Mehul Telecom
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Apr 2026 | ₹3.75 | +3.83% | ₹3,400 | ₹101.75 | ₹4,500 |
| 23 Apr 2026 | ₹3.75 | +3.83% | ₹3,400 | ₹101.75 | ₹4,500 |
| 22 Apr 2026 | ₹3 | +3.06% | ₹2,700 | ₹101 | ₹3,600 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 17 Apr 2026 – 21 Apr 2026
- Listing date
- 24 Apr 2026
- Face value
- ₹1 per share
- Price band
- ₹96 – ₹98
- Issue price
- ₹98 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹27.73 Cr
- Market cap at offer price
- ₹102 Cr
- Promoter holding
- 94.25% → 68.74% pre-issue → post-issue
- ISIN
- INE1K0V01011
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Cumulative Capital Pvt.Ltd.
- Registered office
- West Gate Shop 223, 150 Ft Ring Road, Raiya Road, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 7,89,600 | — | — |
| Market maker | 1,44,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹98
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,17,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,35,200 |
| S-HNI (max) | 8 | 9,600 | ₹9,40,800 |
| B-HNI (min) | 9 | 10,800 | ₹10,58,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹98 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.53 | 9.02 |
| P/E (×) | 13.01 | 10.86 |
| Price to book (×) | 4.17 | — |
| Market cap | — | ₹102 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 35.31%
- ROCE
- 47.16%
- PAT margin
- 5.00%
- EBITDA margin
- 6.63%
- NAV per share
- ₹23.49
- Price to book
- 4.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mehul Telecom
Mehul Telecom Limited (formerly Mehul Telecom Private Limited) was incorporated on May 17, 2023, and took over the business of M/s Mehul Telecom, a sole proprietorship established in FY 2007-08. The company was converted to a public limited company on March 20, 2025. Mehul Telecom operates a retail business focused on distributing telecom products including mobile devices, accessories, and related gadgets from brands such as MI, Samsung, Vivo, Oppo, Realme, Nokia, OnePlus, and others. The company generates revenue through both company-owned and company-operated stores (COCO) and franchise-owned and franchise-operated stores (FOFO). As of December 31, 2025, the company operated 80 stores across Gujarat. The business is high-volume, low-margin, relying on effective turnover growth and cost management. The company has generated revenues of ₹15,198.76 lakhs in the stub period ended December 31, 2025, with operations concentrated in two districts—Rajkot and Morbi—which together accounted for 82.36% of total revenue.
Company Analysis
from RHPMehul Telecom Limited is a multi-brand retailer of mobile phones, accessories, and telecom-related gadgets operating through company-owned and franchise-operated stores primarily in Gujarat, India.
Mehul Telecom Limited (formerly Mehul Telecom Private Limited) was incorporated on May 17, 2023, and took over the business of M/s Mehul Telecom, a sole proprietorship established in FY 2007-08. The company was converted to a public limited company on March 20, 2025. Mehul Telecom operates a retail business focused on distributing telecom products including mobile devices, accessories, and related gadgets from brands such as MI, Samsung, Vivo, Oppo, Realme, Nokia, OnePlus, and others. The company generates revenue through both company-owned and company-operated stores (COCO) and franchise-owned and franchise-operated stores (FOFO). As of December 31, 2025, the company operated 80 stores across Gujarat. The business is high-volume, low-margin, relying on effective turnover growth and cost management. The company has generated revenues of ₹15,198.76 lakhs in the stub period ended December 31, 2025, with operations concentrated in two districts—Rajkot and Morbi—which together accounted for 82.36% of total revenue.
Objects of the Issue
- Working Capital p.39
- General Corporate Purposes p.39
- Funding of working capital needs ₹2,295.00 lakhs p.86
- General corporate purposes p.92
- Issue related expenses p.92
Issue Structure
- Total Issue
- Upto 28,29,600 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Upto 28,29,600 Equity Shares
- Offer for Sale
- Nil
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●]
- Face Value
- ₹ 10/- each
Business Model
The company generates revenue through retail distribution of mobile phones and accessories via two models: (1) Company-Owned Company-Operated (COCO) stores, which accounted for 72.43% of revenue in the stub period ended December 31, 2025, and (2) Franchise-Owned Franchise-Operated (FOFO) stores, which accounted for 27.57% of revenue. The business model is characterized as high-volume, low-margin, dependent on regular turnover growth and cost control of non-core activities. Revenue is derived from the sale of mobile devices, accessories, and related gadgets from leading manufacturers.
Business Segments
SWOT Analysis
- • Multi-brand retail presence with leading smartphone brands(p.91)
- • Significant store expansion and network coverage in Gujarat(p.91)
- • Strong profitability and Return on Equity metrics(p.99)
- • Experienced and committed promoter leadership(p.78)
- • Hybrid COCO and FOFO model enabling scalable growth(p.91)
- • Solid revenue growth trajectory(p.99)
- • Extensive multi-brand retail network across 80 stores in 15 districts of Gujarat with both COCO and FOFO models(p.136)
- • Experienced promoters with 17+ years in retail distribution, sales and marketing(p.136)
- • Comprehensive product portfolio with ~1100 SKUs for smartphones and 500 SKUs in accessories from leading brands(p.136)
- • Strategic high-traffic store locations with trained sales staff providing hands-on customer experience(p.136)
- • Capital-efficient FOFO franchise model enabling rapid expansion with minimal investment(p.136)
- • Strong financial partnerships offering diverse POS financing options to customers(p.137)
- • Strong brand recognition with multiple awards from major brand partners including Samsung, Realme, Vivo and Oppo(p.137)
- • Established promoter with deep industry experience in mobile retail(p.179)
- • Strong governance structure with independent directors on board(p.169)
- • Significant growth in revenue and profitability(p.191)
- • Healthy current ratio indicating short-term liquidity(p.210)
- • Established business operations with 19 years combined promoter experience(p.253)
- • Multi-brand retail model with diverse product offerings(p.253)
- • Hybrid expansion model balancing control with scalability(p.254)
- • Strong financial growth trajectory with improving margins(p.256)
- • Improved profitability through stronger purchasing power(p.255)
- • Limited operating history as a company(p.29)
- • High concentration of revenue from two districts (Rajkot and Morbi)(p.29)
- • Negative cash flow from operating activities in recent years(p.32)
- • Dependence on leased premises not owned by the company(p.34)
- • High reliance on top customers for revenue(p.31)
- • Heavy dependence on franchise model (FOFO) with limited direct control(p.34)
- • Reliance on third-party logistics and distributors(p.35)
- • Concentration of supplier base(p.35)
- • Geographic concentration in single state with limited diversification(p.91)
- • High inventory holding requirements tying up working capital(p.91)
- • Significant working capital gap and funding requirements(p.89)
- • Relatively small scale compared to industry peers(p.101)
- • Relatively low PAT margin compared to peers(p.99)
- • Highly concentrated revenue with top franchisee generating 12.39% of FOFO revenue(p.129)
- • Geographic concentration with 65.26% of revenue from Rajkot district alone(p.131)
- • Limited operational scale with only 27 core employees across all functions(p.144)
- • High employee attrition rate of 33.33% in FY2025(p.144)
- • Very limited scale with only 80 stores and significant dependence on founders for strategy and execution(p.126)
- • Heavy reliance on telecom accessories distribution—single sector concentration(p.202)
- • High debt levels relative to equity(p.213)
- • Significant dependence on a limited number of store locations for revenue(p.190)
- • Very recent organizational formation (incorporated May 2023)(p.202)
- • High dependence on cost of goods sold as major expense component(p.255)
- • Significant supplier concentration with top supplier at 14.56% of purchases(p.269)
- • Low absolute net profit margins despite growth(p.255)
- • Concentrated store presence limited to Gujarat(p.254)
- • Outstanding tax demands and TDS defaults(p.275)
- • Expansion beyond Gujarat into new states and cities(p.92)
- • Growing smartphone penetration and digital payment adoption in India(p.91)
- • India's position as fastest-growing major economy attracting investments(p.109)
- • Growing connected lifestyle and accessories market beyond handsets(p.91)
- • Strong projected GDP growth in India supporting consumer spending(p.107)
- • Expand presence across Gujarat with plans for 3-4 additional COCO stores, focusing on districts with low store count but high footfalls(p.137)
- • Diversification into consumer durables segment including washing machines and air conditioners to reduce product concentration(p.137)
- • Leverage increasing smartphone market growth with India as second-largest mobile phone manufacturer targeting 1 billion handsets by 2025(p.124)
- • Capitalize on India's rapidly growing electronics sector with projected reach of US$300 billion manufacturing and US$120 billion exports by 2025-26(p.122)
- • Benefit from India's digital transformation and middle-class expansion driving electronics consumption, with India poised to become fifth-largest consumer of electronic products by 2025(p.123)
- • Expand through digital marketing and social media to increase brand visibility in competitive market(p.137)
- • Expansion of retail footprint beyond current Rajkot operations(p.159)
- • Growth in mobile phone and accessories market in India(p.191)
- • Potential for online sales and omnichannel distribution(p.159)
- • Opportunity to enhance value-added services beyond product sales(p.234)
- • Geographic expansion beyond Gujarat(p.255)
- • Growing smartphone and accessory market penetration(p.255)
- • Leveraging increased purchasing power with suppliers(p.255)
- • Expanding connected lifestyle products and services(p.253)
- • Rising competition from online retailers and e-commerce platforms(p.34)
- • Low barriers to entry in mobile and accessories retail business(p.34)
- • Geographic concentration risk in Gujarat market(p.29)
- • Price volatility in mobile phones and accessories market(p.35)
- • Risk of changing tax laws and GST amendments(p.46)
- • Dependence on brand recognition and reputation of products sold(p.35)
- • Economic slowdown and political instability risks(p.47)
- • Cyclical nature of retail business affecting inventory levels(p.39)
- • Intense competition from organized and unorganized retail players
- • Smartphone market cyclicality and technology obsolescence risk(p.91)
- • Supply chain and inventory management risks(p.90)
- • Economic policy uncertainty and potential tariff impacts on costs(p.109)
- • Global economic slowdown impacting consumer demand(p.106)
- • Highly competitive market with online platforms, brand-owned stores, electronics chains and local retailers all having stronger financial resources(p.143)
- • Risk of online penetration and market share erosion from e-commerce platforms in tier-II and tier-III cities(p.143)
- • Product concentration with smartphones comprising 98.63% of revenue, creating vulnerability to product-specific disruptions(p.130)
- • Geographic concentration risk with Gujarat as sole operating state leaves company vulnerable to state-specific economic or regulatory shocks(p.131)
- • Rising tariffs and trade restrictions globally impacting electronics supply chains and input costs, with over 3,000 trade restrictions implemented globally in 2024 alone(p.114)
- • Supply chain vulnerabilities including dependency on manufacturer-managed logistics and potential disruptions from geopolitical risks(p.145)
- • Intense competition from large retail chains and e-commerce platforms(p.159)
- • Volatility in mobile phone prices and margin compression(p.200)
- • Dependence on supplier relationships and inventory management risks(p.190)
- • Regulatory and tax compliance changes in retail sector(p.196)
- • High competitive intensity in mobile retail industry(p.255)
- • Volatility in smartphone and semiconductor component prices(p.255)
- • Sensitivity to consumer spending patterns and economic cycles(p.255)
- • Seasonal business volatility(p.268)
- • Dependence on limited number of suppliers for significant revenue(p.255)
- • Technological disruption and industry changes(p.255)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mehul Vasantbhai Raymagiya | Promoter | — | up to 94.25% (Promoters and Promoter Group collectively post-Issue) |
| Raymagiya Hemali Mehulbhai | Promoter | — | up to 94.25% (Promoters and Promoter Group collectively post-Issue) |
| Mehul Vasantbhai Raymagiya | Promoter | 52.27% | — |
| Raymagiya Hemali Mehulbhai | Promoter | 41.98% | — |
| Mehul Vasantbhai Raymagiya | Promoter | — | — |
| Raymagiya Hemali Mehulbhai | Promoter | — | — |
| Mehul Vasantbhai Raymagiya | Promoter | 52.27% | — |
| Raymagiya Hemali Mehulbhai | Promoter | 41.98% | — |
| Mehul Vasantbhai Raymagiya | Promoter | — | — |
| Raymagiya Hemali Mehulbhai | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.