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| IPO Listing At | BSE SME |
| SME IPO Issue Type | Book Build Issue |
| Total Issue Size | ₹44.59 Cr |
| Reserved for Market Maker | ₹2.29 Cr |
| Net Issue Size | ₹44.59 Cr |
| Fresh Issue | ₹37.26 Cr |
| Offer for Sale | ₹5.04 Cr |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹150.00-158.00 per share |
| BSE Code | 544755 |
| Registrar | Mudra RTA Ventures Private... |
| Lead Managers | Seren Capital Pvt.Ltd. |
Disclaimer: GMP is sourced from grey market dealers and is indicative only. Always conduct your own due diligence.
* Allotment, Refund, Demat Credit & Listing dates are tentative and subject to change.
Minimum bid: 1,600 shares · Multiples of 800 shares
Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand “Recode.” Its business focuses on branding, sourcing and selling beauty and personal care products across India.
The company sells its products through an omnichannel network, which includes company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and our own website and mobile app.
Its product range includes make-up, skincare, body care, and beauty accessories. As of the date of this DRHP, we offer over 350 SKUs across different categories and price points, such as face, eye and lip makeup, as well as face and body care products.
Customers can buy the products both offline and online. Offline sales take place through COCO and FOFO stores. Online sales are made through its website and app, and through platforms like Amazon, Nykaa, Myntra and Flipkart.
As on September 30, 2025, the company operates a total of 24 stores across 14 states in India, comprising 3 Company-Owned Company-Operated (COCO) stores and 21 Franchisee-Owned Franchisee-Operated (FOFO) stores.
Its products are manufactured by third-party manufacturers in India.
Competitive Strengths
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab | 5.74 |
| 2 | Marketing and advertisement expenses toward enhancing the awareness and visibility of brand | 5.41 |
| 3 | Utilization towards working capital requirements | 19.50 |
| 4 | General Corporate Purposes | 2.96 |
| 5 | Issue Expenses | 6.70 |
| Total | 40.31 |
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Total Income | 57.45 | 47.94 | 36.93 | 22.44 |
| Profit After Tax | 9.06 | 3.30 | 0.27 | 0.69 |
| EBITDA | 13.34 | 6.13 | 1.67 | 1.44 |
| NET Worth | 17.84 | 8.77 | 5.47 | 5.20 |
| Reserves and Surplus | 9.70 | 8.76 | 5.46 | 5.19 |
| Total Borrowing | 3.43 | 7.56 | 7.85 | 3.79 |
| Amount in ₹ Crore | ||||
| KPI | Dec 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 68.11% | 46.37% |
| ROCE | 59.85% | 34.47% |
| Debt / Equity | 0.19% | 0.86% |
| RoNW | 50.80% | 37.64% |
| PAT Margin | 15.79% | 6.91% |
| EBITDA Margin | 23.24% | 12.82% |
| Price to Book Value | 7.21 | 14.66 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 4.06 | 11.35 |
| P/E (x) | 38.94 | 13.92 |
| Promoter Holding | 88.93% | 65.01% |
| Market Cap | ₹168.18 Cr. | |
