A Delhi-based consumer-electronics brand opens its Rs 110 crore BSE SME issue on October 27 — LED TVs, air coolers, washing machines and electric scooters under the “Wiscon” brand
Wiscon Industries Ltd trades a comprehensive range of consumer electronics — LED TVs, air conditioners, washing machines and air coolers — under its flagship “Wiscon” brand, serving B2B and B2C customers across India through offline and online channels. It has recently added electric scooters to its portfolio.
The transformational event was the consolidation of wholly-owned subsidiary Dalmia Technologies Limited, which gave Wiscon backward integration into in-house LED TV manufacturing.
As Beacon Caps notes in its report, “Revenue from operations increased significantly from ₹1,449.27 lakh in FY25 to ₹19,687.46 lakh in FY26, primarily due to the consolidation of Dalmia Technologies Limited as a wholly owned subsidiary, resulting in backward integration through in-house LED TV manufacturing capabilities. Consequently, revenue from LED TVs increased from ₹664.61 lakh in FY25 to ₹14,221.84 lakh in FY26. Revenue from electric scooters increased from ₹701.40 lakh in FY25 to ₹4,260.46 lakhs.”
The promoter is Sidhant Dalmia (30), Chairman & MD, with around seven years in the consumer-electronics industry.
Price Band Analysis
On valuation, Beacon Caps states in its report: “At the upper price band of ₹204 per share, the Company is valued at a post-issue P/E of 19.98x and a P/B of 10.44x based on FY26 earnings. The valuation appears relatively expensive compared to peer Cellecor Gadgets Limited. To justify this valuation, the Company will need to sustain revenue growth, improve profit margins, reduce dependence on external borrowings and generate stronger cash flows from operating activities.”
Financial Performance
| Particulars (Rs lakh) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 321.45 | 1,449.27 | 19,687.46 |
| EBITDA | (173.23) | 178.97 | 2,809.35 |
| EBITDA Margin (%) | (53.89) | 12.35 | 14.27 |
| PAT | (135.75) | 125.29 | 2,040.52 |
| PAT Margin (%) | (42.23) | 8.65 | 10.36 |
| RoE (%) | 295.75 | 65.47 | 117.37 |
| D/E | (1.81) | 0.11 | 0.83 |
Revenue exploded from Rs 321.45 lakh (FY24) to Rs 19,687.46 lakh (FY26), with PAT turning from a Rs 135.75 lakh loss to a Rs 2,040.52 lakh profit, and margins improving to ~14% EBITDA / ~10% PAT.
On the working-capital picture, Beacon Caps notes in its report that “trade receivables stood at ₹7,361.60 lakh as at June 30, 2026, primarily due to expansion into the electric scooter business, significant sales in Q4 FY 2024–25, and extended credit periods offered to customers. The resulting working capital requirements are proposed to be partly funded through IPO proceeds of ₹1,700.00 lakh for Wiscon Industries Limited and ₹3,500.00 lakh for its subsidiary, Dalmia Technologies Limited, with the balance funded through borrowings and internal accruals.”
Risks to Consider
Product concentration is the headline risk. Beacon Caps flags in its report that “the Company’s major revenue in FY26 on a consolidated basis was derived from LED TVs (72.24%) and Electric Scooters (21.64%), contributing 93.88% collectively. Any decline in demand for either product may adversely affect our business, results of operations and financial condition.”
Supplier concentration is acute. As per the Beacon report, “purchases are highly concentrated, with the top 10 suppliers accounting for 99.33% of purchases of stock-in-trade in FY 2025–26, and no long-term or exclusive supply agreements are in place. Any delay, disruption or discontinuation of supplies may necessitate identifying alternative suppliers at short notice. This could adversely affect business operations, sales, profitability and financial condition.”
Customer concentration adds to it — the top-10 customers contributed 78.19% of FY26 revenue, with no long-term contracts.
The Wiscon brand is not yet well established and faces strong competition from established brands. Consumers may continue to prefer well-known brands, making it challenging for the Company to attract customers, gain market share and achieve the expected sales despite these promotional efforts.”
On valuation,the issue “appears relatively expensive compared to peer Cellecor Gadgets Limited,” requiring Wiscon to “sustain revenue growth, improve profit margins, reduce dependence on external borrowings and generate stronger cash flows from operating activities,” notes the report.
