listed · IPO · BSE SME · listed 11 May 2026
RECODE STUDIOS LIMITED
Raised ₹44.59 Cr at ₹158 per share.
+41.6%
listing-day move
Issue price
₹158
Issue size
₹44.59 Cr
Listing-day close
₹223.75
Return since listing
+17.18%
Company research
Source: Tijori Finance · third-party enrichmentAbout the company
Recode Studio, incorporated in 2021, is an Indian beauty and personal care company engaged in branding, sourcing and selling cosmetics under the “Recode” brand. It operates an omnichannel model across retail stores and digital platforms, offering make-up, skincare and body care products.
Financials (₹ crore)
| Period | Revenue | PAT | Debt |
|---|---|---|---|
| Mar 2023 | 22.38 Cr | 0.69 Cr | 3.79 Cr |
| Mar 2024 | 36.82 Cr | 0.27 Cr | 7.85 Cr |
| Mar 2025 | 47.8 Cr | 3.3 Cr | 7.56 Cr |
Revenue mix
Face Make-up 68.1%
Eye Make-up 13.8%
Lip Make-up 7.3%
Face and Body Care 6.9%
Other Accessories 4.0%
Peer comparison
| Company | Mkt cap (Cr) | Revenue | PAT | P/E | P/B |
|---|---|---|---|---|---|
| RECODE | 203 | 47.8 Cr | 3.3 Cr | 61.43 | — |
| HONASA | 13,662 | 2,066 Cr | 72.69 Cr | 68.33 | 9.68 |
| NYKAA | 75,382 | 7,949 Cr | 66.08 Cr | 377.97 | 52.42 |
| RAVEL | 120 | 24.98 Cr | 5.25 Cr | 22.87 | — |
Exchange filings
Fields captured from NSE and BSEIssue information
- Symbol
- RSL13
Data sources: BSE , MONEYCONTROL . Data quality clean.