Mehul Telecom IPO

About Mehul Telecom IPO

The Mehul Telecom IPO opens on Friday, April 17, 2026 and closes on Tuesday, April 21, 2026. The allotment of shares will take place on Wednesday, April 22, 2026. The credit of shares to the demat account will take place on Thursday, April 23, 2026. The initiation of refunds will take place on Thursday, April 23, 2026. The listing of shares will take place on Friday, April 24, 2026.

The offer consists of a fresh issue component. The fresh issue will include 0.28 crore shares of ₹27.73 crores. The total number of shares is 28,29,600 and the aggregate amount is up to ₹27.73 crores.

Mehul Telecom IPO’s price band is set at ₹96 to ₹98 per share. The lot size for an application is 1,200. The minimum amount of investment required by a retail investor is ₹2,35,200 (2,400 shares) (based on upper price). The minimum lot size for investment by a HNI is 3 lots (3,600 shares), amounting to ₹3,52,800.

Mehul Telecom is in the business of operating a multi-brand mobile retail chain offering smartphones and accessories through a hybrid “COCO” (Company Owned, Company Operated) and “FOFO” (Franchisee Owned, Franchisee Operated) retail model.

Objectives of Mehul Telecom IPO

• Funding of working capital needs.
  
• General corporate purposes.
  
• Issue related expenses.
  

Industry Outlook

Electronics industry is the world’s largest and fastest growing industry and is increasingly finding application in all sectors of the economy. The government’s support for the electronics industry has been strong, with numerous conducive policies. The government of India is focusing on manufacturing electronics hardware within India, which seems to be the conceptual origin for both the Make in India and the Digital India programmes. These initiatives encourage domestic manufacturing and exports across the electronics system design and manufacturing (ESDM) value chain.

Apart from policies like the Make in India initiative, the National Policy on Electronics (NPE) 2019 and Digital India, the Indian government has also backed the sector with the Electronics Development Fund (EDF), the Modified Special Incentive Package Scheme (MSIPS), the Phased Manufacturing Programme (PMP), Preferential Market Access (PMA), and by rationalising the duty structure.

India has emerged as the second largest manufacturer of mobile phones in the world. About Mehul Telecom

Mehul Telecom was originally incorporated as Mehul Telecom Private Limited, a private limited company under the provisions of Companies Act, 2013 vide Certificate of Incorporation dated May 17, 2023 issued by Registrar of Companies, Central Registration Centre. They acquired the running business of M/s Mehul Telecom (erstwhile proprietorship firm of their Promoters, Mehul Vasantbhai Raymagiya Raymagiya Hemali Mehulbhai with effect from April 21, 2024, as per the Business Transfer Agreement dated May 14, 2024. The proprietorship firm, founded by their Promoter, Mehul Vasantbhai Raymagiya, was in the same business as their company, sale of multi-brand smart phones and accessories from the financial year 2007-2008 and since then, expanded its business by opening the first FOFO store in the year 2020 and 50th store in the year 2022, until its business was transferred to their company.

Mehul Telecom is in the business of operating a multi-brand mobile retail chain offering smartphones and accessories through a hybrid “COCO” (Company Owned, Company Operated) and “FOFO” (Franchisee Owned, Franchisee Operated) retail model.

Its retail portfolio comprises products from leading smart phone and phone accessory manufacturers viz., MI, Samsung, Vivo, Oppo, Realme, Nokia, OnePlus, Redmi, Nothing, Tecno, Intel, Infinix, Xiaomi and other popular Brands. In addition to handsets, it retails connected lifestyle products and peripherals such as wearables, audio devices, and power solutions like speakers, smartwatch, earphones, headphones, tablets, mobile covers, phone chargers, screen guards, power banks, phone warranty plans, fire sticks, car holder clamps, pen drive etc. of various brands.

Strengths of Mehul Telecom

• Experienced promoters and management team.
  
• Extensive distribution network in Gujarat.
  
• Comprehensive product range.
  
• Strategic store locations and customer experience.
  
• Low capital requirements for growth.
  

Risks of Mehul Telecom

• Geographic concentration in the state of Gujarat.
  
• Limited operating history with risks inherent in early-stage companies.
  
• Substantial portion of revenues dependent upon limited number of customers.
  
• Dependence on approvals and licenses, whose approval failures could affect operations.
  
• High volume low-margin business.
  

*Their financial information is derived from the Restated Financial Information for the year ended March 31, 2025.

Notes: 1. Source: All the financial information for listed industry peers mentioned above is sourced from the regulatory filings made by aforesaid companies to stock exchanges for the year ended March 31, 2025 to compute the corresponding financial ratios.

2. P/E figures for the peers are based on closing market prices of equity shares on website of Exchange on April 02, 2026, divided by the Diluted EPS for the year ended March 31, 2025.

3. Basic Earnings per share = Net profit after tax, as restated attributable to equity shareholders /Weighted average number of shares outstanding during the year/ period.

4. Diluted Earnings per share = Net profit after tax, as restated / Weighted average number of diluted equity shares outstanding during the year/ period.

5. NAV per share for listed industry peers is computed as the Total Equity as on March 31, 2025 divided by the outstanding number of equity shares as on March 31, 2025.

6. Return on Net Worth (%) for listed industry peers has been computed based on the Profit for the year ended March 31, 2025 divided by shareholder Equity as on March 31, 2025.

Anchor Investor Bidding Date: Thursday, April 16, 2026*

• The company, in consultation with the BRLM, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/ Issue Period shall be one working day prior to the Bid/ Issue Opening Date.

Registrar: KFIN Technologies Limited
Book Running Lead Managers: Cumulative Capital Private Limited

Mehul Telecom Business Model

The company earns its revenue by operating a multi-brand mobile retail chain offering smartphones and other electronic products and accessories through a hybrid “COCO” (Company Owned, Company Operated) and “FOFO” (Franchisee Owned, Franchisee Operated) retail model.

Mehul Telecom Growth Trajectory

Mehul Telecom ’s Total Income for FY25 was ₹115.473 crores.

The Profit After Tax for FY25 was ₹5.736 crores, whereas in FY24 it was ₹2.19 crores.

Their EBITDA for FY25 was ₹8.018 crores, whereas in FY24 and FY23 it was ₹3.039 crores and ₹0.733 crores, respectively.

Mehul Telecom Market Position

All their stores are in the state of Gujarat, covering 14 districts. As on date of the prospectus, they operate 6 COCO stores and 74 FOFO stores, with new FOFO locations being added regularly and low performing ones removed to ensure maximum operational impact.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹115.473 crores, ₹5.736 crores, and ₹8.018 crores, respectively.

How to apply for Mehul Telecom IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.