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, with explosive FY26 growth via a subsidiary consolidation, but heavy product and customer concentration and a flat grey market.
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 sales channels. It recently added electric scooters to its portfolio.
The FY26 growth was driven by the consolidation of wholly-owned subsidiary Dalmia Technologies Limited, resulting in backward integration through in-house LED TV manufacturing.
Consequently, LED TV revenue jumped from Rs 664.61 lakh (FY25) to Rs 14,221.84 lakh (FY26), and electric-scooter revenue rose from Rs 701.40 lakh to Rs 4,260.46 lakh. In FY26, LED TVs (72.24%) and electric scooters (21.64%) together contributed 93.88% of revenue. The promoter is Sidhant Dalmia (30), Chairman & MD, with ~7 years in the consumer-electronics industry.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 27, 2026 |
| Issue Closes | October 29, 2026 |
| Listing | BSE SME |
| Listing Date | November 3, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 194 – Rs 204 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 110 crore (53,92,200 shares) |
| Fresh Issue | Rs 88.01 crore (43,14,000 shares) |
| Offer for Sale | Rs 22.00 crore (10,78,200 shares) |
| Lot Size | 600 shares |
| Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. |
| Market Maker | Shreni Shares Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
The issue is majority fresh (Rs 88.01 crore) with a Rs 22 crore OFS. Proceeds: investment in WOS Dalmia Technologies for plant & machinery (Rs 1,503.88 lakh) and incremental working capital (Rs 3,500 lakh), company working capital (Rs 1,700 lakh), marketing/promotional activities (Rs 522.50 lakh), and general corporate purposes. Post-issue promoter holding falls from 94.18% to 68.46%. Anchor bidding was on October 26.
Price Band Analysis
At the upper band of Rs 204, the issue is valued at a post-issue P/E of about 19.98x (pre-issue 15.04x on FY26 EPS of Rs 13.56) and a P/B of 10.44x, with FY26 NAV of Rs 19.53. The valuation appears relatively expensive versus peer Cellecor Gadgets (P/E 15.89x), as per analysts. Listed peer Cellecor Gadgets trades at ~15.89x
GMP Watch
The Wiscon Industries IPO GMP is flat at ₹0 as of the days before opening — no premium recorded, offering no directional signal. GMP is unofficial, unregulated and unendorsed, and can move before listing.
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) via the Dalmia consolidation, with PAT turning from a Rs 135.75 lakh loss to Rs 2,040.52 lakh profit. Margins improved to ~14% EBITDA / ~10% PAT.
Trade receivables stood at Rs 7,361.60 lakh (June 30, 2026), reflecting expansion into electric scooters with extended credit periods. Top-10 customers were 78.19% of FY26 revenue (customer concentration), with no long-term contracts, and the top-10 suppliers accounted for 99.33% of stock-in-trade purchases.
Conclusion
Wiscon Industries brings a fast-scaling consumer-electronics brand to the SME board — LED TVs, coolers, washing machines and electric scooters under the “Wiscon” brand, with backward integration via the Dalmia Technologies consolidation driving explosive FY26 growth and a turn to healthy margins.
