Recode Studios Limited has announced the opening of its first NewU store at The Opulent Mall, Ghaziabad. This launch marks a significant step in the company’s retail expansion strategy and deepens its association with NewU, the beauty and personal care retail chain operated by H&B Stores Limited, a wholly owned subsidiary of Dabur India Limited.

The Ghaziabad store serves as the foundation for a broader push into modern trade channels. Recode Studios plans to open approximately 15–20 additional NewU stores over the next 12 months across high-potential markets. Modern trade is identified as a preferred channel for premium and luxury beauty products, offering enhanced brand visibility and a superior customer experience compared to traditional retail formats.

Strategic Retail Expansion

The expansion aims to strengthen the company’s footprint in organised beauty retail while enabling access to a larger customer base through strategically located stores. With the first store now operational, the focus shifts to scaling the modern trade network. The company intends to leverage this network to expand its luxury product portfolio, enhance margins, and drive higher average order values.

Management Commentary

Dheeraj Bansal, Chairman & Managing Director, described the opening as an important milestone in the company’s retail journey. He noted that the association with NewU and the Dabur ecosystem provides an opportunity to participate in the rapidly evolving organised beauty and personal care retail market.

"We see this store as the beginning of a much larger expansion journey," Bansal said, reiterating the target of opening 15-20 additional NewU stores over the next 12 months.

What the Numbers Show

The disclosed plan to open 15-20 stores in FY27 represents a significant acceleration from the initial single-store launch. This rapid scaling strategy indicates a strong reliance on the NewU format for near-term revenue growth and margin enhancement, rather than organic brand-only store rollouts.

About Recode Studios Limited

Recode Studios Limited is a fast-growing Indian beauty and personal care brand offering a diverse portfolio of 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. It has established an omnichannel presence through its retail network, e-commerce platforms, and distribution channels.

Recode Studios Limited shareholders unanimously approved the Recode Studios Limited – Employees Stock Option Plan, 2026 (RSL ESOP 2026) during an Extra-Ordinary General Meeting (EGM) held on August 11, 2026. The approval establishes a framework for granting up to 3,00,000 Employee Stock Options, each exercisable into one fully paid-up equity share with a face value of ₹10. This move aims to align employee interests with shareholder value creation following the company’s listing on the BSE SME Platform on May 12, 2026. The resolutions received 100% support from all voting shareholders, reflecting strong backing for the retention strategy.

The EGM was convened in compliance with Regulation 44(3) read with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting was held through Video Conferencing (VC) / Other Audio-Visual Means (OAVM) from 3:00 P.M. to 3:15 P.M. (IST). Mr. Karan Bansal, Whole-time Director, chaired the proceedings, while Mr. Sumit Ghai of Lal Ghai & Associates served as the scrutinizer. The requisite quorum under Section 103 of the Companies Act, 2013 was present, allowing the meeting to proceed. The record date for determining voting eligibility was set as August 4, 2026.

Shareholders voted on two special resolutions concerning the ESOP scheme. The first resolution sought approval for the RSL ESOP 2026 itself, framed in conformity with the Companies Act, 2013 and the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The second resolution extended the benefits of the plan to employees of the holding company, subsidiary companies, associate companies, and group companies, whether existing or future entities. Both resolutions were passed with unanimous support.

The voting process included remote e-voting via NSDL from August 8, 2026, at 9:00 A.M. IST to August 10, 2026, at 5:00 P.M. IST. Members who had not voted remotely could cast their votes electronically during the meeting for fifteen minutes after its conclusion. The scrutinizer’s report, dated August 12, 2026, confirmed that 15 members participated in the voting process, representing 100% of the shares held by participating shareholders.

Voting Results Breakdown

Directors and Management Present

The following directors attended the meeting:

• Dheeraj Bansal, Managing Director
• Shalini Trehan, Director
• Shelly Bansal, Whole-time Director
• Karan Bansal, Whole-time Director

Narinder Singh, Chief Financial Officer, was also in attendance. The company disclosed that the statutory registers and documents referred to in the notice were made available electronically for inspection by members during the meeting. Mr. Aspi Bhesania registered as a speaker, and his queries were noted for response by the Chief Financial Officer.