Overview
Updated 12 days agoSS Retail Limited is a prominent mobile phone retail chain in West India, operating a multi-brand network of 503 stores as of March 31, 2026. The company utilizes a mix of company-owned and franchisee-led models to retail mobile phones, accessories, and other electronic items, with a strategic focus on tier II and tier III cities.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 35 | ₹14,840 |
| Retail (max) | 13 | 455 | ₹1,92,920 |
| sNII (min) | 14 | 490 | ₹2,07,760 |
| bNII (min) | 68 | 2,380 | ₹10,09,120 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Retailing |
| Price band | ₹403–424 |
| Final issue price | ₹424.00 |
| Face value | ₹10 per share |
| Lot size | 35 shares |
| Minimum investment | ₹14,840 |
| Issue size | ₹500 Cr |
| P/E at upper band | 46.5x |
| Registrar | KFin Technologies Limited |
| NSE symbol | SSRETAIL |
| ISIN | INE1EQW01028 |
Shareholder quota and promoter holding
Company & business
SS Retail Limited is a multi-brand retail chain specializing in mobile phones, accessories, and consumer electronics. Headquartered in Kolhapur, Maharashtra, the company operates through a combination of Company Owned Company Operated (COCO), Company Owned Franchisee Operated (COFO), and Franchisee Owned Franchisee Operated (FOFO) models. As of March 31, 2026, it managed 503 stores across India, positioning itself as the largest mobile phone retail chain in West India and the third-largest in the country. The company also operates the 'Mobile Exchange Wala' brand for pre-owned smartphones and 'The Mobile Space' for broader market reach. Its business strategy emphasizes direct procurement from brands and distributors to maintain competitive pricing and operational efficiency.
Key strengths
- Largest mobile phone retail chain in West India and Maharashtra.
- Third largest mobile phone retail chain in India by store count.
- Differentiated COFO and FOFO business models for scalable growth.
- Strong presence in high-growth tier II and tier III cities.
- Broad product mix including pre-owned smartphones via 'Mobile Exchange Wala'.
- Consistent financial performance with high CAGR in revenue and EBITDA.
- Experienced promoter team with over 24 years of industry expertise.
Key risks
- Significant reliance on the sale of mobile phones for revenue.
- Dependence on franchisee partners for the COFO and FOFO models.
- Intense competition in the organized mobile retail sector.
- Risks associated with inventory management and rapid technological changes.
- Geographic concentration of stores in Maharashtra.
- Potential impact of changes in brand relationships and procurement terms.
- Reliance on third-party logistics and warehouse arrangements.
Promoters
Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, Bhavini Harshal Parekh
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 1,206.74 | -- | 26.65 | 278.25 | 101.51 | 110.43 |
| FY25 | 1,597.93 | -- | 39.86 | 389.44 | 156.18 | 125.36 |
| FY26 | 2,351.03 | -- | 59.28 | 575.42 | 231.34 | 162.59 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| SS Retail this issue | 2,351.0 | 9.11 | 46.5x | 32.60 | 34.33 |
| Aditya Vision Limited | 2,671.6 | 9.05 | 66.3 | 18.38 | 53.26 |
| Electronics Mart India Limited | 7,183.3 | 2.78 | 62.7 | 6.81 | -- |
| Jay Jalaram Technologies Limited | 851.8 | 8.59 | 14.4 | 13.74 | -- |
| Fonebox Retail Limited | 535.1 | 6.63 | 15.1 | 17.94 | 40.25 |
| Bhatia Communications & Retail (India) Limited | 591.4 | 1.31 | 24.4 | 15.16 | 10.33 |
| Umiya Mobile Limited | 836.1 | 7.09 | 8.5 | 29.32 | 46.31 |
This issue is priced at 46.5x P/E against a peer median of 19.8x: a premium of 136%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.