Recode Studios Ltd
Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand Recode[1]
- Market Cap ₹ 212 Cr.
- Current Price ₹ 199
- High / Low ₹ 233 / 171
- Stock P/E 18.9
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 73.9 %
- ROE 77.9 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 55.1%
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Fast Moving Consumer Goods Fast Moving Consumer Goods Personal Products Personal Care
Part of BSE SME IPO
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 22 | 37 | 48 | 80 | |
| 21 | 35 | 42 | 63 | |
| Operating Profit | 1 | 2 | 6 | 17 |
| OPM % | 7% | 5% | 13% | 21% |
| 0 | 0 | 0 | 0 | |
| Interest | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 1 | 1 | 1 |
| Profit before tax | 1 | 0 | 4 | 15 |
| Tax % | 26% | 26% | 26% | 25% |
| 1 | 0 | 3 | 11 | |
| EPS in Rs | 663.46 | 259.62 | 3,173.08 | 13.77 |
| Dividend Payout % | 0% | 0% | 0% | 2% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 53% |
| TTM: | 67% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 153% |
| TTM: | 240% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 55% |
| Last Year: | 78% |
Balance Sheet
Figures in Rs. Crores
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 8 |
| Reserves | 5 | 5 | 9 | 12 |
| 4 | 8 | 8 | 6 | |
| 4 | 3 | 7 | 9 | |
| Total Liabilities | 13 | 17 | 23 | 35 |
| 1 | 2 | 2 | 3 | |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| 12 | 15 | 21 | 32 | |
| Total Assets | 13 | 17 | 23 | 35 |
Cash Flows
Figures in Rs. Crores
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| -5 | -2 | 3 | 4 | |
| -1 | -2 | -1 | -2 | |
| 6 | 3 | -1 | -2 | |
| Net Cash Flow | 0 | -0 | 1 | 0 |
| Free Cash Flow | -6 | -3 | 2 | 3 |
| CFO/OP | -342% | -90% | 63% | 73% |
Ratios
Figures in Rs. Crores
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 54 | 59 | 62 | 70 |
| Inventory Days | 177 | 134 | 171 | 128 |
| Days Payable | 89 | 30 | 77 | 56 |
| Cash Conversion Cycle | 142 | 163 | 155 | 142 |
| Working Capital Days | 94 | 59 | 60 | 75 |
| ROCE % | 12% | 38% | 74% |
Documents
Announcements
-
General Announcement Pertaining To Disclosure Under Regulation 7(2) Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015 ('SEBI PIT Regulations').
2d - Promoter group members bought shares on 9 June 2026; disclosures filed under SEBI PIT regulations.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - Recode Studios opened two Delhi kiosks and plans 6–8 more under asset-light FOFO expansion.
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
8 Jun - Transcript of Earnings Call held on 03rd June, 2026 at 04:00 PM (IST)
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
4 Jun - Submitted audio recording link for FY26 earnings conference call held on 3 June 2026.
- Revised Financial Results For The Half Year And Year Ended 31.03.2026- Rectification Of Typographical Errors In The Audited Financial Results Of The Company 3 Jun
Annual reports
No data available.
Concalls
-
Jun 2026Transcript PPT REC
Business Profile:[1]
Recode Studios is an Indian beauty
and personal care (BPC) brand focused
on cosmetics and skincare. It operates
an asset-light model, concentrating on
branding, marketing, and distribution while outsourcing all manufacturing to third-party suppliers.