Whalesbook
Recode Studios ka Initial Public Offering (IPO) ab 5 May se BSE SME platform par shuru ho gaya hai. Company ka plan hai ki 28.22 lakh shares bech kar ₹44.59 crore jama kare. Price band ₹150 se ₹158 rakha gaya hai, jisse company ki valuation ₹168 crore ho sakti hai upper price par. Asal baat yeh hai ki FY25 ke liye company ne ₹43.50 crore ka profit dikhaya hai, aur iske hisaab se IPO ka P/E ratio sirf 3.86 aata hai. Yeh BSE SME IPO index ke average P/E (12.6 ke aas paas) se kaafi kam hai, toh valuation kaafi attractive lag rahi hai. Indian beauty market toh waise bhi tezi se badh raha hai, toh listing ke liye time accha hai.
Ab yeh jo paisa jama hoga na, usko company growth ke liye use karegi. Lagbhag ₹5.74 crore se Ludhiana mein naya warehouse banega, ₹5.4 crore marketing aur advertising par kharch honge, aur ₹19.5 crore working capital ko mazbooti dene ke liye use kiye jayenge. Company ka target hai FY26 tak revenue ₹90 crore tak pahunchane ka, jo FY25 mein ₹53 crore tha. Yeh sab karne ke liye woh apna retail presence badha rahe hain (jisme 22 stores hain) aur e-commerce channels bhi use kar rahe hain. Interesting baat yeh hai ki yeh khud manufacturing nahi karte, balki third-party manufacturers se kaam karwate hain, aur kuch products abroad se source karte hain. Yeh asset-light model scalability mein help karta hai.
Lekin bhai, itni achhi valuation aur growth plans ke bawajood, investors ko kuch risks bhi dhyan mein rakhne chahiye. Third-party manufacturers par depend karna risky ho sakta hai; agar unka kaam bigda toh supply chain mein gadbad ho sakti hai aur quality mein bhi issue aa sakta hai. Aur inke profit margins dekho, FY25 mein 90% se zyada the! Itne high margins ko maintain karna mushkil ho sakta hai jab company badhegi aur competition bhi badhegi. Promoter ki shareholding bhi kam hogi, aur beauty sector mein mazboot competition bhi hai. Company ne abhi market mein zyada time nahi bitaya hai, toh volatility manage karne ka experience bhi kam hai.