SS Retail
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 214.22×
- Big non-institutionalbNII · above ₹10 lakh
- 165.06×
- Small non-institutionalsNII · ₹2–10 lakh
- 120.85×
- Retail individualRII · up to ₹2 lakh
- 36.00×
- Employeesreserved quota
- 2.72×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 23,01,886 | 49,30,99,775 | ₹20,907 Cr | 214.22× |
| Non-institutional | 17,26,415 | 25,95,27,660 | ₹11,004 Cr | 150.33× |
| Big non-institutionalwithin NII | 11,50,943 | 18,99,79,440 | ₹8,055 Cr | 165.06× |
| Small non-institutionalwithin NII | 5,75,472 | 6,95,48,220 | ₹2,949 Cr | 120.85× |
| Employees | 3,00,752 | 8,17,285 | ₹34.65 Cr | 2.72× |
| Total | 83,57,354 | 89,77,01,245 | ₹38,063 Cr | 107.41× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 18 Sept, 04:06 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 16 Sep 2026 – 18 Sep 2026
- Listing date
- 23 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹403 – ₹424
- Issue price
- ₹424 per share
- Lot size
- 35 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹500 Cr
- Fresh issue
- ₹360 Cr 85,04,075 shares
- Offer for sale
- ₹140 Cr 33,01,884 shares
- Market cap at offer price
- ₹3,153 Cr
- Promoter holding
- 75.74% → 64.86% pre-issue → post-issue
- ISIN
- INE1EQW01028
- CIN
- U51599PN2016PLC164991
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Anand Rathi Advisors Ltd.
- Registered office
- 399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur – 416 003, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 24,21,834 | 28.57% | 27.54% |
| Anchor investor · within QIB | 34,52,829 | — | 39.26% |
| NII (HNI) | 18,16,377 | 21.43% | 20.66% |
| bNII > ₹10L · within NII | 12,10,918 | — | 13.77% |
| sNII < ₹10L · within NII | 6,05,459 | — | 6.89% |
| Retail (RII) | 42,38,213 | 50.00% | 48.20% |
| Employee | 3,17,460 | — | 3.61% |
| Market maker | 0 | — | 0.00% |
| Total issue | 87,93,884 | — | 100.00% |
Net offer to the public of 84,76,424 shares, out of a total issue of 87,93,884. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 35 shares per lot, in multiples, at ₹424
| 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 |
| S-HNI (max) | 67 | 2,345 | ₹9,94,280 |
| B-HNI (min) | 68 | 2,380 | ₹10,09,120 |
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
₹424 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.00 | 7.97 |
| P/E (×) | 47.11 | 53.20 |
| Price to book (×) | 12.35 | — |
| Market cap | — | ₹3,153 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 32.60%
- ROCE
- 25.00%
- Debt / equity
- 0.70
- PAT margin
- 2.52%
- EBITDA margin
- 5.32%
- NAV per share
- ₹34.33
- Price to book
- 12.35
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 2,352.85 | 1,599.96 | 1,208.04 |
| Revenue from operations | 2,351.03 | 1,597.93 | 1,206.74 |
| Other income | 1.82 | 2.03 | 1.3 |
| Total expenses | 2,271.4 | 1,547.07 | 1,172.83 |
| Operating profit | 81.45 | 52.89 | 35.21 |
| Operating margin | 3.46% | 3.31% | 2.91% |
| Profit before tax | 81.45 | 52.89 | 35.21 |
| Profit after tax | 59.28 | 39.86 | 26.64 |
| PAT margin | 2.52% | 2.49% | 2.21% |
| Balance sheet | |||
| Total assets | 575.42 | 389.44 | 278.25 |
| Current assets | 401.61 | 278.56 | 205.48 |
| Current liabilities | 233.75 | 149.94 | 127.81 |
| Total liabilities | 344.08 | 233.25 | 176.73 |
| Net worth | 231.34 | 156.18 | 101.52 |
| Current ratio | 1.72× | 1.86× | 1.61× |
| Return on equity | 25.62% | 25.52% | 26.24% |
| Cash flow | |||
| Operating cash flow | 32.52 | 1.42 | -4.93 |
| Investing cash flow | -30.71 | -11.06 | -13.56 |
| Financing cash flow | 1.81 | 7.17 | 40.05 |
| Net cash flow | 3.62 | -2.47 | 21.57 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 ₹12.45 Cr
The company intends to utilize funds for capital expenditure towards furniture and fixtures, office equipment, and computers and IT systems for opening new stores across Maharashtra, Karnataka, Madhya Pradesh, and Chhattisgarh to strengthen retail network and increase market penetration.
2 Part funding of the incremental working capital requirements of the company ₹241 Cr
The company proposes to utilize funds for incremental working capital requirements primarily towards purchasing inventory including mobile phones, accessories, and other electronic items to support business expansion and existing store operations.
3 General corporate purposes —
The company intends to utilize funds for general corporate purposes including ongoing business exigencies, strategic initiatives, business development, employee welfare activities, administration, insurance, repairs and maintenance, and other approved corporate purposes.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About SS Retail
SS Retail Limited is a multi-brand retail chain specializing in the retail of mobile phones, accessories, and other electronic items. As of March 31, 2026, the company operated 503 stores across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat (commenced in Fiscal 2027), with 458 stores in Maharashtra. According to the Knowledge Company Report, the company is positioned as the largest mobile phone retail chain in West India and in Maharashtra, and the 3rd largest in India amongst its peers. The company generates revenue primarily from mobile phones (86.18% in Fiscal 2026), supplemented by pre-owned smartphones through its Mobile Exchange Wala offering (7.20%), accessories (4.29%), other electronic items (1.39%), and ancillary services (1.10%). The company employs differentiated COFO (Company-Owned Franchisee-Operated) and FOFO (Franchisee-Owned Franchisee-Operated) models with a local partners approach to scale operations across diverse markets including tier II and tier III cities.
Management
Siddharth Gunvant Shah
MD
Harshal Kishor Parekh
COO
Strengths
As stated in the offer document
Largest mobile phone retail chain in West India and Maharashtra
The company operates 503 stores as of March 31, 2026, positioning it as the largest mobile phone retail chain in West India and Maharashtra and the 3rd largest in India among peers, with a CAGR of 45.99% store growth from March 2024 to March 2026.
Differentiated COFO and FOFO Models with Local Partners Approach
The company operates 62.82% COFO Model and 20.48% FOFO Model stores as of March 31, 2026, using local franchisee partners which accelerates customer acquisition while reducing customer acquisition costs and helps capitalize on local market understanding.
Established track record in tier II and tier III cities
The company focuses on tier II and tier III cities with 17.89% and 51.69% of stores respectively as of March 31, 2026, achieving revenue growth CAGR of 37.21% and 35.48% respectively between Fiscal 2024 to Fiscal 2026.
Broad product mix with strong procurement model
The company retails mobile phones (86.18% of revenue), pre-owned smartphones through 'Mobile Exchange Wala' (7.20% revenue growth), and accessories, with sales per square feet of ₹ 1,46,347.03 in Fiscal 2026 - highest among peers.
Consistent financial performance and growth track record
The company achieved revenue growth from ₹ 12,067.43 million in Fiscal 2024 to ₹ 23,510.31 million in Fiscal 2026 at CAGR of 39.58% - highest among peers, with credit rating enhanced by CRISIL from A2+ to A1.
Experienced promoter and management team
The company is led by founder Siddharth Gunvant Shah with 24+ years retail industry experience, recipient of '40 under 40' award from BW Retail World in 2024, supported by experienced management team with domain expertise.
Risk factors
As stated in the offer document
Significant Revenue Concentration in Mobile Phone Retailing
The company derives 86.18%, 87.58% and 88.31% of revenue from operations from retailing mobile phones during Fiscals 2026, 2025 and 2024, respectively. Any economic slowdown or factors affecting the mobile phone industry could adversely impact the company's business, financial condition, and operating results.
Heavy Dependence on Top 10 Suppliers
The company is significantly reliant on arrangements with top 10 suppliers for procuring mobile phones, accessories and other electronic items, representing 79.09%, 89.42% and 88.38% of purchase of traded goods during Fiscal 2026, 2025 and 2024, respectively. The company typically does not enter into long-term agreements with suppliers and purchases are based on purchase orders, creating supply chain vulnerability.
Geographic Revenue Concentration in Maharashtra
The company derives 89.09%, 92.32% and 94.07% of revenue from operations from Maharashtra during Fiscal 2026, 2025 and 2024, respectively, with 458 stores (91.05% of total stores) located in Maharashtra as of March 31, 2026. This concentration exposes the company to risks arising from changes in political, social and economic conditions specific to Maharashtra.
Working Capital Intensive Business Operations
The company's net working capital requirements have increased from ₹1,556.85 million as on March 31, 2024 to ₹2,966.58 million as on March 31, 2026, primarily due to inventory requirements. The company proposes to utilize ₹2,413.47 million from Net Proceeds towards incremental net working capital requirements for Fiscal 2027 and 2028.
Dependence on Franchisee-Led Business Models
The company primarily focuses on COFO and FOFO models which cumulatively contributed 74.19%, 78.03% and 77.79% of revenue from operations during Fiscal 2026, 2025 and 2024, respectively. If these franchisee-led models are not successful in the future or do not grow at the same rate, it may adversely impact business growth and prospects.
High Competition from Organized and Unorganized Players
The company operates in a highly competitive environment comprising both organised and unorganised players, exclusive brand outlets, and e-commerce platforms. Online mobile phone sales in India were valued at ₹1,339 billion in Fiscal 2024 with market share increasing from 35.3% in FY2019 to 41.5% in Fiscal 2024, creating pricing pressures and potential market share loss.
Significant Outstanding Indebtedness and Financial Covenants
The company has incurred indebtedness aggregating to ₹2,752.21 million as of July 31, 2026. Financing agreements contain covenants that might limit flexibility in operating the business, and any breach of terms or inability to comply with repayment obligations could adversely affect business and financial condition.
Company Analysis
from RHPSS Retail Limited is a multi-brand retail chain for mobile phones, accessories, and other electronic items operating across 5 states in India.
SS Retail Limited is a multi-brand retail chain specializing in the retail of mobile phones, accessories, and other electronic items. As of March 31, 2026, the company operated 503 stores across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat (commenced in Fiscal 2027), with 458 stores in Maharashtra. According to the Knowledge Company Report, the company is positioned as the largest mobile phone retail chain in West India and in Maharashtra, and the 3rd largest in India amongst its peers. The company generates revenue primarily from mobile phones (86.18% in Fiscal 2026), supplemented by pre-owned smartphones through its Mobile Exchange Wala offering (7.20%), accessories (4.29%), other electronic items (1.39%), and ancillary services (1.10%). The company employs differentiated COFO (Company-Owned Franchisee-Operated) and FOFO (Franchisee-Owned Franchisee-Operated) models with a local partners approach to scale operations across diverse markets including tier II and tier III cities.
Objects of the Issue
- Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 ₹ 124.53 million p.6
- Part funding of the incremental working capital requirements of our Company ₹ 2,413.47 million p.6
- General corporate purposes p.6
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹ 10 each, aggregating up to ₹ 5,000.00 million
- Fresh Issue
- Fresh issue of up to [●] Equity Shares of face value of ₹ 10 each, aggregating up to ₹ 3,600.00 million
- Offer for Sale
- Offer for sale of up to [●] Equity Shares of face value of ₹ 10 each, aggregating up to ₹ 1,400.00 million
- Face Value
- ₹ 10 per Equity Share
Business Model
SS Retail Limited operates as a multi-brand retail chain, generating revenue through the retail sale of mobile phones, pre-owned smartphones (Mobile Exchange Wala), accessories, other electronic items, and ancillary services including mobile protection plans, mobile recharge, and anti-theft software. The company uses differentiated COFO and FOFO models with a local partners approach, which cumulatively contributed 74.19% of revenue from operations in Fiscal 2026.
Business Segments
SWOT Analysis
- • Market leadership in West India and Maharashtra retail(p.2)
- • Scalable COFO and FOFO franchise models(p.4)
- • Established multi-market presence across tier cities(p.4)
- • Diversified product portfolio with strong procurement(p.4)
- • Experienced promoter team with domain expertise(p.4)
- • Consistent financial performance and growth trajectory(p.4)
- • Extreme revenue concentration in Maharashtra(p.11)
- • High dependence on mobile phone category(p.11)
- • Critical supplier concentration risk(p.11)
- • High working capital intensity of business model(p.11)
- • Legal non-compliance on property registrations(p.12)
- • Strong structural growth in India's mobile market(p.5)
- • Rapidly expanding pre-owned smartphone market(p.5)
- • Expand into adjacent geographies(p.4)
- • Higher-margin accessories and electronics expansion(p.5)
- • Direct brand tie-up strategy for category growth(p.5)
- • Economic sensitivity of mobile phone consumer demand(p.11)
- • Supplier disruption risk to business continuity(p.11)
- • Maharashtra-specific political, social and economic risks(p.11)
- • Risk to franchise model execution and growth(p.11)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Siddharth Gunvant Shah | Promoter/Promoter Selling Shareholder | 51.03% | — |
| Deepa Siddharth Shah | Promoter/Promoter Selling Shareholder | 13.27% | — |
| Harshal Kishor Parekh | Promoter/Promoter Selling Shareholder | 8.44% | — |
| Bhavini Harshal Parekh | Promoter/Promoter Selling Shareholder | 2.96% | — |
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| SS Retail Ltd. THIS ISSUE | 9.11 | 34.33 | 53.20, computed at the offer price | 12.35, computed at the offer price | 32.60% |
| 9.07 | 53.26 | 66.29 | 11.30 | 18.38% | |
| 2.78 | — | 62.66 | — | 6.81% | |
| 8.59 | — | 14.41 | — | 13.74% | |
| 6.63 | 40.25 | 15.08 | 2.50 | 17.94% | |
| 1.31 | 7.08 | 24.44 | 4.57 | 15.16% | |
| 7.09 | 46.31 | 8.46 | 1.30 | 29.32% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.