SS Retail Limited – Investor Presentation Summary

Key Operational Highlights

  • Total store count as of September 30, 2026: 513 stores in Maharashtra (includes 34 stores acquired from Olineo in FY26)
  • 75% of stores located outside Mumbai & Pune metros
  • ~70% of sales are financed through partner network
  • Cluster-led expansion model with one store per ~2.5 lakh people
  • 500-700 sq. ft. store format optimized for tier II/III markets

Key drivers of operational performance: Strong same-store sales growth, continued network expansion, improving product mix, franchise-led capital-efficient operating model, and successful penetration of tier II/III markets.

Financial Highlights

Q2 FY27 Performance:

  • Revenue: ₹940 Cr (87% YoY growth)
  • Gross Profit: ₹119 Cr (98% YoY growth)
  • Gross Margin: 12.7% (71 bps improvement YoY)
  • EBITDA: ₹52 Cr (99% YoY growth)
  • EBITDA Margin: 5.6% (35 bps improvement YoY)
  • PAT: ₹28 Cr (160% YoY growth)
  • PAT Margin: 3.0% (84 bps improvement YoY)
  • Diluted EPS: ₹4.17 (134% YoY growth)

H1 FY27 Performance:

  • Revenue: ₹1,729 Cr (73% YoY growth)
  • Gross Profit: ₹220 Cr (81% YoY growth)
  • Gross Margin: 12.7% (61 bps improvement YoY)
  • EBITDA: ₹97 Cr (73% YoY growth)
  • EBITDA Margin: 5.6% (1 bps improvement YoY)
  • PAT: ₹52 Cr (102% YoY growth)
  • PAT Margin: 3.0% (43 bps improvement YoY)
  • Diluted EPS: ₹7.75 (91% YoY growth)

Drivers of financial performance: Strong revenue growth, improved gross margins, operating leverage benefits, and efficient working capital management.

Balance Sheet Snapshot

As of September 30, 2026:

  • Total Equity: ₹626 Cr (includes IPO proceeds)
  • Total Assets: ₹1,186 Cr
  • Inventories: ₹583 Cr
  • Cash and Cash Equivalents: ₹99 Cr
  • Other Bank Balances: ₹136 Cr
  • Total Current Assets: ₹978 Cr
  • Borrowings (Current): ₹267 Cr
  • Trade Payables: ₹92 Cr
  • Total Current Liabilities: ₹417 Cr

Financial Health Insights: Strong cash position post-IPO, efficient working capital management, and declining leverage supporting sustainable expansion.

Capex & Cash Flow Health

H1 FY27 Cash Flow:

  • Net Cash from Operating Activities: (₹211) Cr
  • Net Cash from Investing Activities: (₹158) Cr
  • Net Cash from Financing Activities: ₹439 Cr (includes IPO proceeds)
  • Net Increase in Cash and Cash Equivalents: ₹71 Cr

Capital Expenditure: Not explicitly specified for current period

Investment Rationale: Focus on cluster-led expansion, franchise model development, and market penetration in tier II/III cities.

Strategic & R&D Initiatives

  • 750-store target by FY28 through cluster-led, partner-driven expansion
  • Scaling higher-margin adjacencies including pre-owned phones, accessories, TVs, laptops and tablets
  • Mobile Exchange Wala - shop-in-shop pre-owned engine for higher SSSG and margins
  • Franchise-led operating model (FOFO) for capital-efficient expansion
  • SS Gurukul training program for partner development

Expected impact on growth: Target to double revenue from FY26 base over next two years, with margin expansion expected from operating leverage and efficiency improvements.

Industry Trends & Business Environment

  • India's phone market estimated at ₹5.2 lakh crore by FY30, expanding at ~9% CAGR
  • Growing organized retail penetration in mobile sector
  • Strong growth potential in tier II/III markets
  • Increasing consumer preference for financing options (~70% sales financed)

Impact on Company: Creating long runway for organized mobile retail growth, supporting expansion into underserved markets, and driving demand for affordable financing solutions.

Management Commentary & Growth Outlook

Strategic Outlook: "Our Q2 performance reflects the strength of SS Retail's business model, with record-high revenue, EBITDA and PAT. We remain firmly on track to achieve our target of 750 stores by FY28, supported by continued expansion and disciplined execution." - Mr. Siddharth Shah, Managing Director

FY Guidance: Target of 750 stores by FY28, aiming to double revenue from FY26 base over next two years

Growth Expectations: Improving store productivity, operating leverage and operating efficiencies expected to drive EBITDA margin expansion, stronger PAT margins and sustainable profitable growth

Historical Performance

FY26 Performance:

  • Revenue: ₹2,351 Cr
  • Gross Profit: ₹286 Cr
  • Gross Margin: 12%
  • EBITDA: ₹125 Cr
  • EBITDA Margin: 5%
  • PAT: ₹60 Cr
  • PAT Margin: 3%

FY25 Performance:

  • Revenue: ₹1,598 Cr
  • Gross Profit: ₹193 Cr
  • Gross Margin: 12%
  • EBITDA: ₹80 Cr
  • EBITDA Margin: 5%
  • PAT: ₹39 Cr
  • PAT Margin: 2%