Wiscon Industries IPO
Wiscon Industries shares listed on BSE SME on 3 November 2026 after an IPO priced at ₹194 to ₹204, an issue of ₹110 crore.
- Minimum investment
- ₹2,44,8002 lots of 600 shares, at the upper price
- Price band
- ₹194 to ₹204
- Lot size
- 600 sharesApply for 2 lots minimum
- Issue size
- ₹110 croreFresh issue and offer for sale
- Bidding
- 27 Oct to 29 Oct
- Listing
- 3 NovBSE SME
Dates
Wiscon Industries IPO dates
RHP cover page and Terms of the Offer (p. 419); allotment and listing dates from BSE notice 20261102-29- 26 OctAnchor bidding
- 27 OctBidding opens
- 29 OctBidding closes, UPI by 5 pm
- 30 OctAllotment
- 2 NovRefunds and demat credit (expected)
- 3 NovListing
- Today6 Nov
Listed on BSE SME on 3 Nov 2026 (BSE quote page). Allotment, refund and demat dates are the RHP's indicative timetable.
Read before you apply
Wiscon Industries IPO review: read before you apply
Worth checking
- SeriousCash going out despite profit
Operating cash flow was -₹20.01 crore in FY26 and -₹9.89 crore in April to June 2026. Money owed by customers reached ₹73.62 crore in June 2026, more than that quarter's revenue of ₹69.85 crore (RHP, Restated financial statements).
- SeriousVery short track record
Revenue was ₹3.21 crore in FY24 with a loss. Most of the FY26 jump came from Dalmia Technologies, bought from the promoter in May 2025 for ₹9.30 crore (Risk factor 21).
- Promoter sells at zero cost
The promoter sells 10,78,200 shares and his weighted average cost per share is stated as Nil (RHP cover page).
- Products lack BIS registration for the brand
Products are made by third-party manufacturers who do not hold BIS registration for the Wiscon brand (Risk factor 16).
- Customer and region concentration
The top 10 customers gave 67.75% of FY26 standalone revenue, and Delhi, Uttar Pradesh and Haryana gave 83.76% (Risk factors 2 and 3).
- Trademarks came from the promoter
The Wiscon trademarks were registered in the promoter's name and later assigned to the company (Risk factor 25).
Strengths
- Profitable at scale
PAT was ₹20.41 crore in FY26 and ₹7.89 crore in April to June 2026, after a loss of ₹1.36 crore in FY24 (RHP, Restated financial statements).
- Higher margins than its listed peer
EBITDA margin was 14.27% in FY26 against 5.51% for Cellecor Gadgets (RHP, Basis for Offer Price, KPIs).
- Own TV manufacturing
Its subsidiary makes LED TVs and used 84.01% of its capacity in FY26 (Risk factor 15).
What Wiscon Industries does
Wiscon Industries sells LED TVs, air coolers, washing machines and air conditioners under its Wiscon brand, mostly to businesses. It also sells electric scooters of a third-party brand. Its subsidiary Dalmia Technologies makes LED TVs.
It was set up in 2022 and is based in New Delhi, with warehouses in Badarpur, Delhi. Its promoter and managing director is Sidhant Dalmia.
Listing and subscription
Wiscon Industries IPO subscription status
Listing day
Our calculation: gain vs upper price- Issue price
- ₹204
- Listing price
- ₹204
- Gain at open
- 0.0%
- Day close
- ₹203.55
Subscription
The final category-wise numbers from BSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Wiscon Industries IPO price band, lot size and issue size
RHP cover page and The Offer (p. 81). Up to 3,90,000 shares are reserved for the market maker. Issue size in rupees is our calculation at the upper price of ₹204.| Price band | ₹194 to ₹204 |
| Lot size | 600 shares, minimum 2 lots (1,200 shares) |
| Issue size | ₹110 crore at the upper price, 53,92,200 shares |
| Fresh issue | ₹88.01 crore |
| Offer for sale | ₹22 crore by promoter Sidhant Dalmia |
| Face value | ₹10 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 118 to 119)| Object of the issue | ₹ crore |
|---|---|
| Offer for sale by the promoter. The company receives none of this money | |
| Invest in subsidiary Dalmia Technologies for plant and machinery | 15.04 |
| Invest in subsidiary Dalmia Technologies for working capital | 35.00 |
| Working capital of the company | 17.00 |
| Marketing and promotion | 5.23 |
| General corporate purposes (amount set after pricing, capped at 15% of the fresh issue or ₹10 crore) |
Minimum and maximum investment
Our calculation: at ₹204 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 1,200 | ₹2,44,800 |
| Small NII (min) | 3 | 1,800 | ₹3,67,200 |
| Small NII (max) | 8 | 4,800 | ₹9,79,200 |
| Big NII (min) | 9 | 5,400 | ₹11,01,600 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Statements and Basis for Offer Price (p. 143 to 145)Set to the upper end of the band, ₹204. Change it to see what you would be paying for.
- Market cap
- ₹408 cr
- P/E (FY26, diluted, consolidated)
- 15.0x
- Price to book
- 10.6x
- Market cap to sales
- 2.1x
- Peer average P/E
- 15.89x
Based on FY26, diluted, consolidated EPS of ₹13.56, 2 crore shares, net worth of ₹38.49 crore (June 2026, consolidated) and revenue of ₹196.87 crore. Shares is the post-offer count from the RHP. The industry P/E of 15.89x is from the RHP (p. 144) and is based on one peer, Cellecor Gadgets.
Financials
Wiscon Industries financials
RHP, Summary of Financial Information and KPIs (p. 85 to 87, 145), ₹ croreRevenue and EBITDA
Revenue rose from ₹14.49 crore in FY25 (standalone) to ₹196.87 crore in FY26 (consolidated), mainly from the acquired subsidiary.
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 3.21 | 14.49+351.4% | 196.87+1258.7% | 69.85 |
| EBITDA | -1.73 | 1.79 | 28.09 | 11 |
| EBITDA margin | -53.89% | 12.35% | 14.27% | 15.74% |
| Profit after tax | -1.36 | 1.25 | 20.41+1532.8% | 7.89 |
| Diluted EPS (₹) | -28.50 | 2.37 | 13.56 | 5.03 |
| Total equity | -0.34 | 4.17 | 30.61 | 38.49 |
| Cash from operations | -1.36 | 0.64 | -20.01 | -9.89 |
FY24 and FY25 are standalone. FY26 and Q1 FY27 are consolidated, including Dalmia Technologies from FY26, so years are not directly comparable. Q1 FY27 is April to June 2026 and is not annualised.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 145 and 147). Peer price as of the date used in the RHP.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Wiscon Industries | 196.87 | 13.56 | 15.04x at ₹204 (ours) | 66.67% |
| Cellecor Gadgets | 1,291.81 | 1.80 | 15.89x | 19.35% |
The peer average P/E of 15.89x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| PAT margin | -42.23% | 8.65% | 10.36% | 11.29% |
| Return on equity | 295.75% | 65.47% | 117.37% | 22.83% |
| Return on capital employed | -658.97% | 38.03% | 51.82% | 14.72% |
| Debt to equity | -1.81 | 0.11 | 0.83 | 0.96 |
| Current ratio | 0.34 | 1.06 | 1.59 | 1.37 |
FY24 ratios are distorted because net worth was negative. Q1 FY27 returns are for three months and are not annualised.
RHP, Basis for Offer Price, KPIs (p. 145 to 146)
Company
About Wiscon Industries
Business
RHP, Our Business (p. 179) and Risk Factors 2, 5 and 15Business customers gave 99.55% of FY26 consolidated revenue. Standalone revenue, without the subsidiary, was ₹73.39 crore in FY26. LED TVs and electric scooters together were 94.75% of standalone revenue.
Revenue by product, FY26 (standalone)
- B2B share of revenue, FY26
- 99.55%
- Top 10 customers, FY26 (standalone)
- 67.75%
- Subsidiary capacity used, FY26
- 84.01%
- LED TVs sold, FY26 (standalone)
- 70,404
Key risks
RHP, Risk Factors- Supplier dependenceThe top 10 suppliers give over 99% of purchases.
- Customer concentrationThe top 10 customers give about two-thirds of revenue.
- Product concentrationLED TVs and electric scooters are about 95% of standalone revenue.
- Negative cash flowOperating and investing cash flows have been negative.
- Quality and BISSuppliers lack BIS registration for its brand, which could lead to regulatory action.
- Related party dealsIt bought its subsidiary from the promoter and has other related party dealings.
- Working capitalThe company and its subsidiary need large working capital to grow.
- Promoter controlThe promoter will keep majority control after the IPO.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation on 1,99,87,500 shares.
Promoter Sidhant Dalmia owns 94.18% before the IPO and sells 10,78,200 shares. After-IPO figures are our calculation on 1,99,87,500 shares.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Sidhant Dalmia (promoter) | 94.18% | 10,78,200 | 68.46% |
| Yash Hitesh Patel | 1.79% | Nil | 1.40% |
RHP, Capital Structure (p. 110) and cover page
IndustryIndia appliances and consumer electronics, expected by FY29: ₹3,00,000 crore (about 11% a year)
- India appliances and consumer electronics, expected by FY29
- ₹3,00,000 crore (about 11% a year)
- India TV production, expected FY26
- USD 10.22 billion
- India smart TV shipments 2024
- 12.1 million units (up 8.6%)
The company did not commission an industry report; these figures come from public websites quoted in the RHP.
RHP, Industry overview (p. 164, p. 171 and p. 173), citing public websites
LitigationAgainst the company: tax: 2 · Against directors and promoter: tax: 1 · Against group companies and subsidiary: tax: 2
| Type | Cases | Amount |
|---|---|---|
| Against the company: tax | 2 | Under ₹0.01 crore, one amount not quantified |
| Against directors and promoter: tax | 1 | Not quantified |
| Against group companies and subsidiary: tax | 2 | ₹0.02 crore |
RHP, Risk factor 7 (summary of outstanding litigation)
Company detailsLegal name, registered office, CIN and website
| Legal name | Wiscon Industries Limited |
| Founded | 2022, in New Delhi |
| Promoter | Sidhant Dalmia |
| Main product | LED TVs |
| Subsidiary | Dalmia Technologies Limited |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Wiscon Industries IPO allotment status
Out from 30 Oct 2026- Open the registrar's pageMaashitla Securities Private Limited is the registrar. Open its allotment page.
- Select Wiscon Industries LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Wiscon Industries IPO FAQs
When does the Wiscon Industries IPO open and close?
The Wiscon Industries IPO opens on Tuesday, 27 October 2026 and closes on Thursday, 29 October 2026. Anchor bidding is on 26 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Wiscon Industries IPO price band and lot size?
The price band is ₹194 to ₹204 per share. The lot size is 600 shares, so the minimum application is 1,200 shares, or ₹2,44,800 at the upper price.
What is the Wiscon Industries IPO size?
The Wiscon Industries IPO is of ₹110 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoter Sidhant Dalmia.
What is the Wiscon Industries IPO allotment date?
Allotment is on Friday, 30 October 2026. Refunds and demat credit are expected on 2 November 2026.
What is the Wiscon Industries IPO listing date?
Wiscon Industries shares are due to list on BSE SME on Tuesday, 3 November 2026.
Who is the registrar of the Wiscon Industries IPO?
Maashitla Securities Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Wiscon Industries do?
Wiscon Industries is a Delhi-based seller of LED TVs and home appliances under the Wiscon brand, with an LED TV making subsidiary, and also sells electric scooters.
What is the price band and lot size of the Wiscon Industries IPO?
The price band is ₹194 to ₹204 a share and the lot is 600 shares, as per BSE. The minimum bid is 1,200 shares (2 lots), which costs ₹2,44,800 at ₹204. At ₹204 the P/E on FY26 diluted EPS of ₹13.56 is 15.04 times (our calculations), against 15.89 times for the one listed peer in the RHP.
When does the Wiscon Industries IPO open and close?
It opens on 27 October 2026 and closes on 29 October 2026. The shares listed on BSE SME on 3 November 2026.
Who sells shares in the Wiscon Industries OFS?
Promoter Sidhant Dalmia sells up to 10,78,200 shares. The company gets no money from this part.
What will Wiscon Industries use the IPO money for?
₹50.04 crore goes into its subsidiary Dalmia Technologies for machinery and working capital, ₹17.00 crore to its own working capital and ₹5.23 crore to marketing.
What does Wiscon Industries sell?
LED TVs, air coolers, washing machines and air conditioners under the Wiscon brand, plus electric scooters. LED TVs were 67.67% of FY26 standalone revenue.
Where will Wiscon Industries shares list?
On the SME platform of BSE.
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