SS Retail
What they do: SS Retail Limited operates in the retail sector, focusing on trading goods. The company has expanded its operations, as indicated by the consolidation of subsidiaries.
By IPO Milega Research · Published · Updated
Analysis score 7 +1.5 for 214.22x QIB subscription
SS Retail Limited shows strong financial fundamentals with consistent revenue growth and profitability.
- Listing gain
- +47.17%
- Listed at ₹624
- Subscribed
- 107.41x
- Total
- Retail odds
- 2.8%
- 1 in 36
GMP is an unofficial grey market indication. GMP updated 23 Sept, 14:44 IST.
- Price band
- Price TBA
- Lot size
- N/A
- Min. investment
- N/A
- Issue size
- 500.75 Cr.
- Open16 Sept 2026
- Close18 Sept 2026
- Allotment21 Sept 2026
- Listing23 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 214.22x
- NII
- 150.33x
- Retail
- 35.81x
₹584 (+37.74%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹360.75 Cr
- Fresh issue
- To selling shareholders
- ₹140 Cr
- Offer for sale
- Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028₹12.45 Cr2%
- Part funding of the incremental working capital requirements of Company₹416.53 Cr73%
- General Corporate PurposesNot stated
- Offer for sale: goes to selling shareholders₹140 Cr25%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials8.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The Grey Market Premium (GMP) of 529, representing a 24.76% premium, indicates strong investor interest and potential for significant listing gains. This is supported by the company's robust financial performance, market adaptability, and strategic timing of the IPO.
Strengths4
- Largest mobile phone retail chain in West India.
- Third largest mobile phone retail chain in India.
- Revenue growth from ₹12,067.43 million in FY 2024 to ₹23,510.31 million in FY 2026.
- Expansion from 236 stores in FY 2024 to 503 stores in FY 2026.
Concerns5
- Dependence on Maharashtra for revenue (over 90%)
- High reliance on mobile phone retailing (86.18% of revenue)
- Significant supplier concentration (79.09% from top 10)
- High outstanding indebtedness (₹2,752.21 million)
- Low Debt Service Coverage Ratio (0.72)
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum-- lots, - shares
- Retail Maximum-- lots, - shares
- S-HNI Minimum-- lots, - shares
- S-HNI Maximum-- lots, - shares
- B-HNI Minimum-- lots, - shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | - | - | - |
| Retail Maximum | - | - | - |
| S-HNI Minimum | - | - | - |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | - | - | - |
Timing
7.0/10The timing of SS Retail's IPO is favorable due to its recent corporate restructuring and rebranding, which may enhance investor confidence. The involvement of experienced lead managers and a clear strategy for institutional and retail marketing further supports the positive timing assessment.
- Time to market
- The company's recent conversion to a public limited entity and rebranding efforts suggest a well-planned approach to market entry, likely to attract investor interest and capitalize on current market conditions.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE, NSE
Key milestones
- 16 Sept 2026IPO Opens
- 18 Sept 2026IPO Closes
- 21 Sept 2026Basis of Allotment
- 22 Sept 2026Refunds Initiated
- 22 Sept 2026Credit to Demat Account
- 23 Sept 2026Listing Date
Financials
8.0/10- Revenue
- ₹2,353 Cr
- +47.1%
- Profit after tax
- ₹59.28 Cr
- +48.7%
- Net margin
- 2.5%
- +0.0 pts
- Assets
- ₹575 Cr
- +47.8%
- Return on equity
- 25.64
- Debt to equity
- 0.48
- Current ratio
- 1.72
- Revenue CAGR
- 25%
- ROCE
- 29.30%
- Return on net worth
- 32.60%
- NAV per share (₹)
- 34.33
Financial performance trend
Amount ₹ in croresSS Retail Limited shows strong financial fundamentals with consistent revenue growth and profitability. The company has a robust asset base and a manageable debt level, indicating sound financial health.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks2
- Operational risks2
- Regulatory risks1
High reliance on Maharashtra and mobile retailing, coupled with financial strain, poses significant risks.
How the company offsets these
Diversify revenue sources and geographic presence to reduce reliance on Maharashtra and mobile retailing.
Financial risks2
- High outstanding indebtedness (₹2,752.21 million)
- Low Debt Service Coverage Ratio (0.72)
Market risks2
- Dependence on Maharashtra for revenue (over 90%)
- High reliance on mobile phone retailing (86.18% of revenue)
Operational risks2
- Unregistered lease agreements risk operational stability
- Potential lease renewal and cost escalation issues
Regulatory risks1
- Significant supplier concentration (79.09% from top 10)
Performance
8.0/10SS Retail Limited has demonstrated strong growth and operational efficiency, particularly in inventory management and store expansion. However, its high reliance on a few suppliers and moderate debt levels pose potential risks.
- Historical growth
- The company has shown a strong historical growth pattern with a revenue CAGR of 39.58% from FY 2024 to FY 2026., 39.58%
- Market comparison
- SS Retail Limited outperforms peers in inventory turnover and net working capital days, indicating superior operational efficiency.
- Future potential
- The company is well-positioned for continued growth due to its strong market presence and efficient operations.
- Operational consistency
- The company has consistently increased its revenue and store count over the past three years, indicating stable operations.
- Experience
- The management has successfully expanded the store network and revenue significantly over the past two years.
- Track record
- Strong track record of growth and expansion in the retail sector.
Key achievements
- 01Largest mobile phone retail chain in West India.
- 02Third largest mobile phone retail chain in India.
- 03Revenue growth from ₹12,067.43 million in FY 2024 to ₹23,510.31 million in FY 2026.
- 04Expansion from 236 stores in FY 2024 to 503 stores in FY 2026.
Flexibility
8.0/10SS Retail Limited has shown significant market adaptability by expanding its store network rapidly, particularly in tier II and III cities, and by introducing new brands like 'Mobile Exchange Wala' and 'The Mobile Space'. The company's ability to align with local consumer preferences and leverage its regional presence gives it a competitive edge.
The company maintains a healthy financial position with a Net Debt-to-Equity ratio of 0.58 and a Net Debt-to-EBITDA ratio of 1.06 in FY 2026, indicating manageable leverage. However, the Debt Service Coverage Ratio of 0.72 suggests some room for improvement in debt servicing capacity.
SS Retail Limited exhibits high operational agility, evidenced by its rapid store expansion and efficient inventory management. The company has effectively utilized COFO and FOFO models to scale operations with lower capital expenditure, enhancing its operational flexibility.
SS Retail Limited demonstrates strong flexibility and adaptability, evidenced by its rapid expansion, diversified product offerings, and strategic operational models. The company has effectively scaled its operations, particularly in tier II and III cities, and maintains a robust financial position with competitive debt ratios and profitability metrics.
- Product diversification
- The company offers a wide range of products including mobile phones, pre-owned smartphones, accessories, and other electronic items. It has also expanded into ancillary services like mobile protection plans and EMI facilities, enhancing its product diversification.
- Future adaptability
- The company's strategic focus on tier II and III cities, along with its diversified product offerings and scalable operational models, positions it well for future adaptability. Its ongoing expansion and brand-building initiatives further enhance its potential to adapt to market changes.
Latest on SS Retail IPO
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.