Mehul Telecom Limited operates a multi-brand mobile retail chain engaged in the sale of smartphones, tablets, and a wide range of mobile accessories and connected lifestyle products.
The company follows a hybrid retail model, combining both Company Owned Company Operated (COCO) stores and Franchise Owned Franchise Operated (FOFO) outlets to drive growth and expand its market presence.
The company’s revenue is primarily generated through:
- Sales through Company Owned Company Operated Retail Stores (COCO Model)
- Sales through Franchise Owned Franchise Operated Outlets (FOFO Model)
The company operates through two retail formats:
- COCO Model – Company-owned and operated stores, ensuring better control over operations, branding, and customer experience.
- FOFO Model – Franchise-owned and operated stores, enabling asset-light and scalable expansion.
The company deals in products from all major brands operating in India, including:
- Apple (iPhone), Samsung
- Xiaomi (MI/Redmi), Vivo, Oppo
- Realme, OnePlus, Nokia
- Nothing, Tecno, Infinix, among others
The company also retails a broad range of high-demand accessories and peripherals, such as:
- Wearables (smartwatches)
- Audio devices (earphones, headphones, speakers)
- Power products (chargers, power banks)
- Mobile protection (covers, screen guards)
- Utility devices (pen drives, car holder clamps, fire sticks)
- Value-added offerings like phone warranty plans
As of March 31, 2026, the company had a total workforce of 27 employees, indicating a lean and efficiently managed operational structure.
Mehul Telecom IPO – Details
| IPO Opening Date | 17 April 2026 |
| IPO Closing Date | 21 April 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 28,29,600 Shares Worth ₹27.73 Crore Fresh Issue: 28,29,600 Shares Worth ₹27.73 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹96 – ₹98 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Mehul Telecom IPO – Date Schedule
| IPO Open Date | 17 April 2026 |
| IPO Close Date | 21 April 2026 |
| Basis of Allotment | 22 April 2026 |
| Initiation of Refund | 23 April 2026 |
| Credit of Shares to Demat | 23 April 2026 |
| IPO Listing Date | 24 April 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on April 21, 2026 |
Mehul Telecom IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,35,200 |
| Retail (Max) | 2 | 2400 | ₹2,35,200 |
| S-HNI (Min) | 3 | 3600 | ₹3,52,800 |
| S-HNI (Max) | 8 | 9600 | ₹9,40,800 |
| B-HNI (Min) | 9 | 10,800 | ₹10,58,400 |
Competitive Strength
- Experienced Promoters and Management Team.
- Extensive Distribution Network in Gujarat.
- Comprehensive Product Range.
- Strategic Store Locations and Customer Experience.
- Low Capital Requirements for Growth.
Company Promoters
- Mehul Vasantbhai Raymagiya
- Raymagiya Hemali Mehulbhai
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2024 | ₹0 | ₹0.01 Cr | – ₹0.01 Cr | – |
| 31 March 2025 | ₹115.47 Cr | ₹107.78 Cr | ₹5.74 Cr | ₹0.07 Cr |
| 31 December 2025 | ₹152.02 Cr | ₹142.50 Cr | ₹7.07 Cr | ₹3.72 Cr |
Key Performance Indicator
| KPI | Values (Dec 31, 2025) |
|---|---|
| ROE | 34.27% |
| ROCE | 34.80% |
| Debt/Equity | 0.15 |
| RoNW | 29.25% |
| PAT Margin | 4.65% |
| EBITDA Margin | 6.39% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 7.53 | 9.02 |
| P/E (x) | 13.02 | 10.86 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding of working capital needs. | ₹22.95 |
| General corporate purposes. | – |
✅Strengths
- Hybrid COCO + FOFO retail model enabling control + scalability.
- Diversified product mix (smartphones + accessories) is improving margins.
- Multi-brand offerings catering to a wide customer base.
- Asset-light franchise expansion strategy.
- Presence in the growing mobile retail market.
⚠️Risks
- Highly competitive industry (organized + unorganized + online players).
- Dependence on third-party brands/suppliers for products.
- Low entry barriers leading to pricing pressure.
- Limited operating history (recent incorporation).
- Small scale of operations (limited workforce).
Mehul Telecom IPO Promoter Holding
| Pre-Issue Share Holding | 94.25% |
| Post Issue Share Holding | – |
Mehul Telecom IPO Prospectus
Company Contact Information
| Mehul Telecom Ltd. West Gate Shop 223, 150 Ft Ring Road, Rajkot Raiya Road, Rajkot, Gujarat, 360007 Phone: 0281 2991223 Email: info@mehultelecom.com Website: https://mehultelecom.com/ |
Mehul Telecom IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email:mehul.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Mehul Telecom IPO Lead Manager(s)
| 1. Cumulative Capital Private Limited |
Mehul Telecom IPO FAQ
| What is the Mehul Telecom IPO? Mehul Telecom IPO is an SME IPO. The issue is priced at ₹96 – ₹98 per equity share. The IPO is to be listed on BSE SME. |
| When will Mehul Telecom IPO open? The IPO is to open on 17 April 2026 for QIB, NII, and Retail Investors. |
| What is Mehul Telecom IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Mehul Telecom IPO Size? Mehul Telecom IPO size is ₹27.73 Crore. |
| What are the Mehul Telecom IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,35,200, while the maximum bid is 2400 Shares for ₹2,35,200. |
| What is the Mehul Telecom IPO Allotment Date? Mehul Telecom IPO allotment date is 22 April 2026. |
| What is the Mehul Telecom IPO Listing Date? Mehul Telecom IPO listing date is 24 April 2026. The IPO is to be listed on the BSE SME. |
