1. Introduction & Company Overview
Founded in 1975, Studds Accessories has grown to become the world’s largest two-wheeler helmet manufacturer by volume as of Calendar Year 2024. Catering primarily to the mass and mid-market segments in India, Studds has established itself as a household name in helmet safety and affordability. The company operates under two key brands—Studds and SMK. While Studds focuses on affordability and everyday utility, SMK, launched in 2016, is positioned as a premium, aspirational brand designed to meet global safety standards.
In Fiscal 2024 alone, the company sold approximately 71 lakh helmets, with 34.9 lakh helmets sold in the six months ended September 30, 2024. Studds’ products are now available in over 70 countries, reinforcing its strong international presence. Their helmets are priced between ₹895 and ₹3,895, ensuring accessibility across consumer segments.
The brand’s core philosophy revolves around safety, backed by rigorous design, utility, and quality standards. Whether for urban commuters or performance riders, Studds aims to deliver helmets that not only protect but also reflect individual style preferences across price points and markets.
2. Financial Performance
Studds Accessories has demonstrated robust financial performance in recent years, reflecting its strong market leadership and operational efficiency. The company’s helmet sales continue to dominate its revenue stream, contributing over 90% of total income.
With growing exports and steady domestic demand, the company has consistently scaled its operations. Strategic investments in brand positioning, coupled with an efficient manufacturing backbone, have helped Studds maintain healthy profit margins, even amid fluctuating raw material prices. Their dual-brand approach—catering to both budget and premium segments—has diversified their revenue and improved profitability over time.
3. Manufacturing & R&D Strength
Studds operates four state-of-the-art manufacturing facilities in Faridabad, Haryana, with a fifth under construction. Their Manufacturing Facilities I, II, and III boast a combined annualized capacity of 9.04 million helmets, while Manufacturing Facility IV produces 9 million EPS liners and 2 million water transfer decals for in-house use.
The capacity utilization at these plants stands at approximately 85% for helmet manufacturing and 80% for EPS liners and decals—indicating high operational efficiency. These in-house capabilities ensure better quality control, cost management, and innovation across the product portfolio.
4. Market Landscape & Competitive Edge
India’s helmet industry is poised for sustained growth, fueled by increasing safety awareness and evolving government regulations. Notably, it is now mandatory for two-wheeler manufacturers to supply two helmets per vehicle at the point of sale. This regulation links helmet demand directly with new two-wheeler sales, shifting purchase behavior toward OEM (Original Equipment Manufacturer) sales rather than through distributors.
Helmet replacement cycles average around five years, ensuring recurring demand. Studds competes with players like Vega and Steelbird, but its dual-brand strategy offers a unique edge. While Studds serves budget-conscious buyers, SMK targets premium, performance-focused consumers. Their helmets come with ISI, ECE, and DOT certifications, and the company’s wide dealer and export network enhances their reach and credibility across price segments.
5. Risks and Challenges
While Studds leads in helmet sales, its revenue concentration remains high—over 90% of revenue is derived from helmets alone. Any decline in two-wheeler sales or changes in consumer preferences could impact business.
Additionally, raw materials used in helmet manufacturing are petroleum-based, exposing the company to crude oil price volatility that may affect profit margins. Furthermore, their extensive distributor network may become less relevant over time, as OEM partnerships become the primary sales channel under new government mandates. This necessitates a potential realignment of business models going forward.
6. Conclusion
With over four decades of expertise, Studds Accessories has cemented its position as a global leader in two-wheeler safety gear. Backed by strong manufacturing, premium certifications, and regulatory tailwinds, the company is well-poised to ride the next wave of growth—both in India and abroad.
