Financial Performance Summary

Consolidated Financial Results (Q1 FY27)

| Metric | Value | YoY Change |

| Revenue | INR 7,897 Mn | +59% |

| Gross Margin | 12.8% | +53 bps |

| EBITDA | INR 454 Mn | +51% |

| EBITDA Margin | 5.8% | (31) bps |

| PAT | INR 238 Mn | +61% |

Operational and Business Highlights

Revenue Drivers:

  • Revenue growth of 59% YoY was driven by higher mobile ASPs, healthy same-store sales growth, and continued store additions.
  • Same-store sales growth (SSG) stood at 34% in Q1 FY27, reflecting strong underlying demand momentum.

Margin Performance:

  • EBITDA margin remained broadly stable at 5.8% despite the consolidation of Olineo and Nexora, which increased EBITDA-level costs by 79 bps.
  • Operating leverage from scaling newly acquired businesses is expected to support EBITDA improvement, with growth anticipated in the latter half of FY27.

Product Portfolio Mix:

  • Mobile phones: 86% of revenue
  • Preowned devices: 7.5% of revenue (vs. 5.8% in Q1 FY26)
  • Accessories & protection: 5% of revenue
  • TVs & laptops: 1.5% of revenue

Pre-Owned Business Performance:

  • Pre-owned devices segment registered 96% YoY growth.
  • Mobile Exchange Wala operates a shop-in-shop model across 95+ stores.
  • This segment generates higher margins compared to new phones and enhances the overall profitability mix.

Store Network Expansion:

  • Added 33 stores in Q1 FY27.
  • Total retail footprint reached 536 stores across 5 states.
  • Cumulative retail area: 2.8 lakh sq. ft.
  • Revenue contribution by store type: 20% COCO, 72% COFO, 8% FOFO. The partner-led COFO model enables faster, capital-efficient expansion.

Geographic Diversification:

  • Maharashtra contributed 88% of revenue in Q1 FY27.
  • Non-Maharashtra markets increased to 12% of revenue from 8% in Q1 FY26.

Operational Efficiency:

  • Inventory days maintained at 47 days despite acquisitions and growth.
  • Proprietary technology infrastructure includes ERP, SCM, CRM, and HRMS platforms for real-time inventory visibility and store-level cost monitoring.

Customer Proposition:

  • Offers complimentary two-year warranty and three-in-one accessory bundle.
  • Approximately 80% of customers prefer the bundle over a cash discount.
  • Customer base of approximately 61 lakh; target of 1 crore customers by FY28-29.
  • Loyalty programme focused on driving repeat purchases and increasing customer lifetime value.

Capital Allocation:

  • INR 500 crore IPO, including a INR 360 crore fresh issue, will fund 115 new stores and working capital requirements.

Management Commentary

Mr. Siddharth Shah, Founder, Chairman & MD, stated: "Our first results announcement since listing marks an exciting new chapter for SS Retail, with record-high revenue, EBITDA and PAT, growing 59%, 51% and 61% YoY, respectively. Building on this strong performance, we are targeting 750 stores by FY28 and 2x revenue growth over the FY26 base, backed by India's significant organised mobile retail opportunity. As we scale, improved store productivity and operating leverage are expected to drive incremental EBITDA margin expansion, translating into stronger PAT margins and profitable growth. Opportunities across pre-owned devices, accessories and financing further strengthen our growth runway as we build SS Retail into a scalable consumer technology platform focused on accelerating growth, expanding profitability and creating sustainable long-term value."

Additional Information

  • The financial results for the quarter ended June 30, 2026, are prepared under Ind AS and are available on the company's website.
  • The company intimated an interview with Mr. Siddharth Shah scheduled for October 14, 2026, at 8:30 A.M., covering the company's business, operations, and other relevant matters.
  • No unpublished price-sensitive information (UPSI) was intended to be discussed during the interview.