Mehul Telecom IPO
Bookbuilding IPO | ₹28.00 Cr | Listing at BSE SME
Upcoming
IPO Open
Fri, Apr 17, 2026
IPO Close
Tue, Apr 21, 2026
Price Band
₹96.00 to ₹98.00
Market Cap (Pre-IPO)
₹102.43 Cr
IPO Details
| IPO Date | Apr 17, 2026 to Apr 21, 2026 |
| Listing Date | Tentative: Apr 24, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹96.00 to ₹98.00 |
| Lot Size | 1200 Shares (Minimum: ₹117,600.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹28.00 Crores |
| Total Shares Offered | 2,829,600 shares |
| Fresh Issue | 2,685,600 shares |
| Offer For Sale | 2,829,600 shares |
Mehul Telecom IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 13,40,400 |
| Retail Shares Offered | 9,42,000 |
| NII Shares Offered | 4,03,200 |
Mehul Telecom Financial Information (Restated Consolidated)
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 54.41 | 0.10 | 34.41 |
| Total Income | 152.02 | - | 115.47 |
| Profit After Tax | 7.07 | 5.74 | -0.01 |
| EBITDA | 9.71 | 8.02 | 3.04 |
| NET Worth | 24.18 | 17.10 | 0.09 |
| Reserves and Surplus | 16.55 | 9.48 | -0.01 |
| Total Borrowing | 3.72 | 0.07 | - |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 59.84% |
| ROCE (Return on Capital Employed) | 47.16% |
| RoNW (Return on Net Worth) | 35.31% |
| PAT Margin (Profit After Tax Margin) | 5.00% |
| EBITDA Margin | 6.63% |
| Price to Book Value | 4.17 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 7.53 | 9.02 |
| P/E (x) | 13.02 | 10.86 |
| Promoter Holding | 94.25% | - |
Company Promoters
- Mehul Vasantbhai Raymagiya
- and Raymagiya Hemali Mehulbhai are the promoters of the company.
Company Overview
Mehul Telecom – Company Overview
- Incorporated in May 2023, Mehul Telecom Private Limited is a multi-brand mobile retail chain offering smartphones and accessories through a hybrid retail model.
Core Segments
- COCO Model (Company Owned, Company Operated): Direct retail stores
- FOFO Model (Franchise Owned, Franchise Operated): Franchise-based expansion
Product Portfolio
- Smartphones & Tablets: Brands like **Samsung, Apple iPhone, Vivo, Oppo, Realme, OnePlus, Xiaomi, Infinix, etc.
- Accessories & Lifestyle Products: Smartwatches, speakers, earphones, chargers, power banks, screen guards, fire sticks, and more
- The company focuses on connected lifestyle products, catering to modern consumer needs through a wide product range.
- It operates primarily in Gujarat, offering products from multiple leading brands under one platform.
- The hybrid COCO + FOFO model helps the company scale efficiently while maintaining operational control.
- As of March 31, 2026, the company had 27 employees.
Company Strengths
- Experienced Promoters and Management Team
- Extensive Distribution Network in Gujarat
- Comprehensive Product Range
- Strategic Store Locations and Customer Experience
- Low Capital Requirements for Growth
Use of Proceeds
| 1) | Funding of working capital needs | 22.95 |
| 2) | General Corporate Purposes | |
| Total | 22.95 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Mehul Telecom IPO Peer Comparison
Mehul Telecom peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Mehul Telecom | 8.30 | 8.30 | 23.49 | - | 35.31 | - | Standalone |
| Fonebox Retail | 4.43 | 4.43 | 33.62 | 14.45 | 13.18 | 1.94 | Standalone |
| Jay Jalaram Technologies | 2.87 | 2.87 | 56.81 | 17.13 | 10.02 | 1.61 | Standalone |
| Bhatia Communications & Retail (India) | 1.10 | 1.10 | 7.08 | 18.94 | 15.56 | 2.86 | Standalone |
Quick Info
| Sector | retail, consumer electronics, and telecommunications |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹102.43 Cr |
Important Dates
| IPO Open | Apr 17, 2026 |
| IPO Close | Apr 21, 2026 |
| Allotment Date | Apr 22, 2026 |
| Credit to Demat | Apr 23, 2026 |
| Listing Date | Tentative: Apr 24, 2026 |
Description
- IPO Type: Book build issue aggregating to ₹27.73 crores.
- Issue Structure: Entirely a fresh issue of 0.28 crore shares totaling ₹27.73 crores.
- IPO Dates: The issue opens on April 17, 2026 and closes on April 21, 2026.
- Allotment Date: Expected to be finalized on April 22, 2026.
- Listing Details: Shares are proposed to be listed on the SME platform of BSE Limited (BSE SME) with a tentative listing date of April 24, 2026.
- Retail Investment Requirement: Minimum 2 lots (2,400 shares) amounting to approximately ₹2,35,200 (at upper price band).
- HNI Investment Requirement: Minimum 3 lots (3,600 shares) totaling around ₹3,52,800.
- IPO Price Band: ₹96 to ₹98 per equity share.
- Lot Size: 1,200 shares per lot.
This IPO offers investors an opportunity to participate in the telecom and technology distribution sector, subject to market risks.