Financial Performance Highlights

H2 FY26 Results (YoY Comparison)

  • Revenue from Operations: ₹43.01 crore (₹4,300.89 lakhs) vs ₹29.10 crore (₹2,909.53 lakhs) in H2 FY25 - 48% growth
  • EBITDA: ₹10.61 crore (₹1,060.80 lakhs) vs ₹3.63 crore (₹362.58 lakhs) in H2 FY25 - 193% growth
  • EBITDA Margin: 24.66% vs 12.46% - 1,220 basis points expansion
  • PAT: ₹5.57 crore (₹557.39 lakhs) vs ₹2.63 crore (₹263.18 lakhs) in H2 FY25 - 112% growth
  • PAT Margin: 12.96% vs 9.05% - 391 basis points improvement

Full Year FY26 Results (YoY Comparison)

  • Revenue from Operations: ₹79.95 crore (₹7,994.99 lakhs) vs ₹47.80 crore (₹4,779.81 lakhs) in FY25 - 67% growth
  • EBITDA: ₹16.54 crore (₹1,653.90 lakhs) vs ₹6.13 crore (₹612.99 lakhs) in FY25 - 170% growth
  • EBITDA Margin: 20.69% vs 12.82% - 786 basis points expansion
  • PAT: ₹11.21 crore (₹1,121.12 lakhs) vs ₹3.11 crore (₹311.18 lakhs) in FY25 - 260% growth
  • PAT Margin: 14.02% vs 6.51% - 751 basis points improvement

Operational Achievements

The strong performance was driven by deeper market penetration, expansion of sales and distribution network, growing brand acceptance, improved product availability, and wider market reach across key markets.

Management Commentary & Future Outlook

Dheeraj Bansal, Chairman & Managing Director, stated that FY26 was a landmark year marked by strong revenue growth, significant margin expansion, and robust profitability. The company successfully raised growth capital through its IPO, which is being strategically deployed towards:

  • Strengthening working capital
  • Enhancing market penetration
  • Supporting the next phase of growth

Growth Guidance

Management remains confident of delivering 50%+ growth in FY27 backed by:

  • Strong demand trends
  • Deeper market penetration
  • Expanding distribution network

Strategic Initiatives

  • Focus on improving product availability and accelerating growth across existing and new geographies
  • Continued expansion of retail footprint through FOFO (Franchise Owned Franchise Operated) and COCO (Company Owned Company Operated) stores
  • Increasing focus on modern trade and quick commerce channels to improve accessibility and brand visibility
  • Strengthening warehousing and distribution infrastructure, including upcoming Ludhiana warehouse

Company Background

Recode Studios Limited is a fast-growing Indian beauty and personal care brand offering over 350 SKUs across cosmetics, skincare, and personal care categories. The company follows an asset-light business model focusing on product innovation, branding, marketing, and distribution while leveraging third-party manufacturing capabilities.

Forward-Looking Statements

The document contains forward-looking statements subject to risks and uncertainties including government actions, local/political/economic developments, technological risks, and other factors that could cause actual results to differ materially.