Recode Studios Ltd.
SMEIssue details
Price band
₹158 - ₹158
Lot size
800 shares
Issue size
₹45 Cr
Min. investment
₹1,26,400
Registrar
Mudra RTA Ventures
Grey market premium
Save your family's PANs once and check allotment for everyone the moment results are out.
Sign in with a mobile OTP. It takes 20 seconds.
IPO Timeline
Open
5 May
Close
7 May
Allotment
8 May
Listing
12 May
- Refunds & demat credit
- 9 May 2026
- Mandate end
- 22 May 2026
We calculate these dates from the allotment and close dates, so please treat them as indicative.
Application size
| Category | Minimum | Maximum |
|---|---|---|
| Retail | 800shares 1 lot · ₹1,26,400 | 800shares 1 lot · ₹1,26,400 |
| HNI | 1,600shares 2 lots · ₹2,52,800 | No limit funds permitting |
Based on the upper price band of ₹158 and a lot of 800 shares.
Issue structure
Face value
₹10 per share
Issue type
Bookbuilding IPO
Sale type
Fresh capital cum OFS
Fresh issue
₹37 Cr
23,58,400 shares
Offer for sale
₹5 Cr
3,19,200 shares
Shares pre-issue
81,41,144
Shares post-issue
1,06,44,344
Reservation
- QIB
- 13,36,800
- NII
- 4,03,200
- Retail
- 9,37,600
Valuation & ratios
| Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | 4.06 | 11.35 |
| P/E | 38.94 | 13.92 |
| Market cap | ₹128.63 Cr. | ₹238.17 Cr |
| KPI | Dec 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 68.11% | 46.37% |
| ROCE | 59.85% | 34.47% |
| Debt/Equity | 0.19 | 0.86 |
| RoNW | 50.80% | 37.64% |
| PAT Margin | 15.79% | 6.91% |
| EBITDA Margin | 23.24% | 12.82% |
| NAV | 21.91 | 10.78 |
| Price to Book Value | 7.21 | 14.66 |
Financials
| Metric | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total income | 57.45 | 47.94 | 36.93 | 22.44 |
| Profit after tax | 9.06 | 3.3 | 0.27 | 0.69 |
| EBITDA | 13.34 | 6.13 | 1.67 | 1.44 |
| Net worth | 17.84 | 8.77 | 5.47 | 5.2 |
| Assets | 28.33 | 23.18 | 16.73 | 12.53 |
| Reserves & surplus | 9.7 | 8.76 | 5.46 | 5.19 |
| Total borrowing | 3.43 | 7.56 | 7.85 | 3.79 |
Figures in ₹ crore, as reported by the company in its offer document.
Objects of the issue
- 1.Funding of Capital expenditure towards setup of a new Warehouse Facility at Ludhiana, Punjab₹5.74 Cr
- 2.Marketing and advertisement expenses toward enhancing the awareness and visibility of brand₹5.41 Cr
- 3.Utilization towards working capital requirements₹19.5 Cr
- 4.General Corporate Purposes₹2.96 Cr
- 5.Issue Expenses₹6.7 Cr
What the company says it intends to do with the money raised.
Recent comparable IPOs
| Company | Issue price | P/E | Listing close | Listing gain |
|---|---|---|---|---|
| Ravelcare Ltd.SME | ₹130 | 12.38 | ₹190.95 | +46.88% |
| Anondita Medicare Ltd.SME | ₹145 | 11.74 | ₹289.25 | +99.48% |
| Medistep Healthcare Ltd.SME | ₹43 | 10.86 | ₹50.35 | +17.09% |
| Aakaar Medical Technologies Ltd.SME | ₹72 | 12.43 | ₹71.25 | -1.04% |
Past listing performance of comparable issues. This is not a forecast: listing gains vary widely and can turn negative.
Issue fundamentals compiled from the company's offer document via Chittorgarh, last read 28 Sep 2026. Always verify against the RHP before applying.