Recode Studios SME IPO Opens May 5 – Should You Apply? Full Details
Latest Grey Market Premium & IPO Details
Recode Studios IPO 2026 – Key Info & Highlights
Recode Studios SME IPO opens from May 5–7, 2026 with a price band of ₹150–158. Check lot size, issue size ₹42.31 Cr, listing date, GMP, and complete IPO details.
📌 IPO Details
| Company Name | Recode Studios IPO |
|---|---|
| Sector / Industry | Beauty & Personal Care |
| IPO Open Date | 05-05-2026 |
| IPO Close Date | 07-05-2026 |
| Allotment Date | 08-05-2026 |
| Refund Date | 11-05-2026 |
| Share Credit Date | 11-05-2026 |
| Listing Date | 12-05-2026 |
| Price Band | ₹150 - ₹158 |
| Total Issue Size | ₹44.59 Cr |
| Reserved for Market Maker | ₹2.29 Cr |
| Net Issue Size | ₹42.31 Cr |
| Fresh Issue | ₹37.26 Cr |
| OFS | ₹5.04 Cr |
| IPO Listing At | BSE SME |
| DRHP | View DRHP |
| RHP | View RHP |
| Issue Type | Book Build Issue |
| Face Value | ₹10 Per Equity Share |
* All Dates are provisional
Quota Allocation
| Category | Allocation (%) |
|---|---|
| Retail Investors | 33.22% |
| QIB (Qualified Institutional Buyers) | - |
| HNI (High Net Worth Individuals) | 14.29% |
| Reserved for Market Maker | 5.13% |
📈 Grey Market Premium (GMP) Day-wise Trend
| GMP Date | GMP Price | Trend | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 12-05-2026 | ₹42.00 | - | ₹200.00 | ₹0.00 | 12-05-2026 12:20 |
| 11-05-2026 | ₹42.00 | - | ₹200.00 | ₹0.00 | 11-05-2026 23:20 |
| 10-05-2026 | ₹42.00 | - | ₹200.00 | ₹0.00 | 10-05-2026 23:00 |
📝 About Recode Studios
About Recode Studios Ltd
Incorporated in 2021, Recode Studios Ltd is a fast-growing Indian beauty and personal care company operating under the brand “Recode.” The company focuses on branding, sourcing, and selling a wide range of affordable, high-quality cosmetics and skincare products across India.
Positioned as an emerging D2C beauty brand in India, Recode Studios aims to deliver “affordable luxury beauty” by offering trend-driven products at accessible price points. Its portfolio includes over 350 SKUs across categories such as makeup, skincare, body care, and beauty accessories, covering face, eye, and lip segments along with daily care essentials.
Business Model and Distribution
Recode Studios follows a strong omnichannel business model, allowing customers to shop both online and offline. Its sales channels include company-owned stores (COCO), franchise stores (FOFO), third-party e-commerce platforms, and its own website and mobile application.
Online sales are driven through popular platforms like Amazon, Nykaa, Myntra, and Flipkart, along with the company’s direct digital channels. Offline presence is expanding through a mix of company-operated and franchise-operated retail outlets.
As of September 30, 2025, the company operates 24 stores across 14 states in India, including 3 company-owned stores and 21 franchise-operated stores, supporting its growing retail footprint and brand visibility.
Product Strategy and Sourcing
The company offers a diverse and scalable product portfolio designed to meet the needs of modern, price-conscious consumers. Its products are manufactured through third-party manufacturers in India, enabling flexibility, cost efficiency, and faster product launches.
Recode Studios focuses on staying aligned with the latest beauty trends, ensuring continuous product innovation and relevance in the competitive cosmetics market.
Market Position and Growth Potential
With rising demand for affordable cosmetics in India and increasing online penetration, Recode Studios is well-positioned to benefit from the expanding beauty and personal care market. Its combination of wide product range, omnichannel distribution, and value-driven pricing supports long-term growth and scalability.
Final Overview
Recode Studios Ltd stands out as a fast-growing Indian cosmetics brand that blends affordability, variety, and accessibility. With a strong presence across online and offline channels, and a clear focus on brand building, the company is steadily establishing itself in the competitive beauty and personal care industry.
Recode Studios Revised Financials
Profit / Loss & Total Assets
Total Income grew from ₹22.44 Cr (FY23) to ₹47.94 Cr (FY25), while Profit After Tax increased from ₹0.69 Cr to ₹3.30 Cr. Net Worth rose from ₹5.20 Cr to ₹8.77 Cr, while Total Borrowings remained stable around ₹7–8 Cr, supporting business growth.
| Metric (₹ Cr) | 31 Dec 2025 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Total Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Total Income | 57.45 | 47.94 | 36.93 | 22.44 |
| EBITDA | 13.34 | 6.13 | 1.67 | 1.44 |
| Profit After Tax | +9.06 | +3.30 | +0.27 | +0.69 |
| Net Worth | 17.84 | 8.77 | 5.47 | 5.20 |
| Reserves & Surplus | 9.70 | 8.76 | 5.46 | 5.19 |
| Total Borrowing | - | 7.56 | 7.85 | 3.79 |
Note: Positive figures indicate profit. All values are in ₹ Cr. Period ended Dec 2025 represents a 9-month period and is not directly comparable with full fiscal years.
Recode Studios Ltd Objects of Issue
- Warehouse Setup (₹5.74 Cr) – The company plans to establish a new warehouse facility in Ludhiana, Punjab to improve its storage capacity and streamline distribution operations.
- Brand Marketing & Promotion (₹5.41 Cr) – Funds will be allocated towards marketing and advertising activities to enhance brand awareness and visibility in the market.
- Working Capital (₹19.50 Cr) – A significant portion will be used to support day-to-day business operations, including inventory management, supply chain, and operational expenses.
- General Corporate Purposes – The remaining funds will be utilized for general corporate needs and strategic initiatives to support overall business growth.
- Total Issue Utilization: ₹30.65 Cr
Recode Studios Ltd Strengths
- Growing Beauty & Personal Care Brand – The company has built a recognizable presence in the cosmetics segment with a diverse product portfolio catering to evolving consumer preferences.
- Omnichannel Distribution Network – Recode Studios operates through multiple channels including online platforms, offline retail stores, and distributor networks, ensuring wider market reach.
- Focus on Affordable Pricing Strategy – The brand targets mass-market consumers by offering quality products at competitive and accessible price points.
- Strong Product Portfolio & Innovation – Continuous focus on launching new products and keeping up with beauty trends helps the company stay relevant in a competitive market.
- Improving Financial Performance – The company has shown strong growth in revenue and profitability in recent years, indicating improving operational efficiency.
- Experienced Promoter Group – The promoters bring industry understanding and business experience, supporting strategic decision-making and long-term growth.
Recode Studios Ltd Risk Factors
- Highly Competitive Industry – The beauty and cosmetics market is intensely competitive, with established brands and new entrants constantly launching products, which may impact the company’s market share and pricing power.
- Dependence on Consumer Trends – The company’s success depends on changing consumer preferences and beauty trends. Failure to adapt quickly may affect sales and product demand.
- Limited Operating History at Scale – While the company is growing, it is still relatively small in scale compared to larger listed peers, which may pose challenges in sustaining long-term growth.
- Dependence on Third-Party Manufacturing – Any disruption or quality issues from third-party manufacturers could impact product availability and brand reputation.
- Working Capital Intensive Business – The business requires continuous investment in inventory, marketing, and distribution, which may put pressure on cash flows.
- Brand Building & Marketing Risk – The company plans to spend significantly on marketing. If these efforts do not translate into expected sales growth, returns may be impacted.
- SME Listing & Liquidity Risk – As the IPO is listed on the SME platform, the stock may have lower liquidity and higher price volatility compared to mainboard companies.
Company Information
Founded in: —
MD / CEO: —
Address: R-89, Phase V, Focal Point, Ludhiana – 141010
Website: https://www.shop.recodestudios.com/
Phone: 0161-4752672
Email: info@recodestudios.com
IPO Quick Info
05 May 2026
07 May 2026
Upcoming
Lead Manager(s)
- Seren Capital Pvt.Ltd.
Frequently Asked Questions
The company plans to use IPO funds for setting up a new warehouse, marketing and brand promotion, working capital requirements, and general corporate purposes.