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Mehul Telecom IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Mehul Telecom Limited is engaged in the retail and distribution of mobile phones, accessories, and related telecom products. The company earns revenue through sales via its extensive retail store network and franchise model. Its product portfolio includes smartphones, gadgets, and telecom accessories, which are used by end consumers for communication and digital connectivity, making it a key player in the telecom retail ecosystem.
Mehul Telecom an Book Built Issue, amounting to ₹
27.73 Crore,consisting entirely an fresh issue of
0.28 crore shares of ₹
27.73 crores.The subscription period for the Mehul Telecom IPO opens on April 17, 2026, and closes on April 21, 2026. The allotment is expected to be finalized on or about April 22 2026, Wednesday, and the shares will be listed on the BSE SME with a tentative listing date set on or about Friday, April 24, 2026.
The Share Price Band of Mehul Telecom IPO is set at ₹96 to ₹98 per share per equity share. The Market Capitalisation of the Mehul Telecom at IPO price of ₹98 per equity share will be ₹102.43 Cr. The lot size of the IPO is
1,200 shares. Retail investors are required to invest a minimum of ₹
235,200,
2 lots (
2,400 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
3,600 shares), amounting to ₹
352,800.
CUMULATIVE CAPITAL PRIVATE LIMITED, the book running lead manager of the Mehul Telecom. while KFIN TECHNOLOGIES LIMITED is the registrar for the issue.The Market Maker of the company is Nikunj Stock Brokers Ltd..
Mehul Telecom Limited IPO GMP Today
The Grey Market Premium of Mehul Telecom IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Mehul Telecom Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on April 21, 2026, the Mehul Telecom IPO live subscription status shows that the IPO subscribed 44.91 times on its Final Day of subscription period. Check the Mehul Telecom IPO Live Subscription Status Today at BSE.
Mehul Telecom Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Mehul Telecom IPO allotment date is April 22 2026, Wednesday, Mehul Telecom IPO Allotment will be out on April 22 2026, Wednesday, and will be live on Registrar Website from the allotment date.
KFIN TECHNOLOGIES LIMITED IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Mehul Telecom IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Mehul Telecom Limited IPO
Mehul Telecom to utilise the Net Proceeds towards the following objects:
1. ₹2,295.00 Lakhs is required for Funding of working capital needs;
2. General Corporate Expenses
Refer to Mehul Telecom Limited RHP for more details about the Company.
Mehul Telecom Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| April 13, 2026 | ₹ 98 | ₹ 98 | ₹0(0.0%) | 13 April 2026; 04:38 PM |
Mehul Telecom IPO Details
| Market Capitalization | ₹102.43 Cr |
| IPO Date | April 17, 2026 to April 21, 2026 |
| Listing Date | April 24, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹96 to ₹98 |
| Issue Price | ₹98 per share |
| Employee Discount | NA |
| Lot Size | 1200 Equity Shares |
| Total Issue Size | 28,29,600 Equity Shares (aggregating to ₹27.73 Cr) |
| Fresh Issue | 28,29,600 Equity Shares (aggregating to ₹27.73 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Share holding pre issue | 76,22,000 |
| Share holding post issue | 1,04,51,600 |
| Rating | Avoid |
Mehul Telecom IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Mehul Telecom IPO Timeline (Tentative Schedule)
| IPO Open Date | Fri, Apr 17, 2026 |
| IPO Close Date | Tue, Apr 21, 2026 |
| Basis of Allotment | Wed, Apr 22, 2026 |
| Initiation of Refunds | Thu, Apr 23, 2026 |
| Credit of Shares to Demat | Thu, Apr 23, 2026 |
| Listing Date | Fri, Apr 24, 2026 |
| Cut-off time for UPI mandate confirmation | Wed, Apr 22, 2026 |
Mehul Telecom IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 1,414,800 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 424,440 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 990,360 | Not more than 35% of the Net Offer |
| Market Maker Portion | 1,44,000 | - |
Mehul Telecom IPO Promoter Holding
| Share Holding Pre Issue | 94.25% |
| Share Holding Post Issue | 68.74% |
Mehul Telecom IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹235,200 |
| Retail (Max) | 2 | 2,400 | ₹235,200 |
| S-HNI (Min) | 3 | 3,600 | ₹352,800 |
| S-HNI (Max) | 8 | 9,600 | ₹940,800 |
| B-HNI (Min) | 9 | 10,800 | ₹1,058,400 |
Mehul Telecom IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 5,49,600 | 1,78,60,800 | 32.50x | 22 April 2026; 12:35 PM |
| Non Institutional Investors(NIIS) | 4,03,200 | 3,20,06,400 | 79.38x | 22 April 2026; 12:36 PM |
| Retail Individual Investors (RIIs) | 9,43,200 | 3,52,82,400 | 37.41x | 22 April 2026; 12:36 PM |
| Total | 18,96,000 | 8,51,49,600 | 44.91x | 22 April 2026; 12:36 PM |
About Mehul Telecom Limited
Mehul Telecom Limited is engaged in the retail and distribution of mobile phones, accessories, and related telecom products. The company earns revenue through sales via its extensive retail store network and franchise model. Its product portfolio includes smartphones, gadgets, and telecom accessories, which are used by end consumers for communication and digital connectivity, making it a key player in the telecom retail ecosystem.
Key Clients & Manufacturing/Operational Facilities
The company primarily serves retail customers and operates through a wide network of stores across Gujarat. It does not have manufacturing facilities but operates leased retail outlets and warehouses for inventory management. These facilities function as sales and distribution hubs, ensuring product availability, customer engagement, and efficient last-mile delivery in key urban and semi-urban markets.
Product Portfolio & Order Book
The company offers a comprehensive range of telecom products including smartphones, accessories, and gadgets. These products lie at the end-consumer stage of the product lifecycle, focusing on distribution and retail. The business does not rely on a traditional order book but operates on inventory turnover and retail sales. Execution depends on demand cycles, store performance, and supplier relationships.
Merger, Capex & Expansion Plans
The company was converted from a private limited entity to a public limited company in 2025. It plans to utilize IPO proceeds mainly for working capital requirements. Expansion will be driven through store additions, franchise growth, and inventory scaling. The business follows a low capex model, focusing on asset-light expansion and operational scalability.
Employees & Banker
December 31, 2025, the company had 27, full time employees. The Banker to the Company is HDFC Bank Limited.
Management & Growth Vision
The company is led by experienced promoters, including Mehul Vasantbhai Raymagiya, who serves as Chairman and Managing Director. The management focuses on expanding its retail footprint, strengthening distribution, and enhancing customer experience.
In the near term, the company aims to increase store count and improve revenue per store. Long-term goals include scaling operations beyond Gujarat and building a strong telecom retail brand. The management plans to fund expansion through IPO proceeds, internal accruals, and bank financing if required.
Industry Overview
The company operates in the telecom retail and trading industry, which is closely linked to mobile handset demand and digital adoption.
Globally, the telecom and mobile devices market is growing steadily due to increasing smartphone penetration and digital services usage. India is one of the fastest-growing markets, supported by rising internet users and affordable smartphones.
Global trade in goods is expected to grow at 2.6% in 2024 and 3.3% in 2025, indicating moderate recovery. In India, telecom services and digital adoption are expanding rapidly, with strong growth in mobile usage and services exports.
Market leaders include global brands like Apple, Samsung, and Xiaomi, while in India, retail chains and distributors play a key role in last-mile delivery. The industry is expected to grow in both value and volume due to increasing digital consumption and rural penetration.
Key Risk Factors
- Dependence on Key Personnel
The company’s growth depends heavily on its promoters and senior management. Any attrition or inability to retain skilled personnel may negatively impact operations and future expansion plans. - High Promoter Shareholding
Promoters will retain significant control (up to 94.25%), which may influence key decisions and limit minority shareholder participation in decision-making. - Dependence on External Funding
The company relies on IPO proceeds, internal accruals, and bank financing. عدم availability of funds may impact working capital and growth plans. - No Alternate Funding Arrangements
There are no alternative arrangements for meeting capital requirements. Any shortfall in IPO proceeds may delay or impact expansion and operational plans. - Dividend Uncertainty
Future dividend payments depend on profitability and financial condition. Investors may not receive regular returns and depend mainly on share price appreciation. - Industry Data Reliability Risk
Industry data used in the RHP is based on third-party sources and may not be fully accurate or verified, which could affect investment decisions.
Key Strengths & Opportunities
- Experienced Management Team
The company benefits from experienced promoters and leadership, which helps in strategic decision-making and execution of growth plans effectively. - Strong Retail Network in Gujarat
It has a well-established store network, enabling strong regional presence and better customer reach in Gujarat’s telecom retail market. - Comprehensive Product Range
The company offers a wide range of telecom products, catering to diverse customer needs and improving revenue opportunities across different price segments. - Low Capex Business Model
The asset-light model allows expansion with limited capital investment, improving return ratios and scalability of operations. - Growing Telecom Demand
Rising smartphone penetration and digital adoption in India provide strong growth opportunities for telecom retailers like Mehul Telecom. - Expansion Opportunities
The company can expand beyond Gujarat into other states, increase franchise stores, and leverage brand partnerships to grow revenue and market share.
Mehul Telecom Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Mar 31, 2024 | Mar 31, 2025 | Dec 31, 2025 |
|---|---|---|---|
| Reserve of Surplus | -0.66 | 948.10 | 1,655.35 |
| Total Assets | 9.62 | 3,440.91 | 5,440.80 |
| Total Borrowings | 0.00 | 7.17 | 372.47 |
| Fixed Assets | - | 17.01 | 68.42 |
| Cash | 1.00 | 399.70 | 545.77 |
| Cash flow from operating activities | -9.00 | -1,128.69 | -357.20 |
| Cash flows from investing activities | - | -17.91 | -62.42 |
| Cash flow from financing activities | 10.00 | 1,545.31 | 565.68 |
| Net Borrowing | -1.00 | -392.53 | -173.30 |
| Revenue | - | 11,547.26 | 15,202.19 |
| EBITDA | 303.90 | 801.79 | 971.10 |
| PAT | -0.66 | 573.62 | 707.25 |
| PAT Margin | - | 4.97% | 4.65% |
| EPS | 3.43 | 8.3 | 9.28 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 8.3 |
| EPS Post IPO (Rs.) | 5.49 |
| Adjusted 12M EPS Post IPO (Rs.) | 9.02 |
| P/E Pre IPO | 11.81 |
| P/E Post IPO | 17.86 |
| Adjusted 12M P/E Post IPO | 10.86 |
| ROE | 59.84% |
| ROCE | 47.16% |
| P/BV | 4.17 |
| Debt/Equity | 0.15 |
| RoNW | 35.31% |
| EBITDA Margin | 6.63% |
| PAT Margin | 4.97% |
Mehul Telecom Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Mehul Telecom | 5.49 | 17.86 | 59.84% | 47.16% | 4.17 | 0.15 | 35.31% |
| Fonebox Retail | 4.43 | 14.45 | 14.1 % | 33.6 % | 1.81 | 0.18 | 13.18% |
| Jay Jalaram Technologies | 5.27 | 17.13 | 13.4 % | 15.0 % | 1.92 | 0.53 | 10.02% |
| Bhatia Communications & Retail (India) | 1.10 | 18.94 | 17.9 % | 21.8 % | 2.78 | 0.34 | 15.56% |
Mehul Telecom Limited Contact Details
Mehul Telecom Limited
Phone: 0281 2991223
Email: info@mehultelecom.com
Website: http://www.mehultelecom.com/
Mehul Telecom IPO Registrar and Lead Manager(s)
KFIN TECHNOLOGIES LIMITED
Phone: +91 40 6716 2222
Email:mehul.ipo@kfintech.com
Website: http://www.kfintech.com/
CUMULATIVE CAPITAL PRIVATE LIMITED
Phone: +91 9819 662 664/ +91 820 005 2280
Email: contact@cumulativecapital.group
Website: http://www.sobhagyacapital.com/
Mehul Telecom IPO Review
Mehul Telecom Limited is engaged in the retail and distribution of mobile phones, accessories, and related telecom products. The company earns revenue through sales via its extensive retail store network and franchise model. Its product portfolio includes smartphones, gadgets, and telecom accessories, which are used by end consumers for communication and digital connectivity, making it a key player in the telecom retail ecosystem.
The Company is led by Promoter, i.e.,MEHUL VASANTBHAI RAYMAGIYA, RAYMAGIYA HEMALI MEHULBHAI
The Revenues from operations for the Period ended on Dec 31 2026, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 15,202.19 Lakh, ₹ 11,547.26 Lakh, ₹ - Lakh, and ₹ - Lakh, The EBITDA for the Period ended on Dec 31 2026, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 971.10 Lakh, ₹ 801.79 Lakh, ₹ 303.90 Lakh, and ₹ - Lakh, The Profit after Tax for the Period ended on Dec 31 2026, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 707.25 Lakh, ₹ 573.62 Lakh, ₹ -0.66 Lakh, and ₹ - Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 8.98 and post-issue EPS of ₹ 6.45 for FY25. The pre-issue P/E ratio is 19.49x,while the post-issue P/E ratio is 27.14x against the Industry P/E ratio is 33.02x The company's ROE for FY25 is 35.83% and RoNW is 30.40%The Annualised EPS is ₹ 9.10x and P/E is ₹ 19.23x , These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Mehul Telecom showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Mehul Telecom Limited, IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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