BSE: 544755
RECODE STUDIOS LIMITED
Sells affordable beauty, cosmetics, personal care and accessory products through an omni-channel mix spanning its own website, third-party marketplaces (Amazon, Nykaa, Flipkart, Myntra) and physical retail. The franchise store model has been wound down in favour of dark stores operated by third-party partners (Jabalpur, Hyderabad and Chennai live, Bhubaneswar and Ranchi in the pipeline), alongside modern trade entry via its first kiosk at Omaxe Mall in New Delhi. FY26 revenue was ₹79.95 crore, with marketing and influencer-led discovery at 20% of revenue as the largest discretionary line; employee cost was 8.5% and other operating expenses 32.6% of revenue. Quick commerce is being added via the company's own delivery rather than third-party platforms (Blinkit, Zepto, Swiggy), and a new Ludhiana warehouse is due by April 2027. An acquisition of up to 51% in premium beauty brand Aflairza Professionals (Phase I: 33% for ₹8.32 crore) adds Korean-formulation cosmetics to the catalogue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Online / D2C and marketplaces (44%), Offline retail and distribution. Asset-light, omni-channel affordable beauty and personal care brand.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 80 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 13.77 |
| ROE % · ROCE % | — · 73.1 |
| Debt / equity (x) | — |
| Cash from operations | 4 |
| Capex | (2) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 43 |
| Profit before tax | 9 |
| Net profit | — |
| EPS (₹) | 6.97 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ CONSUMER PRODUCTS | 88,507 | 46.2 | 6.99 | 28.7 | 14.7 | 19.0 | 6.6 | 19.8 |
| DABUR INDIA LTD | 66,844 | 33.9 | 5.66 | 22.3 | 15.8 | 19.8 | 6.6 | 24.3 |
| CUPID LIMITED | 47,971 | 131.2 | 106.41 | 318.2 | 24.0 | 30.3 | — | 40.3 |
| COLGATE PALMOLIVE LTD. | 47,211 | 35.0 | 29.80 | — | 83.7 | 107.1 | — | 31.3 |
| GILLETTE INDIA LTD | 23,758 | 35.6 | 25.10 | — | 69.1 | 83.4 | — | 29.8 |
| P&G HYGIENE & HEALTH CARE | 22,047 | 27.9 | 29.26 | — | 113.7 | 134.4 | — | 20.1 |
| EMAMI LIMITED | 16,020 | 21.4 | 5.48 | 15.4 | 26.5 | 28.4 | 5.6 | 23.5 |
| HONASA CONSUMER LIMITED | 15,249 | 52.6 | 10.80 | 48.0 | 14.2 | 16.9 | — | 17.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 61.0 | 35.6 | 11 of 15 | 29% |
| ROCE | 69.9 | 19.4 | 4 of 16 | 80% |
| Market cap | 346 | 10825 | 10 of 16 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Recode Studios appoints Garima Bansal as CMO and Senior Management Personnel | management changes | medium | — | — |
| 3 Oct 2026 · AGM voting results: All 7 resolutions passed with 100% approval | board shareholder meetings | medium | — | — |
| 3 Oct 2026 · All 6 resolutions passed with 100% approval at 5th AGM | board shareholder meetings | low | — | — |
| 30 Sept 2026 · AGM approves auditor appointments and two independent director designations | management changes | medium | — | — |
| 30 Sept 2026 · AGM approves statutory auditor re-appointment and two independent directors | management changes | medium | — | — |
| 30 Sept 2026 · Two Independent Directors designated, auditors confirmed at AGM | management changes | medium | — | — |
| 30 Sept 2026 · Re-appointment of Independent Directors and Auditors at AGM | management changes | medium | — | — |
| 30 Sept 2026 · 5th AGM: Revenue up 67%, PAT triples, dividend recommended | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · Recode Studios to attend Arihant Capital investor meet on Sept 30 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.