Studds Accessories Q2 FY27 Results: Consolidated Net Profit ₹14.74 Crore on Total Income of ₹187 Crore
- Earnings
- helmets and accessories
Reviewed byKeshav SehgalBlacklitt Research
Studds Accessories (NSE: STUDDS) reported consolidated total income of ₹186.55 crore and net profit of ₹14.74 crore for the quarter ended 30 Sep 2026, it said in a filing on 31 Oct 2026. Standalone total income was ₹185.87 crore and standalone net profit was ₹15.50 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹186.55 crore, up 18.6% YoY and 7.9% QoQ
- Net profit and EPS: ₹14.74 crore, down 28.5% YoY and up 19.8% QoQ; basic EPS ₹3.75
- Finance costs: ₹0.19 crore, down 24.0% YoY; tax expense ₹5.67 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹185.87 crore, up 18.3% YoY and 9.2% QoQ
- Net profit and EPS: ₹15.50 crore, down 27.1% YoY and up 17.0% QoQ; basic EPS ₹3.94
- Finance costs: ₹0.16 crore, down 27.3% YoY; tax expense ₹5.64 crore
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 186.55 | 157.32 | +18.6% | 172.92 | +7.9% | |
| Revenue from operations | 183.11 | 154.43 | +18.6% | 169.68 | +7.9% |
| Other income | 3.44 | 2.89 | +19.0% | 3.24 | +6.2% |
| 14.74 | 20.62 | -28.5% | 12.30 | +19.8% | |
| Finance costs | 0.19 | 0.25 | -24.0% | 0.19 | 0.0% |
| Depreciation | 5.62 | 5.26 | +6.8% | 5.42 | +3.7% |
| Tax expense | 5.67 | 6.60 | -14.1% | 4.90 | +15.7% |
| Net profit margin | 7.90% | 13.11% | -5.21 pp | 7.11% | +0.79 pp |
| Tax as share of profit before tax | 27.8% | 24.2% | +3.54 pp | 28.5% | -0.71 pp |
| EPS, basic (₹) | 3.75 | 5.24 | -28.4% | 3.12 | +20.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Tax took a larger share of profit before tax than a year earlier: ₹5.67 crore of tax on ₹20.41 crore of profit before tax is 27.8%, against 24.2% in Q2 FY26.
The filing says the consolidated results include SMK Helmets Europe SRL from its incorporation on 22 May 2026, so prior-year comparatives are not strictly comparable. The subsidiary reported a net loss after tax of ₹1.87 crore for the period to 30 Sep 2026, and the auditors describe the subsidiaries' unreviewed figures as not material to the group. The consolidated tax charge includes ₹3.47 million (₹34.7 lakh) relating to earlier periods, which the standalone results do not carry.
Other income of ₹3.44 crore is 1.8% of total income, and finance costs of ₹0.19 crore are 0.1% of total income, so neither is a large part of the quarter's income. The company operates in one reportable segment, manufacture and sale of helmets and accessories, and has no exceptional items in any period shown.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 185.87 | 157.13 | +18.3% | 170.19 | +9.2% | |
| Revenue from operations | 182.47 | 154.24 | +18.3% | 166.95 | +9.3% |
| Other income | 3.40 | 2.89 | +17.6% | 3.24 | +4.9% |
| 15.50 | 21.27 | -27.1% | 13.25 | +17.0% | |
| Finance costs | 0.16 | 0.22 | -27.3% | 0.15 | +6.7% |
| Depreciation | 5.58 | 5.26 | +6.1% | 5.42 | +3.0% |
| Tax expense | 5.64 | 6.69 | -15.7% | 4.55 | +24.0% |
| Net profit margin | 8.34% | 13.54% | -5.20 pp | 7.79% | +0.55 pp |
| Tax as share of profit before tax | 26.7% | 23.9% | +2.74 pp | 25.5% | +1.13 pp |
| EPS, basic (₹) | 3.94 | 5.40 | -27.0% | 3.37 | +16.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income rose 18.3% YoY, but net profit fell 27.1%. Profit before tax was ₹21.14 crore against ₹27.95 crore a year earlier, and tax of ₹5.64 crore is 26.7% of that profit before tax, against 23.9% in Q2 FY26.
Standalone net profit of ₹15.50 crore is ₹0.76 crore above the consolidated figure of ₹14.74 crore. Standalone revenue from operations of ₹182.47 crore is ₹0.64 crore below the consolidated figure, and the standalone results carry no tax for earlier periods.
Standalone net profit rose 17.0% QoQ, faster than total income's 9.2% rise. Total expenses in the quarter were ₹1,647.28 million against ₹1,291.79 million a year earlier, and the filing does not give the reason for that rise.
Studds Accessories paid a final dividend of ₹3.00 per share for FY2025-26, totalling ₹11.81 crore, in the quarter. The shareholders approved the Studds Accessories Limited Employee Stock Option Scheme 2026 on 5 Sep 2026, and on 31 Oct 2026 the Board and the Compensation Committee granted 1,30,000 options at an exercise price of ₹334.90, a 15% discount to the ₹394.00 closing price on 30 Oct 2026.
At the 30 Oct 2026 close of ₹394.00 a share, the company's market value was about ₹1,551 crore, according to Blacklitt's data. The company also incorporated SMK Helmets Europe SRL in Italy on 22 May 2026 with initial share capital of ₹3.35 crore, and paid ₹0.95 crore to subscribe further shares in its US subsidiary Bikerz US Inc.
Inference
The filing states the company's capital and ownership steps for the quarter: the final dividend payment, the ESOP grant made after quarter end, and the Italian subsidiary and the further subscription in Bikerz US Inc., which remains wholly owned.
The filing does not say the reason for the consolidated tax charge relating to earlier periods, the reason for the rise in standalone expenses or the reason standalone profit before tax fell, and it does not say when the 1,30,000 options can be exercised or what effect SMK Helmets Europe SRL will have on results.
Filed with BSE on . Reference: Original filing (PDF)
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