Highlights
| Issue Size – 1,18,10,182 shares | Issue Open/Close – 16 Sep / 18 Sep, 2026 |
| Price Band (Rs.) 403 – 424 | Issue Size (Rs.) – 5,000 mn |
| Face Value (Rs) 10 | Lot Size (shares) – 35 |
SS Retail Limited (SSRL) incorporated in 2016, is a multi-brand retail chain for mobile phones, accessories, and other electronic items, operating across all three tiers of cities, with a primary focus on tier II, tier III and beyond markets. SSRL has established itself as the largest mobile phone retail chain in West India and the third largest in India among its peers.
SSRL operates through its proprietary brands ‘SS Mobile’, ‘The Mobile Space’ and ‘Mobile Exchange Wala’ offering a diversified product portfolio spanning mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets. This is complemented by ancillary services such as mobile protection plans, EMI facilities, anti-theft software, and mobile recharge services.
SSRL operates through a network of 503 stores spread across 215 cities in 5 states of western India, and also operates 5 ‘smartphone cafés’ – exclusive brand outlets (EBOs) in Maharashtra for retailing mobile phones of a reputed brand. This extensive retail footprint is supported by a strong logistics backbone, comprising 3 warehouses and 4 logistics service providers, operating on a ‘hub and spoke’ model.
Out of the total proceeds of Rs. 5,000 mn, Rs. 2,414 mn would go towards part funding of the incremental working capital requirements, and Rs. 125 would go towards funding capital expenditure on new stores, and remaining Rs 1,061 mn would towards funding general corporate purposes. Additionally, Rs. 1,400 mn would go towards promoter and investor selling shareholders of the company.
Key Highlights
- India’s mobile phone market, valued at Rs. 3,675 bn in FY26, is projected to grow at a CAGR of 9.2 pct to reach Rs. 5,198 bn by FY30. Both tier I and tier II markets are expected to grow at 10.0 pct and 10.1 pct CAGR respectively between FY26-FY30, with tier III markets following closely at 9.2 pct. Additionally, India’s pre-owned smartphone market, valued at Rs. 880 bn in FY26, is expected to grow at a CAGR of 12.7 pct to reach Rs. 1,419 bn by FY30.
- SS Mobile has been the SSRL’s flagship brand, for retailing mobile phones, accessories and electronics. Building on this, they launched ‘Mobile Exchange Wala’ to enter the pre-owned smartphone retail market, operating in a ‘shop in shop’ format within existing ‘SS Mobile’ stores. Alongside, to expand brand visibility and customer reach in tier II, tier III and beyond cities they introduced ‘The Mobile Space’ brand.
- SSRL operates its stores through three models: (i) Company Owned and Company Operated (COCO), (ii) Company Owned and Franchisee Operated (COFO), and (iii) Franchisee Owned and Franchisee Operated (FOFO), with primarily focusing on COFO and FOFO. Stores under SS Mobile and Mobile Exchange Wala operate through COCO and COFO models, while The Mobile Space stores follow the FOFO model.
- SSRL sets monthly revenue and profitability targets for franchisee partners under the COFO model, with achievement qualifying them for a pre-determined commission to incentivize higher performance. Under the FOFO model, SSRL earns a fixed margin on the cost of inventory sold by franchisees, who bear all store-related expenses and retain the profits generated.
- SSRL plans to open 120 new stores each in FY27 and FY28, having already opened 33 new stores in the current fiscal year, primarily under COFO and FOFO models. As with its existing stores, ownership of inventory is retained by SSRL and each store is designed in-house implemented through selected interior designers to ensure a consistent brand identity and customer experience.
- SSRL acquired a majority stake in Olineo Nexus India Private Limited (Olineo), adding their 34 stores in Maharashtra to its network. Alongside, Gizmore a accessories-focused brand was acquired and licensed it to its subsidiary, for expanding its B2B offerings across audio, hearables, wearables, mobile charging and automotive electronics, along with broadening its portfolio this acquisition strengthen cost insights and negotiating position with other brands.
- SSRL’s key growth strategies include (i) To deepen penetration in existing geographies in line with anticipated industry demand and expanding into adjacent identified geographies, (ii) increase focus on accessories and other electronic items offering higher margins than mobile phones, (iii) expand its store network and focus on retailing pre-owned smartphones, and (iv) enter into tie-up arrangements directly with brands of mobile phones, accessories and other electronic items.
- The sales of the company have grown by 39.58 pct CAGR over FY24-26 and EBITDA/profit has grown 48.83 pct CAGR/49.16 pct CAGR over same year. In FY26 the company reported sales of Rs. 23,510 mn rose 47.13 pct YoY. EBITDA of the company rose 55.58 pct YoY to Rs. 1,251 mn. In FY26 the company posted profit of Rs. 593 mn, which increased 48.72 pct YoY
Key Risk
- SSRL operates a high volume, low margin business model, dependent on maintaining high sales volumes and the ability to effectively and efficiently manage inventory. Any failure to do so could adversely affect its results of operations.
- SSRL faces high competition in the budget and mid-segment, leading to price wars and frequent discounting, resulting in margin pressure despite high sales volumes.
Financial Performance
| Particulars (in Rs. mn) | FY24 | FY25 | FY26 | CAGR | YoY |
| Revenue from Operations | 12,067 | 15,979 | 23,510 | 39.58% | 47.13% |
| EBITDA | 565 | 804 | 1,251 | 48.83% | 55.58% |
| EBITDA Margin % | 4.68% | 5.03% | 5.32% | ||
| Profit | 266 | 399 | 593 | 49.16% | 48.72% |
| Profit Margin % | 2.21% | 2.49% | 2.52% | ||
| ROE % | 30.20% | 30.94% | 30.60% | ||
| ROCE % | 25.91% | 25.78% | 29.30% | ||
| Inventory Turnover Ratio (X) | 10.49 | 9.11 | 8.83 |
Source: – RHP.
Peer Comparison based on FY26 Financials.
| Particulars (in Rs. mn) | SS Retail | Aditya Vision | Jay Jalaram Technologies | Umiya Mobile | Bhatia Communication & Retail |
| Revenue from Operations | 23,510 | 26,716 | 8,518 | 8,361 | 5,914 |
| EBITDA | 1,252 | 2,279 | 154 | -332 | 246 |
| EBITDA Margin % | 5.32% | 8.53% | 1.80% | -3.97% | 4.15% |
| Profit | 593 | 1,169 | 103 | 92 | 168 |
| Profit Margin % | 2.52% | 4.38% | 1.21% | 1.10% | 2.83% |
| Net Debt to Equity (X) | 0.58 | 0.29 | 0.39 | 0.06 | -0.04 |
| ROE % | 30.60% | 18.38% | 13.74% | 29.48% | 15.16% |
| ROCE % | 29.30% | 19.93% | 10.86% | 73.93% | 18.66% |
| Inventory Turnover (X) | 8.83 | 3.47 | 8.52 | 9.6 | 7.4 |
Source: – RHP.
Valuation
SS Retail is one of India’s fastest-growing multi-brand retail chain for mobile phones, accessories and other electronic items, with operations in 4 states i.e., Maharashtra, Karnataka, Madhya Pradesh and Goa. They deal in multiple product categories across different types of cities such as metro, mini-metro, Tier I, Tier II and Tier III and beyond cities. At the upper end of the price band of Rs. 424, the issue is priced at an PE of 53.2x its FY26 post issue capital. The issue appears to be fully priced.
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