SS Retail IPO- Complete Overview
SS Retail IPO is a Mainboard IPO with an issue size of Rs. 500.75 Cr by SS Retail Limited, which is a multi-brand retail chain operating in Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat that sells cell phones, accessories, and other electronic goods. As of March 31, 2026, it operated 503 stores in 215 cities, totaling over 2,41,365 square feet, with a primary focus on Tier II and Tier III and beyond cities.
The company uses a mix of company-owned and franchisee-operated retail formats to operate under its trademarked brands, "SS Mobile," "Mobile Exchange Wala," and "The Mobile Space." Mobile phones, used smartphones, accessories, TVs, computers, tablets, and ancillary services, including mobile protection plans, EMI facilities, anti-theft software, and mobile recharge services, are all part of its product line.
This new IPO is to be launched on 16 Sep 2026, and its ‘initial public offering’ will end on 18 Sep 2026.
SS Retail IPO Details
This Mainline IPO comprises a combination of a fresh issue of 0.85 Cr shares (Rs. 360.75 Cr) and an offer for sale of 0.33 Cr shares (Rs. 140 Cr). The SS Retail IPO listing date (expected) might be Wednesday, Sep 23, 2026, and the listing on the BSE and NSE.
The SS Retail IPO price band is Rs. 403 to Rs. 424.
IPO Timetable (Tentative)
The SS Retail IPO date is from 16 Sep to 18 Sep, with IPO allotment on Sep 21, refund initiation on Sep 22, and listing on Sep 23, 2026.
|
Events |
Date |
|
IPO Opening Date |
Sep 16, 2026 |
|
IPO Closing Date |
Sep 18, 2026 |
|
IPO Allotment Date |
Sep 21, 2026 |
|
Refund Initiation |
Sep 22, 2026 |
|
IPO Listing Date |
Sep 23, 2026 |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
India’s total retail market stood at INR 95,350 billion in FY2026 and is projected to reach INR 1,35,986 billion by FY2030, growing at a CAGR of 9.3% over the period.
SS Retail Company Financial Performance
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
575.42 |
389.44 |
278.25 |
|
Total Income |
2,352.85 |
1,599.96 |
1,208.04 |
|
Profit After Tax |
59.28 |
39.86 |
26.65 |
|
EBITDA |
125.15 |
80.44 |
56.50 |
|
NET Worth |
225.71 |
141.37 |
101.51 |
|
Reserves and Surplus |
159.59 |
128.18 |
88.52 |
|
Total Borrowing |
162.59 |
125.36 |
110.43 |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
325.22 |
14.17 |
(49.25) |
|
Net Cash Flow Investing Activities |
(307.11) |
(110.56) |
(135.60) |
|
Net Cash Flow Financing Activities |
18.09 |
71.74 |
400.52 |
SS Retail IPO- Business Model
Main earnings come from selling new and pre-owned mobiles through physical stores (especially franchisee-led models). Accessories and services provide higher-margin add-on income. The company uses direct brand procurement and an asset-light franchise model for fast expansion.
As of March 31, 2026: 503 stores across 215 cities (mainly in Tier-II and Tier-III+ cities), with ~2.41 lakh sq. ft. retail area.
Brands:
- SS Mobile (flagship – new phones & accessories)
- Mobile Exchange Wala (pre-owned smartphones, shop-in-shop format)
- The Mobile Space (smaller-format stores)
Store Models:
- COCO (Company-owned & operated) – ~17%
- COFO (Company-owned, Franchisee-operated) – ~63% (main model)
- FOFO (Franchisee-owned & operated) – ~20%
Inventory always stays with the company. In COFO, franchisees get commission on meeting targets. In FOFO, the company earns a fixed margin on inventory sold.
How the company makes money (Revenue mix – FY26):
- New mobile phones → 86%
- Pre-owned smartphones → 7%
- Accessories → 4%
- Other electronics → 1.4%
- Ancillary services (protection plans, EMI, recharges, anti-theft software) → 1%
Revenue Bifurcation
(Source RHP)
The Objective of the Issue
-
Funding capital expenditure for fit-outs towards setting up new stores in Fiscal 2027 and Fiscal 2028. ~ Rs. 12.45 Cr.
-
Partial funding of the incremental working capital requirements of the Company. ~ Rs. 416.53 Cr.
-
General Corporate Purposes.
Peers of SS Retail
|
Name of Company |
Face Value (₹) |
EPS (₹) Basic |
P/E (x) |
|
Aditya Vision Limited |
10 |
9.07 |
66.29 |
|
Electronics Mart India Limited |
10 |
2.78 |
62.66 |
|
Just Dial Jalaram Technologies Limited |
10 |
8.59 |
14.41 |
|
Electronics Retail Limited |
10 |
6.63 |
15.08 |
|
Bhatia Communications & Retail (India) Limited |
1 |
1.31 |
24.44 |
|
Uniya Mobile Limited |
10 |
7.09 |
8.46 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 9.11 from the last year, the resulting P/E ratio is 46.54x.
SS Retail IPO Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
30.60% |
|
ROCE |
29.30% |
|
Debt/Equity |
0.70 |
|
RoNW |
32.60% |
|
PAT Margin |
2.52% |
|
EBITDA Margin |
5.32% |
IPO's Strengths
-
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.
IPO's Weaknesses
-
Important parts like displays and batteries are still imported, which leaves the industry susceptible to supply shortages and price swings. This reliance limits margins when input costs rise and lowers pricing flexibility and long-term competitiveness. It also affects pricing flexibility at the retail level.
-
The budget and mid-range market is very competitive, and consumers in this market are price-conscious and seek out deals with the most features.
-
Due to the inadequate after-sales service infrastructure in rural and semi-urban areas, consumers must travel great distances to obtain authorized repair facilities or standardized support, which lowers customer satisfaction and brand loyalty and forces them to stick with feature phones or replace them more frequently.
SS Retail IPO GMP Today
SS Retail IPO GMP has not started yet as of September 10, 2026, when this information was written.
IPO Other Details
|
IPO Opening & Closing Date |
16 Sep 2026 to 18 Sep 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 403 to Rs. 424 |
|
Lot Size |
35 Shares |
|
Issue Size |
1,18,10,182 shares (Rs. 501 Cr) |
|
Offer for Sale |
33,01,884 shares (Rs. 140 Cr) |
|
Fresh Issue |
85,08,298 shares (Rs. 361 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book-built IPO |
|
Registrar |
Kfin Technologies Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
SS Retail IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (35 Shares) amounting to Rs. 14840 and 13 Lots (455 Shares) for Rs. 1,92,920, respectively, while for HNI investors, the minimum Lot is 14 (490 Shares) amounting to Rs. 2,07,760.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
67 Lots |
|
B-HNI (Minimum) |
68 Lots |
SS Retail IPO Reservation
|
Institutional Share Portion |
50% |
|
Retail Investors' Share Portion |
35% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of SS Retail Ltd.
-
Siddharth Gunvant Shah
-
Deepa Siddharth Shah
-
Harshal Kishor Parekh
-
Bhavini Harshal Parekh.
|
Pre-Issue Promoter Shareholding |
75.74% |
|
Post-Issue Promoter Shareholding |
- |
IPO Lead Managers
- Anand Rathi Advisors Ltd.
Dividend Policy
The company has not paid a dividend during the last three FYs.
SS Retail IPO Review: Subscribe or Avoid?
SS Retail is a fast-growing multi-brand mobile retail chain with 503 stores, strong presence in Tier-II/III cities, and revenue rising from ₹1,208 Cr to ₹2,353 Cr over three years with consistent PAT growth. It operates an asset-light, franchise-heavy model (mainly COFO/FOFO) focused on new and pre-owned mobiles, delivering a healthy ROE of ~30.6% and ROCE of ~29.3%.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
SS Retail IPO News
SS Retail IPO Allotment Status
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
