Recode Studios
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 May 2026 | ₹43 | +27.22% | ₹26,100 | ₹201 | ₹34,400 |
| 11 May 2026 | ₹43 | +27.22% | ₹26,100 | ₹201 | ₹34,400 |
| 10 May 2026 | ₹50 | +31.65% | ₹30,400 | ₹208 | ₹40,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 05 May 2026 – 07 May 2026
- Listing date
- 12 May 2026
- Face value
- ₹10 per share
- Price band
- ₹150 – ₹158
- Issue price
- ₹158 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹44.59 Cr
- Market cap at offer price
- ₹168 Cr
- Promoter holding
- 88.93% → 65.01% pre-issue → post-issue
- ISIN
- INE2B6701015
- Registrar
- Mudra RTA Ventures Private Limited
- Lead managers
- Seren Capital Pvt.Ltd.
- Registered office
- R-89, Phase V, Focal Point, Punjab
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,01,600 | — | — |
| Market maker | 1,44,800 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹158
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,26,400 |
| S-HNI (min) | 2 | 1,600 | ₹2,52,800 |
| S-HNI (max) | 7 | 5,600 | ₹8,84,800 |
| B-HNI (min) | 8 | 6,400 | ₹10,11,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹158 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.06 | 11.35 |
| P/E (×) | 38.92 | 13.92 |
| Price to book (×) | 14.66 | — |
| Market cap | — | ₹168 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 37.64%
- ROCE
- 34.47%
- Debt / equity
- 0.86
- PAT margin
- 6.91%
- EBITDA margin
- 12.82%
- NAV per share
- ₹10.78
- Price to book
- 14.66
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Recode Studios
Recode Studios Limited, incorporated in June 2021 and converted to a public company in September 2025, operates in the beauty, cosmetics and personal care segment in India. The company does not own manufacturing facilities and outsources all production to third-party contract manufacturers. It sells products under the 'Recode' brand through multiple channels including its own website and mobile application, third-party e-commerce platforms (Amazon, Flipkart, Myntra), franchisee-operated retail stores, and B2B distribution to institutional customers. The company is headquartered in Ludhiana, Punjab. Its revenue has grown from ₹1,966.16 lakhs in FY 2022-23 to ₹5,552.30 lakhs in the nine-month period ended December 2025. The company's product portfolio spans face make-up, eye make-up, lip make-up, face and body care, and accessories.
Company Analysis
from RHPRecode Studios Limited is a direct-to-consumer beauty and personal care company that designs, markets and distributes cosmetics products primarily through online channels, franchise-operated stores and B2B distribution in India.
Recode Studios Limited, incorporated in June 2021 and converted to a public company in September 2025, operates in the beauty, cosmetics and personal care segment in India. The company does not own manufacturing facilities and outsources all production to third-party contract manufacturers. It sells products under the 'Recode' brand through multiple channels including its own website and mobile application, third-party e-commerce platforms (Amazon, Flipkart, Myntra), franchisee-operated retail stores, and B2B distribution to institutional customers. The company is headquartered in Ludhiana, Punjab. Its revenue has grown from ₹1,966.16 lakhs in FY 2022-23 to ₹5,552.30 lakhs in the nine-month period ended December 2025. The company's product portfolio spans face make-up, eye make-up, lip make-up, face and body care, and accessories.
Objects of the Issue
- Setting up a new warehouse facility in Ludhiana ₹574.20 lakhs p.42
- Marketing and advertisement expenses ₹540.90 lakhs p.43
- General corporate purposes
- Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab ₹574.20 lakhs p.44
- Marketing and Advertisement expenses towards enhancing the awareness and visibility of our brand ₹540.90 lakhs p.96
- Utilization towards Working Capital Requirements ₹1,950.00 lakhs p.47
- General Corporate Purposes p.96
- Funding of Capital expenditure towards setup of a new Warehouse Facility ₹574.20 lakhs p.107
- Marketing and Advertisement expenses toward enhancing the awareness and visibility of our brand ₹540.90 lakhs p.101
- Utilization towards working capital requirements ₹1,600.00 lakhs in FY 2026-27 and ₹350.00 lakhs in FY 2027-28 p.103
- General corporate purposes [●] p.105
Issue Structure
- Total Issue
- Up to 28,22,400 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 25,03,200 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Up to 3,19,200 Equity Shares aggregating to ₹ [●] Lakhs by Promoter Selling Shareholders (Rahul Sachdeva, Karan Bansal and Preeti Trehan)
- Price Band
- Price Band to be decided and advertised at least two working days prior to Bid/Offer Opening Date
- Lot Size
- [●] equity shares and in multiples of [●] equity shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through three primary channels: (1) online sales via its own website and mobile application as well as third-party e-commerce platforms, which contributed 44.75% of net sales of products in the April-December 2025 period; (2) franchisee-owned franchisee-operated (FOFO) retail stores, which contributed 23.90% in the same period; (3) B2B sales to institutional customers, retailers, makeup artists and influencers, which contributed 30.43% in April-December 2025. The company outsources all manufacturing to third-party manufacturers and does not own or operate any manufacturing facilities.
Business Segments
SWOT Analysis
- • Experienced management team with deep industry knowledge in beauty and personal care sector(p.48)
- • Growing revenue and profitability trajectory with demonstrated financial performance(p.61)
- • Significant expansion in working capital base supporting growth(p.47)
- • Featured on Shark Tank India Season 2 and recognized for brand excellence(p.166)
- • Strong revenue growth trajectory with 35 Crores in FY 2023-24(p.166)
- • Award recognition for digital marketing excellence(p.166)
- • Direct-to-consumer retail expansion with branded stores(p.166)
- • Established franchise model for market expansion(p.166)
- • Profitability and positive cash generation from operations(p.196)
- • Omnichannel distribution model with integrated offline and online presence(p.248)
- • Diversified product portfolio across multiple categories and price points(p.248)
- • Strong revenue growth and improved profitability trajectory(p.257)
- • Significant improvement in EBITDA margins and operating profitability(p.263)
- • Strong financial position with improving debt-to-equity ratio(p.264)
- • Efficient inventory management with reduced inventory holding days(p.265)
- • Strong return on equity and return on capital employed metrics(p.249)
- • High employee attrition rate impacting operational continuity(p.50)
- • Significant working capital intensity with growing current assets(p.47)
- • Debt obligations with personal guarantees from promoters(p.51)
- • Inadequate insurance coverage for key operational risks(p.49)
- • Related party transactions without assurance of arm's length pricing(p.45)
- • Potential conflicts of interest from promoters' involvement in similar business activities(p.46)
- • Significant inventory concentration and working capital requirements(p.193)
- • High reliance on trade receivables creating credit risk exposure(p.193)
- • Dependence on unsecured borrowings from financial institutions(p.209)
- • Limited number of geographically dispersed retail locations(p.166)
- • Short operational history with limited track record(p.165)
- • High current ratio and liquidity management challenges(p.193)
- • Dependence on few major customers without long-term agreements(p.266)
- • History of delays in payment of statutory dues(p.276)
- • Significant outstanding income tax demands against promoter(p.271)
- • Multiple trademark applications subject to objections and oppositions(p.280)
- • Significant management changes and executive departures post-reporting period(p.267)
- • Strategic warehouse expansion to improve supply chain efficiency and market reach(p.44)
- • Growth through enhanced marketing and brand visibility initiatives(p.96)
- • Working capital support for scaling operations and fulfilling growing demand(p.47)
- • Expansion of distribution channels and product offerings in growing beauty and personal care segment(p.46)
- • Expand direct-to-consumer retail presence through franchising(p.165)
- • Develop health and nutrition product portfolio(p.165)
- • Build beauty and wellness training infrastructure(p.166)
- • Leverage social media and digital marketing capabilities(p.166)
- • Expand into international markets through export(p.165)
- • Expansion through multiple e-commerce platforms and digital channels(p.248)
- • Scaling franchise operations to expand geographic reach(p.248)
- • Growing beauty and personal care market in India(p.257)
- • Potential for improved margins through operational efficiency and scale(p.263)
- • Expansion of warehouse operations to support business growth(p.221)
- • Opportunity to enhance brand visibility through marketing investments(p.265)
- • Rapid changes in consumer preferences and industry trends requiring continuous innovation(p.44)
- • High exposure to foreign currency fluctuations impacting import costs(p.47)
- • Dependence on third-party manufacturers creating supply chain vulnerability(p.97)
- • Regulatory compliance risks in digital marketing and e-commerce operations(p.45)
- • Vulnerability to economic slowdown affecting consumer discretionary spending(p.54)
- • Geopolitical disruptions and supply chain constraints affecting logistics and availability(p.54)
- • Payment collection risks from cash-on-delivery and third-party payment gateways(p.45)
- • Capital project execution risks for proposed warehouse facility(p.44)
- • Intense competition in beauty and cosmetics sector(p.162)
- • Regulatory changes in cosmetics and pharmaceutical classifications(p.159)
- • Dependence on supplier relationships and supply chain vulnerabilities(p.193)
- • Customer concentration risk in distribution channels(p.216)
- • Volatility in input costs and foreign exchange fluctuations(p.219)
- • Regulatory compliance burden under multiple labour and employment laws(p.160)
- • Intense competition in the beauty and personal care sector(p.266)
- • Dependence on recurring orders from customers without formal commitments(p.266)
- • Regulatory and compliance risks including tax and statutory obligations(p.276)
- • Foreign exchange fluctuation risks(p.242)
- • Customer concentration risk in e-commerce channels(p.258)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dheeraj Bansal | Promoter | — | — |
| Rahul Sachdeva | Promoter | — | — |
| Shelly Bansal | Promoter | — | — |
| Shalini Trehan | Promoter | — | — |
| Preeti Trehan | Promoter/Promoter Selling Shareholder | — | — |
| Karan Bansal | Promoter/Promoter Selling Shareholder | — | — |
| Dheeraj Bansal | Promoter & Chairman and Managing Director | 9.13% | — |
| Rahul Sachdeva | Promoter & CEO and Director (subsequently resigned as Whole-time Director and appointed as Chief Operating Officer) | 10.97% | — |
| Shelly Bansal | Promoter & Whole-Time Director | 6.72% | — |
| Preeti Trehan | Promoter Selling Shareholder | 15.85% | — |
| Shalini Trehan | Promoter & Non-Executive Director | 15.86% | — |
| Karan Bansal | Promoter Selling Shareholder & Whole Time Director | 5.95% | — |
| Rahul Sachdeva | Promoter | — | — |
| Shelly Bansal | Promoter | — | — |
| Preeti Trehan | Promoter | — | — |
| Shalini Trehan | Promoter | — | — |
| Dheeraj Bansal | Promoter/Chairman and Managing Director | 9.13% | — |
| Rahul Sachdeva | Promoter/Chief Operating Officer | 10.97% | — |
| Shelly Bansal | Promoter/Whole Time Director | 6.72% | — |
| Preeti Trehan | Promoter | 15.85% | — |
| Shalini Trehan | Promoter/Non-Executive Director | 15.86% | — |
| Karan Bansal | Promoter/CEO & Whole Time Director | 5.95% | — |
| Dheeraj Bansal | Promoter/Chairman and Managing Director | — | — |
| Karan Bansal | Promoter/Whole Time Director | — | — |
| Rahul Sachdeva | Promoter | — | — |
| Preeti Trehan | Promoter | 1.31% | — |
| Rahul Sachdeva | Promoter | — | — |
| Karan Bansal | Promoter | — | — |
| Preeti Trehan | Promoter | — | — |
| Rahul Sachdeva | Promoter Selling Shareholder | — | — |
| Karan Bansal | Promoter Selling Shareholder | — | — |
| Preeti Trehan | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.