SSRETAIL · Retailing · INE1EQW01028
This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
SS Retail Limited operates a multi-brand retail chain offering mobile phones, pre-owned smartphones, accessories, and consumer electronics such as smart TVs, laptops, and tablets. Retailing is conducted primarily under proprietary brand names SS Mobile, Mobile Exchange Wala, The Mobile Space, and Olineo. The company caters to retail customers across Metro, Tier I, Tier II, and Tier III and beyond cities, with approximately 51.69% of stores situated in Tier III and beyond locations. As of March 31, 2026, its retail network comprised 503 stores across 215 cities, expanding to 536 stores by July 31, 2026. Store operations follow three business models: COCO, COFO, and FOFO, with franchisee-led COFO and FOFO models contributing 74.19% of Fiscal 2026 revenue from operations of ₹ 2,351.03 crore. Geographically, Maharashtra represents the core market with 458 stores generating ₹ 2,094.57 crore (89.09% of Fiscal 2026 revenue), alongside operations in Goa, Karnataka, Madhya Pradesh, and Gujarat. Supply chain management utilizes a hub-and-spoke distribution network supported by one owned warehouse and two leased warehouses in Kolhapur and Chhatrapati Sambhajinagar, integrated with automated inventory management and ERP systems. Inventory is sourced directly from brand manufacturers and authorized distributors, with top 10 suppliers providing 79.09% of purchases in Fiscal 2026.
Differentiated franchisee-led COFO and FOFO business models supported by a Local Partners Approach, strong brand equity as the largest mobile phone retail chain in Maharashtra and West India, and high store space productivity.
SS Retail Limited is a multi-brand retail chain specializing in mobile phones, accessories, pre-owned smartphones, and consumer electronics in India. As of March 31, 2026, the company operates 503 stores across Maharashtra, Karnataka, Goa, and Madhya Pradesh primarily through franchisee-led COFO and FOFO business models.
Source: p.290, p.299, p.301
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Mobile phones | 86.18 | p.295 |
| Pre-owned smartphones (Mobile Exchange Wala) | 7.2 | p.295 |
| Accessories | 4.29 | p.295 |
| Other electronic items | 1.39 | p.295 |
| Ancillary services | 1.1 | p.295 |
| Adjustments | -0.16 | p.295 |
India's mobile phone market reached ₹ 365,700 crore in Fiscal 2026 and is projected to expand at a CAGR of 9.2% to ₹ 519,800 crore by Fiscal 2030, supported by rising premiumization, 5G upgrades, and shorter replacement cycles. The pre-owned smartphone market represents an emerging segment valued at ₹ 88,000 crore in Fiscal 2026, expected to grow at a CAGR of 12.7% through Fiscal 2030. Organized modern trade is outpacing traditional channels, driven by consumer demand for in-person product validation and financing access, especially in Tier II and Tier III and beyond cities. Operating as the largest mobile phone retail chain in Maharashtra and West India, SS Retail Limited is positioned to capture regional market growth through its expanding store network and multi-brand offerings.
Sector slug: consumer-electronics-retail
Source: p.207, p.237, p.244, p.258
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Aditya Vision Limited | 15.55 | 66.29 | 18.38 | p.186 | |
| Electronics Mart India Limited | 14.44 | 62.66 | 6.81 | p.186 | |
| Jay Jalaram Technologies Limited | 9.1 | 14.41 | 13.74 | p.186 | |
| Fonebox Retail Limited | 9.69 | 15.08 | 17.94 | p.186 | |
| Bhatia Communications & Retail (India) Limited | 9.12 | 24.44 | 15.16 | p.186 | |
| Umiya Mobile Limited | 5.49 | 8.46 | 29.32 | p.186 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 2.1 | 59.28 | 2.52% | 2351.03 | yes | 1.81 |
| standalone | FY25 | 0.17 | 39.86 | 2.49% | 1597.93 | yes | 7.17 |
| standalone | FY24 | 5.75 | 26.65 | 2.21% | 1206.74 | yes | 40.05 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
Why is over 67% of the Fresh Issue proceeds allocated to incremental working capital rather than long-term capital assets?
Mobile retail requires significant inventory stocking across 503 stores and regional hubs. The ₹ 241.35 crore working capital infusion reduces dependence on high-cost inventory funding facilities and supports inventory requirements for setting up new stores in adjacent states like Gujarat, Madhya Pradesh, and Karnataka.
p.162, p.173, p.176
How does the company plan to mitigate risks associated with generating ~89% of revenue from a single state (Maharashtra)?
SS Retail has initiated geographic expansion into Karnataka, Madhya Pradesh, Goa, and recently entered Gujarat in FY27. It plans to leverage its hub-and-spoke distribution model and franchisee network to systematically reduce state concentration over the next 2-3 years.
p.28, p.290, p.340
What strategies are being implemented to expand operating EBITDA margins from current 5.32% levels?
Margin expansion is targeted through increasing high-margin pre-owned smartphone sales via 'Mobile Exchange Wala' store-in-store formats, growing private label/accessories distribution (via Nexora), and gaining scale benefits on direct brand procurement terms.
p.186, p.290, p.295
What is the impact of historical regulatory non-compliances and pending compounding applications filed with the RoC?
The company has filed suo moto adjudication and compounding applications under Sections 441 and 454 of the Companies Act for past procedural delays in filing BEN forms and non-appointment of an internal auditor (FY19-FY22). Management expects monetary penalties upon final order without operational impact.
p.44, p.45, p.46
What the issue priced at, on the figures in the document.
Pe basis: Based on FY 2026 basic/diluted EPS of ₹ 9.11. Price Band is [●] to [●].
Peer set comprises organized mobile and consumer electronics retailers including Aditya Vision, Electronics Mart India, Jay Jalaram Tech, Fonebox Retail, Bhatia Communications, and Umiya Mobile.
Source: p.185, p.186
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2016-06-14 | Initial Subscribers (Promoters) | 1000 | 100 | Initial Subscription | p.125 |
| 2019-02-28 | Existing Shareholders | 349000 | 0 | Bonus Issue | p.126 |
| 2019-03-30 | Promoters | 560000 | 184 | Rights Issue | p.126 |
| 2021-10-13 | Narendra Firodia Unicorp Private Limited | 130000 | 666 | Private Placement | p.127 |
| 2021-10-14 | Narendra Firodia Unicorp Private Limited | 130000 | 666 | Private Placement | p.127 |
| 2022-02-02 | Narendra Firodia Unicorp Private Limited | 30000 | 666 | Private Placement | p.128 |
| 2022-02-04 | Narendra Firodia Unicorp Private Limited | 30000 | 666 | Private Placement | p.128 |
| 2022-02-24 | Narendra Firodia Unicorp Private Limited | 10000 | 666 | Private Placement | p.129 |
| 2025-06-13 | CCD Holders | 15000 | 10000 | Conversion of CCDs | p.129 |
| 2025-08-19 | Existing Shareholders | 11855430 | Share Split | p.130 | |
| 2025-08-25 | Sagar Prashant Dambal & Others | 2270 | 10000 | Private Placement | p.130 |
| 2025-09-05 | Existing Shareholders | 52690800 | 0 | Bonus Issue | p.131 |
Ceo: Nitin Kumar Jain
1 criminal case under Legal Metrology Act against Company, Directors and Promoters; 1 tax proceeding (direct tax) with Nil monetary amount; Personal guarantees given for ₹ 209.69 crore borrowings.
Auditor name: M/s Manek & Associates, Chartered Accountants
Skin in game: Promoters hold 75.70% (49,858,600 Equity Shares) of pre-issue paid-up equity share capital.
None; unmodified audit opinion with an Emphasis of Matter paragraph regarding Ind AS basis of preparation for restated financial information.
Yes; M/s Amit Shah & Co. resigned on March 13, 2025 due to pre-occupation, and M/s Manek & Associates was appointed on March 26, 2025 to fill casual vacancy and re-appointed on September 30, 2025 for 5 years.
Source: p.112, p.368, p.388, p.392, p.400, p.540
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Siddharth Gunvant Shah | 0.58 | Unsecured loan & Rent paid | Chairman and Managing Director / Promoter | Working capital loan facility & store premises lease | p.105, p.449 |
| SS Communication IT (Proprietor Siddharth Gunvant Shah HUF) | 7.91 | Trade Advances Given and Received Back | Proprietorship firm of CMD/Promoter | Temporary trade advances | p.105, p.449 |
| Nexora Smart Tech Private Limited | 14.35 | Purchase of goods & Trade Advance | Subsidiary (70% ownership) | Procurement/distribution of accessories | p.449, p.451 |
| Olineo Nexus India Private Limited | 11.84 | Equity share subscription & Purchase of goods | Subsidiary (51.04% ownership) | Retail electronics trading chain | p.449, p.451 |
Instances of short delays in payment of statutory dues: TDS on Salary (5 instances in FY26 amounting to ₹ 0.08 crore delayed by 8 to 37 days; 10 instances in FY26 for Nexora amounting to ₹ 0.06 crore delayed by 22 to 31 days) and Labour Welfare Fund (1 instance delayed by 14 days). All dues paid as of the RHP date. CARO reports confirm no undisputed statutory dues were outstanding for more than six months as at March 31, 2026.
Defaults disclosed: Yes
Source: p.66, p.67, p.68, p.69
A change between the two filings is a disclosure in itself.
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