SS Retail Limited

SS Retail Limited (operating primarily under its proprietary brand portfolio comprising flagship brand 'SS Mobile''The Mobile Space', and pre-owned smartphone brand 'Mobile Exchange Wala') is one of India's leading organized multi-brand retail chains for mobile phones, accessories, and consumer electronics. Founded by promoter Mr. Siddharth Gunvant Shah, the company offers a broad range of products across smartphones, pre-owned smartphones, accessories (audio gear, wearables, hearables, chargers, and power banks), and other consumer electronics such as televisions, laptops, and tablets. As of March 31, 2026, SS Retail operated 503 stores across 215 cities, positioning it as the largest mobile phone retail chain in West India and Maharashtra, and the 3rd largest nationally among its industry peers. Its core value proposition focuses on delivering a trusted, hands-on physical retail experience with transparent pricing, instant NBFC/EMI financing options, device protection plans, and doorstep/hyperlocal delivery services. The underlying business model functions across three store ownership formats: Company Owned Company Operated (COCO - 84 stores / 16.70%), Company Owned Franchisee Operated (COFO - 316 stores / 62.82%), and Franchisee Owned Franchisee Operated (FOFO - 103 stores / 20.48%), supported by a "Local Partners Approach" that leverages local partner community connections to optimize capital expenditure and lower customer acquisition costs.

The company serves a diverse client demographic ranging from first-time smartphone buyers and budget-conscious consumers in semi-urban markets to aspirational buyers upgrading to mid-and-premium 5G devices. To capture the fast-growing secondary market, SS Retail introduced its shop-in-shop 'Mobile Exchange Wala' format (co-located in 71 'SS Mobile' stores as of FY26), providing value-seeking customers with tested, trade-in pre-owned smartphones. Geographically, the company operates across 5 states—Maharashtra, Goa, Karnataka, Madhya Pradesh, and Gujarat (commenced in FY27). However, its store network remains heavily concentrated in Maharashtra, which accounts for 458 stores (91.05% of total stores) and contributed ₹20,945.65 million (89.09%) of operational revenue in FY26. Strategically, SS Retail focuses on tier II, tier III, and beyond cities (comprising 69.58% of total stores in FY26), guided by its core location strategy that one store can cater to a population of approximately 0.25 million people in an identified market region.

As an organized multi-brand retail entity rather than a manufacturing enterprise, SS Retail Limited does not own or operate industrial manufacturing plants, nor does it report factory capacity utilization metrics. Instead, its operational infrastructure is defined by its retail store network footprint and logistics backbone. As of March 31, 2026, the company's 503 operational stores occupied an aggregate retail area of 2,41,365 square feet (expanding further to 536 stores occupying 2,60,597 square feet as of July 31, 2026). Space productivity across store formats is industry-leading, with SS Retail generating ₹1,46,347.03 in sales per square foot during FY26—the highest among its reported peer group. Retail supply chain operations are managed via a 'hub and spoke' model anchored by 1 owned warehouse and 2 leased warehouses strategically located in Kolhapur and Chhatrapati Sambhajinagar (Maharashtra), alongside arrangements with 4 logistics service providers in Mumbai, Pune, Nagpur, and Bhopal.

While conventional R&D is not applicable to a retail store operator, SS Retail's operational and technological capabilities are driven by its proprietary in-house information technology systems and centralized enterprise resource planning (ERP) platform. These IT systems provide real-time inventory tracking, POS billing integration, automated demand forecasting based on historical sales and seasonal patterns, and automated stock replenishment across thousands of Stock Keeping Units (SKUs). The company's procurement strategy relies on direct long-term relationships with major smartphone and accessory brands and authorized national distributors, which eliminates intermediary costs, secures volume-based trade margin rebates, provides priority allocation for new product launches, and co-funds promotional campaigns. Operational controls across all outlets are further fortified by a barcoded pilferage control and audit system that tracks end-to-end stock movement from warehouse dispatch to final customer billing.

As per financial performance, SS Retail Limited has posted total income / net profits of Rs 1208.04 Cr / Rs 26.65 Cr (FY24), Rs 1599.96 Cr / Rs 39.86 Cr (FY25) and Rs 2352.85 Cr / Rs 59.28 Cr (FY26). So as per previous financials data, the company has shown strong top-line and bottom-line expansion with a 3-year revenue CAGR of 39.58% and PAT CAGR of 49.16%, while total borrowings increased from Rs 110.43 Cr in FY24 to Rs 162.59 Cr in FY26 to finance rapid store network expansion. Company has an average EPS of Rs 7.28 and average RoNW of 32.28% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 12.35 as per NAV of Rs 34.33 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 5.38. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 118.32, 79.09, and 53.18 respectively. As per RHP, a comparison between listed peers shows that peers like Aditya Vision Limited and Electronics Mart India Limited trade at P/Es of 66.29x and 62.66x respectively, placing the company's valuation at a reasonable relative discount despite delivering superior RoNW and store productivity.

On BRLM's front, Anand Rathi Advisors Limited and Emkay Global Financial Services Limited are associated with this IPO, and Anand Rathi Advisors Limited has handled 5 IPOs in the last three fiscal years. (as on 10.09.26)

• 1 Mr. Siddharth Gunvant Shah
• 2 Mrs. Deepa Siddharth Shah
• 3 Mr. Harshal Kishor Parekh
• 4 Mrs. Bhavini Harshal Parekh