SS RETAIL LIMITED

Consumer Cyclical — Specialty Retail · NSE

₹712.00−₹46.45 (−6.12%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, small-cap size, which brings sharper price swings, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of SS RETAIL LIMITED — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

SS Retail Limited sales consumer electronics products in India.

IndustrySpecialty Retail

SectorConsumer Cyclical

Employees689

Annual revenue₹2,336 Cr

How does it make money?

Turns over ₹2,336 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 689 employees supports ₹3.39 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin5.4%

Net margin2.6%

Revenue / employee₹3.39 Cr

Who are its competitors?

The closest listed comparisons in its industry are TRENT LTD, TITAN COMPANY LIMITED, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

TRENT LTDP/E 87.2x · ROE 25.9%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 28.7%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 26.5% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE28.7%

ROE26.5%

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +183% while net margin moved +83% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+183%

Margin effect+83%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 77.2x is demanding — it needs sustained high growth to justify
✗ P/B of 20.80x is a steep premium to book

Quality vs. Valuation

Company Quality

74/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

43/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

77.2x

Sector Median

69.9x

median of 3 sector peers

🟡Against its sector it is priced broadly in line with the peer median of 69.9x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Fair

69.9x median of 3 peers · +10%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

77.2x

P/B

20.80x

EV/EBITDA

43.3x

PEG

1.06

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 3.8% to 5.4% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 15.4% to 26.5%.
Return on capital is rising
ROCE has improved from 19.5% to 28.7%.
High return on capital employed
ROCE of 28.7% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Debt is rising
Total debt is up 198% over 3 years — worth checking what it funded.
Inventory building faster than sales
Inventory is up 260% against revenue growth of 183% — stock may not be moving.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 198% over 3 years, from ₹80 Cr to ₹240 Cr.
🔴Inventory building faster than salesFinancial
Inventory up 260% against revenue up 183% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 28.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 3.8% to 5.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 31% a year✓ 41.5% CAGR
Latest reported year was 58.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 3%✓ 5.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹4 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 26%✓ 28.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹5,295 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

77.2x

Expensive

Expensive — verify against sector peers

P/B Ratio

20.80x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹9.22

Profitable

Profitable on a per-share basis

ROE

26.5%

Strong

Strong capital efficiency

ROCE

28.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.04x

Moderate

Moderate leverage

Revenue Growth (YoY)

58.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

58.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹712

Operating Margin

4.7%

Weak

Thin margins leave little room for error

Net Margin

2.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.72

Comfortable

Healthy short-term liquidity

52W Range Position

38%

Mid-range

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹824 Cr	₹1,194 Cr	₹1,588 Cr	₹2,336 Cr	+41.5%
EBITDA	₹32 Cr	₹58 Cr	₹94 Cr	₹127 Cr	+59.0%
EBITDA Margin	3.8%	4.8%	5.9%	5.4%	—
PAT (Net Profit)	₹12 Cr	₹27 Cr	₹40 Cr	₹60 Cr	+73.0%
EPS	₹1.55	₹3.58	₹5.36	—	—
ROE	15.4%	26.2%	25.5%	26.5%	—
ROCE	19.5%	30.0%	27.4%	28.7%	—
Total Debt	₹80 Cr	₹143 Cr	₹184 Cr	₹240 Cr	+43.9%
Free Cash Flow	-₹9 Cr	-₹17 Cr	-₹13 Cr	₹4 Cr	—

🟢 Revenue has grown at 41.5% a year over 3 years.

🟢 EBITDA has grown at 59.0% a year over 3 years.

🟢 EBITDA Margin has risen from 3.8% to 5.4% over 3 years (+1.6 pts).

🟢 PAT (Net Profit) has grown at 73.0% a year over 3 years.

🟢 ROE has risen from 15.4% to 26.5% over 3 years (+11.1 pts).

🟢 ROCE has risen from 19.5% to 28.7% over 3 years (+9.2 pts).

🔴 Total Debt has grown at 43.9% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹9 Cr to ₹4 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹575 Cr

Total Liabilities

₹344 Cr

Total Debt

₹240 Cr

Cash & Equivalents

₹28 Cr

Operating Cash Flow

₹33 Cr

Capex

-₹29 Cr

Shareholding (proxy)

Institutional Holding

6.7%

Insider Holding

81.2%

Peer Comparison

Company	P/E	ROE
TRENT LTD	87.2x	25.9%
TITAN COMPANY LIMITED	68.5x	36.7%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

6 mixed

SS Retail share price zooms 20% after Q1 PAT rockets 61%; adds 33 stores

Business Standard, 14 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

SS Retail share price jumps 18% after Q1FY27 net profit soars 61% YoY; aims 2x revenue by FY28

Upstox, 14 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

SS Retail shares: Up 95% from IPO price, newly listed stock soars over 19% today on strong results: Check Q1 highlights

Livemint, 14 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Price Action: Transformers and Rectifiers, SS Retail gain 12-16% on strong earnings; Polycab India shares...

Moneycontrol.com, 14 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

SS Retail shares rally another 6% after bumper listing at 51% premium over IPO price. Buy, sell or hold?

The Economic Times, 23 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

SS Retail shares zoom nearly 20% on strong maiden earnings after listing -

IndiaIPO, 14 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate12.4/20

🟢Financial HealthStrong13.5/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong10.6/15

🔴ValuationDemanding3.2/15

🔴RiskHigh3.2/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 31% a year41.5% CAGR
✓EBITDA margin holds above 3%5.4%
✓Free cash flow remains positive₹4 Cr
✓Debt / EBITDA stays below 2x1.9x
✓ROCE stays above 26%28.7%