SS Retail IPO
SS Retail IPO is a mainboard IPO raising ₹500 Cr at ₹403 – ₹424 a share. It listed on 23 Sept 2026 at ₹624, +47.2% against its issue price of ₹424, and trades at ₹658 today (+55.3% since issue). It was subscribed 103× in total.
103.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
SS Mobile is a multi-brand retail chain selling mobile phones, accessories and other electronic items through physical stores. As of March 31, 2026, it operated 503 stores across 215 cities in 5 states (Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat), with a focus on tier II and tier III and beyond cities. It retails under three proprietary brands: SS Mobile (flagship), Mobile Exchange Wala (pre-owned smartphones via shop-in-shop) and The Mobile Space (smaller-format stores in tier II/III+ cities).
How it earns
Primarily retail sale of mobile phones and accessories through three operating models — Company-Owned Company-Operated (COCO, 16.70% of stores), Company-Owned Franchisee-Operated (COFO, 62.82%) and Franchisee-Owned Franchisee-Operated (FOFO, 20.48%) — with inventory ownership always retained by the company; the company pays franchisees a commission on meeting targets (COFO) or earns a fixed margin on inventory sold (FOFO), and also does wholesale/Corporate Sales through the company and a Subsidiary.
Who buys
End retail consumers across metro, mini-metro, tier I, tier II and tier III+ cities; no named key customers are disclosed (B2C retail). Ancillary credit/EMI facilities are offered via in-store mini-kiosks of multiple unnamed finance providers. Geographic concentration is high: Maharashtra stores contributed ₹2,094.57 crore (89.09%) of FY26 revenue from operations (FY26 revenue from operations: ₹2,351.03 crore; converted from ₹ million where 1 crore = 10 million).
Scale
503 stores across 215 cities in 5 states (458 in Maharashtra), 2,41,365 sq. ft. total retail area (5,36,597 sq. ft. including Olineo acquisition note); FY26 revenue from operations ₹2,351.03 crore (FY25: ₹1,597.93 crore; FY24: ₹1,206.74 crore) — converted from ₹ million (1 crore = 10 million); 1 owned + 2 leased warehouses in Kolhapur and Chhatrapati Sambhajinagar (Maharashtra); 4 logistics service providers in Mumbai, Pune, Nagpur and Bhopal; 5 exclusive brand 'smartphone cafe' outlets in Maharashtra.
What it says sets it apart
- Largest mobile phone retail chain in West India and Maharashtra, and 3rd largest in India among peers (per Knowledge Company Report); store count grew from 236 in FY24 to 503 in FY26 at 45.99% CAGR — ~2.4x the peer average of 19.29%.
- Highest sales per sq. ft. among peers at ₹1,46,347.03 in FY26 (FY25: ₹1,20,188.73) across 2,41,365 sq. ft. of total retail area, indicating leading space productivity.
- Franchisee-led COFO (62.82% of stores) and FOFO (20.48%) models run through a 'Local Partners Approach' — franchisee partners must be residents of the store's area, with onboarding via a two-phase 'SS Gurukul' training programme; COFO revenue grew at 32.01% CAGR and FOFO at 110.49% CAGR over FY24–FY26.
- Multi-brand strategy has scaled fast: pre-owned smartphone revenue grew from ₹51.51 crore (FY24) to ₹169.35 crore (FY26), or 4.27% → 7.20% of revenue from operations; 'The Mobile Space' brand grew from 19 stores (FY24) to 68 stores (FY26), contributing ₹172.28 crore in FY26 (7.33% of revenue).
- Direct procurement arrangements with brands and/or their distributors/authorised dealers eliminating intermediaries; cluster-based site selection using an SOP-driven proposal process covering city demographics, competitor landscape and break-even timeline — average store closure rate of 3.65% of closing store count over FY24–FY26.
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs424 / stated EPS Rs9.11 (Fiscal 2026 (Consolidated), diluted EPS computed per IND AS 33). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Mixed: Restated Consolidated for FY2026; Restated Standalone for FY2025 and FY2024 (prospectus states FY2026 figures are not directly comparable with FY2025/FY2024 due to consolidation of subsidiaries)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹2,351 Cr+47% | ₹59 Cr+49% | 2.5% | ₹231 Cr | ₹163 Cr |
| FY2025 | ₹1,598 Cr+32% | ₹40 Cr+50% | 2.5% | ₹156 Cr | ₹125 Cr |
| FY2024 | ₹1,207 Cr | ₹27 Cr | 2.2% | ₹102 Cr | ₹110 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 204× their allocation. Retail: 36×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Anand Rathi Advisors Limited — median +34.2% across the 10 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 30 Oct 2026.
What to watch
- Priced at 46.5× earnings — 135% above the median of the peers the issuer itself names.
- The register's top risk: Triple revenue concentration: Maharashtra, mobile phones, tier II/III cities (prospectus page 33).
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track SS RETAIL LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.