Recode Studios Summary
There is an expectation of consistent growth in the digital entertainment and beauty retail industry in India owing to beauty-conscious individuals, increase in e-commerce adoption, and powerful omnichannel branding efforts. This will be advantageous to the Recode Studios firm, which stands to gain from the increased demand for curated beauty products and services, together with effective digital marketing and brand storytelling solutions.
Recode Studios Ltd is a beauty and personal care products company in India, which operates under the Recode brand name. It provides services relating to branding, sourcing, and sales of makeup, skincare, body care, and beauty accessory products in India. The firm has an omnichannel network of stores that comprises company-owned stores (COCO), franchise-owned stores (FOFO), third-party e-commerce platforms (Amazon, Nykaa, Myntra, Flipkart), and its online website and mobile application. According to its latest information, Recode has a total of 24 stores operating in 14 different states and sources over 350 SKUs from third-party Indian manufacturers.
Financial performance wise, Recode Studios has demonstrated tremendous progress in the last few years. For the restated consolidated year ending 31 December 2025, the company earned a total income of ₹57.45 crore, with a profit after tax of ₹9.06 crore, indicating significant margin improvement. EBITDA increased to ₹13.34 crore, and reserves and surplus are ₹9.70 crore. Ratios like ROE, ROCE, and PAT margin have performed impressively, with figures such as 68.11%, 59.85%, and 15.79%, respectively.
Recode Studios has made an SME IPO of 28,22,400 equity shares of face value ₹10 each on BSE SME in the price range of ₹150-₹158 per share, with a gross issue of ₹44.59 crore (net issue ₹42.31 crore post market-maker reservation). The total issue includes a new issue of ₹37.26 crore and Offer for Sale of ₹5.04 crore, while ₹2.29 crore is reserved for market makers. Promoters hold a stake of approximately 88.93% pre-IPO, which is estimated to fall to about 65.01% post-IPO. IPO opens on 5 May 2026 and closes on 7 May 2026 and tentatively gets listed on 12 May 2026 on BSE SME.
Recode Studios Limited IPO Details:
Recode Studios Limited Issue Management:
Seren Capital Pvt Ltd acts as the book-running lead manager for Recode Studios BSE SME IPO, managing underwriting and compliance.
Recode Studios Limited IPO RTA (Registrar) Details:
Mudra RTA Ventures Private Limited handles allotment, refunds, and demat credits - contact at 919870297591 or ipo@mudrarta.com.
Recode Studios Limited IPO Allotment Status:
To check your IPO allotment status:
Visit the Mudra RTA Ventures Private Limited IPO Application Status page.
Select the company name from the dropdown menu.
Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Click Submit to view your allotment status.
Recode Studios Limited SME IPO totals ₹44.59 crore (28,22,400 shares), with ₹37.26 crore fresh issue and ₹2.29 crore reserved for market‑maker portion (net issue ₹42.31 crore after deducting market‑maker allocation).
Recode Studios Limited IPO proceeds (fresh issue ₹37.26 Cr) will be deployed towards:
Recode Studios Limited BSE SME IPO offers 28,22,400 shares; net public offer 26,77,600 shares (after 1,44,800 shares allotted on firm basis to market maker).
The anchor bidding for Recode Studios Limited SME IPO is scheduled for 5th May 2026, within the QIB portion of the issue, with anchors expected to receive about 30% of the QIB‑allocated shares (approx. 4,01,040 shares out of the 13,36,800 QIB quota at the ₹150–₹158 price band).
Lock‑in: The anchor allotment follows SEBI‑BSE SME IPO norms, where 50% of the anchor shares are locked in for 30 days and the remaining 50% for 90 days from the listing date (12th May 2026).
The anchor allocation document filed right before the issue opens (5th May 2026) will list specific anchor investor names via registrar Mudra RTA Ventures Private Limited.
With the help of the financial data provided by the RHP, the corporation has been able to generate impressive financial performance for the period ending on 31 December 2025 because of the omnichannel operations carried out by the beauty and personal-care retail firm in terms of selling branded products related to makeup, skin care, body care, and beauty accessories to a broad clientele base via the brick-and-mortar store outlets of COCO and FOFO and virtual marketplaces such as Amazon, Nykaa, Myntra, and Flipkart.
The total income for the fiscal years of 2023, 2024, and 2025 (consolidated), respectively, has been ₹22.44 crore, ₹36.93 crore, and ₹47.94 crore, and the PAT was ₹0.69 crore, ₹0.27 crore, and ₹3.30 crore, respectively, whereas, for the period ending on 31 December 2025, the PAT was ₹9.06 crore, thereby yielding a PAT margin of 15.79%.
This is because there has been an increase in the demand for budgeted and curated beauty products backed up by an omnichannel network and aggressive digital marketing initiatives, possible because of their business model based on asset-light expansion through franchises and ecommerce, capital expenditure on a new warehouse located in Ludhiana (₹5.74 crore from IPO funds), working capital expenditure (₹19.50 crore from IPO funds), return on equity (ROE) of 68.11%, return on capital employed (ROCE) of 59.85%, even though the company has a lower debt/equity ratio of 0.19, controlled by the promoters Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, and Karan Bansal.
Action Links:
To apply for Recode Studios Limited IPO, open a demat account here
Recode Studios Limited IPO Subscription Status: Check live subscription here
Recode Studios Limited IPO GMP Update: Check latest grey market premium here
Recode Studios Key Highlights:
Recode Studios Limited is a beauty and personal‑care retail company operating under the brand “Recode”, not a Bajaj Auto / LG‑centric two‑wheeler dealership. The company focuses on branding, sourcing, and selling makeup, skincare, body care, and beauty accessories across India through an omnichannel network that includes company‑owned stores (COCO), franchise stores (FOFO), third‑party e‑commerce platforms (Amazon, Nykaa, Myntra, Flipkart), and its own website and app.
The platform acts as a sales and brand-building facility providing curated beauty and personal care products to diverse customer segments through digital-led marketing and consumer engagement activities.
The company uses the franchise-led, low-capex model and benefits from an increasing store network (total stores: 24 across 14 states) as well as a diversified range of more than 350 SKUs to expand in an efficient manner with minimal infrastructure investment.
In terms of financial performance, the company has seen impressive growth in revenues and profits over the past few years, reporting consolidated total income at ₹22.44 crore (2023), ₹36.93 crore (2024), ₹47.94 crore (2025) and ₹57.45 crore (31 December 2025) along with PAT growth from ₹0.69 crore to ₹3.30 crore and ₹9.06 crore in the latest year with a PAT margin of 15.79%.
The company's financials reflect its operating model, which includes logistics management through warehousing (capex requirement: ₹5.74 crore from IPO) and inventory and operational working capital requirements (₹19.50 crore), marketing expebse of ₹5.41 crore, and low debt/equity ratio of 0.19 through promoter support.
Recode Studios Risk Factors:
The risks of Recode Studios Limited IPO are mentioned below:
High exposure to a few brands and distribution channels may cause revenue instability due to policy modifications or decreased visibility on e-commerce platforms.
The people and marketing-heavy strategy is open to increasing costs associated with digital advertising and loss of skilled staff if sales do not grow.
Excessive dependency on the Indian beauty and consumer goods retail cycle makes the business susceptible to macro-economic risks and reductions in discretionary spending.
Liquidity will be low and trading volume insignificant along with lack of analyst coverage after going public on the BSE SME Emerge.
Investment of the money raised through the IPO in working capital (₹19.50 crore) and new warehouses (₹5.74 crore) raises inventory and operational risks if growth in store numbers and online presence does not meet capital investment levels.
Recode Studios Expert Analysis:
Recode Studios SME book‑built IPO on BSE SME features a fresh issue of ₹37.26 crore (total issue ₹44.59 crore, including ₹2.29 crore for market maker), priced at ₹150–₹158 per share (face value ₹10).
Basic details of the IPO:
Type of IPO: Book‑built SME IPO (BSE SME Emerge).
Size of the issue: 28,22,400 shares (1,44,800 allotted on firm basis to market maker). Retail min / multiples: 2 lots (1,600 shares, about ₹2,52,800 at upper band).
Uses of funds: New warehouse facility at Ludhiana (₹5.74 crore), marketing and advertising (₹5.41 crore), working capital (₹19.50 crore), and general corporate purposes.
Expert View on the IPO:
Due to strong double-digit growth in revenues and PAT, healthy ROE of 68.11%, and healthy ROCE of 59.85%, the stock looks fundamentally sound as a specialty retail company in the beauty segment. The low debt to equity ratio of 0.19 and healthy valuation ratios (PE and PB in par with similar stocks in the SME listing category) indicate that the stock isn’t overvalued at the lower end of its price band, provided there are no problems with execution in its brick-and-mortar sales and online sales.
The stock is best suited for investors who aren’t averse to illiquidity in the SME category and risk related to retail/ FMCG.
Should you invest in the Recode Studios?
Investment consideration may be granted to Recode Studios for access to growth-oriented retail within beauty and personal care, accepting SME-listing and industry cycle risks; appropriate for a moderate-risk/growth portfolio. Not recommended for conservative investments or large-cap/blue-chip allocations.
Consider investing when:
Seeking exposure to an asset‑light, franchise‑augmented beauty‑retail business with improving ROE and healthy margins.
Comfortable with BSE SME illiquidity and beauty‑retail‑cycle sensitivity.
Do not invest when:
Risk‑averse or small‑ticket investor; the minimum lot size (about ₹2.5 lakh) is relatively large for a single‑SME holding.
Prefer broad‑based large‑cap exposure or listed blue‑chips rather than an SME‑listed beauty‑retail company.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Recode Studios Limited IPO, open a demat account here
Recode Studios Limited IPO Subscription Status: Check live subscription here
Recode Studios Limited IPO GMP Update: Check latest grey market premium here
1. What is the Recode Studios Limited IPO open and close date?
The Recode Studios SME IPO opens on 5th May 2026 and closes on 7th May 2026; the basis of allotment is tentatively on 8th May 2026, refunds and credit to demat are scheduled for 11th May 2026, and listing on BSE SME is tentatively set for 12th May 2026.
Track Recode Studios Limited IPO subscription status live here from Finnpick.
2. What is the Recode Studios Limited IPO price band and lot size?
The price band is ₹150–₹158 per share (face value ₹10). The minimum lot size is 800 shares; retail investors must apply for a minimum of 2 lots (1,600 shares), amounting to about ₹2,52,800 at the upper band (₹158).
3. What is Recode Studios Limited IPO total size?
Recode Studios is an BSE SME IPO aggregating ₹44.59 crore (28,22,400 shares), consisting of a fresh issue of ₹37.26 crore and an offer‑for‑sale of ₹5.04 crore, with ₹2.29 crore reserved for market maker.
4. How to apply for the Recode Studios Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by May 07, 4 PM. Monitor Recode Studios Limited IPO subscription tracker here.
5. How to check Recode Studios Limited IPO Allotment Status?
The allotment date is on May 08th and can be checked on Mudra RTA Ventures Pvt. Ltd. RTA portal using PAN/DP ID.
6. What is Recode Studios Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹6 as of Apr 29, indicating listing at the price range of ₹164 - check daily updates of Recode Studios Limited IPO GMP trends here and live subscription status here from May 05th opening only on Finnpick.
7. What does Recode Studios Limited specialize in?
Recode Studios is an Indian beauty and personal‑care company operating under the brand “Recode”, selling makeup, skincare, body care, and beauty accessories through an omnichannel setup that includes company‑owned (COCO) and franchise (FOFO) stores, as well as third‑party e‑commerce platforms (Amazon, Nykaa, Myntra, Flipkart) and its own website and app. As of the latest data, the company operates 24 stores across 14 states, with over 350 SKUs, and relies on third‑party Indian manufacturers for product sourcing.
8. When is the Recode Studios Limited IPO listing date?
The Recode Studios Limited IPO is scheduled to list on BSE SME (bse Emerge) on May 12, 2026, which is approximately T+4 after the basis of allotment on May 8, 2026.
9. What are the Recode Studios Limited IPO proceeds utilization details?
The fresh‑issue proceeds of ₹37.26 crore are allocated towards: Capital expenditure for a new warehouse facility at Ludhiana, Punjab (₹5.74 crore), Marketing and advertising expenses (₹5.41 crore), Working capital requirements (₹19.50 crore), and the balance for general corporate purposes.
10. Who are the promoters of Recode Studios Limited?
The promoters of Recode Studios Limited are Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, and Karan Bansal, who together hold about 88.93% pre‑IPO and around 65.01% post‑IPO, indicating a substantial but diluted promoter stake after the offering.
