Studds Accessories IPO: Is This Helmet Giant a Safe Bet for Steady Gains?

Studds Accessories, India’s leading helmet manufacturer, is set to hit the stock market with its much-awaited IPO.

The buzz around this issue is strong, especially among retail investors eyeing short-term profits. But before applying on October 30, 2025, it’s worth understanding if this offer is truly a steady ride or if there are bumps ahead.

Key Takeaways On Studds Accessories IPO

• Major risk: Dependence on helmet sales, forming over 92% of revenue.
• IPO opens on October 30, 2025, and closes on November 3, 2025.
• Pure Offer for Sale (OFS) of 77.86 lakh shares worth ₹455.49 crore.
• Price band: ₹557–₹585 per share (face value ₹5).
• Promoter stake to fall from 78.78% to 61.75% post-IPO.
• Debt-free company with around 40% ROE and solid export presence.
• Grey Market Premium (GMP) at ₹55–₹60, hinting at 9–10% listing gains.

Overview Of Studds

Founded in 1975 and expanding rapidly since 1983, Studds Accessories has built a strong brand presence from its base in Faridabad, Haryana.

The company manufactures helmets under two major brands “Studds” for mass-market users and “SMK” for premium riders. Apart from helmets, the company sells gloves, rain suits, riding jackets, eyewear, and helmet locks.

Helmets contribute over 92% of Studds’ total sales, giving it nearly 27% of India’s domestic market share. The company exports to 70+ countries, including markets in the Americas, Europe, and Asia.

In FY24, Studds sold around 7.4 million helmets. It operates four manufacturing units and has a 75-member R&D team developing more than 240 designs.

Studds IPO Details

The upcoming IPO is a pure OFS, meaning no new funds will flow into the company. Key promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora are offloading part of their holdings.

Issue Structure & Timelines:

Event	Date
Anchor Bidding	October 29, 2025
IPO Opens	October 30, 2025
IPO Closes	November 3, 2025
Allotment Finalized	November 4, 2025
Shares Credited/Refunds	November 6, 2025
Listing (BSE & NSE)	November 7, 2025

Lot Size & Quota:

• Retail investors: 25 shares (₹14,625 at upper band)
• Small NII: 350 shares (₹2,04,750)
• Big NII: 1,725 shares (₹10,09,125)

Quota split: 50% QIBs, 35% Retail, 15% NIIs. Retail participation has already crossed 1.09 lakh applications.

Grey Market Buzz

The GMP for Studds Accessories is steady at ₹55–₹60, indicating a 9–10% listing premium. Earlier, it touched ₹90 but cooled down. Compared to high-profile IPOs like Lenskart with 25%+ premiums, Studds offers a more balanced opportunity.

Financial Performance Of Studds

Period Ended	Revenue (₹ Cr)	PAT (₹ Cr)	EBITDA (₹ Cr)
FY23	506.5	33.1	60.1
FY24	535.8	57.2	90.2
FY25	595.6	69.6	104.8
Q1 FY26	152.0	20.2	30.3

Revenue grew 11–12% YoY, while PAT jumped 22% in FY25. The company remains debt-free with a post-issue market cap of ₹2,302 crore. Valuations stand at 33x FY25 earnings and 28.3x TTM, which appear fair for a market leader with robust capacity.

Market Sentiment

Investor discussions on social media show mixed opinions. About 60% are optimistic, calling Studds a “steady compounder” given its strong fundamentals and export reach. The rest prefer to wait due to moderate GMP and high IPO activity in the market.

Studds Accessories IPO Risks to Watch

• Quality or Legal Issues: Product recalls or lawsuits could affect reputation.
• Brand Weakness: Loss of brand value for “Studds” or “SMK” could impact sales.
• Industry Dependence: Over 90% of revenue tied to two-wheeler sales.
• Operational Risks: Factory disruptions or certification delays.
• Utilization Issues: Underused capacity could hit margins.
• No Direct Listed Peers: Makes valuation comparison difficult.

Final Words On Studds Accessories IPO

Studds Accessories stands out for its market leadership, zero debt, and export strength. Short-term investors may consider applying for moderate listing gains, while long-term investors should assess the two-wheeler demand cycle before committing.

As always, review the Red Herring Prospectus and consult a financial advisor before investing.