Mehul TelecomShare price, financial results, shareholding and management
- Market cap
- ₹135 cr
- Stock P/E
- 13.5peers 17.4
- Book value
- ₹26.8
- Price to book
- 4.81
- EV / operating profit
- -
- Market cap to sales
- 0.67
- ROCE · FY26
- 55.8%
- ROE · FY26
- 43.3%
- ROE, 3-year average
- 43.3%
- Operating margin · FY26
- 6.8%peers 8.6%
- Sales growth, 3 years
- +74.0%
- Profit growth, 3 years
- +66.0%
- Debt to equity
- 0.11peers 0.28
- Borrowings
- ₹3 cr
- Interest cover
- 48.8×
- Cash from business / op. profit
- -29%
- Debtor days
- 31
- Pledged
- 0.00%
- Promoter holding
- 68.74%
- Change in promoter holding
- -
- Shareholders
- 547
- 52-week high / low
- ₹149 / ₹76
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Mehul Telecom share price chart
Close on 6 Nov 2026 · -2.31% on the day · Vol 1.75 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -5.0%
- 3 months
- +47.8%
- 6 months
- +16.1%
- Traded a day, 20 days
- ₹0.46 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +74% | +66% |
| 3 years, a year | - | - |
| Latest half, H2 FY26 | +64% | +73% |
About Mehul Telecom: business, products and customers
Mehul Telecom sells mobile phones of many brands, with accessories and other gadgets, through its own and franchise shops in towns across Gujarat, mostly around Rajkot and Morbi. Its shares trade on BSE SME.
Mehul Telecom runs a chain of multi-brand mobile phone shops under its own name in Gujarat. The shops stock phones from brands such as Samsung, Vivo, Oppo, Xiaomi, Realme and OnePlus, along with tablets, wearables, audio products and accessories, mostly in smaller towns. The business began as a proprietorship of the promoter Mehul Vasantbhai Raymagiya, which the company took over in April 2024, and a newer franchise format called Mobile Daddy has just started.
The way it works shapes the numbers. Most shops are run by franchisees, but the company owns the stock in them, takes a refundable security deposit from each franchisee, books every sale as its own revenue and pays the franchisee a share of the margin as commission. So revenue is large for the money the company has put in, the margin on each sale is thin, and the deposits help pay for the stock. The company-owned shops are few but brought in most of the sales in the nine months to December 2025.
Read more about the business
Cash has gone into stock and into money owed by bulk buyers as the chain has grown, so operations used cash in its first two years even as profit rose. The money raised in the April 2026 public issue is set aside for stock and other working capital.
Its 2026 offer document compared it with two listed phone retailers, Fonebox Retail and Bhatia Communications and Retail, and named online sellers such as Amazon, Flipkart and Reliance Digital, as well as quick commerce apps, as growing competition. It also said phone retailing has low barriers to entry.
From the 2026 red herring prospectus and the FY26 annual report. The company has held no earnings calls and published no investor presentation that could be read.
Read the deeper study ↓In its favour
- Sales have grown very fast: 74% a year last year.
- It earns a high return on the money it uses: ROCE 56% in FY26.
- It has little debt for its size: debt to equity 0.11.
- The promoters own a large part of the company: 68.74%.
To watch
- Money owed by buyers, which rose faster than sales in FY26 with ₹1.7 cr more than a year old, and the share of the largest bulk buyer (annual report FY26, p.66; red herring prospectus, p.30).
- Use of the ₹22.95 cr of issue money for working capital in FY27 and the first quarter of FY28 (red herring prospectus, p.88).
- Dealings with the promoters: loans from the Managing Director, rent paid to a promoter director, and a bank loan secured on the promoters' properties (annual report FY26, p.63 and p.70).
- Tax demands of ₹0.06 cr on the company and ₹0.44 cr on the promoter's old proprietorship, and BSE's clarification request on the share price movement of 7 October 2026 (prospectus, p.275; exchange filing).
- Customers take longer to pay than before: 31 days in FY26, against 21 in FY25.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Mehul Telecom revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Mehul Telecom half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 65 | 106.34 |
| Expenses | 61 | 99.13 |
| Operating profit | 4 | 7.21 |
| OPM | 6.0% | 6.8% |
| Interest | 0 | 0.27 |
| Depreciation | 0 | 0.04 |
| Profit before tax | 4 | 6.99 |
| Net profit | 3 | 5.19 |
Mehul Telecom profit and loss
Full years to March, FY25 to FY26 · ₹ crore, consolidated where reported
| FY25 | FY26 | |
|---|---|---|
| Sales | 115 | 200.12 |
| Expenses | 108 | 186.48 |
| Operating profit | 8 | 13.64 |
| OPM | 7.0% | 6.8% |
| Other income | 0 | 0.09 |
| Interest | 0 | 0.28 |
| Depreciation | 0 | 0.06 |
| Profit before tax | 8 | 13.39 |
| Tax rate | 25.0% | 25.6% |
| Net profit | 6 | 9.96 |
| EPS ₹ | 7.64 | 13.07 |
| Dividend payout | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Mehul Telecom profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY25 | FY26 | |
|---|---|---|
| Operating margin | 7.0% | 6.8% |
| Tax rate | 25.0% | 25.6% |
| ROCE | · | 55.8% |
| ROE | · | 43.3% |
| Dividend payout | 0.0% | 0.0% |
Mehul Telecom debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY25, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Mehul Telecom balance sheet
At each 31 March · ₹ crore
| FY25 | FY26 | |
|---|---|---|
| Equity capital | 8 | 8 |
| Reserves | 10 | 20 |
| Net worth | 18 | 28 |
| Borrowings | 0 | 3 |
| Other liabilities | 16 | 27 |
| Total liabilities | 34 | 58 |
| Fixed assets | 0 | 1 |
| Capital work in progress | 0 | 0 |
| Investments | 0 | 0 |
| Other assets | 34 | 57 |
Mehul Telecom cash flow
₹ crore
| FY25 | FY26 | |
|---|---|---|
| Cash from operations | -11 | -4 |
| Cash from investing | 0 | -1 |
| Cash from financing | 15 | 3 |
| Net cash flow | 4 | -2 |
Working capital
Days
| FY25 | FY26 | |
|---|---|---|
| Debtor days | 21 | 31 |
| Inventory days | 65 | 61 |
| Days payable | 38 | 31 |
| Cash conversion cycle | 47 | 61 |
| Working capital days | 54 | 61 |
Mehul Telecom peers and competitors
Listed SME companies in the same industryBy sales, Mehul Telecom is number 9 of the 26 listed SME companies in retailing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| On Door Concepts | 176 | 16.3 | 320 | 10.8 | 4.8% | 0.09 |
| Macfos | 1,093 | 42.0 | 309 | 26 | 12.0% | 0.38 |
| Mehul Telecom | 135 | 13.5 | 200 | 10 | 6.8% | 0.11 |
| Womancart | 69 | 8.5 | 134 | 8.1 | 13.4% | 0.25 |
| Pace E-Commerce Ventures | 34 | 8.4 | 100 | 4 | 6.0% | 0.21 |
| Ahasolar Technologies | 21 | 102.0 | 92 | 0.2 | 0.7% | 0.06 |
| Aditya Consumer Marketing | 45 | - | 91.4 | -2.1 | -1.2% | 0.32 |
| Acetech E-Commerce | 216 | 21.0 | 82.8 | 10.3 | 16.9% | 0.00 |
| Vinit Mobile | 32 | 5.6 | 71.9 | 5.7 | 11.1% | 0.65 |
| Jay Ambe Supermarkets | 89 | 18.4 | 71.5 | 4.9 | 14.9% | 0.30 |
| Khemani Distributors & Marketing | 261 | - | 66 | -13 | -43.0% | 0.42 |
| Median of the 10 others | 79 | 17.4 | 91.7 | 5.3 | 8.6% | 0.28 |
Mehul Telecom shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share.
Mehul Telecom shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Apr 26 | |
|---|---|
| Promoters | 68.74% |
| Foreign investors (FIIs) | 2.59% |
| Indian institutions (DIIs) | 9.46% |
| Number of shareholders | 547 |
Mehul Telecom study: the business from its own documents
Read from 3 of the company's own documentsMehul Telecom so far
From the company's own record
- May 2023Company formed
- 30 April 2026Promoters at 68.74%
- 14 Oct 2026Highest close since listing, ₹144.00
Mehul Telecom key facts from the filings
Each figure with the document it comes from
- Stores
- 80
- Six run by the company and 74 by franchisees, up from 64 at March 2025; the company announced more openings in September and October 2026.Annual report FY26, p.5 and p.7; red herring prospectus, p.99; exchange announcements, September and October 2026
- FY26 revenue
- ₹200.1 cr
- Up 73% from ₹115.4 cr in FY25, the first year after the takeover of the proprietorship; profit after tax rose to ₹10.0 cr from ₹5.8 cr.Annual report FY26, p.28
- Net profit margin
- 4.98%
- Profit after tax as a share of FY26 revenue: a thin margin, as in most phone retail.Annual report FY26, p.28; our arithmetic
- Sales from Rajkot and Morbi
- 82%
- Share of revenue in the nine months to December 2025 from these two districts, which hold 27 of the stores.Red herring prospectus, p.131; our arithmetic
- Company-owned shops' share
- 72%
- Share of revenue in the nine months to December 2025 from the company's own shops; franchise shops brought in the rest.Red herring prospectus, p.127
Show 5 more facts
- Largest customer
- 18.4%
- Share of revenue in the nine months to December 2025 from a single buyer, up from 11.3% in FY25; the company links rising receivables to bulk sales.Red herring prospectus, p.30 and p.32
- Stock in hand
- ₹30.1 cr
- Inventory at March 2026, up from ₹18.2 cr a year earlier; money owed by buyers rose to ₹17.1 cr from ₹6.6 cr.Annual report FY26, p.66
- Cash from operations
- ₹3.7 cr out
- Operations used cash in FY26 after using ₹11.3 cr in FY25, when the company built its first stock.Annual report FY26, p.56
- Franchise deposits
- ₹7.2 cr
- Refundable security deposits held from franchise stores at March 2026, up from ₹4.1 cr.Annual report FY26, p.63
- IPO money for working capital
- ₹22.95 cr
- Planned for stock and other working capital in FY27 and the first quarter of FY28; the issue listed on 24 April 2026 after 45 times subscription.Red herring prospectus, p.88; annual report FY26, p.4
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has given no revenue or profit guidance in the documents read. Its offer document says it plans to use ₹16.5 cr of the issue money for working capital in FY27 and ₹6.45 cr in the first quarter of FY28, and it has told the exchange of new company-owned and franchise stores opened in September and October 2026.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Mehul Telecom earns a small margin on each phone, but turns over a lot of goods for the money it has put in, because franchisees pay deposits and the stock moves quickly.
Its weak spots are thin margins against online sellers and heavy reliance on two districts.
WatchCan it set its own prices?No. It sells branded phones whose prices are set by the brands and undercut by online sellers.
AverageHow strong is it against rivals?It has a dense local network and earns a better margin than the listed phone retailers it compares itself with, but the business is easy to enter.
AverageWho are its customers?Mostly shoppers in Gujarat's smaller towns, but one bulk buyer has become a large share of sales.
AverageDoes it need a lot of money?It needs little in buildings or machines, but stock and money owed by buyers grow with every new store and bulk order.
StrongCan it keep finding new work?Yes so far. It keeps adding shops, mostly through franchisees, and sales per shop have held up as the chain grew.
AverageDo good and bad years swing a lot?Sales follow phone launches and festivals, and a thin margin can slip quickly, but sales and profit have risen each year so far.
Who runs Mehul Telecom?
Promoters, directors and officers; tap a name for the background
MVMehul Vasantbhai RaymagiyaPromoter, Chairman and Managing Director · holds 38.12%
Passed 9th grade from Shree H.N. Doshi and R.N. Doshi High School, Wankaner, and has had no formal schooling since; around 17 years in mobile phone retail. Ran the proprietorship Mehul Telecom from 2007-08 until the company took over its business under an agreement of 14 May 2024; Managing Director for five years from 3 May 2025, looking after sales, marketing and planning. Remuneration was ₹0.36 cr in FY26. The offer document lists an income tax demand of ₹0.44 cr on the proprietorship for assessment year 2023-24, under first appeal.
Red herring prospectus, p.164, p.165 and p.275; annual report FY26, p.70RHRaymagiya Hemali MehulbhaiPromoter and Non-Executive Director · holds 30.62%
Passed 10th grade and has had no formal education since; manages administration and has been a director since the company was formed in May 2023. The offer document states Raymagiya Hemali Mehulbhai is the spouse of Mehul Vasantbhai Raymagiya. Received rent of ₹0.04 cr and a small commission from the company in FY26.
Red herring prospectus, p.164, p.165 and p.166; annual report FY26, p.70GJGunjaria Jitesh KantilalIndependent Director
M.Com and LLB from Saurashtra University; a practising lawyer in Rajkot since 1991 and a notary public since 2009. Chairs the nomination and remuneration committee.
Red herring prospectus, p.165; annual report FY26, p.34NVNaimish Vasharambhai RaiyaniIndependent Director
Commerce graduate from Saurashtra University and a fellow chartered accountant since 2018; partner in Raiyani Sampat and Associates, Rajkot, and has done statutory audits of banks.
Red herring prospectus, p.165CIChaudhari Irfan HusenbhaiChief Financial Officer
Bachelor of Commerce from Saurashtra University; joined the business as an accountant in April 2017 and became Chief Financial Officer on 1 May 2025, with more than eight years in accounts.
Red herring prospectus, p.176; annual report FY26, p.32Mehul Telecom latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹106 cr (+64%), net profit ₹5.2 cr (+73%) on H2 FY25.
Mehul Telecom announcements
11 on record, latest first; each opens the filing on the exchange
- Company UpdateAnnouncement Regarding Newly opened 3 Franchise retail Stores by Mehul Telecom LimitedPDF ↗
- Company UpdateNon Applicability of Escrow Payment MechanismPDF ↗
- OthersNon Applicability of Regulation 57(5)PDF ↗
- Company UpdateCompliance Certificate under Regulation 74 (5) of SEBI (DP) Regulations,2018PDF ↗
- Company UpdateThe Exchange has sought clarification from Mehul Telecom Ltd on October 07, 2026 with reference to significant movement in price, in order to ensure that invest
- Company UpdateAnnouncement Regarding Newly Opened Owned Retail StorePDF ↗
- Insider Trading / SASTClosure of Trading WindowPDF ↗
- Company UpdateAnnouncement Regarding Newly Opened Franchise Retail Store by companyPDF ↗
- Company UpdateAnnouncement Regarding Newly Opened Owned Retail StorePDF ↗
- Company UpdateAnnouncement Regarding Newly Opened 2 (TWO) Franchise Retail StoresPDF ↗
- Company UpdateAnnouncement Regarding Newly Opened Franchise Retail StorePDF ↗
Mehul Telecom annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Mehul Telecom share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Mehul Telecom's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 105 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,04,51,600 shares).
- !The FY26 results imply 80,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY25 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Mehul Telecom
What does Mehul Telecom do?
Mehul Telecom sells mobile phones of many brands, with accessories and other gadgets, through its own and franchise shops in towns across Gujarat, mostly around Rajkot and Morbi. Its shares trade on BSE SME.
What is the share price of Mehul Telecom?
₹129 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Mehul Telecom?
₹135 cr at the close on 6 Nov 2026, on 1,04,51,600 shares.
What is the P/E of Mehul Telecom?
13.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Mehul Telecom's revenue and profit?
Revenue ₹200 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Mehul Telecom?
Mehul Vasantbhai Raymagiya, Raymagiya Hemali Mehulbhai; promoters held 68.74% at 30 April 2026.
What is Mehul Telecom's website?
www.mehultelecom.com
More SME companies like Mehul Telecom
Other listed SME companies in retailing, the closest in size first, each read from its own documents.
- City Pulse MultiventuresCPML · BSE SME · RetailingMarket cap ₹125 cr
- Umiya MobileUML · BSE SME · RetailingMarket cap ₹118 cr
- On Door ConceptsONDOOR · NSE Emerge · Retailing · listed 2023Market cap ₹176 cr
- MRP AgroMRP · BSE SME · RetailingMarket cap ₹102 cr
- Fonebox RetailFONEBOX · NSE Emerge · Retailing · listed 2024Market cap ₹190 cr
- Jay Ambe SupermarketsCITYSQUARE · BSE SME · RetailingMarket cap ₹83 cr
Built from 2 annual reports, 1 offer document, 11 exchange announcements, 1 shareholding patterns and 2 years of reported results. Every figure carries its source; where the documents are silent, the page says so.