News Earnings Studds Accessories Q3FY26: Strong Performance with 26.3% PAT Growth & Margin ExpansionStudds Accessories Q3FY26: Strong Performance with 26.3% PAT Growth & Margin Expansion
Studds Accessories delivered robust Q3FY26 performance with consolidated revenue growing 9.4% to Rs. 163.0 Cr and PAT surging 26.3% to Rs. 20.7 Cr. The company demonstrated strong margin expansion with EBITDA margin improving to 18.8% and PAT margin to 12.7%. Nine-month performance was equally impressive with revenue of Rs. 466.7 Cr and PAT of Rs. 61.6 Cr, up 23.9% YoY.
*this image is generated using AI for illustrative purposes only.
Studds Accessories Limited released its investor presentation for Q3FY26 financial results on February 1, 2026, pursuant to Regulation 30 of the SEBI Listing Regulations. India's largest two-wheeler helmet manufacturer and one of the world's leading helmet and motorcycle accessories brands reported robust consolidated performance with significant improvements across key financial metrics for the quarter ended December 31, 2025.
Strong Quarterly Financial Performance
The company delivered impressive consolidated results for Q3FY26, with revenue from operations reaching Rs. 163.0 Cr compared to Rs. 149.0 Cr in Q3FY25, representing a solid 9.4% year-over-year growth. Profit After Tax showed exceptional momentum, increasing by 26.3% to Rs. 20.7 Cr from Rs. 16.4 Cr in the corresponding quarter of the previous year, with PAT margin expanding to 12.7% from 11.0%.
| Consolidated Metrics: | Q3FY26 | Q3FY25 | Growth (%) |
|---|---|---|---|
| Revenue from Operations: | Rs. 163.0 Cr | Rs. 149.0 Cr | +9.4% |
| EBITDA: | Rs. 30.7 Cr | Rs. 25.6 Cr | +20.1% |
| EBITDA Margin: | 18.8% | 17.2% | +160 bps |
| Profit After Tax: | Rs. 20.7 Cr | Rs. 16.4 Cr | +26.3% |
| PAT Margin: | 12.7% | 11.0% | +170 bps |
Enhanced Profitability and Margin Expansion
The company demonstrated exceptional EBITDA performance in Q3FY26, with EBITDA reaching Rs. 30.7 Cr compared to Rs. 25.6 Cr in the corresponding quarter last year, representing a robust 20.1% year-over-year growth. The EBITDA margin also showed significant improvement, expanding to 18.8% from 17.2% in Q3FY25, indicating enhanced operational efficiency and favorable raw material prices.
Nine-Month Performance Highlights
For the nine-month period ended December 31, 2025, consolidated revenue from operations stood at Rs. 466.7 Cr, up 7.5% from Rs. 434.2 Cr in the corresponding period last year. Profit After Tax for the nine-month period reached Rs. 61.6 Cr, marking a substantial 23.9% increase from Rs. 49.7 Cr in the previous year, with PAT margin improving to 13.2% from 11.5%.
| Nine-Month Performance: | 9MFY26 | 9MFY25 | Growth (%) |
|---|---|---|---|
| Revenue from Operations: | Rs. 466.7 Cr | Rs. 434.2 Cr | +7.5% |
| EBITDA: | Rs. 90.9 Cr | Rs. 76.7 Cr | +18.5% |
| EBITDA Margin: | 19.5% | 17.7% | +180 bps |
| Profit After Tax: | Rs. 61.6 Cr | Rs. 49.7 Cr | +23.9% |
| PAT Margin: | 13.2% | 11.5% | +170 bps |
Product Mix and Channel Distribution
The company's diversified product portfolio continues to drive growth, with Studds Helmets contributing 77.0% of revenue in Q3FY26, SMK Helmets at 12.4%, DAYTONA & ONEAL at 2.8%, and Other Accessories at 7.8%. The channel mix remains well-balanced with Distributor Network & EBO contributing 56.3%, OEMs at 13.5%, Others including e-commerce at 11.1%, and Exports at 19.0%.
| Product & Channel Mix: | Q3FY26 | Q3FY25 |
|---|---|---|
| Studds Helmets: | 77.0% | 77.6% |
| SMK Helmets: | 12.4% | 11.9% |
| DAYTONA & ONEAL: | 2.8% | 2.3% |
| Other Accessories: | 7.8% | 8.2% |
| Distributor Network & EBO: | 56.3% | 57.1% |
| Exports: | 19.0% | 18.2% |
Management Commentary and Strategic Updates
Managing Director Sidhartha Bhushan Khurana highlighted that revenue growth was driven by steady demand across core product categories despite a mixed operating environment. Gross margin expansion was attributed to favorable raw material prices and improved procurement efficiency. However, other expenses increased in Q3FY26 primarily due to higher advertising and marketing spends for participation in marquee events such as IBW and EICMA and targeted digital brand-building initiatives.
Operational Developments and Capacity Expansion
The company's 1.5 million unit capacity expansion for helmets and boxes has been deferred by one quarter due to pollution-related construction restrictions. To fulfill ongoing demand, the company has optimized its production process and added additional machinery, allowing production of an additional 5 lakh units on an annual basis. The incorporation of a wholly-owned subsidiary in Spain is progressing as planned, with commercial operations expected to commence in Q1FY27.
| Operational Updates: | Details |
|---|---|
| Capacity Expansion: | 1.5 mn units (deferred by one quarter) |
| Additional Production: | 5 lakh units annually |
| Spain WOS: | Commercial operations expected Q1FY27 |
| Current Capacity: | 9.58 million helmets and boxes |
Historical Stock Returns for Studds Accessories
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.04% | +0.64% | +4.81% | -7.17% | -7.17% | -7.17% |
19
