Studds Accessories Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Studds Accessories Ltd filed with BSE on 29 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Studds Accessories reported Q4 FY26 consolidated revenue of INR 167.5 crores, up 11.9% year-on-year, with EBITDA of INR 31.3 crores and PAT of INR 21.1 crores. For full year FY26, revenue grew 8.6% to INR 634.2 crores while EBITDA grew 16.4% to INR 122.2 crores and PAT grew 18.7% to INR 82.7 crores. Management discussed capacity expansion plans, a new subsidiary in Italy, price increases of 8%-9% effective April 2026 to offset rising raw material costs, and growth in the SMK premium brand and export markets.
Numbers mentioned
Consolidated revenue: INR 167.5 crores (Q4 FY26)
p. 6
“Consolidated revenue at INR 167.5 crores which grew by 11.9% year-on-year.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
EBITDA: INR 31.3 crores (Q4 FY26)
p. 6
“EBITDA for the current quarter stood at INR 31.3 crores increased by 11% year-over-year.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
EBITDA margin: 18.7% (Q4 FY26)
p. 6
“EBITDA margin stood at 18.7% in Q4 FY26.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
PAT: INR 21.1 crores (Q4 FY26)
p. 6
“PAT for Q4 FY26 stood at INR 21.1 crores as compared to INR 19.9 crores in Q4 FY25, which grew by 6.1% year-on-year.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
PAT margin: 12.6% (Q4 FY26)
p. 6
“PAT margin stood at 12.6% in Q4 FY26.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
Two-wheeler helmet and boxes volume: 2.08 million (Q4 FY26)
p. 6
“Our two-wheeler helmet and boxes volume stood at 2.08 million.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
Consolidated revenue: INR 634.2 crores (FY26)
p. 6
“Consolidated revenue stood at INR 634.2 crores which grew by 8.6% year-on-year.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
EBITDA: INR 122.2 crores (FY26)
p. 6
“EBITDA stood at INR 122.2 crores increased by 16.4% year-on-year.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
EBITDA margin: 19.3% (FY26)
p. 6
“EBITDA margin stood at 19.3% in FY26.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
PAT: INR 82.7 crores (FY26)
p. 6
“PAT for FY26 stood at INR 82.7 crores as compared to INR 69.6 crores in FY25, which is a growth of 18.7% year-on-year.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
PAT margin: 13% (FY26)
p. 6
“PAT margin stood at 13% in FY26.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
Total capex: INR 48 crores (FY26)
p. 7
“The total capex incurred in FY26 is INR 48 crores.”
Sidhartha Khurana, page 7 of the filed PDF · View the filing
Advertising and marketing spend: INR 23 crores (FY26)
p. 5
“we incurred approximately INR 23 crores towards advertising and marketing initiatives as we continue to strengthen brand visibility and consumer engagement across markets.”
Sidhartha Khurana, page 5 of the filed PDF · View the filing
ASP: INR 815 (Q4 FY26)
p. 8
“So the ASP for Q4 across domestic and exports was INR 815, which in Q3 was INR 752.”
Sidhartha Khurana, page 8 of the filed PDF · View the filing
Inventory days: 91 days (FY26)
p. 17
“So, the inventory days have gone up and the current inventory days are 91 days, which used to be 68 days in the previous year.”
Sidhartha Khurana, page 17 of the filed PDF · View the filing
Dividend: INR 3 per equity share (FY26)
p. 6
“The Board of Directors has recommended a dividend of INR 3 per equity share of base value INR 5 each for financial year '26.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 17%-18% · FY27
stated firmly by Sidhartha Khurana
p. 6
“We believe the company is well positioned to continue its growth momentum in the next financial year with an expected revenue growth of around 17%-18% while maintaining EBITDA margins at broadly similar levels.”
Sidhartha Khurana, page 6 of the filed PDF · View the filing
Advertising and marketing spend — INR 30 crores · FY27
stated firmly by Sidhartha Khurana
p. 5
“For the next financial year, we plan to further enhance our brand building efforts with an advertising and marketing spend of INR 30 crores, reflecting our continued commitment towards premiumization”
Sidhartha Khurana, page 5 of the filed PDF · View the filing
Manufacturing capacity — 1.5 million units · Q2 FY27
stated firmly by Sidhartha Khurana
p. 5
“we remain on track to increase our manufacturing capacity by 1.5 million units by Q2 financial year '27.”
Sidhartha Khurana, page 5 of the filed PDF · View the filing
Manufacturing capacity, phase two — additional 1.5 million units · subsequent 15-18 months
stated firmly by Sidhartha Khurana
p. 5
“Following this expansion, the second phase comprises of an additional 1.5 million units is expected over the subsequent 15-18 months.”
Sidhartha Khurana, page 5 of the filed PDF · View the filing
Decathlon supplies — July 2026
stated firmly by Sidhartha Khurana
p. 4
“We are progressing well with our Decathlon engagement, with initial supplies expected to commence in July 2026.”
Sidhartha Khurana, page 4 of the filed PDF · View the filing
Riding jackets and Bluetooth communication systems commercial sales — H2 FY27
stated conditionally by Sidhartha Khurana
p. 5
“We anticipate commercial sales of these products to begin from H2 financial year '27, further strengthening our premium product portfolio and increasing consumer engagement across categories.”
Sidhartha Khurana, page 5 of the filed PDF · View the filing
Exports as % of revenue — 23%-24% · current year
stated conditionally by Sidhartha Khurana
p. 13
“So, I think exports currently forms 20% of our total revenues. We expect this to grow close to about 23% to 24% in the current year.”
Sidhartha Khurana, page 13 of the filed PDF · View the filing
Exports as % of revenue — close to 30% · 2 to 3 years
stated as an aspiration by Sidhartha Khurana
p. 13
“And eventually this will go to close to 30% in 2 to 3 years of our total revenues.”
Sidhartha Khurana, page 13 of the filed PDF · View the filing
Total installed capacity — over 12 million units
stated firmly by Sidhartha Khurana
p. 5
“With both phases completed, our total installed capacity increases from approximately 9.25 million units to over 12 million units, representing nearly 33% increase compared to FY26 levels.”
Sidhartha Khurana, page 5 of the filed PDF · View the filing
Unorganized market share — 10% to 15% · 2 to 3 years
stated as an aspiration by Sidhartha Khurana
p. 17
“So, I think this is happening and over the last 5 years and I think at the moment, ballpark figure, my idea is unorganized is about 25% to 30%, not more than 30% for sure, but not less than 20% as well and this, my idea is the next maybe 3 years might trim down to about 10% to 15%.”
Sidhartha Khurana, page 17 of the filed PDF · View the filing
Italy subsidiary operations — mid Q2 FY27
stated firmly by Sidhartha Khurana
p. 7
“Yes. So mid of quarter 2, the operations will start.”
Sidhartha Khurana, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Capacity is fungible and varies depending on the product mix between painted and unpainted helmets.
Answered by Sidhartha Khurana
Asked by Sridhar Kalyani: Will capacity be significantly higher than the targeted 12 million units if more solid (unpainted) helmets are produced?
p. 7
“So the consideration of 12 million capacity is with 50% painted, 50% unpainted product mix. But depending on if the unpainted is more, we expect this to be more.”
Sidhartha Khurana, page 7 of the filed PDF · View the filing
On a full-year basis the hikes should cover most of the increase, though this quarter will see gross margin pressure.
Answered by Sidhartha Khurana
Asked by Aditya: Are the 8%-9% price hikes enough to offset raw material inflation?
p. 8
“I would say on a full year basis this 8%-9% would cover most of the material increases.”
Sidhartha Khurana, page 8 of the filed PDF · View the filing
Margin expansion came primarily from product mix shift and lower material costs versus FY23's shipping crisis.
Answered by Sidhartha Khurana
Asked by Jay Jain: How did gross margins expand from 48% in FY23 to about 60% in FY26?
p. 9
“But the two primary reasons I would say is product mix and the material decrease.”
Sidhartha Khurana, page 9 of the filed PDF · View the filing
SMK EBITDA margin is significantly higher than STUDDS, roughly a 10 percentage point gap, and export/domestic mirrors this since exports are mostly SMK.
Answered by Sidhartha Khurana
Asked by Preet Pitani: What is the EBITDA margin differential between STUDDS and SMK, and between export and domestic?
p. 10
“No, no. I mean, if I'm making 17% on STUDDS EBITDA, I'll be making 27% on SMK.”
Sidhartha Khurana, page 10 of the filed PDF · View the filing
Management does not expect 22%-23% margins this year due to near-term raw material pressure, though margins should improve versus last year over 12 months.
Answered by Sidhartha Khurana
Asked by Saurabh Daga: Will EBITDA margin move to 22% once revenue crosses INR 750 crores, as suggested in an earlier credit rating report?
p. 10
“But because of the current impact of raw material prices, I think there will be some pressure in this quarter.”
Sidhartha Khurana, page 10 of the filed PDF · View the filing
First half typically contributes 45% of volumes and second half 55%, driven by lower helmet use in summer.
Answered by Sidhartha Khurana
Asked by Simran Singh: How does seasonality play out across quarters?
p. 11
“So, I would say that seasonality is 45% first half year, 55% second half year.”
Sidhartha Khurana, page 11 of the filed PDF · View the filing
Management said demand remains strong domestically and internationally and the increase was well received.
Answered by Sidhartha Khurana
Asked by Anuj Sehgal: Has demand been impacted since the April price increase?
p. 16
“No, the demand still remains very, very strong internationally and in India as well, because I think the dealers and the customers were expecting a bigger price increase”
Sidhartha Khurana, page 16 of the filed PDF · View the filing
Management attributed the rise to a new Faridabad warehouse and higher US sales inventory, with 85-90 days seen as a comfortable sustainable level.
Answered by Sidhartha Khurana
Asked by Gyanesh Munoth: Why have inventory days increased from 80 to 107 days in FY26?
p. 17
“There is also more, as the sales in US is going higher, the inventory there is also slightly higher.”
Sidhartha Khurana, page 17 of the filed PDF · View the filing
Management said there is a massive shift underway and expects unorganized share to fall from 25%-30% to 10%-15% over the next 2-3 years.
Answered by Sidhartha Khurana
Asked by Gyanesh Munoth: Is there a structural shift from unorganized to organized helmet market due to regulatory enforcement?
p. 17
“So, there is a massive shift happening from unorganized to organized and we feel that this period, right, will kind of exaggerate the whole process”
Sidhartha Khurana, page 17 of the filed PDF · View the filing
Risks flagged
Rising and volatile raw material prices creating near-term margin pressure
p. 4
“While raw material prices have been witnessing an upward trend since March, we currently do not see any challenges in sourcing or availability of any of the key raw materials.”
Sidhartha Khurana, page 4 of the filed PDF · View the filing
Gross margin pressure expected in the current quarter due to raw material cost volatility
p. 8
“But this quarter we will see a pressure on the gross margins.”
Sidhartha Khurana, page 8 of the filed PDF · View the filing
Initial setup costs and margin pressure from new Italy subsidiary and warehousing
p. 9
“So there will be some margin pressures there.”
Sidhartha Khurana, page 9 of the filed PDF · View the filing
Unorganized market players may not be able to withstand cost pressures and could shut down, though this signals ongoing sector consolidation
p. 16
“So, I think what we think is going to happen is that this price pressure, the unorganized market might not be able to actually tolerate as well.”
Sidhartha Khurana, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.