SS RETAILS IPO
SS RETAILS is a MAINBOARD IPO with a current status of UPCOMING. The price band is 403 - 424. The issue opens on 16 SEP and closes on 18 SEP. The listing date is 23 SEP.
Price Band
403 - 424
Unofficial GMP
₹136
Lot Size
35 shares
Minimum Investment
₹14,840
SS RETAILS IPO GMP
The latest available GMP is ₹136. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹560.00
Estimated Gain
+32.1%
SS RETAILS IPO GMP History
80
11 SEP
106
12 SEP
120
13 SEP
136
14 SEP
SS RETAILS IPO Details
- IPO Type
- MAINBOARD
- Status
- UPCOMING
- Price Band
- 403 - 424
- Issue Size
- 500 CR
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹360.00 Cr
- Offer for Sale
- ₹140.00 Cr
- Face Value
- 10
- Lot Size
- 35
- Minimum Investment
- 14,840
- Exchange
- BSE, NSE
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- Anand Rathi Advisors Ltd.
SS RETAILS IPO Dates
- Open Date
- 16 SEP
- Close Date
- 18 SEP
- Allotment Date
- 21 SEP
- Refund Date
- 22 SEP
- Demat Credit Date
- 22 SEP
- Listing Date
- 23 SEP
SS RETAILS IPO Financials
Revenue
FY2026
₹2,351.03 Cr
+47.13% vs FY2025
PAT
FY2026
₹59.28 Cr
+48.72% vs FY2025
Total Assets
FY2026
₹575.42 Cr
+47.76% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 1,206.74 | 1,597.93 | 2,351.03 |
| Net Profit | 26.64 | 39.86 | 59.28 |
| Total Assets | 278.25 | 389.44 | 575.42 |
SS RETAILS IPO Valuation
- Market Cap (Post IPO)
- ₹3153.36 Cr
- EPS
- 9.00
- P/E Ratio
- 47.11
- Price to Book Value
- 12.35
- Industry P/E
- 31.89x
- ROE
- 30.60%
- ROCE
- 29.30%
- RONW
- 32.60%
- Debt / Equity
- 0.70%
- PAT Margin
- 2.52%
- EBITDA Margin
- 5.32%
- Valuation
- EXPENSIVE
SS RETAILS Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| Aditya Vision Ltd | 2671.62 Cr | 116.92 Cr | 9.07 | 66.29x | 18.38% | 18.38% | 0.83% |
| Electronics Mart India Ltd | 7,183.26 | 107.14 | 2.78 | 62.66x | 6.6% | 6.81% | 0.55% |
| Jay Jalaram Technologies Ltd | 851.82 Cr | 10.28 Cr | 8.59 | 14.41x | 13.74% | 13.74% | 0.49x |
SS RETAILS IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 1 | 35 | ₹14,840 |
| Retail Maximum | 2 | 455 | ₹1,92,920 |
| Small HNI | 14 | 490 | ₹2,07,760 |
| Big HNI | 68 | 2,380 | ₹10,09,120 |
SS RETAILS IPO Reservation
- QIB
- 50%
- NII / HNI
- 15%
- Retail
- 35%
SS RETAILS Company Overview
SS Retail Limited is a fast-growing multi-brand retail chain for mobile phones, accessories and other consumer electronic products. The company operates primarily under three proprietary retail brands — SS Mobile, The Mobile Space and Mobile Exchange Wala — and focuses strongly on customers in Tier II, Tier III and smaller cities. Its product portfolio includes new smartphones, pre-owned mobile phones, mobile accessories, televisions, laptops, tablets and related electronic products. It also provides ancillary services such as EMI/credit facilities through financing partners, mobile protection plans, anti-theft solutions and mobile recharge services. As of March 31, 2026, SS Retail operated 503 stores across 215 cities, including 458 stores in Maharashtra. Its network had expanded further to 536 stores by July 31, 2026. According to the industry report cited by the company, SS Retail was the largest mobile-phone retail chain in Maharashtra and West India and the third largest in India among its identified peers. The company has expanded rapidly: its store count increased from 236 stores in FY2024 to 347 in FY2025 and 503 in FY2026, representing a store-count CAGR of approximately 45.99%. Revenue from operations increased from ₹1,206.74 crore in FY2024 to ₹2,351.03 crore in FY2026. SS Retail uses a combination of company-operated and franchise-led formats, allowing it to expand into smaller cities without relying exclusively on company-owned stores. Its strategy is based on increasing geographic penetration, expanding product categories, developing the pre-owned smartphone segment and leveraging its established retail network.
SS RETAILS Business Model
SS Retail operates an omnichannel-oriented physical retail business focused mainly on smartphones and consumer electronics. Mobile phones remain its largest revenue-generating product category, while accessories, televisions, laptops, tablets and pre-owned devices provide additional revenue streams. The company sells products from multiple established brands across different price points, allowing it to address customers ranging from entry-level smartphone buyers to premium-device consumers. The company's store network operates through multiple formats. These include COCO (Company Owned Company Operated), COFO (Company Owned Franchisee Operated) and FOFO (Franchisee Owned Franchisee Operated) models. The franchise-led COFO and FOFO formats are particularly important to SS Retail's expansion strategy because they allow the company to scale its retail footprint while sharing part of the operating and capital requirements with local partners. Together, the COFO and FOFO models contributed approximately 74.19% of FY2026 revenue from operations. SS Retail operates the SS Mobile brand as its principal multi-brand electronics retail platform. The Mobile Space focuses particularly on smaller-format stores and Tier II/Tier III markets, while Mobile Exchange Wala targets the pre-owned smartphone segment through a shop-in-shop model. The company also acquired the Gizmore brand in July 2025, strengthening its exposure to accessories and consumer-electronics products. The company's business is inventory-intensive because stores must maintain sufficient quantities and varieties of smartphones and electronics. It therefore relies heavily on efficient procurement, supplier relationships, inventory management and working-capital availability. SS Retail's growth strategy includes adding new stores, entering new geographic markets, increasing sales in existing locations, expanding product categories and strengthening franchise partnerships.
SS RETAILS Objects of the Issue
Capital expenditure for fit-outs for setting up new stores in FY2027 and FY2028 ₹12.45 Cr Part-funding incremental working-capital requirements ₹241.35 Cr General Corporate Purposes Balance Net Proceeds Fresh Issue ₹360.00 Cr Offer for Sale ₹140.00 Cr Total IPO Size ₹500.00 Cr The current RHP-based IPO note specifically reports ₹241.35 crore for incremental working capital and ₹12.45 crore for new-store fit-outs. Some older/secondary pages still show the earlier ₹416.53 crore working-capital figure; that should not be used for IPOWEB's current issue page because it is inconsistent with the final ₹360 crore fresh-issue size.
SS RETAILS Strengths
One of SS Retail's most important strengths is its large and rapidly expanding retail network. From 236 stores at the end of FY2024, the company expanded to 503 stores by March 2026 and subsequently reached 536 stores by July 2026. The company has built particularly strong penetration in Maharashtra and, according to its industry report, was the largest mobile-phone retail chain in Maharashtra and West India and the third largest in India among its identified peers. Another strength is its focus on Tier II, Tier III and smaller cities. These markets can have lower organized-electronics retail penetration than the largest metropolitan areas, giving SS Retail potential room for store expansion and customer acquisition. Its local-partner approach also provides knowledge of regional markets and customer preferences. The company's franchise-led operating model supports relatively rapid expansion. COFO and FOFO formats accounted for approximately 74.19% of FY2026 revenue, allowing SS Retail to combine centralized procurement, branding and merchandising with local franchise execution. SS Retail also offers a broad product ecosystem rather than selling only new smartphones. It participates in new phones, pre-owned devices, accessories, televisions, laptops, tablets and related services. The Mobile Exchange Wala concept provides exposure to India's developing organized pre-owned smartphone market. Financial performance has also been strong recently. Revenue from operations increased from approximately ₹1,206.74 crore in FY2024 to ₹2,351.03 crore in FY2026, while PAT increased from ₹26.65 crore to ₹59.28 crore over the same period. Overall, scale, franchise-led expansion, Tier II/Tier III penetration, multiple retail brands and strong recent growth represent the company's principal competitive strengths.
SS RETAILS Risks
SS Retail has significant geographic concentration risk. Maharashtra generated approximately 89.09% of revenue from operations in FY2026, and 458 of its 503 stores as of March 31, 2026 were located in that state. Any slowdown in Maharashtra's consumer-electronics demand, competitive conditions, regulatory changes or regional economic disruption could therefore materially affect the company. The company also has substantial product concentration. Mobile phones contributed approximately 86.18% of FY2026 revenue from operations. This exposes SS Retail to smartphone replacement cycles, changing consumer preferences, technological shifts and pricing pressure in the mobile-device market. Supplier concentration is another important risk. The top ten suppliers accounted for approximately 79.09% of purchases of traded goods in FY2026, while a smaller group of major suppliers represents a large proportion of inventory sourcing. Supply disruptions, changes in commercial terms or loss of relationships with major brands or distributors could therefore negatively affect sales. SS Retail is also working-capital intensive because significant inventory must be held across hundreds of stores. This is reflected in the IPO itself, where ₹241.35 crore of proceeds are earmarked for incremental working-capital requirements. Poor inventory forecasting, slow-moving products or rapid technological obsolescence could reduce cash conversion and profitability. The company depends heavily on franchise-led formats, with COFO and FOFO models contributing more than 74% of FY2026 revenue. Franchise performance, compliance and partner retention are consequently important operating risks. Finally, competition is intense from organized chains and e-commerce platforms. SS Retail competes with large retailers and online marketplaces on pricing, availability, financing and customer experience. Considering Maharashtra concentration, mobile-phone concentration, supplier dependency and inventory intensity, IPOWEB Business Risk = HIGH remains appropriate.
SS RETAILS Frequently Asked Questions
What is the SS RETAILS IPO price band?
The SS RETAILS IPO price band is 403 - 424.
What is the latest SS RETAILS IPO GMP?
The latest available SS RETAILS IPO GMP in the IPOWEB database is ₹136. GMP is unofficial and does not guarantee a listing gain.
When does the SS RETAILS IPO open and close?
The SS RETAILS IPO opens on 16 SEP and closes on 18 SEP.
When is the SS RETAILS IPO allotment date?
The SS RETAILS IPO allotment date is 21 SEP.
When is the SS RETAILS IPO listing date?
The SS RETAILS IPO listing date is 23 SEP.