Analysts/Institutional Investor Meet/Con. Call Updates

PHONES : 91-129-4296500 E mail : sales@studds.com, info@studds.com, secretarial@studds.com CIN No.: L25208HR1983PLC015135 Date: November 07, 2026 To, To, National Stock Exchange of India Ltd., BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street Bandra (E), Mumbai – 400 051 Mumbai- 400001 NSE Scrip Symbol: STUDDS BSE Scrip Code: 544599 Subject: Transcript of the Earnings Conference Call of Q2 & H1FY27 for Analysts/ Investors held on November 03, 2026, pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Ma’am, Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the transcript of the Earnings Conference Call for Analysts/ Investors held on November 03, 2026, in connection with the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended on September 30, 2026. The above details will also be available on the website of the Company at www.studds.com under Investor Relations’ Section at https://www.studds.com/investor-relations/financials This is submitted for your information & records. Thanking You, FOR STUDDS ACCESSORIES LIMITED ASHA MITTAL Company Secretary and Compliance Officer Encl: As above Studds Accessories Limited Q2 and H1 FY27 Earnings Conference Call” November 03, 2026 “E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchanges and the Company website on 3rd November, 2026 will prevail.” MANAGEMENT: MR. SIDHARTHA BHUSHAN KHURANA – MANAGING DIRECTOR MR. BHARAT GOYAL – CHIEF FINANCIAL OFFICER SGA- INVESTOR RELATIONS ADVISORS Page 1 of 13 Studds Accessories Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Studds Accessories Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Sidhartha Bhushan Khurana. Thank you, and over to you, sir. Sidhartha Khurana: Thank you. Good morning, everyone, and thank you for joining Studds Accessories Limited's Q2 and H1 FY27 Earnings Conference Call. I hope you have had an opportunity to go through our financial results and investor presentation which are available on the company's website and the stock exchanges. I'm joined today by Mr. Bharat Goyal Chief Financial Officer, SGA, our Investor Relations Advisors. The first half of FY27 has been challenging from an input cost perspective with geopolitical and trade-related uncertainties contributing to volatility in global markets. Significant increases in styrene-based raw material prices have impacted our gross margins and EBITDA profitability. We have implemented calibrated price increases across our sales channels to partly offset the impact. Although sustained recovery in margins will depend on raw material prices stabilizing. However, I would like to emphasize that this is a raw material-led cost challenge and does not change the underlying fundamentals of our business or our long-term growth strategy. Premiumization, moving towards higher-value products. One of our key priorities is to gradually strengthen our presence in the premium segment. We are consciously working towards increasing the contribution of premium products to our overall business with SMK playing an important role in the journey. Our efforts are focused on expanding our premium product portfolio, introducing new designs and features and catering to the evolving preferences of consumers. We are encouraged by the progress so far with SMK's contribution to overall sales increasing from approximately 13% in Q2 FY26 to 20% in Q2 FY27. This reflects the growing acceptance of our premium offerings and the progress we are making in improving our product mix. Export growth. Alongside strengthening of our premium portfolio, expanding our international business remains an important growth priority for Studds. Today, we have presence across more than 70 countries with SMK playing a significant role in our international expansion. We have made steady progress in scaling our export business with export revenue increasing from INR53.2 crores in FY24 to INR127.6 crores in FY26. Page 2 of 13 Studds Accessories Limited November 03, 2026 In H1 FY27, we recorded export revenue of INR79.4 crores. That's growth of nearly 50% over H1 FY26, reflecting the growing scale of international operations. Hence, our focus will be on deepening our presence in existing markets while expanding into newer geographies. We see meaningful opportunities across Europe, the U.S. and Latin America, supported by our established brands, wider product portfolio and a stronger distribution capability. An important step in this direction has been the incorporation of our wholly-owned subsidiary in Italy, which will function as a warehousing and distribution hub for Europe. This will strengthen our international distribution infrastructure, improve supplier responsiveness and enable us to build closer relationships with customers and distributors across European markets. Through these initiatives, we aim to build a stronger and more scalable international distribution network, which will support the next phase of growth in our export business. Expanding manufacturing capabilities. Alongside strengthening our market presence, we are also investing in manufacturing capacity to support our growth ambitions. We commenced commercial production at our new plant on 30th October 2026, adding 1.5 million units of annual helmet and boxes manufacturing capacity. With this addition, our total installed capacity now stands at approximately 11.5 million units (Please note 11.5 million was mentioned erroneously, it should be read as 11 million) per annum. We are further planning an additional capacity of 1.5 million units over the next 18 to 24 months, taking our planned installed capacity to approximately 12.5 million units. The expansion is particularly important from a scale and headroom perspective. Our existing manufacturing capacity was operating at a relatively high utilization level of approximately 83% as of September 30, 2026. With increasing demand across our domestic and international markets, the additional capacity provides us with the necessary headroom to support future growth, cater to larger opportunities and respond more effectively to customer requirements. Our capacity expansion is, therefore, not merely about increasing production. It is about preparing the organization for its next phase of growth and ensuring that manufacturing capacity does not become a constraint as demand scales up. Product evolution. Another important area of focus is expanding our product portfolio beyond helmets and entering adjacent categories within the broader rider-safety ecosystem. One of the key initiatives in this direction is our entry into riding jackets under the SMK brand through in- house manufacturing. We commenced production in September 2026. We are progressively scaling up this capability with plan of producing 10,000 units by March '27 and 40,000 units by next fiscal year. Riding jackets are an important part of the overall rider safety ecosystem. They are designed to provide riders with an additional protection w [Showing first 8,000 characters — download PDF for full document]