IPO Overview
Incorporated in September 2022, Wiscon Industries Limited is a Delhi-based company engaged in the trading and supply of consumer electronic products across India. The company offers a broad range of products, including LED TVs, air coolers, washing machines, and air conditioners under its flagship “Wiscon” brand. The company also sells electric scooters under a third-party brand, and acquired 100% of Dalmia Technologies in May 2025, bringing LED television manufacturing capabilities within its group. A notable characteristic of the company’s business model is its revenue concentration — during FY2026, approximately 99% of its earnings were derived from the B2B segment.
The company is now launching its SME IPO on the BSE SME platform to raise ₹110 crore. The issue is a combination of a fresh issue of 43.14 lakh shares aggregating to ₹88.01 crore and an offer for sale of 10.78 lakh shares aggregating to ₹22.00 crore. The IPO is priced at ₹194–₹204 per share with a lot size of 600 shares, and is open from 27 October to 29 October 2026, with listing expected on 3 November 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Bidding Date | 26 October 2026 |
| IPO Open Date | 27 October 2026 |
| IPO Close Date | 29 October 2026 |
| Allotment Date | 30 October 2026 (Expected) |
| Refund Initiation | 2 November 2026 |
| Credit to Demat | 2 November 2026 |
| Listing Date | 3 November 2026 (Tentative) |
| Price Band | ₹194 – ₹204 per share |
| Face Value | ₹10 per share |
| Lot Size | 600 shares |
| Minimum Investment (Retail) | ₹2,44,800 (2 lots = 1,200 shares) |
| Issue Size | ₹110.00 crore |
| Fresh Issue | 43,14,000 shares (₹88.01 crore) |
| Offer For Sale (OFS) | 10,78,200 shares (₹22.00 crore) |
Issue Break-up
| Category | Allocation |
| Anchor Investors | Up to 26 October 2026 (1 day prior) |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 3,90,000 shares (Shreni Shares Ltd.) |
OFS / Selling Shareholders
The OFS component consists of 10,78,200 shares aggregating to ₹22.00 crore. The promoter Mr. Sidhant Dalmia is the selling shareholder under the OFS portion. The fresh issue proceeds, however, will go entirely to the company for business use.
Objects of the Issue (Fund Utilization)
A substantial portion of the fresh issue proceeds is earmarked for the company’s subsidiary, Dalmia Technologies. Wiscon Industries plans to invest ₹50 crore in the subsidiary to fund capital expenditure, including the purchase of plant and machinery, and meet additional working capital requirements. The company has set aside another ₹17 crore for its own working capital needs.
- Capital expenditure for subsidiary Dalmia Technologies (plant & machinery) — ₹50 crore (approx.)
- Working capital requirements of the company — ₹17 crore
- Marketing and promotional activities — ₹5.23 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Smart Horizon Capital Advisors Private Limited
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
- Market Maker: Shreni Shares Ltd.
Promoters & Management
The promoter of Wiscon Industries is Mr. Sidhant Dalmia. Ms. Surbhi Arora serves as the Company Secretary and Compliance Officer.
Company Details
Wiscon Industries is engaged in the trading and distribution of consumer electronics under its flagship brand “Wiscon.” Its product portfolio includes LED televisions, air coolers, washing machines, and air conditioners. The company also sells electric scooters under a third-party brand. In FY2025–26, LED TVs and electric scooters contributed ₹49.66 crore and ₹19.88 crore respectively to standalone revenue.
Sectors / Channels:
- Consumer Electronics (B2B and B2C)
- Operates both B2B (offline dealer/distributor network) and B2C (website-based) sales channels
Key Products:
- LED Televisions (Wiscon brand)
- Air Conditioners
- Air Coolers
- Washing Machines
- Electric Scooters (third-party brand)
Subsidiary:
- Dalmia Technologies (acquired 100% in May 2025) — brings in-house LED television manufacturing capabilities to the group
Employees: 76 permanent employees as of September 2026
Financial Snapshot
| Period | Total Income (₹ Cr) | Total Expenses (₹ Cr) | PAT (₹ Cr) |
| FY24 | 3.22 | 5.03 | (1.36) loss |
| FY25 | 14.51 | 12.82 | 1.25 |
| FY26 | 197.13 | 169.72 | 20.41 |
| Q1 FY27 (Jun 2026, 3 months) | 69.85 | 59.35 | 7.89 |
- Revenue rose from ₹14.51 crore in FY25 to ₹197.13 crore in FY26, but FY26 is consolidated with Dalmia Technologies. On a standalone basis, growth is roughly 5x, not 13x.
- The company moved from a ₹1.36 crore loss in FY24 to a ₹20.41 crore profit in FY26. EBITDA margin improved from 14.27% in FY26 to 15.74% in Q1 FY27.
- Q1 FY27 alone delivered ₹7.89 crore PAT, but debt/equity rose from 0.11 in FY25 to 0.96 by June 2026, so leverage is climbing as fast as growth.
- At the upper band of ₹204, the post-issue P/E is about 20x on FY26 earnings (12.93x only on annualised Q1), which is not cheap for an SME with a three-year track record.
- The top 10 customers contribute 78.19% of revenue and operating cash flow is negative, so reported profit is not yet converting into cash.
Company Strengths
- Wide range of consumer electronic products catering to different customer segments across India
- Acquisition of Dalmia Technologies provides in-house LED TV manufacturing capability, reducing dependence on external suppliers for its core product
- Massive revenue scale-up in FY26 — from ₹14.49 crore to ₹197.13 crore — reflecting rapid business expansion
- Dual sales channel presence — B2B offline network and B2C website-based sales — offering diversified distribution reach
- Strong ROE of 117.37% and ROCE of 51.82%, indicating high capital efficiency at current scale
- Fresh issue proceeds focused on manufacturing capex and working capital — aligned with long-term growth
Key Risks & Challenges
- BIS (Bureau of Indian Standards) non-compliance in over 30% of purchases — a significant regulatory risk for a consumer electronics company
- Top 10 supplier concentration exceeding 99% of total purchases, with no long-term supply agreements in place
- Approximately 99% of revenues derived from the B2B segment in FY26 — extreme customer concentration risk
- Revenue grew from ₹3.21 crore in FY24 to ₹196.87 crore in FY26 at consolidated level — a very compressed track record that raises questions about sustainability of this growth
- Very young company, incorporated in September 2022 — limited operating history of approximately 4 years
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
