SS RetailIPO Review — Financials, Valuation & Peers
A data-only look at the SS Retail IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,208.04 | 26.65 | 56.5 | 101.51 | 278.25 | 110.43 | — |
| FY 2025 | 1,599.96 | 39.86 | 80.44 | 141.37 | 389.44 | 125.36 | — |
| FY 2026 | 2,352.85 | 59.28 | 125.15 | 225.71 | 575.42 | 162.59 | 9 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 32.6%
- RoE
- 30.6%
- RoCE
- 29.3%
- Debt / Equity
- 0.7
- EPS (pre-issue)
- ₹9
- EBITDA Margin
- 5.32%
- PAT Margin
- 2.52%
- NAV / share
- ₹34.33
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| SS Retail | 9.11 | 34.33 | — | 32.6% | — | Consolidated |
| Aditya Vision Limited | 9.07 | 53.26 | 66.29x | 18.38% | 11.3x | Standalone |
| Bhatia Communications & Retail (India) Limited | 1.31 | 7.08 | 24.44x | 15.16% | 4.57x | Standalone |
| Electronics Mart India Limited | 2.78 | — | 62.66x | 6.81% | — | Consolidated |
| Fonebox Retail Limited | 6.63 | 40.25 | 15.08x | 17.94% | 2.5x | Standalone |
| Jay Jalaram Technologies Limited | 8.59 | — | 14.41x | 13.74% | — | Consolidated |
| Umiya Mobile Limited | 7.09 | 46.31 | 8.46x | 29.32% | 1.3x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, Bhavini Harshal Parekh</p>
- Holding (pre-issue)
- 75.74%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. SS Retail operates at an EBITDA margin of 5.32% and a net (PAT) margin of 2.52% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 29.3% and a return on equity (RoE) of 30.6%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward part funding of the incremental working capital requirements of company (₹416.53 crore), alongside funding capital expenditure for fit outs towards setting up of new stores in fiscal 2027 and fiscal 2028 (₹12.45 crore). In all, 3 objects are disclosed.
Financials
In FY2026, SS Retail reported revenue of ₹2,352.85 crore and a net profit of ₹59.28 crore. Revenue grew from ₹1,208.04 crore in FY2024 to ₹2,352.85 crore in FY2026 (+95.0%). Net worth stood at ₹225.71 crore at the end of FY2026.
Peer comparison
The offer document names listed peers including Aditya Vision Limited and Bhatia Communications & Retail (India) Limited, with a median peer P/E of about 19.8×.
Promoters
The promoters of the company are <p>Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, Bhavini Harshal Parekh</p>. Promoter holding is 75.74% before the issue.
Frequently asked questions
- Who are the promoters of SS Retail and what is their holding?
- The promoters are <p>Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, Bhavini Harshal Parekh</p>. Promoter holding is 75.74% before the issue.
- What are the objects of the SS Retail IPO?
- The net proceeds go primarily toward part funding of the incremental working capital requirements of company, among 3 disclosed objects.