Studds export revenue rises 49.2% as USA and Europe gain

Studds Accessories Limited reported Rs 79.4 crore of export revenue in H1FY27, the first half of fiscal year 2027, up 49.2% from Rs 53.2 crore a year earlier. Studds raised exports to 21.9% of gross billing from 19.2%, while its combined USA and Europe geographical share increased to 15.8% from 12.3%.

How fast did Studds exports grow in H1FY27?

Studds grew export revenue 49.2% year on year to Rs 79.4 crore in H1FY27 from Rs 53.2 crore in H1FY26. This outpaced the 16.2% increase in consolidated revenue from operations, which rose to Rs 352.8 crore from Rs 303.7 crore during the same six-month periods.

Studds described export revenue growth between FY24 and FY26 as 54.9% per annum, with revenue increasing from Rs 53.2 crore to Rs 127.6 crore. In Q2FY27, the second quarter of fiscal year 2027, exports were 23.4% of gross billing, compared with 16.2% in Q2FY26, a 7.2-percentage-point increase.

How has Studds shifted its sales mix toward exports?

Studds increased exports to 21.9% of H1FY27 gross billing from 19.2% in H1FY26, a 2.7-percentage-point increase. Distributor Network & EBO accounted for 51.6%, down from 55.6%, while original equipment manufacturers, or OEMs, represented 13.7%, compared with 13.6%; the presentation calculates these mix figures on gross billing.

Studds’ product mix also changed in H1FY27. SMK Helmets rose to 17.9% of gross billing from 15.2%, while Studds Helmets declined to 71.4% from 74.9%; private labels Daytona and Oneal increased to 4.0% from 2.9%, and other accessories declined to 6.6% from 7.0%.

Which export markets gained in Studds geographical mix?

Studds increased the USA share of gross billing to 8.7% in H1FY27 from 7.5% in H1FY26, while Europe increased to 7.1% from 4.8%. The two regions together accounted for 15.8% of H1FY27 gross billing, up 3.5 percentage points from 12.3% a year earlier.

Europe recorded the larger H1 gain, adding 2.3 percentage points compared with a 1.2-point increase for the USA. India remained Studds’ largest market at 78.1% of gross billing, but its share decreased from 80.8%; Asia excluding India declined to 1.3% from 2.4%, while rest of world increased to 4.8% from 4.5%.

The Q2FY27 mix showed a faster international shift than the H1 figures. USA represented 10.4% of gross billing against 6.9% in Q2FY26, Europe reached 6.4% from 4.0%, and India declined to 76.6% from 83.8%; rest of world includes Africa, Australia, Oceania, Nepal and Bangladesh.

What is Studds doing to support export expansion?

Studds has incorporated a wholly owned subsidiary in Italy to establish a warehousing and distribution hub for Europe. Management said the hub is intended to bring the company closer to customers across the region and strengthen its European market presence, where Europe represented 7.1% of H1FY27 gross billing.

Studds commenced commercial production at its new facility on 30 October 2026, adding annual capacity of 1.5 million units of helmets and boxes. Management said this capacity provides headroom for demand in India and overseas, while the company has also started in-house manufacturing of riding jackets and plans to launch Bluetooth-enabled rider communication systems in November 2026.

Studds reported that export average selling price, or ASP, increased from about Rs 1,600 in FY24 to about Rs 2,000 in H1FY27. SMK ASP increased from about Rs 2,350 to about Rs 2,900 over the same period, and management listed participation at EICMA in Milan and India Bike Week in Panchgani in November 2026 to build brand visibility and rider engagement.

Did export growth improve Studds profitability in H1FY27?

No. Studds’ earnings before interest, tax, depreciation and amortisation, or EBITDA, declined 29.6% year on year to Rs 42.3 crore in H1FY27 from Rs 60.2 crore, despite the 49.2% increase in export revenue. EBITDA margin fell to 12.0% from 19.8%, while profit after tax declined 33.8% to Rs 27.0 crore from Rs 40.9 crore.

Management attributed the margin pressure to crude-oil price volatility and a steep increase in styrene-based raw-material costs. Cost of goods sold increased to Rs 163.5 crore in H1FY27 from Rs 124.8 crore, reducing gross profit margin to 53.7% from 58.9%; management said calibrated price increases partly offset the impact, but sustained margin recovery depends on raw-material prices stabilising.

Conclusion

Studds’ H1FY27 figures show a measurable change in its gross-billing mix, with export revenue reaching Rs 79.4 crore and the export share rising to 21.9%. The USA and Europe expanded as India’s share declined, while overall revenue from operations grew 16.2%; however, higher styrene-based input costs reduced EBITDA and profit after tax.

The next items to watch are use of the 1.5 million units of annual capacity added on 30 October 2026, development of the Italian warehousing and distribution hub, and the planned November 2026 launch of Bluetooth-enabled communication systems. Management’s medium-term aspiration is Rs 1,000 crore of revenue with exports contributing 25% to 30%, while it has identified raw-material price stability as necessary for a sustained margin recovery.