Recode Studios Ltd
Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand Recode[1]
- Market Cap ₹ 444 Cr.
- Current Price ₹ 417
- High / Low ₹ 417 / 171
- Stock P/E 39.6
- Book Value ₹
- Dividend Yield 0.06 %
- ROCE 74.1 %
- ROE 77.9 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 54.4%
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% | 4.6% | 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% | 30% | 25% |
| 1 | 0 | 3 | 11 | |
| EPS in Rs | 663.46 | 259.62 | 2,990.38 | 13.78 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 53% |
| TTM: | 67% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 153% |
| TTM: | 260% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 54% |
| 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% | 61% | 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 | 129 |
| Days Payable | 89 | 30 | 78 | 57 |
| Cash Conversion Cycle | 142 | 163 | 156 | 142 |
| Working Capital Days | 94 | 59 | 60 | 75 |
| ROCE % | 12% | 38% | 74% |
Insights
In beta| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| B2B Sales as % of Revenue % |
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| FOFO Stores Sales as % of Revenue % |
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| North Zone Revenue as % of Total % |
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| Online Sales as % of Revenue % |
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| Masterclasses/Workshops Conducted count |
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| Number of Retail Stores count |
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| Number of SKUs count |
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| Number of Warehouses count |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Recode Studios will attend Arihant Capital’s Bharat Connect investor conference on 30 September 2026.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Recode Studios enters quick commerce via Nykaa Now and Nykaa Superstore; targets about 50% FY27 revenue growth.
- Corporate Action- Intimation Of Record Date
-
Notice Of 05Th Annual General Meeting To Be Held On 30.09.2026
- Recode Studios AGM on 30 Sep 2026; annual report for FY2025-26 circulated.
- Reg. 34 (1) Annual Report.
Concalls
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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.