Studds accessories Limited has submitted its quarterly compliance certificate to stock exchanges for the quarter ended March 31, 2026. The submission fulfills regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018.

Regulatory Compliance Submission

The company submitted the Certificate pursuant to Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 on April 07, 2026. The certificate was issued by MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited), which serves as the Registrar to an Issue and Share Transfer Agent for the company.

Certificate Confirmation Details

MUFG Intime India Private Limited confirmed that securities received from depository participants for dematerialization during the quarter ended March 31, 2026 were properly processed. The registrar verified that all securities comprised in the certificates have been listed on stock exchanges where the company's earlier issued securities are listed.

The certificate also confirms that:

• Security certificates received for dematerialisation were confirmed or rejected within prescribed timelines
• Received certificates were mutilated and cancelled after due verification by the depository participant
• Names of depositories were substituted in the register of members as registered owners

Stock Exchange Notification

The submission was made to both National Stock Exchange of India Limited and BSE Limited simultaneously. Company Secretary and Compliance Officer Asha Mittal signed the submission letter, ensuring compliance with regulatory disclosure requirements.

Copies of the certificate were also forwarded to National Securities Depository Limited and Central Depository Services (India) Limited as part of the standard compliance process. This quarterly submission demonstrates the company's adherence to SEBI regulations governing depositories and participants.

Studds Accessories Limited has announced that CARE Ratings Limited has withdrawn its credit ratings for the company's bank facilities, effective April 02, 2026. The rating agency withdrew the outstanding ratings of 'CARE A+; Stable/CARE A1+' at the company's request and with no objection certificates from the concerned banks.

Rating Withdrawal Details

The withdrawal applies to the company's long-term and short-term bank facilities, which were previously rated 'CARE A+; Stable/CARE A1+'. CARE Ratings confirmed that the action was taken following a formal request from Studds Accessories and after receiving no objection certificates from all banks that had extended the rated facilities.

Financial Performance Highlights

Prior to the withdrawal, CARE Ratings had reaffirmed the ratings based on the company's strong operational performance. The rating agency noted Studds Accessories' robust financial metrics and market position.

The company reported a 9.7% increase in total operating income in FY25, rising from ₹531.66 crore to ₹586.57 crore. This growth was primarily driven by higher sales volume, with the company selling approximately 75 lakh helmets compared to 71 lakh in the previous fiscal year.

Company Strengths Recognized

CARE Ratings highlighted several key strengths before the withdrawal:

• Market Leadership: Commands approximately 25% market share in India's helmet industry
• Global Presence: Exports products to over 70 countries across multiple continents
• Strong Client Base: Long-standing relationships with OEMs including Honda Motor, Royal Enfield, Hero Motocorp, and Yamaha
• Debt-Free Position: Overall gearing ratio of 0.01x as of March 31, 2025
• Strong Liquidity: Cash and cash equivalents totaling ₹81.48 crore as of September 30, 2025

Capital Structure and Liquidity Position

The company maintains a comfortable capital structure with minimal debt. As of March 31, 2025, Studds Accessories reported an overall gearing ratio of 0.01x and a total outside liabilities to tangible net worth ratio of 0.19x, improving from 0.02x and 0.21x respectively in the previous year.

Regulatory Compliance

Studds Accessories has informed both the National Stock Exchange of India and BSE Limited about the rating withdrawal in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also made this information available on its website under the Investor Relations section, ensuring transparency with stakeholders and regulatory compliance.