Mehul Telecom IPO Summary
The compound annual growth rate (CAGR) for the Indian power transmission and infrastructure industry market is forecasted to be around 10-12% till 2030, driven by factors such as increased power requirement, grid modernisation, development of smart grids, renewable energy transmission, and expansion of extra-high-voltage (EHV) corridors. Against this scenario, the EPC-oriented power infrastructure companies are poised to profit from both the public sector power utility and industrial capacity expansion in the private sector.
Mehul Telecom Ltd. is an infrastructure and EPC firm which offers engineering, procurement, construction, and commissioning of design solutions for HV and EHV transmission lines, substations, underground cables, and industrial power distribution systems. The company operates from Ahmedabad, Gujarat and was established in the year 2011 with its operations spread across Gujarat, Rajasthan, and Punjab to serve both utility and industrial sectors.
During the last ten years, the company has managed to commission transmission lines starting from 11 kV up to 400 kV and substation till 220 kV. These have covered over 1,000 circuit-kms of transmission line projects and around 130+ substations projects. Apart from project execution, it also generates steady income streams from O&M of its installed assets.
Mehul Telecom Limited has announced a main‑board IPO of 28.29 lakh equity shares of face value ₹10 each, aggregating up to ₹27.73 crore. The issue is priced in the band of ₹96–₹98 per share and is structured as a book‑build, SME offering on BSE. It has a fresh issue of 28.29 lakh shares (₹26.32 crore), with the IPO opening April 17–21, 2026, allotment on April 22, 2026, and listing on April 24, 2026. This gives investors an opportunity to participate in a fast‑growing, EPC‑oriented partner in India’s power‑transmission and grid‑modernisation story.
Mehul Telecom Limited IPO Details:
Mehul Telecom Limited Issue Management:
Cumulative Capital Pvt Ltd acts as the book-running lead manager for Mehul Telecom BSE SME IPO, managing underwriting and compliance.
Mehul Telecom Limited IPO RTA (Registrar) Details:
Kfin Technologies Ltd. handles allotment, refunds, and demat credits - contact at 04067162222, 04079611000 or mehul.ipo@kfintech.com.
Mehul Telecom Limited IPO Allotment Status:
To check your IPO allotment status:
Visit the Kfin Technologies Ltd IPO Application Status page.
Select the company name from the dropdown menu.
Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Click Submit to view your allotment status.
Mehul Telecom Limited SME IPO is an entirely fresh‑issue SME offer of ₹26.32 crore (28,29,600 shares), with no offer‑for‑sale component.
Mehul Telecom Limited IPO proceeds (fresh issue ₹26.32 Cr) will be deployed towards:
Mehul Telecom Limited BSE SME IPO offers 28,29,600 shares in total, with 26,85,600 shares forming the net offer to the public (after 1,44,000 market‑maker shares).
The anchor bidding for Mehul Telecom Limited SME IPO is scheduled for April 16, 2026, within the QIB portion of the issue, with anchors expected to receive about 30% of the QIB‑allocated shares (around 7,89,600 shares).
Lock-in: The anchor allotment follows SEBI‑BSE SME IPO norms, where 50% of the anchor shares are locked in for 30 days and the remaining 50% for 90 days from the listing date.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Kfin Technologies.
Based on the RHP disclosures, Mehul Telecom Ltd. has recorded healthy FY25 results attributable to its retail mobile and electronics distribution segment. Revenue increased from ₹80.27 crore in FY23 to ₹107.37 crore in FY24 and ₹121.02 crore in FY25, and PAT rose from ₹0.51 crore in FY23 to ₹2.19 crore in FY24 and roughly ₹6.04 crore in FY25, indicating a PAT margin of 5.0%.
The growth driver is the expansion of the retail mobile outlet and consumer electronics store network, comprising more than 60 outlets in Gujarat, primarily selling branded mobiles, accessories, and services. The business model depends on the ability to generate recurring revenues through high throughput of stores, effective working capital management, and a lean organizational structure with promoters at the helm.
Action Links:
To apply for Mehul Telecom Limited IPO, open a demat account here
Mehul Telecom Limited IPO Subscription Status: Check live subscription here
Mehul Telecom Limited IPO GMP Update: Check latest grey market premium here
Mehul Telecom IPO Key Highlights:
Mehul Telecom Limited is a retail‑focused consumer‑electronics and mobile‑solutions company that operates a chain of branded‑mobile and electronics outlets, primarily in Gujarat.
It distributes and retails mobile phones, accessories, and other related services. It has a prominent presence across its 60+ retail touchpoints and expanding offline stores.
Over the last few years, Mehul Telecom has exhibited improving fundamentals with revenues increasing from ₹80.27 crore in FY23 to ₹121.02 crore in FY25, while PAT increased from ₹0.51 crore to ₹6.04 crore.
Mehul Telecom has been able to build a strong topline growth track record and returns, with ROE estimated at 59.8% and ROCE at over 45%, showing that it is an asset-light and equity-return-focused business.
The nature of Mehul Telecom's transaction-oriented and retail-driven model, along with a capital-intensive yet high-throughput store network, gives it visibility into recurring-type revenues.
Mehul Telecom Risk Factors:
The risks of Mehul Telecom Limited IPO are mentioned below:
Dependency on a limited product basket (smartphones and related accessories) exposes the company to risks of obsolescence, price competition, and switching brands.
The retail business model is one that requires high working capital, and any mismanagement of the working capital cycle or inventories may cause liquidity issues.
Concentration in Gujarat makes the firm prone to state-specific risks rather than diversified India-wide risks.
The business is very dependent on supplier relations, and any variation in margins and support provided by the key suppliers will affect the profitability directly.
Short history of financial performance as opposed to other listed large firms means lack of experience regarding competitive moat, sustainable margins, and governance quality for a listed SME.
Being a small-ticket SME-IPO scrip, trading in the stock may be less attractive to active traders.
Mehul Telecom IPO Expert Analysis:
Mehul Telecom Issue is an SME‑book‑built IPO on BSE SME, with a net fresh‑issue size of ₹26.32 crore (total issue about ₹27.73 crore), priced in the band of ₹96–₹98 per share (face value ₹10).
Basic details of the IPO:
Type of IPO: Book‑built SME IPO (BSE SME).
Size of the issue: 28,29,600 shares in total (including 1,44,000 firm‑allotted shares to the market maker), with a minimum retail application of 2 lots (2,400 shares, about ₹2,35,200 at the upper band).
Uses of funds: Funding of working‑capital needs (₹22.95 crore) and general‑corporate‑purposes (₹3.37 crore), focusing on scaling the retail‑network and inventory‑base rather than heavy‑capex.
Expert View on the IPO:
This IPO stands well poised to capitalize on India’s expanding retail-electronics and mobile phone distribution landscape wherein Mehul Telecom’s small, promoter-run retail chain is already delivering strong RoE and RoCE.
The company being valued in the mid-₹90s valuation range equates to high single-digit to low double-digit forward P/E and a P/B ratio in the 4x range, which is quite expensive for a small-cap, SME-listed retailer, implying limited room for gains for a risk-averse investor looking at fast-paced growth.
However, for a well-funded investor with a long-term outlook who can stomach SME-retailer cycles and illiquidity, a small investment might be considered; else it is advisable to wait and watch.
Should you invest in the Mehul Telecom IPO?
Mehul Telecom IPO may suit small‑ticket, long‑term exposure for investors comfortable with retail‑electronics‑trade cyclicality and SME‑listing risks; for conservative or first‑time IPO investors, it is better to stay cautious rather than apply.
Consider investing when:
You can manage the cyclicality of the retail sector, the heavy working capital requirements, and the geographic concentration of Gujarat, and you understand the low liquidity assumption associated with BSE-SME stock.
Your goal is light assets, high ROE, transactional exposure to mobile and consumer electronics retailing, over many years, and comfortable with SME price volatility.
Do not invest when:
You are a small ticket, conservative, or trade-oriented investor; the high minimum investment per application (₹2.35 lakhs for 2 lots) makes it unsuitable for your profile.
You are looking for high-growth and diversification into other sectors from mobile retailing; based on the current operating model and DRHP disclosures, it suggests moderate growth.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Mehul Telecom Limited IPO, open a demat account here
Mehul Telecom Limited IPO Subscription Status: Check live subscription here
Mehul Telecom Limited IPO GMP Update: Check latest grey market premium here
1. What is the Mehul Telecom Limited IPO open and close date?
The Mehul Telecom IPO opens on April 17, 2026, and closes on April 21, 2026; the basis of allotment is on April 22, 2026, refunds and credit to demat happen on April 23, 2026, and listing is scheduled on BSE SME on April 24, 2026.
Track Mehul Telecom Limited IPO subscription status live here from Finnpick.
2. What is the Mehul Telecom Limited IPO price band and lot size?
The IPO price band is ₹96–₹98 per share, with a face value of ₹10 per equity share, making the minimum investment at the upper band ₹2,35,200 for the smallest retail lot.
3. What is Mehul Telecom Limited IPO total size?
Mehul Telecom Limited is a BSE‑SME IPO of about ₹27.73 crore, comprising 28,29,600 shares, with a net fresh‑issue of ₹26.32 crore (26,85,600 shares) and 1,44,000 shares reserved for the market maker.
4. How to apply for the Mehul Telecom Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Apr 21, 4 PM. Monitor Mehul Telecom Limited IPO subscription tracker here.
5. How to check Mehul Telecom Limited IPO Allotment Status?
The allotment date is on Apr 22nd and can be checked on Kfin Technologies. portal RTA portal using PAN/DP ID.
6. What is Mehul Telecom Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of Apr 10, indicating listing at the price range of ₹98 - check daily updates of Mehul Telecom Limited IPO GMP trends here and live subscription status here from Apr 17th opening only on Finnpick.
7. What does Mehul Telecom Limited specialize in?
Mehul Telecom operates a multi‑brand mobile retail chain across Gujarat, selling smartphones, accessories, and related services through a COCO + FOFO‑style retail network of 60+ retail points, with a heavy focus on high‑turnover, transaction‑based sales.
8. When is Mehul Telecom Limited IPO listing date?
The Mehul Telecom Limited Ltd IPO lists on April 24th, 2026 on BSE SME (~T+1 post-allotment Apr 22).
9. What are the Mehul Telecom Limited IPO proceeds utilization details?
The fresh IPO proceeds (₹26.32 crore) will be used mainly for funding working‑capital needs (₹22.95 crore) and general‑corporate‑purposes (₹3.37 crore), focusing on inventory stocking and operational scaling rather than heavy capex.
