⚠️ Neutral
Listed
Diversified Retail
SS Retail Limited IPO
₹500 Cr · Fresh Issue & OFS · Diversified Retail
Price Band
₹403 – ₹424
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹500 Cr
Fresh Issue & OFS
Market Cap
₹3153.36 Cr
At upper band
P/E Ratio
53.2x
P/S: 1.3x
Listing Date
23 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
16 Sep 2026
✓
Closes
18 Sep 2026
✓
Allotment
21 Sep 2026
✓
Refund
22 Sep 2026
✓
Listing
23 Sep 2026
IPO India Hub: Neutral
Conviction
5/10
The company shows strong revenue growth (39.6% CAGR) and exceptional PAT expansion (49.1% CAGR), but a P/E of 53.2x at 1.64× sector midpoint combined with a thin 2.5% net margin raises profitability sustainability concerns. Weak GMP (1.72%) and heavy working capital deployment (₹241 Cr of ₹370 Cr proceeds) signal caution despite solid operational momentum.
Listing Performance
Issue Price
₹424
Allotment price
Listing Price
₹639.1
+50.73% on listing day
Current Price (CMP)
₹654.2
+54.3% vs issue
Listed On
23 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong revenue and profit growth trajectory
Revenue grew 39.6% over two years (₹1208 Cr to ₹2353 Cr) while net profit expanded 49.1% (₹26.6 Cr to ₹59.3 Cr), demonstrating operational leverage. This growth rate exceeds the 20% threshold typically associated with quality expansion in retail.
✓ Strength
Healthy balance sheet and capital efficiency
Debt-to-equity of 0.7x is conservative and well below the 1.5 threshold, while ROCE of 29.3% indicates efficient capital deployment. Promoter holding remains strong at 64.86% post-issue, aligning long-term incentives with minority shareholders.
⚠ Risk
Razor-thin net profit margin limits durability
At 2.5% NPM, the company operates on minimal profitability cushion—well below the 15% threshold that would justify premium valuation. Any cost inflation, competitive pricing pressure, or operational inefficiency could materially compress earnings.
⚠ Risk
Heavy working capital intensity and capex needs
₹241 Cr (65% of net proceeds) is earmarked for working capital, indicating the retail model is cash-hungry. Combined with ₹12.45 Cr for store fit-outs, the company will require sustained capital infusion to maintain growth, limiting free cash flow to shareholders.
₹ Valuation
Valuation at upper end of sector range
P/E of 53.2x translates to 1.64× the retail sector midpoint (32.5x), placing it in the 1.0–2.0× neutral zone. However, with NPM of only 2.5% (far below 15%), the premium is not justified by margin quality, making the valuation fairly priced at best.
👁 Watch
Monitor same-store sales and margin trajectory
Post-listing, track quarterly same-store sales growth and whether EBITDA margin (currently 5.32%) expands as the store base scales. Stagnating margins or slowing comparable growth would signal the growth story is decelerating.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "SS Retail Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹2351.03 Cr
Net Profit
₹59.28 Cr
Industry
Diversified Retail
Issue Type
Fresh Issue & OFS
Promoters
SIDDHARTH GUNVANT SHAH, DEEPA SIDDHARTH SHAH, HARSHAL KISHOR PAREKH AND BHAVINI HARSHAL PAREKH
Lead Managers
Not disclosed in the RHP summary provided
Quick Actions
Frequently Asked Questions
Neutral. The company shows strong revenue growth (39.6% CAGR) and exceptional PAT expansion (49.1% CAGR), but a P/E of 53.2x at 1.64× sector midpoint combined with a thin 2.5% net margin raises profitability sustainability concerns. Weak GMP (1.72%) and heavy working capital deployment (₹241 Cr of ₹370 Cr proceeds) signal caution despite solid operational momentum.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹403 – ₹424.
The IPO opens on 16 Sep 2026. It closes on 18 Sep 2026. Allotment is expected on 21 Sep 2026. Refunds initiate on 22 Sep 2026. Listing on BSE and NSE is on 23 Sep 2026.
The lead managers for the IPO are Not disclosed in the RHP summary provided. Check the SEBI filing for the registrar details.
The IPO listed on 23 Sep 2026 at ₹639.1 against an issue price of ₹424 (+50.73% on listing day). The current market price (CMP) is approximately ₹654.2 (+54.3% vs issue).
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 18 Sep 2026. The company shows strong revenue growth (39.6% CAGR) and exceptional PAT expansion (49.1% CAGR), but a P/E of 53.2x at 1.64× sector midpoint combined with a thin 2.5% net margin raises profitability sustainability concerns. Weak GMP (1.72%) and heavy working capital deployment (₹241 Cr of ₹370 Cr proceeds) signal caution despite solid operational momentum.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 18 Sep 2026. The IPO is priced at a P/E of 53.2x. Market cap at issue price is ₹3153.36 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 18 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'SS Retail Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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