A multi-brand mobile phone retail chain with 35 COCO stores across Gujarat and Rajasthan plans to raise Rs 32.42 crore via the NSE SME platform.
Vinit Mobile Ltd., a multi-brand mobile phone and accessories retailer operating 35 Company Owned Company Operated (COCO) stores across Gujarat and Rajasthan, opens for subscription on June 30 with the issue closing on July 2. The company is listing on the NSE SME Emerge platform.
What the Company Does
Founded in 2011 and headquartered in Gujarat, Vinit Mobile is a brick-and-mortar mobile retail chain selling smartphones and accessories from brands including Apple, Samsung, Vivo, Oppo, Xiaomi, Realme, Motorola, and OnePlus across its 35 COCO stores. Unlike franchise-heavy models, all stores are directly owned and operated by the company — giving it control over customer experience, inventory, and pricing but also making the business more capital-intensive.
The company operates in the B2C segment and competes directly with both branded retail chain formats and the growing e-commerce channel for mobile device sales. Net proceeds from the fresh issue will fund expansion of the store network and working capital.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 30, 2026 |
| Issue Closes | July 2, 2026 |
| Listing | NSE SME Emerge (July 7, 2026) |
| Price Band | Rs 150 – Rs 158 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 32.42 crore (100% Fresh Issue) |
| Lot Size | 800 shares (min 2 lots = 1,600 shares) |
| Min. Retail Investment | Rs 2,52,800 |
| BRLM | Comfort Securities Ltd. |
| Registrar | KFin Technologies Ltd. |
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 |
|---|---|---|
| Revenue | 28.59 | 60.63 |
| PAT | 0.72 | 3.90 |
| PAT Margin | 2.52% | 6.43% |
Revenue more than doubled from Rs 28.59 crore in FY24 to Rs 60.63 crore in FY25 — a spectacular jump for a mobile retail chain operating 35 stores. PAT followed at Rs 3.90 crore from Rs 0.72 crore. The pace and suddenness of this improvement — arriving in the pre-IPO year — is exactly the pattern that analysts flag as warranting heightened scrutiny in SME IPOs. PAT margins of 6.43% are also unusually high for a mobile retail business, where 1–3% margins are more typical given thin OEM-to-dealer spreads and high inventory costs. Listed peers trade at P/E multiples of 20.9x, 11.5x, and 7.74x — not directly comparable.
BRLM Track Record: This is only the 2nd mandate from Comfort Securities. The sole prior listing recorded a 10.14% premium on listing day — but is now trading at a significant discount to its issue price.
Risks to Consider
Mobile phone retail in India is intensely competitive, with Reliance Jio stores, Croma, Samsung SmartCafé, and dozens of other formats competing for the same customer alongside growing e-commerce channels where prices are often lower. The PAT margin of 6.43% is implausibly high for this business model and needs to be verified against the detailed profit and loss in the RHP. Revenue concentration in Gujarat and Rajasthan means limited geographic diversification. A COCO-only model means all capex and operational risk sits with the company, unlike franchise-model competitors who outsource both. The small equity base post-IPO indicates a longer gestation period for mainboard migration.
Analyst View
Analysts note that the company has reported spectacular performances from FY24 onwards that really surprise — in a highly competitive and fragmented mobile retail segment. The issue appears aggressively priced based on its super financial data, as per analysts.