1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | SS Retail Limited |
| IPO Type | 100% Book Built Offer; Fresh Issue + Offer for Sale |
| Fresh Issue | ₹3,600.00 million |
| Offer for Sale | ₹1,400.00 million |
| Total Offer Size | ₹5,000.00 million (₹500 Cr) |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹403 to ₹424 per Equity Share |
| Lot Size | 35 Equity Shares |
| Minimum Application | ₹14,105 at ₹403 / ₹14,840 at ₹424 |
| Anchor Investor Bidding | September 15, 2026 |
| Bid/Offer Opens | September 16, 2026 |
| Bid/Offer Closes | September 18, 2026 |
| Basis of Allotment | On or about September 21, 2026 |
| Refund / Unblocking | On or about September 22, 2026 |
| Credit of Equity Shares | On or about September 22, 2026 |
| Listing / Trading | September 23, 2026 |
| Listing Exchanges | BSE and NSE; NSE is the Designated Stock Exchange |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Anand Rathi Advisors Limited; Emkay Global Financial Services Limited |
2. IPO Details
| Particular | At Floor Price ₹403 | At Cap Price ₹424 |
|---|
| Fresh Issue Shares | 8,932,009 | 8,508,298 |
| Fresh Issue Amount | ₹3,600 million | ₹3,600 million |
| Offer for Sale Shares | 3,473,945 | 3,301,884 |
| Offer for Sale Value | ₹1,400 million | ₹1,400 million |
| Total Issue Shares | 12,405,954 | 11,810,182 |
| Pre-Issue Shares | 65,863,500 | 65,863,500 |
| Post-Issue Shares | 74,795,509 | 74,371,798 |
| Post-Issue Market Capitalisation | ₹3,014.299 Cr | ₹3,152.612 Cr |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|
| QIB | Not more than 50% of Net Offer |
| Non-Institutional Investors | Not less than 15% of Net Offer |
| Retail Individual Investors | Not less than 35% of Net Offer |
| Employee Reservation | Up to ₹120.00 million, constituting up to 5% of post-offer paid-up equity share capital |
| Anchor Investors | Up to 60% of QIB Portion may be allocated on a discretionary basis |
| Mutual Funds | 5% of Net QIB Portion reserved for Mutual Funds, subject to valid bids |
4. IPO Lot Size
| Application | Lots | Shares | Amount at ₹403 | Amount at ₹424 |
|---|
| Retail (Min) | 1 | 35 | ₹14,105 | ₹14,840 |
| Retail (Max) | 13 | 455 | ₹1,83,365 | ₹1,92,920 |
| S-HNI (Min) | 14 | 490 | ₹1,97,470 | ₹2,07,760 |
| S-HNI (Max) | 67 | 2,345 | ₹9,45,035 | ₹9,94,280 |
| B-HNI (Min) | 68 | 2,380 | ₹9,59,140 | ₹10,09,120 |
5. About the Company
SS Retail Limited is a multi-brand retail chain for mobile phones, accessories and other electronic items. The company operates across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat.
As of March 31, 2026, the company operated 503 stores, including 458 stores in Maharashtra. The RHP states that, according to the Knowledge Company Report, this positioned the company as the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among the peers considered.
The company operates through COCO (Company Owned and Company Operated), COFO (Company Owned and Franchisee Operated) and FOFO (Franchisee Owned and Franchisee Operated) models, along with corporate sales.
The company acquired majority shareholding in Olineo Nexus India Private Limited in Fiscal 2026. Olineo operates a mobile retail franchise network and was consolidated in Fiscal 2026.
6. Restated Financial Information
| Particulars (₹ million except EPS) | FY2026 (Consolidated) | FY2025 (Standalone) | FY2024 (Standalone) |
|---|
| Revenue from Operations | 23,510.31 | 15,979.31 | 12,067.43 |
| Other Income | 18.23 | 20.30 | 13.00 |
| Total Income | 23,528.54 | 15,999.61 | 12,080.43 |
| Purchase of Traded Goods | 21,741.13 | 14,744.62 | 11,288.66 |
| Changes in Inventories of Traded Goods | (1,094.96) | (696.58) | (508.63) |
| Employee Benefits Expense | 407.72 | 247.72 | 192.53 |
| Finance Costs | 164.68 | 126.85 | 99.74 |
| Depreciation & Amortisation | 290.53 | 168.98 | 126.19 |
| Other Expenses | 1,204.93 | 879.14 | 529.85 |
| Total Expenses | 22,714.03 | 15,470.73 | 11,728.34 |
| PBT | 814.51 | 528.88 | 352.09 |
| Tax Expense | 221.69 | 130.27 | 85.64 |
| PAT | 592.82 | 398.61 | 266.45 |
| Basic EPS (₹) | 9.11 | 6.13 | 4.10 |
| Diluted EPS (₹) | 9.11 | 6.13 | 4.10 |
| Total Equity (₹ million) | 2,313.36 | 1,561.84 | 1,015.17 |
| Net Asset Value / Share (₹) | 34.33 | 23.92 | 15.62 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|
| New Stores Opened | 183 | 123 | 60 |
| Cumulative Stores | 503 | 347 | 236 |
| Total Retail Area (sq. ft.) | 2,41,365 | 1,79,633 | 1,18,448 |
| Sales per sq. ft. (₹) | 1,46,347.03 | 1,20,188.73 | 1,15,340.99 |
| SSSG | 11.17% | 13.43% | NA |
| Store Closure Rate | 5.37% | 3.46% | 2.12% |
| Revenue from Operations (₹ Mn) | 23,510.31 | 15,979.31 | 12,067.43 |
| Revenue Growth | 47.13% | 32.42% | 45.03% |
| Gross Profit (₹ Mn) | 2,864.14 | 1,931.27 | 1,287.40 |
| Gross Profit Margin | 12.18% | 12.09% | 10.67% |
| Operating EBITDA (₹ Mn) | 1,251.49 | 804.41 | 565.02 |
| Operating EBITDA Margin | 5.32% | 5.03% | 4.68% |
| PBT (₹ Mn) | 814.51 | 528.88 | 352.09 |
| PBT Margin | 3.46% | 3.31% | 2.92% |
| PAT (₹ Mn) | 592.82 | 398.61 | 266.45 |
| PAT Margin | 2.52% | 2.49% | 2.21% |
| Total Equity incl. NCI (₹ Mn) | 2,313.36 | 1,561.84 | 1,015.17 |
| Debt Service Coverage Ratio | 0.72x | 0.60x | 0.48x |
| Net Debt (₹ Mn) | 1,331.35 | 940.96 | 780.08 |
| Net Debt / Operating EBITDA | 1.06x | 1.17x | 1.38x |
| Net Debt / Total Equity | 0.58x | 0.60x | 0.77x |
| ROE | 30.60% | 30.94% | 30.20% |
| ROCE | 29.30% | 25.78% | 25.91% |
| ROCE (Post-Tax) | 22.54% | 20.50% | 20.85% |
| Inventory Turnover | 8.83x | 9.11x | 10.49x |
| Net Working Capital Days | 46 | 51 | 47 |
| Basic EPS (₹) | 9.11 | 6.13 | 4.10 |
| NAV per Share (₹) | 34.33 | 23.92 | 15.62 |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Floor Price | ₹403 |
| Cap Price | ₹424 |
| FY2026 Basic EPS | ₹9.11 |
| FY2026 Diluted EPS | ₹9.11 |
| P/E at Floor Price | 44.24x |
| P/E at Cap Price | 46.54x |
| Average Industry Peer P/E | 31.89x |
| Weighted Average RoNW – Last Three Financial Years | 32.28% |
| Post-Offer Market Capitalisation at Floor Price | ₹30,142.99 million |
| Post-Offer Market Capitalisation at Cap Price | ₹31,526.12 million |
| WACA – Last 3 Years | ₹7.57 |
| WACA – Last 18 Months | ₹3.27 |
| WACA – Last 1 Year | N |
9. Peer Comparison – FY2026
| Company | Revenue ₹Mn | Basis | P/E | Basic EPS | Diluted EPS | RoNW | NAV ₹ |
|---|
| SS Retail Limited | 23,510.31 | Consolidated | NA | 9.11 | 9.11 | 32.60% | 34.33 |
| Aditya Vision Limited | 26,716.18 | Standalone | 66.29 | 9.07 | 9.05 | 18.38% | 53.26 |
| Electronics Mart India Limited | 71,832.62 | Consolidated | 62.66 | 2.78 | 2.78 | 6.81% | NA |
| Jay Jalaram Technologies Limited | 8,518.23 | Consolidated | 14.41 | 8.59 | 8.59 | 13.74% | NA |
| Fonebox Retail Limited | 5,350.78 | Standalone | 15.08 | 6.63 | 6.63 | 17.94% | 40.25 |
| Bhatia Communications & Retail (India) Limited | 5,914.25 | Standalone | 24.44 | 1.31 | 1.31 | 15.16% | 10.33 |
| Umiya Mobile Limited | 8,360.97 | Standalone | 8.46 | 7.09 | 7.09 | 29.32% | 46.31 |
Peer Operating & Financial KPI Comparison – FY2026
| Metric | SS Retail | Electronics Mart | Aditya Vision | Jay Jalaram | Umiya Mobile | Bhatia | Fonebox |
|---|
| New Stores Opened | 183 | 29 | 32 | NA | NA | 103 | NA |
| Cumulative Stores | 503 | 223 | 207 | 180+ | 401 | 340 | 275 |
| Retail Area (sq. ft.) | 2,41,365 | 19,40,000 | 9,13,725 | NA | NA | 2,60,304 | NA |
| Sales / sq. ft. | 1,46,347.03 | NA | 41,000+ | NA | NA | 22,851 | NA |
| SSSG | 11.17% | 5.30% | 8.00% | NA | NA | NA | NA |
| Store Closure Rate | 5.37% | 2.69% | NA | NA | NA | NA | NA |
| Revenue Growth | 47.13% | 3.14% | 18.22% | 27.62% | 39.08% | 33.59% | 56.12% |
| Gross Profit Margin | 12.18% | 14.44% | 15.55% | 7.27% | 1.38% | 10.07% | 10.80% |
| Operating EBITDA Margin | 5.32% | 6.10% | 8.53% | 1.80% | -3.97% | 4.15% | 2.02% |
| PAT Margin | 2.52% | 1.49% | 4.38% | 1.21% | 1.10% | 2.83% | 1.27% |
| ROE | 30.60% | 6.79% | 18.38% | 13.74% | 29.48% | 15.16% | 17.95% |
| ROCE | 29.30% | 11.22% | 19.93% | 10.86% | -73.93% | 18.66% | 25.54% |
| ROCE (Post-Tax) | 22.54% | 9.78% | 15.68% | 8.47% | -80.66% | 13.58% | 18.75% |
| Inventory Turnover | 8.83x | 5.79x | 3.47x | 8.52x | 9.60x | 7.40x | 9.66x |
| NWC Days | 46 | 71 | 97 | 58 | 41 | 68 | 38 |
| Basic EPS (₹) | 9.11 | 2.78 | 9.07 | 8.59 | 7.09 | 1.31 | 6.63 |
| NAV / Share (₹) | 34.33 | NA | 53.26 | NA | 46.31 | 10.33 | 40.25 |
10. Shareholding & Capital Structure
Shareholding Pattern
| Shareholder | Pre-Offer Shares | Pre-Offer % | Post-Offer @ ₹403 | Post-Offer % | Post-Offer @ ₹424 | Post-Offer % |
|---|
| Siddharth Gunvant Shah | 33,608,600 | 51.03% | 32,491,975 | 43.43% | 32,547,280 | 43.76% |
| Deepa Siddharth Shah | 8,740,150 | 13.27% | 8,392,756 | 11.22% | 8,409,962 | 11.31% |
| Harshal Kishor Parekh | 5,559,850 | 8.44% | 5,361,339 | 7.17% | 5,371,171 | 7.22% |
| Bhavini Harshal Parekh | 1,950,000 | 2.96% | 1,875,559 | 2.51% | 1,879,246 | 2.53% |
| Promoter Total | 49,858,600 | 75.70% | 48,121,629 | 64.32% | 48,207,659 | 64.82% |
| Kishor Ratilal Parekh – Promoter Group | 25,000 | 0.04% | 25,000 | 0.03% | 25,000 | 0.03% |
| Additional Top 10 Shareholders | 14,999,674 | 22.76% | 13,262,702 | 17.73% | 13,348,731 | 17.95% |
| Other Public Shareholders | 980,226 | 1.50% | 13,406,865 | 17.92% | 12,790,408 | 17.20% |
| Total | 65,863,500 | 100.00% | 74,816,196 | 100.00% | 74,371,798 | 100.00% |
Capital Structure
| Particular | Details |
|---|
| Authorised Share Capital | ₹800,000,000 divided into 80,000,000 Equity Shares of ₹10 each |
| Issued, Subscribed & Paid-up Capital Pre-Offer | ₹658,635,000 divided into 65,863,500 Equity Shares of ₹10 each |
| Promoter Minimum Contribution | 20% of fully diluted post-Offer Equity Share Capital; 18-month lock-in |
| Promoter Holding Above 20% | Locked in for 6 months from date of Allotment, subject to applicable rules |
| Pre-Offer Capital Generally | Subject to applicable 6-month lock-in requirements and specified exemptions |
11. Objects of the Issue
| Object | Total Estimated Requirement (₹ Mn) | Funded from Net Proceeds (₹ Mn) | FY2027 | FY2028 |
|---|
| Fit-outs for New Stores | 124.53 | 124.53 | 58.13 | 66.40 |
| Part Funding of Incremental Working Capital | 4,165.32 | 2,413.47 | 1,206.74 | 1,206.74 |
| General Corporate Purposes | [●] / To be finalised in Prospectus | [●] | [●] | [●] |
| Net Proceeds | [●] | [●] | [●] | [●] |
12. OFS / Selling Shareholders
| Selling Shareholder | Type | Aggregate OFS (₹ Mn) | Pre-Offer Shares | WACA / Acquisition Cost* |
|---|
| Siddharth Gunvant Shah | Promoter Selling Shareholder | 450.00 | 33,608,600 | ₹7.49 |
| Deepa Siddharth Shah | Promoter Selling Shareholder | 140.00 | 8,740,150 | ₹2.05 |
| Harshal Kishor Parekh | Promoter Selling Shareholder | 80.00 | 5,559,850 | ₹2.27 |
| Bhavini Harshal Parekh | Promoter Selling Shareholder | 30.00 | 1,950,000 | ₹2.27 |
| Rakhi Narendra Firodia | Other Selling Shareholder | 700.00 | 3,250,000 | ₹13.32 |
| Total | — | 1,400.00 | 53,106,800 | — |
13. Key Risks Highlighted in the RHP
| Risk Area | RHP Disclosure in Simple Language |
|---|
| Business / Product Concentration | Mobile phones contributed 86.18% of revenue from operations in FY2026. A slowdown or reduction in consumer purchasing affecting mobile phones, accessories or electronics could adversely affect operating performance. |
| Supplier Concentration | The top 10 suppliers accounted for 79.09% of purchases of traded goods in FY2026. Any supply disruption, delay or difficulty in sourcing products could affect operations, reputation, cash flows and financial results. |
| Geographic Concentration | 458 of 503 stores were located in Maharashtra as of March 31, 2026. Maharashtra also contributed 89.09% of revenue from operations in FY2026, creating significant dependence on the state. |
| Franchise-led Models | The COFO and FOFO models contributed 74.19% of FY2026 revenue from operations. The future performance, continuity and effectiveness of these franchise-led stores are therefore important to the company's operations. |
| Working Capital | The business is working-capital intensive. The company proposes to utilise ₹2,413.47 million of Net Proceeds toward part-funding its incremental working capital requirements. |
| Peer KPI Variation | Certain listed peers have historically performed better than the company on selected operating and financial parameters, including margins, ROE, ROCE and post-tax ROCE. |
| Lease Documentation | Out of 424 leased properties, 381 required registration. As of the RHP date, 82 of these properties had not been registered, which may expose the company to documentation and related risks. |
| Related Party Transactions | The company has entered into related party transactions and may continue to undertake such transactions in the future. |
| Offer Valuation | The company's P/E multiples at both the Floor Price and Cap Price are higher than the average P/E of its listed peer group, indicating a premium valuation relative to the peer average. |
| Expansion / Store Locations | Future store expansion depends on the company's ability to identify suitable locations and is subject to factors such as site availability, rental costs, regulatory approvals, competition, customer preferences and economic conditions. |
| Operating Cash Flow | The company reported net cash used in operating activities of ₹49.25 million in FY2024, although operating cash flow was positive in FY2025 and FY2026. |
| Offer Object Estimates | The RHP states that the Objects of the Issue have not been appraised by any bank or financial institution and are based on management estimates. |
14. Litigation & Contingent Liabilities
| Area | Disclosure |
|---|
| Company – Criminal Proceedings | A Legal Metrology complaint (Complaint No. 289/2023) is pending before the J.M.F.C., Chiplun. The underlying matter relates to packaged mobile accessories and alleged non-display of the retail sale price inclusive of taxes. |
| Company – Criminal Complaints Initiated | Three complaints under Section 138 of the Negotiable Instruments Act are pending, with an aggregate cheque amount claimed of ₹1.38 million. |
| Company – Store Theft | An FIR dated July 11, 2026 relates to the theft of 123 mobile phones and accessories from a company store at Freeganj, Ujjain. |
| Tax Proceedings – Company | The company has 1 direct-tax litigation for which the amount is not quantifiable and 4 indirect-tax litigations involving an aggregate amount of ₹28.64 million. |
| Material GST Matter | A GST ASMT-10 notice relates to alleged discrepancies including excess ITC, delayed-payment interest and excess outward tax liability. The company has filed a reply and the matter remains pending. |
| KMP / Senior Management | One proceeding involving Nitin Kumar Jain concerns the recovery/release of amounts frozen in connection with a reported online investment fraud. The matter is pending. |
| Outstanding Creditors | The RHP discloses 999 creditors with an aggregate amount due of ₹443.17 million. It also identifies 4 material creditors involving ₹461.50 million under its stated materiality policy for disclosure. |
15. Registrar
| Particular | Details |
|---|
| Name | KFin Technologies Limited |
| Contact Person | M. Murali Krishna |
| Address | Selenium, Tower B, Plot No. 31 and 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500 032, Telangana, India |
| Telephone | +91 40 6716 2222 / 180 0309 4001 |
| Email | ssretail.ipo@kfintech.com |
| Website | www.kfintech.com |
16. Lead Managers
| BRLM | Address | Telephone | Email / Investor Grievance |
|---|
| Anand Rathi Advisors Limited | 11th Floor, Times Tower, Kamla City, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India | +91 22 4047 7000 | ssrl.ipo@rathi.com / grievance.ecm@rathi.com |
| Emkay Global Financial Services Limited | 7th Floor, The Ruby, Senapati Bapat Marg, Dadar – West, Mumbai – 400 028, Maharashtra, India | +91 22 6612 1212 | ssretail.ipo@emkayglobal.com / ibg@emkayglobal.com |
17. Company Contact Details
| Particular | Details |
|---|
| Registered & Corporate Office | 399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur – 416 003, Maharashtra, India |
| CIN | U51599PN2016PLC164991 |
| Contact Person | Kishor Babaso Hupare, Company Secretary and Compliance Officer |
| Telephone | +91 90961 91222 |
| Email | compliance@ssmobile.com |
| Website | www.ssmobile.com |
