India’s fastest-growing multi-brand mobile retail chain, SS Retail, has filed draft papers for IPO with the Securities and Exchange Board of India. The Kolhapur-based company, known for its “SS Mobile,” “Mobile Exchange Wala,” and “The Mobile Space” brands, plans to utilise the proceeds to fund store expansion, strengthen working capital, and meet general corporate requirements.
SS Retail IPO Structure & Details
SS Retail IPO comprises a fresh issue (INR 300 crore) and an OFS (INR 200 crore) by promoters and other shareholders. The promoters include Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, and Bhavini Harshal Parekh.
The list of selling shareholders in SS Retail IPO is given below:
- Siddharth Gunvant Shah: INR 64 crore
- Deepa Siddharth Shah: INR 20 crore
- Harshal Kishor Parekh: INR 12 crore
- Bhavini Harshal Parekh: INR 4 crore
- Other shareholder Rakhi Narendra Firodia: 100 crore
The issue is managed by Anand Rathi Advisors and Emkay Global, with KFin Technologies as the registrar of the issue.
SS Retail IPO: Use of Funds
The company plans to deploy the IPO proceeds primarily for:
- New Store Fit-Outs: INR 12.45 crore for fiscal 2027–2028.
- Incremental Working Capital: INR 201.55 crore over two years.
- General Corporate Purposes: Balance proceeds
SS Retail IPO: Business Overview
Founded in 2016, SS Retail has evolved into a dominant regional retailer of mobile phones and electronic accessories. As of 30 November 2025, the company operated 451 stores across Maharashtra, Karnataka, Madhya Pradesh, and Goa.
Its rapid expansion—from 181 stores in FY2023 to 347 in FY2025 and 376 by June 2025—represents a compound annual growth rate (CAGR) of 38.46%, nearly double the industry peer average of 19.38%.
The company operates under three store models:
- COCO (Company Owned, Company Operated): 17.02% of stores
- COFO (Company Owned, Franchise Operated): 69.15%
- FOFO (Franchise Owned, Franchise Operated): 13.83%
This asset-light franchise-driven model allows scalability with lower capital expenditure.
SS Mobile IPO: Financial Performance
SS Retail’s financial trajectory underscores strong growth and improving profitability:
| Particulars | FY2023 | FY2024 | FY2025 | Q1 FY2026 |
|---|---|---|---|---|
| Revenue from Operations | 832.04 | 1,206.74 | 1,597.93 | 497.64 |
| PAT | 11.56 | 26.65 | 39.86 | 14.86 |
| PAT Margin | 1.39 | 2.21 | 2.49 | 2.99 |
| Operating EBITDA Margin | 3.66 | 4.68 | 5.03 | 6.00 |
| ROE | 16.7 | 30.20 | 30.94 | NA |
| EPS (INR) | 1.78 | 4.10 | 6.13 | 9.14 |
Revenue has grown at a 38.58% CAGR between FY23 and FY25, while PAT surged over 3.4x in two years. The gross profit margin expanded from 9.45% to 12.09%, reflecting higher operating leverage and product mix improvements.
Geographic and Product Mix
SS Retail derives over 95% of its revenue from Maharashtra, with growing contributions from Goa, Karnataka, and Madhya Pradesh following its FY25 expansions.
Its revenue mix highlights dominance in handset sales:
- Mobile Phones: 87.6% of FY25 revenue (INR 1,399.5 crore)
- Pre-Owned Phones (Mobile Exchange Wala): 5.7% (INR 913 crore)
- Accessories & Electronics: 5.6% combined
- Ancillary Services: 1.1%
The company’s pre-owned phone segment has grown from INR 1.89 crore in FY23 to INR 9.13 crore in FY25—an impressive CAGR exceeding 300%, tapping India’s growing refurbished smartphone market.
Operational Highlights
- Sales per Square Foot (FY25): INR 1,20,188.73 — highest among peers.
- Same Store Sales Growth (FY23–FY25): 13.43%.
- Store Closure Rate (FY23–FY25): only 2.04%.
- Net Working Capital Days: 51 (FY2025), reflecting tight operational control.
- Inventory Turnover Ratio: 9.11x (FY25).
The company’s centralised procurement, tech-driven inventory systems, and “hub-and-spoke” distribution model enhance efficiency.
Management and Human Resources
Led by founder and Managing Director Siddharth Gunvant Shah, who brings over two decades of retail experience, the company employs 621 permanent staff, with nearly 72% in sales roles.
Industry Position and Outlook
SS Retail ranks as the largest mobile retail chain in Maharashtra and West India, and 4th largest in India. Its aggressive push into tier II and III cities aligns with nationwide consumer electronics penetration trends, driven by 4G/5G adoption and aspirational upgraders.
SS Retail’s differentiated franchise model, local partner strategy, and consistent profitability position it favorably for public market entry. With improving credit ratings from CRISIL A-/Stable and A2+, the company signals a strong balance sheet ahead of its IPO.
SS Retail IPO: Key Takeaways
- IPO Size: INR 500 crore (Fresh + OFS)
- Use of Proceeds: Expansion, working capital, corporate purposes
- FY25 Revenue: INR 1,597.9 crore (+32% YoY)
- FY25 PAT: INR 39.86 crore (+49.6% YoY)
- Retail Network: 451 stores as of Nov 2025
- Operating Model: 83% franchise-led, asset-light
Conclusion
With its robust growth record, strong regional dominance, and scalable franchise model, SS Retail IPO filing marks a key moment for India’s organised mobile retail sector. The offering underscores rising investor interest in regional retail champions poised to ride India’s next wave of consumer electronics expansion.
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