| Revenue growth | Q2 revenue +18.6% YoY; H1 +16.2%; exports H1 ~+50%. |
|---|---|
| Margins | Q2 EBITDA margin 12.4%, contracted YoY on polymer costs. |
| Demand visibility | Good domestic demand; Q2 volumes flat; Q4 volume jump expected. |
| Management confidence | Balanced: upbeat on exports, cautious on margin recovery. |
Growth
Revenue +18.6% YoY, H1 +16.2%; H1 exports ₹79.4 Cr (~+50%). Q2 volume 2.04 mn; EBITDA margin 12.4%.
Outlook
Reiterates FY27 revenue growth 15-19% and volume growth 8-10%; short-term export growth 30-35%; FY27 capex ₹84.7 Cr.
Risks
Polymer cost volatility; Q3 prices still elevated; margin recovery unproven; subsidiary startup losses; plant ramp-up delays.
Last quarter's promises, checked
Delivered
- Riding jackets ~Q2 FY27 → Sept launch (= BEAT)
- Mesh Bluetooth production Q3 FY27 → Nov launch (= BEAT)
Partly delivered
- Full 9% price pass-through → ~9% taken, costs not fully passed (= PARTIAL)
- 1.5mn helmet capacity Sep/Oct → Ninu started 30 Oct, ramp delays (= PARTIAL)
- FY27 volume 8–10% → Q1 +8.5%, Q2 flat (= PARTIAL)
Missed
- Q2 EBITDA margin 14–15% → 12.4% (= MISS)
- FY27 capex ₹58 Cr budget → ₹84.7 Cr (= MISS)
Earnings Call Transcript filed with BSE, NSE: STUDDS. Summary written with AI assistance from the document.
Studds Accessories Ltd: key numbers
- Share price
- ₹389.30
- Market cap
- ₹1,532 Cr
- Revenue (annual)
- ₹634.2 Cr
- Net profit (annual)
- ₹82.65 Cr
- P/E (TTM)
- 22.2×Sector 31.7×
- Promoter holding
- 61.80%+0.05% QoQ
- FII holding
- 1.30%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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Q2FY27 revenue ₹183.1 Cr (+18.6%), PAT ₹14.7 Cr (-28.5%); H1FY27 revenue ₹352.8 Cr (+16.2%), PAT ₹27.0 Cr (-33.8%) on raw-material cost spike.
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Studds Accessories Ltd reported revenue from operations of ₹183.1 Cr (+18.6% YoY) and net profit of ₹14.7 Cr (-28.6% YoY) for Q2 FY27.
- Key figure
- Net profit ₹14.7 Cr · -28.6% YoY
Studds Accessories Production Started
Studds Accessories commenced commercial production at its Manufacturing Facility-V in Faridabad on October 30, 2026, after receiving Consent to Operate. No capacity or monetary value was disclosed.