💡 Overview & Quick Summary
SS Retail Limited IPO Summary: SS Retail Limited is launching an Initial Public Offering (IPO) of ₹500.00 Crore (1,18,10,182 shares) comprising a Fresh Issue of ₹360.00 Crore and an Offer for Sale (OFS) of ₹140.00 Crore, priced at ₹403 to ₹424 per share (Face Value ₹10/-, Employee Discount ₹25/-). The issue opens on September 16, 2026, and closes on September 18, 2026. SS Retail is the largest mobile phone retail chain in West India and Maharashtra, and the 3rd largest in India among peers (Knowledge Company Report), operating 503 stores across 215 cities covering ~2,41,365 sq. ft. as of March 31, 2026, under brands 'SS Mobile', 'Mobile Exchange Wala' and 'The Mobile Space'. Revenue grew from ₹1,208.04 Cr (FY24) to ₹2,352.85 Cr (FY26) at an industry-leading 39.58% CAGR, while PAT surged to ₹59.28 Cr, delivering a peer-best RoNW of 32.60% (peer average 16.92%). Priced at 46.54x FY26 diluted EPS, Sushil Finance recommends Subscribe for long-term investors.
1. IPO Overview
SS Retail Limited has announced its Initial Public Offering (IPO) scheduled to open for subscription on September 16, 2026, and close on September 18, 2026. The price band for the offering is established at ₹403 to ₹424 Per Share with a face value of ₹10/- each. The minimum application lot size is 35 Shares and in multiples thereafter. Eligible employees are offered a discount of ₹25/- per share.
| Issue Parameter |
Details |
| Price Band |
₹403 to 424 Per Share |
| Issue Opens on |
Sep 16, 2026 |
| Issue Closes on |
Sep 18, 2026 |
| Lot Size |
35 Shares & in Multiples thereafter |
| Issue Size |
₹500.00 Cr. |
| No of Shares |
1,18,10,182 |
| Face Value |
₹10/- |
| Employee Discount |
₹25/- |
| Listing |
BSE & NSE |
| Lead Managers |
Anand Rathi Advisors Ltd., Emkay Global Financial Services Ltd. |
| Registrar |
Kfin Technologies Ltd |
2. Key IPO Details
The ₹500.00 crore public issue comprises a combination of fresh capital issuance and an offer for sale from selling shareholders. The reservations and allocations across Qualified Institutional Buyers (QIB), Non-Institutional Investors / High Net-Worth Individuals (HNI), and Retail Individual Investors are outlined below:
Offer Structure
| Issuance |
in Cr. |
| Fresh Issue |
360.00 |
| Offer for Sale |
140.00 |
| Total |
500.00 |
Issue Breakup
| Reservation for |
% of Issue |
in Cr. (at upper band) |
| QIB |
50% |
250.00 |
| HNI |
15% |
75.00 |
| RETAIL |
35% |
175.00 |
| TOTAL |
100% |
500.00 |
3. Company Overview
SS Retail Limited is a multi-brand retail chain for mobile phones, accessories and other electronic items, operating under its proprietary brands 'SS Mobile', 'Mobile Exchange Wala' and 'The Mobile Space' through a mix of company-owned (COCO) and franchisee-operated (COFO/FOFO) store formats.
As of March 31, 2026, the Company operated 503 stores across 215 cities in Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, covering approximately 2,41,365 sq. ft., with a strong focus on Tier II and Tier III and beyond cities.
As per the Knowledge Company Report, it was the largest mobile phone retail chain in West India and Maharashtra, and the 3rd largest in India, among its peers.
Its product portfolio spans mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets, along with ancillary services such as mobile protection plans, EMI facilities and mobile recharge. As of March 31, 2026, the Company had 689 permanent employees.
4. Objects of the Issue
The Company proposes to utilise the Rs. 360 crore Fresh Issue proceeds primarily towards:
- Part funding of incremental working capital requirements amounting to Rs. 241.35 crore
- Funding capital expenditure for Fit Outs towards setting up new stores in Fiscal 2027-28 amounting to Rs. 12.45 crore
- Balance towards general corporate purposes
The Company will not receive any proceeds from the Rs. 140 crore Offer for Sale, which will accrue to the 5 Selling Shareholders (4 Promoters and one Other Selling Shareholder) after applicable expenses and taxes.
5. Highlights
- Largest mobile phone retail chain in West India: Operated 503 stores in India and 458 stores in Maharashtra as of March 31, 2026.
- Differentiated COFO and FOFO models: Scalable, capital-light franchisee-led operational network.
- Established presence in Tier II/III+ cities: 17.89% of stores were in Tier II cities and 51.69% in Tier III and beyond cities as of March 31, 2026, tapping into high-growth, under-penetrated markets.
- Broad product mix with a strong procurement model: Focus on mobile phones and accessories, plus a dedicated 'Mobile Exchange Wala' shop-in-shop format for pre-owned smartphones.
- Consistent track record of financial performance: Rapid revenue compounding, operational leverage, and superior return ratios.
6. Brief Financials & Performance Metrics
**Not Annualized
| Particulars |
FY2024 |
FY2025 |
FY2026 |
| Total Income |
1,208.04 |
1,599.96 |
2,352.85 |
| Total Expenditure |
1,172.83 |
1,547.07 |
2,271.40 |
| EBITDA |
56.50 |
80.44 |
125.15 |
| Profit Before Tax |
35.21 |
52.89 |
81.45 |
| Profit After Tax |
26.65 |
39.86 |
59.28 |
| E.P.S. (Diluted) (Rs.) |
4.10 |
6.13 |
9.11 |
| P/E (Diluted)* |
103.41x |
69.17x |
46.54x |
| RONW / ROE |
30.21% |
32.82% |
32.60% |
7. IPO Timeline
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
21/9/2026 |
| Initiation of refunds/unblocking ASBA Fund |
22/9/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
22/9/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
23/9/2026 |
8. Retail & HNI Payment Charts
PRICE CHART (@424) (Retail Category)
| LOT SIZE |
Amount (Rs.) |
| 35 | 14,840 |
| 70 | 29,680 |
| 105 | 44,520 |
| 140 | 59,360 |
| 175 | 74,200 |
| 210 | 89,040 |
| 245 | 1,03,880 |
| 280 | 1,18,720 |
| 315 | 1,33,560 |
| 350 | 1,48,400 |
| 385 | 1,63,240 |
| 420 | 1,78,080 |
| 455 | 1,92,920 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
490 |
2,07,760 |
| Big HNI |
2,380 |
10,09,120 |
9. Our View / Recommendation
Official Recommendation: SUBSCRIBE FOR LONG-TERM INVESTORS
Sushil Finance Research Stance & Valuation View
SS Retail is India's fastest-growing listed-peer mobile-phone retail chain, with a capital-light, franchisee-led COFO/FOFO model and a differentiated focus on under-penetrated Tier II/III+ markets (70% of stores).
Revenue grew from Rs. 1,208.04 crore in FY2024 to Rs. 2,352.85 crore in FY2026, up at a 39.58% CAGR, the highest among peers, while PAT rose from Rs. 26.65 crore to Rs. 59.28 crore, improving RONW to 32.60% in FY2026 the best in its peer set (peer average 16.92%).
At the cap price of Rs. 424, the issue is priced at 46.5x FY2026 diluted EPS of Rs. 9.11, above the peer average of 31.89x though below the sector-high of 66.29x.
The Rs. 360 crore Fresh Issue funds working capital and new-store capex, while the Rs. 140 crore Offer for Sale lets promoters and one other shareholder partially monetise, with promoters retaining a majority stake post-issue.
Given the superior growth trajectory, good ratios and scalable low-capex model, tempered by the rich relative valuation, we recommend Subscribe for long-term investors.
10. Frequently Asked Questions (FAQs)
Q1. What is the core business profile and store format of SS Retail Limited?
SS Retail Limited is a multi-brand retail chain for mobile phones, accessories, and consumer electronic items. It operates under proprietary brands 'SS Mobile', 'Mobile Exchange Wala', and 'The Mobile Space' via company-owned (COCO) and franchisee-operated (COFO/FOFO) store formats, covering 503 stores across 215 cities as of March 31, 2026.
Q2. What is SS Retail's market positioning in Maharashtra and West India?
According to the Knowledge Company Report, SS Retail is the largest mobile phone retail chain in West India and Maharashtra (458 stores in Maharashtra alone), and ranks as the 3rd largest mobile phone retail chain in India among its peers.
Q3. What are the key IPO dates, price band, and lot size for SS Retail Limited?
The IPO opens on September 16, 2026, and closes on September 18, 2026. The price band is ₹403 to ₹424 per equity share (Face Value ₹10), with a lot size of 35 shares (₹14,840 at upper band). An employee discount of ₹25 per share is applicable.
Q4. What is the Fresh Issue size and how will the capital be deployed?
The Fresh Issue size is ₹360.00 crore. Proceeds are allocated towards part funding incremental working capital requirements (₹241.35 crore), capex for fit-outs to set up new stores in FY2027-28 (₹12.45 crore), and general corporate purposes. The ₹140 crore OFS goes to 5 selling shareholders (4 promoters and one other selling shareholder).
Q5. What is the investment verdict on SS Retail IPO from Sushil Finance?
Sushil Finance recommends 'Subscribe for long-term investors', driven by an industry-leading 39.58% revenue CAGR (FY24-FY26), a high-return capital-light franchisee model, best-in-class RoNW of 32.60% (peer average 16.92%), and deep penetration across Tier II/III+ cities (70% of stores).
11. Red Herring Prospectus (RHP) Reference
12. Disclaimer & Disclosures
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
