SS Retail Limited IPO
- Bidding/offer opens: Wednesday, 16 September 2026; bidding/offer closes: Friday, 18 September 2026
- Price band fixed at ₹403 to ₹424 per equity share (face value ₹10 per share)
- IPO Size – ₹500 Cr
- India’s 3rd Largest Mobile Retail Chain
- Presence – 5 States, 536 Stores
- Turnover – grew from ₹1,206 Cr in FY24 to ₹2,354 Cr in FY25
- PAT (Profit After Tax) CAGR: 49.16%; Revenue CAGR: 39.58%
- ROCE (Return on Capital Employed): 29.3%
SS Retail Limited is bringing a ₹500 Cr IPO. The offer includes a fresh issue of equity shares worth up to ₹360 crore.
SS Retail is a multi-brand retail company operating in the sale of mobile phones, their accessories, and various other electronic goods. The company currently operates in five states — Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat. Its Gujarat operations began in FY 2026-27.
SS Retail Limited operates across various product categories and does business in metros, mini-metros, Tier-1, Tier-2, as well as Tier-3 and smaller towns. However, the company’s primary focus has remained on the retail sale of mobile phones and accessories in Tier-2, Tier-3, and smaller towns. As of 31 March 2026, the company had 503 stores in India, of which 458 stores are in Maharashtra. According to a report by a knowledge/research firm, this expansion has made the company the largest mobile phone retail network in Western India (i.e., the region comprising Gujarat, Maharashtra, Goa, Madhya Pradesh, Dadra and Nagar Haveli, and Daman and Diu).
It also has the largest phone retail network in this sector within Maharashtra, and ranks third among peer companies nationally.
The company primarily operates through three brands: “SS Mobile,” “Mobile Exchange Wala,” and “The Mobile Space.” In FY 2025-26, the company acquired a 51.04% stake in Olineo Nexus India Private Limited, which operates in the same line of business. As of 31 March 2026, Olineo had 34 stores, all operating within Maharashtra.
Over the past few years, the company has significantly expanded its business. It grew from 236 stores across 109 cities as of 31 March 2024, to 503 stores across 215 cities as of 31 March 2026 — registering a compound annual growth rate (CAGR) of 45.99% during this period. According to the knowledge firm’s report, this has made the company one of the fastest-growing mobile retail chains in the country. The same report states that this growth rate ranks second among peer companies, and is roughly 2.4 times the average growth rate of 19.29% recorded by peers over the same period. As of 31 March 2026, the company’s stores collectively operated across 2,41,365 square feet of area. In FY 2025-26, the company recorded sales per square foot of ₹1,46,347.03 — the highest among peer companies according to the knowledge firm’s report, reflecting effective use of available space and strong productivity across different store formats.
Financial Statement
Between FY24 and FY26, the company’s revenue grew at 39.6% annually to reach ₹2,351 crore, while net profit grew at 49.2% annually to reach ₹59.3 crore. During the same period, EBITDA (operating profit excluding interest, tax, and depreciation) grew by 48.8% to ₹125.1 crore. The EBITDA margin improved from 4.7% in FY24 to 5.3% in FY26. Cash flow from operations rose from ₹1.4 crore in FY25 to ₹32.5 crore in FY26.
SS Retail proposes to list its equity shares on the BSE Limited and the National Stock Exchange of India Limited (NSE). NSE has been designated as the nominated stock exchange for this offer.
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