Recode Studios Limited is an Indian beauty and personal care company operating under its flagship brand “Recode.” The company focuses on branding, sourcing, and selling a wide range of beauty and personal care products across India.
The company follows an omnichannel distribution model, enabling it to reach customers through both offline and online platforms. Its sales network includes Company-Owned Company-Operated (COCO) stores, Franchisee-Owned Franchisee-Operated (FOFO) stores, third-party e-commerce platforms, as well as its own website and mobile application.
Recode offers a diversified product portfolio covering makeup, skincare, body care, and beauty accessories. As of the DRHP date, the company has 350+ SKUs across multiple categories and price points, including face, eye, and lip makeup, along with face and body care products.
Customers can purchase products through:
- Offline channels: COCO and FOFO retail stores.
- Online channels: Company website, mobile app, and marketplaces like Amazon, Nykaa, Myntra, and Flipkart.
As of September 30, 2025, the company operates 24 retail stores across 14 states in India, comprising:
- 3 COCO stores
- 21 FOFO stores
The company follows an asset-light model, where all products are manufactured by third-party manufacturers in India.
Recode Studios IPO – Details
| IPO Opening Date | 05 May 2026 |
| IPO Closing Date | 07 May 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 28,22,400 Shares Worth ₹44.59 Crore Fresh Issue: 25,03,200 Shares Worth ₹39.55 Crore Offer For Sale: 3,19,200 Shares Worth ₹5.04 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹150 – ₹158 per share |
| Market Lot | 800 Shares |
| Min Order | 800 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Mudra RTA Ventures Private Limited |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Recode Studios IPO – Date Schedule
| IPO Open Date | 05 May 2026 |
| IPO Close Date | 07 May 2026 |
| Basis of Allotment | 08 May 2026 |
| Initiation of Refund | 11 May 2026 |
| Credit of Shares to Demat | 11 May 2026 |
| IPO Listing Date | 12 May 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 07, 2026 |
Recode Studios IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | ₹2,52,800 |
| Retail (Max) | 2 | 1,600 | ₹2,52,800 |
| S-HNI (Min) | 3 | 2,400 | ₹3,79,200 |
| S-HNI (Max) | 7 | 5,600 | ₹8,84,800 |
| B-HNI (Min) | 8 | 6,400 | ₹10,11,200 |
Competitive Strength
- 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.
Company Promoters
- Dheeraj Bansal
- Rahul Sachdeva
- Shelly Bansal
- Shalini Trehan
- Preeti Trehan
- Karan Bansal
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹22.44 Cr | ₹21.51 Cr | ₹0.69 Cr | ₹3.79 Cr |
| 31 March 2024 | ₹36.93 Cr | ₹36.55 Cr | ₹0.27 Cr | ₹7.85 Cr |
| 31 March 2025 | ₹47.94 Cr | ₹43.50 Cr | ₹3.30 Cr | ₹7.56 Cr |
| 31 December 2025 | ₹57.45 Cr | ₹45.29 Cr | ₹9.06 Cr | – |
Key Performance Indicator
| KPI | Values (Dec 31, 2025) |
|---|---|
| ROE | 68.11% |
| ROCE | 59.85% |
| Debt/Equity | 0.19 |
| RoNW | 50.80% |
| PAT Margin | 15.79% |
| EBITDA Margin | 23.24% |
| Price to Book Value | 7.21 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 4.06 | 11.35 |
| P/E (x) | 38.94 | 13.92 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding of Capital expenditure towards the setup of a new Warehouse Facility at Ludhiana, Punjab. | ₹5.74 |
| Marketing and advertising expenses to enhance brand awareness and visibility. | ₹5.41 |
| Utilization towards working capital requirements. | ₹19.50 |
| General corporate purposes. | – |
✅Strengths
- Strong “Recode” brand in beauty & personal care.
- Omnichannel presence (COCO, FOFO, website, marketplaces).
- 350+ SKUs across multiple categories.
- Asset-light model (outsourced manufacturing).
- Scalable franchise (FOFO) model.
- Presence across 14 states with expanding retail network.
- Strong online sales via Amazon, Nykaa, Myntra, Flipkart.
- Focus on digital marketing & influencer-driven growth.
⚠️Risks
- Multiple trademarks objected/opposed/pending.
- Dependence on third-party manufacturers.
- Pending regulatory approvals (e.g., trade license).
- Highly competitive cosmetics industry.
- Dependence on brand image & customer perception.
- Reliance on third-party e-commerce platforms.
- Rental properties (cost escalation risk).
- Limited operating history.
- Supply chain/vendor dependency risk.
Recode Studios IPO Promoter Holding
| Pre-Issue Share Holding | 88.93% |
| Post Issue Share Holding | 65.01% |
Recode Studios IPO Prospectus
Company Contact Information
| Recode Studios Ltd. R-89, Phase V, Focal Point, Ludhiana, Punjab, 141010 Phone: 0161- 4752672 Email: info@recodestudios.com Website: https://shop.recodestudios.com/ |
Recode Studios IPO Registrar
| Mudra RTA Ventures Private Limited Phone: +919870297591 Email: ipo@mudrarta.com Website: https://mudrarta.com/ipo.php |
Recode Studios IPO Lead Manager(s)
| 1. Seren Capital Pvt.Ltd. |
Recode Studios IPO FAQ
| What is the Recode Studios IPO? Recode Studios IPO is an SME IPO. The issue is priced at ₹150 – ₹158 per equity share. The IPO is to be listed on BSE SME. |
| When will Recode Studios IPO open? The IPO is to open on 05 May 2026 for QIB, NII, and Retail Investors. |
| What is Recode Studios IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Recode Studios IPO Size? Recode Studios IPO size is ₹44.59 Crore. |
| What are the Recode Studios IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 1600 Shares for ₹2,52,800, while the maximum bid is 1600 Shares for ₹2,52,800. |
| What is the Recode Studios IPO Allotment Date? Recode Studios IPO allotment date is 08 May 2026. |
| What is the Recode Studios IPO Listing Date? Recode Studios IPO listing date is 12 May 2026. The IPO is to be listed on the BSE SME. |
