SS Retail IPO
GMP, Subscription, Price, Dates & Financial Details

SS Retail Limited is a multi-brand retail chain engaged in the sale of mobile phones, accessories, and other electronic products. The Company operates across four states in India—Maharashtra, Karnataka, Madhya Pradesh, and Goa. Its stores are strategically located across metro, mini-metro, Tier I, Tier II, and Tier III and beyond cities, with a strong focus on expanding its presence in Tier II, Tier III, and emerging markets.

As of March 31, 2025, the Company operated 347 stores across India, of which 334 stores were located in Maharashtra. According to the Knowledge Company Report, the Company is the largest mobile phone retail chain in West India and Maharashtra and the fourth-largest mobile phone retail chain in India among its peers.

The Company has demonstrated strong and consistent growth in its retail footprint. Its store network increased from 181 stores across 89 cities as of March 31, 2023, to 347 stores across 149 cities as of March 31, 2025, representing a CAGR of 38.46%. According to the Knowledge Company Report, this was the second-highest store growth rate among its peers and approximately twice the peer average.

As of March 31, 2025, the Company's stores collectively covered approximately 179,633 square feet. During Fiscal 2025, the Company recorded sales of ₹120,188.73 per square foot, which was the highest among its peers, reflecting strong store productivity and operational efficiency.

The Company continued to expand its retail network during Fiscal 2026. As of November 30, 2025, it operated 451 stores, covering approximately 212,517 square feet.

Brand Portfolio

The Company primarily operates through three proprietary brands:

SS Mobile

SS Mobile is the Company's flagship retail brand, offering a comprehensive range of mobile phones, accessories, and other electronic products. Its stores are operated in three formats based on store size:

• Large format: Above 800 sq. ft.

• Medium format: 400–800 sq. ft.

• Small format: Below 400 sq. ft.

xchange Wala

xchange Wala, launched in Fiscal 2023, focuses on the sale of pre-owned mobile phones. The brand primarily operates through a shop-in-shop model within selected SS Mobile stores. According to the Knowledge Company Report, the Company is among the few organized retailers in India to adopt this format for pre-owned mobile phone retailing.

The Mobile Space

The Mobile Space, also launched in Fiscal 2023, was introduced to strengthen the Company's reach and customer acquisition in Tier II, Tier III, and beyond cities. The brand operates primarily through medium- and small-format stores, enabling the Company to establish a presence across a wider range of markets with relatively lower store infrastructure requirements.

In addition to its proprietary brands, as of June 30, 2025, the Company operated four smartphone cafés in Maharashtra, comprising two stores each in Kolhapur and Pune. These outlets operate as exclusive brand outlets for a reputed mobile phone brand.

Store Operating Models

The Company operates its retail stores through three business models, allowing it to balance control, capital efficiency, and geographic expansion:

• COCO (Company Owned, Company Operated): Stores are owned and operated directly by the Company.

• COFO (Company Owned, Franchisee Operated): Stores are owned by the Company but operated by franchise partners.

• FOFO (Franchisee Owned, Franchisee Operated): Stores are owned and operated by franchise partners under the Company's brand and operating framework.

This diversified store operating model enables the Company to expand its retail footprint efficiently across different markets while optimizing capital deployment and leveraging local market expertise.