Wiscon Industries Limited
What they do: Wiscon sells consumer electronics to businesses and consumers through offline B2B channels and its website. It earns revenue from product sales and provides installation and repair services, with charges for out-of-warranty service; its subsidiary manufactures LED TVs.
By IPO Milega Research · Published
Wiscon has recorded rapid revenue growth and a return to profitability, with FY2026 consolidated EBITDA of ₹28.09 crore.
- GMP (unofficial)
- +0%
- ₹0 a share
- Subscribed
- 0.88x
- Total so far
- Retail odds
- 100%
- 1 in 1
GMP is an unofficial grey market indication. GMP updated 28 Oct, 11:05 IST.
- Price band
- ₹194-204
- Lot size
- 1200 shares
- Min. investment
- ₹2,44,800
- Issue size
- Approx 110.00 Crores
- Open27 Oct 2026
- Close29 Oct 2026
- Allotment30 Oct 2026
- Listing3 Nov 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 2x
- NII
- 0.51x
- Retail
- 0.27x
₹204 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹80 Cr
- Fresh issue
- To selling shareholders
- ₹22 Cr
- Offer for sale
- Investment in WOS for capital expenditure towards plant and machinery₹15.04 Cr14%
- Investment in WOS for funding its incremental working capital requirements₹35 Cr32%
- To meet working capital requirements of the company₹17 Cr15%
- To fund marketing and promotional activities₹5.23 Cr5%
- General corporate purposes₹15.74 Cr14%
- Offer for sale: goes to selling shareholders₹22 Cr20%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials5.0
- Performance6.0
- Flexibility6.0
- Timing4.0
- Risk4.0
Rapid revenue growth and recent profitability support modest upside on fundamentals. High customer, product and supplier concentration, negative operating cash flow, rising borrowings and execution needs limit the potential.
Strengths4
- Reached FY2026 consolidated revenue of ₹196.87 crore and PAT of ₹20.41 crore, with a 10.36% PAT margin.
- Expanded LED TV sales from 9,205 units in FY2025 to 70,404 units in FY2026; electric scooter sales increased from 840 to 2,144 units.
- Reported FY2026 consolidated EBITDA margin of 14.27%, compared with a negative standalone EBITDA margin in FY2024.
- Maintains ISO 9001:2015 certification, BEE registrations and in-house product checks; applicable products may also undergo third-party laboratory testing.
Concerns5
- The top 10 suppliers represented 99.77% of purchases in the June 2026 quarter, with no long-term or exclusive supply agreements, exposing supply continuity and margins.
- Customer and product concentration is high: the top 10 customers generated 63.36% of quarterly revenue, while LED TVs and electric scooters accounted for 92.66%. Revenue is entirely domestic and concentrated in three states.
- Working-capital gaps were ₹1,444.19 lakh for the Company and ₹4,357.32 lakh for its subsidiary at June 30, 2026; trade payables rose to ₹5,514.94 lakh, increasing cash-flow and financing pressure.
- Quality failures, loss of quality licences, and past sourcing from vendors without BIS registration for Wiscon could disrupt operations and lead to penalties, seizure or reputational damage. Capacity utilisation has varied materially.
- Promoter dependence and expected post-Offer ownership of 68.46% create governance and conflict risks. Weak controls, email fraud, receivables, inventory forecasts, execution and third-party intellectual-property claims may affect results.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,44,8002 lots, 1200 shares
- Retail Maximum2,44,8002 lots, 1200 shares
- S-HNI Minimum3,67,2003 lots, 1800 shares
- S-HNI Maximum9,79,2008 lots, 4800 shares
- B-HNI Minimum11,01,6009 lots, 5400 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 1200 | 2,44,800 |
| Retail Maximum | 2 | 1200 | 2,44,800 |
| S-HNI Minimum | 3 | 1800 | 3,67,200 |
| S-HNI Maximum | 8 | 4800 | 9,79,200 |
| B-HNI Minimum | 9 | 5400 | 11,01,600 |
Timing
4.0/10The transaction structure provides underwriting and proceeds monitoring, but the market maker’s ongoing regulatory investigation is a material issue-specific concern for an SME offering. The available information gives little basis to assess broader market or sector conditions.
- Time to market
- Proceeding while the appointed market maker is subject to an ongoing SEBI investigation creates execution and investor-confidence risks. Full underwriting provides partial support.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 4.0
- Listing on
- BSE SME
Key milestones
- 27 Oct 2026IPO Opens
- 29 Oct 2026IPO Closes
- 30 Oct 2026Basis of Allotment
- 2 Nov 2026Refunds Initiated
- 2 Nov 2026Credit to Demat Account
- 3 Nov 2026Listing Date
Financials
5.0/10- Revenue
- ₹69.85 Cr
- No prior year
- Profit after tax
- ₹7.89 Cr
- No prior year
- Net margin
- 11.3%
- No prior year
- Assets
- ₹145 Cr
- No prior year
- Return on equity
- 117.37%
- Debt to equity
- 0.83
- Current ratio
- 1.59
- Revenue CAGR
- 377.82%
- ROCE
- 14.72%
- Return on net worth
- 20.49%
- NAV per share (₹)
- 24.56
- Price to book
- 10.45
Financial performance trend
Amount ₹ in croresWiscon has recorded rapid revenue growth and a return to profitability, with FY2026 consolidated EBITDA of ₹28.09 crore. Borrowings rose to ₹25.26 crore, and operating cash flow was negative ₹20.01 crore as receivables, inventory and advances increased. The IPO funds growth and working capital rather than debt repayment.
FY2026 borrowings were ₹25.26 crore, about 0.83 times equity. The IPO proceeds are allocated to plant and machinery, working capital, marketing and general corporate purposes; no debt repayment is specified. Borrowings and negative operating cash flow warrant attention.
Fresh issue goes to the company. OFS goes to the selling shareholders.
One Selling Shareholder is offering up to 1,078,200 shares; the shareholder’s identity and category are not specified here.
The company is raising fresh capital for subsidiary plant and machinery, subsidiary and company working capital, marketing and general corporate purposes. The OFS proceeds go to the Selling Shareholder; the reason for the sale is not specified. The offer covers up to 4,314,000 fresh issue shares and 1,078,200 OFS shares; their rupee amounts are not stated.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks3
- Operational risks3
- Regulatory risks3
High concentration, working-capital needs, product and compliance exposures, and geopolitical and trading risks weigh on risk; disclosed litigation is limited to tax scrutiny and small TDS-related amounts.
How the company offsets these
The Company submitted a response to its tax scrutiny notice. No material litigation, statutory defaults, SEBI or exchange penalties, wilful-default status, or material fraud are disclosed.
Financial risks4
- Working-capital gaps at the Company and subsidiary, high receivables, uncertain customer payments and substantial trade payables may strain cash flow and increase financing needs.
- Net cash used in investing was ₹1,021.18 lakh in FY2026, including ₹918.84 lakh for acquiring a subsidiary.
- Forecasting errors may result in excess or insufficient inventory; capacity utilisation has varied from nil in FY2023 to 84.01% in FY2025.
- The Selling Shareholder receives all Offer-for-Sale proceeds, while the Company receives none.
Market risks3
- Revenue depends on a concentrated customer base, LED TVs and electric scooters, and domestic demand, with 74.25% of quarterly revenue from Delhi, Uttar Pradesh and Haryana.
- Competitive pricing, changing demand, regional disruption and the stated impact of the recent India–Pakistan conflict could affect sales and operations.
- Uncertain listing liquidity, share-price volatility, surveillance measures and circuit-breaker restrictions may affect trading and investor exits.
Operational risks3
- Supplier concentration, without long-term or exclusive agreements, exposes the Company to disruption, higher input costs and suppliers prioritising competitors.
- Quality failures, loss of licences and past sourcing from vendors without BIS registration for Wiscon may interrupt operations and cause penalties or reputational harm.
- Order execution, capacity utilisation, internal controls, email fraud, inventory forecasting, intellectual-property claims and dependence on the Promoter pose operating risks.
Regulatory risks3
- Company and Promoter tax assessments for AY 2025–26 remain pending; disclosed TDS-related amounts may be subject to recovery.
- Changing Indian regulations and taxes, foreign-investment restrictions and applicable capital-gains tax may affect the business or investors.
- Quality and BIS compliance requirements carry enforcement risk; market trading may also be subject to exchange surveillance and price restrictions.
Performance
6.0/10Wiscon sells branded consumer electronics through B2B and B2C channels and third-party-branded electric scooters. Revenue grew sharply from a small base, with FY2026 standalone revenue of ₹73.39 crore and consolidated revenue of ₹196.87 crore. Profitability turned positive, while customer and regional concentration, working-capital demands and negative operating cash flow temper the performance assessment.
- Historical growth
- Standalone revenue rose from ₹3.21 crore in FY2024 to ₹73.39 crore in FY2026, a reported 377.82% CAGR. FY2026 revenue increased 406.40% over FY2025. Standalone PAT moved from a ₹1.36 crore loss in FY2024 to ₹1.25 crore profit in FY2025 and ₹5.57 crore in FY2026. FY2026 consolidated revenue includes the subsidiary from its acquisition period and has no comparable earlier consolidated years., 377.82% standalone revenue CAGR from FY2024 to FY2026; FY2026 standalone revenue growth was 406.40% year on year.
- Market comparison
- The prospectus provides no comparable peer financial data, so relative growth, margins and market position cannot be assessed. The company operates in consumer electronics, where its disclosed exposure is concentrated: B2B contributed 99.55% of FY2026 consolidated revenue and Delhi contributed 76.87%.
- Future potential
- Growth could continue if the company converts demand into repeat orders and expands its product and distribution capabilities. Prospects depend on consumer demand, customer diversification, inventory management and the execution of planned investment; no quantified forecast is stated.
- Operational consistency
- The company was incorporated in 2022. Its revenue growth and return to profit indicate improving scale, while high B2B dependence, top-10 customer concentration of 67.75% of FY2026 standalone revenue, inventory and obsolescence exposure, and weak cash conversion limit evidence of stable operations.
- Experience
- Promoter and Managing Director Sidhant Dalmia has seven years of industry experience and oversees the business. The company had 76 employees and 24 contract labourers as of September 30, 2026.
- Track record
- The company has grown revenue and returned to profitability, but its operating history is short. Attrition fell from 372.00% in FY2024 and 179.17% in FY2025 to 126.53% in FY2026, and was 22.82% for the six months ended September 30, 2026. Promoter ownership records for the Wiscon trademarks remain unresolved despite their assignment to the company.
Key achievements
- 01Reached FY2026 consolidated revenue of ₹196.87 crore and PAT of ₹20.41 crore, with a 10.36% PAT margin.
- 02Expanded LED TV sales from 9,205 units in FY2025 to 70,404 units in FY2026; electric scooter sales increased from 840 to 2,144 units.
- 03Reported FY2026 consolidated EBITDA margin of 14.27%, compared with a negative standalone EBITDA margin in FY2024.
- 04Maintains ISO 9001:2015 certification, BEE registrations and in-house product checks; applicable products may also undergo third-party laboratory testing.
Flexibility
6.0/10Products span televisions, air coolers, washing machines, air conditioners and third-party-branded electric scooters, with sales across India and both B2B and B2C channels. B2B generated about 99% of consolidated revenue in FY2026, sales remain domestic, and Delhi accounted for about 77% of consolidated revenue.
Consolidated FY2026 revenue was ₹19,687.46 lakhs, with EBITDA of ₹2,809.35 lakhs and PAT of ₹2,040.52 lakhs. The consolidated debt-equity ratio was 0.83 and current ratio 1.59. The company is growing quickly, while its planned investments and working capital needs create funding and execution demands.
The company combines product sourcing and sales with a wholly owned subsidiary manufacturing LED TVs. It plans to invest in two SMT production lines to bring PCB assembly in-house. Orders for the proposed equipment are not yet placed, and the company relies on third-party suppliers and service providers.
Wiscon has expanded its product range and customer reach, with profitable recent growth and plans to build in-house TV component capacity. Flexibility is tempered by heavy B2B and customer concentration, reliance on domestic sales, and execution and funding needs for its expansion plans.
- Product diversification
- The portfolio covers several household electronics categories and electric scooters, but revenue is concentrated in LED TVs and scooters. In consolidated FY2026, LED TVs contributed about 72% of revenue and scooters about 22%; the scooters are sold under a third-party brand.
- Future adaptability
- Potential is moderate. Planned PCB assembly investment could improve supply control and manufacturing flexibility, while marketing and geographic expansion may broaden customer reach. Outcomes depend on completing the investments and reducing customer, product and regional concentration.
Latest on Wiscon Industries Limited IPO
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