EPack Prefab Technologies Ltd. IPO

Wiscon Industries

• Wiscon Industries is coming out with an initial public offering (IPO) of 53,92,200 shares in a price band of Rs 194-204 per equity share.
• The issue will open for subscription on October 27, 2026 and will close on October 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 19.40 times of its face value on the lower side and 20.40 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Surbhi Arora.

Profile of the company

Wiscon Industries is engaged in supplying a comprehensive range of consumer electronic products. Its product portfolio includes LED TVs, Air Coolers, Washing Machines and Air Conditioners. Its products are marketed under its flagship brand, ‘Wiscon’, serving both (B-to-B) and (B-to-C) customers within India. It is a Delhi-based company specializing in a wide range of consumer electronic products. Further it also sells Electric Scooters in the name of third-party brand.

It operates its customer network through Business to Business (B-to-B) and Business to Consumers (B-to-C) platform. In Business to Business (B-to-B) network it operates through its offline network of customers and in Business to Consumers (B-to-C) platform it operates through its website. Its customer-centric approach aims to fulfil the daily and targeted requirements of the end customers with a focus on affordability, quality and convenience. Since the commencement of its operations, it has developed good standing relationships with its customers. It also engages actively with its suppliers to improve its supply chain processes.

Beyond product sales, the company provides after-sales services for its electronic products, including installation and repair, undertaken without charge for products covered under warranty and with charges for products that are outside the coverage of warranty through a network of third-party service providers. While the after-sales services are delivered by independent service providers, the company remains focused on ensuring customer satisfaction.

Proceed is being used for:

• Investment in its WOS, Dalmia Technologies for financing its capital expenditure towards purchase of Plant and Machinery.
• Investment in its WOS, Dalmia Technologies for funding its incremental working capital requirements.
• Meeting working capital requirements of the company.
• Funding marketing and promotional activities in the company.
• General corporate purposes. 

Industry overview

The Indian consumer durables market is one of the fastest-growing segments of the economy, attracting global interest due to its vast consumer base and rising disposable incomes. The sector spans consumer electricals such as fans, lighting devices, and kitchen appliances, as well as white goods including washing machines, televisions, refrigerators, and air conditioners. With its mix of a large middle class, a growing affluent population, and increasing penetration into rural markets, India is viewed as a key driver of global demand in the years ahead. 

India’s consumer durables market is experiencing rapid expansion, supported by rising disposable incomes, changing lifestyles, and favourable supply- and demand-side conditions. As of 2024, India has emerged as the fastest-growing major market in the world and is projected to become the fourth-largest consumer durables market by FY27. As of October 2025, India is projected to become the fourth largest market for consumer durables by FY27, with the sector growing at an 11% CAGR. The market size is expected to reach Rs 3 lakh crore ($33.6 billion) by FY29, driven by increasing affluence, household penetration, premiumization, and technology-driven demand for smart and energy-efficient appliances. The white goods segment is showing particularly strong momentum. On January 23, 2026, the Government of India announced that the Production-Linked Incentive (PLI) scheme for White Goods is expected to attract investments of Rs 11,198 crore ($1.26 billion) from 85 companies and generate cumulative production of Rs 1,90,050 crore ($21.12 billion) over the scheme period, strengthening domestic manufacturing and global supply chain integration.

India’s EV market is witnessing robust growth, with the country selling 2.05 million EVs in FY25, up 22% from FY24, supported by government subsidies, financing schemes, and infrastructure development. EV sales penetration is projected to exceed 7% by FY28, while battery-powered passenger vehicle production rose 140.2% YoY to approximately 3,01,400 units, aligning with the target of a 30% EV market share by FY30. The country aims for 30% of private cars, 70% of commercial vehicles, 40% of buses, and 80% of two- and three-wheelers to be electric by 2030, representing 80 million EVs on the roads and complete domestic production under ‘Make in India’. 

Pros and strengths

Wide range of imperative consumer electronic products: It is engaged in supplying a comprehensive range of consumer electronic products. Its product portfolio includes LED TVs, Air Coolers, Washing Machines and Air Conditioners. Its products are marketed under its flagship brand, ‘Wiscon’, serving both (B-to-B) and (B-to-C) customers within India. It is a Delhi-based company specializing in a wide range of consumer electronic products. Further it also sells Electric Scooters in the name of third-party brand. Its understanding of the customer’s requirements, its product understanding capabilities, has allowed it to develop a comprehensive portfolio of necessary product range of consumer electronic products. 

Value proposition for customers: It operates its distribution network through Business to Business (B-to-B) and Business to Consumers (B-to-C) platform. Its customer-centric approach aims to fulfil the daily and targeted requirements of the end customers with a focus on affordability, quality and convenience. Since the commencement of its operations, it has developed good standing relationships with its customers. In Business to Business (B-to-B) network it operates through its offline network of customers and in Business to Consumers (B-to-C) platform it operates through its website.

Established after-sales service network: It operates its after sales services through third party service providers. After-sales service is a vital component of the company’s business model, particularly in the consumer electronics segment where ongoing support is essential. It provides support services to its customers related to any difficulties faced from its products. It has adopted after sales services policy to ensure that queries of customers are being addressed through telephone support on timely basis. The company provides after-sales services for its consumer electronic products, including installation and repairs, undertaken without charge for products covered under warranty and with charges for products that are outside the coverage of warranty through a network of third-party service provider. This service network enables the company to address customer service requirements across its markets in a timely manner and supports customer satisfaction throughout the product lifecycle.

Risks and concerns

Concentration of purchases among key suppliers: Its business operations rely significantly on the continuous and timely supply of products from top 5 and top 10 suppliers. Also, it does not have continuing and exclusive supply agreement with them. Its purchases of stock-in-trade from top 10 suppliers are 99.77%, 99.33%, 99.82% and 99.97% for the period ended June 30, 2026 and for the fiscal years 2026, 2025 and 2024 respectively on the basis of Restated Standalone Financial Statements, accordingly, this exposes it to a concentration of purchases from top 10 suppliers and also, any interruptions or discontinuation of same will adversely impact its overall performance and profitability. 

Significant revenue dependence on top 10 customers: It depends on top 10 customers for a significant portion of its revenue from operations which contributed 63.36%, 67.75%, 67.34% and 47.50% of its revenue from operations on the basis of Restated Standalone Financial Statements, for the period ended June 30, 2026 and for the fiscal year 2026, 2025 and 2024 respectively. Also, the company in the usual course of Business does not have any long-term contracts with its customers and it relies on purchase orders for delivery of its products and its customers may cancel or modify their orders, change quantities, delay or change their sourcing strategy. Loss of one or more of its top customers or a reduction in their demand for its products or reduction in revenue derived from them may adversely affect its business, results of operations and financial condition. 

Geographical concentration of revenue in certain domestic regions: It generates 100% of its revenue from operations from domestic market of which major portion of sales from its operations is generated from certain geographical regions especially, Delhi, Uttar Pradesh and Haryana which totally contributed 74.25%, 83.76%, 77.42% and 55.21% for the period ended June 30, 2026 and for the fiscals 2026, 2025 and 2024 respectively on the basis of Restated Standalone Financial Statements. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations. 

Outlook

Wiscon Industries is primarily engaged in the business of manufacturing and trading of consumer electronic products. Its activities include production, processing, fabrication, assembly, repair, alteration, purchase, import, marketing, sale, export, and other related dealings in a wide range of consumer electronic products, including but not limited to televisions, washing machines, air conditioners, and other electronic appliances. It is managed by skilled personnels including Key Managerial Personnel and Senior Management Personnel who have vast experience in their respective field of managing the overall affairs of the company which gives them an advantage of immense knowledge of the industry, long term contacts with clients and suppliers and better decision making power. They are involved in the day-to-day business and management of the company. Its senior management team is responsible for the overall strategic planning and business development of the company and has helped it in the expansion of its customer base and creating its sales and marketing strategy. On the concern side, a major proportion of its revenues is derived from products namely LED TVs and Electric Scooters which totally contributed 92.66% 94.75%, 94.26% and 75.45% of its revenue from operations on the basis of Restated Standalone Financial Statements for the period ended June 30, 2026 and for the Financial Years ended March 31, 2026, 2025 and 2024 respectively and any reduction in the demand for the above-mentioned products could have an adverse effect on its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 53,92,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 194-204 per equity share. The aggregate size of the offer is around Rs 104.60 crore to Rs 110.00 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 406.40% from Rs 1,449.27 lakh in Fiscal 2025 to Rs 7,339.16 lakh in Fiscal 2026. Profit after tax increased 344.56% from Rs 125.29 lakh in Fiscal 2025 to Rs 556.99 lakh in Fiscal 2026.

Meanwhile, it intends to strengthen its wholly owned subsidiary (WOS) manufacturing capabilities through backward integration by investing Rs 1503.88 lakh in its WOS by installation of two set of Surface Mount Technology (SMT) Production Lines for Printed Circuit Board (PCB) along with supporting ancillary accessories. The proposed investment is expected to strengthen its downstream manufacturing capabilities and enhance operational efficiency across its manufacturing operations for its consumer electronics products. Going forward, it intends to strengthen its brand recognition and expand its market presence through strategic marketing initiatives funded by the proposed object. It plans to undertake a combination of digital and offline marketing and production strategies including Celebrity Endorsement, Production Cost, TV Media, OTT, Cinema Advertising, Outdoor Media, PR Activity, Dealer Meets, BTL Activation, Digital Marketing and Influencer Marketing to enhance brand visibility and customer awareness by investing Rs 522.50 lakh.