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Earnings Call

Recode Studios Earnings Call: Key Takeaways

Recode Studios Ltd delivered a strong FY26 with ₹80cr revenue (up 67% YoY) and 20% EBITDA margins. Management transitioned to an asset-light dark store model after IPO.

Why this was an Alfa AlertManagement explicitly guides for at least 50% growth in 2027 and a 50% CAGR over the next 3 years.
Highlights
Revenue growth67% YoY in FY26; targeting 50% for FY27.
MarginsEBITDA margin improved from 13% to 20% in FY26.
Demand visibilityStrong seasonality in H2 due to festivals and winter.
Management confidenceHigh, seeing strong momentum in H1 FY27.

Growth

Revenue reached ₹80cr in FY26 vs ₹48cr in FY25; PAT surged 260% YoY to ₹11.22cr.

Outlook

Guidance of 50% growth for FY27 and next 3 years; new warehouse in Ludhiana planned for 2027.

Risks

High concentration in North India; weak demand for color cosmetics in humid weather (H1); quick commerce remains loss-making.

Source

Earnings Call filed with BSE, BSE: 544755. Summary written with AI assistance from the document.

Read the document ↗

Recode Studios Ltd: key numbers

Share price
₹432.05
Market cap
₹459.9 Cr
Revenue (annual)
₹79.95 Cr
Net profit (annual)
₹11.22 Cr
P/E (TTM)
41.0×Sector 41.3×
Promoter holding
65.18%
FII holding
0.64%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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