Recode StudiosShare price, financial results, shareholding and management
- Market cap
- ₹434 cr
- Stock P/E
- 38.7peers 15.1
- Book value
- ₹18.8
- Price to book
- 21.67
- EV / operating profit
- -
- Market cap to sales
- 5.42
- ROCE · FY26
- 73.1%
- ROE · FY26
- 77.3%
- ROE, 3-year average
- 40.0%
- Operating margin · FY26
- 20.7%peers 14.0%
- Sales growth, 3 years
- 53.7%
- Profit growth, 3 years
- 123.8%
- Debt to equity
- 0.30peers 0.14
- Borrowings
- ₹6 cr
- Interest cover
- 22.4×
- Cash from business / op. profit
- 24%
- Debtor days
- 70
- Pledged
- 0.00%
- Promoter holding
- 65.02%
- Change in promoter holding
- -
- Shareholders
- 856
- 52-week high / low
- ₹477 / ₹171
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Recode Studios share price chart
Close on 6 Nov 2026 · +5.00% on the day · Vol 4,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -5.7%
- 3 months
- +79.0%
- Traded a day, 20 days
- ₹0.48 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +67% | +274% |
| 3 years, a year | +54% | +124% |
| Latest half, H2 FY26 | +48% | +184% |
About Recode Studios: business, products and customers
Recode Studios sells make-up, skincare and beauty tools under its own Recode brand, made by outside manufacturers and sold online and through franchise stores across India. Its shares trade on BSE SME.
Recode sells face, eye and lip make-up, face and body care and make-up tools, about three hundred and fifty products in all. It owns no factory: contract manufacturers in India and abroad make everything, while the company chooses the products, brands them, markets them and ships them from six warehouses, four of them in Ludhiana. The brand began in 2018 inside Lush Looks, a partnership firm of five of today's promoters, and the business moved into the company after it was set up in 2021.
Because manufacturing is outsourced, the company spends little on machines but a lot on marketing, stock and credit. Management keeps marketing near a fifth of revenue and says it will spend any margin gain on more advertising rather than let margins rise, so profit grows mainly with sales. Franchise partners and Nykaa take two to four months to pay and the company carries several months of stock, which is why cash from operations has trailed profit.
Read more about the business
Online sales come through its own website and app and through Amazon, Flipkart, Myntra and Meesho; its own website earns more than marketplaces, which charge commission, and Nykaa, which takes stock upfront, is booked as a B2B customer. Offline, each franchise store also acts as a distributor to small shops, make-up artists and make-up academies around it; on the June 2026 call management said it had stopped opening new franchise stores and was adding dark stores run by partners, kiosks and counters in modern trade chains such as Dabur NewU, Shoppers Stop and Spencer's. North India is its home market, and east, west and south India have been growing as a share of sales.
The offer document names its competitors as FSN E-Commerce Ventures (Nykaa), Honasa Consumer (Mamaearth), Sugar Cosmetics, Faces Canada, Swiss Beauty, Insight Cosmetics, Lakme (Hindustan Unilever), Maybelline and L'Oreal India. Among listed companies, Honasa Consumer is the closest in model, a digital first beauty brand that also relies on contract manufacturers and heavy online marketing; FSN E-Commerce Ventures runs Nykaa, which both stocks Recode and sells its own brands; Hindustan Unilever owns Lakme, the long established Indian make-up brand Recode measures itself against.
From the offer document (Red Herring Prospectus, April 2026), the FY26 annual report, the June 2026 investor presentation and the earnings call of 3 June 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 54% a year over three years.
- It earns a high return on the money it uses: ROCE 73% in FY26.
- The promoters own a large part of the company: 65.02%.
- It paid a dividend in the past year.
To watch
- Results for the half to September 2026, the first test of the promoters' guidance of at least 50% sales growth in FY27 (investor presentation, June 2026).
- Trade receivables, which were ₹15.4 cr at March 2026 against ₹8.1 cr a year earlier, and whether operating cash flow catches up with profit (annual report FY26).
- Changes at the top in FY26: the statutory auditor resigned and was replaced, the CEO stepped down in January 2026 and became COO in February, and two whole-time directors resigned (annual report FY26, pages 55, 56 and 59).
- The second phase of the Aflairza Professionals deal, which would take the stake from 33% to 51% subject to agreed milestones (annual report FY26).
- Customers take longer to pay than before: 70 days in FY26, against 54 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Recode Studios revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Recode Studios half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 29 | 43.01 |
| Expenses | 25 | 32.40 |
| Operating profit | 4 | 10.61 |
| OPM | 12.0% | 24.7% |
| Interest | 1 | 0.34 |
| Depreciation | 0 | 0.94 |
| Profit before tax | 3 | 9.41 |
| Net profit | 2 | 5.67 |
Recode Studios profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 22 | 37 | 48 | 79.95 |
| Expenses | 21 | 35 | 42 | 63.41 |
| Operating profit | 1 | 2 | 6 | 16.54 |
| OPM | 7.0% | 4.6% | 13.0% | 20.7% |
| Other income | 0 | 0 | 0 | 0.11 |
| Interest | 0 | 1 | 1 | 0.70 |
| Depreciation | 0 | 1 | 1 | 0.94 |
| Profit before tax | 1 | 0 | 4 | 15.01 |
| Tax rate | 0.0% | 26.0% | 25.0% | 25.3% |
| Net profit | 1 | 0 | 3 | 11.21 |
| EPS ₹ | 663.46 | 259.62 | 2,990 | 13.77 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Recode Studios profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 7.0% | 4.6% | 13.0% | 20.7% |
| Tax rate | 0.0% | 26.0% | 25.0% | 25.3% |
| ROCE | · | 9.1% | 33.3% | 73.1% |
| ROE | · | 0.0% | 42.8% | 77.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Recode Studios debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Recode Studios balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 8 |
| Reserves | 5 | 5 | 9 | 12 |
| Net worth | 5.01 | 5.01 | 9.01 | 20 |
| Borrowings | 4 | 8 | 8 | 6 |
| Other liabilities | 3.99 | 3.99 | 5.99 | 9 |
| Total liabilities | 13 | 17 | 23 | 35 |
| Fixed assets | 1 | 2 | 2 | 3 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 12 | 15 | 21 | 32 |
Recode Studios cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -5 | -2 | 3 | 4 |
| Cash from investing | -1 | -2 | -1 | -2 |
| Cash from financing | 6 | 3 | -1 | -2 |
| Net cash flow | 0 | -1 | 1 | 0 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 54 | 59 | 62 | 70 |
| Inventory days | 177 | 134 | 171 | 129 |
| Days payable | 89 | 30 | 78 | 57 |
| Cash conversion cycle | 142 | 163 | 156 | 142 |
| Working capital days | 94 | 59 | 60 | 75 |
Recode Studios peers and competitors
Listed SME companies in the same industryBy sales, Recode Studios is number 3 of the 8 listed SME companies in personal products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Anondita Medicare | 1,903 | 56.0 | 137 | 34 | 37.0% | 0.26 |
| H. R. Hygiene Products | 139 | 12.6 | 130 | 11 | 14.0% | 0.51 |
| Recode Studios | 434 | 38.7 | 80 | 11.2 | 20.7% | 0.30 |
| Medistep Healthcare | 29 | 4.9 | 70.8 | 6 | 11.6% | 0.14 |
| Aakaar Medical Technologies | 101 | 15.1 | 67 | 6.6 | 15.4% | 0.34 |
| Macobs Technologies | 195 | 67.2 | 41.4 | 2.9 | 8.3% | 0.06 |
| Ravelcare | 68 | 13.1 | 27 | 5.2 | 26.2% | 0.00 |
| Novateor Research Laboratories | 23 | 227.0 | 3.8 | 0.1 | -2.6% | 0.09 |
| Median of the 7 others | 101 | 15.1 | 67 | 6 | 14.0% | 0.14 |
Recode Studios shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share.
Recode Studios shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| May 26 | |
|---|---|
| Promoters | 65.02% |
| Foreign investors (FIIs) | 3.41% |
| Indian institutions (DIIs) | 12.26% |
| Number of shareholders | 856 |
Recode Studios study: the business from its own documents
Read from 5 of the company's own documentsRecode Studios key facts from the filings
Each figure with the document it comes from
- Sales by channel
- 43.87% online
- Share of FY26 product sales from its own website, app and marketplaces; franchise stores gave 24.50% and B2B buyers such as Nykaa 30.73%.Investor presentation, June 2026, p.13
- Marketing spend
- 18.49% of revenue
- Marketing and advertising in the nine months to December 2025, up from 11.34% in FY23; management's guideline is a fifth of revenue.Offer document, p.145; earnings call, 3 June 2026, p.7
- Contract manufacturers
- 17
- Eleven Indian and six overseas partners in Germany, China, Taiwan and Thailand make every product; the company owns no plant.Offer document, p.146 and p.148
- Stores and kiosks
- 23 stores, 7 kiosks
- Operating per the FY26 annual report; the offer document listed 3 company run and 19 franchise stores in 12 states at March 2026.Annual report FY26, p.84; offer document, p.132 to 133
- Largest customer
- 15.94%
- Share of product sales from the single largest customer in April to December 2025; the top ten gave 39.38%, with no long term contracts.Offer document, p.28 and p.143
Show 5 more facts
- Online repeat rate
- 40%
- Share of online customers ordering again month on month, per management; average order value rose by about ₹100 to about ₹800.Earnings call, 3 June 2026, p.14
- Money owed by customers
- ₹15.4 cr
- Trade receivables at March 2026, up from ₹8.1 cr a year earlier while revenue rose 67.27%.Annual report FY26, p.78 and p.146
- Cash from operations
- ₹4.3 cr
- Operating cash flow in FY26 against profit after tax of ₹11.2 cr, as receivables and stock absorbed cash.Investor presentation, June 2026, p.22 and p.24
- IPO raised
- ₹39.6 cr
- New shares sold at ₹158 in May 2026, listed on 12 May; the plan put ₹19.5 cr into working capital, ₹5.7 cr into a warehouse and ₹5.4 cr into marketing.Annual report FY26, p.54; offer document, p.96; reported figures, our arithmetic
- Stake in Aflairza
- 33%
- Bought in July 2026 for about ₹8.3 cr in Aflairza Professionals, a premium beauty brand; the company intends to reach 51% after agreed milestones.Annual report FY26, p.81 to 82
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The promoters guide for at least 50% growth in FY27 and say margins should stay near the FY26 level because any extra margin will go into marketing. The company says it will add fifteen to twenty Dabur NewU counters in FY27 and grow in Shoppers Stop, Spencer's and other modern trade chains, launch twenty to twenty five products in the six months after June 2026 at higher prices, and start its new Ludhiana warehouse from April 2027. It intends to raise its Aflairza stake to 51% once agreed milestones are met.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Recode Studios earns by branding and marketing make-up and skincare that contract makers produce, so its money goes into advertising and stock rather than factories.
Its weak spots are a crowded market, a heavy reliance on advertising, and partners who take months to pay.
AverageCan it set its own prices?Recode calls itself affordable luxury and is launching higher priced products, but it competes with many brands on price and says its margin gains came from buying better rather than charging more.
AverageHow strong is it against rivals?The brand has a real following on social media and industry awards, but its rivals include much larger Indian and international names and well funded digital brands.
AverageWho are its customers?Mostly individual shoppers reached online and through franchise partners, plus Nykaa and other bulk buyers; one customer is a sizeable share and none is under a long term contract.
AverageDoes it need a lot of money?It needs almost nothing for plants, but growth ties up cash in stock and in credit to partners, so most of the IPO money went to working capital.
StrongCan it keep finding new work?Online customers come back often and the company has several new routes to shoppers: new regions, modern trade chains, kiosks, dark stores and a steady flow of launches.
AverageDo good and bad years swing a lot?Demand for beauty products is steady, but the first half of each year is weak for colour cosmetics and margins have moved a lot as the business grew.
Who runs Recode Studios?
Promoters, directors and officers; tap a name for the background
DBDheeraj BansalPromoter, Chairman and Managing Director · holds 9.13% pre IPO
Completed senior secondary education with the Punjab School Education Board in 1996. Production Head at Engineers Trio, a bicycle parts firm the offer document says is owned by Dheeraj Bansal's brother Neeraj Bansal, from 1997 to 2011, then a partner in Ace Industries, Ludhiana, trading bicycle parts, to 2021. Joined the company as a director in 2021 and oversees procurement, finance and governance; 28 years of experience. The offer document states Dheeraj Bansal is the spouse of Shelly Bansal.
Offer document, p.169, p.171, p.173 and p.181KBKaran BansalPromoter, Chief Executive Officer and Whole-time Director · holds 5.95% pre IPO
Bachelor of Engineering (Mechanical) from Thapar Institute of Engineering and Technology, 2022. A partner in Trio Engineers, a bicycle parts business, from 2022 to 2024, managing production and supply. On the board since 2024 and Chief Executive Officer from 1 February 2026; runs sales and marketing, administration and human resources.
Offer document, p.169 and p.171; annual report FY26, p.56SBShelly BansalPromoter and Whole-time Director · holds 6.72% pre IPO
Master of Arts from Punjab University, 2001. A partner in Lush Looks since 2018, handling warehouse operations for the cosmetics business; joined the company in 2021 as Warehouse Head and is responsible for inventory.
Offer document, p.169 to 171STShalini TrehanPromoter and Non-Executive Director · holds 15.86% pre IPO
Bachelor of Arts from Punjabi University, 2001. A partner in Lush Looks since 2018 and Social Media Head of the company since 2021, overseeing its presence on social media. The offer document states Shalini Trehan is the sister of Rahul Sachdeva.
Offer document, p.170 to 172 and p.181RSRahul SachdevaPromoter; Chief Operating Officer from February 2026 · holds 10.97% pre IPO
Bachelor of Commerce from Punjab University, 2007, and a Graduate Diploma in International Business from AIS St Helens, Auckland, 2010. Marketing Manager at Ace Industries from 2010 to 2018, then co-founded the Recode business in Lush Looks. Was Chief Executive Officer and a whole-time director in 2025 and resigned both on 31 January 2026, becoming Chief Operating Officer on 24 February 2026; the FY26 annual report names Garvit Bansal as Chief Operating Officer from 24 August 2026.
Offer document, p.180 and p.181; annual report FY26, p.16 and p.56PTPreeti TrehanPromoter · holds 15.85% pre IPO
Bachelor of Arts (2000) and Bachelor of Education (2001) from Punjab University. Social Media Executive at Lush Looks from 2018 to 2020 and works on marketing plans and social media content; the FY26 annual report lists the role as Purchase Head.
Offer document, p.184 to 185; annual report FY26, p.113NSNarinder SinghChief Financial Officer
Bachelor of Arts from Punjabi University, 2006, and a Certified Industrial Accountant qualification, 2009; 15 years in accounts and finance. Accountant at Ace Industries from 2009 to 2017 and Senior Accountant at Engineers Trio from 2017 to 2020; with the company since 2021 and Chief Financial Officer from 1 July 2025.
Offer document, p.179 to 180SShailjaIndependent Director
A Company Secretary with experience in secretarial practice, securities law, SEBI and stock exchange compliance and listing matters. Appointed from 24 August 2026; the FY26 annual report names Shailja and Palak Chugh as the independent directors, where the offer document had named Manoj Kumar, Sarat Kumar Mishra and Naveen Gupta.
Annual report FY26, p.15 and p.40 to 44; offer document, p.170 to 171PCPalak ChughIndependent Director
A Company Secretary with experience in company law, corporate governance, regulatory compliance and banking matters. Appointed from 24 August 2026 and chairs the nomination and remuneration committee.
Annual report FY26, p.17 and p.42 to 44Recode Studios latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹43 cr (+48%), net profit ₹5.7 cr (+184%) on H2 FY25.
Recode Studios announcements
11 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74 (5) of SEBI (DP) Regulations, 2018 for the Quarter ended 30th September, 2026PDF ↗
- Company UpdateAppointment of Ms. Garima Bansal as Chief Marketing Officer (CMO) and Senior Management Personnel (SMP) of the CompanyPDF ↗
- AGM/EGMVoting Results & Scrutinizer''s Report for the AGM held on 30.09.2026PDF ↗
- AGM/EGMVoting Results and Scrutinizer''s Report for the 05th AGM held on 30th September, 2026PDF ↗
- Company UpdateAppointment of M/s Lal Ghai & Associates as Secretarial Auditors of the Company for a term of 5 YearsPDF ↗
- Company UpdateRe-appointment of M/s R M S G & Associates as Statutory Auditors of the Company for a term of 5 yearsPDF ↗
- Company UpdateRe-appointment of Ms. Palak Chugh as an Independent Director of the CompanyPDF ↗
- Company UpdateRe-appointment of Ms. Shailja as an Independent Director of the companyPDF ↗
- AGM/EGMProceedings of AGM held on 30th September, 2026PDF ↗
- Insider Trading / SASTSEBI (Prohibition of Insider Trading) Regulations 2015 - Intimation of Closure of Trading WindowPDF ↗
- Company UpdateIntimation of Analyst/Investor Meet to be held on 30th September, 2026PDF ↗
Recode Studios annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 30 June 2026 ↗read
Recode Studios share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 0.2500ex-date 23 Sept 2026
Checks we ran on Recode Studios' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 108 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,06,44,344 shares).
- !The FY26 results imply 80,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹2,990.38) and FY26 (₹13.77) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Recode Studios
What does Recode Studios do?
Recode Studios sells make-up, skincare and beauty tools under its own Recode brand, made by outside manufacturers and sold online and through franchise stores across India. Its shares trade on BSE SME.
What is the share price of Recode Studios?
₹407 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Recode Studios?
₹434 cr at the close on 6 Nov 2026, on 1,06,44,344 shares.
What is the P/E of Recode Studios?
38.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Recode Studios' revenue and profit?
Revenue ₹80 cr and profit after tax ₹11 cr in FY26.
Who are the promoters of Recode Studios?
Dheeraj Bansal, Karan Bansal, Shelly Bansal, Shalini Trehan, Rahul Sachdeva, Preeti Trehan; promoters held 65.02% at 31 May 2026.
What is Recode Studios' website?
www.shop.recodestudios.com
More SME companies like Recode Studios
Other listed SME companies in personal products, the closest in size first, each read from its own documents.
- Macobs TechnologiesMACOBSTECH · NSE Emerge · Personal Products · listed 2024Market cap ₹191 cr
- H. R. Hygiene ProductsHRHYGIENE · BSE SME · Personal ProductsMarket cap ₹150 cr
- Aakaar Medical TechnologiesAAKAAR · NSE Emerge · Personal Products · listed 2025Market cap ₹103 cr
- Anondita MedicareANONDITA · NSE Emerge · Personal Products · listed 2025Market cap ₹1,851 cr
- RavelcareRAVEL · BSE SME · Personal ProductsMarket cap ₹64 cr
- Medistep HealthcareMEDISTEP · NSE Emerge · Personal Products · listed 2025Market cap ₹26 cr
Built from 2 annual reports, 1 offer document, 1 earnings call transcript, 1 investor presentation, 11 exchange announcements, 1 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.