Did you know - The unlisted Studds Accessories Ltd is the largest manufacturer of 2 wheeler helmets in the world? It manufactured 6.65 milion helmets and has a market share of 26% in motorcycle helmets in India. (1/5)

Headquartered in Faridabad, Studds has 4 manufacturing facilities and exports to more than 40 countries. It has a network of 385 dealers across the globe. Apart from helmets, Studds makes riding gear, jacket, elbow/knee guards etc. Though these form a small % of sales (2/5)

Studds’ revenues have grown at an impressive 5 year CAGR of 11%. Bajaj Auto and Hero have grown 5% and 1% respectively in this period. Studds has managed to generate a stellar ROE of 33% in a highly commoditized space (3/5)

Though Studds’ growth should track 2 wheeler volume growth, it has a regulatory tailwind. Sec 129 of Motor Vehicle Act was amended to make head gear compulsory for both the riders. Studds believes this will give them a 14% CAGR growth between 2021-26 (4/5)

At ₹780/- Studds trades at 20 PE FY20 in the unlisted market

Data Source: Studds Annual Report (5/5)