Incorporated June 2016, SS Retail Ltd. is a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. It primarily focuses on Tier II and Tier III and beyond cities and, as of March 31, 2026, operated 503 stores across 215 cities, covering approximately 2,41,365 sq. ft.
The Company operates under its proprietary brands ‘SS Mobile’, ‘Mobile Exchange Wala’ and ‘The Mobile Space’ through a combination of company-owned and franchisee-operated store formats. Its product portfolio includes mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets, along with ancillary services such as mobile protection plans, EMI facilities, anti-theft software and mobile recharge services. As of July 31, 2026, its retail network had expanded to 536 stores covering approximately 2,60,597 sq. ft.
The Company follows a scalable retail model comprising COCO, COFO and FOFO formats and uses local franchisee partnerships to expand its presence in regional markets. During Fiscal 2026, it acquired 51.04% shareholding in Olineo Nexus India Private Limited, adding 34 stores to its network. As of March 31, 2026, the Company was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among its peers, according to the cited industry report.
As of March 31, 2026, the Company had 689 permanent employees, comprising personnel across management, accounts and audit, operations, sales, sales support, supply chain and HR and administration.
Competitive Strengths
SS Retail Ltd.’s revenue increased by 47% and profit after tax (PAT) rose by 49% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 575.42 | 389.44 | 278.25 |
| Total Income | 2,352.85 | 1,599.96 | 1,208.04 |
| Profit After Tax | 59.28 | 39.86 | 26.65 |
| EBITDA | 125.15 | 80.44 | 56.50 |
| NET Worth | 225.71 | 141.37 | 101.51 |
| Reserves and Surplus | 159.59 | 128.18 | 88.52 |
| Total Borrowing | 162.59 | 125.36 | 110.43 |
| Amount in ₹ Crore | |||
Note:-
The financial statements for 2026 are Consolidated.
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 | 12.45 |
| 2 | Part funding of the incremental working capital requirements of Company | 241.35 |
| 3 | General Corporate Purposes | |
| Total | 253.80 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 30.60% |
| ROCE | 29.30% |
| Debt/Equity | 0.70 |
| RoNW | 32.60% |
| PAT Margin | 2.52% |
| EBITDA Margin | 5.32% |
| NAV | 34.33 |
| Price to Book Value | 12.35 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 9.00 | 7.97 |
| P/E (x) | 47.11 | 53.2 |
| IPO Date | 16 to 18 Sep, 2026 |
| Listing Date | Wed, Sep 23, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹403 to ₹424 |
| Lot Size | 35 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹25.00 |
| Total Issue Size | 1,18,10,182 shares (agg. up to ₹500 Cr) |
| Fresh Issue | 85,08,298 shares (agg. up to ₹360 Cr) |
| Offer for Sale | 33,01,884 shares of ₹10 (agg. up to ₹140 Cr) |
| Share Holding Pre Issue | 6,58,63,500 shares |
| Share Holding Post Issue | 7,43,71,798 shares |
The promoters of the company are Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh.
| Share Holding Pre Issue | 75.64% |
| Share Holding Post Issue |
As per our analysis and Based on the information we have, this is the output.
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