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Recode Studios
Price Band
₹150.0–158.0
Issue Size
₹44.59 Cr
Lot Size
800 shares
Min Investment
₹252,800
GMP
+₹43.0 (27.22%)
Issue Price
₹158.0
calendar_month Important Dates
bar_chart Subscription Status
Subscription data unavailable
trending_up Grey Market Premium (GMP)
GMP
+₹43.0
GMP %
+27.22%
Est. Listing
₹201.0
schedule Updated: 14 Jul 2026 15:52
Share GMP:
business About the Company
Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand “Recode.” Its business focuses on branding, sourcing and selling beauty and personal care products across India. The company sells its products through an omnichannel network, which includes company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and our own website and mobile app. Its product range includes make-up, skincare, body care, and beauty accessories. As of the date of this DRHP, we offer over 350 SKUs across different categories and price points, such as face, eye and lip makeup, as well as face and body care products. Customers can buy the products both offline and online. Offline sales take place through COCO and FOFO stores. Online sales are made through its website and app, and through platforms like Amazon, Nykaa, Myntra and Flipkart. As on September 30, 2025, the company operates a total of 24 stores across 14 states in India, comprising 3 Company-Owned Company-Operated (COCO) stores and 21 Franchisee-Owned Franchisee-Operated (FOFO) stores. Its products are manufactured by third-party manufacturers in India. Competitive Strengths Omnichannel presence integrating offline and online platforms. Diverse product range across beauty and personal care categories. Digital Reach and Online Customer Engagement. Experienced Board of Directors and Management Team.
payments Company Financials (₹ Cr)
As of 2025-12-31
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Total Income | 57.45 | 47.94 | 36.93 | 22.44 |
| Profit After Tax | 9.06 | 3.30 | 0.27 | 0.69 |
| EBITDA | 13.34 | 6.13 | 1.67 | 1.44 |
| NET Worth | 17.84 | 8.77 | 5.47 | 5.20 |
| Reserves and Surplus | 9.70 | 8.76 | 5.46 | 5.19 |
| Total Borrowing | 3.43 | 7.56 | 7.85 | 3.79 |
Key Ratios
EPS
₹4.06
NAV
₹10.78
ROE
46.37%
ROCE
34.47%
RoNW
37.64%
P/B Value
14.66
P/E Ratio
38.94
Market Cap
₹168.18 Cr
PAT Margin
6.91%
Debt/Equity
0.86
Promoters
Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan and Karan Bansal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab 5.74 2 Marketing and advertisement expenses toward enhancing the awareness and visibility of brand 5.41 3 Utilization towards working capital requirements 19.50 4 General Corporate Purposes 2.96 5 Issue Expenses 6.70 Total 40.31
info Issue Details
pie_chart Investor Allocation
Registrar
Lead Managers / Book Running
timeline IPO Timeline
Open
05 May 2026
Close
07 May 2026
Allotment
08 May 2026
Listing
12 May 2026