Studds Accessories Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,563 Cr
- P/E
- 20.92
- ROE
- 16.97%
- PEG
- 0.59
- Price to sales
- 2.40
- Debt to equity
- 0.02
- 52W high / low
- ₹575 / ₹388
- Sales growth (5Y)
- 5.75%
- EBITDA margin
- 17.02%
- Net profit margin
- 13.01%
- Promoter holding
- 61.80%
- Sales (last year)
- ₹655 Cr
Incorporated in 1975,Studds Accessories Limited is a manufacturer of two-wheeler helmets and motorcycle accessories.[1]
Guidance scorecard · Q1 FY27 call
What Studds Accessories Ltd's management guided
and where it ranks in Auto Components
Auto Components
RevenueQ1 FY27 call
10–20%- FY27 volume growth estimated between 8% and 10%, closer to 10%.
- FY27 revenue growth expected at mid to high teens, with approx. 13%-14% from volume and 3%-4% from price realization.
- FY28 guidance projects 13%-14% volume growth and 3%-4% price hike, totaling 17%-18% revenue growth on a standalone basis.
- Additional incremental revenues expected from Italian subsidiary and direct dealer model in Europe, around EUR1 million (~INR11-12 crores) in FY28, included in consolidated guidance.
- Export revenue currently ~21%, targeting 30%, which could improve margins and PAT by 200-300 bps.
2 more points from Studds Accessories Ltd's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Studds Accessories Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Total capex till June 30, 2026: INR 76 crores + INR 10 crores advances to vendors.
- INR 58 crores spent as complete budget for FY27; INR 7.5 crores spent in Q1 FY27.
- Remaining planned capex for FY28: INR 31 crores, including second phase construction.
- Capex primarily for expansion of new manufacturing facility, increasing capacity by 1.5 million helmets annually.
- New facility expected to be operational from September/October 2026, providing flexibility and higher throughput.
- Investment includes starting operations in Italy and dealer-direct initiatives in Europe to grow exports.
2 more points from Studds Accessories Ltd's call on capex
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FundraisingQ1 FY27 call
See what Studds Accessories Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Capacity utilization for two-wheeler helmets and boxes was approximately 81% in Q1 FY27.
- Additional capacity of 1.5 million helmets is expected to become operational by September-October 2026 to meet incremental demand.
- Volume growth guidance: 8%-10% for full year FY27, and 13%-14% volume growth for FY28.
- Revenue growth expectations include mid to high teens growth, with 3%-4% attributed to price hikes.
2 more points from Studds Accessories Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Auto Components
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Auto Components companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹3,020 Cr | 47.8 | |
| 2 | 40%+ | Flat | ₹1,998 Cr | 63.5 | |
| 3 | 40%+ | Flat | ₹428 Cr | 17.5 | |
| 4 | 20–40% | Up 2%+ | ₹25,721 Cr | 73.8 | |
| 5 | 20–40% | Up 2%+ | ₹13,417 Cr | 40.5 | |
| 6 | 20–40% | Up 0–2% | ₹23,344 Cr | 37.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Auto Components rankingStudds Accessories Ltd announcements
All announcements →- Capex / expansionNotableStudds Accessories updates delay and new expected start for Manufacturing Facility-V
Financials of Studds Accessories Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Studds Accessories Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 145 | 149 | 150 | 149 | 154 | 163 | 168 |
| Expenses + | 118 | 123 | 122 | 119 | 125 | 132 | 136 |
| Operating Profit | 27 | 26 | 28 | 30 | 30 | 31 | 31 |
| OPM % | 18% | 17% | 19% | 20% | 19% | 19% | 19% |
| Other Income + | 3 | 2 | 4 | 3 | 3 | 3 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Profit before tax | 24 | 23 | 27 | 28 | 27 | 28 | 29 |
| Tax % | 27% | 28% | 26% | 27% | 24% | 26% | 27% |
| Net Profit + | 17 | 16 | 20 | 20 | 21 | 21 | 21 |
| EPS in Rs | 8.89 | 8.34 | 5.05 | 5.15 | 5.24 | 5.26 | 5.36 |
Financials of Studds Accessories Ltd
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales + | 480 | 463 | 499 | 529 | 584 | 634 |
| Expenses + | 369 | 408 | 439 | 438 | 479 | 512 |
| Operating Profit | 111 | 54 | 60 | 91 | 105 | 122 |
| OPM % | 23% | 12% | 12% | 17% | 18% | 19% |
| Other Income + | 5 | 5 | 7 | 6 | 12 | 12 |
| Interest | 4 | 3 | 3 | 2 | 1 | 1 |
| Depreciation | 13 | 17 | 18 | 19 | 21 | 21 |
| Profit before tax | 98 | 40 | 46 | 76 | 95 | 112 |
| Tax % | 25% | 28% | 29% | 25% | 27% | 26% |
| Net Profit + | 74 | 29 | 33 | 57 | 70 | 83 |
| EPS in Rs | 37.60 | 14.56 | 16.85 | 29.09 | 17.70 | 21.00 |
| Dividend Payout % | 11% | 21% | 24% | 14% | 14% | 14% |
Financials of Studds Accessories Ltd
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 20 | 20 |
| Reserves | 280 | 301 | 328 | 378 | 430 | 503 |
| Borrowings + | 28 | 46 | 32 | 9 | 9 | 8 |
| Other Liabilities + | 117 | 98 | 91 | 89 | 98 | 106 |
| Total Liabilities | 435 | 455 | 461 | 486 | 557 | 638 |
| Fixed Assets + | 266 | 310 | 311 | 331 | 338 | 343 |
| CWIP | 10 | 13 | 12 | 12 | 29 | 53 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 159 | 133 | 138 | 142 | 189 | 242 |
| Total Assets | 435 | 455 | 461 | 486 | 557 | 638 |
Financials of Studds Accessories Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 74 | 12 | 28 | 96 | 63 | 86 |
| Cash from Investing Activity + | -34 | -40 | 1 | -54 | -51 | -43 |
| Cash from Financing Activity + | -17 | 3 | -23 | -32 | -9 | -12 |
| Net Cash Flow | 22 | -25 | 6 | 11 | 3 | 31 |
| Free Cash Flow | 38 | -45 | 9 | 56 | 22 | 38 |
| CFO/OP | 86% | 45% | 65% | 126% | 78% | 96% |
Financials of Studds Accessories Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 20 | 22 | 23 | 20 | 27 | 24 |
| Inventory Days | 48 | 62 | 49 | 62 | 80 | 107 |
| Days Payable | 103 | 73 | 48 | 47 | 46 | 69 |
| Cash Conversion Cycle | -35 | 11 | 23 | 34 | 62 | 62 |
| Working Capital Days | -24 | -5 | -1 | 9 | 25 | 30 |
| ROCE % | 13% | 14% | 21% | 23% | 23% |
Guidance history
How Studds Accessories Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Studds Accessories Ltd's management said in earlier quarters
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