As of 6 Nov 2026, Recode Studios trades at 38.6× trailing earnings, above the industry P/E of 28.7×, and the shares are 15% below their 52-week high. It earns ROCE of 73% and ROE of 78%, and sales and net profit grew 58% and 153% a year over 3 years. Its dividend yield is 0.1%, and debt is 0.31× equity. It is listed on an SME platform with a market cap of ₹434 Cr, ranked 15th of 34 Household & Personal Products companies by market cap; the shares rose 82% over the past year.
- ₹399.00
- ₹407.40
- ₹399.00
- ₹388.00
- 4.8K
Health check
- ReturnsAhead
+82.1% over a year, better than 6 of 7 peers.
- Price tagPricier
P/E 38.6 vs industry 28.7.
- GrowthStrong
Sales +57.7%, profit +153.0% a year over 3 years.
- ProfitabilityStrong
ROCE 73.1% vs peer median 30.8%.
- Balance sheetSolid
Debt 0.31× equity, interest covered 22.4×, Piotroski 8 of 9.
- Red flagsNone found
No warning signs in the headline numbers.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹434 Cr
- Small cap
- P/E
- 38.6
- Industry 28.7
- Price to book
- 16.58
- Peers 24.59
- Dividend yield
- 0.06%
- ROE
- 78.2%
- Peers 27.3%
- ROCE
- 73.1%
- Peers 30.8%
- Debt to equity
- 0.31
- Debt ₹6.19 Cr
- EPS (TTM)
- ₹10.55
- OPM (TTM)
- 13.0%
- Net margin 14.0%
- Sales growth
- n/a
- Year-ago quarter not reported
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 5.42
- EV/EBITDA 20.3
Strengths and risks
Strengths
- Return on equity of 78.2%.
- Return on capital employed of 73.1%.
About Recode Studios
Recode Studios Limited engages in the designing, producing, managing, and sale of beauty and cosmetics products in India. The company offers everyday makeup, face, lipsticks, foundations and concealers, palettes, powders, eyelashes and glitters, brushes, eyes, lip tint balm blusher, face washes and body care, and saver combo products. It offers personal care, skin care, and beauty accessory products. The company sells its products under the Recode brand…
- Headquarters
- Ludhiana
- Employees
- 156
- Sector
- Consumer Defensive
- ISIN
- INE2B6701015
- Website
- shop.recodestudios.com
Price range
- Avg volume (3M)
- 28.8K
- 1-year return
- plus 82.1%
- From 52-week high
- minus 14.6%
Peers · Household & Personal Products
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HINDUNILVRHindustan Unilever | 1,998.40 | plus 0.83% | 4,69,542 | 44.4 | 9.62 | 22.2% | 21.6% | 23.1% | 2.3% | 14.1% | 2.05% | minus 19.0% |
| MARICOMarico | 897.75 | plus 1.13% | 1,16,527 | 57.7 | 24.59 | 38.8% | 44.9% | 17.4% | 11.8% | 10.6% | 0.45% | plus 23.8% |
| GODREJCPGodrej Consumer Products | 851.00 | minus 1.36% | 87,097 | 44.0 | 6.90 | 21.3% | 16.0% | 20.2% | 4.6% | 3.0% | 2.35% | minus 25.8% |
| DABURDabur India | 380.35 | minus 1.21% | 67,477 | 33.4 | 5.87 | 20.8% | 17.2% | 18.5% | 4.5% | 3.5% | 2.17% | minus 25.5% |
| COLPALColgate Palmolive (India) | 1,679.00 | minus 0.53% | 45,666 | 33.5 | 28.23 | 107.4% | 85.1% | 30.1% | 4.9% | 8.2% | 2.86% | minus 23.0% |
| CUPIDCupid | 338.90 | minus 0.69% | 45,571 | 338.9 | 100.95 | 30.8% | 27.3% | 35.4% | 31.2% | 50.8% | 0.00% | plus 607.7% |
| GILLETTEGillette India | 7,406.50 | minus 0.17% | 24,134 | 36.1 | 25.50 | 84.6% | 68.2% | 30.2% | – | – | 2.43% | minus 15.3% |
| RECODERecode Studios | 407.40 | plus 5.00% | 434 | 38.6 | 16.58 | 73.1% | 78.2% | 13.0% | 57.7% | 153.0% | 0.06% | plus 82.1% |
| Median of 7 peers | – | −0.53% | 67,477 | 44.0 | 24.59 | 30.8% | 27.3% | 23.1% | 4.7% | 9.4% | 2.17% | −19.0% |
Quarterly results
| ₹ Cr | Mar 26 |
|---|---|
| 21.8 | |
| 18.6 | |
| 3.2 | |
| 14.7% | |
| 0.1 | |
| 0.1 | |
| 0.3 | |
| 2.9 | |
| 24.2% | |
| 2.2 |
Profit & loss
- Sales CAGR 3Y
- +57.7%
- Profit CAGR 3Y
- +153.0%
- ROE
- 78.2%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 19.7 | 33.8 | 46.9 | 77.5 | |
| – | +71.5% | +38.5% | +65.3% | |
| 18.3 | 32.1 | 40.5 | 60.9 | |
| 1.5 | 1.7 | 6.4 | 16.6 | |
| 7.4% | 5.1% | 13.6% | 21.4% | |
| −0 | 0 | −0.1 | 0 | |
| 0.3 | 0.8 | 1.1 | 0.7 | |
| 0.2 | 0.5 | 0.6 | 0.9 | |
| – | – | −0.2 | 0 | |
| 0.9 | 0.4 | 4.4 | 15 | |
| 25.8% | 28.4% | 29.8% | 25.2% | |
| 0.7 | 0.3 | 3.1 | 11.2 | |
| – | minus 60.4% | +1034.5% | +260.7% | |
| 0.65 | 0.26 | 2.92 | – |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 0 | 0 | 0 | 8.1 | |
| 5.2 | 5.5 | 8.7 | 11.9 | |
| 3.8 | 7.8 | 7.6 | 6.2 | |
| 3.5 | 3.4 | 6.9 | 9.3 | |
| 12.5 | 16.7 | 23.2 | 35.5 | |
| 0.8 | 2 | 2.5 | 3.3 | |
| 0.3 | – | – | 0.3 | |
| 0.4 | 0.2 | 0.8 | 1.3 | |
| 11 | 14.5 | 19.9 | 30.6 | |
| 12.5 | 16.7 | 23.2 | 35.5 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −5.3 | −1.6 | 3 | 4.3 | |
| −0.8 | −1.8 | −1 | −1.8 | |
| 6.1 | 3.2 | −1.4 | −2 | |
| 0 | −0.3 | 0.6 | 0.5 | |
| −0.8 | −1.8 | −1 | −1.8 | |
| −6.1 | −3.5 | 2 | 2.5 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
No recent news coverage found.