SS Retail Limited IPO

Company Financials (Restated Standalone)SS Retail Ltd.'s revenue increased by 47% and profit after tax (PAT) rose by 49% between the financial year ending with March 31, 2026 and March 31, 2025.Period Ended31 Mar 202631 Mar 202531 Mar 2024Assets575.42389.44278.25Total Income2,352.851,599.961,208.04Profit After Tax59.2839.8626.65EBITDA125.1580.4456.50NET Worth225.71141.37101.51Reserves and Surplus159.59128.1888.52Total Borrowing162.59125.36110.43Amount in ₹ CroreNote:- The financial statements for 2026 are Consolidated.

IPO Objects of the IssueThe Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 12.45 2 Part funding of the incremental working capital requirements of Company 241.35 3 General Corporate Purposes Total 253.80

Key Performance Indicator (KPI)KPIMar 31, 2026ROE30.60%ROCE29.30%Debt/Equity0.70RoNW32.60%PAT Margin2.52%EBITDA Margin5.32%NAV34.33Price to Book Value12.35Check IPO Peer Comparison here.

IPO RegistrarKfin Technologies Ltd.040-79615565ssretail.ipo@kfintech.comVisit Website

IPO Lead Manager(s)Anand Rathi Advisors Ltd.Emkay Global Financial Services Ltd.Lead Manager ReportsLead Manager Performance SummaryLead Manager Performance Tracker

Contact DetailsSS Retail Ltd. Address399, E, Basant Bahar RoadRatikmal ComplexShop 6-7Kolhapur, Maharashtra, 416003+91 90961 91222compliance@ssmobile.comVisit Website

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Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

Home›List of All Articles›IPO Allotment Process to Retail, HNIs, and QIBs: A complete guideIPO Allotment Process to Retail, HNIs, and QIBs: A complete guidePublished on Friday, November 17, 2023 by Team InvestorGain| Modified on Monday, March 4, 20244.5/ 5 by Team InvestorGainIPO allotment is the process of allocating IPO shares to investors who have applied for or subscribed to the IPO. Not all IPO applicants receive IPO shares, as some investors may receive a full allotment, others nil and still others a partial allotment, depending on the level of subscription. This article serves as an important guide to the allotment of IPO shares to different categories of IPO investors. An IPO is an attractive investment opportunity for many investors because it is the first time a company issues its shares to the public at an attractive price. This is the reason why IPOs of large companies are heavily oversubscribed. The growing public demand for IPOs can easily be seen from the high subscription numbers. However, the higher the demand for an IPO or the number of subscriptions, the lower the chances of an allocation and vice versa. The IPO allotment method works differently for different categories of investors like retail investors, QIBs, and NIIs. Let us understand what IPO allotment, IPO allotment method, and rules on how the process of IPO allotment works for IPO applicants in different categories i.e. retail investors, QIBs, and NIIs. What is IPO Allotment? When a company announces its IPO, interested parties apply for the issue in various categories. After the issue is completed, the registrar of the issue prepares a basis of allotment for the allocation of shares. Allotment means the process of allocating shares to persons who have subscribed to the IPO. In other words, it means that the shares of the company are transferred or credited to the demat account of the applicant. Allotment is usually done within 3 to 4 days of the completion of the IPO offer. The process of allotment depends on how an IPO is received by the investors or the level of public demand as measured by the number of public subscriptions. In an under-subscribed IPO, all applicants receive IPO shares, whereas in an oversubscribed IPO, not all applicants receive an allotment. IPO Allotment Rules & Regulations Certain regulatory conditions must be met before IPO shares can be allotted to investors: Minimum Subscription Amount: As per SEBI guidelines, every public issue must receive at least 90% subscription, failing which the IPO will be canceled and subscription money will have to be refunded to all bidders. For example, in an IPO worth Rs. 50 crore, bids worth at least Rs. 45 crore must be received for allotment of shares. An IPO offer that is more than 90% subscribed but does not receive an oversubscription will be allotted to all those who applied for the IPO. If a public offering is oversubscribed, the allotment process will depend on the number of shares offered and applications received. The IPO allotment process varies depending on the investor category - retail, QIB, NII, and anchor investors. Only valid IPO orders are considered for the allotment of shares. Multiple IPO bids with the same PAN number or incorrect details in the IPO application form etc. will be considered as invalid bids and hence rejected. IPO bids placed at the cut-off price or above will be considered for allotment of shares. If a public issue is undersubscribed in one category except QIBs, it may be offset by oversubscription in another category. The IPO Registrar, in consultation with the stock exchange and the issuer, prepares an allotment basis for the allotment of shares. IPO Basis of Allotment The registrar is responsible for the allocation of IPO shares. Once an IPO window for subscription is closed, the bids received are grouped into different categories, i.e. qualified institutional investors, non-institutional bidders and retail investors. Thereafter, the Registrar to the Issue prepares a document called Basis of Allotment (BoA), which contains complete information on the number of bids or applications received from qualified institutional investors, non-institutional investors, retail investors and anchor investors, rejected or invalid applications, the final offer price of the IPO and the ratio of allotment of shares in the various categories. The allocation of IPO shares is not subject to the "first come, first served" rule. Now let’s understand how the IPO allotment mechanism works or how shares are allotted to different types of investors in an IPO. IPO Allotment to Retail Investors IPO applicants who bid for less than Rs 2 lakhs in an IPO are called retail investors. Before we learn about the process of allotment of shares to retail investors, we must first understand the concept of lot size in IPO. When a company announces an IPO, the entire share offer is divided into lots, with each lot containing a certain number of shares. IPO bids or applications are only made for multiples of the lots. Let’s assume an IPO has a lot size of 15 shares, i.e. an applicant can bid for at least 1 lot, i.e. 15 shares. All IPO orders are placed in multiples of lots such as 1 lot, 2 lots etc. In case of allotment of shares to retail investors, the maximum number of bidders for allotment is first calculated by dividing the number of shares offered to retail investors by the number of shares in a lot. For example, if 5 lakh shares are reserved or offered for retail investors in a public issue and the lot size is 50 shares. The maximum number of retail investors is then 500,000/50 = 10,000 investors. Thus, the IPO can distribute shares to a maximum of 10,000 retail investors. Now there are different scenarios for the allocation to retail investors: 1. Under-subscription When a public offer is under-subscribed means the total number of bids received is less than the number of lots offered, everyone who had bid for the IPO will get full allotment. Supp

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allocated to domestic Mutual Fund. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than Anchor Investor Portion) (Net QIB Portion). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to all QIBs. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors (NIIs) (Non-Institutional Category) out of which (a) one-third of the Non-Institutional Category shall be available for allocation to Bidders with a Bid size of more than ₹ 0.2 million and up to ₹ 1.00 million; and (b) two-thirds of the Non-Institutional Category shall be available for allocation to Bidders with a Bid size of more than ₹ 1.00 million, and under- subscription in either of these two sub-categories of the Non-Institutional Category may be allocated to Bidders in the other sub-category of the Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Further, not less than 35% of the Offer shall be available for allocation to Retail Individual Investors (RIIs) (Retail Category), in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All Bidders (except Anchor Investors) shall mandatorily participate in this Offer only through the Application Supported by Blocked Amount (ASBA) process and shall provide details of their respective bank account (including UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter), in which the corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks or by the Sponsor Bank(s), as the case may be. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For further details, see ‘Offer Procedure’ on page534. RISK IN RELATION TO THE FIRST OFFER This being the first public issue of the Equity Shares of our Company, there has been no formal market for the Equity Shares of our Company. The face value of the EquityShares is ₹ 10 each. The Floor Price, the Cap Price and the Offer Price as determined and justified by our Company, in consultation with the BRLMs, on the basis of the assessment of market demand for the Equity Shares by way of the Book Building Process, in accordance with the SEBI ICDR Regulations, and as stated under ‘Basis for theOffer Price’ on page172 should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares of face value of ₹ 10 each are listed. No assurance can be given regarding an active or sustained trading in the Equity Shares of our Company or regarding the price at which the Equity Shares will be traded after listing. GENERAL RISK Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Offer unless they can afford to take the risk of losing their entire investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Offer. For taking an investment decision, investors must rely on their own examination of our Company and the Offer including the risks involved. The Equity Shares of face value of ₹ 10 each in the Offer have not been recommended or approved by the SEBI, nor does SEBI guarantee the accuracy or adequacy of the contents of this Draft Red Herring Prospectus. Specific attention of theinvestors is invited to ‘Risk Factors’ on page41. ISSUER AND SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus contains all information with regard to our Company and the Offer which is material in the context of the Offer, that the information contained in this Draft Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which make this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect. Further, each Selling Shareholder, severally and not jointly, accepts responsibility for and confirms the statements made or undertaken expressly or confirmed by them in this Draft Red Herring Prospectus only to the extent of information specifically pertaining to it and its respective portion of the Offered Shares and assumes responsibility that such statements are true and correct in all material respects and not misleading in any material respect. However, each Selling Shareholder, severally and not jointly, assumes no responsibility for any other statement in this Draft Red Herring Prospectus, including without limitation, inter alia, any and all statements, disclosures and undertakings made or confirmed by or relating to our Company or its business or any other Selling Shareholder or any other person(s) in this Draft Red Herring Prospectus. LISTING The Equity Shares of face value of ₹ 10 each to be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received‘in-principle’ approvals from BSE and NSE for listing of the Equity Shares of face value of ₹ 10 each pursuant to their letters dated [●] and [●], respectively. For the purposes of the Offer, [●] is the Designated Stock Exchange. A signed copy of the Red Herring Prospectus and the Prospectus shall be filed with the RoC in accordance with Sections 26(4) and 32 respectively of the Companies Act, 2013. For details of the material contracts and documents available for inspection from the date of the Red Herring Prospectus until the Bid/Offer Closing Date, see 'Material Contracts and Documents for Inspection’ on page576. BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER ![A close up of a logo AI-generated content may be incorrect.]() Anand Rathi Advisors Limited 11th Floor, Times Tower, Kamla City, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India. Telephone: +91 22 4047 7000 E-mail: ssrl.ipo@rathi.com Investor grievance e-mail: grievance.ecm@rathi.com Website: www.anandrathiib.com Contact Person: Shivani Tapadia / Sailesh Jalan SEBI Registration No.: INM000010478 Emkay Global Financial Services Limited 7th Floor, The Ruby, Senapati Bapat Marg, Dadar – West, Mumbai - 400 028, Maharashtra, India Telephone: +91 22 6612 1212 E-mail: ssretail.ipo@emkayglobal.com Investor grievance e-mail: ibg@emkayglobal.com Website: www.emkayglobal.com Contact Person:Radhika Deshmukh / Pooja Sarvankar SEBI Registration No.: INM000011229 KFin Technologies Limited Selenium, Tower B, Plot No. 31 and 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad - 500 032, Telangana, India. Tel: +91 40 6716 2222/180 0309 4001 E-mail: ssretail.ipo@kfintech.com Website: www.kfintech.com Investor grievance e-mail:einward.ris@kfintech.com Contact Person: M. Murali Krishna SEBI Registration Number: INR000000221 BID/OFFER PERIOD ANCHOR INVESTOR BIDDING DATE* [●] BID/OFFER OPENS ON* [●] BID/OFFER CLOSES ON**^ [●] * Our Company, in consultation with the BRLMs, may consider participation by the Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be 1 Working Day prior to the Bid/Offer Opening Date. ** Our Company, in consultation with the BRLMs, may consider closing the Bid/Offer Period for QIBs 1 Working Day prior to the Bid/Offer Closing Date in accordance with the SEBI ICDR Regulations. ^ UPI mandate end time and date shall be at 5 pm, on Bid/Offer Closing Date. (Remainder of the page has been intentionally left blank)

- (7) The Employee Reservation Portion shall not exceed 5% of the post-Offer Equity Share capital of our Company. Eligible Employees bidding in the Employee Reservation Portion must ensure that the maximum Bid Amount does not exceed ₹500,000 (net of Employee Discount, if any). However, the initial Allotment to an Eligible Employee in the Employee Reservation Portion shall not exceed ₹200,000 (net of Employee Discount, if any). Only in the event of an under- subscription in the Employee Reservation Portion post the initial Allotment, such unsubscribed portion may be Allotted on a proportionate basis to Eligible Employees Bidding in the Employee Reservation Portion, for a value in excess of ₹200,000 (net of Employee Discount, if any), subject to the total Allotment to an Eligible Employee not exceeding ₹500,000 (net of Employee Discount, if any). The Employee Reservation Portion shall not exceed 5.00% of our post-Offer paid-up Equity Share capital. Further, an Eligible Employee Bidding in the Employee Reservation Portion can also Bid in the Net Offer and such Bids will not be treated as multiple Bids subject to applicable limits. Any unsubscribed portion remaining in the Employee Reservation Portion shall be added to the Net Offer. For further details, see ‘Offer Structure’ on page526. - (8) Our Company in consultation with the BRLMs, may offer a discount (equivalent of ₹ [●] per Equity Share) to the Eligible Employees Bidding in the Employee Reservation Portion, subject to necessary approvals as may be required, and which shall be announced two Working Days prior to the Bid/Offer Opening Date. For further details, including in relation to grounds for rejection of Bids, see ‘Offer Structure’ and ‘Offer Procedure’ on pages526 and534, respectively. For further details of the terms of the Offer, see ‘Terms of the Offer’ on page519.

Syndicate SCSB Branches In relation to Bids (other than Bids by Anchor Investors and RIIs) submitted under the ASBA process to a member of the Syndicate, the list of branches of the SCSBs at the Specified Locations named by the respective SCSBs to receive deposits of Bid cum Application Forms from the members of the Syndicate is available on the website of the SEBI (www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35) and updated from time to time or at such other website as may be prescribed by SEBI from time to time. Eligible SCSBs and mobile applications enabled for UPI Mechanism In accordance with UPI Circular, UPI Bidders using the UPI Mechanism may only apply through the SCSBs and mobile applications whose names appears on the website of the SEBI, which may be updated from time to time. A list of SCSBs and mobile applications, which are live for applying in public issues using UPI Mechanism is available on https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40 for SCSBs and https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43 for mobile applications or at such other websites as may be prescribed by SEBI from time to time. Registered Brokers Bidders can submit ASBA Forms in the Offer using the stock broker network of the Stock Exchanges, i.e., through the Registered Brokers at the Broker Centres. The list of the Registered Brokers eligible to accept ASBA Forms, including details such as postal address, telephone number and e-mail address, is provided on the websites of the Stock Exchanges at www.bseindia.com and www.nseindia.com, as updated from time to time. Registrar and Share Transfer Agents The list of the RTAs eligible to accept ASBA Forms at the Designated RTA Locations, including details such as address, telephone number and e-mail address, is provided on the websites of the Stock Exchanges at www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx and https://www.nseindia.com/products- services/initial-public-offerings-asba-procedures respectively, as updated from time to time. Collecting Depository Participants The list of the CDPs eligible to accept ASBA Forms from Bidders at the Designated CDP Locations, including details such as their name and contact details, is provided on the websites of the Stock Exchanges at www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx and https://www.nseindia.com/products- services/initial-public-offerings-asba-procedures, as updated from time to time. Experts to the Offer Except as set out below, our Company has not obtained any expert opinions: Our Company has received written consent dated December 27, 2025 from our Statutory Auditors namely, M/s. Manek & Associates, Chartered Accountants, holding a valid peer review certificate from ICAI to include their name as required under Section 26(1) of the Companies Act, 2013 read with the SEBI ICDR Regulations in this Draft Red Herring Prospectus, and as an ‘expert’ as required under Section 2(38) of the Companies Act to the extent and in their capacity as our Statutory Auditors, and in respect of their examination report, dated December 27, 2025 on our Restated Financial Information; and the statement of special tax benefits dated December 27, 2025 included in this Draft Red Herring Prospectus; in terms of Section 26(5) of the Companies Act read with SEBI ICDR Regulations, and such consent has not been withdrawn as on the date of this Draft Red Herring Prospectus. However, the term ‘expert’ shall not be construed to mean an ‘expert’ as defined under U.S. Securities Act. Our Company has received written consent dated December 27, 2025, from PDB & Co., Practicing Company Secretaries, holding a valid certificate of peer review issued by the Peer Review Board of The Institute of Company Secretaries of India to include their name as required under Section 26(5) of the Companies Act read with SEBI ICDR Regulations, in this Draft Red Herring Prospectus as an ‘expert’ as defined under Section 2(38)of the Companies Act, 2013 to the extent and in their capacity as practicing Company Secretaries and in respect of the certificate dated December 27, 2025 issued by them in connection with inter alia, the due diligence of corporate and statutory records of the Company and such consent has not been withdrawn as of the date of this

- (4) The Employee Reservation Portion shall not exceed 5% of the post-Offer Equity Share capital of our Company. In the event of undersubscription in the Employee Reservation Portion, the unsubscribed portion will be available for allocation and Allotment, proportionately to all Eligible Employees who have Bid in excess of ₹ 0.20 million (net of Employee Discount), subject to the maximum value of Allotment made to such Eligible Employee not exceeding ₹ 0.50 million (net of Employee Discount). Further, an Eligible Employee Bidding in the Employee Reservation Portion can also Bid in the Net Offer and such Bids will not be treated as multiple Bids subject to applicable limits. Eligible Employee can also apply under Retail Portion. Further, Bids by Eligible Employees in the Employee Reservation Portion and in the Non-Institutional Portion shall not be treated as multiple Bids, even if Eligible Employee has made an application of up to ₹ 0.50 million (net of Employee Discount) in the Employee Reservation Portion. In case of undersubscription in the Net Offer, spill-over to the extent of such under-subscription shall be permitted from the Employee Reservation Portion. Further, our Company, in consultation with the Book Running Lead Managers, may offer a discount of ₹ [●] perEquity Share to Eligible Employees, which shall be announced at least 2 Working Days prior to the Bid /Offer OpeningDate. For details, see ‘Offer Structure’ beginning on page526. (Remainder of this page has been intentionally left blank)

Any unsubscribed portion of the Offer for Sale will also be subject to the lock-in of 6 months from the date of Allotment. - 20. Lock-in Requirements Pursuant to the SEBI ICDR Regulations, the entire pre-Offer capital of our Company shall be locked-in for a period of 6 months from the date of Allotment, except for (i) any Equity Shares held by a VCF or Category I AIF or Category II AIF or FVCI, as applicable, provided that such Equity Shares shall be locked in for a period of at least 6 months from the date of purchase by such shareholders; and (ii) as otherwise permitted under the SEBI ICDR Regulations. Further, any unsubscribed portion of the Offered Shares will also be locked in, as required under the SEBI ICDR Regulations. - 21. Lock-in of Equity Shares Allotted to Anchor Investors 50% percent of the Equity Shares Allotted to Anchor Investors in the Anchor Investor Portion shall be locked-in for a period of 30 days from the date of Allotment and the remaining portion shall be locked-in for a period of 90 days from the date of Allotment. - 22. Recording on non-transferability of Equity Shares locked-in In accordance with Regulation 20 of the SEBI ICDR Regulations, our Company shall ensure that the details of the Equity Shares locked-in are recorded by the relevant Depository. - 23. Other requirements in respect of lock-in Pursuant to Regulation 21 of the SEBI ICDR Regulations, Equity Shares held by our Promoter and locked- in, as mentioned above, may be pledged as collateral security for a loan with a scheduled commercial bank, a public financial institution, Systemically Important Non-Banking Financial Company or a deposit accepting housing finance company, subject to the following: - a. With respect to the Equity Shares locked-in for 6 months from the date of Allotment, such pledge of the Equity Shares must be one of the terms of the sanction of the loan. - b. With respect to the Equity Shares locked-in as Minimum Promoters’ Contribution for 18 months from the date of Allotment, the loan must have been granted to our Company for the purpose of financing one or more of the objects of the Offer, which is not applicable in the context of this Offer. However, the relevant lock-in period shall continue post the invocation of the pledge referenced above, and the relevant transferee shall not be eligible to transfer the Equity Shares till the relevant lock-in period has expired in terms of the SEBI ICDR Regulations. In accordance with Regulation 22 of the SEBI ICDR Regulations, Equity Shares held by our Promoter and locked-in as per Regulation 16 of the SEBI ICDR Regulations, may be transferred to and among our Promoters and/or any member of our Promoter Group or a new promoter, subject to continuation of lock-in applicable with the transferee for the remaining period and compliance with provisions of the SEBI Takeover Regulations. Further, in terms of Regulation 22 of the SEBI ICDR Regulations, Equity Shares held by persons other than our Promoters prior to the Offer and locked-in for a period of 6 months from the date of Allotment as per Regulation 17 of the SEBI ICDR Regulations, may be transferred to any other person holding Equity Shares which are locked-in along with the Equity Shares proposed to be transferred, subject to the continuation of the lock-in applicable with the transferee for the remaining period and compliance with the provisions of the SEBI Takeover Regulations. - 24. Our Company, our Directors and the BRLMs have no existing buyback arrangements and or any other similar arrangements for the purchase of Equity Shares. - 25. The Equity Shares are fully paid-up and there are no partly paid-up Equity Shares as on the date of this Draft Red Herring Prospectus. All Equity Shares transferred pursuant to the Offer shall be fully paid-up at the time of Allotment, failing which no Allotment shall be made.

The estimated average capital expenditure set out above are based on the quotation dated December 15, 2025 obtained from The Red Door Studio. The actual expenditure may vary at the time of actual placement of order for the Fit Outs during the respective year. A summary of the estimated average capital expenditure for Fit Outs per store format (i.e. large, medium and small) is as follows: The estimated capital expenditure per store has been determined considering an average store size of 1,000 square feet for Large Format Store, 600 square feet for Medium Format Store and 300 square feet for Small Format Store. Actual store sizes may vary depending on location, layout and commercial feasibility. As certified by Suryakant Kasasaheb Patil (AKALPIT, Architect and Interior Designers), Independent Architect, pursuant to a certificate dated December 25, 2025. Responsibility of capital expenditure and proposed plan Our capital expenditure responsibilities for Fit Outs vary based on the business model of each individual store. In the COCO Model, our Company bears the entire responsibility for the capital expenditure for Fit Outs, whereas in COFO and FOFO model our Company only bears the partial responsibility for the capital expenditure for Fit Outs and the remaining capital expenditure is borne by the franchisee partner. In stores operated under the COFO Model, our Company typically incurs partial capital expenditure for certain Fit Outs such as board, signage and branding, CCTV (i.e., closed circuit television) systems, finger scanners, among others, while the remaining expenditure for Fit Outs is borne by the franchisee partner. Similarly, for stores operated under the FOFO Model, our Company typically incurs typically partial capital expenditure for certain Fit Outs such as board and signage and branding, with the remaining expenditure for Fit Outs is borne by the franchisee partner. Considering our Company onboards a different franchisee partner for each store operating under the COFO and FOFO models, pursuant to a franchise agreement with each franchisee partner, the responsibilities for Fit Outs and the actual capital expenditure may vary from store to store and depending upon the commercial negotiation with the franchisee partner and also upon the format of the store. Based on COFO and FOFO model stores opened by our Company historically (i.e. during the 3 months period ended June 30, 2025 and Fiscal 2025) as well as respective responsibilities and capital expenditure for Fit Outs incurred of our Company and the franchisee partners, respectively, our Statutory Auditors i.e., M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), have certified the average Fit Outs cost and typical responsibilities for capital expenditure towards Fit Outs estimated by our Company. The actual cost for Fit Outs incurred by our Company for certain stores opened by Company during the 3 months period ending June 30, 2025 and Fiscal 2025 are set out below:

- - players and e-commerce platforms are legitimizing the category through certified refurbishment, warranties, and buyback programs. This trust-building is making premium models affordable for value-conscious buyers and expanding access in tier II and beyond cities, thereby broadening the overall smartphone user base. - 7. Mobile First Internet Adoption: The mobile phone’s role as the primary internet access point in India continues to drive market growth. With affordable data plans and increasing app-based service usage across commerce, entertainment, payments, and education, smartphones have become an essential digital tool. This dependence on mobile-first connectivity is fuelling consistent demand for device upgrades and first-time smartphone adoption, expanding the overall market base. Emerging trends: Technology & Ownership - 1. IoT Accessories Expand Phone Ecosystem: As more users build interconnected “smart” lifestyles, demand for wearables and IoT accessories has surged. There is a shift toward accessories that enhance phone utility- fitness tracking, voice assistants, and seamless device pairing. - 2. Pre-Owned Phones Market Boom: The Indian pre-owned mobile phone market reached INR 787 billion in FY2025, with a year-on-year growth rate of 11.3%. The pre-owned phone market is further expected to grow at CAGR 12.5% from FY2025 to FY2030. This is driven by budget-conscious buyers seeking near-flagship features at lower prices. Platforms like Cashify and Amazon offer certified warranty and quality checks assuring product quality and building consumer trust in the pre-owned mobile phones. Organized retailers are also expanding in order to cover the pre-owned market segment which has shown a double-digit growth. For instance, regional retail chain SS Retail Limited launched a sub-brand Mobile Exchange Wala through a shop- in-shop format, providing customers with pre-owned mobile phones available for purchase directly in stores, to capture the share of the growing pre-owned phone market. - 3. Trade-In Programs Fuel Upgrade Cycles: Trade-in programs have emerged as a key trend in the Indian mobile phone market, helping consumers reduce upgrade costs by exchanging old devices for instant discounts or credits. Apple offers credit on old iPhones for new purchases. Samsung enables upfront discounts and assured buyback after 12 months. Amazon Exchange Program provides instant valuation, doorstep pickup, and bundled deals with EMI offers. - 4. Device-as-a-service (DaaS): Device-as-a-Service (DaaS) is a subscription-based model where companies provide smartphones and other devices to enterprises bundled with upgrades, maintenance, and security, instead of requiring upfront purchases. This approach is gaining momentum in India as businesses look for cost-efficient and flexible ways to manage large device fleets, particularly in sectors like IT, logistics, retail, and healthcare. While mobile technology is evolving rapidly, DaaS allows enterprises to keep devices updated without heavy capital expenditure, while ensuring data protection and compliance through managed services. Companies such as Infosys with its Mobile DaaS and Radiant Info Solutions are driving adoption for the same. As hybrid and field-based workforces expand, enterprises are increasingly shifting to this model for scalability, lifecycle simplicity, and predictable monthly costs, making DaaS a rising trend in India’s mobile market. 6.9 Adoption and impact of omni-channel strategies in the mobile phone market India’s leading smartphone brands are embracing a truly omni-channel approach, blurring the lines between digital and physical to engage today’s connected consumers. The online and modern trade channels are growing at a CAGR of 9.7% and 12.1% respectively, which is higher than the overall mobile market CAGR of 9.0% from FY2025 to FY2030. Consumers are increasingly searching for devices, specifications, and prices online before stepping into stores to experience displays firsthand. Consumers value the convenience of options like Buy-Online-Pick-Up-In-Store (BOPIS), hassle-free returns and at home delivery. A growing number of customers are now browsing and purchasing smartphones online, with delivery fulfilled directly from the nearest retail store, ensuring faster turnarounds and inventory availability. The effectiveness of this model relies heavily on a strong offline retail network, which enables real-time stock visibility, hyperlocal fulfilment, and quick last-mile delivery. Samsung leads the online marketplace with end-to-end parity in pricing, promotions, and service support, while Vivo, OPPO, and Xiaomi continue to dominate foot traffic in multi-brand retail outlets. Brands such as Apple and OnePlus elevate this further by integrating their own D2C portals with flagship experience stores that offer trade- in programs, in-store financing via partner NBFCs, and dedicated service zones.

- - offered customers an exclusive first look and the opportunity to explore the device’s features through dedicated gaming experiential zones. 6.11 Unit Economics Comparison of Mobile Phone Retailers in India The unit economics of mobile retail in India is shaped by store location, format, and market focus. National retail chains like Reliance Digital and Croma operate large-format stores where mobiles account for ~12–15% of space, attracting customers through multi-category offerings and brand presence. This model generally operates on gross margins of ~12.0%-14.0%. In contrast, regional retail chains such as SS Retail Limited, Poorvika and Sangeetha etc. generally operate on a gross margin of 10.0-12.0%. Regional chains also focus almost exclusively on mobiles catering to regional demand through smaller high- turnover stores, with lesser rental and marketing expenses as compared to national chains. While national chains benefit from cross-category traffic and financing tie-ups, regional players rely on hyperlocal reach and sharper alignment with local consumer preferences. Exhibit 6.15 Illustrative Unit Economics for Organized Mobile Phone Retailers/Retail Chains in India – StoreLevel Source: Primary Research, Company Annual reports and The Knowledge Company Analysis 6.12 Pre-owned Mobile Market in India India’s pre-owned smartphone market grew from INR 707 billion in FY2024 to INR 787 billion in FY2025 showcasing a YoY growth of 11.3%. This growth was driven by rising price sensitivity, wider access to trade-in programs, and growing demand for affordable premium devices. With consumers increasingly open to value- driven alternatives, especially among students, first-time users, and tier II cities penetration, the market is expected to grow at a CAGR of 12.5% and reach INR 1,419 billion by FY2030. Pre-owned smartphones offer higher margins as retailers have greater pricing flexibility due to lower acquisition costs and absence of strict MRP regulations. Unlike new phones, where margins are OEM or brand-controlled, the pre-owned model allows sellers to acquire devices at variable, often lower costs through trade-ins or buybacks. Retailers can price devices based on device condition, brand desirability, or added services (like warranties or certifications). Pre-owned smartphone market in India is fragmented and un-organized in nature, with neighbourhood shops, independent pre-owned and informal traders operating without any standardization, pricing, quality checks, and warranty protocols. However, there are some organized players who are growing and catching consumers attention. Some of the key players in this space include Cashify, Amazon Renewed, and Flipkart Reset, offering certified, tested devices with warranties and structured buyback options. New-age entrants like ControlZ, GREST, and PhoneClub have also entered the market, catering to the growing demand for pre-owned smartphones in India. Exchange programs for pre-owned mobile phones are commonly facilitated at both national and regional retail chains, enabling customers to upgrade devices affordably. Apple’s verified reseller Unicorn offers device trade- ins through Cashify Exchange. Regional retail chain SS Retail Limited is one of the few organised chains to operate a pre-owned phone format, through its brand ‘Mobile Exchange Wala’ which is a shop-in-shop model. SS Retail Limited stores with Mobile Exchange Wala SIS have reported a higher SPSF for FY 2024 & FY 2025 compared to stores without this format, highlighting better utilisation of space, since its launch in FY 2023.

Exhibit 6.23 Smart Wearables Market in India by Value (FY) (in INR billion) 5.0% -36.7% 39.8 % Source: Secondary Research, The Knowledge Company Analysis Exhibit 6.24 Category-wise Share and Key Players in Smart Wearables Market in India Source: Secondary Research, The Knowledge Company Analysis Factors driving growth in Indian wearables market: - • Rising Smartphone Penetration: Smartphone integration with wearables, especially smartwatches and fitness bands, has made adoption seamless. As smartphone use deepens in Metros as well tier II and beyond cities, consumers are increasingly pairing them with connected wearables for calls, payments, and health tracking. - • Growing Health & Fitness Consciousness: With rising lifestyle-related health concerns, consumers are turning to wearables for features like continuous heart-rate monitoring, tracking, sleep analysis, and guided workouts. This shift has positioned wearables as an essential part of daily fitness routines. - • Technological Advancements & AI Integration: Wearables are evolving with advanced sensors, longer battery life, AI-enabled health insights, and features like ECG and fall detection. These innovations are boosting consumer trust and widening use cases beyond fitness into preventive healthcare and productivity. - • Affordable & Diverse Brand Offerings: Indian and global players like Noise, Gizmore, boAt, Fire-Boltt, and Xiaomi are offering wearables across price tiers, bringing advanced features to mass markets. This affordability has accelerated adoption, especially among first-time users. - • Young, Digitally Native Population: India’s youth, a major consumer base for tech gadgets, are drivingdemand for wearables as lifestyle and fashion accessories. Smartwatches and fitness bands are increasingly seen as aspirational, stylish, and functional add-ons to smartphones, making them popular in Gen Z and millennial segments 7. CDIT Market in Maharashtra, Karnataka, Goa, Madhya Pradesh and Chhattisgarh 7.1 Economic Overview of Maharashtra Maharashtra continues to serve as a critical driver of India’s economic growth, supported by a well-established industrial foundation, advanced urban infrastructure, and high level of household consumption. In FY2024, Maharashtra was the highest contributing state to India’s Gross Domestic Product (GDP), contributing ~13% tothe national Gross Domestic Product (GDP), with a total GSDP of INR 40.4 lakh crore and a per capita income of ~INR 2.8 lakh, which is higher than the national average, signaling a thriving consumer class and developed infrastructure. Its Private Final Consumption Expenditure (PFCE) stood at ~INR 5,715.4 in FY 2024, indicating

Source: Annual Reports, Company Website, Store Locators and Investor Presentations Note: Fonebox data is for 9 months FY 2024, NA-Data not available SS Retail Limited has been able to penetrate and scale across Metros, Tier I, Tier II and Tier III and beyond markets with majority of its stores (~60%) in tier III and beyond cities. It is primarily a mobile phones & accessories retail chain, which allows it to maintain tighter, faster-moving inventories whereas multi-category retail chains carry broader portfolios with slower-moving SKUs, higher inventory costs and more complex operations. This focused approach enables SS Retail Limited to optimise inventory planning, marketing support and retailer engagement.

- - • Recharge of mobile phones - we provide mobile phone recharge facilities for various brands. During the current Fiscal, pursuant to a brand acquisition agreement, we have acquired a brand which is focussedon sales of accessories i.e., , which we have subsequently licensed to our Subsidiary i.e., Nexora Smart Tech Private Limited (Nexora). We have, through Nexora, started the sale of accessories of this brand in the audio category, hearable category, wearable category, mobile charging category and automotive electronics - dashboard camera, on a B2B (business to business basis). The acquisition of this brand has not only helped us expand our accessories portfolio but has also helped us provide greater insight of the cost structure of accessories of this brand which is expected to assist us in negotiating cost of accessories of other brands. We have also entered into a share subscription and shareholders agreement with Olineo Nexus India PrivateLimited (Olineo) and others on December 12, 2025 for a strategic acquisition of the majority shareholding of Olineo, which operates in a similar line of business as ours, under the brand ‘Olineo’. The transaction under this agreement has not yet consummated. Also see ‘History and Certain Corporate Matters - Material Agreements’on page338. Our revenue from operations have increased from ₹ 8,320.36 million in Fiscal 2023 to ₹ 15,979.31 million in Fiscal 2025 at a CAGR of 38.58%, which as per the Knowledge Company Report was the 2nd highest amongst our peers, indicating that our core business revenue has grown rapidly and consistently over the period. Set out below is our revenue from operations from mobile phones, pre-owned mobile phones (Mobile Exchange Wala),accessories, other electronic items and ancillary services during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023: *Comprises accessories of various brands retailed by us under audio category, hearable category, wearable category and others. **Comprises revenue from retail of televisions, laptops and tablets. ***Comprises revenue from offering mobile protection plans, mobile recharge, and anti-theft software. Note: All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. In certain instances, discrepancies in any table between the sums of the amounts listed in the table and totals are due to rounding off.

which is focussed on sales of accessories i.e., , which we have subsequently licensed to our Subsidiary i.e., Nexora. We have, through Nexora, started sale of accessories of this brand in the audio category, hearable category, wearable category, mobile charging category and automotive electronics - dashboard camera, on a B2B (business to business basis). The acquisition of this brand has not only helped us expand our accessories portfolio but has also helped us provide greater insight of the cost structure of accessories of this brand which is expected to assist us in negotiating cost of accessories of other brands. Also see ‘History and Certain Corporate Matters - Material Agreements’ on page338. Expanding our store network including Mobile Exchange Wala stores and increasing focus on retailing pre-owned mobile phones As per the Knowledge Company Report, India’s mobile phone market grew from ₹ 2,053 billion in Fiscal 2019to ₹ 3,226 billion in Fiscal 2024 at a CAGR of 9.5%, and is projected to reach ₹ 5,198 billion by Fiscal 2030,growing at a CAGR of 9.0%. Further, the pre-owned smartphone market is emerging as a structural growth driver by accelerating device adoption and replacement cycles in India. The Indian pre-owned mobile phone market grew from ₹ 707 billion in Fiscal 2024 to ₹ 787 billion in Fiscal 2025, with a year-on-year growth rate of 11.3%. The pre-owned phone market is further expected to grow to ₹ 1,419 billion at CAGR of 12.5% from Fiscal 2025 to Fiscal 2030. This is driven by budget-conscious buyers seeking near-flagship features at lower prices. Faster upgrades among aspirational value conscious consumers are creating a steady supply of pre-owned devices with such consumers preferring to buy pre-owned premium phones with more features at a lesser price. With flagship phone prices rising, many consumers are opting for pre-owned smartphones that cost 30%–50% less than new ones, making them accessible to students, first-time buyers, and budget-conscious users. To capitalise on the fast growing yet unorganised pre-owned mobile phones retail market, we launched the ‘MobileExchange Wala’ brand in Fiscal 2023. As per the Knowledge Company Report, pre-owned smartphones offer higher margins as retailers have greater pricing flexibility due to lower acquisition costs and absence of strict MRP (i.e., maximum retail price) regulations. Unlike new phones, where margins are OEM (i.e., original equipment manufacturer) or brand-controlled, the pre-owned model allows sellers to acquire devices at variable, often lower costs through trade-ins or buybacks. For us, pre-owned mobile phones create a self-sustaining upgrade cycle, where trade-ins of mobile phones lead todemand and new device purchases create future pre-owned supply. Our ‘shop in shop’ format increases the productivity of the store as we leverage the same store space and infrastructure without material incremental operating costs. This format has also helped us achieve a sales per square feet of ₹ 120,188.73 in Fiscal 2025, which as per the Knowledge Company Report was the highest among our peers, highlighting efficient space utilisation and store productivity across our store formats. In line with the industry tailwinds, better margin profile and improved revenue sources, we aim to increase ourstores operating under SS Mobile (With Mobile Exchange Wala) in the states in which we currently operate i.e., Maharashtra, Karnataka, Madhya Pradesh and Goa, and to open these stores in Chhattisgarh, which we intend to target. Entering into tie-up arrangements directly with brands of mobile phones, accessories and other electronic items Over the years, we have established long term relationship with various brands and / or authorised distributors / dealers of various brands to procure mobile phones, accessories and other electronic items. Our inventory procurement model is supported by these arrangements which enable us to procure mobile phones, accessories, and other electronic items at competitive prices by eliminating intermediaries and the associated costs. As per the Knowledge Company Report, as regional retailers expand their scale and strengthen their financial credibility, they increasingly move up the value chain by shifting from distributor-led sourcing to direct procurement from brands. This transition typically involves meeting higher minimum order quantities (MOQs), investing in backend infrastructure, and aligning closely with brand-led marketing and display standards. By direct procurement from brands or national distributors, regional retailers may get multiple advantages including higher trade margins through the elimination of intermediary costs, priority access to new model launches, faster replenishments, and stronger negotiating power for co-funded promotions and rebates. Over time, such progression enables regional players to operate on near-national efficiency, strengthening brand relationships, and positioning them as strategic partners in the mobile phone retail ecosystem. To further improve our inventory procurement model and reduce our operating costs, we intend to enter into tie ups with brands with whom we currently do not have a direct relationship (i.e., we procure products of such brands through authorised distributors / dealers). Such direct arrangement will enable us to further eliminate the

electronic items and ancillary services during the3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023: *Comprises accessories of various brands retailed by us under audio category, hearable category, wearable category and others. **Comprises revenue from retail of televisions, laptops and tablets. ***Comprises revenue from offering mobile protection plans, mobile recharge, and anti-theft software. Note: All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. In certain instances, discrepancies in any table between the sums of the amounts listed in the table and totals are due to rounding off. Our inventory procurement model is supported by direct arrangements with various brands and / or their distributors / authorised dealers. These arrangements enable us to procure mobile phones, accessories, and other electronic items at competitive prices by eliminating intermediaries and the associated costs. As per the Knowledge Company Report, by direct procurement from brands or national distributors, regional retailers may get multiple advantages including higher trade margins through the elimination of intermediary costs, priority access to new model launches, faster replenishments, and stronger negotiating power for co-funded promotions and rebates. Over time, such progression enables regional players to operate on near-national efficiency, strengthening brand relationships, and positioning them as strategic partners in the mobile phone retail ecosystem. To support business operations, we have implemented in house proprietary information technology systems whichhelp us track our inventory and sales on real time basis. These systems also help us efficiently monitor the operations of our stores, help us seamlessly integrate our supply chain and customer data, enhance our operational efficiency, and enable us to make data driven decisions while also helping us manage our growth. To handle procurement and supply of a wide array of products (brand and variant wise), we have implemented a centralised system with 2 modules which comprises inventory management and enterprise resource planning systems which assist us in automation of maintaining and managing inventory at our warehouses and stores. These systems also enable us to plan demand of various products, and in a timely and efficient manner, procure products from our distributors and brands, replenish inventory at our warehouses and to dispatch inventory to our stores. Also, see ‘Our Business – Business Operations – Information Technology Systems’ on page308. We have 1 owned warehouse and 1 leased warehouse which are strategically located in Kolhapur in Maharashtra, andwe have arrangements with 4 logistics service providers located in Mumbai, Pune and Nagpur in Maharashtra and

*Comprises accessories of various brands retailed by us under audio category, hearable category, wearable category and others. **Comprises revenue from retail of televisions, laptops and tablets. ***Comprises revenue from offering mobile protection plans, mobile recharge, and anti-theft software. Note: All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. In certain instances, discrepancies in any table between the sums of the amounts listed in the table and totals are due to rounding off. Mobile phone market As per the Knowledge Company Report, India’s mobile phone market grew from ₹ 2,053 billion in Fiscal 2019 to ₹3,226 billion in Fiscal 2024 at a CAGR of 9.5%, and is projected to reach ₹ 5,198 billion by Fiscal 2030, growing ata CAGR of 9.0%. In Maharashtra, the mobile phone market was valued at ₹ 514 billion, accounting for 15.2% of thetotal India mobile phone market in Fiscal 2025. In India, the mobile phone market is being driven by replacements and upgrades. While the overall mobile phone penetration is estimated at 77% in Fiscal 2025, India's smartphone penetration rate stood at a meagre 46.12% in CY 2024. The average replacement cycle of smart phones is 36 months, however, when the consumers do replace the phone, the shift is often towards more advanced models with better features and specifications. The overall Indian mobile phone market is steadily shifting towards higher-priced segments, reflecting a blend of aspirational upgrades, better financing options, and increased digital dependence among younger, tech-savvy consumers. Pre-owned mobile phone market As per the Knowledge Company Report, the pre-owned smartphone market is emerging as a structural growth driverby accelerating device adoption and replacement cycles in India. The Indian pre-owned mobile phone market grew from ₹ 707 billion in Fiscal 2024 to ₹ 787 billion in Fiscal 2025, with a year-on-year growth rate of 11.3%. The pre- owned phone market is further expected to grow to ₹ 1,419 billion at CAGR of 12.5% from Fiscal 2025 to Fiscal 2030. Some of the factors driving growth in the pre-owned smartphone market include: (i) Widening affordability gapwith new devices: With flagship phone prices rising, many consumers are opting for pre-owned smartphones that cost30%–50% less than new ones, making them accessible to students, first-time buyers, and budget-conscious users; (ii) Growing awareness and trust: Increased consumer awareness about warranties, device grading, and pre-owned qualityalong with financing and EMI options is driving wider acceptance of second-hand devices; (iii) Rise of premiumupgrades and fast cycles: Frequent upgrades by premium users are injecting a steady supply of gently usedsmartphones into the secondary market, improving availability of desirable models at lower prices; (iv) Tier II andTier III and beyond market penetration via retailers: Smaller retailers are reviving lower grade used smartphones andsuccessfully selling them in tier 2+ towns, where demand is rising due to price sensitivity and smartphone need; and (v) Pre-owned device adoption for workforce: The increasing adoption of pre-owned smartphones by enterprises forfield staff, delivery agents, and contractual workers is emerging as a key growth driver due to an increasing need for cost-effective, functional devices that enable workforce mobility and digital operations. Mobile Accessories Market As per the Knowledge Company Report, India’s mobile accessories market has expanded significantly, growing from₹ 233 billion in Fiscal 2019 to ₹ 503 billion in Fiscal 2024 growing at a CAGR of 16.7% and was estimated at ₹ 536 billion in Fiscal 2025, showcasing a year-on-year growth of 6.5%. The overall mobile accessories market is expected

Current Liabilities (in ₹ million) Related Party Transactions We have engaged in the past, and may engage in the future, in transactions with related parties, including with ourDirectors, and Key Managerial Personnel on an arm’s length basis, in compliance with applicable law. For furtherdetails of our related party transactions, please see ‘Restated Financial Information - Note 39 - Related Party Disclosures’ on page 418. Summary of reservations or qualifications or matters of emphasis or adverse remarks of auditors There are no qualifications or reservations in our Restated Financial Information. Change in accounting policies Other than as disclosed in the Restated Financial Information, there have been no changes in accounting policies in the last three Fiscals. Quantitative and Qualitative Disclosures about Market Risk Our Company’s principal financial liabilities, comprise of borrowings, trade and other payables. The main purpose of these financial liabilities is to finance our Company’s operations, and projects capital expenditure. Our Company’sprincipal financial assets include loans, investments, trade receivables and cash and cash equivalents. Our activities expose us to a variety of financial risks such as credit risk, liquidity risk, interest rate risk etc. Our primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. Our senior management oversees the management of these risks and advises on financial risks and the appropriate financial risk governance framework for our Company. Our Company has constituted a Risk Management Committee consisting of majority of directors and senior managerial personnel. We have a robust risk management policy to identify, evaluate business risks and opportunities. This policy seeks to create transparency, minimise adverse impact on the business objectives and enhance our competitive advantage.

*Comprises accessories of various brands retailed by us under audio category, hearable category, wearable category and others. **Comprises revenue from retail of televisions, laptops and tablets. ***Comprises revenue from offering mobile protection plans, mobile recharge, and anti-theft software. Note: All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. In certain instances, discrepancies in any table between the sums of the amounts listed in the table and totals are due to rounding off. Significant dependence on a single or few suppliers or customers We are a multi-brand retail chain for mobile phones, accessories and other electronic items and our reliant on our arrangements with brands and distributors. Set out below is our amount of purchase of traded goods from our top 3 distributors, top 5 distributors and top 10 distributors during the 3 months period ended June 30, 2025 and in Fiscal 2025, Fiscal 2024 and Fiscal 2023: Also, see ‘Risk Factors - We are significantly reliant on our arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from our top 10 Suppliers was 86.93%, 89.42%, 88.38% and 91.96% of our purchase of traded goods during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Failure on the part of the Suppliers to supply, or a delay in supply of traded goods from our top 10 Suppliers, could have an adverse impact on our reputation, business, financial condition, cash flows and results of operations’ on page42. We are not reliant on a single or few customers for our revenue from operations.

unsubscribed portion will be available for allocation and Allotment, proportionately to all Eligible Employees who have Bidin excess of ₹ 0.20 million (net of Employee Discount), subject to the maximum value of Allotment made to such EligibleEmployee not exceeding ₹ 0.50 million (net of Employee Discount). Further, an Eligible Employee Bidding in the EmployeeReservation Portion can also Bid in the Net Offer and such Bids will not be treated as multiple Bids subject to applicable limits. Eligible Employee can also apply under Retail Portion. Further, Bids by Eligible Employees in the Employee Reservation Portion and in the Non-Institutional Portion shall not be treated as multiple Bids, even if Eligible Employee hasmade an application of up to ₹ 0.50 million (net of Employee Discount) in the Employee Reservation Portion. The unsubscribed portion if any, in the Employee Reservation Portion shall be added back to the Net Offer. ^The SEBI ICDR Master Circular has mandated that ASBA applications in public issues shall be processed only after the application monies are blocked in the bank accounts of the Bidders. - (1) Our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors at theAnchor Investor Offer Price, on a discretionary basis in accordance with the SEBI ICDR Regulations. 40% of the Anchor Investor Portion shall be reserved as follows: (i) 33.33% shall be reserved for domestic Mutual Funds; and (ii) 6.67% shall be reserved for life insurance companies registered with the Insurance Regulatory and Development Authority of India under the provisions of the Insurance Act, 1938 and pension funds registered with the Pension Fund Regulatory - - - - -

- - and Development Authority under the provisions of the Pension Fund Regulatory and Development Authority Act, 2013, subject to valid Bids being received from them at or above the Anchor Investor Allocation Price. Any undersubscription in the reserved category for life insurance companies and pension funds may be allocated to Mutual Funds. For furtherdetails, see ‘Offer Procedure’ on page534. - (2) Subject to valid Bids being received at or above the Offer Price. The Offer is being made in terms of Rule 19(2)(b) of theSCRR read with Regulation 45 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be Allotted on a proportionate basis to QIBs. Such number of Equity Shares representing 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to all QIBs. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders, out of which one-third of the Non- Institutional Portion will be available for allocation to Bidders with an application size of morethan ₹ 0.20 million and up to ₹ 1.00 million and two-thirds of the Non-Institutional Portion will be available for allocationto Bidders with an application size of more than ₹ 1.00 million, , provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Investors, subject to valid Bids being received at or above the Offer Price and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. - (3) Subject to valid Bids being received at or above the Offer Price, under-subscription, if any, in the Non-InstitutionalPortion or the Retail Portion would be allowed to be met with spill-over from other categories or a combination of categories at the discretion of our Company, in consultation with the BRLMs and the Designated Stock Exchange, on a proportionate basis as per the SEBI ICDR regulations. However, under-subscription, if any, in the QIB Portion will not be allowed to be met with spill-over from other categories or a combination of categories. For further details, see ‘Terms of the Offer’ on page519. - (4) In the event that a Bid is submitted in joint names, the relevant Bidders should ensure that the depository account is alsoheld in the same joint names and the names are in the same sequence in which they appear in the Bid cum Application Form. The Bid cum Application Form should contain only the name of the First Bidder whose name should also appear as the first holder of the beneficiary account held in joint names. The signature of only such First Bidder would be required in the Bid cum Application Form and such First Bidder would be deemed to have signed on behalf of the joint holders. Our Company reserves the right to reject, in its absolute discretion, all or any multiple Bids in any or all categories. - (5) Anchor Investors shall pay the entire Bid Amount at the time of submission of the Anchor Investor Application Forms/Bid, provided that any positive difference between the Anchor Investor Allocation Price and the Anchor Investor Offer Price, shall be payable by the Anchor Investor pay-in date as mentioned in the CAN. Eligible Employees bidding in the Employee Reservation Portion at a price within the Price Band can make payment based on Bid Amount, at the time of making a Bid. Eligible Employees bidding in the Employee Reservation Portion at the Cut-Off Price have to ensure payment at the Cap Price, at the time of making a Bid. Subject to valid Bids being received at or above the Offer Price, under-subscription, if any, in any category except the QIB Portion would be allowed to be met with spill-over from other categories or a combination of categories at the discretion of our Company in consultation with the BRLMs and the Designated Stock Exchange, on a proportionate basis, subject to applicable law. For details, see ‘Terms of the Offer’ on page519. In case of any revision in the Price Band, the Bid/ Offer Period shall be extended for at least 3 additional Working Days after such revision of the Price Band, subject to the total Bid/ Offer Period not exceeding 10 Working Days. In cases of force majeure, banking strike or similar unforeseen circumstances, our Company in consultation with the BRLMs, for reasons to be recorded in writing, extend the Bid/ Offer Period for a minimum of 1 Working Day, subject to the Bid/ Offer Period not exceeding 10 Working Days, in compliance with the SEBI ICDR Regulations. Any revision in the Price Band, and the revised Bid/ Offer Period, if applicable, shall be widely disseminated by notification to the Stock Exchanges by issuing a public announcement and also by indicating the change on the websites of the BRLMs and at the terminals of the members of the Syndicate and by intimation to Designated Intermediaries and the Sponsor Bank(s), as applicable. In case of revision of price band, the Bid lot shall remain the same. In case of discrepancy in the data entered in the electronic book vis-à-vis the data contained in the physical Bid cum Application Form for a particular Bidder, the details as per the Bid file received from the Stock Exchanges may be taken as the final data for the purpose of Allotment.

Except for Mutual Funds, AIFs or FPIs other than individuals, corporate bodies and family offices which are associates of the BRLMs or pension funds sponsored by entities which are associates of the BRLMs or insurance companies promoted by entities which are associates of the BRLMs, neither the BRLMs nor its respective associates can apply in the Offer under the Anchor Investor Portion. Further, an Anchor Investor shall be deemed to be an ‘associate of the Lead Manager’ if: (i) either of them controls, directly or indirectly through its subsidiaries or holding company, not less than 15% of the voting rights in the other; or (ii) either of them, directly or indirectly, by itself or in combination with other persons, exercises control over the other; or (iii) there is a common director, excluding nominee director, amongst the Anchor Investors and the BRLMs. Further, our Promoters and the members of our Promoter Group shall not participate by applying for Equity Shares in the Offer, except in accordance with the applicable law. Furthermore, persons related to the Promoters and the members of our Promoter Group shall not apply in the Offer under the Anchor Investor Portion. It is clarified that a qualified institutional buyer who has rights under a shareholders’ agreement or voting agreement entered into with any of the Promoter or the members of our Promoter Group of our Company, veto rights or a right to appoint any nominee director on our Board, shall be deemed to be a person related to the Promoter or the members of our Promoter Group of our Company. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act or any state securities laws in the United States, may not be offered or sold within the United States. Accordingly, the Equity Shares are being offered and sold only outside the United States in ‘offshore transactions’ as definedin, and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made. The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be issued or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. Bids by Anchor Investors In accordance with the SEBI ICDR Regulations and in addition to details and conditions mentioned in this section the key terms for participation by Anchor Investors are provided below: - 1. Anchor Investor Application Forms will be made available for the Anchor Investor Portion at the offices of the BRLMs. - 2. The Bid must be for a minimum of such number of Equity Shares so that the Bid Amount exceeds ₹ 100million. A Bid cannot be submitted for over 60% of the QIB Portion. In case of a Mutual Fund, separate Bids by individual schemes of a Mutual Fund will be aggregated to determine the minimum applicationsize of ₹ 100 million. - 3. 40% of the Anchor Investor Portion shall be reserved as follows: (i) 33.33% shall be reserved for domestic Mutual Funds; and (ii) 6.67% shall be reserved for life insurance companies registered with the Insurance Regulatory and Development Authority of India under the provisions of the Insurance Act, 1938 and pension funds registered with the Pension Fund Regulatory and Development Authority under the provisions of the Pension Fund Regulatory and Development Authority Act, 2013, subject to valid Bids being received from them at or above the Anchor Investor Allocation Price. Any undersubscription in the reserved category for life insurance companies and pension funds may be allocated to Mutual Funds. - 4. Bidding for Anchor Investors will open 1 Working Day before the Bid/Offer Opening Date, i.e., the Anchor Investor Bidding Date, and will be completed on the same day. - 5. Our Company, in consultation with the BRLMs, may finalise allocation to the Anchor Investors on a discretionary basis, provided that the minimum number of Allottees in the Anchor Investor Portion will not be less than:

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Margin, Profit Before Tax (PBT) Margin, Profit After Tax (PAT) Margin, Net Debt, Net Debt to Operating EBITDA, Net Debt to Total Equity, Return on Equity (ROE), Return on Capital Employed (ROCE), Return on Capital Employed (ROCE) (Post tax), Net Working Capital Days, Inventory Turnover Ratio and Net Asset Value per Share have been included in this Draft Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.’ on page85. There are significant differences between Ind AS, U.S. GAAP and IFRS. See ‘Risk Factor - Significant differences exist between Ind AS and other accounting principles, such as U.S. GAAP and IFRS, which may be material to the Restated Financial Information prepared and presented in accordance with SEBI ICDR Regulations contained in this Draft Red Herring Prospectus. Further, upon listing our quarterly results published may not be indicative of our annual financial performance and results of operations’ on page90. Our Company does not provide reconciliation of its financial information to IFRS or U.S. GAAP. Our Company has not attempted to explain those differences or quantify their impact on the financial data included in this Draft Red Herring Prospectus and it is urged that you consult your own advisors regarding such differences and their impact on our financial data. Accordingly, the degree to which the financial information included in this Draft Red Herring Prospectus will provide meaningful information is entirely dependent on the reader’s level offamiliarity with Indian accounting policies and practices, the Companies Act, Ind AS, and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian accounting policies and practices on the financial disclosures presented in this Draft Red Herring Prospectus should, accordingly, be limited. In this Draft Red Herring Prospectus, any discrepancies in any table between the total and the sums of the amounts listed are due to rounding off. Except as stated otherwise, all figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. In certain instances, (i) the sum or percentage change of such numbers may not conform exactly to the total figure given; and (ii) the sum of the numbers in a column or row in certain tables may not conform exactly to the total figure given for that column or row. Any figures sourced from third-party industry sources may be rounded off to other than two decimal points to conform to their respective sources. Currency and Units of Presentation In this Draft Red Herring Prospectus, unless the context otherwise requires, all references to ‘Rupees’ or ‘₹’ or ‘Rs.’ or ‘INR’ are to Indian rupees, the official currency of the Republic of India. Our Company has presented certain numerical information in this Draft Red Herring Prospectus in ‘million’ units,or in absolute number where the number have been too small to present in million unless as stated, otherwise, as applicable. One million represents 1,000,000 and one billion represents 1,000,000,000 and one trillion represents 1,000,000,000,000. One lakh represents 100,000 and one crore represents 10,000,000. However, where any figures that may have been sourced from third-party industry sources are expressed in denominations other than million, such figures appear in this Draft Red Herring Prospectus expressed in such denominations as provided in their respective sources. Any percentage amounts, as set forth in ‘Risk Factors’, ‘Our Business’, ‘Management’s Discussion and Analysis of Financial Conditions and Results of Operations’ on pages41,278, and434 and elsewhere in this Draft Red Herring Prospectus, unless otherwise indicated, have been calculated based on our Restated Financial Information. Exchange Rates This Draft Red Herring Prospectus contains conversion of certain other currency amounts into Indian Rupees that have been presented solely to comply with the SEBI ICDR Regulations. These conversions should not be construed as a representation that these currency amounts could have been, or can be converted into Indian Rupees, at any particular rate or at all. The following table sets forth, for the periods indicated, information with respect to the exchange rate between the Indian Rupees and USD: (in ₹) Source: www.fbil.org.in *Note: If the reference rate is not available on a particular date due to a public holiday, exchange rates of the previous Working Day has been disclosed. The reference rates are rounded off to two decimal places.

of this Draft Red Herring Prospectus until thethe grant of listing and trading permission by the Stock Exchanges for this Offer. Further, each of the Selling Shareholder shall, severally and not jointly, and solely to the extent of statements specifically made or confirmed by such Selling Shareholders in relation to its portion of Offered Shares in this Draft Red Herring Prospectus, ensure that the investors in India are informed of material developments in relation to the statements and undertakings specifically made or confirmed by such Selling Shareholders from the date of this Draft Red Herring Prospectus until the time of the grant of listing and trading permission by the Stock Exchanges for this Offer.

Our Group Companies are not involved in any litigation, outcome of which could have a material impacton our Company. For further details, see ‘Outstanding Litigation and Other Material Developments’ at page489. In the event significant claims are determined against us and we are required to pay all or a portion of the disputed amounts, there could be a material adverse effect on our business and profitability. We cannot provide any assurance that these matters will be decided in our favour. Furthermore, we may not be able to quantify all the claims in which we are involved. Failure to successfully defend these or other claims or if our current provisions prove to be inadequate, our business and results of operations could be adversely affected. Even if we are successful in defending such cases, we will be subjected to legal and other costs relating to defending such litigation, and such costs could be substantial. In addition, we cannot assure that similar proceedings will not be initiated in the future. This could adversely affect our business, cash flows, financial condition, and results of operation. 300 stores out of our 376 stores as of June 30, 2025 from which we operate our business are situated on leased and licensed premises. We typically enter into lease / leave and licence agreements for our stores with tenure ranging from 11 months to 5 years. While, we have not faced any such instances where our leases / license was not renewed during the last 3 financial years and 3 months ended June 30, 2025, due to refusals from our landlords / licensor, we cannot assure you that we will own, or have the right to occupy, these premises in the future, or that we will be able to continue with the uninterrupted use of these premises, which may impair our operations and adversely affect our financial condition. Failure to adhere to the conditions of the lease could require us to relocate our operations or close some of our stores, which may impair our operations and adversely affect our financial condition. There can be no assurance that we will be able to renew the lease / leave and license agreements with third parties in a timely manner or at all. We are also subject to risk associated with leasing real estate, including the potential inability to renew leases on favourable commercial terms or at all, unexpected increases in rental costs, lease terminations, or disputes with landlords / licensors. If we are required to vacate our current premises, we would be required to make alternative arrangements for new stores and other infrastructure, and we cannot assure that the new arrangements will be on acceptable terms. If we are required to relocate our business operations, such adverse developments could disrupt our operations and could have a material adverse effect on our business including profitability of stores, results of operations, financial condition, and cash flows. While we endeavour to ensure that adequate care and due diligence is taken when we lease our stores in relation to the ability of the lessor to lease out the stores, we cannot guarantee that such lessors would have lawful registration in place for all our stores. While we also endeavour to ensure that all our lease agreements are duly stamped and registered, in certain instances, the registration of the lease deeds remains pending and certain property documents are not adequately stamped. Such delays are typically attributable to procedural requirements at local registration offices or the physical unavailability of the lessors. As of the date of this Draft Red Herring Prospectus, out of 382 leased properties that we operate 364 properties require registration. Out of these 364 properties, 252 properties are duly registered, and 112 properties are not registered. The lease deeds and leave and licence agreements for our properties which are not registered, stamped or adequately stamped, may not be accepted as evidence in a court of law potentially affect our ability to enforce our rights and remedies under these agreements, and we may be required to pay penalties for non-registration and non-payment of or inadequate stamp duty. While there have been no instances where our business has been materially affected during the last 3 financial years and during 3 months ended June 30, 2025, due to any of our lease deeds and leave and licence agreements not being registered, stamped or adequately stamped, we cannot assure you that such instances may not occur in the future.

Any failure to make payments to our creditors in a timely manner in accordance with the terms and conditions of the agreements or purchase orders with them, or at all, may lead to our creditors not providing us with materials in future or to disassociate their relationship with us. In addition, delay or failure in payment of dues to our creditors may also result in creditors initiating legal proceedings including insolvency proceedings against us. All these factors may have a material adverse effect on our reputation, business and financial condition. We operate the COFO and FOFO Model stores based on our approach of identifying local franchisee partners who are selected based on certain criteria such as (i) the franchisee partner must be a resident of the area where the store is located, ensuring local community connections; (ii) the franchisee partner’s income is primarily driven by the store’s performance, which in turn motivates them to earn and to succeed; and (iii) a preference is given to people with experience in the retailing industry which helps in effective sales performance. (Local Partners Approach) For details in relation to identification and onboarding of franchisee partners and the Local Partners Approach, see ‘Our Business – Business Operations – Local Partners Approach’. If we are unable to find local franchisee partners who meet our selection criteria, for either replacing the franchisee partners at our existing stores or for our stores that we intend to open in the future, then it may adversely impact our business growth and prospects, financial condition and results of operations. We may also experience disputes or complaints from our franchisees arising due to issues related to conduct of franchisee partners with customers, product defects, delays in product deliveries, or service quality, which could negatively impact their business operations and brand reputation. While during the 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, there has not been any such instance, we cannot assure you that such instances will not occur in the future. Additionally, disagreements over pricing, contractual terms, or regulatory compliance obligations may lead to claims or litigation, potentially disrupting our relationship with franchisees. While during the 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, there has not been any disputes between us and our franchisee, dissatisfied franchisees may actively attempt to damage our reputation or initiate litigation. Any of these factors could result in lower sales, customer dissatisfaction, damage to our brand and reputation, loss of market share, or increased costs for us. We enter into franchise agreements with franchisees which are generally valid for a period of 5 years from their respective effective dates, unless terminated earlier as per the terms of the agreements. We set monthly revenue and profitability targets for our franchisee partners in the COFO Model. Upon achieving these targets, they become eligible for a pre-determined commission from our Company, which serves as an incentive to drive higher performance. In the FOFO model, our Company earns revenue through a fixed margin on the cost of inventory sold by the franchisee partner, while the franchisee partner bears all store-related expenses and retains the profits generated. For details, see ‘Our Business – Business Operations - Classification of Stores’ on page300. While during the 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, there has not been any material instances of termination of changes in our relationships with our franchisees, or failure on part of our franchisees to meet pre-set targets or adverse conditions that affect such franchisees, there can be no assurance that such instance will not occur in the future which could have an adverse effect on our business, results of operations, financial condition, cash flows, and reputation. Further, our franchisees may also face financial difficulties, legal disputes, regulatory issues, labour problems, or other challenges that could adversely affect their ability to operate our stores effectively or at all.

We entered the retail market of pre-owned mobile phones in Fiscal 2023 with the launch of our ‘Mobile Exchange Wala’ brand, and we purchase and retail pre-owned mobile phones through this brand. This brand operates as a ‘shop in shop’ format in a demarcated area in some of the stores operating under the ‘SS Mobile’ brand, and as per the Knowledge Company Report, we are one of the few organized retail chains to operate this format. This format has gained significant traction for us, and as of June 30, 2025, we have 62 stores operating as ‘Mobile Exchange Wala’ shop in shop stores. Our revenue from ‘SS Mobile (With Mobile Exchange Wala)’ has significantly increased, and was ₹ 29.88 million in Fiscal 2023, ₹ 2,358.24 million in Fiscal 2024, ₹ 4,252.51 million in Fiscal 2025 and ₹ 1,593.99 million during the 3 months period ended June 30, 2025 constituting 0.36%, 19.54%, 26.61% and 32.03%, respectively, of our revenue from operations. For more details, see ‘Our Business’ on page278. However, this business format for us is prone to risks such as procurement and maintaining adequate inventory, maintaining quality control and providing quality assurance to our customers. For instance, we are completely dependent on customers selling pre-owned mobile phones to us for us to re-sell these pre-owned mobile phones. We also undertake multiple verification checks in relation to pre-owned mobile phones, to ensure that the seller is the owner of the device such as we obtain a copy of the original purchase invoice or the mobile box from the customer, record the IMEI (i.e., International Mobile Equipment Identity) details, and verify the status of the mobile phone through the Central Equipment Identity Register (CEIR) portal to confirm that the phone is not reported as lost, stolen, or blocked. We also collect a signed declaration from the customer in a standard format confirming ownership of the handset. In addition, every such pre-owned mobile phone undergoes a physical and functional assessment by our team to ensure quality check. As per the Knowledge Company Report, the growth of India’s pre- owned smartphone market depends heavily on the twin pillars of consumer trust and operational scalability. At the core lies the need for a transparent quality grading system, supported by certified refurbishment protocols. These not only help standardize the quality of devices ensuring consistency across the market but also address a key buyer hesitation around reliability. While during the 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023 we have not faced any instances of procuring and maintaining inventory of pre-owned phones which has materially impacted our operations, or any material instances of quality control being raised by our customers, any failure on our part to maintain inventory, quality control and provide quality assurance to our customers in relation to pre-owned phones could lead to loss of customers and expose us legal proceedings, which would adversely affect our reputation, business and results of operations. Further, as per the Knowledge Company Report, pre-owned smartphones offer higher margins as retailers have greater pricing flexibility due to lower acquisition costs and absence of strict MRP (i.e., maximum retail price) regulations. Unlike new phones, where margins are OEM (i.e., original equipment manufacturer) or brand-controlled, the pre-owned model allows sellers to acquire devices at variable, often lower costs through trade-ins or buybacks. The Indian pre-owned mobile phone market grew from ₹ 707 billion in Fiscal 2024 to ₹ 787 billion in Fiscal 2025, with a year-on-year growth rate of 11.3%. The pre-owned phone market is further expected to grow to ₹ 1,419 billion at CAGR of 12.5% from Fiscal 2025 to Fiscal 2030. In line with the industry tailwinds, better margin profile and improved revenue sources, we aim to increase our stores operating under the brand ‘Mobile Exchange Wala’. For details, see ‘Our Business - Strategies - Expanding our Mobile Exchange Wala stores network and increasing focus on retailing pre-owned mobile phones’ on page299. Any decline in our sale of pre-owned mobile phones or any failure on our part to capitalise on the anticipated growth in the pre-owned mobile phone industry or to effectively implement our strategy, could adversely affect our business and results of operations. Several domestic laws and regulations address privacy and the collection, storing, sharing, use, disclosure, and protection of certain types of data. These laws, rules, and regulations evolve frequently, and their scope may continually change, through new legislation, amendments to existing legislation, and changes in enforcement. Changes in laws or regulations relating to privacy, data protection, and

Recalls and voluntary removal of products, litigations could result in, among other things, lost sales, diverted resources, and increased customer support costs and legal expenses, and could have an adverse effect on our operations. Additionally, certain products offered by merchant partners through us could be subject to recalls and other remedial or legal actions. For instance, in 2023, a complaint has been filed by S.B. Sarang, Inspector of Legal Metrology, Chiplun (Complainant) against our Company, our Directors including Siddharth Gunvant Shah, Harshal Kishor Parekh, Sagar Patil and Deepa Siddharth Shah and one of our Promoters, Bhavini Harshal Parekh & Others (collectively, the ‘Accused’) under Section 18(1) of the Legal Metrology Act, 2009, read with Rule 6(1)(e) of the Legal Metrology (Packaged Commodities) Rules, 2011, punishable under Sections 36(1) and 49(1) of the Legal Metrology Act, 2009, before the Court of Honourable Judicial Magistrate First Class, Chiplun in relation to packages of mobile accessories not displaying the retail sale price inclusive of all taxes as required under the Legal Metrology (Packaged Commodities) Rules, 2011 at one of our store. Pursuant to the complaint, the packages were seized by the Complainant and penalty were imposed on the importer and supplier of the products. Forfurther details, see ‘Outstanding Litigation and Other Material Developments - Litigation involving our Company – Litigation against our Company’ at page73. Our Promoters, i.e., Siddharth Gunvant Shah, Deepa Siddharth Shah , Harshal Kishor Parekh and Bhavini Harshal Parekh, who are also the Promoter Selling Shareholders, have guaranteed the repayment of certain loan facilities aggregating ₹ 1,093.47 million as on October 31, 2025, availed by our Company.For details, see ‘History and Certain Corporate Matters - Guarantees given by the Promoter participating in the Offer for Sale’ on page327. Any default or failure to repay the loans in a timely manner, or at all, could trigger repayment obligations on the part of our Promoters in respect of such loans, which in turn, could have an impact on their ability to effectively service their obligations as Promoter, thereby having an adverse effect on our business, results of operation and financial condition. In the event they withdraw or terminate their guarantees, our lenders may require alternate guarantees, repayment of amounts outstanding or terminate the loan facilities. We may not be successful in providing alternate guarantees satisfactory to the lenders, and as a result may be required to repay outstanding amounts or seek additional sources of capital, which could affect our financial condition and cash flows. We have in the ordinary course of business, engaged in the past, and may engage in the future, in transactions with related parties, including with our Promoter, Directors, Key Managerial Personnel andtheir relatives, on an arm’s length basis and in compliance with applicable law. Such transactions could be for salaries and remuneration, rent expenses, loans given etc. Summary details of our transactions with related parties are set out below: (in ₹ million, except percentage)

For summary of related party transactions, see ‘Summary of Offer Documents - Summary of Related Party Transactions’ and ‘Restated Financial Information’ on pages27 and375, respectively. While all such transactions have been conducted on an arm’s length basis (as certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate dated December 27, 2025) and are in accordance with the Companies Act, 2013 and other applicable laws pertaining to the evaluation and approval of such transactions and contain commercially reasonable terms, we cannot assure you that we could not have achieved more favourable terms had such transactions been entered into with unrelated parties. All related party transactions undertaken during the 3 months period ended June 30, 2025 and during Fiscal 2025, Fiscal 2024 and Fiscal 2023, taken together, do not exceed 10% of the total transactions of a similar nature. It is likely that our Company may enter into related party transactions in the future. Such related party transactions may potentially involve conflicts of interest.Although all related party transactions that we may enter into post-listing, will be subject to approval of Audit Committee, Board or Shareholder, as necessary under the Companies Act, 2013, as amended and the SEBI Listing Regulations, we cannot assure you that such transaction, individually or in the aggregate, will always be in the best interests of our Company and/or that it will not have an adverse effect on our business and results of operations. Our Company’s operations are subject to various risks which may adversely affect our revenuegeneration and profitability. While we maintain insurance coverage that is customary in our industry including the terms of and the coverage provided by such insurance, it is possible that our Company’sinsurance cover may not provide adequate coverage in certain circumstances. We maintain insurance policies such as fire insurance, stock insurance, business interruption insurance, group insurance policy,burglary insurance and electronic equipment insurance. Details of our total insurance coverage vis-à-visour insurable assets as at June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023 is set out below: (in ₹ million, unless specified otherwise) *Consists of building (investment properties), right of use of asset, furniture & fixtures, office equipment’s (includingcomputer), inventory, vehicles and cash. While our Company believes that we maintain sufficient insurance cover by virtue of maintaining insurance policies, certain types of losses may be either uninsurable, not economically viable to insure or not offered for insurance, such as losses due to acts of terrorism or war. If any uninsured loss occurs, our Company could lose our investment in, as well as anticipated profits and cash flows from the asset. In addition, even if any such loss is insured, there may be a significant deductible on any claim for recovery prior to our insurer being obligated to reimburse us for the loss, or the amount of the loss may exceed our coverage for the loss.

stores are based on our internal classification and methodologies which may differ from those adopted by third parties or industry standards. Our internal systems and tools have a number of limitations, and our methodologies for tracking these metrics may change over time, which could result in unexpected changes to our metrics. If the internal systems and tools we use to track these metrics undercount or over count performance or contain algorithmic or other technical errors, the data we report may not be accurate. While these numbers are based on what we believe to be reasonable estimates of our metrics for the applicable period of measurement, there are inherent challenges in measuring how our platforms are used across large populations. In addition, limitations or errors with respect to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which could affect our long-term strategies. If our operating metrics are not accurate representations of our business, if investors do not perceive our operating metrics to be accurate, or if we discover material inaccuracies with respect to these figures, we expect that our business, reputation, results of operations and financial condition would be adversely affected. Currently, our Board comprises of 8 directors out of which 4 are independent directors. For details of ourdirectors, see ‘Our Management’ on page342. Majority of our Directors do not have the experience of being directors on the board of a listed company. While our Directors possess the required qualifications and appropriate skills, experience and knowledge required to act as independent director of our Company and are experienced in their respective fields, they may not have adequate experience in being a director of a listed company. Accordingly, such directors will need to familiarise themselves with the regulatory framework within which listed companies in India operate and to the extent that they are unfamiliar with such framework their ability to discharge their functions as independent directors could be adversely affected. As a listed company, we will be subject to increased scrutiny of our affairs by shareholders, regulators and the public at large that is associated with being a listed company and will also be subject to increase compliance with corporate governance requirements. Accordingly, the lack of experience of certain of our directors of never having been directors of a listed company, may require them to divert their attention from our business concerns to understand the detailed operations of a listed company. As we continue to expand, our success depends on our ability to effectively utilise our resources and augment and maintain our internal controls and standard operating procedures such as treasury process for inter alia cash collection and payment, process for leasing properties including stores and warehouses and, furniture, office equipment, computers and software, process for managing and maintain inventory, process for managing logistics and supply chain and process for onboarding franchisee partners. We may need to modify and improve our financial and management control processes, standard operating procedures and other internal controls and compliance procedures to meet our evolving business needs. If we are unable to improve our controls, systems and procedures, they may become ineffective and adversely affect our ability to manage our operations which may adversely affect our business operations. Our efforts in improving our internal control systems may not result in eliminating all risks. If we are not successful in discovering and eliminating weaknesses in our internal controls, our ability to manage our business effectively may materially and adversely be affected. Our continued / future success will depend, in large part, on our ability to effectively implement our business and growth strategies. Our ability to achieve our growth strategies will be subject to a range of factors, including our ability to identify market opportunities and demands in the industry, compete with existing companies in our markets, consistently exercise effective quality control, hire and train qualified personnel to provide our services and factors which may be beyond our control. Further, we may face increased risks when we enter new markets, and we may find it more difficult to hire, train and retain qualified employees in new regions. We cannot assure you that we will be able to execute our strategies in a timely manner or within budget estimates or that we will meet the expectations of our customers and

- (1) Disputed Indirect Tax (GST) 2017-18 - The appeal No. JCST/APP/F-0001/KOL/GST-100/22-23/2024-25/O-133 has been allowed on merits, as per the detailed proceedings wherein AO's disallowance of Input Tax credit merely on basis of late filing of returns by the parties has been rejected by the Appellate Authority via Order No. JCST/APP/F-0001/KOL/GST- 100/22-23/2024-25/B-468 dated 23/10/2024. As a result, the demand has been adjudicated and stands at ₹ Nil and nocontingent liability arises in this regard. - (2) Disputed Indirect Tax (GST) 2018-19 - Appeal No. AD270524006938T is currently under the process of hearing before the appropriate appellate authority. The outcome for the matter is pending. Our Company is contesting the matter on valid legal grounds. Any liability, if arises, will be accounted for upon final adjudication. - - 52. Our Company has not declared dividends in the last 3 Fiscals and the current Fiscal. There cannot be any assurance that our Company will be in a position to pay dividends in the future. Our Company’s ability to pay dividends in the future will depend on our Company’s future results of operations,financial condition, cash flows and working capital and capital expenditure requirements. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - We cannot assure you that these contingent liabilities will not materialize as liabilities. If these contingent liabilities or commitments were to fully materialize or materialize at a level higher than we expect, it may materially and adversely impact our business, results of operations and financial condition. For furtherdetails, see ‘Restated Financial Information - Note no. 36 - Commitments and Contingent Liabilities’ on page 415. Further, we cannot assure you that we will not incur similar or increased levels of contingent liabilities or commitments in the future. Our Company has not paid dividends during the last 3 Fiscals and the current Fiscal. However ourCompany’s ability to pay dividends in the future will depend upon a variety of internal and externalparameters, including (i) consolidated net operating profits; (ii) retained earnings and accumulated reserves; (iii) free cash flows and liquidity position; (iv) capital expenditure requirements; (v) working

- - - - - - - - - - - - - - - - - - - - - - - - - - 57. We may fail to detect money laundering and other illegal or improper activities in our business operations on a timely basis, which may have an adverse effect on our reputation, business operations, financial condition and results of operation. - - - - - 58. Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance like Revenue from Operations Growth, Sales per sq. ft., Gross Profit, Gross Profit Margin, Operating Earnings before Interest, Taxes, Depreciation and Amortization Expenses (Operating EBITDA), Operating EBITDA Margin, Profit Before Tax (PBT) Margin, Profit After Tax (PAT) Margin, Net Debt, Net Debt to Operating EBITDA, Net Debt to Total Equity, Return on Equity (ROE), Return on Capital Employed (ROCE), Return on Capital Employed (ROCE) (Post tax), Net Working Capital Days, Inventory Turnover Ratio and Net Asset Value per Share have been included in this Draft Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable. - - - - - 59. The Equity Shares have never been publicly traded and the Offer may not result in an active or liquid market for the Equity Shares. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Offer Price. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - meetings, including the issue of Equity Shares and dividend payments, business plans, mergers and acquisitions, any consolidation or joint venture arrangements and any amendment to the constitutional documents. Our Company cannot assure you that the interest of the Promoters and members of the Promoter Group in any such scenario will not conflict with the interest of other Shareholders or with ourCompany’s interests. Any such conflict may adversely affect our Company’s ability to execute itsbusiness strategy or to operate our Company’s business effectively or in the best interests of the otherShareholders of our Company. We are subject to anti-corruption, anti-bribery, anti-money laundering, and similar laws and regulations in various jurisdictions in which we conduct or in the future may conduct activities, including the Prevention of Money Laundering Act, 2002 and the Prevention of Corruption Act, 1988, and other appliable anti-corruption laws and regulations. A violation of these laws or regulations could lead to administrative, civil and criminal fines and penalties, collateral consequences or remedial measures which may adversely affect our business, reputation, financial condition and results of operations. For example, the Prevention of Money Laundering Act, 2002 prescribes rigorous imprisonment for a term of 3 to 7 years as the punishment for money laundering. Our directors, officers, employees, representatives, and franchisee partners could engage in improper conduct for which we may be held responsible. We may also fail to detect money laundering and other illegal or improper activities in our business operations on a timely basis, which may have an adverse effect on our reputation, business operations, financial condition and results of operation. Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance such as Revenue from Operations Growth, Sales per sq. ft., Gross Profit, Gross Profit Margin, Operating Earnings before Interest, Taxes, Depreciation and Amortization Expenses (Operating EBITDA), Operating EBITDA Margin, Profit Before Tax (PBT) Margin, Profit After Tax (PAT) Margin, Net Debt, Net Debt to Operating EBITDA, Net Debt to Total Equity, Return on Equity (ROE), Return on Capital Employed (ROCE), Return on Capital Employed (ROCE) (Post tax), Net Working Capital Days, Inventory Turnover Ratio and Net Asset Value per Share have been included in this Draft Red Herring Prospectus. These non-GAAP Measures are not a measurement of our financial performance or liquidity under Ind AS, Indian GAAP, or IFRS and should not be considered in isolation or construed as an alternative to cash flows, profit/ (loss) for the year/ period or any other measure of financial performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, or IFRS. These non-GAAP financial measures and other information relating to our operations and financial performance may not be computed on the basis of any standard methodology that is applicable across the industry and therefore may not be comparable to financial measures and statistical information of similar nomenclature that may be computed and presented by other companies and are not measures of operating performance or liquidity defined by Ind AS and may not be comparable to similarly titled measures presented by other companies. External Risk Factors

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 60. Upon listing, we may be subject to additional costs/unanticipated expenses arising from the obligations that a listed public company has to comply with, under the applicable regulatory framework in India. - - - - - 61. Any further issuance of Equity Shares, or convertible securities or other equity linked instruments by us may dilute your shareholding. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Prior to the Offer, there has been no public market for the Equity Shares, and an active trading market on the Indian Stock Exchanges may not develop or be sustained after the Offer. Listing and quotation do not guarantee that a market for the Equity Shares will develop, or if developed, there will be liquidity of such market for the Equity Shares. The Offer Price of the Equity Shares may bear no relationship to the market price of the Equity Shares after the Offer. The market price of the Equity Shares after the Offer can be volatile as a result of several factors beyond our control, including volatility in the Indian and global securities markets, our results of operations, the performance of our competitors, developments in the Indian and global mobile phones industry, changing perceptions in the market about investments in this sector in India, investor perceptions of our future performance, adverse media reports about us or our sector, changes in the estimates of our performance or recommendations by financial analysts, significant developments in India’s economic liberalisation and deregulation policies, and significant developments in India’s fiscal regulations. In addition, the Stock Exchanges may experience significant price and volume fluctuations, which may have a material adverse effect on the market price of the Equity Shares. General or industry specific market conditions or stock performance or domestic or international macroeconomic and geopolitical factors unrelated to our performance may also affect the price of the Equity Shares. In particular, the stock market as a whole in the past has experienced extreme price and volume fluctuations that have affected the market price of many companies in ways that may have been unrelated to the companies’ operating performances. For these reasons, investors should not rely on recent trends to predict future share prices, results of operations or cash flow and financial condition. Our Company is not a publicly listed company and has not, historically, been subjected to the increased scrutiny of our affairs by shareholders, regulators and the public at large that is associated with being a listed company. As a listed company, our Company will incur significant legal, accounting, corporate governance and other expenses that we did not incur as an unlisted company. We expect that rules and regulations shall increase our legal and financial compliance costs and make some activities more time- consuming and costly, although we are currently unable to estimate these costs with any degree of certainty. Laws and regulations could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as our senior management. Furthermore, if we are unable to satisfy our obligations as a listed public company, we could be subject to delisting, fines, sanctions and other regulatory action and potentially civil litigation. Any such action could adversely affect our business, financial condition and results of operations and cash flow. We will be subject to the SEBI Listing Regulations, which will require us to file audited annual and unaudited quarterly reports with respect to our business and financial condition. If our Company experiences any delays, we may fail to satisfy our reporting obligations and, or, we may not be able to readily determine and accordingly report any changes in our Company’s results of operations as promptly as other listed companies. Further, as a publicly listed company, our Company will need to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, including keeping adequate records of daily transactions. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, significant resources and management attention will be required. As a result, our management’s attention may be diverted from our business concerns, which may adversely affect our business, prospects, results of operations and financial condition. In addition, we may need to hire additional legal and accounting staff with appropriate experience and technical accounting knowledge, but there can be no assurance that we shall be able to do so in a timely and efficient manner. We may be required to finance our growth through future equity offerings. Any future equity issuances by us, including a primary offering of Equity Shares, convertible securities or securities linked to Equity Shares including through exercise of employee stock options, may lead to the dilution of investors’ shareholdings in our Company. Any future equity issuances by us may adversely affect the trading price of the Equity Shares, which may lead to other adverse consequences including difficulty in raising capital through offering of our Equity Shares or incurring additional debt. In addition, any perception by investors that such issuances might occur may also affect the market price of our Equity Shares. We cannot assure you that we will not issue Equity Shares, convertible securities or securities linked to Equity Shares or that our Shareholders will not dispose of, pledge, or encumber their Equity Shares in the future.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 77. Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares. - - - - - 78. Investors may have difficulty enforcing foreign judgments against us or our management. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Indian legal principles related to corporate procedures, directors’ fiduciary duties and liabilities, and shareholders’ rights may differ from those that would apply to a company in another jurisdiction. Shareholders’ rights including in relation to class actions, under Indian law may not be as extensive as shareholders’ rights under the laws of other countries or jurisdictions. Investors may have more difficulty in asserting their rights as shareholder in an Indian company than as shareholder of a corporation in another jurisdiction. Under current Indian tax laws, unless specifically exempted, capital gains arising from the sale of equity shares in an Indian company are generally taxable in India. Further, securities transaction tax (STT) shall be levied on and collected by an Indian stock exchange on which our Equity Shares are sold. Any gain realized on the sale of equity shares on a stock exchange held for more than 12 months is subject to long term capital gains tax in India. As per the existing provisions under Income Tax Act, such long-term capital gains exceeding ₹ 0.125 million arising from the sale of listed equity shares on a stock exchange are subject to tax at the rate of 12.5% (without indexation and exchange variation benefit), provided that STT has been paid at the time of acquisition and transfer of shares. Similarly, any gain realized on the sale of listed equity shares held for a period of 12 months or less and on which STT has been paid on transfer will be subject to short-term capital gains tax at a rate of 20%. Accordingly, you may be subject to payment of long-term capital gains tax in India, in addition to payment of a STT, on the sale of any Equity Shares held for more than 12 months. Further, any gain realized on the sale of listed equity shares held for a period of 12 months or less will be subject to short term capital gains tax in India. Capital gains arising from the sale of the Equity Shares will be exempted from taxation in India in cases where the exemption from taxation in India is provided under a treaty between India and the country of which the seller is resident. Generally, Indian tax treaties do not limit India’s ability to impose tax on capital gains. As a result, residents of other countries may be liable for tax in India as well as in their own jurisdiction on a gain upon the sale of the Equity Shares. The Finance Act, 2020 had stipulated that the sale, transfer and issue of certain securities through exchanges, depositories or otherwise to be charged with stamp duty. The Finance Act, 2020 also clarifiedthat, in the absence of a specific provision under an agreement, the liability to pay stamp duty in case ofsale of certain securities through stock exchanges will be on the buyer, while in other cases of transfer certain securities, other than debentures, on a delivery basis is currently specified under the Finance Act2020 at 0.015% and on a non-delivery basis is specified at 0.003% of the consideration amount. Theseamendments have come into effect from July 1, 2020. Earlier, distribution of dividends by a domestic company was subject to Dividend Distribution Tax (DDT), in the hands of the company and such dividends were generally exempt from tax in the hands of the shareholders. However, the government ofIndia has amended the IT Act to abolish the DDT regime. Under the extant provisions, any dividend distributed by a domestic company is subject to tax in the hands of the concerned shareholder at theapplicable rates. Additionally, the company distributing dividends is required to withhold tax on such payments at the applicable rate. However, non-resident shareholders may claim benefit of the applicabletax treaty, subject to satisfaction of certain conditions. Further, the Government of India has announced the union budget for Fiscal 2026, pursuant to which the Finance Act, 2025, came into force on April 1, 2025 which has introduced various amendments to the IT Act. Unfavourable changes in or interpretations of existing, or the promulgation of new, laws, rules and regulations including foreign investment and stamp duty laws governing our business and operations could result in us being deemed to be in contravention of such laws and may require us to apply for additional approvals. We are incorporated under the laws of India and all of our Directors and Key Managerial Personnel and Senior Management reside in India. All of our assets, and the assets of our Directors and officers, are also located in India. Where investors wish to enforce foreign judgments in India, they may face difficulties in enforcing such judgments. India is not a party to any international treaty in relation to the recognition or enforcement of foreign judgments. India exercises reciprocal recognition and enforcement of judgments in civil and commercial matters with a limited number of jurisdictions. In order to be enforceable, a judgment obtained in a jurisdiction which India recognises as a reciprocating territory must meet certain requirements of the Code of Civil Procedure, 1908, of India (Civil Code). Further, the Civil Code only permits enforcement of monetary decrees not being in the nature of any amounts payable in

on certain objective parameters such as price-to earnings ratio, percentage of delivery, variation in volume of shares and volatility of shares, among other things. GSM is conducted by the Stock Exchanges on Listed Securities where their price quoted on the Stock Exchanges is not commensurate with, among other things, the financial performance and financial condition measures such as earnings, book value, fixed assets, net worth, other measures such as price-to-earnings multiple and market capitalization. The Equity Shares of our Company may be subject to general market conditions which may include significant price and volume fluctuations, once the Equity Shares of our Company are listed. The price of the Equity Shares may fluctuate after the Offer due to several factors such as volatility in the Indian and global securities market, our performance and profitability, or any other political or economic factor. The occurrence of these factors may lead to the surveillance measures stipulated by SEBI and the Stock Exchanges for placing securities under the GSM or ASM framework being triggered in relation to the Equity Shares. If the Equity Shares are covered under such surveillance measures implemented by SEBI and the Stock Exchanges, we may be subject to certain additional restrictions in relation to trading of the Equity Shares such as limiting trading frequency (for example, trading either allowed once in a week or a month) or freezing of price on upper side of trading which may have an adverse effect on the market price of the Equity Shares or may in general cause disruptions in the development of an active trading market for the Equity Shares. Any such instance may result in a loss of our reputation and diversion of our management’s attention and may also decrease the market price of our Equity Shares which could cause you to lose all or some of your investment.

- 3. Preference Share capital history of our Company As on the date of this Draft Red Herring Prospectus, our Company does not have preference share capital. - 4. Details of shares issued for consideration other than cash or by way of bonus issue or out of revaluation reserves. Except as set forth below, we have not issued any Equity Shares for consideration other than cash or by way of a bonus issue or out of revaluation reserves:

may proceed with the Offer or that the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety). Further, relevant disclosures in relation to such intimation to the subscribers to the Pre- IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and Prospectus. (2) To be finalised upon determination of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount utilised for general corporate purpose shall not exceed 25% of the Gross Proceeds. Note: All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. In certain instances, discrepancies in any table between the sums of the amounts listed in the table and totals are due to rounding off The fund requirements, the deployment of funds and the intended use of the Net Proceeds as described herein are based on our current business plan, management estimates, prevailing market conditions and other commercial and technical factors including interest rates, exchange rate fluctuations and other charges, which are subject to change from time to time. The fund requirements for funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 are also based on a valid and existing quotation obtained from an interior designer and we have not entered into any definitive agreements with the interior designer. Such quotations are valid for a certain period of time and may be subject to revisions and cost escalations, and other commercial factors. Such fund requirements and deployment of funds have also not been appraised by any bank, or financial institution. For further details see ‘Risk Factor - The objects of the Offer for which funds are being raised have not been appraised by any bank or financial institution and are based on management estimates’ on page80. We may have to revise our funding requirements and deployment on account of a variety of factors such as financial and market conditions, macro-economic factors, change in government policy, changes in business and strategy, competition, incremental pre-operative expenses and other external factors such as changes in the business environment and interest or exchange rate fluctuations, which may not be within the control of our management. This may entail rescheduling or revising the planned expenditure and funding requirements, including the expenditure for a particular purpose at the discretion of our management, subject to compliance with applicable laws. For further details, please see, ‘Risk Factor - Any variation in the utilisation of proceeds from the Fresh Issue shall be subject to applicable law. In accordance with Sections 13(8) and 27 of the Companies Act2013, we cannot undertake any variation in the utilisation of the Net Proceeds without obtaining the shareholders’approval through a special resolution. In the event of any such circumstances that require us to undertakevariation in the disclosed utilisation of the Net Proceeds, we may not be able to obtain the shareholders’ approvalin a timely manner, or at all. Any delay or inability in obtaining such shareholders’ approval may adversely affectour business or operations’ on page80. In the event that the estimated utilisation of the Net Proceeds in a scheduled fiscal year is not completely met, due to factors such as (i) the timing of completion of the Offer; (ii) market conditions outside the control of our Company; and (iii) any other economic, business and commercial considerations, then such unutilised amounts shall be utilised (in part or full) in the next fiscal year, as may be determined by our Company, in accordance with applicable laws. Subject to applicable law, in the event of any increase in the actual utilisation of funds earmarked for the purposes set forth above, such additional funds for a particular activity will be met by way of funding means available to us, including from internal accruals. Further, if the actual utilisation towards any of the Objects is lower than the proposed deployment such balance will be used towards general corporate purposes, provided that the total amount to be utilised towards general corporate purposes will not exceed 25% of the Gross Proceeds in accordance with Regulation 7(2) of the SEBI ICDR Regulations and subject to compliance with applicable laws. In case of a shortfall in raising requisite capital from the Net Proceeds towards meeting the aforementioned Objects, we may explore a range of options including utilising our internal accruals. Means of finance The Net Proceeds will not be utilised for financing a particular project, accordingly, our Company confirms that there is no requirement to make firm arrangements of finance through verifiable means towards at least 75% of the stated means of finance, excluding the amount to be raised from the Fresh Issue and internal accruals as required under the Regulation 7(1)(e) of the SEBI ICDR Regulations. Details of the Objects of the Fresh Issue Our Board at its meeting held on December 27, 2025 approved the proposed Objects and the respective amounts proposed to be utilized from the Net Proceeds for each Object.

utilised for purposes other than those stated in this Draft Red Herring Prospectus and place it before the Audit Committee and make other disclosures as may be required until such time as the Gross Proceeds remain unutilised. Such disclosure shall be made only until such time that all the Gross Proceeds have been utilised in full. Further in accordance with SEBI Listing Regulations, such statement shall be certified by the statutory auditor of our Company. Further, in accordance with Regulation 32(1) of the SEBI Listing Regulations, our Company shall furnish to the Stock Exchanges on a quarterly basis, a statement indicating (i) deviations, if any, in the actual utilisation of the proceeds of the Fresh Issue from the Objects as stated above; and (ii) details of category wise variations in the actual utilisation of the proceeds of the Fresh Issue from the Objects as stated above. This information will also be published in newspapers simultaneously with the interim or annual financial results and explanation for such variation (if any) will be included in our Director’s report, after placing the same before the Audit Committee. Variation in Objects of the Offer In accordance with Sections 13(8) and 27 of the Companies Act, and Regulation 59 and Schedule XX of the SEBI ICDR Regulations, our Company shall not vary the Objects of the Offer unless our Company is authorised to do by way of a special resolution of its Shareholders. In addition, the notice issued to the Shareholders in relation to the passing of such special resolution (Postal Ballot Notice) shall specify the prescribed details and be published in accordance with the Companies Act. The Postal Ballot Notice shall simultaneously be published in thenewspapers, one in English and one in Marathi, the vernacular language of the jurisdiction where our Registered Office is situated. Pursuant to the Companies Act, our Promoters will be required to provide an exit opportunity to the Shareholders who do not agree to the proposal to vary the Objects, subject to the provisions of the Companies Act and in accordance with such terms and conditions, including in respect of pricing of the Equity Shares, in accordance with the Companies Act and provisions of Schedule XX of the SEBI ICDR Regulations. Other Confirmations No part of the Net Proceeds will be utilized by our Company as consideration to our Promoters, members of our Promoter Group, our Directors, our Group Companies, Key Managerial Personnel or Senior Management. Our Company has not entered into or is not planning to enter into any arrangement/ agreements with our Directors, our Promoters, the members of our Promoter Group, Key Managerial Personnel, Senior Management or our Group Companies in relation to the utilization of the Net Proceeds of the Offer. Further, except in the ordinary course of business, there is no existing or anticipated interest of such individuals and entities in the Objects as set out above.

- 8. Key Performance Indicators (KPIs) The table below sets forth the details of our KPIs that our Company considers have a bearing for arriving at the basis for the Offer Price. The KPIs disclosed below have been used historically by our Company to understand and analyse the operational and the financial performance, which in result, helps it in analysing the growth of various verticals in comparison to our listed peers. The Bidders can refer to the below- mentioned KPIs, being a combination of financial and operational key financial and operational metrics, to make an assessment of our Company’s performance in various business verticals and make an informed decision. The management and the Audit Committee have confirmed that the KPIs disclosed below have been identified and disclosed in accordance with the SEBI ICDR Regulations and the SEBI circular on the industry standards note on key performance indicators disclosures in the draft offer documents and offer documents dated February 28, 2025, in this Draft Red Herring Prospectus. The KPIs set forth below have been approved by our Audit Committee pursuant to the resolution at its meeting dated December 27, 2025. Further, our Company’s Audit Committee has on December 27, 2025 and our management has confirmed that (a) there are no KPIs pertaining to our Company that have been disclosed to investors at any point of time during the three years period prior to the date of this Draft Red Herring Prospectus; and (b) verified details of the below-mentioned KPIs have been included in this section. Additionally, all the KPIs have been certified by the Statutory Auditors of our Company, M/s. Manek & Associates, Chartered Accountants, Chartered Accountants, pursuant to a certificate dated December 27, 2025, which has been included as part of the section ‘Material Contracts and Documents for Inspection’ of this Draft Red Herring Prospectus on page576 and shall be accessible on the website of our Company from the date of the Red Herring Prospectus until the Bid/Offer Closing Date. The Bidders can refer to the below-mentioned KPIs, being a combination of financial and operational KPIs, to make an assessment of our Company’s performances and make an informed decision. For details of other business and operating metrics disclosed elsewhere in this Draft Red Herring Prospectus, see ‘Our Business’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ beginning on pages278 and434, respectively. The presentation of these KPIs is not intended to be considered in isolation or as a substitute for the Restated Financial Information. We use these KPIs to evaluate our financial and operating performance. A list of our KPIs for 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023 is set out below: (₹ in million, unless mentioned otherwise)

Comparison of KPIs based on additions or dispositions to our business We have not undertaken any material additions or dispositions of assets/business operations during which require any adjustments to the KPIs and accordingly, no comparison of KPIs over time based on additions or dispositions to the business, have been provided. Description on the historic use of the KPIs by our Company to analyse, track or monitor the operational and/or financial performance of our Company In evaluating our business, we consider and use certain KPIs as a supplemental measure to review and assess our financial and operating performance. The presentation of these KPIs is not intended to be considered in isolation or as a substitute for the Restated Financial Information. We use these KPIs to evaluate our financial and operating performance. These KPIs have limitations as analytical tools. Further, these KPIs may differ from the similar

offline demand tends to remain relatively steady across the year. We cannot assure you that we will be able to maintain or enhance our competitive advantages or respond effectively to the challenges posed by our competitors. If we fail to compete effectively, we may lose our existing or potential customers, market share, brand recall, revenues, profitability and growth prospects. This may have an adverse effect on our business, results of operations and cash flows. Our Company had in the past not complied / delayed in complying with certain provisions of Companies Act, 2013 as set out below: While these instances have been addressed through filing of adjudication and compounding applications as set out above, we cannot assure you of the outcome of the adjudication and / or compounding applications or that our Company will not be held in violation of applicable laws and that there will be no penalty or further action against our Company or our Directors in these matters. Our Company has also delayed in filing certain forms in the past. Further, the date of allotment in the return of allotment in Form PAS-3 for allotment of 30,000 Equity Shares on January 20, 2022 has been inadvertently mentioned as September 6, 2021 instead of September 30, 2021. While no action has been initiated against us and penalty has been levied on us, there can be no assurance that no penalty or action will be taken against our Company. There can be also no assurance that there will not be any similar proceedings or actions initiated against our Company in the future. Any such proceedings may divert management time and attention and may subject us to regulatory consequences (including penalty or action) which may have an adverse effect on our business, finances, cash flow and results of operations. In addition, challans in relation to some of our statutory forms in terms of Companies Act, 2013 are untraceable. We have written a letter to the RoC dated December 24, 2025 informing the RoC about these untraceable challans. We cannot assure you that we will be able to trace such documents.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 66. You may not be able to immediately sell any of the Equity Shares you subscribe to in this Offer on an Indian Stock Exchange. - - - - - 67. A slowdown in economic growth in India could adversely affect our business. - - - - - 68. Increasing employee compensation in India may erode some of our competitive advantage and may reduce our profit margins, which may have a material adverse effect on our business, financial condition, cash flows and results of operations. - - - - - 69. Adverse geopolitical conditions such as an increased tension between India and its neighbouring countries, Russia-Ukraine conflict, tariff hike from USA and European countries could adversely affect our business, results of operations and financial condition. - - - - - The Equity Shares are proposed to be listed on the Stock Exchanges. Pursuant to Indian regulations, certain actions must be completed before the Equity Shares can be listed and commence trading, including the crediting of the investor’s demat accounts within the timeline specified under applicable law. Further, in accordance with Indian law, permission for listing and trading of our Equity Shares will not be granted until after certain actions have been completed in relation to this Offer and until Allotment of Equity Shares pursuant to this Offer. The Allotment of Equity Shares in the Offer and the credit of Equity Shares to the investor’s demat account with the relevant depository participant and listing is expected to be completed within the period as may be prescribed under applicable law. Any failure or delay in obtaining the approvals or otherwise commence trading in the Equity Shares would restrict investors’ ability to dispose of their Equity Shares. We cannot assure you that the Equity Shares will be credited to investor’s demat accounts, or that trading in the Equity Shares will commence, within the prescribed time periods or at all, which could restrict your ability to dispose of the Equity Shares. The structure of the Indian economy has undergone considerable changes in the last decade. These include increasing importance of external trade and of external capital flows. Any slowdown in the growth of the Indian economy or mobile phones and electronics sector or any future volatility in global process could adversely affect our business, financial condition and results of operations. India’s economy could be adversely affected by a general rise in interest rates, fluctuations in currency exchange rates, adverse conditions affecting commodity and electricity prices or various other factors. Further, conditions outside India, such as slowdowns in the economic growth of other countries, could have an impact on the growth of the Indian economy and government policy may change in response to such conditions. The Indian economy and financial markets are also significantly influenced by worldwide economic, financial and market conditions. Any financial turmoil, especially in the United States, Europe or Asian emerging market countries, may have an impact on the Indian economy. Although economic conditions differ in each country, investors’ reactions to any significant developments in one country can have adverse effects on the financial and market conditions in other countries. A loss of investor confidence in the financial systems, particularly in other emerging markets, may cause increased volatility in Indian financial markets, and could have an adverse effect on the price of the Equity Shares. Employee compensation in India is increasing at a faster rate than in the United States and Western Europe, which could result in increased costs relating to managers and other mid-level professionals. Our Company may need to continue to increase the levels of our Company’s employee compensation to remain competitive and manage attrition. Compensation increases may have a material adverse effect on our Company’s business, financial condition, cash flows and results of operations. Adverse geopolitical conditions such as increased tensions between India and its neighbouring countries, resulting in any military conflict in the region could adversely affect our business and operations. Such events may lead to countries including the Government of India imposing restrictions on the import of products that we retail, among others. We could also be affected by the introduction of or increase in the levy of import tariffs in India, or changes in trade agreements between countries. For instance, the Government of India has imposed additional tariffs in the nature of countervailing duty and anti-dumping duty on a number of items imported from China. Further, prolonged Russia-Ukraine conflict that is currently impacting, inter alia, global trade, prices of oil and gas and could have an inflationary impact on the Indian economy. Any tariffs on import of mobile phones and electronics that we retail or on the components used for manufacturing and assembling mobile phones and electronics that we retail could adversely impact the prices of the products that we resell and we may be unable to pass all or some of such increased cost to our customers.

present estimates of our management and the same may be subject to revision according to various factors including our evolving business requirements. The increase in our store count will strengthen our retail stores network, increase our market penetration, enhance our brand visibility and improve the footfall of customers at our stores, all of which may consequently increase our revenue from operations and profitability. For each store proposed to be set up, our Company will have to procure registrations under the relevant shops and establishments legislations, as well as obtain registrations under the other applicable labour laws, trade licences under the relevant laws in each state where such stores are opened. Upon finalisation of the location of such stores, our Company will apply for the relevant approvals, at an appropriate time, in accordance with applicable laws. For further details, see ‘Key Regulations and Policies’ and ‘Government and Other Approvals’ beginning on pages315 and496, respectively. - 2. Part funding of the incremental working capital requirements of our Company Our working capital requirements are primarily towards cost of inventories for our stores and warehouses i.e., (i) mobile phones of various brands; (ii) accessories of various brands categorised in (a) audio category which comprises bluetooth speakers, sound bars and trolley / karaoke speakers; (b) hearable category which comprises air buds/ ear buds, neck bands and headphones: (c) wearable category which comprises smart watches; and (d) others which comprise power banks and wireless power banks, power adaptors, chargers, cables comprising type C cables, lightning cables, micro cables and multi-pin cables and memory cards, pen drives and OTG (i.e., ‘on the go’) pen drives; and (iii) other electronic items comprising smart TVs, laptops and tablets of various brands. For details, see ‘Our Business - Business Operations - Products and Services’ on page304. As at June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, our inventories were ₹ 2,205.91 million, ₹ 2,101.55 million, ₹ 1,404.97 million and ₹ 896.34 million, respectively. The increase in our inventories was commensurate with the increase in the number of our stores which have increased from 181 stores as at March 31, 2023 to 236 stores as at March 31, 2024 to 347 stores as at March 31, 2025 to 376 stores as at June 30, 2025, as well as increase in our revenue from operations from ₹ 8,320.36 million during Fiscal 2023 to ₹ 12,067.43 million during Fiscal 2024 to ₹ 15,979.31 million during Fiscal 2025. Further, our revenue from operations during 3 months period ended June 30, 2025 was ₹ 4,976.41 million. In line with the proposed growth in our retail network by addition of new stores as mentioned above, as well for the inventories for our existing store network, we will require incremental working capital requirements primarily towards purchasing inventory. We propose to utilise ₹ 2,015.47 million from the Net Proceeds to part fund the incremental working capital requirements of our Company in Fiscal 2027 and Fiscal 2028. The Board pursuant to their resolution dated December 27, 2025 have approved the business plan and financial projections for Fiscal 2027 and Fiscal 2028 and the estimated working capital requirements and funding pattern for the respective financial years. The details of our Company’s working capital as at June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 derived from the standalone financial statements of our Company, and source of funding of the same are provided in the table below: (₹ in million)

To capitalise on the fast growing yet unorganised pre-owned mobile phones market, we launched the ‘MobileExchange Wala’ brand in Fiscal 2023. This brand operates as a ‘shop in shop’ format in a demarcated area in some of the stores operating under the ‘SS Mobile’ brand, and as per the Knowledge Company Report, we are one of the few organized retail chains to operate this format. Further, as per the Knowledge Company Report, the pre- owned mobile segment has become a key strength in India’s smartphone market, catering to value-conscious consumers and expanding device accessibility. In Fiscal 2025, this segment reached ₹ 787 billion with a year-on- year growth rate of 11.3% and is further expected to reach ₹ 1,419 billion by Fiscal 2030 at CAGR 12.5% during Fiscal 2025 to Fiscal 2030. The pre-owned mobile phone industry grew at CAGR of 19.2% between Fiscal 2019 to Fiscal 2024 which was comparatively higher than the CAGR of mobile phone industry of 9.5% between Fiscal 2019 to Fiscal 2024. In line with the growth of this segment we have increased our ‘Mobile Exchange Wala’ stores from 39 stores as of March 31, 2023 to 62 stores as of June 30, 2025. Our revenue from the ‘Mobile Exchange Wala’ brand has significantly increased, and was ₹ 18.85 million in Fiscal 2023, ₹ 515.06 million in Fiscal 2024, ₹ 912.84 million in Fiscal 2025 and ₹ 329.94 million during the 3 months period ended June 30, 2025 constituting 0.23%, 4.27%, 5.71% and 6.63%, respectively, of our revenue from operations. Our ‘shop in shop’ format increases the productivity of the store as we leverage the same store space and infrastructure without material incremental operating costs. This format has also helped us achieve a sales per square feet of ₹ 120,188.73 in Fiscal 2025, which as per the Knowledge Company Report was the highest among our peers, highlighting efficient space utilization and store productivity across our store formats. As per the Knowledge Company Report, pre- owned smartphones offer higher margins as retailers have greater pricing flexibility due to lower acquisition costs and absence of strict MRP (i.e., maximum retail price) regulations. Unlike new phones, where margins are OEM (i.e., original equipment manufacturer) or brand-controlled, the pre-owned model allows sellers to acquire devices at variable, often lower costs through trade-ins or buybacks. Further, faster upgrades among aspirational value conscious consumers are creating a steady supply of pre-owned devices with such consumers preferring to buy pre-owned premium phones with more features at a lesser price. In line with the industry trends, pre-owned mobile phones offer higher margins for us as we have greater pricingflexibility as compared to mobile phones. Pre-owned mobile phones also create a self-sustaining upgrade cycle for us, where trade-ins of mobile phones lead to demand and new device purchases create future pre-owned supply. Set out below is our revenue from mobile phones and pre-owned mobile phones (Mobile Exchange Wala) duringthe 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023: Note: All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded offto two decimal places. In certain instances, discrepancies in any table between the sums of the amounts listed in the table and totals are due to rounding off. In addition to mobile phones, we retail various accessories across audio categories, wearables, and others which offer us higher margin as compared to mobile phones and other electronic items. As per the Knowledge Company Report, mobile accessories contribute significantly to retail profitability through higher margins as compared to mobile phones. The mobile accessories market benefits from low average selling prices, making products like earphones and cables attractive for impulse purchases across offline and online channels. Additionally, products like chargers, cables, and earphones are prone to regular wear-and-tear, while evolving device compatibility and

- - - - - - defining the rights and obligations of the Company and eligible employees under the employee stock option plans of the Company, and prescribing, amending and/or rescinding rules and regulations relating to the administration of the employee stock option plans of the Company. - 14. Reviewing and approving compensation strategy from time to time in the context of the then current Indian market in accordance with applicable laws; - 15. framing suitable policies and systems to ensure that there is no violation, as amended from time to time, of any securities laws or any other applicable laws in India or overseas, including: - i. the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended; and - ii. the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003, as amended. - 16. carrying out any other function as is mandated by the Board from time to time and / or enforced/mandated by any statutory notification, amendment or modification, as may be applicable; - 17. performing such other functions as may be necessary or appropriate for the performance of its duties; - 18. periodically reviewing and re-examining the terms of reference and making recommendations to our Board for any proposed changes; - 19. authorization to obtain advice, reports or opinions from internal or external counsel and expert advisors; - 20. ensuring proper induction program for new directors, key managerial personnel and senior management and reviewing its effectiveness along-with ensuring that on appointment, they receive a formal letter of appointment in accordance with guidelines provided under the Companies Act; - 21. developing a succession plan for our Board and senior management and regularly reviewing the plan; - 22. ensuring that it proactively maintains a balance between fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the Company; - 23. consideration and determination of the Remuneration Policy based on performance and also bearing in mind that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate members of the Board, the relationship of remuneration to performance is clear and meets appropriate performance benchmarks and such other factors as the Nomination and Remuneration Committee shall deem appropriate; and - 24. perform such other activities as may be delegated by the Board or specified/ provided under the Companies Act to the extent notified and effective, as amended or by the SEBI Listing Regulations or by any other applicable law or regulatory authority. Stakeholders’ Relationship Committee The Stakeholders’ Relationship Committee of our Board was constituted by a resolution of our Board at their meeting held on September 5, 2025. The constitution of the Stakeholders’ Relationship Committee is as follows: The scope and functions of the Stakeholders’ Relationship Committee are in accordance with Section 178 of the Companies Act and Regulation 20 of the SEBI Listing Regulations. Terms of Reference for the Stakeholders’ Relationship Committee The Stakeholders’ Relationship Committee shall be responsible for, among other things, as may be required by the under applicable law, the following: - 1. considering and specifically looking into various aspects of interests of shareholders, debenture holders - - - - - - - - -

*We commenced our operations in Madhya Pradesh and Karnataka in Fiscal 2025 Note: All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. In certain instances, discrepancies in any table between the sums of the amounts listed in the table and totals are due to rounding off. We intend to deepen and strengthen our position in Maharashtra while also expanding our operations in Goa, Karnataka and Madhya Pradesh. We also aim to expand our retail network in a new identified adjacent geography i.e., Chhattisgarh. One of the factors that will impact our growth will be our ability to deepen and expand our retail network. Market opportunities - growth of the mobile phone market including pre-owned mobile phones, and accessories and electronic items While we are a multi-brand retail chain for mobile phones, accessories and other electronic items, our focus has been on retailing mobile phones and accessories particularly in tier II and tier III and beyond cities. We derive a significant portion of our revenue from operations from retailing mobile phones and during the 3 months ended June 30, 2025, Fiscals 2025, 2024 and 2023 we derived 87.68%, 87.58%, 88.31% and 90.23% of our revenue from operations from retailing mobile phones, respectively. We entered the retail market of pre-owned mobile phones in Fiscal 2023 with the launch of the ‘Mobile Exchange Wala’ brand. This brand operates as a ‘shop in shop’ format in a demarcated area in some of the stores operating under the ‘SS Mobile’ brand, and as per the Knowledge Company Report, we are one of the few organized retail chains to operate this format. Set out below is our revenue from operations from mobile phones, pre-owned mobile phones (Mobile Exchange Wala), accessories, other electronic items and ancillary services during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023:

As on the date of this Draft Red Herring Prospectus, there are no outstanding litigation proceedings involving our Group Companies, the outcome of which could have a material impact on our Company. For further details of the outstanding litigation proceedings, see ‘Outstanding Litigation and MaterialDevelopments’ on page489. Risk Factors Specific attention of Investors is invited to ‘Risk Factors’ on page41. Certain important factors that could cause actual results to differ materially from our Company’s expectations include, but are not limited to, the following: - 1. We derive a significant portion of our revenue from operations from retailing mobile phones. During the 3 months period ended June 30, 2025, Fiscals 2025, 2024 and 2023 we derived 87.68%, 87.58%, 88.31% and90.23% of our revenue from operations, respectively, from retailing mobile phones. Any economic slowdownor other factors that affect the mobile phone industry, including those that impact or reduce consumers’ abilityto purchase our products, could adversely impact our business, financial condition, and operating results. - 2. We are significantly reliant on our arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from our top 10 Suppliers was 86.93%, 89.42%, 88.38% and 91.96% of our purchase of traded goods during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Failure on the part of the Suppliers to supply, or a delay in supply of traded goods from our top 10 Suppliers, could have an adverse impact on our reputation, business, financial condition, cash flows and results of operations. - 3. We derive a significant portion of our revenue from operations from our stores in the state of Maharashtra. As of June 30, 2025, we had 359 stores in Maharashtra constituting 95.48% of our total stores. During the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, we derived 95.25%, 96.69%, 97.01% and 97.01% of our revenue from operations from Maharashtra. Accordingly, we are subject to risks arising from changes in political, social and economic conditions of Maharashtra which could have an adverse effect on our business, financial condition, result of operation and cash flow. - 4. We primarily focus on our COFO Model and FOFO Model which have helped us scale our operations, both in terms of number of stores and revenue from operations. The COFO and FOFO Models cumulatively contributed 72.05%, 78.03%, 77.79% and 74.07% of our revenue from operations during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. If our franchisee-led COFO and FOFO models are not successful in the future or do not grow at the same rate or at all then it may adversely impact our business growth and prospects, financial condition and results of operations. - 5. We derive a significant portion of our revenue from operations from tier II and tier III and beyond cities. Tier II cities and tier III and beyond cities cumulatively contributed 70.43%, 73.90%, 74.99% and 75.24% of our revenue from operations during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Our inability to operate and grow our business in our existing geographies (in particular tier II and tier III and beyond cities) or to expand our operations in newer geographies may have an adverse effect on our business, financial condition, result of operation, cash flow and future business prospects. - 6. We are dependent on the recognition and reputation of our proprietary brand name and 3 primary brands i.e., , and . Any harm to our proprietary name and our brands may adversely affect our business, reputation, financial condition and results of operations. ![A yellow and red sign with a letter s AI-generated content may be incorrect.]() ![A cartoon character with headphones on a blue background AI-generated content may be incorrect.]() ![A black and white banner with yellow text AI-generated content may be incorrect.]() - 7. Our business is working capital intensive, primarily on account of inventory required to be stocked at our stores and warehouses. Our Company proposes to utilize ₹ 2,015.47 million out of the Net Proceeds towards our incremental net working capital requirements for Fiscal 2027 and Fiscal 2028. We may need to obtain additional financing in the normal course of business from time to time as we expand our operations and any failure on our part to effectively manage our working capital requirements may require us to raise additional financing and any inability to do that may result in an adverse effect on our business, revenue from operations and financial condition.

An investment in equity shares involves a high degree of risk. Prospective investors should carefully consider all the information in this Draft Red Herring Prospectus, including the risks and uncertainties described below, before making an investment in the Equity Shares. The risks described in this section are not the only ones relevant to us or the Equity Shares but also includes the industry and segments in which we currently operate. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our businesses, results of operations, financial condition and cash flows. If any of the following risks, or a combination of risks, or other risks that are not currently known or are currently deemed immaterial, actually occur, our businesses, results of operations, financial condition and cash flows could be adversely affected, the trading price of the Equity Shares could decline, and you may lose all or part of your investment. To obtain a complete understanding of us, prospective investors should read thissection in conjunction with ‘Industry Overview’, Our Business’, ‘Financial Indebtedness’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ on pages196,278,476 and434, respectively, as well as the financial, statistical and other information contained in this Draft Red Herring Prospectus. In making an investment decision, prospective investors must rely on their own examination of us and the terms of the Offer including the merits and risks involved. You should consult your tax, financial and legal advisors about the particular consequences to you of an investment in the Equity Shares. Prospective investors should pay particular attention to the fact that our Company is incorporated under the laws of India and is subject to a legal and regulatory environment, which may differ in certain respects from that of other countries. This Draft Red Herring Prospectus also contains forward-looking statements that involve risks, assumptions, estimates and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the considerations described below and elsewhere in this DraftRed Herring Prospectus. For details, see ‘Forward-Looking Statements’ on page38. Unless stated or, the context requires, otherwise, our financial information has been derived from the Restated Financial Information included in this Draft Red Herring Prospectus. Unless specified or quantified in the relevant risk factors below, we are not in a position to quantify the financial or other implications of any of the risks described in this section. Unless otherwise indicated, industry and market data used in this section has been derived from the report titled‘Industry Report on Consumer Electronics Market in India’ prepared by The Knowledge Company LLP (a group entity of Technopak Advisors Private Limited) (Knowledge Company) (Knowledge Company Report) dated December 27, 2025, pursuant to an engagement letter dated June 6, 2025 which has been commissioned and paid for by our Company in connection with the Offer. The Knowledge Company Report has been prepared and issued by Knowledge Company for the purpose of understanding the industry exclusively in connection with the Offer.Unless otherwise indicated, all financial, operational, industry and other related information derived from theKnowledge Company Report and included herein with respect to any particular year, refers to such information for the relevant calendar year. Knowledge Company was appointed by our Company and is not a related party (in terms of the Companies Act and SEBI Listing Regulations) of our Company, Directors, our Promoters, our Key Managerial Personnel, Senior Management and the BRLMs. A copy of the Knowledge Company Report is available at https://ssmobile.com/in//home/investor_relations from the date of the Draft Red Herring Prospectus till the Bid/ Offer Closing Date. Also, see ‘Risk Factor - Certain sections of this Draft Red Herring Prospectus disclose information from the Knowledge Company Report commissioned and paid for by the Company in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks’ on page84. Unless otherwise indicated or the context otherwise requires, in this section, references to “we”, “us” and “our” are to our Company, along with its Subsidiary, on a consolidated basis. Internal Risk Factors

- - - - - - - - - - 3. We derive a significant portion of our revenue from operations from our stores in the state of Maharashtra. As of June 30, 2025, we had 359 stores in Maharashtra constituting 95.48% of our total stores. During the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, we derived 95.25%, 96.69%, 97.01% and 97.01% of our revenue from operations from Maharashtra. Accordingly, we are subject to risks arising from changes in political, social and economic conditions of Maharashtra which could have an adverse effect on our business, financial condition, result of operation and cash flow. - - - - - Note: These suppliers represent the top 10 suppliers for each of the respective Fiscal / period and may not necessarily be the same across the Fiscals / period. Our top 10 suppliers include ABM Tele Mobiles India Private Limited, Hisoa Electronic Private Limited, Junwei Electronic Private Limited, Longstand Electronics Private Limited, PM Electronics Private Limited, S M Teledirect Private Limited, Vishal Video and Appliances Private Limited and Xiaomi Technology India Private Limited. Names of other suppliers not included due to commercial sensitivities and lack of receipt of consent. We typically do not enter into long-term agreements with our Suppliers, and we purchase products from them based on purchase orders. Any failure on their part to supply products to us in a timely manner or at all, may have a significant impact on our supply chain, our reputation, business, financial condition, cash flows and results of operations. The loss or significant decrease in the volume of business from one or more of them for any reason may have an adverse effect on our business, financial condition, cash flows, and results of operations. While we have not faced any instances of Suppliers refusing to supply products to us, or a delay in products being supplied other than in the ordinary course of business, during the 3 months period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, there can be no assurance that we will not face such instances in the future. As a result of our significant reliance on top 10Suppliers, coupled with absence of any exclusive arrangements with them, may cause us to purchase our goods at higher price or supply of products to us in a timely manner or at all which may have an impact on our profit margins and our competitive position. We derive a significant portion of our revenue from operations from our stores in the state of Maharashtra. While we have been operating our stores in Maharashtra since incorporation, we have gradually expanded into other states, commencing operations in Goa in Fiscal 2019 and in Karnataka and Madhya Pradesh in Fiscal 2025. We have focussed on deepening our presence in Maharashtra and during the period March 31, 2023 to June 30, 2025, we have opened 183 stores in Maharashtra. As of June 30, 2025, we had 359 stores in Maharashtra (out of total 376 stores) constituting 95.48% of our total stores. The geographical bifurcation of our stores as at June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023 is set out below:

Our Group Companies are not involved in any litigation, outcome of which could have a material impacton our Company. For further details, see ‘Outstanding Litigation and Other Material Developments’ at page489. In the event significant claims are determined against us and we are required to pay all or a portion of the disputed amounts, there could be a material adverse effect on our business and profitability. We cannot provide any assurance that these matters will be decided in our favour. Furthermore, we may not be able to quantify all the claims in which we are involved. Failure to successfully defend these or other claims or if our current provisions prove to be inadequate, our business and results of operations could be adversely affected. Even if we are successful in defending such cases, we will be subjected to legal and other costs relating to defending such litigation, and such costs could be substantial. In addition, we cannot assure that similar proceedings will not be initiated in the future. This could adversely affect our business, cash flows, financial condition, and results of operation. 300 stores out of our 376 stores as of June 30, 2025 from which we operate our business are situated on leased and licensed premises. We typically enter into lease / leave and licence agreements for our stores with tenure ranging from 11 months to 5 years. While, we have not faced any such instances where our leases / license was not renewed during the last 3 financial years and 3 months ended June 30, 2025, due to refusals from our landlords / licensor, we cannot assure you that we will own, or have the right to occupy, these premises in the future, or that we will be able to continue with the uninterrupted use of these premises, which may impair our operations and adversely affect our financial condition. Failure to adhere to the conditions of the lease could require us to relocate our operations or close some of our stores, which may impair our operations and adversely affect our financial condition. There can be no assurance that we will be able to renew the lease / leave and license agreements with third parties in a timely manner or at all. We are also subject to risk associated with leasing real estate, including the potential inability to renew leases on favourable commercial terms or at all, unexpected increases in rental costs, lease terminations, or disputes with landlords / licensors. If we are required to vacate our current premises, we would be required to make alternative arrangements for new stores and other infrastructure, and we cannot assure that the new arrangements will be on acceptable terms. If we are required to relocate our business operations, such adverse developments could disrupt our operations and could have a material adverse effect on our business including profitability of stores, results of operations, financial condition, and cash flows. While we endeavour to ensure that adequate care and due diligence is taken when we lease our stores in relation to the ability of the lessor to lease out the stores, we cannot guarantee that such lessors would have lawful registration in place for all our stores. While we also endeavour to ensure that all our lease agreements are duly stamped and registered, in certain instances, the registration of the lease deeds remains pending and certain property documents are not adequately stamped. Such delays are typically attributable to procedural requirements at local registration offices or the physical unavailability of the lessors. As of the date of this Draft Red Herring Prospectus, out of 382 leased properties that we operate 364 properties require registration. Out of these 364 properties, 252 properties are duly registered, and 112 properties are not registered. The lease deeds and leave and licence agreements for our properties which are not registered, stamped or adequately stamped, may not be accepted as evidence in a court of law potentially affect our ability to enforce our rights and remedies under these agreements, and we may be required to pay penalties for non-registration and non-payment of or inadequate stamp duty. While there have been no instances where our business has been materially affected during the last 3 financial years and during 3 months ended June 30, 2025, due to any of our lease deeds and leave and licence agreements not being registered, stamped or adequately stamped, we cannot assure you that such instances may not occur in the future.

any third-party alleging infringement of their intellectual property by our Company during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, the risk of being subject to intellectual property infringement claims may increase as we continue to expand our operations and offerings. As a result of such infringement claims, we could be required to pay third party infringement claims. The occurrence of any of the foregoing could result in unexpected expenses. Our inventory procurement model is supported by direct arrangements with various brands and / or their distributors / authorised dealers. These arrangements enable us to procure mobile phones, accessories, and other electronic items at competitive prices by eliminating intermediaries and the associated costs. In addition, direct tie-ups with brands and / or their distributors / authorised dealers ensure faster procurement cycles and improved product availability, thereby minimising demand-supply gaps. We currently do not have a direct tie-up arrangement with all the brands whose products we retail, and we procure products of some of the brands from their authorised distributors / dealers. As per the Knowledge Company Report, as regional retailers expand their scale and strengthen their financial credibility, they increasingly move up the value chain by shifting from distributor-led sourcing to direct procurement from brands. This transition typically involves meeting higher minimum order quantities (MOQs), investing in backend infrastructure, and aligning closely with brand-led marketing and display standards. By direct procurement from brands or national distributors, regional retailers may get multiple advantages including higher trade margins through the elimination of intermediary costs, priority access to new model launches, faster replenishments, and stronger negotiating power for co-funded promotions and rebates. Over time, such progression enables regional players to operate on near-national efficiency, strengthening brand relationships, and positioning them as strategic partners in the mobile phone retail ecosystem. As part of our strategy, to further improve our inventory procurement model and reduce our operating costs, we intend to enter into tie ups with brands with whom we currently do not have a direct relationship (i.e., we procure products of such brands through authorised distributors / dealers). Such direct arrangement will enable us to further eliminate the intermediaries (i.e., authorised distributors / dealers for such brands) in the supply chain, reduce the associated costs and will also assist us in procuring mobile phones, accessories and other electronic items at more competitive prices. We cannot assure you that we will be able to maintain direct tie-up arrangements with brands, or establish tie up arrangements directly with new brands (whose products we procure through their distributors / authorised dealers). Failure to do so could have an adverse impact on our profit margins and our competitive position which in turn could have an adverse impact on our business, financial condition, cash flows and results of operations. As of June 30, 2025, our Company had 755 creditors and the aggregate amount due by us to these creditors was ₹ 418.78 million, as detailed below: * In terms of our Materiality Policy, creditors to whom the amount due is in excess of 5% of the total outstanding dues (that is, trade payables) of the Company as on June 30, 2025. *As defined under the Micro, Small and Medium Enterprises Development Act, 2006, as amended.

Recalls and voluntary removal of products, litigations could result in, among other things, lost sales, diverted resources, and increased customer support costs and legal expenses, and could have an adverse effect on our operations. Additionally, certain products offered by merchant partners through us could be subject to recalls and other remedial or legal actions. For instance, in 2023, a complaint has been filed by S.B. Sarang, Inspector of Legal Metrology, Chiplun (Complainant) against our Company, our Directors including Siddharth Gunvant Shah, Harshal Kishor Parekh, Sagar Patil and Deepa Siddharth Shah and one of our Promoters, Bhavini Harshal Parekh & Others (collectively, the ‘Accused’) under Section 18(1) of the Legal Metrology Act, 2009, read with Rule 6(1)(e) of the Legal Metrology (Packaged Commodities) Rules, 2011, punishable under Sections 36(1) and 49(1) of the Legal Metrology Act, 2009, before the Court of Honourable Judicial Magistrate First Class, Chiplun in relation to packages of mobile accessories not displaying the retail sale price inclusive of all taxes as required under the Legal Metrology (Packaged Commodities) Rules, 2011 at one of our store. Pursuant to the complaint, the packages were seized by the Complainant and penalty were imposed on the importer and supplier of the products. Forfurther details, see ‘Outstanding Litigation and Other Material Developments - Litigation involving our Company – Litigation against our Company’ at page73. Our Promoters, i.e., Siddharth Gunvant Shah, Deepa Siddharth Shah , Harshal Kishor Parekh and Bhavini Harshal Parekh, who are also the Promoter Selling Shareholders, have guaranteed the repayment of certain loan facilities aggregating ₹ 1,093.47 million as on October 31, 2025, availed by our Company.For details, see ‘History and Certain Corporate Matters - Guarantees given by the Promoter participating in the Offer for Sale’ on page327. Any default or failure to repay the loans in a timely manner, or at all, could trigger repayment obligations on the part of our Promoters in respect of such loans, which in turn, could have an impact on their ability to effectively service their obligations as Promoter, thereby having an adverse effect on our business, results of operation and financial condition. In the event they withdraw or terminate their guarantees, our lenders may require alternate guarantees, repayment of amounts outstanding or terminate the loan facilities. We may not be successful in providing alternate guarantees satisfactory to the lenders, and as a result may be required to repay outstanding amounts or seek additional sources of capital, which could affect our financial condition and cash flows. We have in the ordinary course of business, engaged in the past, and may engage in the future, in transactions with related parties, including with our Promoter, Directors, Key Managerial Personnel andtheir relatives, on an arm’s length basis and in compliance with applicable law. Such transactions could be for salaries and remuneration, rent expenses, loans given etc. Summary details of our transactions with related parties are set out below: (in ₹ million, except percentage)

Further, even in the case of an insured risk occurring there can be no assurance that our Company will be successful in claiming insurance in part or full, or that the insurance purchased by us will be sufficient to cover the loss occasioned by the risk. Any loss that is not covered by insurance, or for which our Company is unable to successfully claim insurance, or which is in excess of the insurance cover could,in addition to damaging our Company’s reputation, have an adverse effect on our Company’s business, cash flows, financial condition and results of operation. Further, an insurance claim once made couldlead to an increase in our Company’s insurance premium. Set out below are the insurance claims madeby us and the amount received against such claims (including amounts against claims made during previous years) during the 3 months period ended June 30, 205, Fiscal 2025, Fiscal 2024 and Fiscal 2023: *Our Company has submitted a claim in Fiscal 2023 in respect of a burglary worth ₹ 3.20 million out of which our Company has received ₹ 0.64 million as the claim amount. Our Company has also received certain goods which were stolen pursuant to a police investigation. In addition, our Company’s insurance coverage expires from time to time. Our Company will apply forthe renewal of our insurance coverage in the normal course of its business, but we cannot assure you that such renewals will be granted in a timely manner, at acceptable cost or at all. To the extent that our Company suffer loss or damage for which it did not obtain or maintain insurance, and which is notcovered by insurance or exceeds our Company’s insurance coverage or where its insurance claims arerejected, the loss would have to be borne by our Company and its results of operations, cash flows and financial condition may be adversely affected. As part of our business operations at our stores we accept payments using a variety of methods, including credit cards and debit cards, digital wallets, UPI, money transfer, equated monthly payment and cash payments. We are subject to payment-related risks, including risks associated with cash payments and payment processing risks and any material regulatory changes in the payment processing services. Any delay in settlement of payment to us due to any of these payment methods may have an adverse effect on our receivables day which could in turn impact our working capital requirements. The use of electronic payment methods and collection of other personal information exposes us to an increased risk of privacy and security breaches as well as other risks. Third parties may have the technology or know-how to breach the security of the customer information transmitted in connection with credit and debit card sales, and our security measures and those of technology suppliers may not effectively prohibit others from obtaining improper access to this information. If a person is able to circumvent our security measures or otherwise gain access to the confidential information that we collect, they may be able to destroy or steal valuable information or otherwise disrupt our operations. Also, see ‘Risk Factors - As part of ourCompany’s operations, we are required to comply with the Information Technology Act, 2000 and therules thereof, which provide for civil and criminal liability including compensation, fines, and imprisonment for various offences. Regulatory, legislative or self-regulatory developments regarding privacy and data security matters could adversely affect our ability to conduct our business and impact our financial condition. Our failure to appropriately handle personal information of our customers could have an adverse effect on our business, reputation, financial condition, results of operations and cash flows.’ on page69.

by us to our customers, or mis-selling of products. This risk is more pronounced in retail of pre-ownedmobile phones that we sell under the brand ‘Mobile Exchange Wala’ where we purchase and retail pre- owned mobile phones. We may be subject to product warranty claims or reputational harm due to product defects or authenticity issues arising out of sale of products of third party brands and pre-owned mobile phones over which we do not have full quality control. While during the 3 months period ended June 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, there have been no such instances of such legal proceedings for sale of defective products or mis-selling which has been initiated against our Company or any product warranty claims been raised, any such instances could have an adverse effect on our reputation, brand image and our financial condition. Further, in the event of any product warranty claims against us we cannot assure you that we will be able to pass on any all or some of the warranty claim or cost associated in defending the claim to our suppliers. We will continue to incur expenditure in maintaining and growing our existing business. We cannot assure you that we will have sufficient internal accruals for our current operations or any future expansion plans that we may have. We may be unable to obtain sufficient financing on terms satisfactory to us, or at all. If interest rates increase it will be more difficult to obtain credit. We cannot assure you that we will have sufficient internal accruals for our current operations, any growth plans that we may have and our ability to complete such growth plans. Our ability to arrange financing and the costs of capital of such financing are dependent on numerous factors, including general economic and capital market conditions, credit availability from banks, investor confidence, the continued success of our operations and other laws that are conducive to our raising capital in this manner. Such financing may be in the form of debt funding, which may be raised through borrowings from commercial banks, issue of debentures or other debt securities. If we raise funds in future by incurring additional debt, our interest and debt repayment obligations will increase, and we may be subject to supplementary or new covenants, which could limit our ability to access cash flow from operations and/or other means of financing. Moreover, these additional funds could come at a higher cost which may impact our profitability. Any unfavourable change to terms of borrowings may adversely affect our cash flows, results of operations and financial conditions. If we are unable to raise adequate capital in a timely manner and on acceptable terms, or at all, our business, results of operations, financial condition and cash flows could be adversely affected. We have received the following credit ratings: *Assigned by CRISIL Ratings Limited Our credit rating may be downgraded in the future due to various factors, including factors which may be outside our control. Any downgrade of our credit ratings in the future may increase interest rates for refinancing our borrowings, which would increase our cost of borrowings and, and may have an adverse effect on our ability to meet out working capital requirements, our ability to undertake future issuances of debt and our ability to borrow on a competitive basis. If any of these risks materialise, it could have a material adverse effect on our business, reputation, results of operations and financial condition.

our management’s judgment with respect to the use of Net Proceeds.Further, our management will have broad discretion in how we apply the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment.Various risks and uncertainties, such as economic trends and business requirements, competitive landscape, as well as general factors affecting our results of operations, financial condition and access to capital, may limit or delay our efforts to use the Net Proceeds to achieve profitable growth in our business. Thus, the use of the Net Proceeds for the purposes identified by our management may not result in actual growth of our business, increased profitability or an increase in the value of our business and your investment. Further, in accordance with Sections 13(8) and 27 of the Companies Act 2013, we cannot undertake anyvariation in the utilisation of the Net Proceeds without obtaining the shareholders’ approval through aspecial resolution. In the event of any such circumstances that require us to undertake variation in thedisclosed utilisation of the Net Proceeds, we may not be able to obtain the shareholders’ approval in a timely manner, or at all. Any delay or inability in obtaining such shareholders’ approval may adversely affect our business or operations. However, we will have flexibility in utilizing the balance Net Proceeds, if any, for general corporate purposes, subject to such utilisation not exceeding 25% of the Gross Proceeds from the Fresh Issue in accordance with Regulation 7(2) of the SEBI ICDR Regulations. Additionally, our Promoters would be required to provide an exit opportunity to Shareholders who do not agree with our proposal to change the objects of the Offer or vary the terms of such contracts, at a price and manner as prescribed by applicable SEBI regulations. Additionally, the requirement on the Promoters to provide an exit opportunity to such dissenting shareholders may deter the Promoters from agreeing to the variation of the proposed utilisation of the Net Proceeds, even if such variation is in the interest of our Company. Further, we cannot assure you that the Promoters of our Company will have adequate resources at their disposal at all times to enable them to provide an exit opportunity at the price prescribed by SEBI. In light of these factors, we may not be able to undertake variation of objects of the Offer to use any unutilized proceeds of the Offer, if any, or vary the terms of any contract referred to in this Draft Red Herring Prospectus, even if such variation is in the interest of our Company. This mayrestrict our Company’s ability to respond to any change in our business or financial condition by re- deploying the unutilised portion of Net Proceeds, if any, or varying the terms of contract, which may adversely affect our business and results of operations. Further, we may not be able to utilise the proceeds from the Fresh Issue in this Offer in the manner set out in this Draft Red Herring Prospectus in a timely manner or at all. As a consequence of any increased expenditure, the actual deployment of funds may be higher than estimated. There is no assurance that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment. The Offer consists of a Fresh Issue of up to [●] Equity Shares aggregating up to ₹ 3,000.00 million and an Offer for Sale of up to [●] Equity Shares aggregating up to ₹ 2,000.00 million. The Offer for Sale comprises 40% of the total Offer size. The Selling Shareholders will be entitled to the Net Proceeds from the Offer for Sale, which comprises proceeds from the Offer for Sale net of Offer Expenses in relation to the Offer for Sale, and we will not receive any of the proceeds from the Offer for Sale. Set out below are the details of our contingent liabilities and commitments as at June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023:

- - - - - - - - - - - 54. Certain sections of this Draft Red Herring Prospectus disclose information from the KnowledgeCompany Report commissioned and paid for by the Company in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks. - - - - - 55. Our Promoters, Directors and Key Management Personnel are interested in our Company other thanreimbursement of expenses or normal remuneration or benefits. - - - - - 56. Our Promoters and Promoter Group will, even after the completion of the Offer, continue to be our largest Shareholders and can influence the outcome of resolutions, which may potentially involve conflict of interest with the other Shareholders. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Certain sections of this Draft Red Herring Prospectus includes industry related information based on or derived from or extracts of the Knowledge Company Report titled ‘Industry Report on Consumer Electronics Market in India’ dated December 27, 2025, prepared by Knowledge Company (a group entity of Technopak Advisors Private Limited), a research house, pursuant to an engagement with our Company through an engagement letter dated June 6, 2025, which has been commissioned and paid for by our Company and any reliance on such information for making an investment decision in the Offer is subject to inherent risks. Knowledge Company has, pursuant to their consent letter dated December 27, 2025 (Letter) accorded their no objection and consent to use the Knowledge Company Report in connection with the Offer. Knowledge Company is not connected to our Company, Subsidiary, our Directors, our Promoters, our Key Managerial Personnel or our Senior Management. We commissioned and paid for this report for the purpose of confirming our understanding of the industry in connection with the Offer. All such information sourced from Knowledge Company Report in this Draft Red Herring Prospectus indicates Knowledge Company Report as its source. Accordingly, any information in this Draft Red Herring Prospectus derived from, or based on, Knowledge Company Report should be read taking into consideration the foregoing. Industry sources and publications are also prepared based on information as of specific dates and may no longer be current or reflect current trends. Further, Knowledge Company Report is not a recommendation to invest / disinvest in any company covered in Knowledge Company Report. Accordingly, prospective investors should not place undue reliance on, or base their investment decision solely on this information. In view of the foregoing, you may not be able to seek legal recourse for any losses resulting from undertaking any investment in the Offer pursuant to reliance on the information in this Draft Red Herring Prospectus based on, or derived from, Knowledge Company Report. You should consult your own advisors and undertake an independent assessment of information in this Draft Red Herring Prospectus based on, or derived from, Company commissioned Knowledge Company Report before making any investment decision regarding the Offer. Also, see ‘Industry Overview’ and ‘Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation – Industry and Market Data’ on pages196 and35. Our Promoters, some of our Directors and Key Managerial Personnel, have an interest in our Company other than reimbursement of expenses incurred and normal remuneration or benefits. Our Company has had related party transactions with our Promoters, some of our Directors and Key Managerial Personnel during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 including in the form of rent paid for leased property, rent paid for usage of car and interest on unsecured loan borrowed by the company, interest paid on CCDs, professional fees and commission expenses. Further, our Promoters and certain Directors and Key Managerial Personnel may be deemed to be interested to the extent of Equity Shares held by them or their relatives or members of Promoter Group. Also, see ‘OurManagement’, ‘Our Promoters’ and ‘Restated Financial Information - Note 39 - Related Party Disclosures’ on page342,368 and 418. Our Company cannot assure you that our Promoters, Directors and our Key Managerial Personnel will exercise their rights as shareholders to the benefit and best interest of our Company. As on date of this Draft Red Herring Prospectus, our Promoters and members of the Promoter Group hold an aggregate of 49,883,600 Equity Shares, constituting 75.74% of the Equity Share capital of ourCompany and they will continue to hold [●]% of the Equity Share capital after the completion of this Offer. Accordingly, our Promoters and members of the Promoter Group, collectively, will have the ability to significantly influence our corporate decision-making process. This will include the ability to appointDirectors on our Board and the right to approve significant actions at the Board and at the Shareholders’

1. Overview of Global Economy 1.1 GDP and GDP Growth of Key Global Economies The global economy has experienced a dynamic interplay of risks and opportunities in recent years, supported by proactive policy measures and coordinated fiscal and monetary interventions by governments worldwide. These efforts have contributed to sustained economic momentum, with global GDP projected to increase from USD 113.80 trillion in CY 2025 to USD 144.58 trillion by CY 2030, representing a CAGR of 4.90% over the forecast period. During this period, major economies are projected to record positive growth, led by India with a CAGR of 11.37%, followed by China (6.08%), the United Kingdom (4.82%), the United States (4.02%), Japan (3.56%), and Germany (3.32%). Exhibit 1.1: GDP at Current Prices (Nominal GDP) (In USD Trillion) CY and GDP Ranking of Key Economies(CY 2024) Source: World Bank Data, IMF Note: 1 USD= INR 85 The nominal GDP of the global economy grew by 3.87% in CY2024, and while this positive trajectory is expected to continue, a moderation in growth is anticipated in CY2025, with a projected rate of 2.94%. The United States, a major global economy, recorded a nominal GDP growth rate of 5.27% in CY2024. Among developing economies, India and China recorded growth rates of 8.95% and 2.56%, respectively, in CY2025. India remains resilient, maintaining a steady year-on-year growth momentum amid a global moderation in nominal expansion. Exhibit 1.2: Nominal GDP Growth rate of Key Economies (CY) (%) Source: IMF, The Knowledge Company analysis Note: 1 USD= INR 85

- • Grey Market & Counterfeit Devices: A thriving grey market for smuggled or pre-owned phones undermines official channels. This erodes brand trust, creates pricing distortions, and impacts organized retail profitability. - • Credit Tightening & Rural Risks: While credit-led consumption is rising, defaults and stricter NBFC underwriting may slow financing access, especially in rural markets where delinquency among first-time borrowers is a concern. - • Supplier Qualification Barriers: Strict procurement criteria such as high MOQs and upfront investments limit direct sourcing for smaller or new entrants, eroding competitiveness against established players. - • Slow Moving Inventory: Retailers face margin pressure from unsold or outdated stock, especially when next-gen models are launched in quick succession. Managing timely liquidation, balancing preorder commitments, and aligning with brand launch calendars are critical to avoid inventory write-downs and working capital strain. 6.14 Indian Mobile Accessories and Hearables Market India’s mobile accessories market has expanded significantly, growing from INR 233 billion in FY2019 to INR 503 billion in FY2024 growing at a CAGR of 16.7% and was estimated at INR 536 billion in FY2025, showcasing a YoY growth of 6.5%. Of the total mobile accessories market, mobile accessories such as chargers, cables, etc. contributed INR 325 billion (~60.6%) in FY2025 while hearables (such as earbuds, headphones, etc.) accounted for INR 211 billion (~39.4%) during the same period. The overall mobile accessories market is expected to double to INR 1,065 billion by FY2030, with hearables growing at a faster CAGR to reach INR 514 billion, accounting for 48.2% share of the total mobile accessories market, while other mobile accessories are projected to reach INR 551 billion (51.8%) by FY2030. This growth of hearables is due to the evolving consumer preferences for TWS (true wireless stereo) earbuds, ANC (active noise cancellation), and multi-device compatibility. The adoption of work-from-anywhere lifestyles, content streaming, and mobile gaming is further fueling the demand. The rapid growth of online and quick-commerce platforms like Flipkart, Amazon, Blinkit, and Zepto, along with brand innovation from key players continues to reshape the accessories landscape by offering bundled deals, rapid delivery, and affordable financing options. The Indian mobile accessories market consists of many brands and players operating in different price segments including international brands like Apple in premium segment and domestic brands like Boat, Noise, etc. The hearables market is led by players such as Fire-Boltt, Noise, boAt, Boult and Titan, with boAt leading the wireless stereo segment within the hearables market with a market share of 34.2% by volume for CY2024, followed by Boult at 13.0%, Noise at 8.9%. Exhibit 6.18 Mobile accessories market in India (By Value) (in INR Billion) (FY) Source: Secondary Research and The Knowledge Company Analysis Note- Market size is under consideration and might be updated in next version

Unless otherwise stated, references in this section to “we”, “our” or “us” (including in the context of any financial information) are to our Company along with our Subsidiary, on a consolidated basis. To obtain a complete understanding of our business, prospective investors should read this section in conjunction with ‘Risk Factors’, ‘Industry Overview’, ‘Financial Information’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ on pages41,196,375 and434, respectively, as well as financial and other information contained in this Draft Red Herring Prospectus as a whole. Some of the information in this section, including information with respect to our business plans and strategies,contain forward-looking statements that involve risks and uncertainties. You should read ‘Forward-Looking Statements’ on page38 for a discussion of the risks and uncertainties related to those statements. To obtain a complete understanding of our business, prospective investors should also read ‘Risk Factors’, ‘Restated Financial Information’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ on pages41,375 and434, respectively, for a discussion of certain factors that may affect our business, financial condition or results of operations. Our actual results may differ materially from those expressed in or implied by these forward-looking statements. Our fiscal year ends on March 31 of each year, and references to a particular fiscal are to the twelve months ended March 31 of that year. Unless otherwise indicated, the financial information included herein is based on our Restated Financial Information included in this Draft Red Herring Prospectus. For further information, see ‘Restated Financial Information’ on page375. We have, in this Draft Red Herring Prospectus, included various operational and financial performanceindicators and certain non-GAAP measures, some of which may not be derived from our Restated Financial Information and may not have been subjected to an audit or review by our Statutory Auditor, and each of which is a supplemental measure of our performance and liquidity and not required by, or presented in accordance with Ind AS, IFRS or U.S. GAAP. Furthermore, such measures and indicators are not defined under Ind AS, IFRS, U.S. GAAP or other accounting standards, and therefore should not be viewed as substitutes for performance, liquidity or profitability measures under such accounting standards. The manner in which such operational and financial performance indicators are calculated and presented, and the assumptions and estimates underlying, used in such calculation, may vary from that used by other similarly placed companies in India and other jurisdictions. Investors are accordingly cautioned against placing undue reliance on such information in making an investment decision and are cautioned that they should consult their own advisors and evaluate such information in the context of the Restated Financial Information and other information relating to our business and operations included in this Draft Red Herring Prospectus. See also, ‘Risk Factors - Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance like Revenue from Operations Growth, Sales per sq. ft., Gross Profit, Gross Profit Margin, Operating Earnings before Interest, Taxes, Depreciation and Amortization Expenses (Operating EBITDA), Operating EBITDA Margin, Profit Before Tax (PBT) Margin, Profit After Tax (PAT) Margin, Net Debt, Net Debt to Operating EBITDA, Net Debt to Total Equity, Return on Equity (ROE), Return on Capital Employed (ROCE), Return on Capital Employed (ROCE) (Post tax), Net Working Capital Days, Inventory Turnover Ratio and Net Asset Value per Share have been included in this Draft Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.’ on page85. Certain images and graphics included in this section are provided for illustrative purposes only. Unless otherwiseindicated, industry and market data used in this section has been derived from the report titled ‘Industry Report on Consumer Electronics Market in India’ by The Knowledge Company LLP (a group entity of Technopak Advisors Private Limited) (Knowledge Company) (Knowledge Company Report), which has been commissioned and paid for by our Company in connection with the Offer. The data included herein includes excerpts from the Knowledge Company Report and may have been reordered by us for the purposes of presentation. A copy of the Knowledge Company Report is available at https://ssmobile.com/in//home/investor_relations from the date of the Draft Red Herring Prospectus till the Bid/ Offer Closing Date. Unless otherwise indicated, all industry and other related information derived from the Knowledge Company Report and included herein with respect to any particular year refers to such information for the relevant calendar year. Knowledge Company was appointed by our Company pursuant to an engagement letter dated June 6, 2025 and is not a related party (in terms of the Companies Act and SEBI Listing Regulations) of our Company, Directors, our Promoters, our Key Managerial Personnel, Senior Management and the BRLMs. See ‘Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation - Industry and Market Data’ and ‘Risk Factors - Certain sections of this Draft Red Herring Prospectus disclose information from the Knowledge Company Report commissioned and paid for by the Company in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks’ on pages35 and84, respectively.

procurement model built on long term relationship with various brands and / or their distributors / authorised dealers. These arrangements enable us to procure mobile phones, accessories, and other electronic items at competitive prices by eliminating intermediaries and the associated costs. In addition, direct tie-ups with brands and distributors ensure faster procurement cycles and improved product availability, thereby minimising demand- supply gaps. Also, see ‘Risk Factors -We are significantly reliant on our arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from our top 10 Suppliers was 86.93%, 89.42%, 88.38% and 91.96% of our purchase of traded goods during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Failure on the part of the Suppliers to supply, or a delay in supply of traded goods from our top 10 Suppliers, could have an adverse impact on our reputation, business, financial condition, cash flows and results of operations’ on page42. HUMAN RESOURCES As on October 31, 2025, we had 621 permanent employees. The table below sets out the break-up of ourpermanent employees across functional areas: In addition to the aforementioned permanent employees, as on October 31, 2025, we engaged 9 persons on contract basis. Some of the brands whose mobile phones we retail typically depute their own representatives at our stores. Theserepresentatives are known as ‘brand promoters’ and their salaries are paid by the brands directly. This arrangement ensures focused brand visibility and enables the ‘brand promoters’ to actively drive sales for their designatedbrand within our store. INFORMATION TECHNOLOGY SYSTEMS We have implemented in house proprietary information technology systems which help us track our inventoryand sales on real time basis. These systems also help us efficiently monitor the operations of our stores and also help us seamlessly integrate our supply chain and customer data. These systems enhance our operational efficiency and enable us to make data driven decisions while also helping us manage our growth. To handle procurement and supply of a wide array of products (brand and variant wise), we have implemented a centralised system with 2 modules which comprises inventory management and enterprise resource planning systems which assist us in automation of maintaining and managing inventory at our warehouses and stores. These systems also enable us to plan demand of various products, and in a timely and efficient manner, procure products from our distributors and brands, replenish inventory at our warehouses and to dispatch inventory to our stores. Our proprietary centralised enterprise resource planning (ERP) platform integrates all critical business functionsincluding point of sale (POS), procurement, inventory management, warehouse operations, customer relationship management (CRM), human resources, accounting, and analytics, into a unified ecosystem. Key features of our ERP platform include (i) real-time synchronization of data across our vast store network, regional warehouses, and our head office; (ii) automated purchase and replenishment cycles, ensuring optimal inventory levels and minimizing ageing or over-stocking; (iii) integrated financial and accounting module, enabling faster reconciliations and accurate financial closures; (iv) custom APIs (i.e., application programming interface) for integration with payment gateways, NBFC partners, logistics providers, and e-commerce platforms; and (v) role- based access controls and audit trails to ensure data integrity and compliance with internal IT security standards. Our centralised inventory management system enables efficient tracking, replenishment of thousands of stockkeeping units across multiple categories such as mobile phones, accessories, wearables and televisions, and assessing demand. Key features of our centralised inventory management system include: (i) automated demand forecasting using historical sales data, seasonality, and regional patterns; (ii) inventory allocation among stores based on sales velocity and product lifecycle; (iii) warehouse automation modules that assist in inward, outward, and inter-branch transfers with barcode and batch-level tracking; and (iv) ageing analysis and liquidation workflows, helping reduce dead inventory and improve working capital efficiency.

We have entered into lease and leave and license agreements for majority of our stores. In addition, we also own the property on which some of our COCO stores are located. Our FOFO stores are leased directly by our franchisee partners. We typically enter into lease and leave and licence agreements for our stores with tenure ranging from 11 months to 5 years. Also, see ‘Risk Factors - 300 stores out of our 376 stores as of June 30, 2025 from which we operate our business are situated on leased and licensed premises. We cannot assure you that the lease / leave and license agreements will be renewed upon termination or that we will be able to obtain other premises on lease on favourable commercial terms or at all’ and ‘Risk Factors - Some of our lease / leave and license agreements are not duly stamped and registered in accordance with the requirements of applicable law. Such agreements may not be accepted as evidence in a court of law which may potentially affect our ability to enforce our rights and remedies under these agreements, and we may be required to pay penalties for non-registration and non- payment of or inadequate stamp duty’ on pages60 and60. COMPETITION We operate in a highly competitive environment comprising both organised and unorganised players. In the stateswhere we operate, our key competitors include Croma, Reliance Digital, Vijay Sales and regional players such as Fone Box Retail Limited, Umiya Mobile Limited and others. We also face competition from major e-commerce platforms such as Flipkart and Amazon, which attract customers through competitive pricing and convenience. Seasonal online sale events - including Big Billion Days and the Great Indian Festival, further amplify online demand, as per the Knowledge Company Report. Some of our competitors may have greater financial, marketing, distribution and other resources than us, and may offer a wider range of products, services, prices, better discounts, promotions and customer loyalty programs. They may also have more established brand recognition, customer relationships, market presence and access to key suppliers and channels than us. Also, see ‘Risk Factors - We operate in a highly competitive environment comprising both organised and unorganised players. Competition from existing players, new entrants, organized players and unorganized players, e-commerce players and consequent pricing pressures and our inability to compete effectively could have a material adverse effect on our operating margins, business growth and prospects, financial condition and results of operations and may lead toa lower market share and brand recall’. on page70. CORPORATE SOCIAL RESPONSIBILITY Our Company is conscious of its role as a responsible corporate entity and has framed a corporate social responsibility (CSR) Policy and constituted a CSR Committee, in compliance with applicable laws. OurCompany’s CSR policy focuses on inter alia (i) promoting education including special education and vocational skills, (ii) promoting gender equality and empowering women; (iii) ensuring environmental sustainability, ecological balance and conservation of natural resources, (iv) eradicating hunger, poverty and malnutrition, and (v) promoting rural development. In 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, our CSR expenses were ₹ 1.77 million, ₹ 4.22 million, ₹ 2.21 million and ₹ 1.93 million, respectively. AWARDS AND RECOGNITIONS Set out below are some of the awards and recognitions received by our Company:

- - - - - - - - - - - 2.5. Inventories - - 2.6. Transactions and Balances - - 2.7. Current versus Non-Current Classification - - - - - - - - - - - - - - - - - - - - cash flows expected from the continuing use of the asset and from its ultimate disposal are discounted to their present values using a pre-determined discount rate that reflects the current market assessments of the time value of money and risks specific to the asset. Items of inventories are measured at lower of cost and net realizable value after providing for obsolescence, if any. Cost of inventories comprises of cost of purchase, and other costs including net of recoverable taxes incurred in bringing them to their respective present location and condition. Cost of finished goods, trading products are determined on "first-in-first-out (FIFO) basis." Monetary assets and liabilities denominated in foreign currency are translated at the functional currency spot rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognized in the statement of profit or loss. Non-monetary items that are measured in terms of historical cost in foreign currency are translated using the exchange rates at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation difference on items whose fair value gain or loss is recognized in the statement of Other Comprehensive Income (OCI) or the statement of profit or loss is also recognized in the statement of OCI or the statement of profit or loss, respectively). Application of accounting policies that require critical accounting estimates and the assumptions having the most significant effect on the amounts recognized in the standalone financial statements are: Valuation of financial instruments Useful life of property, plant and equipment Useful life of intangible assets Provisions The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle - Held primarily for trading - Expected to be realized within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when - It is expected to be settled in normal operating cycle - It is held primarily for trading - It is due to be settled within twelve months after the reporting period, or - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

Interest rate risk Our Company’s interest rate risk arises from borrowings. Our Company’s interest rate risk exposure is majorly at avariable rate. The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management of our Company is as follows: (in ₹ million) Interest rate risk sensitivity Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because ofchanges in market rates. Our Company’s exposure to the risk of changes in market rates relates primarily to our Company’s debt obligations with floating interest rates. Foreign currency risk Foreign exchange risk arises on future commercial transactions and on recognised monetary assets and liabilitiesdenominated in a currency other than our Company’s functional currency. However, our Company does not have anysignificant foreign currency exposure during the reporting period, as all transactions are primarily denominated in ₹.Accordingly, foreign exchange risk and related hedging activities are not applicable to our Company. Credit risk Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed and arises principally from the Company's receivables from customers, loans and investments. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of counterparty to which our Company grants credit terms in the normal course of business. Trade receivables are typically unsecure and derived from revenue earned from customers. On account of adoption of Ind AS 109, our Company uses expected credit loss model to assess the impairment loss or gain, however this is modified if in the past experience of our Company, there is likely mitigation of the credit risk. Liquidity Risk Liquidity risk is the risk that our Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are required to be settled by delivering the cash or another financial asset. Our Company manages liquidity risk by maintaining adequate reserves, banking facilities and unused borrowing facilities, by continuously monitoring projected / actual cash flows. Liquidity risk is also the risk that our Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. Our Company manages the liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk, such as equity price risk and commodity risk. The value of a financial instrument may change as a result of changes in the

interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Financial instruments affected by market risk include loans and borrowings, deposits and investments. Capital Management Our Company manages its capital structure in a manner to ensure that it will be able to continue as a going concern while optimising the return to stakeholders through the appropriate debt and equity balance. Our Company's capital structure is represented by Equity (comprising issued capital, retained earnings and other reserves as detailed in Notes 17 and 18 of the Restated Financial Information) and Debt (borrowings as detailed in Note 23 of the Restated Financial Information). Our Company's management reviews the capital structure of our Company on an annual basis. As a part of this review, the management considers the cost of capital and the risks associated with each class of capital. Competitive Conditions We operate in a competitive environment. For further information, please see ‘Risk Factors’, ‘Industry Overview’,‘Our Business - Competition’ on pages41,196, and313, respectively. Seasonality / Cyclicality of business While our business is not seasonal or cyclical it experiences an increase in sales during festive seasons such as Ganesh Chaturthi, Padwa, Akshay Tritiya, Gudi Padwa, Dussehra and Diwali, and Independence Day and Republic Day.Historically, we have seen a noticeable increase in sales during the festive period falling during the 3rd quarter of eachFinancial Year on account of Dussehra and Diwali. Also, see ‘Risk Factor - Our business is subject to volatility in sales, in particular during festive seasons, due to which there may be fluctuation in the sales of our products and our working capital requirements. Our quarterly results published upon listing may not be indicative of our annualfinancial performance and results of operations’ on page62. Unusual or infrequent events or transaction Except as set out in this Draft Red Herring Prospectus, there have been, to our knowledge, no unusual or infrequent events or transactions that have in the past, or may in the future, affect our business operations or future financial performance. Segment Reporting Our Company’s is principally engaged in a single business segment i.e. retail. Accordingly, there is no segmentreporting. Extent to which material increases in net sales or revenue are due to increased sales volume, and increased sales prices Our net sales or revenue are significantly dependent on the sales volume of our products as well as the sales price of the products. Total turnover of each major industry segment in which our Company operated Set out below is our revenue from operations from mobile phones, pre-owned mobile phones (Mobile Exchange Wala), accessories, other electronic items and ancillary services during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023:

Significant economic changes that materially affect or are likely to affect income from continuing operations Our business has been, and we expect it to continue to be, subject to significant economic changes that materially affect or are likely to affect income from continuing operations identified above in this chapter. For further details see‘Risk Factors’ and ‘Industry Overview’, on pages41 and196, respectively. Known Trends or Uncertainties Our business has been, and we expect will continue to be, subject to significant economic changes arising from thetrends identified above under ‘Principal Factors Affecting our Financial Condition and Results of Operations and the uncertainties described in the section ‘Risk Factors’ on page41. To our knowledge, except as has been described in this Draft Red Herring Prospectus, there are no known trends or uncertainties, that have or had or are expected to have a material adverse impact on our revenues from continuing operations. Future Relationships between Costs and Income Other than as described in ‘Risk Factors’, ‘Our Business’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ on pages41,278 and434, respectively, to our knowledge, there are no known factors that may have a material adverse impact on our business, results of operations and financial condition. New Services or Business Segments Except as disclosed in this Draft Red Herring Prospectus, we have not announced and do not expect to announce any new services or business segments in the near future. Significant Developments after June 30, 2025 that may affect our results of operations Except as disclosed in this Draft Red Herring Prospectus, there are, to our knowledge, no significant developments after the date of the last financial statements contained in this Draft Red Herring Prospectus which materially and adversely affects, or is likely to affect, our operations or profitability, or the value of our assets, or our ability to pay our material liabilities within the next 12 months.

This section is a general summary of the terms of the Offer and of certain disclosures included in this Draft Red Herring Prospectus and is not exhaustive, nor does it purport to contain a summary of all the disclosures in thisDraft Red Herring Prospectus, including ’Risk Factors’, ‘The Offer’, ‘Capital Structure’, ‘Objects of the Offer’, ‘Industry Overview’, ‘Our Business’, ‘Our Promoters and Promoter Group’, ‘Restated Financial Information’,and ‘Outstanding Litigation and Material Developments’, ‘Offer Procedure’, and ‘Description of Equity Shares and Terms of Articles of Association’ on pages41,96,116,152,196,278,368,476,489,534 and557, respectively. Summary of the business of our Company We are a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations in 4 states i.e., Maharashtra, Karnataka, Madhya Pradesh and Goa with focus on tier II and tier III and beyond cities. As of March 31, 2025, we operated 347 stores in India, of which 334 stores were in Maharashtra, which as per the Knowledge Company Report, positioned us as the largest mobile phone retail chain in West India (i.e., Gujarat, Maharashtra, Goa, Madhya Pradesh, Dadra & Nagar Haveli and Daman & Diu) and in Maharashtra and the 4th largest in India, amongst our peers. For further information, see ‘Our Business’ beginning on page278. Summary of industry As per the Knowledge Company Report, India’s mobile phone market grew from ₹ 2,053 billion in Fiscal 2019 to ₹ 3,226 billion in Fiscal 2024 at a CAGR of 9.5% and is projected to reach ₹ 5,198 billion by Fiscal 2030,growing at a CAGR of 9.0%. In Maharashtra, the mobile phone market was valued at ₹ 514 billion, accountingfor 15.2% of the India mobile phone market in Fiscal 2025. The Indian pre-owned mobile phone market reached ₹ 787 billion in Fiscal 2025 and is expected to grow to ₹ 1,419 billion at CAGR of 12.5% till Fiscal 2030. For further information, see ‘Industry Overview’ beginning on page196. Names of our Promoters Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh are the Promoters of our Company. For further details, see ‘Our Promoters and Promoter Group’ on page368. Offer size (1) The Offer has been authorised by our Board pursuant to the resolution passed at its meeting dated November 29, 2025, and the Fresh Issue has been authorised by our Shareholders pursuant to a special resolution passed at their meeting dated December 8, 2025. Further, our Board has taken on record the approval for the Offer for Sale by the Selling Shareholder pursuant to the resolution passed at its meeting dated November 29, 2025. Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement of Equity Shares, as may be permitted under the applicable law, aggregating up to ₹ 600.00 million prior to filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company, in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR. The Pre-IPO Placement, if undertaken shall not exceed 20% of the size of the Fresh Issue. The utilisation of the proceeds raised pursuant to the allotment of the Equity Shares issued pursuant to the Pre- IPO Placement will be done towards the Objects in compliance with requirements prescribed under the Companies Act and other applicable law. Prior to the

Aggregate Pre-Offer Shareholding of Promoters, the Selling Shareholders and the members of our Promoter Group (other than Promoters) as a percentage of the paid-up equity share capital *Also, Selling Shareholders. Pre and post-Offer shareholding of Promoters, Promoter Group (other than our Promoters) and Additional top 10 Shareholders of our Company Set out below is the Pre-Offer and Post-Offer shareholding of our Promoters, Promoter Group and Additional top 10 Shareholders as of the date of allotment:

Financing Arrangements There have been no financing arrangements whereby our Promoters, members of our Promoter Group, our Directors and their relatives have financed the purchase by any other person of securities of our Company, other than in the normal course of business of the relevant financing entity, during a period of 6 months immediately preceding the date of this Draft Red Herring Prospectus. Average Cost of Acquisition of Equity Shares by our Promoters and the Selling Shareholders The average cost of acquisition per Equity Share for our Promoters and Selling Shareholders as at the date of this Draft Red Herring Prospectus is set forth below: *Also, Selling Shareholders. ^As certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate datedDecember 27, 2025. Details of price at which Equity Shares were acquired by our Promoters, the members of our Promoter Group, Selling Shareholders and Shareholders with right to nominate Directors or other rights in the last 3 years preceding the date of this Draft Red Herring Prospectus Except for below, our Promoters, the members of our Promoter Group, and the Selling Shareholders have not acquired any specified securities in the last 3 years preceding the date of this Draft Red Herring Prospectus: *Also, Selling Shareholders. ** These acquisitions were undertaken prior to sub-division of face value of Equity Shares and the bonus issue of Equity Shares. #N.A. denotes either shares acquired through bonus issue or gift. ^As certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate dated December 27, 2025. There are no Shareholders who are entitled to nominate Directors or have any other special rights. For further details, see ‘Capital Structure’ on page116.

bonus issue of Equity Shares. Weighted average price at which the specified securities were acquired by our Promoters and the Selling Shareholders in the last one year preceding the date of this Draft Red Herring Prospectus Weighted average price at which the specified securities were acquired by our Promoters and Selling Shareholders in the last one year is given below: ^ As certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate datedDecember 27, 2025. *Also, Selling Shareholders. Details of Pre-IPO Placement Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement of Equity Shares, as may be permitted under the applicable law, aggregating up to ₹ 600.00 million prior to filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company, in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR. The Pre- IPO Placement, if undertaken shall not exceed 20% of the size of the Fresh Issue. The utilisation of the proceeds raised pursuant to the allotment of the Equity Shares issued pursuant to the Pre- IPO Placement will be done towards the Objects in compliance with requirements prescribed under the Companies Act and other applicable law. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer or that the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety). Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and Prospectus. Issue of Equity Shares for consideration other than cash in the last 1 year Our Company has not revalued its assets since incorporation and has not issued any Equity Shares (including bonus shares) by capitalizing any revaluation reserves. Except as set forth below, our Company has not issued any Equity Shares for consideration other than cash or by way of bonus issue in the last 1 year preceding the date of this Draft Red Herring Prospectus.

- - - - - - - - - - 13. We are dependent on technology in carrying out our business activities. Our centralised system with 2 modules which comprises inventory management and enterprise resource planning systems is also integral for our business operations. If there is a failure or inadequacies in our systems then we may not be able to compete effectively which may result in lower revenue, higher costs and would adversely affect our business and results of operations. - - - - 14. We have incurred indebtedness aggregating to ₹ 1,310.29 million as of October 31, 2025. Our financing agreements contain covenants that might limit our flexibility in operating our businesswhich exposes us to various risks which may have an adverse effect on our business, results of - - - - - reliant on our ability to efficiently manage our expenses (particularly corporate overheads), consistently increase our sales, and effectively and efficiently execute our operations including managing and maintaining optimal inventory levels and maintaining pricing discipline. A failure to do so could impact our profitability, results of operations and financial conditions.If we overstock inventory, our working capital requirements may increase, which may require us to incur additional financing costs. If we understock inventory, our ability to meet consumer demand and our operating results may be adversely affected. Any mismatch between our planning and the actual consumption by consumers can impact us adversely, leading to potential excess inventory and requiring us to resort to higher markdown and thus lower margins, in order to clear such inventory. Further, while we deal with various brands of mobile phones, accessories and electronic items (i.e.,televisions, laptops and tablets), weoperate a high volume business which requires us to manage an inventory of a large number of products at any given point in time. Any mismanagement of our inventorycould have a material adverse effect on our results of operations, financial condition, and cash flows. To ensure seamless and efficient distribution of products to our store and to reduce our transport cost and manage our inventory efficiently, we have 1 owned warehouse and 1 leased warehouse which are strategically located in Kolhapur in Maharashtra, and we have arrangements with 4 logistics service providers located in Mumbai, Pune and Nagpur in Maharashtra and Bhopal in Madhya Pradesh. Each warehouse / logistics arrangement assists us in operating a ‘hub and spoke’ model (i.e., distribution of products from these locations to multiple stores). Any disruption in the functioning of our warehouses / logistics arrangements may impact our inventory distribution which may adversely affect our operations, business, cash flows and financial condition. Our centralised system with 2 modules which comprises inventory management and enterprise resource planning systems are critical to our business and are used to record and process transactions at our stores, manage our operations including inventory and assists in assessing demand. We also rely on third party software for managing our business operations including in relation to accounting, asset management and cash management. For details, see ‘Our Business – Business Operations - Information Technology Systems’ on page308. Computer and data processing systems are generally prone to disturbances, damage, electricity failure, computer viruses and other attempts to undermine cyber security. While during the 3 months period ended June 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, we have not faced any disruptions, outages, and other performance problems with our infrastructure including in the technology, we may in the future experience such instances due to a variety of factors, including infrastructure changes, introduction of new functionality, human or software errors, or other cyber security-related incidents. In some instances, we may not be able to identify the cause or causes of these performance problems immediately or in short order. Frequent or persistent interruptions may impact our operations, including in relation to assessing demand for inventory and allocation of inventory to our stores, and our ability to compete effectively which may result in lower revenue, higher costs and would adversely affect our business and results of operations. Our information technology systems including our centralised system comprising inventory management and enterprise resource planning systems may not always operate without interruption and may encounter temporary abnormality or become obsolete, which may adversely affect our ability to maintain connectivity with our stores and warehouses and efficiently maintain our operational processes. While we have not faced any such instance during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 which has had a material impact on our operations and financial condition, we cannot assure you that we will not face any such instance in the future. We cannot assure you that we will be successful in developing, installing, running and migrating to new software systems or systems as required for our overall operations. Even if we are successful in this regard, significant capital expenditures may be required, and we may not be able to benefit from the investment immediately. The occurrence of any of such event may have an adverse impact on our operations and profitability.

business requirements and any such equity issuance may adversely impact the trading price of the Equity Shares. There are outstanding legal proceedings involving our Company, Promoters, Directors, and Subsidiary. These proceedings are pending at different levels of adjudication before a range of courts, tribunals, authorities and arbitrators. In the event of adverse rulings in these proceedings or consequent levy of penalties, we may need to make payments or make provisions for future payments, and which may increase expenses and current or contingent liabilities. Apart from these proceedings, if our Company, our Promoters, our Directors, Subsidiary, Key Managerial Personnel or Senior Management become involved in any legal proceedings in the future, then they may be required to devote management and financial resources in the defence or prosecution of such legal proceedings. Should any new developments arise, including a change in Indian law or rulings against us by the appellate courts or tribunals, we may face losses and have to make further provisions in our financial statements, which could increase our expenses and our liabilities. There can be no assurance that any litigation will not be brought against us in the future. Decisions in such proceedings adverse to our interests may have a material adverse effect on our business, cash flows, financial condition, and results of operations. A summary of outstanding litigation and the monetary amount involved in the cases against our Company, our Promoter, our Directors, our Subsidiary, Key Managerial Personnel and Senior Management, are currently involved in is mentioned in below: *In accordance with our Materiality Policy. For further details, see ‘Outstanding Litigation and Other Material Developments’at page489. **To the extent quantifiable.

*Employee Attrition has been calculated as employees exited during the period divided by the average number of employees for the period. The average number of employees is computed as number of employees at the beginning and end of the period. Some of the brands whose mobile phones we retail typically depute their own representatives at ourstores. These representatives are known as ‘brand promoters’ and their salaries are paid by the brands directly. This arrangement ensures focused brand visibility and enables the ‘brand promoters’ to activelydrive sales for their designated brand within our store. While during the 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, we have not faced any instance of a brand refusingto depute ‘brand promoters’ at our stores, of all or some of our brands stop deputing ‘brand promoters’at our stores, then it may have an adverse impact on our business operations and financial condition. As we continue to expand our operations, we will need to continue to attract and retain experienced managerial personnel. We could incur additional expenses and need to devote significant time and resources to recruit and train replacement personnel, which could further disrupt our business and growth.Any increase in employee benefit expense could reduce our profitability. Further, our ability to meet continued success and future business challenges depends on our ability to attract, recruit and train experienced, talented and skilled professionals. The loss of the services of any key personnel or our inability to recruit or train a sufficient number of experienced personnel or our inability to manage the attrition levels in different employee categories may have an adverse effect on our financial results and business prospects. While we have not faced any such instance during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 which has had a material impact on our operations and financial condition, we cannot assure you that we will not face any such instance in the future. If we are unable to offer qualified personnel adequate compensation or sustain their employee benefits plans, we may be unable to attract or retain our employees and the competition for highly skilled personnel may require us to increase salaries, which increased costs we may be unable to pass on to our customers. We may also receive customer complaints or disputes in relation to the conduct of our employees, particularly those who deal with our customers. While during the 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, there has not been any such customer complaint or dispute, we cannot assure you that we will not receive such complaint or dispute in the future. Any such customer complaint or dispute could result in lower sales, customer dissatisfaction and damage to our brand and reputation. We have registered certain of our trademarks. In addition, we have made applications for registration of certain trademarks which are currently pending. Set out below are some of our trademarks which are pending registration:

other stakeholders. We believe that our business and growth strategies will place great demands on our Key Managerial Personnel and Senior Management and other resources and will require us to develop and improve operational, financial and other internal controls. Further, our business and growth strategies may require us to incur further indebtedness. Any inability to manage our business and growth strategies could adversely affect our business, financial condition and results of operations. Our current growth strategies include (i) Deepening our penetration in existing geographies in line with the anticipated growth in industry demand and expanding our operations in adjacent identified geography i.e., Chhattisgarh; (ii) Increasing focus on accessories and other electronic items which offer higher margins compared to mobile phones; (iii) Expanding our store network including Mobile Exchange Wala stores and increasing focus on retailing pre-owned mobile phones; and (iv) Entering into tie-up arrangements directly with brands of mobile phones, accessories and other electronic items. For details, see ‘Our Business – Strategies’ on page297. We cannot assure you that we will be able to execute our strategies in a timely manner or within budget estimates or that we will meet the expectations of our customers and other stakeholders. During the current Fiscal, pursuant to a brand acquisition agreement, we have acquired a brand which is focussed on sales of accessories i.e., , which we have subsequently licensed to our Subsidiary i.e., Nexora. We have, through Nexora, started sale of accessories of this brand in the audio category, hearable category, wearable category, mobile charging category and automotive electronics - dashboard camera, on a B2B (business to business basis). Further, to grow our business operations inorganically, we have entered into a share subscription and shareholders agreement with Olineo Nexus India Private Limited (Olineo) and others on December 12, 2025 for a strategic acquisition of the majority shareholding of Olineo, which operates in a similar line of business as ours, under the brand ‘Olineo’.The transaction under this agreement has not yet consummated. Also see ‘History and Certain Corporate Matters – Material Agreements’ on page338. There can be no assurance that we will be able to successfully integrate, manage and realize the strategic and/or operational benefits of these acquisitions. We also cannot guarantee that these acquisitions will meet our performance expectations or contribute to our profitability. Financial losses from underperforming investments could limit our ability to invest in other growth opportunities, which could have an adverse impact our business, financial condition, and results of operation. To further increase our sales and presence, we are also evaluating setting up an e-commerce platform on our website wherein the customers will be able to place orders online and the delivery of the products to the customers will be undertaken through our network of stores (i.e., an online to offline platform). Further, to improve our customer retention, encouraging repeat purchases, and promoting accessory sales, we have recently entered into an arrangement with EasyRewardz Software Services Private Limited (Easy Rewardz) to introduce a customer loyalty programme. There can be no assurance that these initiatives will achieve the intended benefits for us or will meet performance expectations or contribute to our profitability. We believe that our business and growth strategies and these initiatives will place significant demands on our Key Managerial Personnel and Senior Management and other resources and will require us to develop and improve operational, financial and other internal controls. Our inability to maintain our growth or failure to successfully implement our growth strategies within time and cost expectations could have an adverse impact on the results of our operations, our financial condition and our business prospects. We believe in retailing quality products to our customers and to this effect we maintain internal qualitycontrol and quality assurance checks. Also, see ‘Business - Business Operations - Quality Assurance and Quality Control’ on page307. However, we face the risk of legal proceedings and claims being brought against us by our customers on account of supply of defective products to us which are subsequently sold

Our Promoters i.e., Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh, who are also the Promoter Selling Shareholder, and Rakhi Narendra Firodia who is an Other Selling Shareholder have acquired Equity Shares, at a price which could be below the Offer Price.For more details see ‘Capital Structure’ on page116. The average cost of acquisition of Equity Shares by our Selling Shareholders since incorporation of our Company, is set out below: *As certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate dated December 27, 2025 The aforementioned average cost of acquisition of Equity Shares by our Selling Shareholders may be lower than the Offer Price. Our Company has also issued Equity Shares during the last 1 year which may also be lower than the Offer Price. For details of Equity Shares issued during the last 1 year, see ‘Capital Structure – Equity Share capital history of our Company’ on page118. The price at which our Company has issued the Equity Shares in the past is not indicative of the price at which they will be issued or traded. Our funding requirements and proposed deployment of Net Proceeds as set out in the section ‘Objects of the Offer’ at page152 are based on management estimates and have not been appraised by any bank or financial institution. Our funding requirements are based on our current business plan and may vary based on various factors including macro-economic and other changes. In view of the dynamic nature of the industry in which we operate, we may have to revise our business plan from time to time and, consequently, the funding requirement and the utilization of proceeds from the Offer may also change. We may make necessary changes to utilisation of the Offer Proceeds in compliance with the provisions of the Companies Act, 2013. In the event of any variation in actual utilization of the Offer Proceeds, any increased fund deployment for a particular activity may be met from funds earmarked from any other activity and, or, from our internal accruals. Further, any such revision in the estimates may require us to revise our projected expenditure which may have a bearing on our profitability. In addition to this, the estimates of the management may be inaccurate, and we may require additional funds to implement the purposes of the Offer. The funding requirements and the deployment of the proceeds from the Fresh Issue are based on the current business plan, current conditions, internal management estimates and strategy of our Company, which may be subject to changes. Accordingly, prospective investors in the Offer will need to rely upon

our management’s judgment with respect to the use of Net Proceeds.Further, our management will have broad discretion in how we apply the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment.Various risks and uncertainties, such as economic trends and business requirements, competitive landscape, as well as general factors affecting our results of operations, financial condition and access to capital, may limit or delay our efforts to use the Net Proceeds to achieve profitable growth in our business. Thus, the use of the Net Proceeds for the purposes identified by our management may not result in actual growth of our business, increased profitability or an increase in the value of our business and your investment. Further, in accordance with Sections 13(8) and 27 of the Companies Act 2013, we cannot undertake anyvariation in the utilisation of the Net Proceeds without obtaining the shareholders’ approval through aspecial resolution. In the event of any such circumstances that require us to undertake variation in thedisclosed utilisation of the Net Proceeds, we may not be able to obtain the shareholders’ approval in a timely manner, or at all. Any delay or inability in obtaining such shareholders’ approval may adversely affect our business or operations. However, we will have flexibility in utilizing the balance Net Proceeds, if any, for general corporate purposes, subject to such utilisation not exceeding 25% of the Gross Proceeds from the Fresh Issue in accordance with Regulation 7(2) of the SEBI ICDR Regulations. Additionally, our Promoters would be required to provide an exit opportunity to Shareholders who do not agree with our proposal to change the objects of the Offer or vary the terms of such contracts, at a price and manner as prescribed by applicable SEBI regulations. Additionally, the requirement on the Promoters to provide an exit opportunity to such dissenting shareholders may deter the Promoters from agreeing to the variation of the proposed utilisation of the Net Proceeds, even if such variation is in the interest of our Company. Further, we cannot assure you that the Promoters of our Company will have adequate resources at their disposal at all times to enable them to provide an exit opportunity at the price prescribed by SEBI. In light of these factors, we may not be able to undertake variation of objects of the Offer to use any unutilized proceeds of the Offer, if any, or vary the terms of any contract referred to in this Draft Red Herring Prospectus, even if such variation is in the interest of our Company. This mayrestrict our Company’s ability to respond to any change in our business or financial condition by re- deploying the unutilised portion of Net Proceeds, if any, or varying the terms of contract, which may adversely affect our business and results of operations. Further, we may not be able to utilise the proceeds from the Fresh Issue in this Offer in the manner set out in this Draft Red Herring Prospectus in a timely manner or at all. As a consequence of any increased expenditure, the actual deployment of funds may be higher than estimated. There is no assurance that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment. The Offer consists of a Fresh Issue of up to [●] Equity Shares aggregating up to ₹ 3,000.00 million and an Offer for Sale of up to [●] Equity Shares aggregating up to ₹ 2,000.00 million. The Offer for Sale comprises 40% of the total Offer size. The Selling Shareholders will be entitled to the Net Proceeds from the Offer for Sale, which comprises proceeds from the Offer for Sale net of Offer Expenses in relation to the Offer for Sale, and we will not receive any of the proceeds from the Offer for Sale. Set out below are the details of our contingent liabilities and commitments as at June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023:

- - - - - - - 53. Our Subsidiary, certain entities forming part of the Promoter Group and one of our Group Company operate in a similar line of business as our Company. Conflicts of interest may arise out of common pursuit between our Company, our Subsidiary, and such Group Company and Promoter Group entities, which may lead to competition with these entities and could potentially result in a loss of business opportunity for our Company. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - capital needs; (vi) resources required for acquisitions (organic/inorganic); (vii) contingency reserves and debt servicing obligations; (viii) general corporate purposes; (ix) economic conditions and industry outlook; (x) legal and regulatory developments; (xi) applicable taxes (including dividend tax) and (xii) restrictions imposed by lending agreements and any other factors deemed relevant by the Board. We may retain all our future earnings, if any, for use in the operations and expansion of our business. As a result, we may not declare dividend in the foreseeable future. In addition, our ability to pay dividends may be impacted by a number of other factors, including any tax and regulatory changes in the jurisdiction in which our Company operates which significantly affects the business, restrictive covenants under our future loan or financing documents or arrangements, our Company may enter into finance our fund requirements for our business activities from time to time, applicable Indian legal restrictions, ourCompany’s Articles of Association, and other factors considered relevant by the Board of Directors of our Company. For further details, see the ‘Dividend Policy’ at page374. Our Subsidiary, Nexora Smart Tech Private Limited, is engaged in the similar line of business as that of our Company. However, there is no conflict of interest amongst our Subsidiary and our Company as the Subsidiary is controlled by our Company. Further, certain members of our Promoter Group i.e., SS Distributors, S.S. Communication & Services (sole proprietorship firm of Siddharth Gunvant Shah), Harshal Kishor Parekh (HUF) (sole proprietor of SS Corporation), and Siddharth Gunwant Shah (HUF)(sole proprietor of SS Communication IT), and our Group Company and a member of our Promoter Group viz., I-Kingdom Retail LLP (earlier known as I-Kingdom Retail Private Limited), are also engaged in the similar line of business as that of our Company. While we cannot assure you that a conflict of interest will not arise if the entity decides to pursue such activities in the future, our Company shall adopt necessary procedures and practices as permitted by law and regulatory guidelines to address any instances of conflict of interest, if and when they may arise. For details of the business operations of our Subsidiarysee ‘Our Subsidiary’ on page340. Also, see ‘Our Promoters and Promoter Group - Interest of our Promoters - Interest in our Company arising out of being a member of a firm or company’ and ‘Group Companies – Common Pursuits of our Group Companies’ on pages370 and502. Our Company shall adopt necessary procedures and practices as permitted by law and regulatory guidelines to address any instances of conflict of interest, if and when they may arise. Further, our Promoters may become involved in ventures that may potentially compete with our Company. The interests of our Promoters may conflict with the interests of our other Shareholders and our Promoters may, for business considerations or otherwise, cause our Company to take actions, or refrain from taking actions, in order to benefit themselves instead of our Company’s interests or the interests of its other Shareholders which may be harmful to our Company’s interests or the interests of our other Shareholders and materially adversely impact our business, financial condition, results of operations and cash flows. Our Company has entered into separate Non-Compete and Non-Solicitation Agreements with Restricted Parties i.e., each SS Distributors, Harshal Kishor Parekh (HUF) (sole proprietor of SS Corporation), I-Kingdom Retail LLP, Siddharth Gunwant Shah (HUF) (sole proprietor of SS Communication IT) and S.S. Communication & Services (sole proprietorship firm of Siddharth Gunvant Shah). Pursuant to the Non-Compete and Non- Solicitation Agreements, Restricted Parties have agreed that for a period of 5 years from the date of these agreements, the Restricted Parties will not (i) engage in, carry on, promote, invest in, advise, assist or be associated with any activity or enterprise / entity that competes with or is materially similar to or engage in carrying out business that is similar to the Business (as defined in the agreement) of our Company; (ii) hold any controlling or management interest in any competing enterprise / entity which is engaged in Business (as defined in the agreement) similar to that of our Company; (iii) permit the use of its name, brand, reputation or influence in a manner detrimental to the interests of our Company; (iv) solicit or attempt to solicit any customers, clients, vendors, suppliers, service providers, distributors, franchisees or business partners of our Company; solicit or induce any employee, consultant or key managerial personnel of our Company to terminate or alter their engagement with our Company. Also, see ‘History and Certain Corporate Matters – Material Agreements’ on page338. However, we cannot assure you that our Directors, our Promoter Group and our Group Companies will not provide competitive services or otherwise compete in business lines in which we are already present or will enter into in the future. In such event, our business, financial condition and results of operations may be adversely affected.

- - - - - - - - - - - 54. Certain sections of this Draft Red Herring Prospectus disclose information from the KnowledgeCompany Report commissioned and paid for by the Company in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks. - - - - - 55. Our Promoters, Directors and Key Management Personnel are interested in our Company other thanreimbursement of expenses or normal remuneration or benefits. - - - - - 56. Our Promoters and Promoter Group will, even after the completion of the Offer, continue to be our largest Shareholders and can influence the outcome of resolutions, which may potentially involve conflict of interest with the other Shareholders. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Certain sections of this Draft Red Herring Prospectus includes industry related information based on or derived from or extracts of the Knowledge Company Report titled ‘Industry Report on Consumer Electronics Market in India’ dated December 27, 2025, prepared by Knowledge Company (a group entity of Technopak Advisors Private Limited), a research house, pursuant to an engagement with our Company through an engagement letter dated June 6, 2025, which has been commissioned and paid for by our Company and any reliance on such information for making an investment decision in the Offer is subject to inherent risks. Knowledge Company has, pursuant to their consent letter dated December 27, 2025 (Letter) accorded their no objection and consent to use the Knowledge Company Report in connection with the Offer. Knowledge Company is not connected to our Company, Subsidiary, our Directors, our Promoters, our Key Managerial Personnel or our Senior Management. We commissioned and paid for this report for the purpose of confirming our understanding of the industry in connection with the Offer. All such information sourced from Knowledge Company Report in this Draft Red Herring Prospectus indicates Knowledge Company Report as its source. Accordingly, any information in this Draft Red Herring Prospectus derived from, or based on, Knowledge Company Report should be read taking into consideration the foregoing. Industry sources and publications are also prepared based on information as of specific dates and may no longer be current or reflect current trends. Further, Knowledge Company Report is not a recommendation to invest / disinvest in any company covered in Knowledge Company Report. Accordingly, prospective investors should not place undue reliance on, or base their investment decision solely on this information. In view of the foregoing, you may not be able to seek legal recourse for any losses resulting from undertaking any investment in the Offer pursuant to reliance on the information in this Draft Red Herring Prospectus based on, or derived from, Knowledge Company Report. You should consult your own advisors and undertake an independent assessment of information in this Draft Red Herring Prospectus based on, or derived from, Company commissioned Knowledge Company Report before making any investment decision regarding the Offer. Also, see ‘Industry Overview’ and ‘Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation – Industry and Market Data’ on pages196 and35. Our Promoters, some of our Directors and Key Managerial Personnel, have an interest in our Company other than reimbursement of expenses incurred and normal remuneration or benefits. Our Company has had related party transactions with our Promoters, some of our Directors and Key Managerial Personnel during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 including in the form of rent paid for leased property, rent paid for usage of car and interest on unsecured loan borrowed by the company, interest paid on CCDs, professional fees and commission expenses. Further, our Promoters and certain Directors and Key Managerial Personnel may be deemed to be interested to the extent of Equity Shares held by them or their relatives or members of Promoter Group. Also, see ‘OurManagement’, ‘Our Promoters’ and ‘Restated Financial Information - Note 39 - Related Party Disclosures’ on page342,368 and 418. Our Company cannot assure you that our Promoters, Directors and our Key Managerial Personnel will exercise their rights as shareholders to the benefit and best interest of our Company. As on date of this Draft Red Herring Prospectus, our Promoters and members of the Promoter Group hold an aggregate of 49,883,600 Equity Shares, constituting 75.74% of the Equity Share capital of ourCompany and they will continue to hold [●]% of the Equity Share capital after the completion of this Offer. Accordingly, our Promoters and members of the Promoter Group, collectively, will have the ability to significantly influence our corporate decision-making process. This will include the ability to appointDirectors on our Board and the right to approve significant actions at the Board and at the Shareholders’

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 62. Sale of Equity Shares by our Promoters in future may adversely affect the market price of the Equity Shares. - - - - - 63. There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder’s ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time. - - - - - 64. The determination of the Price Band and Offer Price is based on various factors and assumptions, and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer. Further, the current market price of some securities listed pursuant to certain previous issues managed by the BRLMs is below their respective issue price. - - - - - 65. There is no guarantee that our Equity Shares will be listed on the BSE and the NSE in a timely manner or at all. - - - - - - - - - - - - - - - - - - - - - - - - - After the completion of the Offer, our Promoters will still own a significant percentage of our issued Equity Shares. Sale of a large number of the Equity Shares by our Promoters could adversely affect the market price of the Equity Shares. Similarly, the perception that any such primary or secondary sale may occur, could adversely affect the market price of the Equity Shares. No assurance may be given that our Promoters will not dispose of, pledge, or encumber their Equity Shares in the future. Following the Offer, our listed Equity Shares will be subject to a daily “price band” imposed on listed companies by the Stock Exchanges, which does not allow transactions beyond certain volatility in the trading price of the Equity Shares. This price band operates independently of the index-based market- wide circuit breakers generally imposed by SEBI on Indian Stock Exchanges. The percentage limit on the Equity Shares’ circuit breaker will be set by the Stock Exchanges based on historical volatility in the price and trading volume of the Equity Shares. The Stock Exchanges are not required to inform our Company of the percentage limit of the circuit breaker, and they may change the limit without our knowledge. This price band would effectively limit the upward and downward movements in the trading price of the Equity Shares beyond the circuit breaker limit set by the Stock Exchanges. As a result of this price band, we cannot give you any assurance regarding the ability of shareholders to sell Equity Shares or the price at which shareholders may be able to sell their Equity Shares. The determination of the Price Band is based on various factors and assumptions and will be determined by our Company in consultation with the BRLMs. Furthermore, the Offer Price of the Equity Shares will be determined by our Company in consultation with the BRLMs through the Book Building Process. These will be based on numerous factors, including factors as described under ‘Basis for the Offer Price’on page172 and may not be indicative of the market price for the Equity Shares after the Offer. In addition to the above, the current market price of securities listed pursuant to certain previous initial public offerings managed by the BRLMs is below their respective issue price. For further details, see ‘Other Regulatory and Statutory Disclosures - Price information of past issues handled by the BRLMs’ on page513. The factors that could affect the market price of the Equity Shares include, among others, broad market trends, our financial performance and results post-listing, and other factors beyond our control. We cannot assure you that an active market will develop, or sustained trading will take place in the Equity Shares or provide any assurance regarding the price at which the Equity Shares will be traded after listing. The market price of the Equity Shares could be subject to significant fluctuations after the Offer and may decline below the Offer Price. We cannot assure you that the investor will be able to resell their Equity Shares at or above the Offer Price resulting in a loss of all or part of the investment. The relevant financial parameters based on which the Price Band would be determined shall be disclosed in the Pre-Offer and Price Band Advertisement. For further details, see ‘Basis for the Offer Price’ on page172. There is no guarantee that our Equity Shares will be listed on the BSE and the NSE in a timely manner or at all. In accordance with Indian law, permission for listing and trading of our Equity Shares will not be granted until after certain actions have been completed in relation to this Offer and until Allotment of Equity Shares pursuant to this Offer. In accordance with current regulations and circulars issued by SEBI, our Equity Shares are required to be listed on the BSE and the NSE within such timeline as prescribed by such circulars, subject to any change in the prescribed timeline in this regard. However, we cannot assure you that the trading in our Equity Shares will commence in a timely manner or at all. Any failure or delay in obtaining final listing and trading approvals may restrict your ability to dispose of your Equity Shares.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 77. Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares. - - - - - 78. Investors may have difficulty enforcing foreign judgments against us or our management. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Indian legal principles related to corporate procedures, directors’ fiduciary duties and liabilities, and shareholders’ rights may differ from those that would apply to a company in another jurisdiction. Shareholders’ rights including in relation to class actions, under Indian law may not be as extensive as shareholders’ rights under the laws of other countries or jurisdictions. Investors may have more difficulty in asserting their rights as shareholder in an Indian company than as shareholder of a corporation in another jurisdiction. Under current Indian tax laws, unless specifically exempted, capital gains arising from the sale of equity shares in an Indian company are generally taxable in India. Further, securities transaction tax (STT) shall be levied on and collected by an Indian stock exchange on which our Equity Shares are sold. Any gain realized on the sale of equity shares on a stock exchange held for more than 12 months is subject to long term capital gains tax in India. As per the existing provisions under Income Tax Act, such long-term capital gains exceeding ₹ 0.125 million arising from the sale of listed equity shares on a stock exchange are subject to tax at the rate of 12.5% (without indexation and exchange variation benefit), provided that STT has been paid at the time of acquisition and transfer of shares. Similarly, any gain realized on the sale of listed equity shares held for a period of 12 months or less and on which STT has been paid on transfer will be subject to short-term capital gains tax at a rate of 20%. Accordingly, you may be subject to payment of long-term capital gains tax in India, in addition to payment of a STT, on the sale of any Equity Shares held for more than 12 months. Further, any gain realized on the sale of listed equity shares held for a period of 12 months or less will be subject to short term capital gains tax in India. Capital gains arising from the sale of the Equity Shares will be exempted from taxation in India in cases where the exemption from taxation in India is provided under a treaty between India and the country of which the seller is resident. Generally, Indian tax treaties do not limit India’s ability to impose tax on capital gains. As a result, residents of other countries may be liable for tax in India as well as in their own jurisdiction on a gain upon the sale of the Equity Shares. The Finance Act, 2020 had stipulated that the sale, transfer and issue of certain securities through exchanges, depositories or otherwise to be charged with stamp duty. The Finance Act, 2020 also clarifiedthat, in the absence of a specific provision under an agreement, the liability to pay stamp duty in case ofsale of certain securities through stock exchanges will be on the buyer, while in other cases of transfer certain securities, other than debentures, on a delivery basis is currently specified under the Finance Act2020 at 0.015% and on a non-delivery basis is specified at 0.003% of the consideration amount. Theseamendments have come into effect from July 1, 2020. Earlier, distribution of dividends by a domestic company was subject to Dividend Distribution Tax (DDT), in the hands of the company and such dividends were generally exempt from tax in the hands of the shareholders. However, the government ofIndia has amended the IT Act to abolish the DDT regime. Under the extant provisions, any dividend distributed by a domestic company is subject to tax in the hands of the concerned shareholder at theapplicable rates. Additionally, the company distributing dividends is required to withhold tax on such payments at the applicable rate. However, non-resident shareholders may claim benefit of the applicabletax treaty, subject to satisfaction of certain conditions. Further, the Government of India has announced the union budget for Fiscal 2026, pursuant to which the Finance Act, 2025, came into force on April 1, 2025 which has introduced various amendments to the IT Act. Unfavourable changes in or interpretations of existing, or the promulgation of new, laws, rules and regulations including foreign investment and stamp duty laws governing our business and operations could result in us being deemed to be in contravention of such laws and may require us to apply for additional approvals. We are incorporated under the laws of India and all of our Directors and Key Managerial Personnel and Senior Management reside in India. All of our assets, and the assets of our Directors and officers, are also located in India. Where investors wish to enforce foreign judgments in India, they may face difficulties in enforcing such judgments. India is not a party to any international treaty in relation to the recognition or enforcement of foreign judgments. India exercises reciprocal recognition and enforcement of judgments in civil and commercial matters with a limited number of jurisdictions. In order to be enforceable, a judgment obtained in a jurisdiction which India recognises as a reciprocating territory must meet certain requirements of the Code of Civil Procedure, 1908, of India (Civil Code). Further, the Civil Code only permits enforcement of monetary decrees not being in the nature of any amounts payable in

The following tables set forth the summary financial information derived from our Restated Financial Information for the 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023. The summary financial information presented below should be read in conjunction with ‘Restated Financial Information’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ on pages375 and434, respectively.

Our Company was originally incorporated as ‘SS Communication & Services Private Limited’, at Kolhapur, Maharashtra as a private limited company under the provisions of Companies Act, 2013 and received a certificate of incorporation issued by the RoC, Central Registration Centre on June 14, 2016. Subsequently, the name of our Company was changed to ‘SS Retail Private Limited’ pursuant to a resolution passed by our Board of Directors in their meeting held on April 10, 2025, and a special resolution passed by the shareholders of our Company on May 29, 2025, and a fresh certificate of incorporation issued by the RoC, Central Processing Centre on July 15, 2025. Thereafter, our Company was converted into a public limited company pursuant to a resolution passed by our Board of Directors in their meeting held on August 29, 2025, and a special resolution passed by the shareholders of our Company on September 04, 2025, and the name of our Company was changed to its present name ‘SS Retail Limited’, pursuant to a fresh certificate of incorporation issued by the RoC, Central Processing Centre on September 26, 2025. For further details in relation to the changes in the name of our Company, see ‘History and Certain Corporate Matters’ on page323. Registered and Corporate Office of our Company The address and certain other details of our Registered and Corporate Office are as follows: SS Retail Limited 399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur – 416 003, Maharashtra, India. Telephone: +91 90961 91222 E-mail: compliance@ssmobile.com Website: www.ssmobile.com For details of our incorporation, changes to our name and change in registered office, see ‘History and Certain Corporate Matters’ on page323. Company registration number and corporate identity number The registration number and corporate identity number of our Company are as follows: Company Registration Number: 164991 Corporate Identity Number: U51599PN2016PLC164991 Registrar of Companies Our Company is registered with the RoC, situated at the following address: Address of the RoC, Maharashtra at Pune PCNTDA Green Building, Block A, 1st & 2nd Floor, Near Akurdi Railway Station, Akurdi, Pune - 411044, Maharashtra, India. Board of Directors Brief details of our Board of Directors as on the date of this Draft Red Herring Prospectus is set out below:

For brief profiles and further details of our Directors, see ‘Our Management’ on page342. Company Secretary & Compliance Officer Kishor Babaso Hupare is the Company Secretary and Compliance Officer of our Company. His contact details are set forth below: 399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur - 416 003, Maharashtra, India. Telephone: +91 90961 91222 E-mail: compliance@ssmobile.com Investor Grievances Investors can contact our Company Secretary and Compliance Officer, BRLMs, or the Registrar to the Offer in case of any pre-Offer or post-Offer related grievances including non-receipt of letters of Allotment, non-credit of Allotted Equity Shares in the respective beneficiary account, non-receipt of refund orders or non-receipt of funds by electronic mode, etc. For all Offer related queries and for redressal of complaints, investors may also write to the BRLMs. All Offer related grievances, other than that of Anchor Investors, may be addressed to the Registrar to the Offer, with a copy to the relevant Designated Intermediary(ies), where the Bid cum Application Form was submitted, quoting the full details such as name of the sole or First Bidder, Bid cum Application Form number, Bidder’s DP ID, Client ID, PAN, address of the Bidder, number of Equity Shares applied for, date of submission of the Bid cum Application Form, name and address of the relevant Designated Intermediary(ies), where the Bid cum Application Form was submitted by the Bidder and ASBA Account number (for Bidders other than UPI Bidders bidding through UPI Mechanism) in which the amount equivalent to the Bid Amount was blocked or UPI ID in case of UPI Bidders applying through the UPI Mechanism. Further, the Bidder shall enclose the

Acknowledgement Slip or provide the application/acknowledgement number received from the Designated Intermediary in addition to the documents/information mentioned hereinabove. All grievances relating to Bids submitted with the Registered Brokers, may be addressed to the Stock Exchanges, with a copy to the Registrar to the Offer. Further, Bidders shall also enclose a copy of the Acknowledgment Slip or provide application number received from the Designated Intermediaries in addition to the information mentioned hereinabove. The Registrar to the Offer shall obtain the required information from the SCSBs for addressing any clarifications or grievances of ASBA Bidders. In terms of the SEBI ICDR Master Circular (to the extent applicable), any ASBA Bidder whose Bid has not been considered for Allotment, due to failure on the part of any SCSB, shall have the option to seek redressal of the same by the concerned SCSB within three months of the date of listing of the Equity Shares. In terms of the SEBI ICDR Master Circular and SEBI RTA Master Circular (to the extent applicable), SCSBs are required to compensate the investor immediately on the receipt of complaint. Further, the BRLMs are required to compensate the investor for delays in grievance redressal from the date on which the grievance was received until the actual date of unblock. All Offer-related grievances of the Anchor Investors may be addressed to the Registrar to the Offer, giving full details such as the name of the sole or First Bidder, Anchor Investor Application Form number, Bidders’ DP ID, Client ID, PAN, date of the Anchor Investor Application Form, address of the Bidder, number of the Equity Shares applied for, name and address of the BRLMs, unique transaction reference number, the name of the relevant bank, Bid Amount paid on submission of the Anchor Investor Application Form and the name and address of the BRLMs with whom the Anchor Investor Application Form was submitted by the Anchor Investor. Further, Bidders shall also enclose a copy of the Acknowledgment Slip or provide the application number received from the Designated Intermediaries in addition to the information mentioned hereinabove. Book Running Lead Managers Anand Rathi Advisors Limited 11th Floor, Times Tower, Kamla City, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India. Telephone: +91 22 4047 7000 E-mail: ssrl.ipo@rathi.com Investor grievance e-mail: grievance.ecm@rathi.com Website: www.anandrathiib.com Contact Person: Shivani Tapadia / Sailesh Jalan SEBI Registration No.: INM000010478 Emkay Global Financial Services Limited 7th Floor, The Ruby, Senapati Bapat Marg, Dadar – West, Mumbai - 400 028, Maharashtra, India Telephone: +91 22 6612 1212 E-mail: ssretail.ipo@emkayglobal.com Investor grievance e-mail: ibg@emkayglobal.com Website: www.emkayglobal.com Contact Person: Radhika Deshmukh / Pooja Sarvankar SEBI Registration No.: INM000011229 Statement of inter se allocation of responsibilities The following table sets out the list of responsibilities for various activities to be performed by the Book Running Lead Managers:

Syndicate Members [●] Legal Counsel to the Company Bharucha & Partners 13th Floor, Free Press House, Free Press Journal Marg, Nariman Point Mumbai - 400 001, Maharashtra, India. Tel: +91 22 2282 9300 Statutory Auditors of our Company M/s. Manek & Associates Flat no. 102, 1st Floor, 47 Avenue, Prarthana Samaj Road Vile Parle (East), Mumbai - 400 057, Maharashtra, India Telephone: +91 22 2618 5110 Contact Person: Shailesh Manek E-mail: mittuldalal@icai.org Firm Registration Number: 126679W Peer Review Number: 014682 Changes in auditors Except as disclosed below there has been no change in the Statutory Auditor of our Company during the last 3 years preceding the date of this Draft Red Herring Prospectus:

allocated to domestic Mutual Fund. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than Anchor Investor Portion) (Net QIB Portion). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to all QIBs. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors (NIIs) (Non-Institutional Category) out of which (a) one-third of the Non-Institutional Category shall be available for allocation to Bidders with a Bid size of more than ₹ 0.2 million and up to ₹ 1.00 million; and (b) two-thirds of the Non-Institutional Category shall be available for allocation to Bidders with a Bid size of more than ₹ 1.00 million, and under- subscription in either of these two sub-categories of the Non-Institutional Category may be allocated to Bidders in the other sub-category of the Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Further, not less than 35% of the Offer shall be available for allocation to Retail Individual Investors (RIIs) (Retail Category), in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All Bidders (except Anchor Investors) shall mandatorily participate in this Offer only through the Application Supported by Blocked Amount (ASBA) process and shall provide details of their respective bank account (including UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter), in which the corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks or by the Sponsor Bank(s), as the case may be. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For further details, see ‘Offer Procedure’ on page534. RISK IN RELATION TO THE FIRST OFFER This being the first public issue of the Equity Shares of our Company, there has been no formal market for the Equity Shares of our Company. The face value of the EquityShares is ₹ 10 each. The Floor Price, the Cap Price and the Offer Price as determined and justified by our Company, in consultation with the BRLMs, on the basis of the assessment of market demand for the Equity Shares by way of the Book Building Process, in accordance with the SEBI ICDR Regulations, and as stated under ‘Basis for theOffer Price’ on page172 should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares of face value of ₹ 10 each are listed. No assurance can be given regarding an active or sustained trading in the Equity Shares of our Company or regarding the price at which the Equity Shares will be traded after listing. GENERAL RISK Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Offer unless they can afford to take the risk of losing their entire investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Offer. For taking an investment decision, investors must rely on their own examination of our Company and the Offer including the risks involved. The Equity Shares of face value of ₹ 10 each in the Offer have not been recommended or approved by the SEBI, nor does SEBI guarantee the accuracy or adequacy of the contents of this Draft Red Herring Prospectus. Specific attention of theinvestors is invited to ‘Risk Factors’ on page41. ISSUER AND SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus contains all information with regard to our Company and the Offer which is material in the context of the Offer, that the information contained in this Draft Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which make this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect. Further, each Selling Shareholder, severally and not jointly, accepts responsibility for and confirms the statements made or undertaken expressly or confirmed by them in this Draft Red Herring Prospectus only to the extent of information specifically pertaining to it and its respective portion of the Offered Shares and assumes responsibility that such statements are true and correct in all material respects and not misleading in any material respect. However, each Selling Shareholder, severally and not jointly, assumes no responsibility for any other statement in this Draft Red Herring Prospectus, including without limitation, inter alia, any and all statements, disclosures and undertakings made or confirmed by or relating to our Company or its business or any other Selling Shareholder or any other person(s) in this Draft Red Herring Prospectus. LISTING The Equity Shares of face value of ₹ 10 each to be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received‘in-principle’ approvals from BSE and NSE for listing of the Equity Shares of face value of ₹ 10 each pursuant to their letters dated [●] and [●], respectively. For the purposes of the Offer, [●] is the Designated Stock Exchange. A signed copy of the Red Herring Prospectus and the Prospectus shall be filed with the RoC in accordance with Sections 26(4) and 32 respectively of the Companies Act, 2013. For details of the material contracts and documents available for inspection from the date of the Red Herring Prospectus until the Bid/Offer Closing Date, see 'Material Contracts and Documents for Inspection’ on page576. BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER ![A close up of a logo AI-generated content may be incorrect.]() Anand Rathi Advisors Limited 11th Floor, Times Tower, Kamla City, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India. Telephone: +91 22 4047 7000 E-mail: ssrl.ipo@rathi.com Investor grievance e-mail: grievance.ecm@rathi.com Website: www.anandrathiib.com Contact Person: Shivani Tapadia / Sailesh Jalan SEBI Registration No.: INM000010478 Emkay Global Financial Services Limited 7th Floor, The Ruby, Senapati Bapat Marg, Dadar – West, Mumbai - 400 028, Maharashtra, India Telephone: +91 22 6612 1212 E-mail: ssretail.ipo@emkayglobal.com Investor grievance e-mail: ibg@emkayglobal.com Website: www.emkayglobal.com Contact Person:Radhika Deshmukh / Pooja Sarvankar SEBI Registration No.: INM000011229 KFin Technologies Limited Selenium, Tower B, Plot No. 31 and 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad - 500 032, Telangana, India. Tel: +91 40 6716 2222/180 0309 4001 E-mail: ssretail.ipo@kfintech.com Website: www.kfintech.com Investor grievance e-mail:einward.ris@kfintech.com Contact Person: M. Murali Krishna SEBI Registration Number: INR000000221 BID/OFFER PERIOD ANCHOR INVESTOR BIDDING DATE* [●] BID/OFFER OPENS ON* [●] BID/OFFER CLOSES ON**^ [●] * Our Company, in consultation with the BRLMs, may consider participation by the Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be 1 Working Day prior to the Bid/Offer Opening Date. ** Our Company, in consultation with the BRLMs, may consider closing the Bid/Offer Period for QIBs 1 Working Day prior to the Bid/Offer Closing Date in accordance with the SEBI ICDR Regulations. ^ UPI mandate end time and date shall be at 5 pm, on Bid/Offer Closing Date. (Remainder of the page has been intentionally left blank)

- - This Draft Red Herring Prospectus uses certain definitions and abbreviations which, unless the context otherwiseindicates or implies, or unless otherwise specified, shall have the meaning as provided below. References to any legislations, act, statutes, regulations, rules, guidelines, directions, circulars, notifications or policies shall be to such legislations, act, statute, regulation, rule, guideline, direction, circular, notification or policy as amended, updated, modified, supplemented or re-enacted from time to time and any reference to a statutory provision shall include any subordinate legislation made from time to time under that provision. - The words and expressions used in this Draft Red Herring Prospectus but not defined herein, shall have, to theextent applicable, the same meanings ascribed to such terms under the Companies Act, the SEBI ICDR Regulations, the SEBI Listing Regulations, the SCRA, the Depositories Act and the rules and regulations made thereunder. Further, the Offer related terms used but not defined in this Draft Red Herring Prospectus shall have the meaning ascribed to such terms under the General Information Document (as defined hereinafter). In case of any inconsistency between the definitions given below and the definitions contained in the General Information Document, the definitions given below shall prevail. - - Notwithstanding the foregoing, terms used in ‘Description of Equity Shares and Main Provisions of the Articlesof Association’, ‘Basis for the Offer Price’, ‘Statement of Special Tax Benefit’, ‘Industry Overview’, ‘Key Regulations and Policies’, ‘ History and Certain Corporate Matters’, ‘Our Promoters and Promoter Group’, ‘Financial Information’, ‘Outstanding Litigation and Other Material Developments’, Offer Procedure’, and ‘Restriction on Foreign Ownership of Indian Securities’ on pages557,172,188,196,315,323,368,476,489,534, and555 respectively, shall have the meaning ascribed to such terms in the relevant section. - General terms - Company related terms

This section is a general summary of the terms of the Offer and of certain disclosures included in this Draft Red Herring Prospectus and is not exhaustive, nor does it purport to contain a summary of all the disclosures in thisDraft Red Herring Prospectus, including ’Risk Factors’, ‘The Offer’, ‘Capital Structure’, ‘Objects of the Offer’, ‘Industry Overview’, ‘Our Business’, ‘Our Promoters and Promoter Group’, ‘Restated Financial Information’,and ‘Outstanding Litigation and Material Developments’, ‘Offer Procedure’, and ‘Description of Equity Shares and Terms of Articles of Association’ on pages41,96,116,152,196,278,368,476,489,534 and557, respectively. Summary of the business of our Company We are a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations in 4 states i.e., Maharashtra, Karnataka, Madhya Pradesh and Goa with focus on tier II and tier III and beyond cities. As of March 31, 2025, we operated 347 stores in India, of which 334 stores were in Maharashtra, which as per the Knowledge Company Report, positioned us as the largest mobile phone retail chain in West India (i.e., Gujarat, Maharashtra, Goa, Madhya Pradesh, Dadra & Nagar Haveli and Daman & Diu) and in Maharashtra and the 4th largest in India, amongst our peers. For further information, see ‘Our Business’ beginning on page278. Summary of industry As per the Knowledge Company Report, India’s mobile phone market grew from ₹ 2,053 billion in Fiscal 2019 to ₹ 3,226 billion in Fiscal 2024 at a CAGR of 9.5% and is projected to reach ₹ 5,198 billion by Fiscal 2030,growing at a CAGR of 9.0%. In Maharashtra, the mobile phone market was valued at ₹ 514 billion, accountingfor 15.2% of the India mobile phone market in Fiscal 2025. The Indian pre-owned mobile phone market reached ₹ 787 billion in Fiscal 2025 and is expected to grow to ₹ 1,419 billion at CAGR of 12.5% till Fiscal 2030. For further information, see ‘Industry Overview’ beginning on page196. Names of our Promoters Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh are the Promoters of our Company. For further details, see ‘Our Promoters and Promoter Group’ on page368. Offer size (1) The Offer has been authorised by our Board pursuant to the resolution passed at its meeting dated November 29, 2025, and the Fresh Issue has been authorised by our Shareholders pursuant to a special resolution passed at their meeting dated December 8, 2025. Further, our Board has taken on record the approval for the Offer for Sale by the Selling Shareholder pursuant to the resolution passed at its meeting dated November 29, 2025. Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement of Equity Shares, as may be permitted under the applicable law, aggregating up to ₹ 600.00 million prior to filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company, in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR. The Pre-IPO Placement, if undertaken shall not exceed 20% of the size of the Fresh Issue. The utilisation of the proceeds raised pursuant to the allotment of the Equity Shares issued pursuant to the Pre- IPO Placement will be done towards the Objects in compliance with requirements prescribed under the Companies Act and other applicable law. Prior to the

Note: To be updated at Prospectus stage prior to filing with the RoC. * As per the shareholding as on date of filing of this Draft Red Herring Prospectus. (1) This will include any transfers of Equity Shares of face value of ₹ 10 each by existing Shareholders until the date of theProspectus. (2) To be updated at the Prospectus stage. Based on the Offer price of ₹ [●] and subject to finalisation of the basis of allotment. For further details, please refer to the section titled ‘Capital Structure’ on page116. Summary of selected financial information derived from our Restated Financial Information The summary of certain financial information as set out under the SEBI ICDR Regulations as of 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, derived from the Restated Financial Information is set forth below. For further details, see ‘Restated Financial Information’ on page476: (₹ in million except per share data or unless otherwise specified) *Potential equity shares arising from Compulsorily Convertible Debentures (CCDs) have not been considered in the computation of diluted earnings per share, as their effect would be anti-dilutive for the period presented. Accordingly, the basic and diluted earnings per share are the same. Note: (1) Net Worth represents the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation. (2) Total income is calculated by adding the revenue from operations and other income. (3) Basic EPS amounts are calculated by dividing the profit for the year attributable to equity Shareholders of the Company by the weighted average number of Equity shares outstanding during the year.

As on the date of this Draft Red Herring Prospectus, there are no outstanding litigation proceedings involving our Group Companies, the outcome of which could have a material impact on our Company. For further details of the outstanding litigation proceedings, see ‘Outstanding Litigation and MaterialDevelopments’ on page489. Risk Factors Specific attention of Investors is invited to ‘Risk Factors’ on page41. Certain important factors that could cause actual results to differ materially from our Company’s expectations include, but are not limited to, the following: - 1. We derive a significant portion of our revenue from operations from retailing mobile phones. During the 3 months period ended June 30, 2025, Fiscals 2025, 2024 and 2023 we derived 87.68%, 87.58%, 88.31% and90.23% of our revenue from operations, respectively, from retailing mobile phones. Any economic slowdownor other factors that affect the mobile phone industry, including those that impact or reduce consumers’ abilityto purchase our products, could adversely impact our business, financial condition, and operating results. - 2. We are significantly reliant on our arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from our top 10 Suppliers was 86.93%, 89.42%, 88.38% and 91.96% of our purchase of traded goods during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Failure on the part of the Suppliers to supply, or a delay in supply of traded goods from our top 10 Suppliers, could have an adverse impact on our reputation, business, financial condition, cash flows and results of operations. - 3. We derive a significant portion of our revenue from operations from our stores in the state of Maharashtra. As of June 30, 2025, we had 359 stores in Maharashtra constituting 95.48% of our total stores. During the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, we derived 95.25%, 96.69%, 97.01% and 97.01% of our revenue from operations from Maharashtra. Accordingly, we are subject to risks arising from changes in political, social and economic conditions of Maharashtra which could have an adverse effect on our business, financial condition, result of operation and cash flow. - 4. We primarily focus on our COFO Model and FOFO Model which have helped us scale our operations, both in terms of number of stores and revenue from operations. The COFO and FOFO Models cumulatively contributed 72.05%, 78.03%, 77.79% and 74.07% of our revenue from operations during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. If our franchisee-led COFO and FOFO models are not successful in the future or do not grow at the same rate or at all then it may adversely impact our business growth and prospects, financial condition and results of operations. - 5. We derive a significant portion of our revenue from operations from tier II and tier III and beyond cities. Tier II cities and tier III and beyond cities cumulatively contributed 70.43%, 73.90%, 74.99% and 75.24% of our revenue from operations during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Our inability to operate and grow our business in our existing geographies (in particular tier II and tier III and beyond cities) or to expand our operations in newer geographies may have an adverse effect on our business, financial condition, result of operation, cash flow and future business prospects. - 6. We are dependent on the recognition and reputation of our proprietary brand name and 3 primary brands i.e., , and . Any harm to our proprietary name and our brands may adversely affect our business, reputation, financial condition and results of operations. ![A yellow and red sign with a letter s AI-generated content may be incorrect.]() ![A cartoon character with headphones on a blue background AI-generated content may be incorrect.]() ![A black and white banner with yellow text AI-generated content may be incorrect.]() - 7. Our business is working capital intensive, primarily on account of inventory required to be stocked at our stores and warehouses. Our Company proposes to utilize ₹ 2,015.47 million out of the Net Proceeds towards our incremental net working capital requirements for Fiscal 2027 and Fiscal 2028. We may need to obtain additional financing in the normal course of business from time to time as we expand our operations and any failure on our part to effectively manage our working capital requirements may require us to raise additional financing and any inability to do that may result in an adverse effect on our business, revenue from operations and financial condition.

Financing Arrangements There have been no financing arrangements whereby our Promoters, members of our Promoter Group, our Directors and their relatives have financed the purchase by any other person of securities of our Company, other than in the normal course of business of the relevant financing entity, during a period of 6 months immediately preceding the date of this Draft Red Herring Prospectus. Average Cost of Acquisition of Equity Shares by our Promoters and the Selling Shareholders The average cost of acquisition per Equity Share for our Promoters and Selling Shareholders as at the date of this Draft Red Herring Prospectus is set forth below: *Also, Selling Shareholders. ^As certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate datedDecember 27, 2025. Details of price at which Equity Shares were acquired by our Promoters, the members of our Promoter Group, Selling Shareholders and Shareholders with right to nominate Directors or other rights in the last 3 years preceding the date of this Draft Red Herring Prospectus Except for below, our Promoters, the members of our Promoter Group, and the Selling Shareholders have not acquired any specified securities in the last 3 years preceding the date of this Draft Red Herring Prospectus: *Also, Selling Shareholders. ** These acquisitions were undertaken prior to sub-division of face value of Equity Shares and the bonus issue of Equity Shares. #N.A. denotes either shares acquired through bonus issue or gift. ^As certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate dated December 27, 2025. There are no Shareholders who are entitled to nominate Directors or have any other special rights. For further details, see ‘Capital Structure’ on page116.

Weighted average cost of acquisition of all Equity Shares transacted in the 3 years, 18 months and 1 year preceding the date of this Draft Red Herring Prospectus *As certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate datedDecember 27, 2025. ^ To be updated upon finalisation of the Price Band.

bonus issue of Equity Shares. Weighted average price at which the specified securities were acquired by our Promoters and the Selling Shareholders in the last one year preceding the date of this Draft Red Herring Prospectus Weighted average price at which the specified securities were acquired by our Promoters and Selling Shareholders in the last one year is given below: ^ As certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate datedDecember 27, 2025. *Also, Selling Shareholders. Details of Pre-IPO Placement Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement of Equity Shares, as may be permitted under the applicable law, aggregating up to ₹ 600.00 million prior to filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company, in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR. The Pre- IPO Placement, if undertaken shall not exceed 20% of the size of the Fresh Issue. The utilisation of the proceeds raised pursuant to the allotment of the Equity Shares issued pursuant to the Pre- IPO Placement will be done towards the Objects in compliance with requirements prescribed under the Companies Act and other applicable law. Prior to the completion of the Offer, our Company shall appropriately intimate the subscribers to the Pre-IPO Placement, prior to allotment pursuant to the Pre-IPO Placement, that there is no guarantee that our Company may proceed with the Offer or that the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. Our Company shall report any Pre-IPO Placement to the Stock Exchanges, within 24 hours of such Pre-IPO Placement (in part or in entirety). Further, relevant disclosures in relation to such intimation to the subscribers to the Pre-IPO Placement (if undertaken) shall be appropriately made in the relevant sections of the Red Herring Prospectus and Prospectus. Issue of Equity Shares for consideration other than cash in the last 1 year Our Company has not revalued its assets since incorporation and has not issued any Equity Shares (including bonus shares) by capitalizing any revaluation reserves. Except as set forth below, our Company has not issued any Equity Shares for consideration other than cash or by way of bonus issue in the last 1 year preceding the date of this Draft Red Herring Prospectus.

DATA AND CURRENCY OF PRESENTATION Certain Conventions All references to ‘India’ contained in this Draft Red Herring Prospectus are to the Republic of India and its territories and possessions. All references to the ‘Government’, ‘Indian Government’, ‘GoI’, ‘Central Government’ are to the Government of India and all references to the ‘State Government’ are to the governmentof the relevant state. All references to ‘US’, the ‘U.S.’, ‘USA’ or ‘United States’ are to the United States of America, together with itsterritories and possessions. Unless stated otherwise, all references to page numbers in this Draft Red Herring Prospectus are to the page numbers of this Draft Red Herring Prospectus. Time Unless stated otherwise, any time mentioned in this Draft Red Herring Prospectus is in Indian Standard Time. Unless indicated otherwise, all references to a year in this Draft Red Herring Prospectus are to a calendar year. Financial Data Our Company’s financial year commences on April 1 of the immediately preceding calendar year and ends onMarch 31 of that particular calendar year. Accordingly, all references to a particular Fiscal or Financial Year, unless stated otherwise, are to the 12 months period commencing on April 1 of the immediately preceding calendar year and ending on March 31 of that particular calendar year. Unless stated, or, the context requires, otherwise all financial information and financial ratios in this Draft Red Herring Prospectus have been derived from our Restated Financial Information. The Restated Financial Information of our Company comprise the restated statement of assets and liabilities for the 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023, the restated statement of profit and loss of our Company, the restated statement of cash flows and the restated statement of changes in equity for the 3 months period ended June 30, 2025, and Fiscal 2025, Fiscal 2024 and Fiscal 2023 and the significant accounting policies and explanatory notes to Restated Financial Information as approved by our Board and prepared in terms of the section 26 of the Companies Act and the SEBI ICDR Regulations and the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India, as amended from time to time which have been approved by the Board of Directors at their meetings held on December 27, 2025. Forfurther information, see ‘Financial Information’ on page375. Non-GAAP Measures Certain measures included and presented in this Draft Red Herring Prospectus, for instance Revenue from Operations Growth, Sales per sq. ft., Gross Profit, Gross Profit Margin, Operating Earnings before Interest, Taxes, Depreciation and Amortization Expenses (Operating EBITDA), Operating EBITDA Margin, Profit Before Tax (PBT) Margin, Profit After Tax (PAT) Margin, Net Debt, Net Debt to Operating EBITDA, Net Debt to Total Equity, Return on Equity (ROE), Return on Capital Employed (ROCE), Return on Capital Employed (ROCE) (Post tax), Net Working Capital Days, Inventory Turnover Ratio and Net Asset Value per Share (collectively,‘Non-GAAP Measures’), are supplemental measures of our performance and liquidity that are not required by,or presented in accordance with, Ind AS, IFRS or U.S. GAAP. Furthermore, these Non-GAAP Measures, are not a measurement of our financial performance or liquidity under Indian GAAP, IFRS or U.S. GAAP and should not be considered as an alternative to net profit/loss, revenue from operations or any other performance measures derived in accordance with Ind AS, IFRS or U.S. GAAP or as an alternative to cash flow from operations or as a measure of our liquidity. In addition, Non-GAAP Measures used are not a standardised term or measure of performance calculated in accordance with applicable accounting standards, hence a direct comparison of Non- GAAP Measures between companies may not be possible. Other companies may calculate Non-GAAP Measuresdifferently from us, limiting its usefulness as a comparative measure. See ‘Risk Factor - Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance like Revenue from Operations Growth, Sales per sq. ft., Gross Profit, Gross Profit Margin, Operating Earnings before Interest, Taxes, Depreciation and Amortization Expenses (Operating EBITDA), Operating EBITDA

Margin, Profit Before Tax (PBT) Margin, Profit After Tax (PAT) Margin, Net Debt, Net Debt to Operating EBITDA, Net Debt to Total Equity, Return on Equity (ROE), Return on Capital Employed (ROCE), Return on Capital Employed (ROCE) (Post tax), Net Working Capital Days, Inventory Turnover Ratio and Net Asset Value per Share have been included in this Draft Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.’ on page85. There are significant differences between Ind AS, U.S. GAAP and IFRS. See ‘Risk Factor - Significant differences exist between Ind AS and other accounting principles, such as U.S. GAAP and IFRS, which may be material to the Restated Financial Information prepared and presented in accordance with SEBI ICDR Regulations contained in this Draft Red Herring Prospectus. Further, upon listing our quarterly results published may not be indicative of our annual financial performance and results of operations’ on page90. Our Company does not provide reconciliation of its financial information to IFRS or U.S. GAAP. Our Company has not attempted to explain those differences or quantify their impact on the financial data included in this Draft Red Herring Prospectus and it is urged that you consult your own advisors regarding such differences and their impact on our financial data. Accordingly, the degree to which the financial information included in this Draft Red Herring Prospectus will provide meaningful information is entirely dependent on the reader’s level offamiliarity with Indian accounting policies and practices, the Companies Act, Ind AS, and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian accounting policies and practices on the financial disclosures presented in this Draft Red Herring Prospectus should, accordingly, be limited. In this Draft Red Herring Prospectus, any discrepancies in any table between the total and the sums of the amounts listed are due to rounding off. Except as stated otherwise, all figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. In certain instances, (i) the sum or percentage change of such numbers may not conform exactly to the total figure given; and (ii) the sum of the numbers in a column or row in certain tables may not conform exactly to the total figure given for that column or row. Any figures sourced from third-party industry sources may be rounded off to other than two decimal points to conform to their respective sources. Currency and Units of Presentation In this Draft Red Herring Prospectus, unless the context otherwise requires, all references to ‘Rupees’ or ‘₹’ or ‘Rs.’ or ‘INR’ are to Indian rupees, the official currency of the Republic of India. Our Company has presented certain numerical information in this Draft Red Herring Prospectus in ‘million’ units,or in absolute number where the number have been too small to present in million unless as stated, otherwise, as applicable. One million represents 1,000,000 and one billion represents 1,000,000,000 and one trillion represents 1,000,000,000,000. One lakh represents 100,000 and one crore represents 10,000,000. However, where any figures that may have been sourced from third-party industry sources are expressed in denominations other than million, such figures appear in this Draft Red Herring Prospectus expressed in such denominations as provided in their respective sources. Any percentage amounts, as set forth in ‘Risk Factors’, ‘Our Business’, ‘Management’s Discussion and Analysis of Financial Conditions and Results of Operations’ on pages41,278, and434 and elsewhere in this Draft Red Herring Prospectus, unless otherwise indicated, have been calculated based on our Restated Financial Information. Exchange Rates This Draft Red Herring Prospectus contains conversion of certain other currency amounts into Indian Rupees that have been presented solely to comply with the SEBI ICDR Regulations. These conversions should not be construed as a representation that these currency amounts could have been, or can be converted into Indian Rupees, at any particular rate or at all. The following table sets forth, for the periods indicated, information with respect to the exchange rate between the Indian Rupees and USD: (in ₹) Source: www.fbil.org.in *Note: If the reference rate is not available on a particular date due to a public holiday, exchange rates of the previous Working Day has been disclosed. The reference rates are rounded off to two decimal places.

Industry and Market Data Unless stated otherwise, industry and market data used in this Draft Red Herring Prospectus has been obtained orderived from publicly available information as well as a report titled ‘Industry Report on Consumer Electronics Market in India’ dated December 27, 2025 prepared and issued by The Knowledge Company LLP (a group entity of Technopak Advisors Private Limited), appointed by us pursuant to an engagement letter dated June 6, 2025, and exclusively commissioned and paid for by us in connection with the Offer (Knowledge Company Report). A copy of the Knowledge Company Report is available on the website of our Company at https://ssmobile.com/in//home/investorrelations from the date of this Draft Red Herring Prospectus till the Bid/ Offer Closing Date. Knowledge Company has, pursuant to their consent letter dated December 27, 2025 (Letter) accorded their no objection and consent to use the Knowledge Company Report in connection with the Offer. Further, Knowledge Company has, pursuant to the letter also confirmed that it is an independent agency and has no conflict of interest while issuing the Knowledge Company Report. Knowledge Company was appointed by our Company and is not a related party (in terms of the Companies Act and SEBI Listing Regulations) of our Company, Directors, our Promoters, our Key Managerial Personnel, Senior Management and the BRLMs. Forrisks in relation to commissioned reports, see ‘Risk Factor - Certain sections of this Draft Red Herring Prospectus disclose information from the Knowledge Company Report commissioned and paid for by the Company in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.’ on page84. Except for the Knowledge Company Report we have not commissioned any report for purposes of this Draft Red Herring Prospectus and any market and industry related data, other than that extracted or obtained from the Knowledge Company Report, used in this Draft Red Herring Prospectus has been obtained or derived from publicly available documents and other industry sources. In accordance with the SEBI ICDR Regulations, the section ‘Basis for the Offer Price’ on page172, includes information relating to our peer group companies. Such information relating to our peer group has been derived from publicly available sources or Knowledge Company Report. Such industry sources and publications are also prepared based on information as at specific dates and may no longer be current or reflect current trends. Industry sources and publications may also base this information on estimates and assumptions that may prove to be incorrect.

This Draft Red Herring Prospectus contains certain “forward-looking statements”. All statements regarding ourexpected financial condition and results of operations, business, plans and prospects are forward looking statements, which may include statements with respect to our business strategy, our revenue and profitability, our goals and other such matters discussed in this Draft Red Herring Prospectus regarding matters that are not historical facts. These forward-looking statements generally can be identified by words or phrases such as “aim”, “anticipate”, “believe”, “can”, “could”, “should”, “expect”, “estimate”, “intend”, “may”, “likely”, “objective”, “plan”, “propose”, “project”, “seek to”, “shall”, “will”, “will achieve”, “will continue”, “will pursue”, or otherwords or phrases of similar import but are not the exclusive means of identifying such statements. Similarly, statements that describe our strategies, objectives, plans, goals, future events, future financial performance, or financial needs are also forward-looking statements. All forward-looking statements whether made by us or any third parties in this Draft Red Herring Prospectus are based on our current plans, estimates, presumptions, and expectations and are subject to risks, uncertainties, expectations, and assumptions about us that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These forward-looking statements, whether made by us or a third-party, are based on our current plans, estimates, presumptions and expectations and actual results may differ materially from those suggested by forward-looking statements due to risks or uncertainties associated with expectations relating to, inter alia, regulatory changes pertaining to the industries in which we operate and our ability to respond to them, our ability to successfully implement our strategy, our growth and expansion, technological changes, our exposure to market risks, general economic and political conditions in India which have an impact on our business activities or investments, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic laws, regulations and taxes and changes in competition in the industries in which we operate. Certain important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following: - 1. We derive a significant portion of our revenue from operations from retailing mobile phones. During the 3 months period ended June 30, 2025, Fiscals 2025, 2024 and 2023 we derived 87.68%, 87.58%, 88.31% and90.23% of our revenue from operations, respectively, from retailing mobile phones. Any economic slowdownor other factors that affect the mobile phone industry, including those that impact or reduce consumers’ abilityto purchase our products, could adversely impact our business, financial condition, and operating results. - 2. We are significantly reliant on our arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from our top 10 Suppliers was 86.93%, 89.42%, 88.38% and 91.96% of our purchase of traded goods during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Failure on the part of the Suppliers to supply, or a delay in supply of traded goods from our top 10 Suppliers, could have an adverse impact on our reputation, business, financial condition, cash flows and results of operations. - 3. We derive a significant portion of our revenue from operations from our stores in the state of Maharashtra. As of June 30, 2025, we had 359 stores in Maharashtra constituting 95.48% of our total stores. During the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, we derived 95.25%, 96.69%, 97.01% and 97.01% of our revenue from operations from Maharashtra. Accordingly, we are subject to risks arising from changes in political, social and economic conditions of Maharashtra which could have an adverse effect on our business, financial condition, result of operation and cash flow. - 4. We primarily focus on our COFO Model and FOFO Model which have helped us scale our operations, both in terms of number of stores and revenue from operations. The COFO and FOFO Models cumulatively contributed 72.05%, 78.03%, 77.79% and 74.07% of our revenue from operations during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. If our franchisee-led COFO and FOFO models are not successful in the future or do not grow at the same rate or at all then it may adversely impact our business growth and prospects, financial condition and results of operations. - 5. We derive a significant portion of our revenue from operations from tier II and tier III and beyond cities. Tier II cities and tier III and beyond cities cumulatively contributed 70.43%, 73.90%, 74.99% and 75.24% of our revenue from operations during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal - - ![A yellow and red sign with a letter s AI-generated content may be incorrect.]() ![A cartoon character with headphones on a blue background AI-generated content may be incorrect.]() ![A black and white banner with yellow text AI-generated content may be incorrect.]()

of this Draft Red Herring Prospectus until thethe grant of listing and trading permission by the Stock Exchanges for this Offer. Further, each of the Selling Shareholder shall, severally and not jointly, and solely to the extent of statements specifically made or confirmed by such Selling Shareholders in relation to its portion of Offered Shares in this Draft Red Herring Prospectus, ensure that the investors in India are informed of material developments in relation to the statements and undertakings specifically made or confirmed by such Selling Shareholders from the date of this Draft Red Herring Prospectus until the time of the grant of listing and trading permission by the Stock Exchanges for this Offer.

An investment in equity shares involves a high degree of risk. Prospective investors should carefully consider all the information in this Draft Red Herring Prospectus, including the risks and uncertainties described below, before making an investment in the Equity Shares. The risks described in this section are not the only ones relevant to us or the Equity Shares but also includes the industry and segments in which we currently operate. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our businesses, results of operations, financial condition and cash flows. If any of the following risks, or a combination of risks, or other risks that are not currently known or are currently deemed immaterial, actually occur, our businesses, results of operations, financial condition and cash flows could be adversely affected, the trading price of the Equity Shares could decline, and you may lose all or part of your investment. To obtain a complete understanding of us, prospective investors should read thissection in conjunction with ‘Industry Overview’, Our Business’, ‘Financial Indebtedness’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ on pages196,278,476 and434, respectively, as well as the financial, statistical and other information contained in this Draft Red Herring Prospectus. In making an investment decision, prospective investors must rely on their own examination of us and the terms of the Offer including the merits and risks involved. You should consult your tax, financial and legal advisors about the particular consequences to you of an investment in the Equity Shares. Prospective investors should pay particular attention to the fact that our Company is incorporated under the laws of India and is subject to a legal and regulatory environment, which may differ in certain respects from that of other countries. This Draft Red Herring Prospectus also contains forward-looking statements that involve risks, assumptions, estimates and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the considerations described below and elsewhere in this DraftRed Herring Prospectus. For details, see ‘Forward-Looking Statements’ on page38. Unless stated or, the context requires, otherwise, our financial information has been derived from the Restated Financial Information included in this Draft Red Herring Prospectus. Unless specified or quantified in the relevant risk factors below, we are not in a position to quantify the financial or other implications of any of the risks described in this section. Unless otherwise indicated, industry and market data used in this section has been derived from the report titled‘Industry Report on Consumer Electronics Market in India’ prepared by The Knowledge Company LLP (a group entity of Technopak Advisors Private Limited) (Knowledge Company) (Knowledge Company Report) dated December 27, 2025, pursuant to an engagement letter dated June 6, 2025 which has been commissioned and paid for by our Company in connection with the Offer. The Knowledge Company Report has been prepared and issued by Knowledge Company for the purpose of understanding the industry exclusively in connection with the Offer.Unless otherwise indicated, all financial, operational, industry and other related information derived from theKnowledge Company Report and included herein with respect to any particular year, refers to such information for the relevant calendar year. Knowledge Company was appointed by our Company and is not a related party (in terms of the Companies Act and SEBI Listing Regulations) of our Company, Directors, our Promoters, our Key Managerial Personnel, Senior Management and the BRLMs. A copy of the Knowledge Company Report is available at https://ssmobile.com/in//home/investor_relations from the date of the Draft Red Herring Prospectus till the Bid/ Offer Closing Date. Also, see ‘Risk Factor - Certain sections of this Draft Red Herring Prospectus disclose information from the Knowledge Company Report commissioned and paid for by the Company in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks’ on page84. Unless otherwise indicated or the context otherwise requires, in this section, references to “we”, “us” and “our” are to our Company, along with its Subsidiary, on a consolidated basis. Internal Risk Factors

For summary of related party transactions, see ‘Summary of Offer Documents - Summary of Related Party Transactions’ and ‘Restated Financial Information’ on pages27 and375, respectively. While all such transactions have been conducted on an arm’s length basis (as certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate dated December 27, 2025) and are in accordance with the Companies Act, 2013 and other applicable laws pertaining to the evaluation and approval of such transactions and contain commercially reasonable terms, we cannot assure you that we could not have achieved more favourable terms had such transactions been entered into with unrelated parties. All related party transactions undertaken during the 3 months period ended June 30, 2025 and during Fiscal 2025, Fiscal 2024 and Fiscal 2023, taken together, do not exceed 10% of the total transactions of a similar nature. It is likely that our Company may enter into related party transactions in the future. Such related party transactions may potentially involve conflicts of interest.Although all related party transactions that we may enter into post-listing, will be subject to approval of Audit Committee, Board or Shareholder, as necessary under the Companies Act, 2013, as amended and the SEBI Listing Regulations, we cannot assure you that such transaction, individually or in the aggregate, will always be in the best interests of our Company and/or that it will not have an adverse effect on our business and results of operations. Our Company’s operations are subject to various risks which may adversely affect our revenuegeneration and profitability. While we maintain insurance coverage that is customary in our industry including the terms of and the coverage provided by such insurance, it is possible that our Company’sinsurance cover may not provide adequate coverage in certain circumstances. We maintain insurance policies such as fire insurance, stock insurance, business interruption insurance, group insurance policy,burglary insurance and electronic equipment insurance. Details of our total insurance coverage vis-à-visour insurable assets as at June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023 is set out below: (in ₹ million, unless specified otherwise) *Consists of building (investment properties), right of use of asset, furniture & fixtures, office equipment’s (includingcomputer), inventory, vehicles and cash. While our Company believes that we maintain sufficient insurance cover by virtue of maintaining insurance policies, certain types of losses may be either uninsurable, not economically viable to insure or not offered for insurance, such as losses due to acts of terrorism or war. If any uninsured loss occurs, our Company could lose our investment in, as well as anticipated profits and cash flows from the asset. In addition, even if any such loss is insured, there may be a significant deductible on any claim for recovery prior to our insurer being obligated to reimburse us for the loss, or the amount of the loss may exceed our coverage for the loss.

Our Promoters i.e., Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh, who are also the Promoter Selling Shareholder, and Rakhi Narendra Firodia who is an Other Selling Shareholder have acquired Equity Shares, at a price which could be below the Offer Price.For more details see ‘Capital Structure’ on page116. The average cost of acquisition of Equity Shares by our Selling Shareholders since incorporation of our Company, is set out below: *As certified by M/s Manek & Associates, Chartered Accountants (Firm No. 126679W), pursuant to a certificate dated December 27, 2025 The aforementioned average cost of acquisition of Equity Shares by our Selling Shareholders may be lower than the Offer Price. Our Company has also issued Equity Shares during the last 1 year which may also be lower than the Offer Price. For details of Equity Shares issued during the last 1 year, see ‘Capital Structure – Equity Share capital history of our Company’ on page118. The price at which our Company has issued the Equity Shares in the past is not indicative of the price at which they will be issued or traded. Our funding requirements and proposed deployment of Net Proceeds as set out in the section ‘Objects of the Offer’ at page152 are based on management estimates and have not been appraised by any bank or financial institution. Our funding requirements are based on our current business plan and may vary based on various factors including macro-economic and other changes. In view of the dynamic nature of the industry in which we operate, we may have to revise our business plan from time to time and, consequently, the funding requirement and the utilization of proceeds from the Offer may also change. We may make necessary changes to utilisation of the Offer Proceeds in compliance with the provisions of the Companies Act, 2013. In the event of any variation in actual utilization of the Offer Proceeds, any increased fund deployment for a particular activity may be met from funds earmarked from any other activity and, or, from our internal accruals. Further, any such revision in the estimates may require us to revise our projected expenditure which may have a bearing on our profitability. In addition to this, the estimates of the management may be inaccurate, and we may require additional funds to implement the purposes of the Offer. The funding requirements and the deployment of the proceeds from the Fresh Issue are based on the current business plan, current conditions, internal management estimates and strategy of our Company, which may be subject to changes. Accordingly, prospective investors in the Offer will need to rely upon

- - - - - - - - - - - 54. Certain sections of this Draft Red Herring Prospectus disclose information from the KnowledgeCompany Report commissioned and paid for by the Company in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks. - - - - - 55. Our Promoters, Directors and Key Management Personnel are interested in our Company other thanreimbursement of expenses or normal remuneration or benefits. - - - - - 56. Our Promoters and Promoter Group will, even after the completion of the Offer, continue to be our largest Shareholders and can influence the outcome of resolutions, which may potentially involve conflict of interest with the other Shareholders. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Certain sections of this Draft Red Herring Prospectus includes industry related information based on or derived from or extracts of the Knowledge Company Report titled ‘Industry Report on Consumer Electronics Market in India’ dated December 27, 2025, prepared by Knowledge Company (a group entity of Technopak Advisors Private Limited), a research house, pursuant to an engagement with our Company through an engagement letter dated June 6, 2025, which has been commissioned and paid for by our Company and any reliance on such information for making an investment decision in the Offer is subject to inherent risks. Knowledge Company has, pursuant to their consent letter dated December 27, 2025 (Letter) accorded their no objection and consent to use the Knowledge Company Report in connection with the Offer. Knowledge Company is not connected to our Company, Subsidiary, our Directors, our Promoters, our Key Managerial Personnel or our Senior Management. We commissioned and paid for this report for the purpose of confirming our understanding of the industry in connection with the Offer. All such information sourced from Knowledge Company Report in this Draft Red Herring Prospectus indicates Knowledge Company Report as its source. Accordingly, any information in this Draft Red Herring Prospectus derived from, or based on, Knowledge Company Report should be read taking into consideration the foregoing. Industry sources and publications are also prepared based on information as of specific dates and may no longer be current or reflect current trends. Further, Knowledge Company Report is not a recommendation to invest / disinvest in any company covered in Knowledge Company Report. Accordingly, prospective investors should not place undue reliance on, or base their investment decision solely on this information. In view of the foregoing, you may not be able to seek legal recourse for any losses resulting from undertaking any investment in the Offer pursuant to reliance on the information in this Draft Red Herring Prospectus based on, or derived from, Knowledge Company Report. You should consult your own advisors and undertake an independent assessment of information in this Draft Red Herring Prospectus based on, or derived from, Company commissioned Knowledge Company Report before making any investment decision regarding the Offer. Also, see ‘Industry Overview’ and ‘Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation – Industry and Market Data’ on pages196 and35. Our Promoters, some of our Directors and Key Managerial Personnel, have an interest in our Company other than reimbursement of expenses incurred and normal remuneration or benefits. Our Company has had related party transactions with our Promoters, some of our Directors and Key Managerial Personnel during the 3 months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 including in the form of rent paid for leased property, rent paid for usage of car and interest on unsecured loan borrowed by the company, interest paid on CCDs, professional fees and commission expenses. Further, our Promoters and certain Directors and Key Managerial Personnel may be deemed to be interested to the extent of Equity Shares held by them or their relatives or members of Promoter Group. Also, see ‘OurManagement’, ‘Our Promoters’ and ‘Restated Financial Information - Note 39 - Related Party Disclosures’ on page342,368 and 418. Our Company cannot assure you that our Promoters, Directors and our Key Managerial Personnel will exercise their rights as shareholders to the benefit and best interest of our Company. As on date of this Draft Red Herring Prospectus, our Promoters and members of the Promoter Group hold an aggregate of 49,883,600 Equity Shares, constituting 75.74% of the Equity Share capital of ourCompany and they will continue to hold [●]% of the Equity Share capital after the completion of this Offer. Accordingly, our Promoters and members of the Promoter Group, collectively, will have the ability to significantly influence our corporate decision-making process. This will include the ability to appointDirectors on our Board and the right to approve significant actions at the Board and at the Shareholders’

Acknowledgement Slip or provide the application/acknowledgement number received from the Designated Intermediary in addition to the documents/information mentioned hereinabove. All grievances relating to Bids submitted with the Registered Brokers, may be addressed to the Stock Exchanges, with a copy to the Registrar to the Offer. Further, Bidders shall also enclose a copy of the Acknowledgment Slip or provide application number received from the Designated Intermediaries in addition to the information mentioned hereinabove. The Registrar to the Offer shall obtain the required information from the SCSBs for addressing any clarifications or grievances of ASBA Bidders. In terms of the SEBI ICDR Master Circular (to the extent applicable), any ASBA Bidder whose Bid has not been considered for Allotment, due to failure on the part of any SCSB, shall have the option to seek redressal of the same by the concerned SCSB within three months of the date of listing of the Equity Shares. In terms of the SEBI ICDR Master Circular and SEBI RTA Master Circular (to the extent applicable), SCSBs are required to compensate the investor immediately on the receipt of complaint. Further, the BRLMs are required to compensate the investor for delays in grievance redressal from the date on which the grievance was received until the actual date of unblock. All Offer-related grievances of the Anchor Investors may be addressed to the Registrar to the Offer, giving full details such as the name of the sole or First Bidder, Anchor Investor Application Form number, Bidders’ DP ID, Client ID, PAN, date of the Anchor Investor Application Form, address of the Bidder, number of the Equity Shares applied for, name and address of the BRLMs, unique transaction reference number, the name of the relevant bank, Bid Amount paid on submission of the Anchor Investor Application Form and the name and address of the BRLMs with whom the Anchor Investor Application Form was submitted by the Anchor Investor. Further, Bidders shall also enclose a copy of the Acknowledgment Slip or provide the application number received from the Designated Intermediaries in addition to the information mentioned hereinabove. Book Running Lead Managers Anand Rathi Advisors Limited 11th Floor, Times Tower, Kamla City, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India. Telephone: +91 22 4047 7000 E-mail: ssrl.ipo@rathi.com Investor grievance e-mail: grievance.ecm@rathi.com Website: www.anandrathiib.com Contact Person: Shivani Tapadia / Sailesh Jalan SEBI Registration No.: INM000010478 Emkay Global Financial Services Limited 7th Floor, The Ruby, Senapati Bapat Marg, Dadar – West, Mumbai - 400 028, Maharashtra, India Telephone: +91 22 6612 1212 E-mail: ssretail.ipo@emkayglobal.com Investor grievance e-mail: ibg@emkayglobal.com Website: www.emkayglobal.com Contact Person: Radhika Deshmukh / Pooja Sarvankar SEBI Registration No.: INM000011229 Statement of inter se allocation of responsibilities The following table sets out the list of responsibilities for various activities to be performed by the Book Running Lead Managers:

Syndicate SCSB Branches In relation to Bids (other than Bids by Anchor Investors and RIIs) submitted under the ASBA process to a member of the Syndicate, the list of branches of the SCSBs at the Specified Locations named by the respective SCSBs to receive deposits of Bid cum Application Forms from the members of the Syndicate is available on the website of the SEBI (www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35) and updated from time to time or at such other website as may be prescribed by SEBI from time to time. Eligible SCSBs and mobile applications enabled for UPI Mechanism In accordance with UPI Circular, UPI Bidders using the UPI Mechanism may only apply through the SCSBs and mobile applications whose names appears on the website of the SEBI, which may be updated from time to time. A list of SCSBs and mobile applications, which are live for applying in public issues using UPI Mechanism is available on https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40 for SCSBs and https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43 for mobile applications or at such other websites as may be prescribed by SEBI from time to time. Registered Brokers Bidders can submit ASBA Forms in the Offer using the stock broker network of the Stock Exchanges, i.e., through the Registered Brokers at the Broker Centres. The list of the Registered Brokers eligible to accept ASBA Forms, including details such as postal address, telephone number and e-mail address, is provided on the websites of the Stock Exchanges at www.bseindia.com and www.nseindia.com, as updated from time to time. Registrar and Share Transfer Agents The list of the RTAs eligible to accept ASBA Forms at the Designated RTA Locations, including details such as address, telephone number and e-mail address, is provided on the websites of the Stock Exchanges at www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx and https://www.nseindia.com/products- services/initial-public-offerings-asba-procedures respectively, as updated from time to time. Collecting Depository Participants The list of the CDPs eligible to accept ASBA Forms from Bidders at the Designated CDP Locations, including details such as their name and contact details, is provided on the websites of the Stock Exchanges at www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx and https://www.nseindia.com/products- services/initial-public-offerings-asba-procedures, as updated from time to time. Experts to the Offer Except as set out below, our Company has not obtained any expert opinions: Our Company has received written consent dated December 27, 2025 from our Statutory Auditors namely, M/s. Manek & Associates, Chartered Accountants, holding a valid peer review certificate from ICAI to include their name as required under Section 26(1) of the Companies Act, 2013 read with the SEBI ICDR Regulations in this Draft Red Herring Prospectus, and as an ‘expert’ as required under Section 2(38) of the Companies Act to the extent and in their capacity as our Statutory Auditors, and in respect of their examination report, dated December 27, 2025 on our Restated Financial Information; and the statement of special tax benefits dated December 27, 2025 included in this Draft Red Herring Prospectus; in terms of Section 26(5) of the Companies Act read with SEBI ICDR Regulations, and such consent has not been withdrawn as on the date of this Draft Red Herring Prospectus. However, the term ‘expert’ shall not be construed to mean an ‘expert’ as defined under U.S. Securities Act. Our Company has received written consent dated December 27, 2025, from PDB & Co., Practicing Company Secretaries, holding a valid certificate of peer review issued by the Peer Review Board of The Institute of Company Secretaries of India to include their name as required under Section 26(5) of the Companies Act read with SEBI ICDR Regulations, in this Draft Red Herring Prospectus as an ‘expert’ as defined under Section 2(38)of the Companies Act, 2013 to the extent and in their capacity as practicing Company Secretaries and in respect of the certificate dated December 27, 2025 issued by them in connection with inter alia, the due diligence of corporate and statutory records of the Company and such consent has not been withdrawn as of the date of this

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(MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio M

Home List of Mainboard IPOs SS Retail Limited IPO Financials Reports Opens in 1 Day SS Retail IPO Financial Report Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio M

Home List of Mainboard IPOs SS Retail Limited IPO Financials Reports Opens in 1 Day SS Retail IPO Financial Report Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio M

Home List of Mainboard IPOs SS Retail Limited IPO Financials Reports Opens in 1 Day SS Retail IPO Financial Report Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio M

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

Home List of Mainboard IPOs SS Retail Limited IPO Peer Comparison Opens in 1 Day SS Retail IPO Peer Comparison Search IPO A-one Steels India Limited (MAINBOARD Upcoming) S.K. Offset Limited (SME Upcoming) FX Multitech Limited (SME Upcoming) Robokidz Eduventures Limited (SME Upcoming) Axiom Gas Engineering Limited (SME Upcoming) Kheria Autocomp Limited (SME Upcoming) Sonaselection India Limited (MAINBOARD Upcoming) Spectraa Technology Solutions Limited (SME Upcoming) National Stock Exchange of India Limited (MAINBOARD Upcoming) Hero Motors Limited (MAINBOARD Upcoming) Jindal Supreme (India) Limited (MAINBOARD Upcoming) SS Retail Limited (MAINBOARD Upcoming) Quanto Agroworld Limited (SME Upcoming) Shakti Polytarp Limited (SME Upcoming) Vama Wovenfab Limited (SME Upcoming) Manika Plastech Limited (MAINBOARD Upcoming) Century Business Media Limited (SME Upcoming) Injecto Polymers Limited (SME Upcoming) Panchatv Bharat limited (SME Upcoming) Raksan Transformers Limited (SME Upcoming) Veegaland Developers Limited (MAINBOARD Upcoming) Om Galaxy Limited (SME Upcoming) Maharaja and Speedex India Limited (SME Upcoming) Amtech Esters Limited (SME Upcoming) Karamtara Engineering Limited (MAINBOARD Upcoming) LCC Projects Limited (MAINBOARD Upcoming) Steamhouse India Ltd. (MAINBOARD Upcoming) Manipal Payment and Identity Solutions Limited (MAINBOARD Upcoming) Asset Reconstruction Company India Limited (MAINBOARD Upcoming) Vinod Texworld Limited (SME Upcoming) Rentomojo Limited (MAINBOARD Upcoming) Infrax Renewable Limited (SME Upcoming) Glass Wall Systems India Limited (MAINBOARD Upcoming) Prasol Chemicals Limited (MAINBOARD Upcoming) Kanohar Electricals Limited (MAINBOARD Upcoming) Pranav Construction Limited (MainBoard) Apana Logistics Limited (SME) Qualiance International Limited (SME) Farm Peace Limited (SME) Deepa Jewellers Limited (MainBoard) Fly-Hi Maritime Travels Limited (SME) Rays of Belief Limited (MainBoard) Purple Style Labs Limited (MainBoard) Shanti Inorganic Limited (SME) Ashutosh Fibre Limited (SME) Phychem Technologies Limited (SME) Esds Software Solution Limited (MainBoard) Priority jewels Limited (MainBoard) Paluck Technologies Limited (SME) Complete Sports and Management India Limited (SME) Lumino Industries Limited (MainBoard) Kwick Forensic Solutions Limited (SME) Annu Projects Limited (MainBoard) Sumax Engineering Limited (SME) Abh Healthcare Limited (SME) Skyways Air Services Limited (MainBoard) Hytech Engineers Limited (MainBoard) Madhur Knit Crafts Limited (SME) Symbiotec Pharmalab Limited (MainBoard) Augmont Enterprises Limited (MainBoard) Tempsens Instruments (India) Limited (MainBoard) Gaja Alternative Asset Management Limited (MainBoard) Mopshop Distribution Limited (SME) Dhanwel Hybrid Seeds Limited (SME) Sunshine Pictures Limited (MainBoard) Shankesh Jewellers Limited (MainBoard) Lalithaa Jewellery Mart Limited (MainBoard) Horizon Industrial Parks Limited (MainBoard) Skytech Infinite Platform Limited (SME) ENS Enterprises Limited (SME) Technocrats Plasma Systems Limited (SME) Credent Connect N Care Limited (SME) Shiprocket Limited (MainBoard) Behari Lal Engineering Limited (MainBoard) Pramodini Medicare Limited (SME) Q&T Foods Limited (SME) Milky Mist Dairy Food Limited (MainBoard) Fascinate Textiles Limited (SME) Sham Foam Limited (SME) Molbio Diagnostics Limited (MainBoard) Dhoot Transmission Limited (MainBoard) Technocraft Ventures Limited (MainBoard) Leap India Limited (MainBoard) Optimystix Entertainment India Limited (SME) LAPL Automotive Limited (SME) Ardee Industries Limited (MainBoard) Aegeus Technologies Limited (SME) Anawil Wire and Engineering Limited (SME) Fusion Klassroom Edutech Limited (SME) G V Electricals Limited (SME) Juniper Green Energy Limited (MainBoard) Oneindig Technologies Limited (SME) MV Electrosystems Limited (MainBoard) Dhaval Packaging Limited (SME) H. R. Hygiene Products Limited (SME) Manipal Health Enterprises Limited (MainBoard) Poojaa Precision Engg. Limited (SME) Advance Technoforge Limited (SME) Propshop Events and Exhibitions Limited (SME) Silverstorm Parks and Resorts Limited (SME) Lohia Corp Limited (MainBoard) Indo Mim Limited (MainBoard) Xtranet Technologies Limited (MainBoard) Shree Balaji (Mala) Textiles Limited (SME) Cube Highways Trust Invit (MainBoard) Metalic Technoforge Limited (SME) Gulf Lloyds (India) Limited (SME) Caliber Mining and Logistics Limited (MainBoard) Sotefin Bharat Limited (SME) Alpine Texworld Limited (MainBoard) Sbi Funds Management Limited (MainBoard) Millworks Technologies Limited (SME) Laser Power & Infra Limited (MainBoard) Happy Steels Limited (SME) Devson Catalyst Limited (SME) Kusumgar Limited (MainBoard) IC Electricals Company Limited (SME) Knack Packaging Limited (MainBoard) Teja Engineering Industries Limited (SME) Sampark India Logistics Limited (SME) Atharva Poly-Plast Limited (SME) Seemax Resources Limited (SME) Vinit Mobile Limited (SME) Kratikal Tech Limited (SME) Adon Agro Commodities Limited (SME) Aastha Spintex Limited (MainBoard) Crazy Snacks Limited (SME) Csm Technologies Limited (MainBoard) Jivial Industries Limited (SME) Waterways Leisure Tourism Limited (MainBoard) Advit Jewels Limited (MainBoard) Shreedhar Spinners Limited (SME) Anubhav Plast Limited (SME) Turtlemint Fintech Solutions Limited (MainBoard) Avience Biomedicals Lmited (SME) Riyaasat Lifestyle Limited (SME) Liotech Industries Limited (SME) Leapfrog Engineering Services Limited (SME) Diksha Polymers Limited (SME) Clay Craft India Limited (SME) Horizon Reclaim (India) Limited (SME) Susan Electricals India Limited (SME) Utkal Speciality Industries India Limited (SME) Hexagon Nutrition Limited (MainBoard) GenxAI Analytics Limited (SME) Vahh Chemicals Limited (SME) UHM Vacation Limited (SME) CMR Green Technologies Limited (MainBoard) Merritronix Limited (SME) Aureate Tradde Limited (SME) SMR Jewels Limited (SME) Rajnandini Fashion India Limited (SME) Yaashvi Jewellers Limited (SME) M R Maniveni Foods Limited (SME) Bio Medic

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