Mehul Telecom IPO

Incorporated in 2023, Mehul Telecom is a multi-brand mobile retail chain headquartered in Gujarat and specialises in selling smartphones, electronic goods, and accessories. The company offers a wide range of smartphones and tablets from leading brands, along with accessories and consumer electronics. Mobile phones contribute 98.63% of the revenue mix, while others contribute 1.37% of sales. The company stocks about 1,100 models of smartphones and 500 models of accessories.

The company operates on a mixed retailing strategy that involves company-owned, company-operated (COCO) and franchisee-owned, franchisee-operated (FOFO) models. The company has 80 stores in Gujarat across different districts. Out of 80 stores, six are COCO and 74 are FOFO stores. On COCO, the company incurs all the operating expenses and earns revenues directly. However, on FOFO, the company provides inventory on a refundable deposit basis, pays all operating expenses, and earns revenues while sharing the profit margins with the franchisee partners.

In terms of geography, Rajkot represents the major market share, as it generates 65.26% of the total sales revenue as of December 31, 2025, with 21 outlets. Morbi is the second-largest contributor at 17.10%. The head office of the organisation is in Rajkot, which also serves as the main operations center for the firm. COCO shops have increasingly accounted for a rising proportion of total income. In 9MFY26, the COCO shops have earned ₹110.09 crore, making up 72.43% of total income, whereas the FOFO shops have earned ₹41.90 crore, making 27.57% of total income.