SS Retail: Maharashtra supplied 89% of Fiscal 2026 revenue

SS Retail remains heavily dependent on Maharashtra: the state supplied 89.09% of revenue from operations in Fiscal 2026, compared with 92.32% in Fiscal 2025 and 94.07% in Fiscal 2024. SS Retail had 458 of 503 stores, or 91.05%, in Maharashtra as of March 31, 2026, despite expanding beyond its home state.

Why does Maharashtra still account for 89% of SS Retail revenue?

Maharashtra still accounts for 89% of SS Retail revenue because the company’s store rollout has remained overwhelmingly concentrated in that state. SS Retail reported that Maharashtra contributed 89.09% of Fiscal 2026 revenue from operations, versus 92.32% in Fiscal 2025 and 94.07% in Fiscal 2024. The 4.98-percentage-point decline over two years shows some geographic broadening, but Maharashtra continued to generate nearly nine rupees of every Rs 10 of reported revenue.

The concentration is also evident in the physical network. SS Retail operated 458 Maharashtra stores out of 503 total stores on March 31, 2026, while Goa had six, Karnataka had 22 and Madhya Pradesh had 17. Between March 31, 2024 and March 31, 2026, SS Retail opened 227 stores in Maharashtra, increasing the state network from 231 to 458 locations. That expansion was larger than the combined 45 stores outside Maharashtra at March 31, 2026.

The Fiscal 2026 geographic revenue table labels its figures as consolidated and says adjustments eliminate inter-company transactions following the Fiscal 2026 acquisition of Olineo and the start of Nexora. The table reports Maharashtra revenue of Rs 904.57 crore alongside an 89.09% share and total revenue of Rs 2,351.03 crore; those reported amount and percentage figures do not mathematically reconcile. SS Retail nevertheless explicitly identifies 89.09% as Maharashtra’s Fiscal 2026 revenue share, which is the stated measure of geographic concentration.

How far has SS Retail expanded beyond Maharashtra?

SS Retail has entered four states beyond Maharashtra, but its operating footprint outside the state was still limited at March 31, 2026. SS Retail began Goa operations in Fiscal 2019, entered Karnataka and Madhya Pradesh in Fiscal 2025, and says Gujarat operations commenced in Fiscal 2027. Gujarat is therefore named as an operating state, but it is not included in the March 31, 2026 store or Fiscal 2026 revenue tables.

Karnataka and Madhya Pradesh were the principal recent additions. Karnataka grew from five stores on March 31, 2025 to 22 on March 31, 2026, while Madhya Pradesh grew from three to 17. Their Fiscal 2026 revenue shares were 2.20% and 1.71%, respectively, after no reported contribution in Fiscal 2024 because operations had not started. Goa, where SS Retail had operated since Fiscal 2019, had six stores and supplied 2.49% of Fiscal 2026 revenue.

The comparison shows that the non-Maharashtra retail states collectively accounted for 6.40% of Fiscal 2026 revenue, based on the disclosed Goa, Karnataka and Madhya Pradesh shares. Corporate Sales, defined as wholesale mobile-phone sales by SS Retail and accessory sales by subsidiary Nexora, added 4.67% of revenue but are not assigned to a state in the disclosure. For Maharashtra’s revenue share to continue falling, the newer states or non-store Corporate Sales would need to grow faster than the Maharashtra business, while Maharashtra’s own store network does not widen the imbalance further.

What makes this geographic concentration an operating risk?

SS Retail’s geographic concentration exposes a large share of revenue to Maharashtra-specific conditions. SS Retail says civil unrest, adverse social, economic and political events, natural disasters, regional conflicts, state or local government policy changes and other unforeseen events in Maharashtra could adversely affect operations, financial condition, cash flow and results. The relevance of those risks follows from the combination of 89.09% of Fiscal 2026 revenue and 91.05% of stores being located in one state.

SS Retail states that it did not experience such an event with a material impact on operations or financial condition in Fiscal 2024, Fiscal 2025 or Fiscal 2026. That record does not remove the exposure, because a regional downturn or local disruption would affect a network of 458 Maharashtra stores at once. SS Retail does not quantify the revenue loss that any particular disruption could cause, so the disclosure supports identifying the concentration rather than estimating a financial effect.

The operational dependence also overlaps with SS Retail’s product mix. Mobile phones generated 86.18% of revenue from operations in Fiscal 2026, down from 87.58% in Fiscal 2025 and 88.31% in Fiscal 2024. As a result, a Maharashtra-specific reduction in consumer spending could affect a business whose sales are both geographically concentrated and primarily tied to mobile-phone retailing, rather than being offset by a large other-product category.

Does the store model reduce SS Retail’s Maharashtra dependency?

SS Retail’s franchise-led formats have expanded the network, but the disclosed data does not show that they have materially reduced Maharashtra dependency. SS Retail uses three formats: company-owned and company-operated, or COCO; company-owned and franchisee-operated, or COFO; and franchisee-owned and franchisee-operated, or FOFO. COFO and FOFO together produced 74.19% of Fiscal 2026 revenue from operations, compared with 78.03% in Fiscal 2025 and 77.79% in Fiscal 2024.

As of March 31, 2026, SS Retail had 316 COFO stores, 103 FOFO stores and 84 COCO stores. It added a net 127 COFO stores and 84 FOFO stores between March 31, 2024 and March 31, 2026, while total stores rose from 236 to 503. However, 227 Maharashtra stores were opened over the same two-year period, and the Fiscal 2026 acquisition of majority shareholding in Olineo added 34 stores whose entire network was located in Maharashtra and operated under the FOFO model.

The model mix therefore explains how SS Retail scaled locations, not a diversification away from Maharashtra. SS Retail says the success and growth of COFO and FOFO stores matter to business growth, and 27 stores across all formats closed in Fiscal 2026, following 12 closures in Fiscal 2025 and five in Fiscal 2024. Future geographic diversification depends both on executing in Karnataka, Madhya Pradesh, Goa and Gujarat and on keeping franchise-led stores open and productive.

Conclusion

SS Retail has broadened its footprint from Maharashtra into Goa, Karnataka, Madhya Pradesh and, from Fiscal 2027, Gujarat, but the current revenue base remains concentrated. Maharashtra’s reported share declined from 94.07% in Fiscal 2024 to 89.09% in Fiscal 2026, while its store count rose from 231 to 458. The evidence shows diversification at the margin, rather than a change in the state that determines most retail revenue.

The next measure to watch is whether newer markets gain revenue and stores faster than Maharashtra under SS Retail’s stated expansion approach. Gujarat’s Fiscal 2027 commencement is the disclosed later development, while Karnataka and Madhya Pradesh had only 39 stores combined on March 31, 2026. The concentration will persist unless growth outside Maharashtra becomes large enough to reduce the state’s share of revenue and network capacity.