Studds Accessories Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹640
- Market Cap
- ₹1,259.31 Cr
- ISIN
- INE00Q601028
- Face Value
- ₹5
- P/E Ratio
- 22.01
- EPS
- ₹29.08
- P/B Ratio
- 3.25
- Book Value
- 196.89
- Debt / Equity Ratio
- 0.002
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|
| Revenue from Operations | 529.02 | 499.17 | 462.51 | 479.62 | 431.24 | 389.04 |
| Growth % | 5.98% | 7.93% | -3.57% | 11.22% | 10.85% | 0 |
| Operating Expenses | 438.83 | 439.12 | 408.28 | 369.11 | 333.30 | 323.85 |
| Growth % | -0.07% | 7.55% | 10.61% | 10.74% | 2.92% | 0 |
| Operating Profit | 90.19 | 60.05 | 54.23 | 110.51 | 97.93 | 65.19 |
| Op. Profit Margin % | 17.05% | 12.03% | 11.72% | 23.04% | 22.71% | 16.76% |
| Other Income | 6.82 | 7.31 | 5.48 | 4.60 | 5.71 | 8.21 |
| Finance Costs | 1.61 | 2.82 | 3.06 | 3.46 | 0.91 | 0.31 |
| Depreciation | 19.03 | 18.10 | 16.63 | 13.35 | 7.28 | 5.93 |
| Profit Before Tax | 76.38 | 46.44 | 40.02 | 98.30 | 95.45 | 67.16 |
| Tax | 19.15 | 13.29 | 11.38 | 24.30 | 20.89 | 25.99 |
| Tax % | 3.62% | 2.66% | 2.46% | 5.07% | 4.84% | 6.68% |
| Profit After Tax | 57.23 | 33.15 | 28.64 | 73.99 | 74.56 | 41.17 |
| Growth % | 72.65% | 15.75% | -61.30% | -0.75% | 81.08% | 0 |
| PAT % | 10.82% | 6.64% | 6.19% | 15.43% | 17.29% | 10.58% |
| Diluted EPS | 29.08 | 16.85 | 14.55 | 37.61 | 37.89 | 20.92 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|
| Equity Capital | 9.83 | 9.83 | 9.84 | 9.83 | 9.83 | 9.83 |
| Reserves | 377.57 | 328.18 | 301.05 | 280.24 | 206.29 | 148.15 |
| Total Equity | 387.41 | 338.02 | 310.89 | 290.08 | 216.13 | 157.99 |
| Borrowings | 0.41 | 10.65 | 13.92 | 12.14 | 33.96 | 36.34 |
| Provision | 1.89 | 1.77 | 1.75 | 1.80 | 1.70 | 1.58 |
| Other Non-Current Liabilities | 65.33 | 68.00 | 79.56 | 96.50 | 48.35 | 37.27 |
| Total current Liabilities | 67.63 | 80.42 | 95.22 | 110.45 | 84.00 | 75.18 |
| Borrowings | 0.20 | 19.93 | 29.76 | 15.58 | 27.73 | 39.07 |
| Other Current Liabilities | 30.33 | 22.70 | 19.61 | 18.50 | 19.63 | 30.05 |
| Total non current Liabilities | 30.53 | 42.63 | 49.38 | 34.08 | 47.36 | 69.11 |
| Equity + Liabilities | 485.56 | 461.07 | 455.49 | 434.61 | 347.49 | 302.28 |
| Fixed Assets (incl. WIP) | 341.31 | 321.69 | 320.00 | 271.81 | 86.27 | 187.23 |
| Other Non Current Assets | 5.47 | 31.23 | 6.81 | 4.21 | 156.40 | 0.45 |
| Total Non current Assets | 346.77 | 352.93 | 326.81 | 276.02 | 242.67 | 187.68 |
| Trade Receivables | 28.36 | 31.27 | 28.15 | 26.57 | 18.99 | 21.61 |
| Cash & Cash Equivalents | 58.55 | 29.72 | 39.31 | 12.15 | 53.48 | 76.46 |
| Other Current Assets | 51.88 | 47.16 | 61.23 | 119.87 | 32.34 | 16.54 |
| Total current Assets | 138.79 | 108.14 | 128.68 | 158.59 | 104.82 | 114.60 |
| Total Assets | 485.56 | 461.07 | 455.49 | 434.61 | 347.49 | 302.28 |
Shareholding Pattern
- Madhu Bhushan Khurana
- 55.23%%
- Sidhartha Bhushan Khurana
- 14.46%%
- others
- 30.31%%
Strengths & Weaknesses
Strengths
- Experienced promoters and management:Madhu Khurana, Chairman and Managing Director of SAL, brings over 40 years of expertise in the helmet industry, overseeing the company’s operations. He is joined by his son, Sidhartha Khurana, the Managing Director with over 20 years of experience. Under their leadership, SAL has grown into a prominent PAN-India helmet brand, fostering strong relationships with customers and vendors. The company consistently launches new products and has expanded its reach both domestically and internationally.
- Long track record and dominant market position; which is likely to be maintained:SAL, a leader in the helmet industry for over 40 years, produces 1.4 crore helmets annually under Studds and premium SMK brands. It also offers accessories like jackets and visors. With a strong OEM supply history, SAL's expertise and brand strength create high entry barriers for competitors.
- Diversified sales channels along with reputed clientele:SAL shares an extensive relationship with its domestic OEMs and retailers across India. SAL mainly sells through dealers, OEMs, Government canteens, institutional buyers, exports and though its own website. The revenue concentration from top-10 customers remained low at around 34% in FY23 (FY22: 35%) and around 33% in H1FY24 (UA).
Weaknesses
- Exposure to raw material price volatility: Around 50% of SAL’s raw materials are derivatives of crude oil; hence, the prices of its raw materials vary with the fluctuation in international crude oil prices. SAL enters short-term contracts with its customers to mitigate any large volatility in raw material prices. Moreover, being market leader, SAL has bargaining power to pass on increase in raw material prices to its customers. However, the same cannot be passed on fully due to increased competition.
- Exposure to competitive pressure: The domestic helmet market is dominated by a few organized players, including Studds, Steelbird, and Vega, which hold the majority share. SAL faces competition from both organized and unorganized players, impacting its profitability. However, the share of organized players has grown in recent years, boosting revenues and margins. This growth came largely at the expense of unorganized players, significantly affected by GST implementation.
About Studds Accessories Ltd
Started in the year 1972, Studds Accessories today is the leading two-wheeler helmet manufacturer in India with 30% market share (Source: Annual Report FY24) diligently serving their customers with safety, style, and comfort. Backed by a strong portfolio of more than 50 products and a strong dealer network, the two major brands of the Company - STUDDS and SMK are synonymous with quality two-wheeler helmets.
Board of Directors
- Madhu bhushan khurana - Chairman & MD
- sidharta bhushan khurana - MD
- shankar dev choudhary - Independant Director
- pallavi saluja - Independant Director
- pankaj duhan - Independant Director
Senior Management
- Madhu Bhushan Khurana - Chairman and Managing Director
- Sidhartha Bhushan Khurana - Managing Director
- Manish Mehta - Chief Financial Officer
- Asha Mittal - Company Secretary
