR1983PLC015135 CIN: U74140MH2010PTC204285 Mr. Bharat Goyal Mr. Mandar Chavan / Ms. Khushi Bhandari VP – Finance & Investor Relations mandar.chavan@sgapl.net / khushi.bhandari@sgapl