SS Retail IPO is a book-built issue worth ₹500 crore, comprising a fresh issue of 85.08 lakh shares valued at ₹360 crore and an offer for sale of 33.02 lakh shares worth ₹140 crore. The IPO will open for subscription on September 16, 2026, and close on September 18, 2026. The allotment is expected to be finalised on September 21, 2026, with the shares scheduled to list on both NSE and BSE on September 23, 2026, subject to the proposed timeline.
The company has set the IPO price band at ₹403 to ₹424 per share. Investors can apply in lots of 35 shares, making the minimum retail investment ₹14,840 at the upper end of the price band.
Anand Rathi Advisors Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar. Investors can refer to the SS Retail IPO Red Herring Prospectus (RHP) for detailed information about the company and the offer.
Company Overview
SS Retail Ltd. is a multi-brand retail chain specialising in mobile phones, accessories and other electronic products, with a presence in tier II and tier III and beyond cities. As of March 31, 2026, the company operated 503 stores across 215 cities, including 458 stores in Maharashtra. Its retail network covered 2,41,365 square feet and generated sales per square foot of ₹1,46,347.03 in Fiscal 2026, which was the highest among its peers, according to the Knowledge Company Report. By July 31, 2026, the company had expanded its network to 536 stores covering 2,60,597 square feet.
The company operates through three brands: SS Mobile, its flagship retail brand; Mobile Exchange Wala, which offers pre-owned smartphones through a shop-in-shop format; and The Mobile Space, which caters to customers through medium and small-format stores. It also operates five exclusive brand outlets, or smartphone cafes, in Maharashtra.
SS Retail follows COCO, COFO and FOFO store models, while inventory ownership remains with the company. Its local partner approach helps leverage franchisees’ knowledge and customer relationships. The company acquired a 51.04% stake in Olineo Nexus India Private Limited in Fiscal 2026, adding 34 stores in Maharashtra.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 16 to 18 Sep, 2026 |
| Allotment | Mon, Sep 21, 2026 |
| Listing Date | Wed, Sep 23, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹403 to ₹424 per share |
| Lot Size | 35 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 1,18,10,182 shares (agg. up to ₹500 Cr) |
| Fresh Issue | 85,08,298 shares (agg. up to ₹360 Cr) |
| Offer for Sale | 33,01,884 shares of ₹10 (agg. up to ₹140 Cr) |
| Shareholding Pre-Issue | 6,58,63,500 shares |
| Shareholding Post-Issue | 5,10,23,769 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s smartphone market has substantial room for expansion, with smartphone penetration at 46.12% in CY2024. Rising incomes, affordable data, wider internet access and digital inclusion are expected to support adoption, particularly among first-time users further.
- Internet usage in India is expanding, reaching 1,093 million users and 75% penetration in FY2025. As smartphones remain the primary gateway to the internet, increasing connectivity across rural and semi-urban markets can support device demand.
- India’s retail market is projected to grow from ₹95,350 billion in FY2026 to ₹1,35,986 billion by FY2030. Organised retail is expected to gain share as consumers seek better shopping experiences, trusted brands and product choice.
- Tier II and Tier III and beyond cities are becoming retail growth markets as consumption expands beyond metros. Value-conscious consumers in these locations increasingly combine online research with store visits before purchasing smartphones and electronics.
- The smartphone retail industry is evolving through omnichannel adoption, value-focused offerings and technology-led experiences. Physical stores continue to provide product demonstrations and purchase confidence, while promotions, digital engagement and convenient services strengthen acquisition and retention.
Business Strengths
- Operated 503 stores across 215 cities as of March 31, 2026, making SS Retail Limited one of the largest mobile phone retail chains in West India and Maharashtra and the third-largest in India among its peers.
- Expanded its store network from 236 stores in FY2024 to 503 stores in FY2026, recording a 45.99% CAGR, significantly ahead of the 19.29% peer average during the period.
- Its franchisee-led COFO and FOFO models support relatively asset-light expansion, with these formats accounting for 62.82% and 20.48% of total stores, respectively, as of March 31, 2026.
- Strong presence in tier II, tier III and smaller cities, with 69.58% of stores located in these markets during FY2026, supporting customer acquisition beyond major urban centres.
- A broad product portfolio, proprietary technology systems and brands such as ‘Mobile Exchange Wala’ and ‘The Mobile Space’ support product diversification, inventory management and growth across multiple customer segments.
Business Risks
- Mobile phone retailing contributed 86.18% of revenue from operations in Fiscal 2026, exposing the company to industry downturns, changing consumer demand and factors affecting customers’ purchasing ability.
- The top 10 suppliers accounted for 79.09% of purchases of traded goods in Fiscal 2026, creating dependency risks if suppliers face disruptions, delays or changes in supply arrangements.
- Maharashtra accounted for 91.05% of stores and 89.09% of revenue from operations in Fiscal 2026, making the company significantly exposed to regional economic, political and social conditions.
- COFO and FOFO models contributed 74.19% of revenue from operations in Fiscal 2026, creating risks if franchisee-led stores fail to grow, perform as expected or remain operational.
- The business is working capital intensive due to inventory requirements, while some peers have reported stronger key performance indicators, creating risks around funding needs and comparative financial performance.
Financial Performance
SS Retail Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 23,510.31 | 15,979.31 | 12,067.43 |
| Total Income | 23,528.54 | 15,999.61 | 12,080.43 |
| Operating EBITDA | 1,251.49 | 804.41 | 565.02 |
| Profit / (Loss) After Tax (PAT) | 592.82 | 398.61 | 266.45 |
| PAT Margin (%) | 2.52% | 2.49% | 2.21% |
| Return on Capital Employed (ROCE) (%) | 29.30% | 25.78% | 25.91% |
| Return on Equity (%) | 30.60% | 30.94% | 30.20% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 |
|---|---|
| Return on Equity (ROE) | 30.60% |
| Return on Capital Employed (ROCE) | 29.30% |
| Debt-to-Equity Ratio | 0.70 |
| Return on Net Worth (RoNW) | 32.60% |
| PAT Margin | 2.52% |
| EBITDA Margin | 5.32% |
| Net Asset Value (NAV per share) | ₹34.33 |
(Source: RHP)
Objects of the Offer
- Setting up new stores: ₹12.45 crore will be used to fund fit-out expenses for opening new stores during Fiscal 2027 and Fiscal 2028.
- Working capital requirements: ₹416.53 crore will be used to partly fund the company’s additional working capital needs.
- General corporate purposes: A portion of the issue proceeds will be allocated towards general corporate requirements.
Conclusion
SS Retail’s IPO offers investors an opportunity to participate in a growing organised retail business focused on smartphones, accessories and electronic products. The company has expanded its store network significantly, with a strong presence across Maharashtra and increasing reach in tier II and tier III markets. Its franchisee-led COFO and FOFO models have supported store expansion, while the IPO proceeds will largely be used towards working capital requirements and new store fit-outs.
However, its dependence on mobile phone sales, key suppliers, Maharashtra and franchisee-led models presents notable business risks. Investors should review the RHP, financial performance, valuation and associated risks before making investment decisions.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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