Recode Studios Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹412 Cr
- P/E
- 36.86
- ROE
- 77.92%
- PEG
- 0.24
- Price to sales
- 5.16
- Debt to equity
- 0.31
- 52W high / low
- ₹477 / ₹171
- EBITDA margin
- 20.75%
- Net profit margin
- 14.00%
- Promoter holding
- 65.18%
- Sales (last year)
- ₹80 Cr
Incorporated in 2021, Recode Studio is an Indian beauty and personal care company operating under the brand Recode[1]
Guidance scorecard · Q4 FY26 call
What Recode Studios's management guided
and where it ranks in Personal Products
Personal Products
RevenueQ4 FY26 call
40%+- The company is targeting at least 50% revenue growth in 2027, expecting to achieve this growth momentum in the first half (H1) itself.
- They project maintaining a 50% CAGR over the next 3 years with consistent margins.
- Growth drivers include deeper market penetration, channel expansion (both online and offline), and expanded distribution networks.
- There is a strategic focus on increasing product availability in key markets such as South India, North East India, and Central India.
- Plans include strengthening presence in modern trade and launching quick commerce delivery services.
2 more points from Recode Studios's call on revenue
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MarginsQ4 FY26 call
FlatSee what Recode Studios said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- The company is investing in its supply chain and distribution network, including a planned large warehouse in Ludhiana expected to commence operations from April 2027.
- They have shifted from FOFO stores to opening dark stores in multiple cities like Jabalpur, Hyderabad, Chennai, with Bhubaneswar and Ranchi in the pipeline, aiming to optimize costs on rentals, electricity, and labor.
- Recode is planning to foray into quick commerce within the next 1-2 months and is in discussions with major quick commerce platforms.
2 more points from Recode Studios's call on capex
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FundraisingQ4 FY26 call
See what Recode Studios said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- The company is focusing on expanding product availability in key markets such as South India, North East India, and Central India.
- They opened their first modern trade kiosk recently and have more in the pipeline.
- Discussions are ongoing with quick commerce platforms to enable deliveries within 4 hours to next day.
2 more points from Recode Studios's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Personal Products
on management's own guidance
- 2
- Strong growth1
- Honasa Consumer LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Personal Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹1,858 Cr | 55.5 | |
| 2 | Recode StudiosThis stock | 40%+ | Flat | ₹408 Cr | 36.4 |
| 3 | Honasa Consumer Ltd | 20–40% | Up 0–2% | ₹14,422 Cr | 57.1 |
| 4 | 10–20% | Flat | ₹83,720 Cr | 39.4 | |
| 5 | 10–20% | Flat | ₹64,856 Cr | 32.7 | |
| 6 | 10–20% | Flat | ₹15,704 Cr | 20.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Personal Products rankingFinancials of Recode Studios
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Recode Studios
Shareholding breakup across reporting periods.
| May 2026 | |
|---|---|
| Promoters + | 65.02% |
| FIIs + | 3.41% |
| DIIs + | 12.26% |
| Public + | 19.32% |
| No. of Shareholders | 856 |
Financials of Recode Studios
Quarterly Results
Quarter-by-quarter operating performance
Financials of Recode Studios
Profit & Loss
Annual income statement trend
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Sales + | 22 | 37 | 48 | 80 |
| Expenses + | 21 | 35 | 42 | 63 |
| Operating Profit | 1 | 2 | 6 | 17 |
| OPM % | 7% | 4.6% | 13% | 21% |
| Other Income + | 0 | 0 | 0 | 0 |
| Interest | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 1 | 1 | 1 |
| Profit before tax | 1 | 0 | 4 | 15 |
| Tax % | 26% | 26% | 30% | 25% |
| Net Profit + | 1 | 0 | 3 | 11 |
| EPS in Rs | 663.46 | 259.62 | 2,990.38 | 13.78 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
Financials of Recode Studios
Balance Sheet
Capital structure and asset base
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 8 |
| Reserves | 5 | 5 | 9 | 12 |
| Borrowings + | 4 | 8 | 8 | 6 |
| Other Liabilities + | 4 | 3 | 7 | 9 |
| Total Liabilities | 13 | 17 | 23 | 35 |
| Fixed Assets + | 1 | 2 | 2 | 3 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets + | 12 | 15 | 21 | 32 |
| Total Assets | 13 | 17 | 23 | 35 |
Financials of Recode Studios
Cash Flows
Operating, investing and financing cash movement
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Cash from Operating Activity + | -5 | -2 | 3 | 4 |
| Cash from Investing Activity + | -1 | -2 | -1 | -2 |
| Cash from Financing Activity + | 6 | 3 | -1 | -2 |
| Net Cash Flow | 0 | -0 | 1 | 0 |
| Free Cash Flow | -6 | -3 | 2 | 3 |
| CFO/OP | -342% | -90% | 61% | 73% |
Financials of Recode Studios
Ratios
Working capital efficiency and return ratios
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 54 | 59 | 62 | 70 |
| Inventory Days | 177 | 134 | 171 | 129 |
| Days Payable | 89 | 30 | 78 | 57 |
| Cash Conversion Cycle | 142 | 163 | 156 | 142 |
| Working Capital Days | 94 | 59 | 60 | 75 |
| ROCE % | 12% | 38% | 74% |
Continue your research
What Recode Studios's management said in earlier quarters
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