Minimum Investment
About Company
Company Name: Recode Studios Limited
Industry / Sector: Beauty & Personal Care Products (Makeup, Skincare, Body Care)
Founded Year: 2021
Promoters: Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan, Karan Bansal
Recode Studios Limited operates under the brand 'Recode' in the beauty and personal care segment. The company is engaged in branding, sourcing, and selling makeup, skincare, body care, and beauty accessories. It follows an omnichannel model with Company-Owned Company-Operated (COCO) stores, Franchisee-Owned Franchisee-Operated (FOFO) stores, its own website & app, and major e-commerce platforms like Amazon, Nykaa, Myntra, and Flipkart. As of September 30, 2025, the company had 24 stores (3 COCO + 21 FOFO) across 14 states and offers over 350 SKUs.
IPO Basic Details
| Company Name | Recode Studios Limited |
| IPO Type | SME IPO |
| Price Band | ₹150 – ₹158 |
| Lot Size | 800 |
| Total Issue Size | ₹44.59 Cr (28,22,400 shares) |
IPO Strengths & Risks
Strengths
- Omnichannel presence (Offline + Online)
- Diverse product range (350+ SKUs)
- Strong digital marketing and customer engagement
- Experienced management team
Risks
- Dependence on third-party manufacturers
- Intense competition in beauty segment
- High marketing and inventory costs
- Changing consumer trends
IPO Important Dates
| IPO Open Date | 05 May 2026 |
| IPO Close Date | 07 May 2026 |
| Basis of Allotment | 08 May 2026 |
| Refund Initiation | 11 May 2026 |
| Demat Credit Date | 11 May 2026 |
| Listing Date | 12 May 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – Balance amount
Investor Reservation
| QIB Quota | 49.93% |
| Retail Quota | 35.02% |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 lots | 1600 | ₹2,52,800 |
| Retail Maximum | - | - | - |
| S-HNI Minimum | 3 lots | 2400 | ₹3,79,200 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 8 lots | 6400 | ₹10,11,200 |
Key Performance Indicators (KPI)
| ROE | 68.11% (Dec 31, 2025) / 46.37% (Mar 31, 2025) |
| ROCE | 59.85% (Dec 31, 2025) / 34.47% (Mar 31, 2025) |
| RoNW | - |
| PAT Margin | 15.79% (Dec 31, 2025) / 6.91% (Mar 31, 2025) |
| EBITDA Margin | 23.24% (Dec 31, 2025) / 12.82% (Mar 31, 2025) |
| EPS | - |
| NAV per share | - |
| Debt to Equity | 0.19 (Dec 31, 2025) |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2023 | 12.53 Cr | 22.44 Cr | 0.69 Cr | 1.44 Cr | 5.20 Cr | 3.79 Cr |
| 31 Mar 2024 | 16.73 Cr | 36.93 Cr | 0.27 Cr | 1.67 Cr | 5.47 Cr | 7.85 Cr |
| 31 Mar 2025 | 23.18 Cr | 47.94 Cr | 3.30 Cr | 6.13 Cr | 8.77 Cr | 7.56 Cr |
| 31 Dec 2025 | 28.33 Cr | 57.45 Cr | 9.06 Cr | 13.34 Cr | 17.84 Cr | N/A |
Grey Market Premium
| GMP Price | N/A (pre-listing) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Apr 2026 |
| Estimated Listing Price | N/A |
IPO Subscription Data
| Total Subscription | Pending (IPO opens 05 May 2026) |
| QIB (Ex Anchor) | Pending |
| HNI Subscription | Pending |
| Retail Subscription | Pending |
| Anchor | - |
IPO Intermediaries
Registrar: Mudra RTA Ventures Private Limited
Registrar Website: https://mudrarta.com
IPO Lead Manager(s)
Company Information
Address: R-89, Phase V, Focal Point, Ludhiana, Punjab 141010
Website: https://www.shop.recodestudios.com/
Email: info@recodestudios.com
Phone: 0161- 4752672
IPO Documents
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