Transcript for the Earning Conference call for Analysts/Investors held on August 10, 2026 in connection with Unaudited Standalone and Consolidated Financial Results for the quarter ended ....

PHONES : 91-129-4296500 E mail : sales@studds.com, info@studds.com, secretarial@studds.com CIN No.: L25208HR1983PLC015135 Date: August 14, 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 for Analysts/ Investors held on August 10, 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 August 10, 2026, in connection with the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended on June 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 STUDDS Accessories Limited Q1 FY27 Earnings Conference Call” August 10, 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 10th August,2026 will prevail.” MANAGEMENT: MR. SIDHARTHA KHURANA – MANAGING DIRECTOR MR. BHARAT GOYAL – CHIEF FINANCIAL OFFICER SGA, INVESTOR RELATIONS ADVISORS Page 1 of 13 STUDDS Accessories Limited August 10, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the STUDDS Accessories Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal an operator by pressing star and then zero on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sidhartha Khurana, Managing Director, STUDDS Accessories Limited. Thank you, and over to you, sir. Sidhartha Khurana: Thank you. Good afternoon, everyone, and thank you for joining STUDDS Accessories Limited's Q1 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 on the stock exchanges. I am joined today by Mr. Bharat Goyal, Chief Financial Officer of the company. I am also joined by SGA, our Investor Relations Advisors. Let me start with the broader environment. The global economic environment remains challenging with geopolitical and trade-related uncertainties creating volatility across markets. India, however, continues to remain relatively well placed, supported by strong domestic consumption and infrastructure spending. For our industry, we believe the structural opportunity remains strong, supported by the growing two-wheeler ecosystem, increasing adoption of premium motorcycles, adventure touring and motorsports, and rising consumer awareness around safety. At the same time, stronger regulatory enforcement and premiumization are accelerating the shift from an unorganized, price-driven market towards a more organized, branded, and safety- focused market. We believe this is a positive development for STUDDS given our strong brands, distribution network, manufacturing capabilities, and product portfolio. Coming to our performance, we delivered a healthy 13.7% year-on-year growth in revenue to INR169.7 crores in Q1 FY27. The underlying demand environment continues to remain stable across our key markets. However, the quarter was impacted by a very sharp increase in styrene- based raw material prices. Just to give you some perspective, the average styrene-based raw material price was around INR135 at the beginning of Q4 FY26, which increased at its peak to approximately INR225 in Q1 FY27. That's almost a 65% increase in prices. This was an exceptional movement in raw material prices over such a short period of time. However, we did not face any issue with sourcing or availability of raw materials. The issue was purely the magnitude and the speed at which the raw material prices increased. On the pricing front, we have taken the necessary actions to address the increase in raw material costs. However, the benefit of these price increases takes some time to fully reflect. In exports, some of the orders executed during Q1 were contracted before the price increase and therefore continued at the earlier prices. New export orders, however, are now being booked at Page 2 of 13 STUDDS Accessories Limited August 10, 2026 the revised prices. On the OEM side, the revised pricing has become effective from Q2 onwards for some of the customers. As a result, we saw an effective price realization of around 5% in Q1. From Q2 onwards, we expect the full price increase of approximately 9% to be reflected as the earlier price orders progressively roll off and the revised OEM pricing starts flowing through. Further, raw material prices have also started moderating from July onwards. As lower cost material progressively flows through our inventory and the higher pricing gets reflected in the business, we expect margins to improve over the coming quarters. Accordingly, we expect EBITDA margins to improve to between 14% to 15% in Q2 FY27 and reach the normal state of 18% to 20% on a run rate basis by Q4 '27, subject to raw material prices remaining broadly stable. The important part is what we are doing today. What is important for us is that we have not been sitting back and waiting for the commodity cycle to normalize. We have been actively working on multiple initiatives across capacity, customers, international markets, new products, and technologies. A large part of these initiatives will start contributing meaningfully from the second half of the year. First is capacity. Our first phase of 1.5 million helmets of additional annual capacity is progressing as planned and is expected to become operational beginning October and September. This is important because our existing facilities are already operating at relatively high utilization levels. In Q1 FY27, our two-wheeler helmet and boxes production was around 1.95 million units with a utilization of 81%. The additional capacity gives us the necessary headroom to cater to incremental demand without putting pressure on our existing manufacturing infrastructure. And as we have said earlier, our manufacturing setup is highly fungible. Depending on the product mix, we can optimize throughput between different products and brands. So this capacity addition is not only adding volumes, but it also gives us flexibility to respond much faster to changes in the market demand. Second is Decathlon. Our engagement with Decathlon is progressing well, and commercial production is expected to commence from October. This is strategically important for us because it gives us an opportunity to participate more meaningfully in the organized and institutional segment. We also see this as an opportunity to build capabilities that can be leveraged for other international institutional customers going forward. The third initiative is our Italian operations. We believe Italy can become an important platform for European growth. The objective is not simply to establish a warehouse. Today, when we supply customers in Europe, the shipping lead time can be 45 to 60 days. This means the distributors have to carry relatively higher inventory levels to ensure product availability. Once our Italy operations become fully functional in October 2026, we will be much closer to the customer. This mean [Showing first 8,000 characters — download PDF for full document]