Minerva Capital Research Solutions

Wiscon Industries

Open nowBidding closes 29 Oct 2026BSE SME
GMP₹ 0(0%)
Expected listing₹ 204
Subscribed0.86x
as of 28 Oct 2026

GMP is unofficial and unregulated (not verified by SEBI, NSE or BSE) and does not predict the listing price. Do not apply on the basis of GMP.

Price band
₹ 194 – 204
Issue size
₹ 110 Cr.
Min. investment
₹ 1,22,400
Listing date
3 Nov 2026
Issue type
Fresh capital cum OFS
Lot size
600 shares
P/E
12.93
RoNW
20.49%
RoCE
14.72%
Debt / Equity
0.96
PAT margin
11.29%
EBITDA margin
15.74%
RoE
22.83%
EPS
₹ 15.78
NAV
₹ 24.56
Promoter stake
68.46%

About

Wiscon Industries Limited was incorporated in September 2022 and is based in Delhi. The company trades in and supplies consumer electronic products across India. It sells LED TVs, air coolers, washing machines and air conditioners under its own "Wiscon" brand. It also sells electric scooters that it sources from third-party brands. The company serves both business customers (B2B) and individual customers (B2C). Products reach buyers through an offline network of dealers and distributors and through the company's own online platform. A sales team working from the registered office manages these operations. Revenue from operations grew from Rs 3.21 crore in FY2024 to Rs 14.49 crore in FY2025 and Rs 73.39 crore in FY2026. The company had 76 permanent employees as of 30 September 2026. Of the issue, Rs 50.04 crore of the objects is for its wholly owned subsidiary, Dalmia Technologies Limited, for plant and machinery and working capital. The rest is for the company's own working capital and marketing.

Timeline

  1. Opens
    27 Oct
    done
  2. Closes
    29 Oct
    next
  3. Allotment
    30 Oct
    to come
  4. Refunds
    2 Nov
    to come
  5. Demat credit
    2 Nov
    to come
  6. Listing
    3 Nov
    to come

Subscription

How many times each investor group bid for its share, as of 28 Oct 2026, 06:00 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1600₹ 1,22,400
Retail (Max)1600₹ 1,22,400
HNI (Min)21,200₹ 2,44,800

Company overview

Financials

Financials by year
Assets144.7990.75
Total Income69.85197.13
Profit After Tax7.8920.41
EBITDA1128.09
NET Worth38.4930.61
Reserves and Surplus22.8225.38
Total Borrowing36.9725.26

Strengths

  • Revenue from operations grew from Rs 3.21 crore in FY2024 to Rs 14.49 crore in FY2025 and Rs 73.39 crore in FY2026.
  • Profit after tax was Rs 20.41 crore in FY2026 and Rs 7.89 crore in the quarter ended 30 June 2026.
  • EBITDA was Rs 28.09 crore in FY2026, with an EBITDA margin of 14.27% in FY2026 and 15.74% in the quarter ended 30 June 2026.
  • Net worth rose from Rs 30.61 crore on 31 March 2026 to Rs 38.49 crore on 30 June 2026.
  • At the upper band of Rs 204, the P/E is 12.93 on a post issue EPS of Rs 15.78 (based on annualised June 2026 earnings). On the pre issue EPS of Rs 13.02 (FY2026), the P/E is 15.67.
  • The company sells through B2B and B2C channels, using offline dealers and distributors and its own online platform.
  • The fresh issue is 43,14,000 shares worth about Rs 88.01 crore, which is 80% of the Rs 110 crore issue. The rest is an offer for sale of 10,78,200 shares worth Rs 22.00 crore.

Risks

  • The financials need checking. The restated table shows total income of Rs 197.13 crore in FY2026, but revenue from operations is Rs 73.39 crore in the company profile. The two figures do not match.
  • The financials table shows only two periods (FY2026 and the quarter ended 30 June 2026), so profit for FY2025 and FY2024 cannot be compared.
  • The company is young. It was incorporated in September 2022, and revenue from operations rose about five times in FY2026, from Rs 14.49 crore to Rs 73.39 crore, which may be hard to repeat.
  • RoE of 117.37% and RoNW of 66.67% in FY2026 sit on a small net worth of Rs 30.61 crore, so they are high mainly because the equity base is thin.
  • Total borrowing rose from Rs 25.26 crore on 31 March 2026 to Rs 36.97 crore on 30 June 2026, and the debt to equity ratio is 0.96.
  • Rs 50.04 crore of the Rs 72.26 crore objects goes to the subsidiary Dalmia Technologies Limited, so the money reaches the business through a subsidiary.
  • Promoter Sidhant Dalmia sells 10,78,200 shares worth Rs 22.00 crore, and promoter holding falls from 94.18% before the issue to 68.46% after it.
  • The company trades in and supplies products, and its electric scooters are sourced from third-party brands, so it depends on outside suppliers.
  • This is an SME issue. One lot is 600 shares, which is about Rs 1.22 lakh at the upper band of Rs 204, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Investment in the WOS, Dalmia Technologies Limited for financing its capital expenditure towards purchase of Plant and Machinery15.04
Investment in the WOS, Dalmia Technologies Limited for funding its incremental working capital requirements35
To meet Working Capital requirements of the Company17
To Fund Marketing and Promotional Activities in the Company5.23
General Corporate Purposes—
Issue expenses—

Promoters

  • Sidhant Dalmia
Promoter holding94.18%→68.46%before → after the issue · down 25.72 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Lead managers
Smart Horizon Capital Advisors

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.