Studds Accessories Limited export revenue rises 49% in H1FY27

Studds Accessories Limited increased export revenue by 49.2% year on year to Rs 79.4 crore in the first half of fiscal year 2027 (H1FY27), from Rs 53.2 crore. Exports reached 21.9% of gross billing, while the United States and Europe accounted for 8.7% and 7.1% of geographical mix, respectively.

How much did Studds export revenue grow in H1FY27?

Studds reported export revenue of Rs 79.4 crore in H1FY27, up Rs 26.2 crore, or 49.2%, from Rs 53.2 crore in H1FY26. This growth exceeded the 16.2% increase in consolidated revenue from operations, which rose to Rs 352.8 crore from Rs 303.7 crore over the same half-year period.

The H1FY27 result followed export growth in the annual figures. Export revenue was Rs 53.2 crore in FY24, Rs 97.2 crore in FY25 and Rs 127.6 crore in FY26. The presentation describes the FY24-to-FY26 trajectory as 54.9% per annum growth, while the latest first-half comparison shows 49.2% growth.

Studds presents revenue from operations as consolidated net revenue, while its product, channel and geographical mixes are calculated on gross billing. On that stated gross-billing basis, the export channel's share rose by 2.7 percentage points in H1FY27.

Where did Studds gain export exposure by geography?

Studds increased its United States share of geographical mix to 8.7% in H1FY27 from 7.5% in H1FY26, while Europe rose to 7.1% from 4.8%. Together, the two regions represented 15.8% of gross billing, compared with 12.3% in the prior-year half.

India remained the largest geography at 78.1% in H1FY27, but its share declined from 80.8% in H1FY26. Asia excluding India fell to 1.3% from 2.4%, while the rest of world, including Africa, Australia, Oceania, Nepal and Bangladesh, increased to 4.8% from 4.5%.

The second-quarter movement showed a similar change. The United States share increased to 10.4% in Q2FY27 from 6.9% in Q2FY26, while Europe reached 6.4% from 4.0%; India declined to 76.6% from 83.8% over the same comparison.

Studds incorporated a wholly owned subsidiary in Italy to establish a warehousing and distribution hub. Management said the hub is intended to strengthen European market presence and bring the business closer to customers in the region, alongside the rise in Europe's H1FY27 mix share.

Which products and channels are changing in Studds' sales mix?

Studds' SMK Helmets product share increased to 17.9% in H1FY27 from 15.2% in H1FY26, while Studds Helmets declined to 71.4% from 74.9%. Private Labels, identified as Daytona and Oneal, rose to 4.0% from 2.9%, while Other Accessories decreased to 6.6% from 7.0%.

Studds reported that export average selling price (ASP) increased from about Rs 1,600 in FY24 to about Rs 2,000 in H1FY27. SMK ASP rose from about Rs 2,350 to about Rs 2,900 over the same period, which the presentation attributes to improved product realisations; it does not disclose export volumes or country-level revenue.

Exports were the largest-moving named channel in the H1FY27 mix, reaching 21.9% from 19.2%. Distributor Network and exclusive brand outlets (EBOs) decreased to 51.6% from 55.6%, original equipment manufacturers (OEMs) were nearly unchanged at 13.7% from 13.6%, and Others increased to 12.8% from 11.6%.

In Q2FY27, exports accounted for 23.4% of gross billing, compared with 16.2% in Q2FY26. SMK Helmets represented 19.7% of quarterly product mix, compared with 12.8% a year earlier, although the presentation does not allocate products or channel sales to individual geographies.

Did export growth improve Studds profitability in H1FY27?

No. Studds' earnings before interest, tax, depreciation and amortisation (EBITDA) fell 29.6% to Rs 42.3 crore in H1FY27 from Rs 60.2 crore, despite a Rs 49.1 crore increase in revenue from operations. EBITDA margin declined to 12.0% from 19.8%, and profit after tax fell 33.8% to Rs 27.0 crore from Rs 40.9 crore.

Management attributed the margin pressure to crude-oil price volatility that raised styrene-based raw-material costs. Cost of goods sold increased to Rs 163.5 crore from Rs 124.8 crore, while gross profit rose to Rs 189.3 crore from Rs 178.9 crore, reducing gross profit margin to 53.7% from 58.9%.

Studds said it implemented calibrated price increases to partly offset the input-cost effect. Management said a sustained recovery in margins depends on raw-material prices stabilising, separating the margin outcome from the reported expansion in export revenue and international mix.

The contrast continued in Q2FY27. Revenue from operations rose 18.6% year on year to Rs 183.1 crore, while EBITDA declined 23.7% to Rs 22.8 crore and profit after tax decreased 28.5% to Rs 14.7 crore.

What is Studds planning to support further exports?

Studds added 1.5 million units of annual helmet and box capacity after its new manufacturing facility commenced commercial production on 30 October 2026. Management said the additional capacity provides headroom to meet demand in India and overseas.

Studds also started in-house manufacturing of riding jackets and said Bluetooth-enabled rider communication systems would launch in November 2026. The company planned to participate in EICMA in Milan and India Bike Week in Panchgani during November 2026 to strengthen brand visibility and rider engagement.

Management has stated a medium-term aspiration of Rs 1,000 crore in revenue, with exports contributing 25% to 30%. It identified deeper market penetration, stronger distribution and a broader portfolio as routes to opportunities in the United States, Europe and Latin America; this is a management aspiration rather than a reported forecast.

Conclusion

Studds' H1FY27 figures show a measurable move towards exports: export revenue reached Rs 79.4 crore, the export channel represented 21.9% of gross billing, and the United States and Europe gained geographical mix while India's share declined. The product mix also shifted toward SMK Helmets and Private Labels, alongside higher disclosed export and SMK ASPs.

The next developments to watch are execution of the Italian warehousing and distribution hub, use of the 1.5 million-unit annual capacity added on 30 October 2026, and the planned November 2026 launch of Bluetooth-enabled communication systems. Management's aspiration for exports to contribute 25% to 30% of revenue also depends on its distribution, penetration and portfolio plans, while margin recovery depends on stabilising styrene-based input costs.