Recode Studios Valuation Multiples

Discover Recode Studios' revenue and EBITDA valuation multiples and investment history.

Recode Studios Overview

About Recode Studios

Recode Studios Ltd is a beauty and personal care (BPC) company operating in the beauty, cosmetics and personal care segment in India. It is engaged in the branding, procurement and distribution of beauty and personal care products under the "Recode" brand. The company offers a diversified portfolio of products across make-up, skincare, body care and beauty accessories. Its product portfolio includes face make-up, eye make-up, lip makeup, face and body care products and beauty accessories. The majority of revenue is derived from the Face Make-Up category, which includes products such as foundations, primers, concealers and related face cosmetics.


Founded

2021

HQ

India

Employees

156

Financials (FY)

Revenue: $5M
EBITDA: $642K

EV

$36M

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Recode Studios Financials

Recode Studios reported last fiscal year revenue of $5M and EBITDA of $642K.

In the same fiscal year, Recode Studios generated $3M in gross profit, $642K in EBITDA, and $345K in net income.


Recode Studios P&L

In the most recent fiscal year, Recode Studios reported revenue of $5M and EBITDA of $642K.

Recode Studios is profitable as of last fiscal year, with gross margin of 59%, EBITDA margin of 13%, and net margin of 7%.

See analyst estimates for Recode Studios
Last FY202320242025202620272028
Revenue$5M$2M$4M$5M
Gross Profit$3M$851K$2M$3M
Gross Margin59%41%46%59%
EBITDA$642K$148K$181K$642K
EBITDA Margin13%7%5%13%
EBIT Margin12%6%3%12%
Net Profit$345K$72K$29K$345K
Net Margin7%4%1%7%
Net Debt$704K---

Financial data powered by Morningstar, Inc.

Recode Studios Stock Performance

Recode Studios has current market cap of $35M, and enterprise value of $36M.

Market Cap Evolution


Recode Studios' stock price is $3.31.

Recode Studios share price increased by 41.2% in the last 30 days.

Recode Studios has an EPS (earnings per share) of $0.03.

See more trading valuation data for Recode Studios
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$36M$35M0.0%41.2%70.5%-$0.03

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Recode Studios Valuation Multiples

Recode Studios trades at 7.3x EV/Revenue multiple, and 55.4x EV/EBITDA.

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Recode Studios Financial Valuation Multiples

As of August 24, 2026, Recode Studios has market cap of $35M and EV of $36M.

Recode Studios has a P/E ratio of 102.2x.

Last FY202320242025202620272028
EV/Revenue7.3x17.2x10.1x7.3x
EV/EBITDA55.4x240.2x196.1x55.4x
EV/EBIT59.3xn/mn/m59.3x
EV/Gross Profit12.4x41.8x21.9x12.4x
P/E102.2xn/mn/m102.2x
EV/FCFn/m(55.9x)(97.9x)n/m

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Recode Studios Margins & Growth Rates

In the most recent fiscal year, Recode Studios reported gross margin of 59%, EBITDA margin of 13%, and net margin of 7%.

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Recode Studios Margins

Last FY20242025202720282029
Gross Margin59%46%59%
EBITDA Margin13%5%13%
EBIT Margin12%3%12%
Net Margin7%1%7%
FCF Margin2%(10%)2%

Recode Studios Growth Rates

23/2424/2526/2727/2828/29
Revenue Growth71%38%
Gross Profit Growth91%76%
EBITDA Growth22%254%
EBIT Growth(5%)386%
Net Profit Growth(60%)1103%
FCF Growth(43%)(125%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Recode Studios Operational KPIs

Recode Studios' revenue per employee in the last FY averaged $0.0M, while opex per employee averaged $0.0M for the same period.

Access forward-looking KPIs for Recode Studios
Last FY202320242025202620272028
Revenue per Employee$0.0M---
Opex per Employee$0.0M---
S&M Expenses to Revenue25%18%22%25%
G&A Expenses to Revenue2%3%3%2%
Opex to Revenue46%35%43%46%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Recode Studios Competitors

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E

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Investments by Recode Studios

Recode Studios has invested in 1 company to date.

Latest investment by Recode Studios was on July 23rd 2026. Recode Studios invested in Aflairza Professionals in their $400K Strategic investment round (EV/Revenue multiple available to Pro users).

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Latest Investments by Recode Studios

Aflairza Professionals
Aflairza Professionals
Description
Aflairza Professionals is a beauty brand that sells professional cosmetics formulated with Korean ingredients.
Aflairza Professionals is a beauty brand that sells professional cosmetics formulated with Korean ingredients.
HQ CountryUnited StatesUnited States
HQ City
Emporia, KS
Emporia, KS
Deal Date23 Jul 202623 Jul 2026
RoundStrategic investmentSecondary
Raised$400K$400K
InvestorsRecode StudiosRecode Studios
Valuation$3Mundisclosed
EV/Revenue
EV/EBITDA

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About Recode Studios

When was Recode Studios founded?Recode Studios was founded in 2021.
Where is Recode Studios headquartered?Recode Studios is headquartered in India.
How many employees does Recode Studios have?As of today, Recode Studios has over 156 employees.
Who is the CEO of Recode Studios?Recode Studios' CEO is Rahul Sachdeva.
Is Recode Studios publicly listed?Yes, Recode Studios is a public company listed on Bombay Stock Exchange.
What is the stock symbol of Recode Studios?Recode Studios trades under 544755 ticker.
When did Recode Studios go public?Recode Studios went public in 2026.
Who are competitors of Recode Studios?Recode Studios main competitors include
What is the current market cap of Recode Studios?Recode Studios' current market cap is $35M.
What is the current revenue of Recode Studios?Recode Studios' last fiscal year revenue is $5M.
What is the current EV/Revenue multiple of Recode Studios?Current revenue multiple of Recode Studios is 7.3x.
Is Recode Studios profitable?No, Recode Studios is not profitable.
How many companies Recode Studios has acquired to date?Recode Studios hasn't acquired any companies yet (or none have been disclosed publicly).
In how many companies Recode Studios has invested to date?As of August 2026, Recode Studios has invested in 1 company.
What was the last Recode Studios investment?On 23rd July 2026 Recode Studios invested in Aflairza Professionals, participating in a $400K Strategic investment round at $3M valuation.
In what companies Recode Studios invested in?Recode Studios invested in Aflairza Professionals.

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