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Studds Accessories Limited Unlisted Shares
Studds Accessories which has started its journey in 1972 from manufacturing first helmet in a garage is today manufacturing 7 million helmets and motorcycle luggage every year. Studds Accessories Limited has today grown to become the largest two wheeler helmet manufacturer in the world. UNIQUE- Their laboratory is the only one in the industry (in India) to be certified by European Safety Agency, and Safety - They use one of the best technologies in the world to produce certified products. In FY19-20, they have manufactured 66 Lakhs helmets up from 58 Lakhs last year.
Fundamentals
Financial (In Cr)
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 480 | 463 | 499 | 529 |
| Cost of Material Consumed | 226 | 260 | 259 | 243 |
| Gross Margins | 52.92 | 43.84 | 48.1 | 54.06 |
| Change in Inventory | -5 | -9 | 3 | -4 |
| Employee Benefit Expenses | 56 | 58 | 65 | 71 |
| Other Expenses | 90 | 99 | 112 | 129 |
| EBITDA | 113 | 55 | 60 | 90 |
| OPM | 23.54 | 11.88 | 12.02 | 17.01 |
| Other Income | 4.5 | 5.5 | 7 | 7 |
| Finance Cost | 3 | 3 | 3 | 1.6 |
| D&A | 13 | 17 | 18 | 19 |
| EBIT | 100 | 38 | 42 | 71 |
| EBIT Margins | 20.83 | 8.21 | 8.42 | 13.42 |
| PBT | 98 | 40 | 46 | 76 |
| PBT Margins | 20.42 | 8.64 | 9.22 | 14.37 |
| Tax (2021) | 24 | 11 | 13 | 19 |
| PAT | 74 | 29 | 33 | 57 |
| NPM | 15.42 | 6.26 | 6.61 | 10.78 |
| EPS | 37.76 | 14.8 | 16.84 | 29.08 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 23.54 | 11.88 | 12.02 | 17.01 |
| Net Profit Margin | 15.42 | 6.26 | 6.61 | 10.78 |
| Earning Per Share (Diluted) | 37.76 | 14.8 | 16.84 | 29.08 |
Shareholding Pattern
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Madhu Bhushan Khurana | 0.5523 | 0.5523 | 0.5523 | 0.5523 |
| Sidhartha Bhushan Khurana | 0.1446 | 0.1446 | 0.1446 | 0.1446 |
| Chand Khurana | - | - | - | 0.0835 |
| Others | 0.3034 | 0.3034 | 0.3034 | 0.2196 |
Promoters
| Promoters | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Madhu Bhushan Khurana | Chairman & MD | 40 Yrs | (26) LinkedIn |
| Sidhartha Bhushan Khurana | MD | 30+ | - |
| Manish Mehta | CFO | 30+ |
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