Mehul Telecom Ltd IPO
Retail
Price Band
₹96 – ₹98
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹235200
Issue Size
₹27.73Cr
Opens
2026-04-17
Closes
2026-04-21
Listing
24-04-2026
Subscription Status
Qualified Institutional Buyers
32.5 x
Non-Institutional Investor
58.59 x
Retail Individual Investor
36.26 x
Total
41.24 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1K0V01011
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Mehul Telecom Limited operates a multi-brand mobile retail chain offering smartphones, electronic products, and accessories through a mix of company-owned, company-operated (COCO) and franchisee-owned, franchisee-operated (FOFO) stores. The company sells products from various brands, including smartphones and related accessories, along with other consumer electronics such as televisions, air conditioners, refrigerators, wearables, audio devices, and power solutions. It also provides peripherals like chargers, earphones, power banks, and mobile accessories. The company operates under the brand name “Mehul Telecom” and supports omnichannel payment options, including UPI and digital wallets. As of the prospectus date, it operates 80 stores across Gujarat, comprising 6 COCO stores and 74 FOFO stores. The company is registered in Rajkot, Gujarat, which also serves as its central office for managing operations and supporting its retail network.
Pros
- • The company is led by its promoters, who have over 17 years of experience in the retail sale of smartphones and accessories. They are actively involved in both strategic planning and day-to-day operations, supported by a management team with relevant industry experience.
- • Mehul Telecom claims to have an extensive retail network of 80 stores across Gujarat, comprising 6 COCO stores and 74 FOFO stores. This network is spread across multiple districts, enabling wider market coverage within the state.
- • The company claims to offer a diversified product portfolio with a large number of SKUs, including smartphones and accessories from multiple brands. Its product range also extends to consumer electronics and related peripherals.
Cons
- • The company’s business involves frequent opening and closure of retail stores based on their performance and revenue potential. It closed 20 stores in FY23, 19 in FY24, and 12 in FY25, while continuing to add new outlets. Adverse outcomes from incorrect site selection, demand misjudgment, or underperformance of new stores can lead to increased costs, including lease termination expenses and asset write-downs, which may impact profitability.
- • The company’s entire revenue is generated from operations within Gujarat, with a significant concentration in the districts of Rajkot and Morbi. These two districts contributed Rs 87.66 crore (76.38%), Rs 81.94 crore (76.43%), and Rs 61.49 crore (76.73%) to total revenue for FY25, FY24, and FY23, respectively. Any adverse economic, regulatory, or market developments in this region, or risks of market saturation due to continued expansion within the same geography, could negatively impact the company’s business, financial condition, and growth prospects.
- • A substantial portion of the company’s revenue is dependent on a limited number of customers. The top 1 customer contributed Rs 13.06 crore (11.32%), Rs 2.78 crore (2.60%), Rs 8.07 crore (10.07%) to FY25, FY24, and FY23, respectively. Any loss of these key customers or reduction in business from them could adversely impact the company’s revenue and financial performance, especially if it is unable to replace such customers.
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