Severeconcentrationpage 33
Triple revenue concentration: Maharashtra, mobile phones, tier II/III cities
we derived 89.09%, 92.32% and 94.07% of our revenue from operations from Maharashtra
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SS Retail IPO
SS Retail IPO is a mainboard IPO raising ₹501 Cr at ₹403 – ₹424 a share. The smallest application you can make is 35 shares, costing ₹14,840 at the top of the band. Bidding opens on 16 Sept 2026.
₹403 – ₹424
Price band
₹14,840
Minimum to apply (35 shares)
₹501 Cr
Issue size
16 Sept 2026
Bidding opens
Not publishedSubscription
Bidding has not opened yet, so there is nothing to subscribe to.
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 646-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 223 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severefinancialpage 65
Indebtedness with Debt Service Coverage Ratio below 1.0x
Debt Service Coverage Ratio 0.72 (March 31, 2026)
Severeoperationalpage 60
120 new stores planned annually with no locations or leases identified
We intend to open 120 new stores each in Fiscal 2027 and in Fiscal 2028... we have not yet identified the precise locations
Severeoperationalpage 72
Heavy and rising reliance on pre-owned smartphone business (Mobile Exchange Wala)
₹ 7,152.88 million in Fiscal 2026, constituting 19.54%, 26.61%, and 30.42%, respectively, of our revenue from operations
Severeregulatorypage 46
Past non-compliance with Companies Act; multiple pending compounding matters
Failure to file Form BEN-2 in Fiscal 2022 and Fiscal 2023 ... Our Company also did not appoint an internal auditor as required under Section 138 of the Companies Act, 2013
Severeoperationalpage 48
Recurring theft incidents at stores with significant inventory loss
on August 22, 2026, our Company has filed an FIR bearing number 1008/2026 against 3 unknown person ... for theft of 110 to 115 mobile phones worth ₹ 3.00 million
Highoperationalpage 71
Franchise COFO/FOFO model drives 74-78% of revenue with dispute risk
The COFO and FOFO Models cumulatively contributed 74.19%, 78.03% and 77.79% of our revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024
Highpromoterpage 49
Promoter Group in same line of business plus ₹2,096.86 million personal guarantees
certain members of our Promoter Group i.e., SS Distributors, S.S. Communication & Services ... are also engaged in the similar line of business as that of our Company
Highregulatorypage 44
Key trademarks unregistered or under change-of-proprietor process
the trademarks which are currently not registered or trademarks for which our Company has filed applications for change in the registered proprietor to our Company
Highmarketpage 45
Aggressive competition from e-commerce with online share at 41.5%
online mobile phone sales in India ... its share increasing from 35.3% in FY2019 to 41.5% in Fiscal 2024
Highlitigationpage 38
Independent Director faces pending SEBI Supreme Court appeal
SEBI filed a Civil Appeal in the Supreme Court of India on September 14, 2018 (Civil Appeal No. 34653/2018) ... The matter is currently pending
Highoperationalpage 48
Acquisition integration risk (Olineo, Nexora) with loss-making subsidiaries
we have also acquired 51.04% shareholding in Olineo Nexus India Private Limited (Olineo) ... There can be no assurance that we will be able to successfully integrate
Highoperationalpage 32
Top 10 supplier concentration at 79-89% without long-term contracts
The amount of purchase of traded goods from our top 10 Suppliers was 79.09%, 89.42% and 88.38% of our purchase of traded goods
Highregulatorypage 67
Stores operating without key licenses plus repeated TDS/GST statutory delays
Our Company has not yet made an application for obtaining following licenses for our stores... Trade License... Shops & Establishment License
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 6 | 5 | 0 | ₹3.3 Cr |
| Subsidiaries | 0 | 0 | 1 | ₹2.4 Cr |
| Promoters | 1 | 1 | 0 | — |
| Directors | 0 | 2 | 1 | ₹0.3 Cr |
| Group companies | 0 | 0 | 0 | — |
case₹2.7 Crpage 548
GST ASMT-10 notice to Company (Feb 6, 2026): alleged discrepancies totalling Rs 26.54 million (Rs 1.60m excess ITC + Rs 0.01m interest + Rs 24.93m excess outward tax liability) for FY24; pending before Deputy Commissioner of State Tax, Ichalkaranji
case₹2.4 Crpage 546
Vediomax International vs ZAZZ Technology Connect & subsidiary Nexora Smart Tech: pre-litigation mediation under Section 12(a) of Commercial Courts Act for alleged unpaid invoices of Rs 23.98 million; pending before Delhi HC Mediation & Conciliation Centre
case₹0.3 Crpage 546
FIR 1008/2026 (Aug 22, 2026) at Karad City PS, Maharashtra: theft of 110-115 mobile phones worth Rs 3.00 million from Company store; against 3 unknown persons under BNS 2023
case₹0.3 Crpage 547
SEBI Adjudication Order (May 17, 2017) vs Independent Director Asit Chimanlal Mehta: Rs 2.50 million penalty for non-disclosure under SAST Regulations; SAT order quashed; SEBI Civil Appeal No. 34653/2018 pending in Supreme Court
casepage 544
Legal Metrology Complaint 289/2023 by Inspector of Legal Metrology, Chiplun, against Company, 4 Directors (Siddharth Shah, Harshal Parekh, Sagar Patil, Deepa Shah) and Promoter Bhavini Harshal Parekh under Legal Metrology Act, 2009; pending before JMFC, Chiplun
Amounts converted from Rs million to Rs crore (1 crore = Rs 10 million). Company's 6 criminal matters = 1 against (Legal Metrology Complaint 289/2023) + 5 filed by it (3 Section 138 NI Act complaints for dishonoured cheques aggregating Rs 1.38 million + 2 FIRs for store thefts — Ujjain 123 phones, Karad 110-115 phones worth Rs 3.00 million). The Legal Metrology case names 4 Directors and Promoter Bhavini Parekh; the Promoters section explicitly cross-references it (counted under promoters), but the Directors section states 'no outstanding criminal proceedings' (apparent typo for 'against') and is not cross-referenced, so counted as 0 here. Promoter tax = 1 direct-tax case (Nil amount). Directors 'other' = 1 SEBI regulatory matter (Rs 2.50m penalty on Independent Director Asit Chimanlal Mehta, pending SC). Group Companies have no material litigation. Senior Management (not a SEBI-mandated bucket party) has 1 case: Nitin Kumar Jain's application seeking return of Rs 4.22 million defrauded in an online share-trading fraud (page 549). Grand total of amounts involved is not explicitly stated in the section. GST indirect-tax aggregate of Rs 28.64m (Company, 4 cases) is part of the Tax proceedings summary table on page 548; the material GST ASMT-10 notice (Rs 26.54m) is one component of those cases.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.