SS Retail IPO

GMP History

Strengths

• ✓As of March 31, 2026, the company operated 503 stores across 215 cities, including 458 stores in Maharashtra. As per the Knowledge Company Report, it was the 3rd largest mobile phone retail chain in India and the largest in West India and Maharashtra among its peers by store count.
• ✓The company has a significant presence outside major metropolitan markets, with 90 stores in Tier II cities and 260 stores in Tier III and beyond cities as of March 31, 2026. These markets contributed 21.77% and 49.43%, respectively, of revenue from operations in FY26.
• ✓The company operates stores through Company-Owned, Franchisee-Operated (COFO) and Franchisee-Owned, Franchisee-Operated (FOFO) models, which accounted for 62.82% and 20.48% of its total store count, respectively, as of March 31, 2026. Under these models, franchisee partners bear part of the store setup or operating costs, enabling the company to expand with lower capital requirements.
• ✓The company operates its ‘Mobile Exchange Wala’ brand through a shop-in-shop format for pre-owned smartphones. The number of such stores increased from 46 as of March 31, 2024, to 71 as of March 31, 2026, while revenue from the brand increased from Rs 51.51 crore to Rs 169.35 crore during the same period.
• ✓The company has long-term relationships with various brands, distributors, and authorised dealers for procuring mobile phones, accessories, and other electronic items. These arrangements allow it to procure products directly and support product availability and shorter procurement cycles.
• ✓The company operates one owned warehouse and two leased warehouses in Maharashtra and has arrangements with four logistics service providers across Maharashtra and Madhya Pradesh. These facilities and arrangements support its hub-and-spoke distribution model for supplying products to its stores.
• ✓Revenue from operations increased from Rs 1,206.74 crore in FY24 to Rs 1,597.93 crore in FY25 and then Rs 2,351.03 crore in FY26, while PAT increased from Rs 26.64 crore to Rs 39.86 crore and then Rs 59.28 crore during the same period. The company also reported an operating EBITDA margin of 5.32% and ROE of 30.60% in FY26.

Risks

• !The company derives a significant portion of its revenue from retailing mobile phones, which accounted for Rs 2,026.10 crore (86.18%), Rs 1,399.52 crore (87.58%), and Rs 1,065.66 crore (88.31%) of revenue from operations in FY26, FY25, and FY24, respectively. Any economic slowdown or other factors affecting the mobile phone industry, including factors that reduce consumers’ ability to purchase mobile phones, could adversely impact the company’s business, financial condition, and operating results.
• !The company’s purchases from its top 10 suppliers stood at Rs 1,719.43 crore in FY26, accounting for 79.09% of its total purchase of traded goods, compared with Rs 1,318.43 crore (89.42%) in FY25 and Rs 997.71 crore (88.38%) in FY24. As the company generally purchases products through purchase orders rather than long-term or exclusive arrangements, any failure or delay in supply, loss of business from one or more suppliers, or increase in purchase prices could disrupt its supply chain, affect profit margins, and adversely impact its business, financial condition, cash flows, and results of operations.
• !The company has a significant concentration of its stores and revenue in Maharashtra, with 458 of its 503 stores (91.05%) located in the state as of March 31, 2026. Maharashtra contributed Rs 2,094.57 crore (89.09%) of revenue from operations in FY26, compared with Rs 1,475.26 crore (92.32%) in FY25 and Rs 1,135.22 crore (94.07%) in FY24. Any civil unrest, natural disaster, regional conflict, adverse political, social, or economic conditions, or changes in state or local government policies in Maharashtra could adversely affect its business, financial condition, results of operations, and cash flows.
• !A significant portion of the company’s revenue from operations is generated through its franchisee-led COFO and FOFO models, which cumulatively contributed 74.19% in FY26, compared with 78.03% in FY25 and 77.79% in FY24. Any failure of these models to sustain their growth, or closure of stores operated under these models, could adversely affect the company’s business growth, financial condition, and results of operations.
• !One of the company’s Independent Directors, Asit Chimanlal Mehta, is involved in a proceeding pending before the Supreme Court of India in connection with an appeal filed by SEBI against an order of the Securities Appellate Tribunal. Any adverse ruling in the proceeding could affect his reputation, which may in turn adversely impact the company’s reputation, business, and prospects.
• !The company operates in a highly competitive market with organised and unorganised retailers, exclusive brand outlets, and e-commerce platforms. Online mobile phone sales in India grew at a CAGR of 13.1% between FY19 and FY24, compared with 7.3% for the offline market, and increasing online sales could reduce footfall at the company’s stores. Competition from players with greater financial, marketing, and distribution resources, wider product offerings, discounts, and customer loyalty programs could put pressure on its operating margins, market share, revenues, and profitability.
• !The company had aggregate consolidated outstanding borrowings of Rs 275.22 crore as of July 31, 2026. The borrowings include working capital facilities, vehicle loans, bank guarantees, letters of credit, trade advances, credit card borrowings, and director loans, and any increase in debt servicing obligations could affect its financial condition and cash flows.

About SS Retail

SS Retail is a multi-brand retail chain engaged in selling mobile phones, accessories, and other electronic items. The company operates across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat and serves customers across metros, mini-metros, Tier I, Tier II, Tier III, and beyond cities. Its stores covered a total area of 241,365 square feet as of March 31, 2026. The company had expanded its store network from 236 stores across 109 cities as of March 31, 2024, to 503 stores across 215 cities as of March 31, 2026, including 458 in Maharashtra. The company commenced operations in Gujarat in FY27. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale (OFS).​ Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding capital expenditure for setting up new stores in FY27 and FY28 — Rs 12.45 crore Part funding the incremental working capital requirements of the company — Rs 241.35 crore General corporate purposes.