Mehul Telecom IPO Description – Mehul Telecom is a Gujarat-based multi-brand mobile retail chain operating through a hybrid distribution model comprising Company Owned Company Operated (COCO) and Franchise Owned Franchise Operated (FOFO) stores. The company primarily focuses on the sale of smartphones, which contributes over 98% of its total revenue, complemented by a smaller portfolio of accessories and consumer electronics such as wearables, audio devices, and home appliances.
As of the latest reporting period, the company operates a network of 80 stores across 14 districts in Gujarat, including 6 COCO stores and 74 FOFO outlets. This asset-light franchise-driven model enables rapid scalability while maintaining brand control and operational standardization. Revenue contribution remains skewed towards COCO stores, which accounted for approximately 72.4% of total revenue in the period ended December 2025, indicating stronger monetization from company-operated outlets. Backed by over 17 years of promoter experience in retail distribution, Mehul Telecom leverages strong brand partnerships, a diversified product mix, and omnichannel payment capabilities to cater to mass-market demand.
Promoters of Mehul Telecom – Mehul Vasantbhai Raymagiya, and Raymagiya Hemali Mehulbhai
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Mehul Telecom IPO Details
| Mehul Telecom IPO Dates | 17 – 21 April 2026 |
| Mehul Telecom Issue Price | INR 96 – 98 per share |
| Fresh Issue | 28,29,600 shares (INR 27.16 – 27.73 crore) |
| Offer For Sale | Nil |
| Total IPO Size | 28,29,600 shares (INR 27.16 – 27.73 crore) |
| Minimum Bid | 2,400 shares (INR 2,35,200) |
| Lot Size | 1,200 shares (INR 1,17,600) |
| Face Value | INR 10 per share |
| Individual Allocation | 35% |
| Listing On | BSE SME |
Mehul Telecom Proforma Financial Performance
| FY 2023 | FY 2024** | FY 2025* | 9M FY 2026 | |
| Revenue | 80.15 | 107.20 | 120.89 | 151.99 |
| Expenses | 79.56 | 104.40 | 112.96 | 142.50 |
| Net income | 0.51 | 2.19 | 6.04 | 7.07 |
*Includes balances as of 21 April 2024 (proprietorship) and 31 March 2025 (company), following the takeover of Mehul Telecom by Mehul Telecom Limited under a Business Transfer Agreement dated 14 May 2024, effective 21 April 2024, on a going concern basis.
**Includes balances for the Period 31 March 2024 for the Proprietorship concern and period 31 March 2024 for the Company.
Mehul Telecom Offer News
Mehul Telecom Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 | |
| EPS | 0.80 | 3.43 | 8.30 |
| PE ratio | 11.57 – 11.81 | ||
| RONW (%) | 38.45 | 71.22 | 35.31 |
| NAV | 2.09 | 4.81 | 23.49 |
| ROCE (%) | 30.05 | 42.43 | 47.16 |
| EBITDA (%) | 0.92 | 2.83 | 6.63 |
| Debt/Equity | 0.00 | 0.00 | 0.15 |
Mehul Telecom IPO GMP Today
Mehul Telecom IPO Subscription – Live Updates
Coming soon
The market maker reservation portion of 1,44,000 shares and anchor investor portion of 7,89,600 shares are not included in the above calculations.
Mehul Telecom IPO Allotment Status
Mehul Telecom IPO allotment status will be available on the Kfin Technologies website. Click on this link to get the allotment status.
Mehul Telecom IPO Dates & Listing Performance
| IPO Opening Date | 17 April 2026 |
| IPO Closing Date | 21 April 2026 |
| Finalization of Basis of Allotment | 22 April 2026 |
| Initiation of refunds | 23 April 2026 |
| Transfer of shares to demat accounts | 23 April 2026 |
| IPO Listing Date | 24 April 2026 |
| Opening Price on BSE SME | Coming soon |
| Closing Price on BSE SME | Coming soon |
Mehul Telecom Offer Lead Manager
CUMULATIVE CAPITAL PRIVATE LIMITED
321, 3rd Floor, C Wing, 215 Atrium Co Op. Premises,
Andheri Kurla Road, Hanuman Nagar, Andheri (E)
Mumbai – 400 093, Maharashtra
Phone: +91 9819662664/+91 8200052280
Email: [email protected]
Website: www.cumulativecapital.group
Mehul Telecom Offer Registrar
KFIN TECHNOLOGIES LIMITED
301, The Centrium, 3rd Floor, 57, Lal Bahadur
Shastri Road, Nav Pada, Kurla (West), Kurla,
Mumbai, Maharashtra, 400070
Tel: +91 4067162222
E-mail: [email protected]
Website: www.kfintech.com
MEHUL TELECOM LIMITED
West Gate Shop 223, 150 Ft Ring Road,
Rajkot Raiya Road, Rajkot, Gujarat -360007
Phone: 0281 2991223
E-mail: [email protected]
Website: www.mehultelecom.com
IPO FAQs
What is the Mehul Telecom offer size?
Mehul Telecom’s offer size is INR 27.16 – 27.73 crores.
What is the Mehul Telecom offer price band?
Mehul Telecom’s public offer price is INR 96 – 98 per share.
What is the lot size of Mehul Telecom’s IPO?
Mehul Telecom offer lot size is 1,200 shares.
What is the Mehul Telecom IPO GMP today?
Mehul Telecom IPO GMP today is INR NA per share.
What is Mehul Telecom’s IPO Subject to Sauda rate today?
Mehul Telecom Subject to Sauda rate today is INR NA per application.
