SS Retail
FinMinutes Deep Business Model & Edge
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.
What this company actually does — full breakdown ▾
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.
- SS Mobile — Flagship brand retailing mobile phones, accessories, and other electronic items across large, medium, and small format stores.
- Mobile Exchange Wala — Shop-in-shop format operating within SS Mobile stores for purchasing and retailing pre-owned smartphones.
- The Mobile Space — Brand focused on medium and small format stores to expand reach in Tier II, Tier III, and beyond cities.
- Olineo — Retail chain acquired in Fiscal 2026 operating 34 stores in Maharashtra.
- Corporate Sales — Wholesale distribution of mobile phones through the company and accessories through subsidiary Nexora.
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.
The Offer
Follow the Money — Use of Proceeds
- Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 — ₹12.45 cr
- Part funding of the incremental working capital requirements of our Company — ₹241.35 cr
- General corporate purposes
Valuation at the Offer Price
The filing does not print a single headline multiple, so this one is ours: the upper band divided by the latest restated earnings per share — the same arithmetic the “Basis for the Offer Price” section performs. It is struck on pre-issue earnings; where the issue creates new shares, the post-issue multiple is computed in the workings below. The peer group is the one the filing itself names. A premium is not the same thing as expensive and a discount is not the same thing as cheap — the peer table and the reasons sit further down this page.
FinMinutes IPO Score — How It's Built
Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures and what it is worth. Components with no disclosed input are dropped from the weighting entirely rather than held at an invented neutral, because a constant inside a weighted average is not neutral — it quietly drags every score toward the middle. Weighted across 5 live components.
100% of the designed weighting had real data behind it on this issue. A lower coverage figure does not mean a worse company — it means we are standing behind less of the picture, and you should read the findings below rather than the headline number.
How this is measured12%
Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.
How this is measured12%
What changed between the draft prospectus and the final one. A period roll-forward or a refreshed industry report is expected and scores neutral. A statutory auditor replaced mid-process, a prior year restated, an offer-for-sale expanded late, new statutory dues disclosed, or a risk factor quietly removed all score against. Where only one of the two documents has been read, this component is dropped from the weighting rather than guessed.
How this is measured32%
Driven by the models battery run on the filing's own restated numbers: the Piotroski fundamental tests (scored out of those we could actually run), the Altman Z-double-prime solvency zone, and the direction of profit across the disclosed period. It is not a single yes/no on last year's profit.
How this is measured10%
The post-issue earnings multiple against the peer median disclosed in the filing. A discount to the median scores well and a premium scores badly. When the filing does not disclose comparable peer multiples, this component is dropped from the weighting rather than held at a made-up neutral.
How this is measured28%
Starts at 100 and loses points for every material finding: 12 for a flagged finding, 4 for a noted one. Two kinds feed it. DERIVED findings are computed from the filed numbers against stated thresholds — operating cash negative while profit is positive, related-party revenue above 15% of total, revenue rising while profit falls, goodwill above 30% of net worth, receivables growing more than 1.3x faster than sales, cash below half of short-term debt. Those are reproducible: the same filing gives the same answer every time, and the rule is printed beside the finding. READ findings come from the forensic sweep of the notes. Contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications, statutory dues, promoter funding. Findings that record the ABSENCE of a problem — no litigation pending, an unmodified audit opinion — deduct nothing. This is the component our forensic read drives directly, and it moves most between companies.
3-Year Financial & Growth Trend
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 2351.03 | 1597.93 | 1206.74 |
| Net Profit (₹ Cr) | 59.28 | 39.86 | 26.65 |
| PAT Margin | 2.52% | 2.49% | 2.21% |
Revenue Breakdown
- Mobile phones: 86.18%
- Pre-owned smartphones (Mobile Exchange Wala): 7.2%
- Accessories: 4.29%
- Other electronic items: 1.39%
- Ancillary services: 1.1%
- Adjustments: -0.16%
Market Context
NOT part of the FinMinutes ScoreThe Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.
Demand and our read of the filing are broadly in the same territory.
Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.
Why the numbers moved, in management’s own words
Taken from the Management’s Discussion and Analysis section of the filing. A number tells you what happened; this is the company’s explanation of why, and whether it calls the cause temporary or structural.
| Metric | Move | Management's stated reason | Type |
|---|---|---|---|
| Revenue from Operations (FY26 vs FY25) | ↑ 47.1% | Revenue grew due to an increase in retail sales of mobile phones, accessories, and consumer electronics driven by store network expansion from 347 to 503 stores and deeper market penetration. | Structural |
| Purchase of Traded Goods (FY26 vs FY25) | ↑ 47.5% | Purchase of traded goods increased in line with higher sales volumes and store additions across existing and new geographies. | Structural |
| Employee Benefits Expense (FY26 vs FY25) | ↑ 64.6% | Employee expenses rose due to annual salary increments and workforce growth from 522 to 689 employees to support new store openings. | Structural |
| Finance Costs (FY26 vs FY25) | ↑ 29.8% | Finance costs increased due to higher working capital borrowing facilities utilized for store expansion and increased lease interest on newly leased store premises. | Structural |
| Depreciation and Amortisation Expense (FY26 vs FY25) | ↑ 71.9% | Depreciation increased due to capital expenditure on building, computers, and store fit-outs for new stores, along with higher Right-of-Use asset amortisation. | Structural |
| Other Expenses (FY26 vs FY25) | ↑ 37.1% | Other expenses increased due to higher franchisee commissions, card processing fees, advertising, and utility expenses stemming from network expansion. | Structural |
| Profit After Tax (FY26 vs FY25) | ↑ 48.7% | Profitability improved due to top-line growth and operating leverage across mature and newly opened store locations. | Structural |
| Inventories (FY26 vs FY25) | ↑ 53.4% | Inventories expanded to stock 503 stores, support entry into new states, cater to product premiumization, and prepare for festival demand. | Structural |
| Trade Receivables (FY26 vs FY25) | ↓ 49.6% | Trade receivables declined due to improved collection efficiency and a higher proportion of immediate point-of-sale customer settlements. | Structural |
| Operating Cash Flow (FY26 vs FY25) | ↑ 2,190.1% | Operating cash flows rose significantly due to higher net profitability and increased trade payables from year-end inventory purchases. | Structural |
| Revenue from Operations (FY25 vs FY24) | ↑ 32.4% | Revenue expanded due to adding 111 stores net, entering new regional markets in Karnataka and Madhya Pradesh, and growth in pre-owned phone sales. | Structural |
| Employee Benefits Expense (FY25 vs FY24) | ↑ 28.7% | Employee benefit expenses grew due to expanding store staff headcount from 412 to 522 employees alongside regular wage increases. | Structural |
| Finance Costs (FY25 vs FY24) | ↑ 27.2% | Finance costs rose due to increased short-term working capital borrowings and lease liability interest associated with new store leases. | Structural |
| Depreciation and Amortisation Expense (FY25 vs FY24) | ↑ 33.9% | Depreciation increased due to capital additions in store fit-outs and equipment for 123 new stores, alongside higher Right-of-Use building amortisation. | Structural |
| Other Expenses (FY25 vs FY24) | ↑ 65.9% | Other expenses increased due to higher franchisee commissions, marketing expenses, office costs, and a one-off vendor advance write-off of ₹ 11.20 crore. | Structural |
| Profit After Tax (FY25 vs FY24) | ↑ 49.6% | Net profit grew due to scale expansion, maturing store productivity, and higher gross profit margins. | Structural |
| Trade Receivables (FY25 vs FY24) | ↑ 259.0% | Trade receivables increased primarily due to higher corporate wholesale sales which carry longer credit settlement cycles compared to retail stores. | Structural |
| Inventories (FY25 vs FY24) | ↑ 49.6% | Inventory increased due to store network growth from 236 to 347 stores and initial stock build-up for new markets in Karnataka and Madhya Pradesh. | Structural |
Headwinds
- Geographic concentration in Maharashtra company persistent
Deriving 89.09% of revenue from Maharashtra exposes operations to regional economic, political, or social disruptions within the state. - Working capital intensity and inventory holding risks company persistent
Significant capital is tied up in stocking stores and warehouses, requiring bank borrowings and carrying risks of product obsolescence or markdowns. - High supplier concentration company persistent
Procuring 79.09% of traded goods from top 10 suppliers exposes the company to potential supply disruptions or changes in commercial credit terms. - Competition from e-commerce and unorganized retail sector persistent
Aggressive pricing strategies and online promotional discounting exert continuous pressure on retail store margins and customer footfalls.
Tailwinds
- Mobile phone industry growth and 5G upgrades sector
The Indian mobile phone retail market is projected to grow at 9.2% CAGR to ₹ 519,800 crore by Fiscal 2030, driven by premiumization and 5G upgrades. - Expansion of pre-owned smartphone market sector
The pre-owned smartphone market is expanding at a 12.7% CAGR, providing higher gross margin opportunities through shop-in-shop store formats. - Organized retail penetration in Tier II and Tier III cities sector
Consumer demand for physical product validation and retail financing access is shifting market share from unorganized trade to modern retail chains in smaller cities.
Issue Timeline
Dates as carried by the exchange feed. Allotment, refund and credit dates move more often than the open and close dates do.
- Refunds initiated2026-09-22
- Pre Application Start2026-09-15
- Bidding Start2026-09-16
- Bidding End2026-09-18
- Allotment Process Start2026-09-21
- Allotment Finalization2026-09-22
- Listing Day2026-09-23
- Mandate End2026-10-30
Applying, and Who Handles the Allotment
Check allotment status on the registrar’s own portal → We link the registrar directly rather than mirroring the form.
Deep Financials
Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.
Income StatementThe profit and loss as filed, then what we derive from it — kept apart.
Statutory order, exactly as restated in the filing. Finance cost and depreciation sit inside Total Expenses under Ind AS, which is why they are listed among the expense lines here rather than below the total. The expense rows sum to the total. Rows the filing does not disclose separately are omitted rather than left blank.
| Income Statement — as filed (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | 2,351.03 | 1,597.93 | 1,206.74 |
| Other Income | 1.82 | 2.03 | 1.30 |
| Total Income | 2,352.85 | 1,599.96 | 1,208.04 |
| Purchases of Stock-in-Trade | 2,174.11 | 1,474.46 | 1,128.87 |
| Changes in Inventories | -109.50 | -69.66 | -50.86 |
| Employee Benefit Expense | 40.77 | 24.77 | 19.25 |
| Finance Cost | 16.47 | 12.69 | 9.97 |
| Depreciation & Amortisation | 29.05 | 16.90 | 12.62 |
| Other Expenses | 120.49 | 87.91 | 52.99 |
| Total Expenses | 2,271.40 | 1,547.07 | 1,172.83 |
| Profit Before Exceptional Items and Tax | 81.45 | 52.89 | 35.21 |
| Profit Before Tax | 81.45 | 52.89 | 35.21 |
| Tax Expense | 22.17 | 13.03 | 8.56 |
| Profit After Tax | 59.28 | 39.86 | 26.65 |
| Other Comprehensive Income | -0.07 | -0.19 | -0.04 |
| Total Comprehensive Income | 59.21 | 39.67 | 26.61 |
| EPS - Basic | 9.11 | 6.13 | 4.10 |
| EPS - Diluted | 9.11 | 6.13 | 4.10 |
Balance SheetWhat the company owns, owes, and is worth on paper.
| Balance Sheet (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Share Capital | 65.86 | 13.00 | 13.00 |
| Reserves & Surplus | 159.59 | 143.18 | 88.52 |
| Net Worth | 225.45 | 156.18 | 101.52 |
| Long-term Borrowings | 1.99 | — | — |
| Short-term Borrowings | 160.60 | 125.36 | 110.43 |
| Total Borrowings | 162.59 | 125.36 | 110.43 |
| Trade Payables | 44.32 | 5.74 | 3.17 |
| Current Liabilities | 233.75 | 149.94 | 127.81 |
| Total Liabilities | 344.08 | 233.25 | 176.73 |
| Property, Plant & Equipment | 47.47 | 35.08 | 24.29 |
| Capital Work in Progress | 0.94 | — | — |
| Intangible Assets | 19.19 | 0.24 | 0.37 |
| Investments | 3.23 | 3.39 | 6.02 |
| Inventories | 322.45 | 210.16 | 140.50 |
| Trade Receivables | 11.72 | 23.26 | 6.48 |
| Cash & Equivalents | 27.92 | 24.30 | 26.77 |
| Current Assets | 401.61 | 278.56 | 205.48 |
| Total Assets | 575.42 | 389.44 | 278.25 |
Cash FlowWhere the cash actually went. Often the most honest statement of the three.
| Cash Flow (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Cash from Operating Activities | 32.52 | 1.42 | -4.93 |
| Capital Expenditure | 28.99 | 14.19 | 12.34 |
| Net Cash from Investing Activities | -30.71 | -11.06 | -13.56 |
| Net Cash from Financing Activities | 1.81 | 7.17 | 40.05 |
| Net Change in Cash | 3.62 | -2.47 | 21.57 |
Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.
Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.
| Ratio | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin (%) | 5.4 | 5.2 | 4.8 |
| EBIT Margin (%) | 4.2 | 4.1 | 3.7 |
| PAT Margin (%) | 2.5 | 2.5 | 2.2 |
| Return on Equity (%) | 26.3 | 25.5 | 26.3 |
| Return on Capital Employed (%) | 25.2 | 23.3 | 21.3 |
| Return on Assets (%) | 10.3 | 10.2 | 9.6 |
| Leverage | |||
| Debt / Equity (x) | 0.72 | 0.8 | 1.09 |
| Net Debt / EBITDA (x) | 1.06 | 1.23 | 1.45 |
| Interest Coverage (x) | 5.95 | 5.17 | 4.53 |
| Liquidity | |||
| Current Ratio (x) | 1.72 | 1.86 | 1.61 |
| Quick Ratio (x) | 0.34 | 0.46 | 0.51 |
| Efficiency | |||
| Asset Turnover (x) | 4.09 | 4.1 | 4.34 |
| Receivable Days | 2 | 5 | 2 |
| Inventory Days | 50 | 48 | 42 |
| Payable Days | 7 | 1 | 1 |
| Cash Conversion Cycle (days) | 45 | 52 | 43 |
| Quality of Earnings | |||
| Operating Cash Flow / PAT (x) | 0.55 | 0.04 | -0.18 |
| Accruals Ratio (%) | 4.7 | 9.9 | 11.3 |
| Capex / Depreciation (x) | 1 | 0.84 | 0.98 |
DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.
A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.
| Component | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Margin (PAT / Revenue) | 2.5% | 2.5% | 2.2% |
| Asset Turnover (Revenue / Assets) | 4.09x | 4.1x | 4.34x |
| Equity Multiplier (Assets / Net Worth) | 2.55x | 2.49x | 2.74x |
| = Return on Equity | 26.3% | 25.5% | 26.3% |
| Tax Burden (PAT / PBT) | 0.73x | 0.75x | 0.76x |
| Interest Burden (PBT / EBIT) | 0.83x | 0.81x | 0.78x |
| Operating Margin (EBIT / Revenue) | 4.2% | 4.1% | 3.7% |
Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.
Forensic ModelsBeneish, Altman and Piotroski — plus our own final-year check.
Beneish M-Score
7 of 8 inputsAn eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.
| Component | Value | What it captures |
|---|---|---|
| DSRI Days Sales in Receivables Index (Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1) | 0.342 | Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection. |
| GMI Gross Margin Index GrossMargin_t-1 / GrossMargin_t | — | Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate. |
| AQI Asset Quality Index AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets | 1.128 | Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here. |
| SGI Sales Growth Index Sales_t / Sales_t-1 | 1.471 | Growth is not manipulation. But high-growth firms face more pressure to keep the streak going. |
| DEPI Depreciation Index DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE) | 0.856 | Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit. |
| SGAI SG&A Index (SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses | 0.973 | A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure. |
| LVGI Leverage Index Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets | 1.064 | Above 1 means leverage rose. Debt covenants create pressure to hit numbers. |
| TATA Total Accruals to Total Assets (PAT - CashFromOperations) / TotalAssets | 0.0465 | The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash. |
The filing does not disclose every input the model needs, so we withhold the composite score rather than substitute a guess. The components we could compute are above.
Altman Z″-Score (emerging markets)
Z″ = 7.9 · SafeA distress-prediction model. We use the Z″ variant deliberately: the original Z was calibrated on American manufacturers and misleads badly on Indian services companies. Above 2.6 is the safe zone, 1.1 to 2.6 is grey, below 1.1 is the distress zone. Like every model of its kind it is a screen, not a prophecy.
| X1 — Working Capital / Total Assets | 0.292 |
| X2 — Retained Earnings / Total Assets | 0.277 |
| X3 — EBIT / Total Assets | 0.17 |
| X4 — Net Worth / Total Liabilities | 0.655 |
| Z″ = 3.25 + 6.56·X1 + 3.26·X2 + 6.72·X3 + 1.05·X4 | 7.9 |
Piotroski F-Score (adapted)
3 / 6Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test, and we would rather tell you that than quietly fudge it. A further 2 tests are shown as — below: the filing does not disclose what they need, so they are dropped from the denominator rather than counted as a failure.
- ✓Positive return on assets
- ✓Positive operating cash flow
- ✓Return on assets improving
- ✗Cash flow exceeds profit (quality of earnings)
- —Long-term leverage decreasing
- ✗Current ratio improving
- —Gross margin improving
- ✗Asset turnover improving
Ratios Nobody Prints
- Contingent liabilities / Net worth: 1.3%
Contingent liabilities of 2.85 cr against a net worth of 225.45 cr — 1.3% of what the company is worth on paper. These are obligations that sit off the balance sheet but could land on it. What they consist of matters as much as the size: a corporate guarantee to a subsidiary is a different animal from a disputed tax demand, and the filing says which. - Related-party revenue / Total revenue: 0.1%
0.1% of revenue in FY26 came from entities connected to the promoters. Revenue you sell to yourself is not the same as revenue you won in the market. - Cash / Short-term borrowings: 0.17x
Short-term borrowings of 160.60 cr against cash of 27.92 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable. - Promoter remuneration / PAT: 2%
Managerial remuneration to the promoter group was 1.16 cr against a profit of 59.28 cr. This is a legitimate cost — but it is also a route by which value leaves a company before it ever reaches a minority shareholder.
The Formula NotebookEvery number above, with the working shown. Check us.
Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.
PAT ÷ Net Worth59.28 ÷ 225.45What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.
EBIT ÷ (Net Worth + Total Borrowings)97.92 ÷ (225.45 + 162.59) = 97.92 ÷ 388.04Return on ALL the capital in the business, borrowed as well as owned. Unlike ROE, it cannot be flattered by taking on debt.
EBITDA ÷ Revenue126.97 ÷ 2,351.03Operating profitability before the effects of debt, tax and depreciation. What the business earns from the act of trading.
Total Borrowings ÷ Net Worth162.59 ÷ 225.45How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.
EBIT ÷ Finance Cost97.92 ÷ 16.47How many times over operating profit covers the interest bill. Below about 2x, a meaningful share of what the business earns is going to lenders rather than owners.
(Trade Receivables ÷ Revenue) × 365(11.72 ÷ 2,351.03) × 365How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.
Inventory Days + Receivable Days − Payable Days50 + 2 − 7How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.
Cash from Operations ÷ PAT32.52 ÷ 59.28Did the profit turn into cash? Profit is an opinion; cash is a fact. When this sits well below 1x for long, the two are drifting apart, and the filing is where you find out why.
(PAT − Cash from Operations) ÷ Total Assets(59.28 − 32.52) ÷ 575.42 = 26.76 ÷ 575.42The share of reported profit that exists on paper rather than in the bank. It is also the heaviest single term in the Beneish model, for good reason.
Price × Post-issue Shares₹424.00 × 65,071,350 sharesWhat the whole company is being valued at, if the issue prices at the top of the band.
Market Cap + Total Borrowings − Cash2,759.03 + 162.59 − 27.92What it would actually cost to buy the whole business: you take on its debt and you get its cash. This is the number a buyer cares about, and it is the reason a P/E on its own can mislead.
Enterprise Value ÷ EBITDA2,893.70 ÷ 126.97The multiple that includes debt. Two companies on the same P/E — one debt-free, one heavily borrowed — are not the same investment, and only this number tells you so.
Market Cap ÷ PAT2,759.03 ÷ 59.28The familiar multiple. Useful, but blind to debt — read it alongside EV/EBITDA, never instead of it.
Offer price ÷ weighted average cost of acquisition₹424.00 ÷ ₹3.27Every offer document must disclose the weighted average cost of acquisition for shares issued or transferred over the preceding one, eighteen and thirty-six months. Early capital takes real risk and a large multiple built over years is ordinary. A steep step-up inside a short window is the one that deserves a second look. What it means is yours to decide; the arithmetic is the filing’s own.
Growth needed to reach the peer multiple on earnings alone46.54x against a peer median of 19.76xThis is not a forecast and not a target. It is the price restated as a question: at this multiple, with the price unchanged, earnings would have to compound at this rate to arrive at what the filing’s own peer group trades on. Whether the business can do that is the argument — we are only stating what the argument is about.
EBIT × (1 − tax rate) ÷ (Net Worth + Debt − Cash)NOPAT ÷ Invested CapitalWhat the business earns on the capital actually at work in it. We do not compare this to a cost of capital: that would need a beta, an unlisted company has none, and inventing one would be theatre.
P/E ÷ trailing PAT growth (%)46.54 ÷ 48.7%PEG was designed for FORWARD growth. This one uses TRAILING growth, because that is all a prospectus gives us — and the final year before an IPO is very often the best year the company will have for a while. A low PEG here may say more about the timing of the filing than about the price. We show it because it was asked for; we show the growth denominator beside it so it cannot mislead you quietly.
Workspace
The post-issue share count is stated as “[•]” in this filing until final pricing, so we derive it: profit after tax divided by earnings per share gives the pre-issue count, and the fresh issue divided by the offer price gives the new shares. Everything below rests on that derivation. It is close, not exact.
The numbers are already loaded. Move the offer price and watch every multiple move with it. Set your own growth and margin and see what they imply two years out. These are your assumptions, not our forecast — we have no view on what this company will earn, and the moment we published one we would be doing something we are not registered to do. What we can do is put the arithmetic in front of you and get out of the way.
Price defaults to the top of the band. Margin defaults to what the company actually reported in FY26.
Projections are arithmetic on the inputs you typed. They are not a forecast, not a recommendation, and not a view on whether this offer is worth taking. Educational only.
Institutional Alpha: DRHP Deep Dive
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.
Network Scale & Regional Playbook Execution
SS Retail has executed an aggressive store expansion playbook, scaling store count from 236 in FY24 to 503 in FY26 primarily in Maharashtra. The focus on Tier III and beyond cities (~51.69% of stores) via franchisee-led COFO/FOFO models has enabled rapid footprint growth without massive balance sheet capex, though regional concentration remains a key vulnerability.
Source: p.186, p.290, p.292Working Capital Intensity & Trade Finance Dynamics
The retail electronics business model relies heavily on working capital borrowings (₹ 162.59 crore in FY26) and inventory funding lines. Working capital requirements consume the majority of fresh issue IPO proceeds (₹ 241.35 crore out of ₹ 360.00 crore), which will help deleverage trade finance lines and fund stock expansion for store additions in new states.
Source: p.162, p.402, p.522Margin Profile & Pre-Owned Smartphone Expansion
Gross margins hover around 12.18% with Operating EBITDA margin at 5.32%. The company's strategic push into pre-owned smartphones under the 'Mobile Exchange Wala' shop-in-shop concept (7.20% of FY26 revenue) provides an avenue for higher gross margins compared to new smartphone retailing.
Source: p.186, p.290, p.295Shareholding, Syndicate & Leadership
Leadership & Skin in the Game
Leadership: Nitin Kumar Jain
Litigation: 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 / RPT Flags: None; unmodified audit opinion with an Emphasis of Matter paragraph regarding Ind AS basis of preparation for restated financial information.
Peers & Valuation
| Company | P/E | P/B | RoE | Margin |
|---|---|---|---|---|
| Aditya Vision Limited | 66.29 | — | 18.38 | 15.55 |
| Electronics Mart India Limited | 62.66 | — | 6.81 | 14.44 |
| Jay Jalaram Technologies Limited | 14.41 | — | 13.74 | 9.1 |
| Fonebox Retail Limited | 15.08 | — | 17.94 | 9.69 |
| Bhatia Communications & Retail (India) Limited | 24.44 | — | 15.16 | 9.12 |
| Umiya Mobile Limited | 8.46 | — | 29.32 | 5.49 |
At the ₹424 upper band, the issue is priced at 46.5x earnings — a 135% premium to the peer median of 19.8x. This is the arithmetic of the price band against the peers the filing itself lists; it is not a view on whether the offer is worth taking.
Retail Vitals
The operating metrics that actually price this business — the ones a generic IPO page skips. Straight from the filing.
| Metric | Value | Detail |
|---|---|---|
| Store count | 503 stores | as of March 31, 2026 (536 stores as of July 31, 2026) |
| Same-store sales growth (SSSG) | 11.17% | FY24-FY26 CAGR for stores operational as of April 1, 2023 |
| Revenue / sq ft | ₹1,46,347.03 / sq. ft. | Sales per sq. ft. in FY26 across 2,41,365 aggregate retail sq. ft. |
| Gross margin | 12.18% | Gross profit margin in FY26 |
| Store additions | 183 stores | New stores opened in FY26 (net additions of 156 stores in FY26) |
| Online mix | 0.00% | 100% revenue derived via offline physical store network |
Source: p.187, p.291, p.293, p.306 — Business / MD&A
🔍 Forensic Findings — What the Footnotes Say
Findings from across the filing — the notes, MD&A, related-party disclosures, contingent liabilities, CARO and litigation, alongside the risk section itself. Each carries where it was found, so you can see which were buried and which were disclosed. Findings marked derived are computed from the filed numbers against a stated rule, shown beside them.
M/s Amit Shah & Co., Chartered Accountants, resigned as statutory auditor on March 13, 2025 citing pre-occupation, prior to the company converting to a public limited company and initiating IPO preparation. M/s Manek & Associates was appointed on March 26, 2025 to fill the casual vacancy.
p.112The Company and its Whole-Time Directors filed suo moto adjudication and compounding applications with the RoC Pune in November/December 2025 for past non-compliances under Sections 90, 138, 441, and 454 of Companies Act 2013 (failure to file Form BEN-2, maintain BEN-3, issue BEN-4, and non-appointment of an internal auditor for FY19 to FY22).
p.44, p.45, p.46Promoter Group entities including S.S. Communication & Services, SS Corporation, SS Communication IT, and SS Distributors operate in similar lines of business as the Company. The company has executed 5-year Non-Compete and Non-Solicitation Agreements dated December 26, 2025 with these restricted parties to mitigate conflict risks.
p.51, p.52, p.360The offer of ₹ 500.00 crore comprises a Fresh Issue of ₹ 360.00 crore and an Offer for Sale of ₹ 140.00 crore. Of the Net Fresh Issue proceeds, ₹ 241.35 crore (67.04%) is allocated to incremental working capital requirements and ₹ 12.45 crore to store fit-outs.
p.2, p.162Independent Director Asit Chimanlal Mehta is involved in an ongoing SEBI appeal before the Supreme Court of India (Civil Appeal No. 34653/2018) challenging a SAT order that quashed a SEBI monetary penalty of ₹ 0.25 crore under SAST Regulations.
p.34, p.35, p.5431 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.
p.112, p.368, p.388, p.392, p.400, p.540None; unmodified audit opinion with an Emphasis of Matter paragraph regarding Ind AS basis of preparation for restated financial information.
p.112, p.368, p.388, p.392, p.400, p.540Short-term borrowings of ₹160.60 cr against cash of ₹27.92 cr. Debt that must be refinanced within a year is comfortable only while lenders stay comfortable.
rule: cash < 0.5x short-term debtCompany's Claims vs Reality
We stress-test each claim against the filing's own data.
Independent Technopak industry report data in the RHP verifies SS Retail operates 503 stores as of FY26, holding the highest store count in Maharashtra (458 stores) among organized mobile retailers.
p.186, p.192, p.290Auditor-certified KPIs confirm SPSF of ₹ 1,46,347.03 in FY26, outperforming peers such as Bhatia Communications (₹ 22,851) and Aditya Vision (₹ 41,000+).
p.186, p.192COFO and FOFO franchisee store models contributed 74.19% of Fiscal 2026 revenue from operations, supporting network expansion to 503 stores and an ROE of 30.60%.
p.186, p.290Proprietary SWOT — Company-Specific
Strengths
- Dominant market position as the largest mobile phone retail chain in Maharashtra and West India with 503 stores across 215 cities.
- Industry-leading store productivity metrics with Sales per Square Feet of ₹ 1,46,347.03 and Return on Equity of 30.60% in Fiscal 2026.
- Diversified product portfolio covering new smartphones, mobile accessories, and pre-owned smartphones (Mobile Exchange Wala).
Weaknesses
- High geographic concentration with 89.09% of Fiscal 2026 revenue derived from operations in Maharashtra.
- Capital-intensive inventory holding requirement, with total inventory standing at ₹ 322.45 crore as of March 31, 2026.
Opportunities
- Expansion into Tier II, Tier III and beyond cities where organized mobile phone retail penetration is accelerating.
- Rapid market growth in pre-owned smartphones, projected to expand at a 12.7% CAGR nationally through Fiscal 2030.
Threats (material, not boilerplate)
- Intense pricing competition and aggressive promotional discounting from e-commerce platforms and unorganized retail stores. risk_section
Why it matters: E-commerce price undercut strategies can suppress retail store footfalls and pressure operating profit margins. - Supplier concentration risk, with top 10 suppliers contributing 79.09% of total traded goods purchases in Fiscal 2026. risk_section
Why it matters: Disruption in distributor relationships or changes in commercial credit terms could interrupt inventory supply across stores.
Live Subscription Status
Allotment Status
Check your allotment on the registrar's portal → Registrar: KFin Technologies
Allotment is decided by the registrar, not by us and not by the exchange. In an oversubscribed retail book, allotment is by lottery, so a large application does not improve your odds beyond one lot. If money stays blocked after the refund date, the mandate expiry (30 Oct 2026) is the date to raise with your bank.
Analyst Q&A: Burning Questions
Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.
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.176How 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.340What 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.295What 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.46What Earlier Investors Paid
Early capital takes real risk and is fairly rewarded for it — a large multiple built over many years is normal. What deserves a closer look is a steep step-up in a short window: a round priced cheaply only months before the offer.
| Shareholder | Priced at | When | vs IPO price |
|---|---|---|---|
| Initial Subscribers (Promoters) | ₹100.00 | 2016-06-14 | 4.2x |
| An early round from roughly 10 years ago, at roughly 4.2x the offer price. A multiple of that size built over that long reflects the risk taken and the time elapsed. That is the normal reward for early capital, not a red flag. | |||
| Existing Shareholders | — | 2019-02-28 | — |
| Promoters | ₹184.00 | 2019-03-30 | 2.3x |
| An early round from roughly 8 years ago, at roughly 2.3x the offer price. A multiple of that size built over that long reflects the risk taken and the time elapsed. That is the normal reward for early capital, not a red flag. | |||
| Existing Shareholders | — | 2025-08-19 | — |
| Existing Shareholders | — | 2025-09-05 | — |
| Allotted below the band — 7 entries | |||
| Narendra Firodia Unicorp Private Limited | ₹666.00 | 2021-10-13 | as disclosed |
| Narendra Firodia Unicorp Private Limited | ₹666.00 | 2021-10-14 | as disclosed |
| Narendra Firodia Unicorp Private Limited | ₹666.00 | 2022-02-02 | as disclosed |
| Narendra Firodia Unicorp Private Limited | ₹666.00 | 2022-02-04 | as disclosed |
| Narendra Firodia Unicorp Private Limited | ₹666.00 | 2022-02-24 | as disclosed |
| CCD Holders | ₹10,000.00 | 2025-06-13 | as disclosed |
| Sagar Prashant Dambal & Others | ₹10,000.00 | 2025-08-25 | as disclosed |
The 7 allotments listed under “allotted below the band” are shown at their as-disclosed per-share price. They are not adjusted for any later bonus issue or share split, so where a company has issued bonus shares the raw multiple understates the true return and can even read as a loss when none was made. We show them as filed and decline to compute a misleading multiple.
Prices are as stated in the filing’s allotment history and are not adjusted for later bonus issues or share splits. Where a company has issued bonus shares, the multiples above understate the true return and can even read as losses. Adjusting for that is on our list; until it is done we would rather show the raw disclosure and tell you its limits than publish a confident number that is wrong.
Lock-in Expiry Calendar
Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.
- 23 Mar 2028Minimum Promoters' Contribution18 months
- 23 Mar 2027Promoters Excess Shareholding6 months
- 23 Mar 2027Pre-Offer Capital (Non-Promoters)6 months
An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.
What Changed Between the DRHP and the RHP
Companies file a draft prospectus, then a final one. The changes in between are rarely reported, and they can be revealing.
| Item | In the DRHP | In the RHP / Addendum |
|---|---|---|
| Offer for Sale Offer for Sale size was reduced by ₹ 60.00 crore from ₹ 200.00 crore in DRHP to ₹ 140.00 crore in RHP, while Fresh Issue size was increased by ₹ 60.00 crore from ₹ 300.00 crore to ₹ 360.00 crore, keeping total offer size unchanged at ₹ 500.00 crore. | ₹ 200.00 crore | ₹ 140.00 crore |
| Use of Proceeds Working capital allocation from Fresh Issue proceeds increased by ₹ 39.80 crore (from ₹ 201.55 crore to ₹ 241.35 crore) alongside the expansion of the Fresh Issue size. | ₹ 201.55 crore for working capital out of ₹ 300.00 crore fresh issue | ₹ 241.35 crore for working capital out of ₹ 360.00 crore fresh issue |
| Reporting Period Restated financial information was updated in RHP to cover audited full year FY26 performance, dropping FY23 and the Q1 FY26 stub period. | 3 months ended June 30, 2025, FY25, FY24, and FY23 | Full Fiscal year ended March 31, 2026 (FY26), FY25, and FY24 |
| Contingent Liabilities Contingent liabilities increased to ₹ 2.85 crore in RHP due to additional bank guarantees issued for trade facilities and tax demand proceedings. | ₹ 0.03 crore (as of June 30, 2025) | ₹ 2.85 crore (as of March 31, 2026) |
| Risk Factors Total risk factors increased from 75 in DRHP to 80 in RHP, adding disclosures regarding lease agreement registrations across 424 store properties and updated regulatory proceedings. | 75 risk factors | 80 risk factors |
| Statutory Dues Updated disclosures in RHP confirm that all outstanding statutory dues as at March 31, 2026 were fully settled prior to filing the RHP. | Disclosures as of June 30, 2025 | Disclosed year-end liabilities of ₹ 16.20 crore (including GST ₹ 14.42 crore and TDS ₹ 1.78 crore) as at March 31, 2026, with confirmation of full payment prior to RHP date |
Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.