Wiscon Industries Limited IPO

01At a glance

Wiscon Industries IPO date, price band and lot size

• Price band: ₹194 to ₹204 a share, from BSE's issue page; the prospectus leaves the price blank (RHP p.1).
• Lot size: 600 shares, from BSE's issue page; one lot costs ₹1,22,400 at the upper band (our arithmetic).
• Dates: anchor bidding on Monday, October 26, 2026; the issue opens on Tuesday, October 27, 2026 and closes on Thursday, October 29, 2026 (RHP p.5).
• Size: up to 53,92,200 shares of ₹10 face value: a fresh issue of up to 43,14,000 shares and an offer for sale of up to 10,78,200 shares by the promoter (RHP p.88). At the upper band the issue is worth ₹110.0 crore, of which the fresh issue is ₹88.0 crore and the offer for sale ₹22.0 crore (our arithmetic, RHP p.88).
• Who gets the shares: 3,90,000 shares are reserved for the market maker; of the net offer of 50,02,200 shares, not more than 24,51,600 go to qualified institutions, not less than 7,72,200 to non-institutional bidders and not less than 17,78,400 to individual investors (RHP p.88).
• Lead manager and registrar: Smart Horizon Capital Advisors Private Limited is the book running lead manager and Maashitla Securities Private Limited the registrar (RHP p.5). CARE Ratings Limited is the monitoring agency for the proceeds (RHP p.149).

What the company does: supplies consumer electronics under the "Wiscon" brand (LED TVs, air coolers, washing machines and air conditioners) and electric scooters of a third-party brand, and through its subsidiary Dalmia Technologies Limited makes LED TVs in Delhi for itself and other traders (RHP p.47).

Who pays it: mostly trade customers. Business-to-business sales were 99.55% of FY26 consolidated revenue (RHP p.186). The largest customer was 22.10% of FY26 consolidated revenue and the top ten 78.19% (RHP p.37). Customers are not named.

Why it is raising money: ₹35.0 crore lent to the subsidiary for working capital, ₹15.0 crore lent to it for circuit board assembly machines, ₹17.0 crore for the company's own working capital and ₹5.2 crore for marketing (RHP p.126).

How fast it has grown: standalone revenue from ₹3.2 crore in FY24 to ₹73.4 crore in FY26, about 377.8% a year (our arithmetic, RHP p.38). With the subsidiary, FY26 revenue was ₹196.9 crore and profit after tax ₹20.4 crore, after a standalone loss of ₹1.4 crore in FY24 (RHP p.93).

The one thing to understand: most of FY26 profit came from the subsidiary bought from the promoter in May 2025. The company's standalone FY26 profit was ₹5.6 crore (RHP p.55) against ₹20.4 crore consolidated (RHP p.93), and the subsidiary was bought for ₹9.3 crore (RHP p.65).

02The business, in plain words

What Wiscon Industries does

Wiscon Industries Limited was incorporated in Delhi on September 16, 2022 as a public limited company (RHP p.4). Its office is in Okhla, New Delhi, and it rents two warehouses in Delhi (RHP p.55).

A dealer or trader in Delhi or a nearby state orders TVs or appliances → Wiscon supplies them from its warehouses, either made by its subsidiary or bought from outside makers under the Wiscon brand → the dealer pays on credit → Wiscon arranges after-sales service through third-party service providers (RHP p.187, RHP p.226).

The subsidiary: Dalmia Technologies Limited was incorporated on January 10, 2023 to make LED TVs (RHP p.47). Before May 2025 it sold finished TVs to Wiscon; Wiscon then bought 99.99% of it from the promoter, Sidhant Dalmia, for ₹9.3 crore on May 25, 2025 (RHP p.47, RHP p.65). It makes TVs at Okhla Phase II, Delhi, in about 22,950 sq. ft. (RHP p.187).

Products in FY26, consolidated: LED TVs 72.24% of revenue, electric scooters 21.64%, services 4.47%, and washing machines, air conditioners, air coolers and spare parts the rest (RHP p.46). The scooters are sold under a third-party brand (RHP p.43).

Earnings equation: Revenue = units sold × average price. The company gives this for its standalone business: in FY26 it sold 70,404 LED TVs at an average ₹7,053.89 and 2,144 electric scooters at an average ₹92,701.04 (RHP p.45).

03Where the money comes from

By product, consolidated (RHP p.46):

Other products is our arithmetic from the same table (RHP p.46).

All sales are in India (RHP p.39). Delhi was 76.87% of FY26 consolidated revenue and Uttar Pradesh 10.61% (RHP p.40). Business-to-business sales were 99.55% of FY26 consolidated revenue (RHP p.186).

In the standalone business, services were 21.47% of FY24 revenue, mostly advertising and marketing services sold to Dalmia Technologies, then a related party (RHP p.44, RHP p.45).

Wiscon Industries customers: how concentrated the revenue is

Standalone (RHP p.35):

Consolidated (RHP p.37):

Revenue does depend on a few customers: in FY26 ten customers gave about four fifths of consolidated revenue, and the largest paid ₹43.5 crore (RHP p.37). The company renewed business with 180 customers in FY26 and stopped with 369, which it puts down to one-time orders (RHP p.35). There are no long-term contracts (RHP p.34).

04The growth record

Wiscon Industries financials: revenue, profit and margins

Source: RHP p.93, RHP p.94, RHP p.154, RHP p.155.

Source: RHP p.92, RHP p.153. Borrowings are long-term plus short-term, our arithmetic. The FY24 ratios are on negative net worth and are as printed.

• Standalone revenue, like for like, grew about 377.8% a year from FY24 to FY26, from ₹3.2 crore to ₹73.4 crore (our arithmetic, RHP p.38).
• Standalone profit after tax was ₹5.6 crore in FY26 (RHP p.55); a growth rate cannot be worked out from the FY24 loss.
• The EBITDA margin rose from 12.35% in FY25 to 14.27% in FY26, 192 basis points (our arithmetic, RHP p.154).
• FY26 consolidated is not comparable with the standalone years: it includes the subsidiary from May 25, 2025 (RHP p.38).

Three months to June 30, 2026: revenue ₹69.8 crore, EBITDA ₹11.0 crore at a 15.74% margin, profit after tax ₹7.9 crore, and operating cash flow of −₹9.9 crore (RHP p.93, RHP p.94, RHP p.154). Diluted EPS was ₹13.56 for FY26 and ₹5.03 for the quarter (RHP p.93).

05What the growth is made of

• Acquisition: consolidated FY26 revenue of ₹196.9 crore against standalone FY26 revenue of ₹73.4 crore (RHP p.93, RHP p.38). Read from the filing: roughly ₹123.5 crore of FY26 revenue came from consolidating Dalmia Technologies, before eliminating sales between the two (our arithmetic).
• Volume in the trading business: LED TVs sold rose from 3,321 in FY24 to 9,205 in FY25 and 70,404 in FY26 (RHP p.45).
• Price: the average LED TV price was ₹7,302.22 in FY24 and ₹7,053.89 in FY26 (RHP p.45). Read from the filing: TV revenue growth in the standalone business came from units, not price.
• New product: electric scooters started in the fourth quarter of FY25 and were ₹19.9 crore of standalone FY26 revenue (RHP p.44, RHP p.142).

The TV factory's own output rose from 43,076 sets in FY25 to 1,83,038 in FY26 (RHP p.138). The prospectus does not split consolidated revenue into the subsidiary's sales to Wiscon and to other traders.

06Earnings quality

In FY26 receivables rose by ₹34.8 crore and inventories by ₹16.1 crore, against a rise in trade payables of ₹17.4 crore (RHP p.94). In the June 2026 quarter receivables rose a further ₹26.0 crore (RHP p.94).

The company says it has stopped buying from makers without the Bureau of Indian Standards registration for its brand, and has no indemnity from them (RHP p.62, RHP p.63).

07The balance sheet

At March 31, 2026, consolidated (RHP p.92):

• Long-term borrowings: ₹10.0 crore. Short-term borrowings: ₹15.3 crore.
• Cash: ₹0.17 crore.
• Trade receivables: ₹47.6 crore. Inventories: ₹23.3 crore.
• Goodwill on buying the subsidiary: ₹1.6 crore.
• Net worth: ₹30.6 crore.

At June 30, 2026 borrowings were ₹37.0 crore, receivables ₹73.6 crore, inventories ₹37.5 crore and net worth ₹38.5 crore (RHP p.92). Unsecured loans owed to the promoter were ₹10.0 crore at June 30, 2026 (RHP p.97), and the company says unsecured loans may be recalled on demand (RHP p.71). Debt to equity was 0.83 in FY26 and 0.96 at June 2026 (RHP p.153). Net debt was about 0.9 times FY26 EBITDA (our arithmetic, RHP p.92, RHP p.154).

The promoter has given a personal guarantee for the company's bank facilities (RHP p.268). The prospectus shows no contingent liabilities or capital commitments (RHP p.95).

After the issue: at the upper band the fresh issue adds ₹88.0 crore before expenses to March 2026 net worth of ₹30.6 crore, and none of it is earmarked to repay loans (our arithmetic, RHP p.92, RHP p.126).

08What the money is for

Wiscon Industries IPO objects: what the money is for

Source: RHP p.126.

Machines for the subsidiary: two surface mount lines to assemble printed circuit boards for LED TVs, mainly Yamaha machines quoted by Leaptech Corporation, plus handling equipment from Unisert Machines (India) (RHP p.128, RHP p.129, RHP p.130). No orders had been placed (RHP p.68). The money goes to the subsidiary as interest-free loans repayable within seven years (RHP p.139).

Working capital: the subsidiary's gap is planned to rise from ₹43.6 crore at June 2026 to ₹96.3 crore in FY28 (RHP p.134, RHP p.135); the company's own from ₹14.4 crore to ₹40.1 crore (RHP p.140, RHP p.141). These are management projections.

Marketing: a quotation from Hakuhodo.Sync Private Limited covers celebrity endorsement (₹1.8 crore), television (₹1.0 crore), digital (₹0.7 crore) and other media (RHP p.145, RHP p.146).

Into the business up to 43,14,000 new shares, ₹88.0 crore at the upper band (our arithmetic, RHP p.88). To selling shareholders up to 10,78,200 shares, ₹22.0 crore at the upper band, all to the promoter (our arithmetic, RHP p.88).

09Who is selling

Wiscon Industries IPO offer for sale: who is selling

Source: RHP p.1, RHP p.117. The percentage is our arithmetic. The weighted average cost of the shares offered is nil, as certified by the auditor (RHP p.1).

10Promoters

Sidhant Dalmia, aged 30, is the promoter, Chairman and Managing Director (RHP p.266). The prospectus says the promoter holds a degree in electronics and communications engineering and has seven years of experience in electronics (RHP p.252). Other interests: Dektron India Private Limited and Dektron Telecom Private Limited, as a director since April 2019, and the subsidiary Dalmia Technologies Limited (RHP p.252, RHP p.266). No listed company is part of the promoter group (RHP p.267).

Promoter economics: average cost of acquisition is ₹2.93 a share (RHP p.124). The promoter received 16,00,000 shares in March 2024 and 32,50,000 shares in March 2025 at ₹10 each by converting loans into equity (RHP p.110). Transfers to four buyers at ₹85 a share were made on May 6, 2026, before a bonus of two shares for each share held on May 30, 2026 (RHP p.119, RHP p.111).

Pay: director remuneration to Sidhant Dalmia was nil in FY24 and FY25 and ₹0.9 crore in FY26, consolidated (RHP p.96). The subsidiary paid the promoter ₹0.96 crore in FY26 (RHP p.256).

The subsidiary deal: the company bought 49,99,930 shares of Dalmia Technologies from the promoter at ₹18.60 each, ₹9.3 crore, on May 25, 2025 (RHP p.65). The promoter also assigned the "Wiscon" trademarks to the company for ₹0.80 lakh in November 2025; public records still show the promoter as owner (RHP p.268, RHP p.70).

None of the promoter's shares are pledged (RHP p.119). In 2026 the promoter left four companies, a sole proprietorship and two HUFs (RHP p.269).

11Who already owns it

Wiscon Industries promoter holding before and after the IPO

Source: RHP p.116, RHP p.117; the after column is our arithmetic on 1,99,87,500 shares after the offer (RHP p.88).

The only other holder of 1% or more is Yash Hitesh Patel, an individual, with 1.79% (RHP p.117). Seventeen investors bought 2,24,500 shares at ₹268.80 each in a private placement on March 3, 2026, ₹89.60 a share after the later bonus (RHP p.111, our arithmetic). No fund or company outside the promoter holds 1% or more (RHP p.117).

12What changed just before the IPO

• Revenue: ₹3.2 crore in FY24 (standalone) to ₹196.9 crore in FY26 (consolidated) (RHP p.93).
• Profit after tax: −₹1.4 crore in FY24 to ₹20.4 crore in FY26 (RHP p.93).
• Receivable days: 12 in FY24 and 39 in FY26, for the company (RHP p.141).
• Promoter remuneration: nil in FY24 to ₹0.9 crore in FY26 (RHP p.96).
• Acquisition: Dalmia Technologies bought from the promoter on May 25, 2025 (RHP p.65).
• New line: electric scooters from the fourth quarter of FY25 (RHP p.142).
• Shares: loans converted into equity at ₹10 in March 2024 and March 2025 (RHP p.110); private placement at ₹268.80 on March 3, 2026 (RHP p.111); bonus of 2:1 on May 30, 2026 (RHP p.111). No share split is disclosed.
• Debt: borrowings from ₹0.5 crore at March 2025 to ₹37.0 crore at June 2026 (RHP p.92).
• Board: three independent directors appointed in April 2026; CFO and company secretary from May 2026 (RHP p.252, RHP p.96).
• Auditor: no change of auditor in the last three years (RHP p.103).
• Company form: incorporated as a public limited company in September 2022 (RHP p.4).

13Capacity and expansion

Source: RHP p.138, certified by Garg and Associates, chartered engineers. The Okhla Phase II plant has an annual capacity of 4,89,600 sets (RHP p.138). Prem Nagar ran from July 1, 2025 (RHP p.138).

The issue funds two printed circuit board assembly lines for the subsidiary, ₹15.0 crore, to replace boards now bought from third parties (RHP p.128, RHP p.139). The prospectus does not state the capacity of these lines in boards a year.

The chain from capacity to revenue needs evidence at each step. The prospectus gives TV sets produced by the subsidiary but not the subsidiary's selling price per set or how many sets went to Wiscon and how many to other traders.

14Market size and industry structure

Wiscon Industries industry: market size and growth

The industry chapter is taken from websites and public documents, mainly the India Brand Equity Foundation (IBEF) and the IMF's World Economic Outlook, and the company says it commissioned no industry report and did not verify the data (RHP p.164, RHP p.79). Much of the chapter is about the world and Indian economy, not this business (RHP p.164 to RHP p.170).

As claimed: the chapter says India's consumer durables market is expected to reach ₹3 lakh crore by FY29, growing at about 11% a year, and to become the fourth largest in the world by FY27 (RHP p.171). It puts the Indian television market's revenue at ₹22,871 crore in 2025 (RHP p.174).

The part that is addressable: the company sells LED TVs, washing machines, air conditioners and air coolers to trade buyers, mostly in Delhi and north India, and electric scooters of another brand (RHP p.40, RHP p.46). The chapter gives national figures for washing machines (₹43,552 crore) and air conditioners (₹65,598 crore) in 2025 (RHP p.172), but no figure for budget or regional brands, or for north India.

What the company is today: FY26 consolidated revenue of ₹196.9 crore (RHP p.93), of which LED TVs were ₹142.2 crore (RHP p.46). Against the chapter's television figure, that is under 1%, our arithmetic; the chapter does not state the company's share.

Size over time: the chapter cites a washing machine market of USD 3.39 billion in 2025, which a source it quotes projects at USD 4.31 billion by 2030 (RHP p.174). It says about 15 million air conditioners are sold in India each year, and quotes a projection that this doubles by 2030 (RHP p.174). It says India's smart TV shipments were 12.1 million units in 2024, up 8.6%, and stayed largely flat in 2025 (RHP p.178). These projections are the cited sources' claims, not newboard's.

Segments: the chapter splits consumer durables into consumer electronics (televisions, audio, phones) and white goods (refrigerators, washing machines, air conditioners) (RHP p.172). The company is in both: LED TVs are consumer electronics; washing machines, coolers and air conditioners are white goods (RHP p.46).

What drives demand: rising incomes, rural and semi-urban demand, easier consumer finance and shorter replacement cycles (RHP p.176). The chapter cites the GST rate on televisions above 32 inches falling from 28% to 18% in September 2025 (RHP p.178), and production linked incentive schemes for white goods and electronics (RHP p.177, RHP p.180).

Structure: the chapter does not name competitors or market shares in televisions or appliances. The company describes its market as highly competitive and fragmented, with organised and unorganised players, large trading companies, regional distributors, online platforms, importers and local traders (RHP p.226). The only listed peer the prospectus names is Cellecor Gadgets Limited (RHP p.152).

Inputs and trade: the chapter notes that local mobile phone production replaced imports and that imports of mobile circuit boards fell to nearly zero by FY24 (RHP p.179). It does not discuss panel or component prices for televisions. The company buys all its products in India, mostly from Delhi and Uttar Pradesh (RHP p.41).

Rules: televisions and washing machines need Bureau of Indian Standards registration, and energy star labels from the Bureau of Energy Efficiency (RHP p.58, RHP p.59). The company holds energy labels for its TV, washing machine and air conditioner models (RHP p.59).

What the chapter says can go wrong: the chapter opens with the war in the Middle East from February 2026, higher oil prices and trade tariffs as risks to the world economy (RHP p.164, RHP p.167). It does not set out risks for the television or appliance market itself; the company's own risk factors cite technology change, price pressure from online sellers and brand discounting (RHP p.198).

For electric vehicles, the chapter says India sold 2.05 million electric vehicles in FY25, up 22% (RHP p.181), and that electric two-wheeler sales were 98,160 units in December 2025 (RHP p.182).

15Competitive position

Wiscon Industries competitors

Source: RHP p.154.

What the company points to: a range of consumer electronics under one brand, an after-sales service network through third parties, and an experienced promoter (RHP p.150). Against that: customers are mostly in one region (RHP p.40), and the company changed customers often, renewing 180 and stopping with 369 in FY26 (RHP p.35). Employee attrition was 126.53% in FY26 (RHP p.73). The company had 76 permanent employees at September 30, 2026 (RHP p.74).

16Peers the company named

Peers named in the offer document: Cellecor Gadgets Limited (RHP p.152).

Wiscon Industries listed peers

Source: RHP p.152, RHP p.154; Cellecor's P/E at its closing price of October 19, 2026 on FY26 basic EPS (RHP p.152).

Cellecor's revenue is about 6.6 times the company's (our arithmetic, RHP p.154). The prospectus gives the industry P/E as 15.89, the same figure as highest, lowest and average, since there is one peer (RHP p.151).

17Valuation at the issue price

Wiscon Industries IPO valuation and P/E

At the upper band of ₹204, with 43,14,000 new shares added to 1,56,73,500 existing shares (RHP p.88):

Source: our arithmetic on RHP p.88, RHP p.93, RHP p.151. At the lower band of ₹194 the market capitalisation is ₹387.8 crore (our arithmetic, RHP p.88).

Enterprise value on the shares before the issue, with March 2026 borrowings of ₹25.3 crore and cash of ₹0.17 crore, is about ₹344.8 crore, 12.3 times FY26 EBITDA of ₹28.1 crore (our arithmetic, RHP p.92, RHP p.154). After the issue, book value including the fresh issue at the upper band would be about ₹118.6 crore, and the market capitalisation 3.4 times that (our arithmetic, RHP p.92).

The one peer the prospectus names, Cellecor Gadgets, traded at 15.89 times FY26 earnings on October 19, 2026 (RHP p.152). At the upper band the issue is priced at 15.0 times FY26 EPS on the prospectus's own share basis and 20.0 times FY26 profit on the enlarged share count, 26% above the peer on the second measure (our arithmetic, RHP p.152).

18Risks, in plain words

Wiscon Industries IPO risks

Customers: the top ten were 78.19% of FY26 consolidated revenue (RHP p.37) → losing one large buyer would cut revenue at once → there are no long-term contracts and the largest customer alone was 22.10% (RHP p.34, RHP p.37).

One region: Delhi was 76.87% of FY26 consolidated revenue (RHP p.40) → anything that hurts trade in Delhi hits most of the business → Delhi, Uttar Pradesh and Haryana were 83.76% of standalone revenue (RHP p.38).

Cash: operating cash flow was −₹20.0 crore in FY26 and −₹9.9 crore in the June 2026 quarter (RHP p.94) → the business needs outside money to grow → receivables were ₹73.6 crore at June 2026 (RHP p.92).

Suppliers: the top ten suppliers were 99.33% of FY26 standalone purchases (RHP p.30) → a supplier failing stops products → there are no exclusive supply agreements (RHP p.30).

Quality licences: 35.06% of FY26 standalone purchases came from makers without BIS registration for the brand (RHP p.62) → regulators could act on products already sold → the company has no indemnity from those makers (RHP p.63).

Promoter: the promoter owns 94.18% before the issue (RHP p.116), lent ₹10.0 crore to the company (RHP p.97) and sold it the subsidiary (RHP p.65) → decisions sit with one person → the promoter will hold about 68.5% after the issue (our arithmetic, RHP p.88).

Filings: the company filed many statutory forms and tax returns late, some by over a thousand days (RHP p.52, RHP p.53) → regulators could still act → the company says it has paid late fees and interest (RHP p.54).

Unplaced orders: no orders have been placed for the machines or the marketing that the issue pays for (RHP p.68, RHP p.69) → costs or timing could change → the machine quotations are valid for 90 days from September 2026 (RHP p.129).

19Litigation and regulatory matters

Cases against Wiscon Industries and its promoters

There are no criminal, regulatory or other cases against the company, the promoter or the directors (RHP p.48, RHP p.49). The promoter has not been barred by SEBI (RHP p.266).

20Related-party transactions

Source: RHP p.96, RHP p.97.

Related-party revenue was 24.90% of FY24 revenue and 5.52% of FY25 revenue; related-party expenses were 84.83% and 54.90% of revenue (RHP p.47). The company says gross margin on sales to the subsidiary in FY26 matched sales to others (RHP p.47, RHP p.48).

What appeared in the period: the promoter's pay from FY26 and the larger promoter loans (RHP p.96). What ended: purchases from Dalmia Technologies as a separate party, once it became a subsidiary in May 2025 (RHP p.97).

21What the offer document does not say

• Consolidated figures for FY24 and FY25 are not given, so the group's growth cannot be measured like for like (RHP p.38).
• The subsidiary's sales to Wiscon and to outside traders are not split.
• The customers are not named, including the one that paid ₹43.5 crore in FY26 (RHP p.37).
• The capacity of the planned circuit board lines is not stated.
• Which products were bought from makers without BIS registration, and in what numbers, is not stated.
• The amount for general corporate purposes and the issue expenses are left blank (RHP p.126).
• The price paid for the subsidiary, ₹18.60 a share, is not compared with its earnings at the time.

22Five questions for management

1. Of FY26 consolidated revenue of ₹196.9 crore, how much came from Dalmia Technologies' sales to outside traders?
2. What share of FY26 profit came from the subsidiary, and what was its profit in FY25, before it was bought for ₹9.3 crore?
3. Why did receivables reach ₹73.6 crore at June 2026, more than the quarter's revenue, and how much is overdue?
4. How many of the TVs and washing machines bought from makers without BIS registration are still with customers?
5. What share of the scooter business carries the company's credit risk, and what margin did it earn in the June 2026 quarter?

24Draft to final: what changed

The fresh issue of 43,14,000 shares, the offer for sale of 10,78,200 shares by the promoter, the objects and their amounts, and the lead manager are unchanged (DRHP p.1, DRHP p.150, RHP p.88, RHP p.126).

1Sources and cited facts

This study was read from 1 document the company filed. The 149 figures it cites are listed under the document each came from, with the page and the sentence as printed.