IPO will list on 23 Sep'26
SS Retail Limited
Minimum Investment
₹ 14,840 / 35 shares
Our Verdict:
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- SS Retail is a Kolhapur, Maharashtra-based mobile phone and consumer electronics retailer operating under the 'SS Mobile', 'Mobile Exchange Wala' and 'The Mobile Space' brands across 503 stores; revenue from operations grew from ₹1,206.74 crore (FY24) to ₹2,351.03 crore (FY26), and PAT grew from ₹26.65 crore to ₹59.28 crore over the same period.
- Margins remain structurally thin: PAT margin was just 2.52% in FY26 (up from 2.21% in FY24), typical of a low-margin electronics/mobile retail business, leaving limited cushion to absorb discounting, inventory write-downs or a slowdown in smartphone demand.
- Valuation is a central consideration: at the upper end of the price band, the issue has been priced at a post-issue P/E of approximately 53x and price-to-book of approximately 12.4x on FY26 earnings, a demanding multiple relative to the thin margin profile even though growth and return ratios (ROE ~26-31%, ROCE ~29%) are strong.
- Concentration is genuinely improving but still elevated: Maharashtra's share of revenue eased from 94.07% (FY24) to 89.09% (FY26), and top 10 supplier concentration fell from 88.38% to 79.09% over the same period, but both remain the majority of the business, and mobile phones alone still account for 86.18% of FY26 revenue.
- Consistent, accelerating revenue and profit growth, strong return ratios, and a diversifying (if still concentrated) supplier and geographic base support the fundamentals, but the structurally thin PAT margin, rich valuation multiple, and reliance on franchisee-led store formats (74.19% of FY26 revenue) are real considerations for a working-capital-intensive, inventory-exposed retail business.
About the company
Founded in
14 Jun'16
Managing director
Siddharth Gunvant Shah
- SS Retail is a multi-brand mobile phone and consumer electronics retailer based in Kolhapur, Maharashtra, operating stores under the 'SS Mobile', 'Mobile Exchange Wala' and 'The Mobile Space' brands, selling mobile phones, accessories and other electronic items.
- As of March 31, 2026, the Company operated 503 stores, of which 458 (91.05%) were located in Maharashtra; the store network combines Company-Owned Company-Operated (COCO), Company-Owned Franchisee-Operated (COFO) and Franchisee-Owned Franchisee-Operated (FOFO) formats.
- Mobile phone retailing contributed 86.18% of FY26 revenue from operations, with accessories and other electronic items making up the balance; the COFO and FOFO franchisee-led models together contributed 74.19% of FY26 revenue.
- Promoters: Siddharth Gunvant Shah (Chairman & Managing Director), Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh.
STRENGTHS
- Established Multi-Brand Retail Network: Operates 503 stores under the 'SS Mobile', 'Mobile Exchange Wala' and 'The Mobile Space' brands, retailing mobile phones, accessories and other electronic items.
- Revenue and Profit Growth: Revenue from operations grew from ₹1,206.74 crore (FY24) to ₹2,351.03 crore (FY26); PAT grew from ₹26.65 crore to ₹59.28 crore over the same period.
- Improving Margins: EBITDA margin expanded from 4.68% (FY24) to 5.32% (FY26), and PAT margin improved from 2.21% to 2.52% over the same period.
- Diversifying Supplier and Geographic Base: Top 10 supplier concentration fell from 88.38% (FY24) to 79.09% (FY26), and Maharashtra’s share of revenue eased from 94.07% to 89.09% over the same period.
- Strong Return Ratios: Reported ROE of 26.26%–30.60% and ROCE of 29.30% in FY26, alongside a scalable mix of company-owned and franchisee-operated store formats.
RISK FACTORS
- Product Concentration in Mobile Phones: Mobile phone retailing contributed 86.18% of FY26 revenue from operations (87.58% FY25, 88.31% FY24); any slowdown in mobile phone demand could materially affect the business.
- Geographic Concentration in Maharashtra: 458 of the Company’s stores (91.05% of the total) and 89.09% of FY26 revenue are concentrated in Maharashtra; adverse local conditions could disproportionately affect results.
- Supplier Concentration: Top 10 suppliers accounted for 79.09% of FY26 purchases of traded goods; delays or shortages from key suppliers could adversely affect operations.
- Dependency on Franchisee-Led Store Models: The COFO and FOFO franchisee-led models together contributed 74.19% of FY26 revenue; underperformance or closure of franchisee-operated stores could adversely affect growth.
- Working-Capital Intensive, Inventory-Heavy Business: The business requires significant inventory financing across stores and warehouses; fast-changing smartphone models and technology cycles expose the Company to inventory obsolescence risk.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ ₹500.75 crore
Fresh Issue
₹ ₹360.75 crore
OFS
₹ ₹140 crore
Price range
₹ 403 - 424
Lot size
35 shares
Issue Objective
- Net Proceeds from the Fresh Issue (~₹360.75 crore) are proposed to be used for: (i) funding incremental working capital requirements (~₹241.35 crore); (ii) capital expenditure for fit-outs of new stores (~₹12.45 crore); and (iii) general corporate purposes (balance amount, capped at 25% of Gross Proceeds).
Dates
Bidding open
16 Sep'26
Bidding close
18 Sep'26
Allotment date
21 Sep'26
Refund date
22 Sep'26
Listing
23 Sep'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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