Mehul Telecom IPO - Listing Performance & Details

Mehul Telecom Limited is a Gujarat-based multi-brand mobile phone and accessories retailer, operating both own stores (COCO model) and franchise stores (FOFO model). The business traces its roots to 2007-08 when promoter Mehul Vasantbhai Raymagiya started a sole proprietorship firm. In 2023, it was incorporated as a private limited company, and the proprietorship business was formally transferred to the company in April 2024. It currently operates 80 stores across Gujarat, primarily in Rajkot and Morbi districts, and retails popular brands like Samsung, Vivo, Oppo, Realme, Xiaomi, OnePlus, Nokia, and many more.

Strengths

1. Strong Brand Portfolio & Multi-brand Presence

The company sells almost every popular smartphone brand available in India — MI, Samsung, Vivo, Oppo, Realme, Nokia, OnePlus, Redmi, Nothing, Tecno, Infinix, Xiaomi and more. This multi-brand approach gives customers wide choices under one roof, making Mehul Telecom a trusted one-stop destination for mobile buyers in Gujarat.

2. 17+ Years of Industry Experience

Though incorporated recently as a company, the promoter's business is 17+ years old. This long experience means strong supplier relationships, deep market knowledge, and an established customer base across Saurashtra and other parts of Gujarat — a trust factor new competitors cannot easily replicate.

3. Dual Retail Model (COCO + FOFO)

The company runs both Company-Owned Company-Operated (COCO) stores and Franchise-Owned Franchise-Operated (FOFO) stores. COCO stores give it quality control and higher margins, while the FOFO model enables fast expansion at lower capital investment. As of FY26, COCO stores contribute ~72% of revenue — showing growing dominance of own operations.

4. Rapid Store Expansion

From 51 stores in FY2023 to 80 stores by FY2026 (with 29 new stores added in FY26 alone), the company has shown consistent and aggressive growth. Net store additions have always exceeded closures — indicating sustainable expansion momentum.

5. Strong Revenue Growth

Revenue has grown from ₹80 Cr in FY23 to ₹121 Cr in FY25, and ₹152 Cr in just 9 months of FY26. This growth trajectory, especially in the COCO segment, demonstrates strong execution capability.