SS Retail Ltd IPO

Largest mobile phone retail chain in West India (i.e., Gujarat, Maharashtra, Goa, Madhya Pradesh, Dadra & Nagar Haveli and Daman & Diu) and in Maharashtra, and the 4th largest in India, among our peers,

Differentiated COFO and FOFO Models with our Local Partners Approach which have helped us scale our operations.

Established track record of operations and understanding of diverse markets, particularly tier II and tier III and beyond cities.

A broad product mix with focus on mobile phones including pre-owned mobile phones and a strong procurement model.

The company derives a significant portion of its revenue from operations from retailing mobile phones. During the 3 months period ended June 30, 2025, Fiscals 2025, 2024 and 2023 we derived 87.68%, 87.58%, 88.31% and 90.23% of the company's revenue from operations, respectively, from retailing mobile phones. Any economic slowdown or other factors that affect the mobile phone industry, including those that impact or reduce consumers' ability to purchase our products, could adversely impact its business, financial condition, and operating results.

The company is significantly reliant on its arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from the company's top 10 Suppliers was 86.93%, 89.42%, 88.38% and 91.96% of its purchase of traded goods during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Failures on the part of the Suppliers to supply, or a delay in supply of traded goods from its top 10 Suppliers, could have an adverse impact on our reputation, business, financial condition, cash flows and results of operations.

The company derives a significant portion of its revenue from operations from the company's stores in the state of Maharashtra. As of June 30, 2025, we had 359 stores in Maharashtra constituting 95.48% of its total stores. During the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, the company derived 95.25%, 96.69%, 97.01% and 97.01% of the company's revenue from operations from Maharashtra. Accordingly, the company is subject to risks arising from changes in political, social and economic conditions of Maharashtra which could have an adverse effect on our business, financial condition, result of operation and cash flow.

The company primarily focus on our COFO Model and FOFO Model which have helped it scale the company's operations, both in terms of number of stores and revenue from operations. The COFO and FOFO Models cumulatively contributed 72.05%, 78.03%, 77.79% and 74.07% of its revenue from operations during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. If the company's franchisee-led COFO and FOFO models are not successful in the future or do not grow at the same rate or at all then it may adversely impact its business growth and prospects, financial condition and results of operations.