What’s new

• FY27 revenue guidance of 17-18% with broadly stable EBITDA margins.
• SMK premium brand grew at 52% CAGR, now at 27% EBITDA margin.
• Capacity expansion to 12 million units in 15-18 months; Decathlon supply starts July 2026.

Why it matters

Studds is moving up the value chain. The premium SMK brand is scaling fast and lifting group profitability. The guidance and capacity expansion signal management's confidence that demand, especially in premium and export segments, will hold up.

What we’re watching

• Execution of the capacity ramp to 12 million units over the next 18 months.
• Margin trend in FY27 as premium mix increases but capex bites.
• Take-up of Decathlon orders from July 2026.

The full read

Studds Accessories is guiding for 17-18% revenue growth in FY27 with broadly stable EBITDA margins. The core of that growth story is the premium SMK brand, which has compounded at 52% and now runs at a 27% EBITDA margin, 10 percentage points above the core Studds brand. To meet demand, the company is expanding capacity to 12 million units over the next 15-18 months and will start supplying non-motorised helmets to Decathlon in July 2026. A new warehouse in Italy will begin operations mid-Q2 FY27. Exports are guided to reach 23-24% of revenue. The headline isn't the top-line number. It's that the margin-mix shift towards premium is accelerating, and the company is spending to back it.

Primary source: BSE · NSE