Incorporated June 2016, SS Retail Ltd. is a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. It primarily focuses on Tier II and Tier III and beyond cities and, as of March 31, 2026, operated 503 stores across 215 cities, covering approximately 2,41,365 sq. ft.
The Company operates under its proprietary brands ‘SS Mobile’, ‘Mobile Exchange Wala’ and ‘The Mobile Space’ through a combination of company-owned and franchisee-operated store formats. Its product portfolio includes mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets, along with ancillary services such as mobile protection plans, EMI facilities, anti-theft software and mobile recharge services. As of July 31, 2026, its retail network had expanded to 536 stores covering approximately 2,60,597 sq. ft.
The Company follows a scalable retail model comprising COCO, COFO and FOFO formats and uses local franchisee partnerships to expand its presence in regional markets. During Fiscal 2026, it acquired 51.04% shareholding in Olineo Nexus India Private Limited, adding 34 stores to its network. As of March 31, 2026, the Company was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among its peers, according to the cited industry report.
As of March 31, 2026, the Company had 689 permanent employees, comprising personnel across management, accounts and audit, operations, sales, sales support, supply chain and HR and administration.
Competitive Strengths
- Large and rapidly expanding retail store network.
- Scalable COCO, COFO and FOFO business models.
- Strong presence in Tier II and Tier III and beyond cities.
- Strong customer reach through local franchisee partnerships.
- Largest mobile phone retail chain in West India and Maharashtra.
- Experienced Promoter and management team with strong domain expertise.
- Wide product portfolio with focus on mobile phones, accessories and electronic items.
- Established brand presence through SS Mobile, Mobile Exchange Wala and The Mobile Space.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 | ₹12 |
| Part funding of the incremental working capital requirements of Company | ₹417 |
| General Corporate Purposes | — |
| — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 575 | 389 | 278 |
| Revenue | 2,353 | 1,600 | 1,208 |
| PAT | 59 | 40 | 27 |
| EBITDA | 125 | 80 | 57 |
| Net Worth | 226 | 141 | 102 |
| Reserves | 160 | 128 | 89 |
| Total Borrowing | 163 | 125 | 110 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 86.22 | 5,788,405 | 496,178,590 |
| NII / HNI | 149.97 | 1,736,523 | 258,907,215 |
| Retail (RII) | 37.11 | 4,051,886 | 149,474,045 |
| Employee | — | 300,752 | — |
| Total | 0.76 | 229,145 | 229,145 |
* Amount calculated at upper price band (₹424) · ** Total includes all investor categories
- 1 Initiation of Refund 22 Sep 2026
- 2 Credit of Shares to Demat 22 Sep 2026
- 3 Lock-in Period (30%) Wed, Oct 21, 2026
- 4 Lock-in Period (50%) Sun, Dec 20, 2026
- The IPO P/E of 53x reflects a weak valuation relative to typical market ranges.
- Pre-issue EPS of ₹9 compares to post-issue EPS of ₹8 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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