Summary: SS Retail Limited raised ₹500 crore at ₹403 to ₹424 per share, combining a ₹360 crore fresh issue with a ₹140 crore offer for sale. Bidding ran from September 16 to September 18, 2026, and closed at 103.30 times subscription. The listing is set for September 23.

Key Highlights

• Issue composition: A fresh issue of 8,508,298 shares alongside an offer for sale of 3,301,884 shares, listing on NSE and BSE.
• Retail entry: One lot of 35 shares costs ₹14,840 at the cap price.
• Earnings: FY2026 revenue from operations was ₹23,510.31 million. Profit after tax came to ₹592.82 million.
• Valuation: Based on FY2026 financials, basic EPS of ₹9.11 puts the cap price at 46.54 P/E.

SS Retail IPO: At a Glance 

Particulars	Details
Total Offer	₹500 crore
Fresh Issue	₹360 crore (8,508,298 shares)
Offer for Sale	₹140 crore (3,301,884 shares)
Face Value	₹10 per share
Listing	BSE and NSE, NSE designated
Lead Manager	Anand Rathi Advisors Limited
Registrar	KFin Technologies Limited

The offer for sale is not entirely a promoter exit. The four promoters together offered ₹70 crore. Rakhi Narendra Firodia, who is not a promoter, offered the other ₹70 crore. The weighted average cost of acquisition ranged from ₹2.05 to ₹13.32 per share across the five sellers.

SS Retail IPO Subscription Schedule & Important Dates

Event	Date
Anchor Bidding	Tuesday, September 15, 2026
Bid/Offer Opens	Wednesday, September 16, 2026
Bid/Offer Closes	Friday, September 18, 2026
Basis of Allotment	Monday, September 21, 2026
Refunds and Demat Credit	Tuesday, September 22, 2026
Tentative Listing	Wednesday, September 23, 2026

The UPI mandate deadline was 5:00 p.m. on the closing date.

Price Band, Market Lot & Retail Quota Allocation

The floor price was ₹403 and the cap price ₹424. Retail applicants and eligible employees could bid at the cut-off price.

• Retail: 35 shares at ₹14,840.
• Small NII: 490 shares at ₹207,760.
• Big NII: 2,380 shares at ₹1,009,120.
• Employees: Up to 300,752 shares reserved, at a ₹25 discount to the issue price.

Allocation followed Regulation 6(1) of the SEBI ICDR Regulations. Qualified institutional buyers take up to 50%, non-institutional investors at least 15%, and retail at least 50%, non-institutional investors not less than 15%, and retail not less than 35%. Within the non-institutional category, one-third goes to bids of ₹0.2 million to ₹1.00 million and two-thirds above that.

Company Overview & Business Model

SS Retail Limited was incorporated in 2016 and operates from Kolhapur, Maharashtra. It runs a multi-brand chain selling mobile phones, accessories, pre-owned smartphones, and other electronics, concentrated in western India. Store count rose from 236 in March 2024 to 503 in March 2026, a compound rate of 45.99%, across three parallel models: 

Model	Stores (Mar 2026)	Share
COFO (Company Owned, Franchisee Operated)	316	62.82%
FOFO (Franchisee-Owned, Franchisee Operated)	103	20.48%
COCO (Company Owned, Company Operated)	84	16.70%

Franchisee models drive expansion. The company added 127 COFO and 84 FOFO stores in two years, with a limit of capital committed per outlet. The FOFO count of 103 excludes 34 stores acquired through the Olineo majority stake in FY2026, which are classified separately within the 503 total. The higher margin verticals include pre-owned handsets and accessories.

A second business side is Mobile Exchange Wala, which buys pre-owned smartphones. It also has an accessories business, which brings in revenue beyond new mobile phone sales.

Financial Performance & Growth Analysis

SS Retail’s financial numbers show a clear increase in revenue and profitability over the three-year period.

Financial Metric	FY2024	FY2025	FY2026
Revenue from operations	₹1,206.74 cr	₹1,597.93 cr	₹2,351.03 cr
EBITDA	₹56.50 cr	₹80.44 cr	₹125.15 cr
PAT	₹26.65 cr	₹39.86 cr	₹59.28 cr
Basic EPS	₹4.10	₹6.13	₹9.11
Net Worth	₹101.51 cr	₹141.37 cr	₹225.71 cr

Revenue nearly doubled over two years, while PAT more than doubled, reflecting operating leverage as the store network scaled. The margin progression,  EBITDA margin widening from 4.68% to 5.32%; is modest but directionally positive for a low-margin retail model.

The FY2026 EBITDA margin was 5.32%, compared with 5.03% in FY2025 and 4.68% in FY2024. PAT margin stood at 2.52% in FY2026.

The company’s FY2026 basic EPS was ₹9.11. Net worth stood at ₹225.71 crore, while the return on net worth was 32.60%.

ROE, ROCE, and Other Ratios

The RHP reports a 30.60% return on average equity and 29.30% return on average capital employed for FY2026. Post-tax ROCE was 22.54%.

Inventory turnover was 8.83 times, while net working capital stood at 46 days. These figures are relevant because retail operations require the company to maintain sufficient inventory across its store network.

For peer comparison, the RHP includes Electronics Mart India, Aditya Vision, Jay Jalaram Technologies, Umiya Mobile, Bhatia Communications, and Fonebox Retail. The companies differ in size, geography, and business structure, so the reported ratios need to be read in that context.

Objectives of the Issue

• Store capital expenditure: ₹124.53 million for fit-outs in fiscal years 2027 and 2028.
• Incremental working capital: ₹2,413.47 million from net proceeds, against a total assessed requirement of ₹4,165.32 million.
• General corporate purposes: Limited to 25% of gross proceeds.

Working capital takes most of the money, reflecting inventory funding in a business where stock turnover determine returns.

Investment Analysis & Review

Key Strengths

• Store count increased from 236 to 503 between FY2024 and FY2026.
• Revenue and PAT increased during the reported period.
• The company operates through multiple store formats.
• Pre-owned smartphones and accessories provide additional business verticals.
• The company has a presence across different city categories.

Key Risks

The company has considerable exposure to Maharashtra. The RHP’s industry analysis shows that around 52% of its stores were in Tier III and beyond markets in FY2026.

Another factor is the company’s dependence on mobile phone sales. Inventory requirements and working capital needs also remain important because the business must maintain product availability across a growing store base.

Competition in organized electronics and mobile retail is another factor that can affect margins, customer acquisition, and store productivity.

SS Retail IPO: What Investors Should Check

The IPO combines strong recent revenue growth with a rapidly expanding store network. At the same time, the business requires continued investment in inventory and new stores.

Before applying, investors can examine the IPO valuation, FY2026 EPS, use of fresh-issue proceeds, debt position, regional concentration, inventory turnover, and competitive environment. The RHP should remain the primary document for reviewing the complete risk factors and offer terms.

Note: Informational purposes only; not investment advice. Figures derive from the Red Herring Prospectus dated September 8, 2026 and issue data as of September 18, 2026. Listing dates are tentative.

Source of Information – https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/SS%20RETAIL%20LIMITED%20-%20AP_p.pdf