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SS Retail Ltd IPO
SS Retail Ltd
₹14,105 /35 sharesMinimum investment
IPO listing details
Listed on
23 Sep '26
Issue price
₹424.00
Listing price
₹624.00
Listing gains
₹200.00 (47.17%)
Exchange
BSE
IPO details
Minimum investment
₹14,105
Price range
₹403 - ₹424
Lot size
35
Issue size
500 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers203.61x
Non-Institutional Investor143.23x
Retail Individual Investor35.81x
Employees2.66x
Total103.01x
As of 18 Sep'26, 04:55 PM
Schedule
16 Sep 2026
IPO open date
18 Sep 2026
IPO close date
21 Sep 2026
Allotment date
21 Sep 2026
Funds unblock or debit
23 Sep 2026
Tentative listing date
About
Founded in
2016
MD/CEO
Mr Siddharth Gunvant Shah
Parent organisation
SS Retail Ltd
SS Retail Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
As of March 31, 2026, the company operated 503 stores across 215 cities, including 458 stores in Maharashtra. As per the Knowledge Company Report, it was the 3rd largest mobile phone retail chain in India and the largest in West India and Maharashtra among its peers by store count.
The company has a significant presence outside major metropolitan markets, with 90 stores in Tier II cities and 260 stores in Tier III and beyond cities as of March 31, 2026. These markets contributed 21.77% and 49.43%, respectively, of revenue from operations in FY26.
The company operates stores through Company-Owned, Franchisee-Operated (COFO) and Franchisee-Owned, Franchisee-Operated (FOFO) models, which accounted for 62.82% and 20.48% of its total store count, respectively, as of March 31, 2026. Under these models, franchisee partners bear part of the store setup or operating costs, enabling the company to expand with lower capital requirements.
The company operates its ‘Mobile Exchange Wala’ brand through a shop-in-shop format for pre-owned smartphones. The number of such stores increased from 46 as of March 31, 2024, to 71 as of March 31, 2026, while revenue from the brand increased from Rs 51.51 crore to Rs 169.35 crore during the same period.
The company has long-term relationships with various brands, distributors, and authorised dealers for procuring mobile phones, accessories, and other electronic items. These arrangements allow it to procure products directly and support product availability and shorter procurement cycles.
The company operates one owned warehouse and two leased warehouses in Maharashtra and has arrangements with four logistics service providers across Maharashtra and Madhya Pradesh. These facilities and arrangements support its hub-and-spoke distribution model for supplying products to its stores.
Revenue from operations increased from Rs 1,206.74 crore in FY24 to Rs 1,597.93 crore in FY25 and then Rs 2,351.03 crore in FY26, while PAT increased from Rs 26.64 crore to Rs 39.86 crore and then Rs 59.28 crore during the same period. The company also reported an operating EBITDA margin of 5.32% and ROE of 30.60% in FY26.
The company derives a significant portion of its revenue from retailing mobile phones, which accounted for Rs 2,026.10 crore (86.18%), Rs 1,399.52 crore (87.58%), and Rs 1,065.66 crore (88.31%) of revenue from operations in FY26, FY25, and FY24, respectively. Any economic slowdown or other factors affecting the mobile phone industry, including factors that reduce consumers’ ability to purchase mobile phones, could adversely impact the company’s business, financial condition, and operating results.
The company’s purchases from its top 10 suppliers stood at Rs 1,719.43 crore in FY26, accounting for 79.09% of its total purchase of traded goods, compared with Rs 1,318.43 crore (89.42%) in FY25 and Rs 997.71 crore (88.38%) in FY24. As the company generally purchases products through purchase orders rather than long-term or exclusive arrangements, any failure or delay in supply, loss of business from one or more suppliers, or increase in purchase prices could disrupt its supply chain, affect profit margins, and adversely impact its business, financial condition, cash flows, and results of operations.
The company has a significant concentration of its stores and revenue in Maharashtra, with 458 of its 503 stores (91.05%) located in the state as of March 31, 2026. Maharashtra contributed Rs 2,094.57 crore (89.09%) of revenue from operations in FY26, compared with Rs 1,475.26 crore (92.32%) in FY25 and Rs 1,135.22 crore (94.07%) in FY24. Any civil unrest, natural disaster, regional conflict, adverse political, social, or economic conditions, or changes in state or local government policies in Maharashtra could adversely affect its business, financial condition, results of operations, and cash flows.
A significant portion of the company’s revenue from operations is generated through its franchisee-led COFO and FOFO models, which cumulatively contributed 74.19% in FY26, compared with 78.03% in FY25 and 77.79% in FY24. Any failure of these models to sustain their growth, or closure of stores operated under these models, could adversely affect the company’s business growth, financial condition, and results of operations.
One of the company’s Independent Directors, Asit Chimanlal Mehta, is involved in a proceeding pending before the Supreme Court of India in connection with an appeal filed by SEBI against an order of the Securities Appellate Tribunal. Any adverse ruling in the proceeding could affect his reputation, which may in turn adversely impact the company’s reputation, business, and prospects.
The company operates in a highly competitive market with organised and unorganised retailers, exclusive brand outlets, and e-commerce platforms. Online mobile phone sales in India grew at a CAGR of 13.1% between FY19 and FY24, compared with 7.3% for the offline market, and increasing online sales could reduce footfall at the company’s stores. Competition from players with greater financial, marketing, and distribution resources, wider product offerings, discounts, and customer loyalty programs could put pressure on its operating margins, market share, revenues, and profitability.
The company had aggregate consolidated outstanding borrowings of Rs 275.22 crore as of July 31, 2026. The borrowings include working capital facilities, vehicle loans, bank guarantees, letters of credit, trade advances, credit card borrowings, and director loans, and any increase in debt servicing obligations could affect its financial condition and cash flows.
Application details
For SS Retail IPO, eligible investors can apply as Regular & Employee.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹403 - ₹424 | Upto ₹2 Lakhs | 35 |
| Employee | ₹378 - ₹399 | Upto ₹5 Lakhs | 35 |
| High Networth Individual | ₹403 - ₹424 | ₹2 - ₹5 Lakhs | 35 |
About
Objectives of SS Retail IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 |
12.45 |
|
Part funding of the incremental working capital requirements of the company |
241.35 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of SS Retail IPO
|
Book Running Lead Manager |
Anand Rathi Advisors Limited, Emkay Global Financial Services Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
Key Performance Indicators (KPIs) of SS Retail Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
30.60 |
|
ROCE (%) |
29.30 |
|
EBITDA Margin (%) |
5.32 |
|
PAT Margin (%) |
2.52 |
|
Debt-to-equity Ratio (times) |
0.58 |
|
Return on Net Worth (RoNW) (%) |
32.60 |
|
Net Asset Value (NAV) per Equity Share (₹) |
34.33 |
SS Retail IPO Contact Details
|
Company Name |
SS Retail Limited |
|
Registered Office |
399, E, Basant Bahar Road, Ratikmal Complex, Shop 6 -7, Kolhapur – 416 003, Maharashtra, India. |
|
Phone |
+91 90961 91222 |
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Website |
SS Retail IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 / 1800 309 4001 |
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Website |