SS Retail expanded to 574 stores in five states by H1 FY27

SS Retail Limited expanded from 35 stores and Rs 133 crore of revenue in FY18 to 574 stores across five states in H1 FY27, following FY26 revenue of Rs 2,351 crore. Its retail area reached 2,79,982 square feet and its network covered 228 cities as of 30 September 2026.

How quickly did SS Retail expand its store network?

SS Retail added 539 stores between FY18 and H1 FY27, with the rate of expansion increasing after FY23. Its network rose from 35 stores in FY18 to 121 in FY22, 181 in FY23, 236 in FY24, 347 in FY25 and 503 in FY26. The H1 FY27 total was 574 stores as of 30 September 2026.

Revenue increased alongside the network, although the H1 FY27 revenue figure covers a partial period rather than a full financial year. SS Retail reported revenue of Rs 133 crore in FY18, Rs 555 crore in FY22, Rs 832 crore in FY23, Rs 1,207 crore in FY24, Rs 1,598 crore in FY25 and Rs 2,351 crore in FY26. It reported Rs 1,730 crore for H1 FY27.

The comparison shows that revenue rose by Rs 1,144 crore from FY24 to FY26, while stores increased by 267 over the same two years. SS Retail was incorporated as SS Retail Kolhapur, Maharashtra, in FY17, before the FY18 starting point shown in the company’s historical table.

What changed during SS Retail’s FY23 to H1 FY27 acceleration?

SS Retail accelerated its expansion through new formats, additional states and acquisitions between FY23 and H1 FY27. In FY23, it launched Mobile Exchange Wala and The Mobile Space, when revenue was Rs 832 crore and the network had 181 stores. In FY24, revenue crossed Rs 1,000 crore, reaching Rs 1,207 crore.

The FY25 timeline records 55 stores in 55 days and entry into Karnataka and Madhya Pradesh. Store count increased by 111 in FY25, from 236 to 347, compared with an increase of 55 in FY24. Revenue increased by Rs 391 crore in FY25, versus a Rs 375 crore increase in FY24.

In FY26, SS Retail crossed 500 stores, acquired Gizmore and began selling accessories, according to the presentation. The company also acquired a majority shareholding in Olineo, and its FY26 and H1 FY27 store counts include 34 stores acquired through that transaction. In FY27, SS Retail entered Gujarat and completed its mainboard listing on the National Stock Exchange of India and BSE.

How did SS Retail’s retail area and city coverage change?

SS Retail expanded retail area from 89,150 square feet in FY23 to 2,79,982 square feet in H1 FY27, while its city count rose from 90 to 228. Retail area reached 1,18,448 square feet in FY24, 1,79,633 square feet in FY25 and 2,41,365 square feet in FY26. This shows that selling space increased as the store base expanded from 181 to 574 locations.

SS Retail’s footprint covered Maharashtra, Goa, Karnataka, Madhya Pradesh and Gujarat as of 30 September 2026. About 70% of its 574 stores were in Tier II, Tier III and smaller towns. The company entered Goa in FY19, added Karnataka and Madhya Pradesh in FY25, and entered Gujarat in FY27.

The FY26 operating figures provide context for the expanded physical network. SS Retail reported sales per square foot of Rs 1.46 lakh and revenue per store of Rs 5.7 crore in FY26, when it had revenue of Rs 2,351 crore and 503 stores. Same-store sales growth, or SSSG, was 11% in FY26, and working-capital days were 46.

Which operating formats support SS Retail’s network?

SS Retail operates company-owned company-operated, company-owned franchise-operated and franchise-owned franchise-operated formats, known as COCO, COFO and FOFO. COFO accounted for about 71% of revenue and 393 stores in H1 FY27. COCO accounted for about 21% of revenue and 67 stores, while FOFO accounted for about 8% of revenue and 114 stores.

Under COCO, SS Retail books revenue and bears operating expenses. Under COFO, it sets monthly revenue and profitability targets, pays target-linked commissions to partners and bears operating expenses. Under FOFO, the franchisee bears operating expenses and SS Retail earns a fixed margin on inventory sold, while retaining inventory ownership across all three formats.

The disclosed brand mix includes 460 SS Mobile stores, 108 Mobile Exchange Wala shop-in-shop locations, 78 The Mobile Space stores and 36 Olineo stores. These format counts should not be added to calculate the 574-store network because the presentation describes different brands and shop-in-shop formats. SS Retail identifies direct original equipment manufacturer tie-ups, local partners, an in-house enterprise resource planning system and hub-and-spoke supply as operating mechanisms.

SS Retail reported a revenue compound annual growth rate, or CAGR, of 40% from FY24 to FY26 and a profit after tax, or PAT, CAGR of 49% over the same period. Gross margin increased from 8.7% in FY22 to 12.2% in FY26 and 12.7% in H1 FY27. PAT margin rose from 1.3% in FY22 to 2.5% in FY26 and 3.0% in H1 FY27.

Conclusion

SS Retail’s disclosed history shows a shift from Rs 133 crore of revenue and 35 stores in FY18 to Rs 2,351 crore and 503 stores in FY26, followed by 574 stores and Rs 1,730 crore of H1 FY27 revenue. Its retail area increased from 89,150 square feet in FY23 to 2,79,982 square feet in H1 FY27, while city coverage reached 228 across five states.

The main unresolved point is how the H1 FY27 network of 574 stores and revenue of Rs 1,730 crore translate into full-year results, since the presentation labels both figures as H1 FY27. The presentation also identifies 34 Olineo stores included in FY26 and H1 FY27 counts, while the latest disclosed gross margin of 12.7% and PAT margin of 3.0% provide the current profitability measures to track alongside expansion.