Recode Studios rectifies FY26 financial figures
Recode Studios Limited revised its FY26 financial results to rectify typographical errors, adjusting net profit to ₹1,121.12 lakh. Revenue from operations grew 67% to ₹7,994.99 lakh, while EPS was restated to ₹13.77. The company targets 50%+ growth in FY27.
*this image is generated using AI for illustrative purposes only.
Recode Studios Limited revised its standalone audited financial results for the financial year ended March 31, 2026, to rectify typographical errors in the initial filing dated June 3, 2026. The correction adjusted the net profit to ₹1,121.12 lakh from the previously reported ₹1,122.48 lakh. Revenue from operations remained unchanged at ₹7,994.99 lakh, a 67% increase from ₹4,779.81 lakh in FY25. The board approved the revised results under Regulation 33 of the LODR Regulations.
Financial Performance
The company's total income for FY26 stood at ₹8,005.82 lakh, up from ₹4,793.93 lakh in the prior year. Total expenses increased to ₹6,504.76 lakh from ₹4,350.48 lakh. Earnings per share (basic and diluted) were restated to ₹13.77 for FY26 from the earlier ₹13.79. RMSG & Associates, Chartered Accountants, issued an unmodified opinion on the financial statements.
| Metric: | FY26 (₹ Lakh) | FY25 (₹ Lakh) |
|---|---|---|
| Revenue from Operations: | 7,994.99 | 4,779.81 |
| Total Income: | 8,005.82 | 4,793.93 |
| Total Expenses: | 6,504.76 | 4,350.48 |
| Net Profit: | 1,121.12 | 311.18 |
| EBITDA: | 1,659.76 | — |
| EBITDA Margin: | 20.69% | — |
| EPS (Basic & Diluted): | ₹13.77 | ₹3.82 |
Operational Highlights
Recode Studios operates through an omnichannel distribution network comprising 22 retail stores, including 3 COCO and 19 FOFO stores, and 6 warehouses across India. Online sales contributed 43.87% to total revenue in FY26, while FOFO stores accounted for 24.50%. The East Zone emerged as the fastest-growing contributor, comprising 27.18% of revenue, while the North Zone remained the largest region at 32.85%.
Asset Position
As of March 31, 2026, the company's total assets were valued at ₹3,547.17 lakh, compared to ₹2,317.62 lakh in the previous year. Inventories increased to ₹1,072.50 lakh from ₹907.80 lakh, while trade receivables rose to ₹1,537.95 lakh from ₹808.96 lakh. Cash and cash equivalents stood at ₹131.70 lakh.
| Asset Metric: | FY26 (₹ Lakh) | FY25 (₹ Lakh) |
|---|---|---|
| Total Assets: | 3,547.17 | 2,317.62 |
| Inventories: | 1,072.50 | 907.80 |
| Trade Receivables: | 1,537.95 | 808.96 |
| Cash & Cash Equivalents: | 131.70 | — |
Dividend Declaration
The board recommended a final dividend of ₹0.25 per share on 1,06,44,344 fully paid-up equity shares, aggregating to ₹26.61 lakh. The payout is contingent upon approval by shareholders at the ensuing Annual General Meeting.
Way Forward
Management expressed confidence in delivering 50%+ growth in FY27, backed by strong demand trends and deeper market penetration. Strategic deployment of IPO proceeds will focus on strengthening working capital, enhancing market reach, and supporting the next phase of growth. The company plans to expand its retail footprint through FOFO and COCO stores, increase focus on modern trade and quick commerce channels, and strengthen warehousing and distribution infrastructure, including the upcoming Ludhiana warehouse commencing operations from April 2027.
Historical Stock Returns for Recode Studios
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.16% | -6.81% | -6.97% | -14.64% | -14.64% | -14.64% |
How will the strategic deployment of IPO proceeds specifically impact working capital efficiency and market reach in FY27?
What measures is the company taking to manage the significant increase in trade receivables to ensure liquidity?
How will the expansion into quick commerce channels influence the company's logistics and distribution costs?
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