# SS Retail Limited: IPO analysis

> SS Retail Limited (CIN U51599PN2016PLC164991) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹360 Cr and an offer for sale of ₹140 Cr, priced at ₹403.00 to ₹424.00 per share. In FY26 it reported revenue of ₹2,351 Cr (+47.1% on FY25) and a net profit of ₹59 Cr. Promoters hold 75.7% before the IPO. Our fact-check of its claims found 5 medium or high concerns across 78 claims checked.

- Page: https://ipo.innerkore.com/company/U51599PN2016PLC164991/ss-retail-limited/
- CIN: U51599PN2016PLC164991
- Last updated: 21 Sep 2026

## Key facts

- **Company:** SS Retail Limited
- **CIN:** U51599PN2016PLC164991
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 21 Sep 2026
- **Fresh issue:** ₹360 Cr
- **Offer for sale:** ₹140 Cr
- **Price band:** ₹403.00 to ₹424.00 per share
- **Final offer price:** ₹424.00 per share
- **Lot size:** 35 shares
- **Bidding opens:** 16 Sep 2026
- **Bidding closes:** 18 Sep 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹2,351 Cr
- **Revenue growth:** +47.1%
- **Net profit FY26:** ₹59 Cr
- **Revenue CAGR FY24 to FY26:** 39.6%
- **Promoter holding (pre-IPO):** 75.7%
- **Lead managers:** Anand Rathi Advisors Limited, Emkay Global Financial Services Limited
- **Registrar:** KFin Technologies Limited
- **Fact-check flags:** 0 high, 5 medium, 6 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (concern): 53.2x P/E. At the top of the band, on FY26 profit; 13.6x book value.
- **Growth** (looks fine): 39.6% a year. Sales FY24 to FY26; latest year +47.1%.
- **Profitability** (concern): 2.5% net margin. FY26; operating margin steady.
- **Profit into cash** (look closer): 55% of profit. Operations brought in ₹32.5 crore against ₹59.3 crore of profit in FY26.
- **One-off income** (looks fine): 2% of profit. Other and one-off income is 2% of pre-tax profit.
- **Where the money goes** (looks fine): 28% for sale. 72% is new shares issued by the company.
- **Red flags** (look closer): 5 to review. 78 claims checked: 0 high, 5 medium concern.

## Financial snapshot (₹ crore unless stated; standalone)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 1,207 | 1,598 | 2,351 |
| Sales growth | – | 32.4% | 47.1% |
| Operating profit | 57 | 80 | 125 |
| Operating margin | 4.7% | 5.0% | 5.3% |
| Net profit | 27 | 40 | 59 |
| Net margin | 2.2% | 2.5% | 2.5% |
| Net worth | 102 | 156 | 231 |
| Return on equity | 26.3% | 25.5% | 25.6% |

## Fact-checked claims

- **MEDIUM** (LitigationStatus): There are no pending litigation involving the Group Companies that would have a material impact on the Company.. Search results indicate the existence of legal cases involving SS Retail Limited, including a suit filed in 2019 and a judgment pronounced in 2025. Some results point to legal case files and mention outstanding litigation, which directly relates to the claim about pending litigation.
- **MEDIUM** (SubsidiaryPerformance): The company has acquired the brand “GIZMORE” from ZAZZ Technology Connect Private Limited.. One search result indicates that SS Retail Ltd. received an award from ZAZZ Technology Connect Private Limited in FY2021, which is different from the claim of an acquisition. Other results describe Zazz Technology Connect Private Limited's business and Zazz's services.
- **MEDIUM** (LitigationStatus): The definition of 'group companies' under SEBI ICDR Regulations includes companies with which there were related party transactions.. The search results point to existing legal cases and litigation involving SS Retail Limited, including a suit filed in court and references to legal case files. This suggests that there have been related party transactions or disputes that are documented in the search results.
- **MEDIUM** (LitigationStatus): Vediomax International Private Limited filed an application for Pre-Litigation Mediation against ZAZZ Technology Connect Private Limited and a Subsidiary, alleging an outstanding amount of ₹2.40 Crore.. One search result mentions a proposed accounting treatment related to a case between VIDEOMAX INTERNATIONAL and ZAZZ TECHNOLOGY CONNECT, which is relevant to the claim of a pre-litigation mediation. However, the search results do not explicitly confirm the exact amount of ₹2.40 Crore alleged in the DRHP claim.
- **MEDIUM** (LitigationStatus): A pre-litigation mediation application was filed by a Plaintiff against the Company and its Subsidiaries concerning outstanding dues amounting to ₹2.40 Crore.. Search results indicate that there is outstanding litigation against SS Retail Limited, with some references to a suit filed in court and material litigation. However, the search results do not specifically confirm the exact claim regarding a pre-litigation mediation application for ₹2.40 Crore.
- **LOW** (SubsidiaryPerformance): The company acquired a 51.04% shareholding in Olineo Nexus India Private Limited in Fiscal 2026, which became a subsidiary effective January 27, 2026.. Several search results corroborate the claim, indicating that SS Retail Limited acquired a 51.04% stake in Olineo Nexus India Private Limited, which became a subsidiary around January 27, 2026, and this acquisition was associated with adding stores and goodwill.
- **LOW** (SubsidiaryPerformance): The company acquired a 51.04% shareholding in Olineo Nexus India Private Limited (Olineo) in Fiscal 2026, which became a subsidiary effective January 27, 2026.. Several search results corroborate the claim, stating that SS Retail Limited acquired a 51.04% stake in Olineo Nexus India Private Limited during Fiscal 2026, which resulted in the company becoming a subsidiary and adding 34 stores to its network.
- **LOW** (SubsidiaryPerformance): Key competitors include Croma, Reliance Digital, Vijay Sales, and regional players such as Fone Box Retail Limited and Umiya Mobile Limited.. One search result provides financial data for Fonebox Retail Ltd., which corresponds to one of the regional players mentioned in the claim. However, the search results do not provide information regarding Croma, Reliance Digital, Vijay Sales, or any further context on the other mentioned competitors.
- **LOW** (SubsidiaryPerformance): The company entered into an arrangement with EasyRewardz Software Services Private Limited to introduce a customer loyalty programme.. The search results confirm the existence and profile of EasyRewardz Software Services Private Limited, including its incorporation date and funding history. However, the search results do not explicitly confirm the specific arrangement or contract between SS Retail Limited and EasyRewardz for a customer loyalty programme.
- **LOW** (LitigationStatus): Mobimart India Private Limited is identified as a Group Company.. The search results mention Mobimart India Private Limited and its financial details, including a paid-up capital of Rs. 100000.00, and directors associated with Mobimart India Pvt. Ltd. This suggests an entity exists, but the search results do not explicitly confirm or deny its status as a 'Group Company' as stated in the DRHP claim.
- **LOW** (PromoterBackground): Asit Chimanlal Mehta, an Independent Director, was associated with Asit C Mehta Real Estate Services Private Limited and ACM Commodity Services Private Limited, which were voluntarily struck off for being inoperative.. The search results mention entities like Asit C. Mehta Investment Intermediates Ltd. and Asit C Mehta Financial Services Ltd., which are related to the name mentioned in the claim, but they do not explicitly confirm that the companies were voluntarily struck off for being inoperative.
- **NONE** (PromoterBackground): There are no criminal proceedings, tax proceedings, or statutory/regulatory proceedings against the promoter.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that there are no criminal, tax, or statutory proceedings against the promoter.

## Common questions

### How big is the SS Retail Limited IPO?

SS Retail Limited's IPO comprises a fresh issue of ₹360 Cr and an offer for sale of ₹140 Cr, according to its Prospectus. The price band was ₹403.00 to ₹424.00 per share and the final offer price was ₹424.00 per share.

### What are SS Retail Limited's revenue and profit?

SS Retail Limited reported revenue from operations of ₹2,351 Cr in FY26, +47.1% versus FY25. Net profit was ₹59 Cr (FY25: ₹40 Cr). Revenue grew at a compound rate of 39.6% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there.

### How much do promoters own in SS Retail Limited?

Promoters and the promoter group hold 75.7% of SS Retail Limited before the IPO.

### What are the red flags in SS Retail Limited's Prospectus?

We fact-checked 78 claims from the filing against the open web: 0 raised a high concern, 5 medium and 6 low. The most notable: Search results indicate the existence of legal cases involving SS Retail Limited, including a suit filed in 2019 and a judgment pronounced in 2025. Some… One search result indicates that SS Retail Ltd. received an award from ZAZZ Technology Connect Private Limited in FY2021, which is different from the claim of… The search results point to existing legal cases and litigation involving SS Retail Limited, including a suit filed in court and references to legal case… This is an automated screen, not a verdict; each finding links to its sources.

### What does SS Retail Limited do?

Before you invest a single penny in the SS Retail Limited IPO, you need to know this: this company is currently entangled in serious legal history. Search results confirm there are active lawsuits and judgments related to SS Retail Limited, raising major red flags about its stability.

### Who manages the SS Retail Limited IPO?

Book running lead managers: Anand Rathi Advisors Limited, Emkay Global Financial Services Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original SS Retail Limited IPO documents?

All 3 filings for SS Retail Limited (DAP, DRHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [SS Retail Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789975654587.pdf) (Prospectus, filed 21 Sep 2026)
- [SS RETAIL LIMITED - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/SS%20RETAIL%20LIMITED%20-%20AP_p.pdf) (Abridged prospectus (DAP), filed 9 Sep 2026)
- [SS RETAIL LIMITED - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788946092145.pdf) (Draft Red Herring Prospectus, filed 9 Sep 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.