Mehul Telecom IPO is a book-built issue worth ₹28 Crore. The issue is entirely a fresh issue of 0.28 crore shares of ₹27.73 crore. The IPO will open for subscription on April 17, 2026, and close on April 21, 2026.
The basis of allotment is expected to be finalised on April 22, 2026, with tentative listing scheduled on BSE SME for April 24, 2026. The price band for the Mehul Telecom IPO has been fixed at ₹96 to ₹98 per share.
Investors can bid for Mehul Telecom IPO with a minimum of 1 lot, having 1,200 Shares. For retail investors, the minimum investment required is ₹2,35,200. For high-net-worth investors (bHNI), the lot size stands at 9 lots, equal to 10,800 shares, amounting to ₹10,58,400.
Cumulative Capital Pvt Ltd is the book running lead manager (BRLM), and Kfin Technologies Ltd is the registrar of the issue. Detailed information is available at the Mehul Telecom IPO RHP.
Mehul Telecom IPO Objectives
- Funding of working capital needs.
- General corporate purposes.
About Mehul Telecom Limited
Incorporated in 2023, Mehul Telecom Limited is a multi-brand mobile retail chain that sells smartphones and accessories through a hybrid retail model comprising Company-Owned Company-Operated (COCO) stores and Franchise-Owned Franchise-Operated (FOFO) outlets.
The company focuses on retailing a wide range of connected lifestyle products and mobile peripherals. Its offerings include wearables, audio devices, and power solutions such as speakers, smartwatches, earphones, headphones, tablets, mobile covers, chargers, screen guards, power banks, warranty plans, streaming devices, car holder clamps, and pen drives from various leading brands.
Its business operations are divided into two key verticals: sales through COCO stores, where the company owns and manages the outlets, and sales through FOFO outlets, where franchise partners own and operate the stores under the company’s brand.
Mehul Telecom’s product portfolio includes smartphones and tablets from major brands operating in India, such as MI, Samsung, Apple (iPhone), Vivo, Oppo, Realme, Nokia, OnePlus, Redmi, Nothing, Tecno, Infinix, and Xiaomi, among others, with a strong presence in Gujarat.
In addition to devices, the company also offers an extensive range of accessories from these brands, covering categories like audio products, wearables, charging solutions, and protective gear, catering to diverse consumer needs.
Industry Outlook
- The electronics industry is the world’s largest and fastest-growing sector, with expanding applications across all areas of the economy, positioning India as a key growth market.
- Strong government backing through initiatives like Make in India, Digital India, and the National Policy on Electronics 2019 is driving domestic manufacturing, exports, and value chain development.
- India has rapidly become the second-largest mobile phone manufacturer globally, with domestic production now meeting nearly all local demand and significantly reducing import dependence.
- With production at ~$90 billion and ambitious targets of $300 billion manufacturing and $120 billion exports by 2026, the sector is set for robust, policy-driven expansion supported by substantial incentive investments
How To Apply for the Mehul Telecom IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Mehul Telecom IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Mehul Telecom IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Mehul Telecom IPO
West Gate Shop 223, 150 Ft Ring Road, Rajkot Raiya Road, Rajkot, Gujarat - 360007 India
Phone: 0281- 2991223
E-mail: info@mehultelecom.com
Mehul Telecom IPO Reservation
| Investor Category | Shares Offered | % of Net Issue |
| QIB Shares Offered | 13,40,400 | 49.91% |
| – Anchor Investor Shares Offered | 7,89,600 | — |
| – QIB (Ex. Anchor) Shares Offered | 5,50,800 | — |
| NII (HNI) Shares Offered | 4,03,200 | 15.01% |
| Retail Shares Offered | 9,42,000 | 35.08% |
| Firm Reservations | ||
| Market Maker Shares Offered | 1,44,000 | — |
| Total Shares Offered | 28,29,600 | 100.00% |
Mehul Telecom IPO Lot Size Details
| Application Type | Lots | Shares | Amount (₹) |
| Individual Investors (Retail) (Min) | 2 | 2,400 | 2,35,200 |
| Individual Investors (Retail) (Max) | 2 | 2,400 | 2,35,200 |
| S-HNI (Min) | 3 | 3,600 | 3,52,800 |
| S-HNI (Max) | 8 | 9,600 | 9,40,800 |
| B-HNI (Min) | 9 | 10,800 | 10,58,400 |
Mehul Telecom IPO Promoter Holding
Mehul Vasantbhai Raymagiya, and Raymagiya Hemali Mehulbhai are the promoters of the company.
| Share Holding Pre-Issue | 94.25% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Mehul Telecom IPO
| KPI (Dec 31, 2025) | Value |
| ROE (%) | 34.27 |
| ROCE (%) | 34.80 |
| RoNW (%) | 29.25 |
| PAT Margin (%) | 4.65 |
| EBITDA Margin (%) | 6.39 |
Mehul Telecom IPO Registrar and Lead Managers
Mehul Telecom IPO Lead Managers
Cumulative Capital Pvt Ltd.
Registrar for Mehul Telecom IPO
Kfin Technologies Ltd
Contact Number:+91 40 6716 2222
Email Address:mehul.ipo@kfintech.com
Financial Performance of Mehul Telecom Limited (In Lakh)
| Particulars | Dec 31, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
| Revenue from Operations (₹ in Lakhs) | 15,198.76 | 12,088.66 | 10,719.83 | 8,015.19 |
| Growth in Revenue from Operations (YoY %) | 82.52% | 12.77% | 33.74% | 25.38% |
| EBITDA (₹ in Lakhs) | 971.10 | 801.79 | 303.90 | 73.35 |
| EBITDA Margin (%) | 6.39% | 6.63% | 2.83% | 0.92% |
| Profit After Tax (₹ in Lakhs) | 707.25 | 603.94 | 219.46 | 51.44 |
| PAT Margin (%) | 4.65% | 5.00% | 2.05% | 0.64% |
| RoE (%) | 34.27% | 59.84% | 99.32% | 40.95% |
| RoCE (%) | 34.80% | 47.16% | 42.43% | 30.05% |
| Current Ratio | 2.53 | 2.62 | 1.37 | 1.61 |
| Net Capital Turnover Ratio (in times) | 4.68 | 5.71 | 20.27 | 19.18 |
| Number of Operational Stores | 80 | 64 | 57 | 56 |
| Average Sales per Stores | 189.98 | 188.89 | 188.06 | 143.12 |
Strengths and Opportunities of Mehul Telecom Limited
- Promoters bring strong industry experience and actively manage both strategy and daily operations, ensuring clear direction.
- A network of 80 stores across 15 districts enables wide market reach and strong positioning in Gujarat.
- A multi-brand portfolio with ~1600 SKUs caters to diverse customer preferences and price segments.
- Stores in high-footfall areas with trained staff improve customer engagement and purchase decisions.
- A franchise-led model allows expansion with low capital investment while maintaining high returns.
- Expansion plans target underserved districts and Tier II/III cities to capture untapped growth opportunities.
- Focus on customer relationships and digital marketing strengthens brand visibility and long-term loyalty.
Risks and Threats of Mehul Telecom Limited
- Inability to effectively execute growth and expansion strategies, especially amid rapid technological changes, may hinder business performance.
- Failure to attract, retain, or transition skilled and unskilled workforce could disrupt operations and growth plans.
- Risks related to intellectual property, including inadequate protection or potential infringement, may lead to legal and financial issues.
- Non-compliance with regulatory requirements or delays in obtaining necessary licenses and approvals can impact operations.
- Adverse economic conditions, including recession, inflation, or market volatility, may reduce consumer demand and profitability.
- Frequent changes in laws, regulations, and political or social conditions can create uncertainty and increase operational risks.
- External disruptions such as natural disasters or inability to meet capital expenditure needs may negatively affect business continuity.
