India’s IPO market in late 2025 has been abuzz with prominent companies like Orkla India, Studds Accessories, and Lenskart entering the public investment arena. Each of these businesses operates in vastly different sectors packaged foods, motorcycle helmets, and eyewear retail and carries unique growth stories, risks, and investment promises. For retail and institutional investors looking to navigate these options, understanding the nuances helps make an informed choice.
Understanding the Players
Orkla India: Consumer-Focused Packaged Foods
Orkla India, part of the Norwegian conglomerate Orkla ASA, is emerging as a key player in India’s fast-moving consumer goods (FMCG) segment, focusing largely on spices and packaged food products. The company has shown a cautious but steady growth trajectory with revenues increasing by 6% year-on-year to ₹597 crore in the June 2025 quarter and net profit rising 10% to ₹78.9 crore.
Orkla India’s business benefits from rapid growth in e-commerce channels, doubling revenues from online platforms between FY23 and FY25. Despite this, the company faces challenges of lower asset utilization (~46%), regulatory scrutiny under food safety laws, and ongoing legal proceedings worth around ₹160 crore that could impact reputation and profitability.
Studds Accessories: The Helmet Leader
Studds is a heavyweight within the motorcycle accessories market, dominating India as the largest two-wheeler helmet manufacturer. Founded over five decades ago, it manufactures 7.4 million helmets annually with a 27.4% domestic market share and a presence in 70+ countries.
In FY25, Studds grew revenue by 10% and boosted net profit by 23%, highlighting excellent cost management and expanding demand aligned with rising safety awareness and helmet regulations in India. The IPO for Studds is a pure offer-for-sale (OFS) worth around ₹455 crore, meaning no fresh capital infusion but providing liquidity to sellers.
Lenskart: Eyewear Retail Powerhouse
Lenskart is India’s dominant eyewear retailer, operating 2,700+ stores globally and leveraging an omni-channel model that blends strong digital sales (about 70%) with a vast offline presence. The company posted FY25 revenue of ₹6,653 crore with a healthy operating profit margin of about 12%.
Lenskart’s IPO is sizable around ₹7,278 crore with a mix of fresh issue and offer for sale, positioning itself for aggressive expansion, new store openings, and technology investments. It is the riskiest of the three due to its higher valuation (trading near 234x FY25 earnings) and sector disruptions but offers substantial growth potential.
Comparison Table: Orkla vs Studds vs Lenskart
| Feature | Orkla India | Studds Accessories | Lenskart |
| Sector | Packaged Foods / FMCG | Motorcycle Helmets / Accessories | Eyewear Retail & Tech |
| FY25 Revenue | ₹2,455 crore (consolidated) | ₹582 crore (₹539 crore from helmets) | ₹6,653 crore |
| Net Profit (FY25) | ₹255 crore | ₹47 crore | ₹975 crore |
| Growth Rate | Moderate, ~6% quarterly revenue rise | 10% revenue, 23% profit increase | 30-60% CAGR revenue over 3 years |
| IPO Size | ₹1,668 crore (Offer for Sale) | ₹455 crore (Pure OFS) | ₹7,278 crore (Fresh + OFS) |
| Use of Proceeds | No fresh capital; liquidity for investors | No fresh capital, liquidity for sellers | Fresh capital for expansion & tech |
| Market Share | Strong in spices & packaged foods | Largest in Indian helmet market | Largest eyewear retailer in India |
| Risks | Regulatory scrutiny, inconsistent growth | Dependency on auto market, regulatory factors | High valuation, competitive industry |
| Investment Profile | Stable, lower volatility | Steady growth, sector-driven | High growth, higher risk |
What Should Investors Consider?
- For Conservative Investors: Orkla India
If you prefer stability and steadier, less volatile businesses, Orkla’s consumer goods profile may appeal. The company’s foothold in essential goods with rising e-commerce penetration offers sustainable demand. However, watch for regulatory and legal risks that could cause near-term fluctuations.
- For Safety and Regulatory Growth Focus: Studds
Studds stands to benefit from rising adoption of safety helmets, mandated by law, and growing two-wheeler sales in India’s expanding economy. The company’s strong manufacturing capabilities, export market, and margin improvement underscore it as a solid mid-growth candidate, though dependent on the cyclical automotive sector.
- For Aggressive Growth Seekers: Lenskart
Lenskart is ideal for investors willing to accept higher risk for strong growth in India’s evolving retail and healthcare technology sphere. Its expansive presence and technological integration position it well for scale, but high valuation means significant caution is warranted, especially in turbulent market environments.
Explore: Unlisted Shares via Rits Capital
Final Thoughts
Choosing between Orkla, Studds, and Lenskart boils down to your risk appetite and sector preference. Orkla suits those seeking consumer staples with moderate growth. Studds appeals if you believe in India’s growing vehicle safety market backed by an established brand. Lenskart is for growth investors betting on disruptive retail technology and healthcare expansion.
Diversification across these could balance stability, steady growth, and high growth potential an approach that can work well in an evolving and dynamic Indian market.
FAQs
Q1: Which company offers the best balance of risk and return?
A1: Orkla offers moderate risk with steady returns, Studds balances growth with sector dependency, while Lenskart offers high-return potential at greater risk.
Q2: Is Studds IPO a fresh capital raise?
A2: No, Studds’ IPO is a pure offer-for-sale with no fresh capital; it provides liquidity to existing shareholders.
Q3: What is Lenskart’s focus for IPO funds?
A3: Lenskart plans to use IPO proceeds for new store expansion, technology upgrades, marketing, and acquisition.
Q4: Are there regulatory risks with Orkla?
A4: Yes, Orkla faces ongoing regulatory scrutiny and legal cases which investors should monitor closely.