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SS Retail IPO
Price Band
₹403.0–424.0
Issue Size
₹500.0 Cr
Lot Size
35 shares
Min Investment
₹14,840
GMP
+₹160.0 (37.74%)
Issue Price
₹424.0
Subject to Sauda
₹4300
Paid only if allotted
SS Retail IPO AI Summary
- SS Retail IPO is listed on BSE, NSE in the Diversified Retail sector.
- Price band: ₹403.0–₹424.0 per share, lot size 35 shares (min. investment ₹14,840).
- Subscription window: 16 Sep–18 Sep 2026, listing on 23 Sep 2026.
- Current GMP is +₹160.0 (37.74%), an estimated listing price of ₹584 — unofficial and can change daily.
SS Retail Ltd is a rapidly growing multi-brand retail chain in the mobile phone sector, with a strong market presence and efficient store operations. The company is looking to raise ₹500 Cr through its IPO, with a significant portion allocated for expanding its store network and working capital needs.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
SS Retail IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 18 Sep 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
107.41x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
214.22x
|
214x 🔥 |
| NII (HNI) |
150.33x
|
150x 🔥 |
| ↳ bNII (>₹10L) |
165.06x
|
165x 🔥 |
| ↳ sNII (<₹10L) |
120.85x
|
121x 🔥 |
| Retail (RII) |
35.81x
|
36x ✓ |
| Employee |
2.72x
|
2.72x |
| Total | 107.41x | 107.41x |
Auto-updated every 5 min · As of 18th Sep 2026 16:06
SS Retail IPO Grey Market Premium (GMP) Today
GMP
+₹160.0
GMP %
+37.74%
Est. Listing
₹584.0
Updated: 23 Sep 2026 07:30
GMP Trend (Last 14 Days)
About the Company
SS Retail Ltd is a multi-brand retail chain selling mobile phones, accessories, and other electronic products. We operate in four states—Maharashtra, Karnataka, Madhya Pradesh, and Goa. Its stores are located across metro, mini-metro, Tier I, Tier II, and Tier III and beyond cities, with a strong focus on Tier II and Tier III and beyond markets. As of March 31, 2025, the company operated 347 stores across India, including 334 stores in Maharashtra. According to the Knowledge Company Report, it is the largest mobile phone retail chain in West India and Maharashtra, and the fourth largest in India among our peers. The company has grown rapidly over the years. Our store count increased from 181 stores in 89 cities as of March 31, 2023 to 347 stores in 149 cities as of March 31, 2025, growing at a CAGR of 38.46%. As per the Knowledge Company Report, this growth rate is the second highest among peers and about twice the peer average. As of March 31, 2025, our stores covered 179,633 square feet. In Fiscal 2025, our sales per square foot were ₹120,188.73, the highest among our peers, showing strong store efficiency. As of November 30, 2025, we operated 451 stores covering 212,517 square feet. Brands The company operates mainly through three proprietary brands: SS Mobile – Its flagship brand, under which it sells mobile phones, accessories, and other electronics through large (above 800 sq. ft.), medium (400–800 sq. ft.), and small (below 400 sq. ft.) stores. xchange Wala – Launched in Fiscal 2023, this brand focuses on pre-owned mobile phones and operates in a “shop-in-shop” format within selected SS Mobile stores. As per the Knowledge Company Report, it is among the few organized retailers using this format. The Mobile Space – Launched in Fiscal 2023 to improve reach and customer acquisition in Tier II, Tier III, and beyond cities. These stores operate in medium and small formats. As of June 30, 2025, it also operated four smartphone cafés in Maharashtra, with two stores each in Kolhapur and Pune, which are exclusive brand outlets for a reputed mobile phone brand. Store Operating Models The company operates stores through three business models: COCO (Company Owned and Company Operated) COFO (Company Owned and Franchisee Operated) FOFO (Franchisee Owned and Franchisee Operated) Competitive Strengths Largest mobile phone retail chain in West India and in Maharashtra, and the 4th largest in India. Differentiated COFO and FOFO Models with our Local Partners Approach. Established track record of operations and understanding of diverse markets. A broad product mix with a focus on mobile phones, including pre-owned mobile phones, and a strong procurement model. Consistent track record of financial performance and growth. Experienced promoter and management team with strong domain expertise.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 575.42 | 389.44 | 278.25 |
| Total Income | 2,352.85 | 1,599.96 | 1,208.04 |
| Profit After Tax | 59.28 | 39.86 | 26.65 |
| EBITDA | 125.15 | 80.44 | 56.50 |
| NET Worth | 225.71 | 141.37 | 101.51 |
| Reserves and Surplus | 159.59 | 128.18 | 88.52 |
| Total Borrowing | 162.59 | 125.36 | 110.43 |
Key Ratios
EPS
₹9.00
NAV
₹34.33
ROE
30.60%
ROCE
29.30%
RoNW
32.60%
P/B Value
12.35
P/E Ratio
47.11
Market Cap
₹3153.36 Cr
PAT Margin
2.52%
Debt/Equity
0.70
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Umiya Mobile Limited | 46.31 | 29.32% | 8.46 | 7.09 | 7.09 |
| Bhatia Communications & Retail (India) Limited | 7.08 | 15.16% | 24.44 | 1.31 | 10.33 |
| Fonebox Retail Limited | 40.25 | 17.94% | 15.08 | 6.63 | 6.63 |
| Jay Jalaram Technologies Limited | — | 13.74% | 14.41 | 8.59 | 8.59 |
| Electronics Mart India Limited | — | 6.81% | 62.66 | 2.78 | 2.78 |
| Aditya Vision Limited | 53.26 | 18.38% | 66.29 | 9.07 | 9.05 |
| SS Retail Ltd. This IPO | 34.33 | 32.6% | — | 9.11 | 9.11 |
Promoters
Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, Bhavini Harshal Parekh
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 12.45 2 Part funding of the incremental working capital requirements of Company 241.35 3 General Corporate Purposes 79.75 4 Issue Expenses 36.69 Total 370.25
IPO Evaluation
Generated 26 Sep 2026Revenue Trend
In the fiscal year ending March 31, 2026, SS Retail reported total income of ₹2,352.85 Cr, up from ₹1,599.96 Cr in the previous year (March 31, 2025). This represents a significant increase in revenue, indicating strong growth in the company's operations.
Profit Trend
For the fiscal year ending March 31, 2026, SS Retail's profit after tax was ₹59.28 Cr, an increase from ₹39.86 Cr in the prior year (March 31, 2025). This upward trend in profit demonstrates the company's improving financial performance.
Valuation
SS Retail's implied P/E at the issue price of ₹424.0 is approximately 47.11, compared to its peers trading at a P/E range of 8.46 to 66.29.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. A positive GMP indicates that the shares are expected to list at a higher price than the issue price, while a negative GMP suggests the opposite. It provides investors with an indication of market sentiment towards the IPO.
Subscription Demand
As of September 18, 2026, the IPO was oversubscribed 107.41 times overall. The QIB category was subscribed 214.22 times, the NII category 150.33 times, and the retail category 35.81 times, indicating strong demand across all investor segments.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, market position, and financial performance. It's important to consider the overall market conditions and personal risk tolerance.
Who May Want to Wait
Investors who prefer stable, established companies with consistent performance may want to avoid IPOs like this, which can be subject to market fluctuations and may not guarantee immediate returns.
IPO Timeline, Explained
The IPO opens on September 16, 2026, and closes on September 18, 2026. Allotment of shares will be done on September 21, 2026, with the listing date set for September 23, 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are listed on the stock exchange at a price higher than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance post-listing.
This evaluation is generated from SS Retail's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is SS Retail IPO GMP today?
SS Retail IPO GMP today is +₹160.0 (37.74%), indicating an estimated listing price of ₹584. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of SS Retail IPO?
The price band of SS Retail IPO is ₹403.0–₹424.0 per share.
When does SS Retail IPO open and close?
SS Retail IPO opens on 16 September 2026 and closes on 18 September 2026.
When does SS Retail IPO list on the stock exchange?
SS Retail IPO listed on 23 September 2026 at ₹584.0.
What is the lot size for SS Retail IPO?
The lot size for SS Retail IPO is 35 shares, requiring a minimum investment of ₹14,840.
What is the lot size for the SS Retail IPO?
The lot size for the SS Retail IPO is 35 shares.
What is the minimum investment required?
The minimum investment required is ₹14,840.
What is the price band for the IPO?
The price band for the IPO is ₹403.0 to ₹424.0.
When is the listing date for the IPO?
The listing date for the IPO is September 23, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price movement of the shares on the listing day.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
16 Sep 2026
Close
18 Sep 2026
Allotment
21 Sep 2026
Listing
23 Sep 2026
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