Fonebox Retail Limited (FONEBOX)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Fonebox Retail's revenue was ₹311 Cr (+74.7% year on year, +38.8% on the previous half-year), and net profit ₹5.0 Cr (+66.7% year on year); the operating margin was 2.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹311 | +74.7% | +38.8% |
| Operating profit | ₹7.0 | +40.0% | +75.0% |
| Net profit | ₹5.0 | +66.7% | +150.0% |
| EPS (₹) | 4.42 | +60.1% | +99.1% |
| Operating margin | 2.3% | — | — |
FONEBOX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the FONEBOX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 96.14%. That is close to its usual level. Turnover was only ₹13 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 14 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Fonebox Retail Limited has submitted an intimation regarding the non-applicability of SEBI Listing Regulations Regulation 27(2) corporate governance reporting for the quarter ended September 30, 2026. Under Regulation 15(2), companies listed on SME exchanges are exempt from quarterly corporate governance report submissions. This is a routine quarterly compliance update with no operational or financial impact on the company. Fonebox continues to operate its retail footprint across Gujarat and Maharashtra.
- Regulation 27(2) compliance reported as non-applicable for the quarter ended September 30, 2026
- Exemption claimed under SEBI LODR Regulation 15(2) due to listing on the SME exchange
- Filing submitted to the National Stock Exchange of India on October 13, 2026
Fonebox Retail has secured in-principle listing approval from the National Stock Exchange of India (NSE) for 30,00,000 equity shares of face value ₹10 each. The shares were issued on a preferential basis at ₹85.80 per share, totaling approximately ₹25.74 crore, representing ~17.8% of the company's ₹145 crore market capitalization. The allottees include promoters Pankaj Kailashnath Vasudeva (10,00,000 shares) and Dhrumil Pradipbhai Shah (10,00,000 shares), alongside public investor Rajesh Ujamshibhai Shah (10,00,000 shares). The issuance was carried out for consideration other than cash.
- NSE granted listing approval for 30,00,000 equity shares of face value ₹10 each
- Issue price set at INR 85.80 per share (aggregate value of ~₹25.74 crore)
- 20,00,000 shares allotted to promoters and 10,00,000 shares to a public shareholder
- Shares were allotted on a preferential basis for consideration other than cash
Fonebox Retail Limited submitted its Regulation 44 voting results and Scrutinizer Report for its 6th Annual General Meeting held on September 19, 2026. All 5 resolutions, including the adoption of FY26 financial statements, re-appointment of director Manishbhai Patel, approval of material related-party transactions, and appointment of Chirag Solanki as Independent Director, were passed with 100% of polled votes in favor. Total outstanding equity shares stand at 1,32,60,000, which includes 30,00,000 shares recently allotted on September 8, 2026, where corporate action and listing remain pending. Notably, promoters holding 20,00,000 of these newly allotted shares could not participate in remote e-voting due to pending corporate action.
- All 5 resolutions passed with 100% of polled votes in favor
- Total outstanding equity shares reported at 1,32,60,000, including 30,00,000 shares allotted on September 8, 2026
- Material Related Party Transactions approved with 4,21,000 public non-institutional votes (100% in favor; promoter abstained)
- 35 shareholders (21 promoter group and 14 public) attended the AGM via video conference
Fonebox Retail Limited submitted its Regulation 44 voting results and Scrutinizer Report for its 6th Annual General Meeting held on September 19, 2026. All 5 resolutions, including the adoption of FY26 financial statements, re-appointment of director Manishbhai Patel, approval of material related-party transactions, and appointment of Chirag Solanki as Independent Director, were passed with 100% of polled votes in favor. Total outstanding equity shares stand at 1,32,60,000, which includes 30,00,000 shares recently allotted on September 8, 2026, where corporate action and listing remain pending. Notably, promoters holding 20,00,000 of these newly allotted shares could not participate in remote e-voting due to pending corporate action.
- All 5 resolutions passed with 100% of polled votes in favor
- Total outstanding equity shares reported at 1,32,60,000, including 30,00,000 shares allotted on September 8, 2026
- Material Related Party Transactions approved with 4,21,000 public non-institutional votes (100% in favor; promoter abstained)
- 35 shareholders (21 promoter group and 14 public) attended the AGM via video conference
Fonebox Retail Limited conducted its 6th Annual General Meeting on September 19, 2026, via video conferencing. Key resolutions tabled included the adoption of FY26 financial statements, reappointment of Executive Chairman Manishbhai Girishbhai Patel, approval for material related party transactions, and appointment of two Independent Directors. The Secretarial Auditor noted a 14-day delay in submitting the Annual Report under Regulation 34(1) of SEBI LODR. Voting results will be submitted within two working days.
- Meeting conducted on September 19, 2026, starting at 3:00 PM IST and concluding at 3:15 PM IST
- Approval sought for material related party transactions under Special Business Item No. 3
- Appointment of two Independent Directors: Mr. Chirag Khodidas Solanki and Mr. Tushar Mitharam Chaudhari
- Secretarial Auditor flagged a 14-day delay in Annual Report submission under SEBI LODR Regulation 34(1)
Fonebox Retail has approved the allotment of 30,00,000 equity shares on a preferential basis at an issue price of ₹85.80 per share, aggregating to ₹25.74 crore. The issue is for consideration other than cash, serving as payment to acquire equity shares in NWOM Retailers Private Limited. The transaction value represents approximately 23% of Fonebox's current market cap of ₹112 crore and about 63% of its net worth of ₹41 crore. Post-allotment, the three individual allottees will hold between 7.54% and 7.59% equity stake each.
- Allotment of 30,00,000 equity shares at ₹85.80 per share (face value ₹10, premium ₹75.80)
- Total consideration of ₹25,74,00,000 for acquiring equity shares of NWOM Retailers Private Limited
- Pankaj Kailashnath Vasudeva (Promoter) allotted 10,00,000 shares to hold 7.54% post-issue
- Dhrumil Pradipbhai Shah (Promoter) allotted 10,00,000 shares to hold 7.55% post-issue
- Rajesh Ujamshibhai Shah (Public) allotted 10,00,000 shares to hold 7.59% post-issue
Fonebox Retail Limited has received in-principle approval from the National Stock Exchange of India (NSE) for the preferential issue of 30,00,000 equity shares at an issue price of ₹85.80 per share, totaling ₹25.74 crore. The issue is being made for consideration other than cash. The proposed allottees include promoters Pankaj Kailashnath Vasudeva (10,00,000 shares) and Dhrumil Pradipbhai Shah (10,00,000 shares), along with public investor Rajesh Ujamshibhai Shah (10,00,000 shares).
- NSE in-principle approval received via letter dated September 04, 2026, for 30,00,000 equity shares.
- Issue price set at ₹85.80 per share, aggregating to an issue size of ₹25.74 crore.
- Preferential issuance is being executed for consideration other than cash.
- Promoters will receive 20,00,000 shares (10 lakh each) and 10,00,000 shares allocated to a public investor.
Fonebox Retail has scheduled its 6th Annual General Meeting for September 19, 2026, via video conferencing. Key special business includes shareholder approval for material related-party transactions (RPTs) for FY 2026-27 totaling up to ₹650 Cr across three entities: Phonewale Limited (₹200 Cr), Paradise Markcom (₹300 Cr), and V9 Gadgets LLP (₹150 Cr). This proposed RPT value is significant, representing ~74% of the company's TTM revenue of ₹878 Cr. Additionally, the company is seeking approval for the appointment of two independent directors, Mr. Chirag Khodidas Solanki and Mr. Tushar Mitharam Chaudhari, for 5-year terms.
- 6th Annual General Meeting scheduled for September 19, 2026, with remote e-voting from September 16 to September 18, 2026.
- Seeking approval for material RPT purchases of ₹450 Cr and sales of ₹200 Cr (total ₹650 Cr) for FY 2026-27.
- Proposed RPTs involve Paradise Markcom (up to ₹300 Cr), Phonewale Ltd (up to ₹200 Cr), and V9 Gadgets LLP (up to ₹150 Cr).
- Appointment of two Independent Directors, Mr. Chirag Khodidas Solanki and Mr. Tushar Mitharam Chaudhari, for 5 years effective August 19, 2026.
Fonebox Retail Limited has announced the book closure and cut-off dates for its upcoming 6th Annual General Meeting (AGM). The cut-off date to determine eligibility for e-voting rights has been fixed as Saturday, September 12, 2026. The Register of Members and Share Transfer Books will remain closed from September 13, 2026, to September 19, 2026. This is a standard annual procedural compliance filing.
- Cut-off date for e-voting eligibility set as Saturday, 12th September, 2026
- Share Transfer Books and Register of Members closed from 13th September to 19th September, 2026
- Book closure and voting scheduled for the 6th Annual General Meeting of the company
- Intimation filed under Regulation 42 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015
Fonebox Retail Limited has approved the appointment of Mr. Chirag Khodidas Solanki and Mr. Tushar Mitharam Chaudhari as Additional Independent Directors, subject to shareholder approval. Mr. Chaudhari brings 25 years of telecom and FMCG sales experience, currently managing a business of approximately ₹800 crore across Gujarat, Maharashtra, and Rajasthan. The company has also scheduled its 6th Annual General Meeting for September 19, 2026, with a book closure window from September 13 to September 19, 2026.
- Appointment of two Independent Directors: Chirag Khodidas Solanki and Tushar Mitharam Chaudhari effective August 19, 2026
- 6th AGM scheduled on Saturday, September 19, 2026 at 03:00 PM IST via VC/OAVM
- Book closure period fixed from September 13, 2026 to September 19, 2026
- Cut-off date for AGM voting rights set as September 12, 2026
- Appointee Tushar Mitharam Chaudhari brings 25 years of experience managing ~₹800 crore business in FMCG and Telecom
Fonebox Retail Limited's Board approved the appointment of Mr. Chirag Khodidas Solanki and Mr. Tushar Mitharam Chaudhari as Additional Directors (Non-Executive & Independent), effective August 19, 2026, subject to shareholder approval. Mr. Chaudhari brings 25 years of experience across FMCG and Telecom sectors, with background in managing annual business volumes of approximately ₹800 crore. The Board also scheduled the 6th Annual General Meeting (AGM) for September 19, 2026, with the cut-off date set as September 12, 2026.
- Appointed Mr. Chirag Khodidas Solanki and Mr. Tushar Mitharam Chaudhari as Independent Directors effective August 19, 2026
- Appointee Tushar Chaudhari brings 25 years of FMCG and Telecom sales leadership experience managing ~₹800 crore annual business
- 6th Annual General Meeting scheduled for September 19, 2026 via Video Conferencing
- Book closure fixed from September 13, 2026 to September 19, 2026 with cut-off date of September 12, 2026
Fonebox Retail Limited has announced the outcome of its Board meeting held on August 19, 2026. The Board approved the appointment of Mr. Chirag Khodidas Solanki and Mr. Tushar Mitharam Chaudhari as Additional Independent Directors, subject to shareholder approval. The company's 6th Annual General Meeting (AGM) has been scheduled for September 19, 2026, with the cut-off date for voting set as September 12, 2026, and book closure from September 13 to September 19, 2026.
- Appointed two Independent Directors: Mr. Chirag Khodidas Solanki and Mr. Tushar Mitharam Chaudhari effective August 19, 2026
- Scheduled the 6th Annual General Meeting for Saturday, September 19, 2026 at 3:00 PM IST via VC/OAVM
- Set the voting cut-off date as September 12, 2026, with book closure from September 13 to September 19, 2026
- Appointed M/s. P H Keshariya & Associates as the Scrutinizer for the AGM e-voting process
Fonebox Retail has issued a clarification addendum regarding its 100% acquisition of NWOM Retailers Private Limited following specific queries from the NSE. The valuer confirmed a Net Asset Value (NAV) of Rs 4.72 Cr for NWOM and Rs 40.82 Cr for Fonebox based on March 2026 provisional financials. Despite the regulatory scrutiny and a request for audited-based computations, management has decided to maintain the original share exchange ratio. The acquisition is material as NWOM holds Rs 39.31 Cr in inventory, which will support Fonebox's retail expansion strategy.
- 100% acquisition of NWOM Retailers Private Limited is proceeding via a preferential issue of shares.
- NWOM's Net Asset Value (NAV) is confirmed at Rs 4.72 Cr (Rs 472.4 Lakhs) as of March 31, 2026.
- Fonebox's own NAV per share is calculated at Rs 39.8 based on 1,02,60,000 outstanding shares.
- NWOM holds substantial inventory valued at Rs 39.31 Cr, which is significant relative to Fonebox's TTM revenue of Rs 878 Cr.
- Management has formally decided to retain the original share exchange ratio recommended on May 22, 2026.
Financial Performance
Revenue Growth by Segment
The primary segment of multi-brand retail of smartphones and accessories grew 17% YoY in H1 FY25, reaching INR 164.65 Cr compared to INR 140.19 Cr in H1 FY24. Consumer durables (TVs, ACs, Fridges) are a secondary growth driver.
Geographic Revenue Split
Currently 100% concentrated in Gujarat (Ahmedabad, Surat, Gandhinagar), with active expansion into Maharashtra targeting high per-capita income regions.
Profitability Margins
Net Profit Margin improved to 1.33% in FY25 from 1.15% in FY24. Operating Profit Margin increased to 1.92% from 1.79% YoY.
EBITDA Margin
H1 FY25 EBITDA was INR 2.82 Cr (1.71% margin), a slight 1% decrease from INR 2.86 Cr in H1 FY24 due to an 18% increase in expansion-related expenses.
Capital Expenditure
Capital Work in Progress (CWIP) of INR 2.94 Lakhs as of H1 FY25 for ongoing expansion projects.
Credit Rating & Borrowing
Total borrowings increased significantly to INR 2.30 Cr from INR 0.18 Cr YoY. Finance costs for H1 FY25 dropped 93% to INR 2.25 Lakhs from INR 30.68 Lakhs.
Operational Drivers
Raw Materials
Finished electronic goods (Smartphones, Laptops, Smart TVs, ACs) constitute the primary cost. Brands include Samsung, Apple, Vivo, and Oppo.
Import Sources
Sourced from manufacturers/distributors; mentions potential supply chain risks from production disruptions in other countries (typically China/Vietnam for electronics).
Key Suppliers
Key suppliers include Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, TCL, Haier, Lloyd, Daikin, Voltas, Mi, and OnePlus.
Capacity Expansion
Currently operates 150+ stores (franchisee-owned, Fonebox-managed) plus COCO stores. Expanding into Maharashtra in FY25.
Raw Material Costs
Total expenses were INR 161.83 Cr in H1 FY25, representing 98.3% of total income.
Manufacturing Efficiency
Transitioning to efficiency metrics including per square feet per store revenue and per person revenue for FY25.
Logistics & Distribution
Employs third-party transportation for efficient device delivery to retail outlets.
Strategic Growth
Expected Growth Rate
34-58%
Growth Strategy
Geographic expansion into Maharashtra, focusing on high per-capita income markets. Strategy involves opening new stores rather than converting existing ones to ensure brand seriousness and investment. Focus on increasing per-store revenue through automated inventory management.
Products & Services
Smartphones, Laptops, Smart TVs, Air Conditioners, Fridges, and mobile accessories.
Brand Portfolio
Fonebook, My Mobile.
New Products/Services
Expansion into consumer durables (Laptops, TVs, ACs) to complement the core smartphone business.
Market Expansion
Entering Maharashtra in FY25 to leverage higher consumer buying power.
Market Share & Ranking
Prominent multi-brand retail player in Gujarat; listed on NSE in February 2024.
Strategic Alliances
Partnerships with banking institutions to offer attractive EMI and finance options to retail customers.
External Factors
Industry Trends
Industry is evolving toward premiumization (e.g., Samsung S24 success) and integrated retail-finance models. Fonebox is positioned as a prominent player in the organized retail segment.
Competitive Landscape
Competes with unorganized small players and established digital giants like Amazon/Flipkart.
Competitive Moat
Regional brand strength in Gujarat and a unique franchisee-owned, company-managed model provide a scalable, low-capex growth path.
Macro Economic Sensitivity
Highly sensitive to consumer demand, preferences, and government taxation policies on electronics.
Consumer Behavior
Shift toward EMI-based purchasing and demand for the latest technology models.
Geopolitical Risks
Trade barriers or production halts in manufacturing countries impact product availability.
Regulatory & Governance
Industry Regulations
Compliance with Section 197 for director remuneration and Section 133 for Accounting Standards.
Taxation Policy Impact
Effective tax rate of approximately 28% (INR 66.67 Lakhs tax on INR 238.45 Lakhs PBT in H1 FY25).
Legal Contingencies
No pending litigations affecting the financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Low entry barriers for new retail entrants and aggressive pricing from e-commerce giants.
Geographic Concentration Risk
100% of current operations are in Gujarat, creating regional economic risk.
Third Party Dependencies
High dependency on major brands (Samsung, Apple, Vivo) for inventory and margin structures.
Technology Obsolescence Risk
High risk of inventory value loss due to the rapid launch cycles of new smartphone models.
Credit & Counterparty Risk
Debtors Turnover Ratio improved by 36.39% to 176.29 in FY25, indicating high receivables quality.
