SS Retail Limited is a multi-brand organised retail chain primarily engaged in the retail sale of mobile phones, mobile accessories and other consumer electronic products. The Company operates through its key brands, including SS Mobile, The Mobile Space, Mobile Exchange Wala and Olineo.
The Company primarily focuses on Tier II, Tier III and beyond cities. As of March 31, 2026, it operated 503 stores across 215 cities, expanding to 536 stores as of July 31, 2026.
SS Retail offers mobile phones, pre-owned smartphones, accessories and other electronic products, along with services such as mobile protection plans, EMI facilities and mobile recharge. Mobile phones accounted for 86.18% of its revenue from operations in Fiscal 2026.
The Company operates Mobile Exchange Wala for pre-owned smartphones and The Mobile Space for smaller-format stores. During Fiscal 2026, it acquired a 51.04% stake in Olineo Nexus India Private Limited, adding 34 stores to its network.
SS Retail follows a scalable Company Owned and Company Operated (COCO), Company Owned and Franchisee Operated (COFO), and Franchisee Owned and Franchisee Operated (FOFO) retail model, supported by local franchisee partnerships to expand its presence in regional markets.
As of March 31, 2026, SS Retail was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among its peers by store count. Its network expanded from 236 stores in 2024 to 503 stores in 2026.
As of March 31, 2026, SS Retail had 689 permanent employees.
SS Retail IPO – Details
| IPO Opening Date | 16 September 2026 |
| IPO Closing Date | 18 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,18,10,182 Shares Worth ₹500.75 Crore Fresh Issue: 85,08,298 Shares Worth ₹360.75 Crore Offer For Sale: 33,01,884 Shares Worth ₹140.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹403 – ₹424 per share |
| Market Lot | 35 Shares |
| Min Order | 35 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
SS Retail IPO – Date Schedule
| IPO Open Date | 16 September 2026 |
| IPO Close Date | 18 September 2026 |
| Basis of Allotment | 21 September 2026 |
| Initiation of Refund | 22 September 2026 |
| Credit of Shares to Demat Account | 22 September 2026 |
| IPO Listing Date | 23 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 18, 2026 |
SS Retail IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 35 | ₹14,840 |
| Retail (Max) | 13 | 455 | ₹1,92,920 |
| S-HNI (Min) | 14 | 490 | ₹2,07,760 |
| S-HNI (Max) | 67 | 2345 | ₹9,94,280 |
| B-HNI (Min) | 68 | 2380 | ₹10,09,120 |
Competitive Strength
- 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.
Company Promoters
- Siddharth Gunvant Shah
- Deepa Siddharth Shah
- Harshal Kishor Parekh
- Bhavini Harshal Parekh
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 (Standalone) | ₹1,208.04 Cr | ₹1,172.83 Cr | ₹26.65 Cr | ₹110.43 Cr |
| 31 March 2025 (Standalone) | ₹1,599.96 Cr | ₹1,547.07 Cr | ₹39.86 Cr | ₹125.36 Cr |
| 31 March 2026 (Consolidated) | ₹2,352.85 Cr | ₹2,271.40 Cr | ₹59.28 Cr | ₹162.59 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 30.60% |
| ROCE | 29.30% |
| Debt/Equity | 0.70 |
| RoNW | 32.60% |
| PAT Margin | 2.52% |
| EBITDA Margin | 5.32% |
| NAV | 34.33 |
| Price to Book Value | 12.35 |
| Pre IPO | Post IPO | |
| EPS (₹) | 9.00 | 7.97 |
| P/E (x) | 47.11 | 53.20 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028. | ₹12.45 |
| Part funding of the incremental working capital requirements of Company. | ₹416.53 |
| General Corporate Purposes. |
SS Retail IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Aditya Vision Limited | 66.29 |
| 2 | 10 | Electronics Mart India Limited | 62.66 |
| 3 | 10 | Jay Jalaram Technologies Limited | 14.41 |
| 4 | 10 | Fonebox Retail Limited | 15.08 |
| 5 | 1 | Bhatia Communications & Retail (India) Limited | 24.44 |
| 6 | 10 | Umiya Mobile Limited | 8.46 |
✅Strengths
- Strong Market Position with a leading presence in West India and Maharashtra.
- Scalable Business Model through COCO, COFO and FOFO store formats.
- Strong Tier II & III Presence with an expanding retail network.
- Diversified Product Portfolio across mobile phones, accessories and electronics.
- Growing Store Network supporting expansion across new markets.
⚠️Risks
- High Dependence on Mobile Phone Sales which contributed 86.18% of Fiscal 2026 revenue.
- Geographical Concentration across a limited number of states.
- Dependence on Franchisee Partners for network expansion and operations.
- High Working Capital Requirements due to inventory requirements.
- Supplier Dependence for the availability of products.
SS Retail IPO Promoter Holding
| Pre Issue Share Holding | 75.74% |
| Post Issue Share Holding | 64.85% |
SS Retail IPO Prospectus
Company Contact Information
| SS Retail Ltd. 399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur, Maharashtra, 416003 Phone: +91 90961 91222 Email: compliance@ssmobile.com Website: https://ssmobile.com/in/ |
SS Retail IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: ssretail.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
SS Retail IPO Lead Manager(s)
| 1. Anand Rathi Advisors Limited 2. Emkay Global Financial Services Limited |
SS Retail IPO FAQs
| What is the SS Retail IPO? SS Retail IPO is a main-board IPO. The issue is priced at ₹403 to ₹424 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the SS Retail IPO open? The IPO is to open on 16 September 2026 for QIB, NII, and Retail Investors. |
| What is SS Retail IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the SS Retail IPO Size? SS Retail IPO size is ₹500.75 Crore. |
| What are the SS Retail IPO Minimum and maximum lot sizes for Retail? The minimum bid is 35 Shares with ₹14,840, while the maximum bid is 455 Shares with ₹1,92,920. |
| What is the SS Retail IPO Allotment Date? SS Retail IPO allotment date is 21 September 2026. |
| What is the SS Retail IPO Listing Date? SS Retail IPO listing date is 23 September 2026. The IPO is to be listed on the BSE and the NSE. |
