SS Retail Gains Despite Market Weakness as Valuation Remains a Key Focus

Nidhi Thakur

September 29, 2026

SS Retail shares remained in focus after gaining nearly 7% on September 28, even as the broader stock market faced selling pressure. The stock has delivered a strong move since its IPO, but Shivani Nyati of Swastika Investmart has highlighted valuation as an important factor to track after the strong listing. SS Retail shares had gained around 83% from their IPO price of ₹424 as of September 28. The company made a strong debut on September 23, listing at ₹624 on the NSE and ₹639.10 on the BSE. On the BSE, the stock touched ₹766.90 during its first trading session before closing at ₹765.15.

The company operates a multi-brand retail business focused on mobile phones, pre-owned smartphones, accessories and other electronic products. Its operations cover Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, with a focus on Tier-II, Tier-III and smaller cities. Shivani Nyati, Head of Wealth at Swastika Investmart, said the strong debut was supported by the company's ROE and ROCE as well as its asset-light COFO model. However, she noted that the valuation appeared demanding at around 46.5 times FY26 P/E.

Nyati also highlighted the company's exposure to lower-margin mobile hardware, which makes direct comparison with some peers less straightforward. Following the strong listing, Swastika Investmart's post-listing view was Neutral, with the research view suggesting that investors could wait for some consolidation before considering fresh positions. The company had 503 stores across 215 cities as of March 31, 2026. Its future performance will depend on factors such as revenue growth, same-store sales, margins, store expansion and cash-flow generation.

The latest movement in SS Retail therefore comes at a time when the wider market is under pressure. The stock's ability to maintain its post-IPO gains while managing valuation expectations will remain an important area of market attention.