Date: 13/11/2026

Financial Performance Summary

Q2 FY27 Consolidated Financial Performance:

  • Revenue: INR 9,403 Mn, representing 87% YoY growth
  • Gross Margin: 12.7%, improving 71 bps YoY
  • EBITDA: INR 524 Mn, representing 99% YoY growth
  • EBITDA Margin: 5.6%, improving 35 bps YoY
  • PAT: INR 280 Mn, representing 160% YoY growth

H1 FY27 Consolidated Financial Performance:

  • Revenue: INR 17,293 Mn, representing 73% YoY growth
  • Gross Margin: 12.7%, improving 61 bps YoY
  • EBITDA: INR 973 Mn, representing 73% YoY growth
  • EBITDA Margin: 5.6%, improving 1 bp YoY
  • PAT: INR 517 Mn, representing 102% YoY growth

Operational Highlights

Store Network Expansion

  • Added 38 stores during Q2 FY27
  • Total network reached 574 stores across 5 states
  • Total retail space: approximately 2.8 lakh sq. ft.

Same-Store Sales Performance

  • Delivered 38% SSSG in Q2 FY27
  • Driven by higher smartphone ASPs, premiumisation, and deeper monetisation of existing store network

Business Model Composition

  • COFO (Company-Owned Franchise-Operated) accounted for 73% of revenue
  • COCO (Company-Owned Company-Operated) accounted for 16% of revenue
  • FOFO (Franchise-Owned Franchise-Operated) accounted for 11% of revenue

Product Mix Breakdown

  • Mobile phones: 86% of revenue
  • Pre-owned devices: 7.3% of revenue (up from 6.5% in Q2 FY26)
  • Accessories and protection: 5% of revenue
  • TVs and laptops: 1.7% of revenue

Geographic Performance

  • Non-Maharashtra markets contributed 8% of Q2 FY27 revenue (compared to 6% in Q2 FY26)
  • H1 FY27 revenue growth by market segment:
  • Metro markets: 118% YoY
  • Urban markets: 58% YoY
  • Rural markets: 69% YoY

Mobile Exchange Wala Performance

  • Pre-owned business operating through shop-in-shop model within SS Mobile stores
  • Presence across 108+ stores (increased from 71 stores in FY26)
  • Enhances sales productivity without requiring additional retail space

Management Commentary

Mr. Siddharth Shah, Founder, Chairman & MD, stated that the Q2 performance reflects the strength of SS Retail's business model with record-high revenue, EBITDA, and PAT. The performance underscores the growing scale of retail operations and strength of customer franchise.

Forward Outlook

  • Focus remains on sustaining growth momentum, strengthening store productivity, and driving operating efficiencies
  • Target of 750 stores by FY28 remains on track
  • Targeting to double revenue from FY26 base over the next 2 years
  • Expecting EBITDA margin expansion, stronger PAT margins, and sustainable profitable growth as the company scales
  • Vision to build SS Retail into a leading Pan-India consumer retail platform
  • Plan to replicate successful market playbook across geographies and deepen presence in Tier 2 and beyond markets

Additional Information

The unaudited financial results for the quarter ended September 30, 2026, prepared under Ind AS, along with segment results, are available on the company's website. An earnings conference call is scheduled for Monday, November 16, 2026, at 10:00 AM IST.