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Recode Studios Ltd (544755)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544755 NSE: e-Commerce | Small Cap | Recode Studios Share Price

₹189.55 -3.85 (-1.99%)

As on 04-Jun'26 16:59

Recode Studios Ltd (544755)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544755 NSE: e-Commerce | Small Cap | Recode Studios Share Price

₹189.55 -3.85 (-1.99%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹202 Cr.
Current Price
₹189.6
52-Week Low / High
₹180 / 233
TTM EPS
₹10.5
TTM Sales
₹80 Cr.
Book Value per Share
₹53
P/E Ratio
18.00
Lower than its 5-year historical median
Industry PE
15.8
Price to Book (P/B)
3.57
Lower than its 5-year historical median
Price to Sales (P/S)
2.52
Lower than its 5-year historical median
EV/EBITDA
12.53
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
46.37%
Outperforms industry median
Return on Capital Employed (ROCE)
38.34%
Outperforms industry median
Return on Assets (ROA)
16.71%
Operating Profit Margin
12.9%
Net Profit Margin
6.91%
Gross Profit Margin
10.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
-
29.82%
Operating Profit Growth (1 Year)
-
259.88%
Net Profit Growth (1 Year)
-
1122.22%
Asset Quality
Promoter Holding
%
Pledged shares (%) of Promoter's holding (%)
%
Reserves
₹46 Cr.
Equity
₹10.6 Cr.
Face Value
₹10
All Time Low / High
₹179.90 / 232.90

Recode Studios stock performance

Key Ratios
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Quality

Not Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Weak
Check Price chart
Q.1 Is Recode Studios Ltd a good quality company?
Recode Studios Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Recode Studios Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Recode Studios Ltd vs industry peers?
Recode Studios Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 12.13%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Recode Studios Ltd?
Promoters hold % of the Recode Studios Ltd, with % of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Recode Studios Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Recode Studios Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'23Mar'24Mar'25TTM
ROCE % ⓘ14.5%11.6%38.3%-
Value Creation
Index ⓘ		0.0-0.21.7-

Growth Parameters ⓘ
Sales ⓘ22.436.847.880
Sales YoY Gr.-64.5%29.8%-
Adj EPS ⓘ0.80.2410.5
YoY Gr.--70%1545.8%-
BVPS (₹) ⓘ6.46.710.853
Adj Net
Profit ⓘ		0.70.23.211
Cash Flow from Ops. ⓘ-5.3-1.63.1-
Debt/CF from Ops. ⓘ-0.7-4.82.4-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNANANA29.8%
Adj EPS ⓘNANANA1545.8%
BVPSⓘNANANA60.2%
Share Price - - - -

Key Financial Parameters ⓘ

Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		12.63.745.133
Op. Profit
Mgn % ⓘ		6.54.712.9NAN
Net Profit
Mgn % ⓘ		2.90.56.714
Debt to
Equity ⓘ		0.71.40.9-
Working Cap
Days ⓘ		01231230
Cash Conv.
Cycle ⓘ		080830

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'23Mar'24Mar'25
Sales223748
Operating Expenses ⓘ + 213542
Manufacturing Costs000
Material Costs121819
Employee Cost 354
Other Costs ⓘ 61218
Operating Profit ⓘ 126
Operating Profit Margin (%) 6.5%4.7%12.9%
Other Income ⓘ + 000
Exceptional Items ⓘ 000
Interest ⓘ 011
Depreciation ⓘ 011
Profit Before Tax ⓘ 104
Tax ⓘ 001
Profit After Tax 103
PAT Margin (%) 3.1%0.7%6.9%
Adjusted EPS (₹)0.90.34.1
Dividend Payout Ratio (%)0%0%0%

Valuation of Recode Studios - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 559
Share Capital ⓘ 000
Reserves ⓘ 559
Debt +365
Long Term Debt232
Short Term Debt133
Minority Interest000
Trade Payables324
Others Liabilities ⓘ 135
Total Liabilities ⓘ 121723

Fixed Assets

Net Fixed Assets ⓘ +122
Gross Block134
Accumulated Depreciation011
CWIP ⓘ 000
Investments ⓘ 000
Inventories679
Trade Receivables368
Cash Equivalents 001
Others Assets ⓘ 223
Total Assets ⓘ 121723

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + -5-23
PBT ⓘ 104
Adjustment ⓘ 122
Changes in Working Capital ⓘ -7-3-3
Tax Paid ⓘ -0-0-1
Cash Flow From Investing Activity ⓘ + -1-2-1
Capex -1-2-1
Net Investments 000
Others ⓘ 0-00
Cash Flow From Financing Activity ⓘ + 63-1
Net Proceeds from Shares ⓘ 400
Net Proceeds from Borrowing ⓘ 21-0
Interest Paid ⓘ -0-1-1
Dividend Paid ⓘ 000
Others ⓘ 130
Net Cash Flow ⓘ 0-01

Financial Ratio

PARTICULARSMar'23Mar'24Mar'25
Ratios
ROE (%)13.335.1446.37
ROCE (%)14.511.6238.34
Asset Turnover Ratio1.792.632.55
PAT to CFO Conversion(x)-5N/A1
Working Capital Days
Receivable Days54.3044.3050.80
Inventory Days91.7058.9057.20
Payable Days88.9043.2052.80

Management X-Ray

Shareholding Pattern

No Data To Display

Promoter's Holding & Share Pledging

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Recode Studios Ltd FAQs

The current trading price of Recode Studios on 04-Jun-2026 16:59 is ₹189.6.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Recode Studios stood at ₹201.8 Cr

The latest P/E ratio of Recode Studios as of 03-Jun-2026 is 18.00.

The latest P/B ratio of Recode Studios as of 03-Jun-2026 is 3.57.

The 52-week high of Recode Studios is ₹232.9 and the 52-week low is ₹179.9.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Recode Studios is ₹79.95 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Recode Studios Ltd is a below average quality company.

The key valuation ratios of Recode Studios Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Recode Studios Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Recode Studios Ltd

Recode Studios was incorporated as ‘Recode Studios Private Limited’ on June 16, 2021, under the provisions of the Companies Act, 2013, pursuant to a Certificate of Incorporation issued by Registrar of Companies, Central Registration Centre. The company was converted from a private limited company to a public limited company, pursuant to a special resolution passed by the shareholders of the Company at the Extraordinary General Meeting held on August 27, 2025 and the name of the Company was changed from ‘Recode Studios Private Limited’ to ‘Recode Studios Limited’ vide fresh certificate of incorporation dated September 16, 2025 issued by the Registrar of Companies, Central Processing Centre.

Recode Studios is a beauty and personal care (BPC) company operating in the beauty, cosmetics and personal care segment in India. Its business primarily involves the branding, procurement and distribution of beauty and personal care products under the ‘Recode’ brand. It operates through an omnichannel distribution network, which comprises Company-Owned Company-Operated (COCO) retail stores, Franchisee-Owned Franchisee-Operated (FOFO) stores, third-party e-commerce platforms and its proprietary website and mobile application.

It offers a diversified portfolio of products across make-up, skincare, body care and beauty accessories, catering to a wide range of consumer preferences and usage occasions. The company offers many Stock Keeping Units (SKUs) across multiple categories and price points. Its product portfolio includes face make-up, eye make-up, lip makeup, face and body care products and beauty accessories.

Its omnichannel distribution model enables it to distribute its products through both offline and online channels, allowing customers to purchase its products through physical retail outlets as well as digital platforms. Offline distribution is carried out through a combination of COCO stores, which are directly operated by the Company and FOFO stores, which are operated by independent franchise partners. Online distribution is undertaken through its own website (shop.recodestudios.com) and mobile application (Recode Studios), as well as through third-party e-commerce marketplaces such as Amazon, Nykaa, Myntra and Flipkart.

Business area of the company

Recode Studios is engaged in the business of beauty and cosmetics products. It offers a diversified portfolio of products across make-up, skincare, body care and beauty accessories, catering to a wide range of consumer preferences and usage occasions. The company offers many SKUs across multiple categories and price points. Its product portfolio includes face make-up, eye make-up, lip makeup, face and body care products and beauty accessories.

Products of the company 

  • Face Make-up
  • Eye Make-up
  • Lip Make-up
  • Face and body care
  • Other Make-up accessories

History and milestones

  • 2021: Incorporation of the company as ‘Recode Studios Private Limited’ under the Companies Act, 2013.
  • 2022: Opened its first franchisee store in Raipur, Chhattisgarh to extend its direct-to-consumer experience and enhance customer accessibility.
  • 2023: Featured on Shark Tank India Season 2.
  • 2023: Opened its first company-owned store in Ludhiana to establish a direct-to-consumer retail presence and offer a fully branded experience.
  • 2023: On-boarded its first Brand Ambassador-renowned actress Swara Bhaskar to strengthen the brand’s reach and relatability among Indian consumers.
  • 2023: Recgnised for Brand excellence by Femina Power Brands for the FY 2022-23.
  • 2024: Crossed revenue of Rs 35 crore in the FY 2023-24.
  • 2024: Awarded as Beauty, Cosmetics and personal care Brand of the year by Retail reboot awards, 2024.
  • 2025: Winner at the e4m D2C Awards 2025 in the category ‘Best Use of Social Media Platforms (Instagram)’.
  • 2025: Conversion of Recode Studios Private Limited to Recode Studios Limited.

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