Wiscon Industries Limited (WIL) is a Delhi-based consumer electronics enterprise engaged in the supply, distribution, marketing, and manufacturing of a diversified product portfolio under its flagship brand, "Wiscon". Incorporated on September 16, 2022, the company offers a comprehensive range of consumer durables, including LED TVs, Air Conditioners, Washing Machines, and Air Coolers, while also distributing Electric Scooters under a third-party brand. Operating through a hybrid business model, the group combines trading and distribution capabilities under WIL with dedicated Original Equipment Manufacturer (OEM) manufacturing capabilities through its Wholly Owned Subsidiary (WOS), Dalmia Technologies Limited (DTL), acquired in May 2025. DTL focuses exclusively on the manufacturing and assembly of LED TVs, allowing WIL to focus on trading, brand building, marketing, and after-sales service.
The company serves both Business-to-Business (B2B) and Business-to-Consumer (B2C) segments across India, with B2B clients (including regional distributors, corporate buyers, and institutional dealers) accounting for over 99% of consolidated revenue from operations (99.55% in FY26 and 99.42% in Q1 FY27). Geographically, Wiscon Industries generates 100% of its revenue from the domestic Indian market, with a heavy concentration in Northern India. Delhi represents the primary market, contributing 76.87% of consolidated sales in FY26 and 80.34% in Q1 FY27, followed by Uttar Pradesh (10.61% in FY26 and 5.77% in Q1 FY27) and Haryana (2.24% in FY26 and 2.62% in Q1 FY27), alongside expanding customer footprints across Gujarat, Rajasthan, Bihar, Maharashtra, and West Bengal.
Regarding manufacturing infrastructure, WOS Dalmia Technologies Limited operates an integrated production and assembly facility located at Plot No. A-97/1, Okhla Industrial Area Phase-II, South Delhi, New Delhi, covering a total floor area of approximately 22,950 sq. ft. The facility is equipped with specialized assembly lines, dark rooms, aging racks, clean rooms, and testing stations. Historical capacity and capacity utilization metrics for DTL's LED TV manufacturing operations are as follows:
- FY 2023-24: Manufacturing facility did not exist / non-operational; Installed Capacity: Nil; Capacity Utilization: 0.00%.
- FY 2024-25: Installed Capacity: 1,22,400 TV sets; Utilized Capacity: 43,076 TV sets; Capacity Utilization: 35.19%.
- FY 2025-26: Installed Capacity (on actual 234-day operational basis across Vishwakarma and Prem Nagar facilities): 2,17,872 TV sets; Utilized Capacity: 1,83,038 TV sets; Capacity Utilization: 84.01%.
- Q1 FY 2026-27 (3M Stub Period): Installed Capacity (Actual): 88,944 TV sets; Utilized Capacity: 63,103 TV sets; Capacity Utilization: 70.94%. (Note: WIL standalone operates warehouse storage facilities at Badarpur and Lal Kuan, Delhi; because WIL standalone is engaged in trading, direct plant capacity metrics are not applicable to the parent entity).
Wiscon Industries and its subsidiary maintain operational highlights supported by quality management standards, holding ISO 9001:2015 certifications and Bureau of Energy Efficiency (BEE) star-labelling approvals for its home appliances. To enhance in-house technology capabilities and operational efficiency, the company proposes to invest ₹15.04 Cr from IPO fresh issue proceeds into WOS DTL to establish two Surface Mount Technology (SMT) Production Lines for in-house Printed Circuit Board (PCB) assembly. This backward integration strategy aims to reduce reliance on third-party PCB component suppliers, optimize manufacturing costs, and strengthen quality control across its LED TV production lines.
Financially, Wiscon Industries Limited reported total income and net profits/losses of ₹3.22 Cr and ₹(1.36) Cr (FY24), ₹14.51 Cr and ₹1.25 Cr (FY25), ₹197.13 Cr and ₹20.41 Cr (FY26), and ₹69.85 Cr and ₹7.89 Cr (Q1 FY27). The company has demonstrated robust revenue and net profit expansion following the consolidation of its subsidiary. Total borrowings increased from ₹0.61 Cr in FY24 to ₹36.97 Cr in Q1 FY27 to fund working capital requirements. The company maintains an average EPS of ₹2.82 and an average RoNW of 110.36% over the last three fiscals.
Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 8.31 (NAV of ₹24.56 as of June 30, 2026). Attributing historical earnings to the expanded post-issue equity base, the asking price reflects a Post-Issue P/E of N/A (Loss) for FY24, 325.47 (FY25), 19.98 (FY26), and 12.92 (TTM). A comparison with listed peers shows that Cellecor Gadgets Limited trades at a P/E ratio of 16.2x and a P/BV of 2.92x based on FY26 financials, placing Wiscon Industries Limited at a slight valuation premium relative to its peer.
The issue is managed by Smart Horizon Capital Advisors Private Limited, which has handled 31 public issues to date. Out of its last 10 managed IPOs, two listed below the issue price, while the remaining eight listed at or above it. As of October 23, 2026, five of these recent issues are trading below their issue price, while the remaining five are trading at or above it. Maashitla Securities Private Limited is acting as the Registrar to the Offer.
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