Key Metrics of Studds Accessories Limited
About Studds Accessories Limited
Sectors
Company details
- Registered office
- Plot No 918, Sector 68 Imt, Faridabad, Faridabad, In-hr, 121004
- Listed
- NSE: STUDDS · ₹390.45
Operational Areas of Studds Accessories Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 02 Apr 2026 | CARE | Reaffirmed | A+ | A1+ | Stable | — | View |
| 25 Mar 2025 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹25.0 Cr | View |
| 12 Feb 2024 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹26.8 Cr | View |
| 03 Mar 2023 | CARE | Other | — | — | — | — | View |
| 29 Mar 2022 | CARE | Assigned | A+ | A1+ | Stable | ₹301 Cr | View |
Credit strengths (CARE, Apr 2026)
+ Dominant market position, long track record of operations and reputed client base
SAL has established a strong reputation in the helmet industry for over four decades, commanding ~25% market share in India. The company’s influence extends beyond domestic borders, with a robust global presence, exporting its products to over 70countries across Europe, Asia, America, Australia, and the Middle East. SAL markets helmets under its Studds and SMK (premium) brands. The company also offers a range of accessories, including jackets, gloves, luggage boxes, face shields, and
+ Improved capital structure and debt coverage indicators marked by nil long-term debt
As on March 31, 2025, SAL maintained a comfortable capital structure, reflected by an overall gearing ratio of 0.01x and a total outside liabilities to tangible net worth (TOL/TNW) ratio of 0.19x, improving from 0.02x and 0.21x, respectively, in the previous year. 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications 1 CARE Ratings Ltd. Press Release
+ Efficient operating cycle
SAL sources materials from micro, small, and medium enterprises (MSME) and non-MSME suppliers, benefiting from a credit period of ~30–60 days. On the receivables side, export payments are secured either in advance or through letter of credit (LC), while dealer payments are typically received within seven days. For online sales and OEM transactions, receivables are collected within 30–45 days and for government customers the receivable period is typically ~0-180 days. This efficient receivable
Credit challenges
− Exposure to raw material price volatility
Around 50% of SAL’s raw materials are derived from crude oil, making its input costs sensitive to fluctuations in international crude oil prices. These prices are often influenced by global geopolitical tensions, particularly in major oil-producing regions, which can disrupt supply chains and create volatility. SAL enters short-term contracts with its customers to mitigate large raw material price volatility. Being market leader, SAL has bargaining power to pass on increase in raw material price
− Exposure to competitive pressure
India’s domestic helmet industry is largely dominated by a few organised players, Studds, Steelbird, and Vega, which collectively hold a significant share of the market. SAL competes with these established brands and with smaller organised and unorganised manufacturers, creating pressure on its operating profitability margins. In recent years, the organised segment of the industry has been steadily expanding. This shift toward organised manufacturing
Could lead to an upgrade
• Significant increase in its total operating income (TOI) beyond ₹750 crore, profit before interest, lease rentals, depreciation and taxation (PBILDT) margin above 20% and return on capital employed (ROCE) over 30% on a sustained basis .
Could lead to a downgrade
• Decline in PBILDT margin below 12% on a sustained basis , thereby resulting in moderation in debt coverage indicators . • Decreasing
Agency-reported financials (CARE, 02 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹532 Cr | ₹587 Cr | ₹464 Cr |
| PBILDT* | ₹93.68 Cr | ₹110 Cr | ₹91.79 Cr |
| Profit after tax (PAT) | ₹57.23 Cr | ₹70.78 Cr | ₹62.23 Cr |
| Overall gearing (x) | 0.02× | 0.01× | — |
| Interest coverage (x) | 54.09× | 84.27× | 166.89× |
| Revenue growth (YoY) | — | 10.3% | — |
| PAT margin | 10.8% | 12.1% | 13.4% |
Borrowings & rated debt
Rated limits over time
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Term Loan | — | Withdrawn |
| Working Capital Limits | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 83% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 78% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 166.89×
- Working-capital limits 5% utilised on average
Rated limits by facility
Timeline
From the report
Liquidity: Strong SAL has strong liquidity, highlighted by its cash and cash equivalents totalling to ₹81.48 crore as of September 30, 2025.
From the report
The company’s average working capital utilisation is nominal below 5%, providing adequate buffer to manage its working capital requirements efficiently.
From the report
CARE Ratings notes that SAL plans to undertake a capacity expansion with an estimated total cost of ~₹55.00 crore, to be funded through internal accrualsin the 2-3 years.
From the report
Liquidity: Strong SAL has strong liquidity, highlighted by its cash and cash equivalents totalling to ₹55.07 crore as of September 30, 2024 (includes ₹52.85 crore in lien-free fixed deposits).
From the report
The company is expected to earn gross cash accruals (GCA) of ~₹94 crore in FY25 against nil debt repayments.
From the report
The company’s average working capital utilisation for 12-months ending January 2025 is nominal below 5%, providing adequate buffer to manage its working capital requirements efficiently. 2 CARE Ratings Ltd.
From the report
The company has entirely repaid the term loan during current fiscal except for negligible vehicle loans as on December 31, 2023.
From the report
Liquidity: Strong SAL’s liquidity remains strong marked by comfortable current ratio of 1.65x as on March 31, 2023 (1.34 as on March 31, 2022), low utilisation of around 6.5% of fund-based working capital limits for the trailing 12 months ended December 2023and healthy cash flow from operations of ₹56.24 crore during FY23.
From the report
As on September 30, 2023, SAL had liquid investments of ₹56.52 crore.
From the report
Moreover, the company does not have any major term debt repayment obligations in the next three fiscals since the company has entirely repaid its term debt (except for negligible vehicle loans) as against envisaged cash accruals in the range of ₹60-80 crore p.a. in medium term, indicating strong liquidity position.
From the report
Consequently, SAL reported Gross Cash Accruals of around ₹48 crore during FY22 (₹ 91 crore in FY21) which was utilized to fund its net working capital, scheduled repayment of its long-term debt, capital expenditure and rest was parked in fixed deposits.
From the report
Consequently, SAL reported Gross Cash Accruals of around ₹48 crore during FY22 (₹ 91 crore in FY21) which was utilized to fund its net working capital, scheduled repayment of its long-term debt, capital expenditure and rest was parked in fixed deposits.
From the report
SAL had liquid investments and cash and bank balance aggregating ₹39 crore, as on March 31, 2022, and around ₹51 crore, as on December 31. 2022.
From the report
Liquidity: Strong SAL’s liquidity remains strong marked by comfortable current ratio of 1.34 times, as on March 31, 2022 (1.37 as on March 31, 2021), NIL utilization of fund-based working capital limits at month end for the trailing 12 months ended February 2023, healthy cash flow from operations of ₹27 crore during FY22 and liquid investments and cash and bank balance aggregating ₹39 crore as on March 31, 2022.
From the report
As on December 31, 2022, SAL had liquid investments of ₹51 crore as on December 31, 2022 (₹ 43.50 crore as on December 31, 2021).
From the report
The company reported Gross Cash Accruals of Rs.91 crore during FY21 which was partially utilized to fund its net wor king capital, scheduled repayment of its long-term debt, capital expenditure and rest was parked in fixed deposits.
From the report
The company reported Gross Cash Accruals of Rs.91 crore during FY21 which was partially utilized to fund its net wor king capital, scheduled repayment of its long-term debt, capital expenditure and rest was parked in fixed deposits.
From the report
SAL had liquid investments and cash and bank balance aggregating Rs.74 crore as on March 31, 2021 significantly exceeding total debt of the company resulting in a zero net debt position for the company.
From the report
Liquidity: Strong SAL’s liquidity remains strong marked by comfortable current ratio of 1.43 times as on March 31, 2021, NIL utilization of fund- based working capital limits for the trailing 12 months ended December 2021, healthy cash flow from operations of Rs.96 crore during FY21 and liquid investments and cash and bank balance aggregating Rs.74 crore as on March 31, 2021 significantly exceeding total debt of the company resulting in a zero net debt position for the company.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Studds Accessories Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Apollo Tyres |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | apollotyres.com | 1972 | Ernakulam, India |
 Tata Chemicals |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | tatachemicals.com | 1939 | Mumbai, India |
 CEAT |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | ceat.in | 1924 | Mumbai, India |
| Polymers & Petrochemicals · Cement, Building Materials & Polymers | haldiapetrochemicals.com | — | Kolkata, India | |
 Pidilite Industries |
Paints, Panels & Construction Chemicals · Cement, Building Materials & Polymers | pidilite.com | 1959 | Mumbai, India |
| Aarti Industries Ltd | Discovered Companies · Other Industries | — | — | Vapi, Gujarat, India |
 Atul |
Discovered Companies · Other Industries | atul.co.in | 1947 | India |
 Gujarat Fluorochemicals Limited |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | gfl.co.in | 1987 | Basal, Himachal Pradesh, India |
| Jubilant Ingrevia Limited | Discovered Companies · Other Industries | — | — | Amroha, Uttar Pradesh, India |
 Sumitomo Chemical India Limited |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | sumitomo-chem.co.jp | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.