SS Retail IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

SS Retail

Price band

₹403 – ₹424

Lot size

35 shares

Min investment

₹14,840

Issue size

₹500 Cr

About the company

SS Retail Ltd was started in June 2016. It runs a multi-brand retail chain selling mobile phones, accessories and other electronic items. Its focus is on Tier II and Tier III and smaller cities rather than the metros. It sells under its own store brands, SS Mobile, Mobile Exchange Wala and The Mobile Space, and runs them through a mix of formats. Some stores are owned and operated by the company itself, and others are run by franchisees, which lets it expand into regional markets using local partners without putting up all the capital. Its products include new mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets. It also sells services alongside, such as mobile protection plans, EMI facilities, anti-theft software and mobile recharge. As on 31 March 2026 it operated 503 stores across 215 cities covering about 2,41,365 square feet, and by 31 July 2026 this had grown to 536 stores covering about 2,60,597 square feet. During FY2026 it bought a 51.04% stake in Olineo Nexus India Private Limited, which added 34 stores. As on 31 March 2026 the company had 689 permanent employees.

SS Retail Ltd runs a multi-brand mobile phone and electronics retail chain focused on Tier II and Tier III cities across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. It operated 503 stores across 215 cities as on 31 March 2026, rising to 536 stores by 31 July 2026, under the SS Mobile, Mobile Exchange Wala and The Mobile Space brands.

IPO details

Issue price: ₹424
Price band: ₹403 – ₹424
Face value: ₹10
Lot size: 35
Min investment: ₹14,840
Issue size: ₹500 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7975
NSE symbol: SSRETAIL.NS
Employee discount: Rs 25.00 per share

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	35	₹14,840
Retail (Max)	13	455	₹1,92,920
S-HNI (Min)	14	490	₹2,07,760
B-HNI (Min)	68	2,380	₹10,09,120

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII	Not less than 15% of the Net Offer

Objects of the issue

1Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 202812.45

2Part funding of the incremental working capital requirements of Company416.53

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	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

Key performance indicators

P/E Ratio

53.2

EPS (₹)

7.97

RoE

30.60%

RoCE

29.30%

RoNW

32.60%

PAT Margin

2.52%

EBITDA Margin

5.32%

Debt / Equity

0.70

NAV (₹)

34.33

✓ Strengths

• Sales have almost doubled in two years, from Rs 1,208.04 crore in FY2024 to Rs 1,599.96 crore in FY2025 and Rs 2,352.85 crore in FY2026.

• Profit has more than doubled over the same period, from Rs 26.65 crore to Rs 59.28 crore.

• EBITDA has grown from Rs 56.50 crore in FY2024 to Rs 125.15 crore in FY2026.

• Return ratios are strong, with RoNW of 32.60% and RoCE of 29.30%.

• The store network is large and still growing, from 503 stores across 215 cities in March 2026 to 536 stores by July 2026.

• Using a mix of company owned and franchisee run stores lets it expand without funding every store itself.

• It sells services alongside the handsets, including protection plans, EMI, anti-theft software and recharge, which earn better than the phone itself.

• Focusing on Tier II and Tier III cities puts it where organised mobile retail is still expanding rather than in saturated metro markets.

⚠ Risks

• This is by far the most expensive issue in the current batch on earnings, at about 53.2 times on an EPS of Rs 7.97.

• The profit margin is very thin at 2.52%. Mobile retail is a low margin trade where the handset cost is almost the whole selling price.

• Very little of the money goes into growth. Rs 416.53 crore of the Rs 500.75 crore issue goes into working capital, that is stock, and only Rs 12.45 crore into fit-outs for new stores.

• Borrowing has risen every year, from Rs 110.43 crore in FY2024 to Rs 162.59 crore in FY2026.

• The post issue promoter holding is not stated in the data available to us, so the extent of dilution is not clear.

• Competition is severe, from online sellers such as Amazon and Flipkart, from brand exclusive stores and from large national electronics chains.

• Sales depend on handset launch cycles and on consumer financing schemes, both of which are outside the company's control.

• The 51.04% acquisition of Olineo Nexus was made only during FY2026, so that part of the network is newly integrated and unproven.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

Promoters & holding

Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh

Pre-issue promoter holding

75.74%

Post-issue promoter holding

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Data refreshed 07 Nov 2026, 04:56 pm IST. GMP is unofficial market sentiment, not investment advice.