Recode Studios Limited is a beauty and personal care (BPC) company operating under the “Recode” brand in India. The company focuses on branding, marketing, procurement and distribution of cosmetics and skincare products through online platforms, COCO stores, FOFO stores, its website and mobile app. Revenue is generated through sales of make-up, skincare, body care and beauty accessories. The company follows an asset-light model where manufacturing is outsourced to third-party manufacturers while Recode focuses on brand building and distribution.

The Company is led by Promoter, i.e., Dheeraj Bansal, Rahul Sachdeva, Shelly Bansal, Shalini Trehan, Preeti Trehan and Karan Bansal.

The Revenues from operations for the Period ended on Dec 31 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 5,745.10 Lakh, ₹ 4,793.88 Lakh, ₹ 3,693.45 Lakh, and ₹ 2,243.89 Lakh, The EBITDA for the Period ended on Dec 31 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,333.96 Lakh, ₹ 612.99 Lakh, ₹ 167.05 Lakh, and ₹ 143.78 Lakh, The Profit after Tax for the Period ended on Dec 31 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 906.18 Lakh, ₹ 330.29 Lakh, ₹ 27.43 Lakh, and ₹ 69.28 Lakh, respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue  EPS of ₹ 4.06 and post-issue EPS of ₹ 3.10 for FY25. The pre-issue P/E ratio is 38.92x,while the post-issue P/E ratio is 50.92x against the Industry P/E ratio is 584.43x The company's ROE for FY25 is 46.37% and RoNW is 37.64% The Annualised EPS is ₹ 5.68x and P/E is ₹ 17.25x ,  These metrics suggest that the IPO is Fairly priced.

 
The Grey Market Premium (GMP) of Recode Studios showing listing gains of 19.6%.Given the company's financial performance and the valuation of the IPO, we recommend  Investors to Apply to the Recode Studios Limited, IPO for Listing gain or Long Term Purposes.