EverestIMS Technologies Ltd. IPO

EverestIMS Technologies

• EverestIMS Technologies is coming out with an initial public offering (IPO) of 57,00,800 shares in a price band of Rs 80 - 85 per equity share.
• The issue will open for subscription on September 29, 2026 and will close on October 05, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.00 times of its face value on the lower side and 8.50 times on the higher side.
• Book running lead manager to the issue is Oneview Corporate Advisors.
• Compliance officer for the issue is Sridharan S Yadav.

Profile of the company

EverestIMS Technologies is a software company that provides both Software as a Service (SaaS) and on-premises products and services. It specializes in digital transformation, IT Operation and Service Management incorporating AI enabled product solutions where applicable to help businesses streamline their IT operations, improve efficiency, and enhance user experiences.

Its SaaS-based and on-premise products and services feature advanced capabilities such as AI for IT Operations Management (AIOps), Generative-AI Powered IT Service Management (ITSM), IT Infrastructure Management (ITIM), Network Change and Configuration Management (NCCM), IT Asset Management (ITAM) and Operations Support System (OSS). Its SaaS solutions are hosted on cloud infrastructure, providing users with easy access through a web browser on a subscription basis, without the need for maintaining local infrastructure or software installations. On the other hand, its on-premise products and services are installed, managed, and maintained within the customer’s own data center or local infrastructure, offering greater control and customization. 

It offers comprehensive solutions that enable businesses to remotely monitor critical network devices, servers, applications, and more to reduce downtime, improve service delivery, and streamline IT operations through its flagship platform 'Infraon Infinity'. It is committed to helping its customers succeed and grow by simplifying and enhancing IT service and operations management ensuring greater efficiency and streamlined workflows. Its go-to-market strategy consists of direct sales and channel partner network. It engages in direct sales through both the company and its subsidiary, Infraon Corp, located in the USA. In addition, it engages with domestic & international channel partners, distributors and sales agents who identify potential customers, work jointly with it to qualify and close deals, and serve as the primary intermediaries for managing customer relationships.

Proceed is being used for:

• Purchase of IT hardware for setting up of Artificial Intelligence (AI) innovation and experience laboratory 
• Funding of working capital requirement 
• General corporate purposes

Industry overview

IT operations and service management (ITOSM) solution includes two scopes: IT Operations Management (ITOM) and IT Service Management (ITSM). ITOM is an essential component that helps IT businesses ensure their system is secure, reliable, and compliant with industry regulations and best practices. It helps them streamline processes and reduce manual labor, allowing the business to focus on other crucial business goals and productive tasks. The common functions of ITOM include IT help desk, laptop provisioning, device management, network infrastructure management, and server management, among others. ITSM solution helps manage processes and activities involved in various services such as developing or procuring software, which must be secure and managed, along with laptops and mobile devices. ITSM also helps in delivering these services efficiently to end users. ITSM framework includes problem management, service level management, and asset management, among others.

In terms of value, the IT operations and service management market in India was valued at $1,011.55 million in 2023 and is projected to reach $2,665.58 million by 2031; it is expected to register a CAGR of 12.9% from 2023 to 2031. The IT Operations and Service Management (ITOSM) market in India is experiencing growth owing to a rapidly expanding digital landscape and an increasing focus on technological advancements. The Bring Your Own Device (BYOD) culture has gained significant traction in India, as it offers employees flexibility and convenience. In India, 75% of workers are highly interested in BYOD policies. This demonstrates and inspires other countries that have yet to adopt the practice and contributes to the widespread use of BYOD in many businesses. 

The trend of BYOD has necessitated the implementation of ITOSM solutions that cater to the challenges of managing a diverse range of devices and ensuring secure access to corporate data. As more organizations adopt BYOD policies, the demand for ITOSM tools and services is expected to grow in the coming years. Additionally, in July 2024, HCL Tech and IBM launched generative AI Centers of Excellence in India, the UK, and the US. The new partnership will empower enterprises to develop IT Service Management (ITSM) use cases, reduce coding complexity, improve skill development on the IBM Watson platform, and enable ongoing innovation. 

Pros and strengths

Fully integrated platform: Its fully integrated ‘Infraon Infinity’ platform provides a variety of modules and AI-powered features for both On-Premises and SaaS customers. Typically for different IT service and operation management need by the customers they would require multiple tools to fulfil their needs, whereas its unified platform fulfils all the requirement with its single platform. This makes it easier for the customer to maintain, boosts their efficiency, and ensures smooth support for them.

Cordial relationship with channel partners: As a channel partner-focused company, it empowers its partners with comprehensive support and provides free training to ensure they fully understand its products and services, enabling them to offer right solution to their customers. Additionally, it assists partners in increasing their revenue by training them to deliver professional services to the customers. Its technical training ensures that channel partner’s technical teams can support customers effectively. By assisting its channel partners grow their business, it intents to strengthen cordial relationships with its channel partners and drive mutual growth and increase revenue.

Diversified platform development and market expansion: It has developed its platform with a comprehensive range of offerings in ITIM, AIOPS, ITSM, ITAM, and OSS space. This has enabled it to expand its product and service portfolio, providing both SaaS and On Premises solution to a diverse range of customers, including large enterprises, telecom operators, and small to medium-sized businesses (SMBs). It remains committed to tracking emerging technologies, industry segments, and market trends in the ITOM, ITSM, AIOPS, AISM, and OSS. 

Risks and concerns

Rapid technological changes and product innovation risks: Its success depends substantially on its ability to anticipate and respond to rapid technological changes in the Information Technology industry, develop and upgrade its products and service offerings to meet evolving client needs, maintain and expand its technological capabilities, and effectively manage its strategic technology alliances. The IT industry is characterized by rapid technological advancements, evolving industry standards, changing client preferences and requirements, frequent introduction of new products, features, services and solutions, and emerging disruptive technologies. It may faces significant challenges, including its inability to anticipate or respond to technological advances in a timely manner, failure to develop commercially successful products and services, unsuccessful management of new product/service introductions or transitions, difficulties in stimulating customer demand for new and upgraded products and services, potential technological obsolescence of its products and service offerings, and challenges in maintaining strategic technology alliances. Additionally, its current products or services may become outdated or less competitive, and it may be unable to successfully enhance its existing products or develop new ones in a timely manner.

Uncertainty in channel partner relationships and distribution: The absence of comprehensive, legally binding contracts with all of its registered channel partners exposes it to potential risks such as uncertain partnership terms, unpredictable sales collaborations, and potential disruptions in its distribution networks. Without formal agreements, it may face challenges in maintaining consistent product positioning and market access through its channel partners. Additionally, the lack of contractual frameworks could limit its ability to negotiate favourable terms and establish long-term strategic alignments with its channel partners. These uncertainties may impact its competitive positioning, revenue predictability, and overall business growth potential in its market segments.

Dependence on significant working capital for continued growth: Its business is working capital intensive and requires a significant amount of working capital for smooth functioning. It intends to continue growing by expanding its business operations. The results of operations of its business are dependent on its ability to effectively manage its incremental working capital requirements. It estimates its revenue based on the forecast, demand and requirements and also on the customer specifications. A liquidity crunch may also result in increased working capital borrowings and, consequently, higher finance cost which will adversely impact its profitability. Its growing scale and expansion, if any, may result in increase in the quantum of working capital. Its inability to maintain sufficient cash flow, credit facility and other sourcing of funding, in a timely manner, or at all, to meet the requirement of working capital or pay out debts, could adversely affect its financial condition and result of its operations. 

Outlook

EverestIMS Technologies is engaged in the software product engineering, developing and selling software products and solutions, all kinds of software services including custom software development, software maintenance, architecture, application migration and training and providing information technologies related services. Product-Led Growth (PLG) is a business strategy where the product itself drives customer acquisition, expansion, and retention, focusing on delivering value directly through the product to attract and retain users. On the concern side, its success depends largely on its ability to attract and retain skilled personnel. Its employee benefits expenses were Rs 2,204.25 lakh, Rs 2,337.96 lakh, and Rs 1,876.90 lakh, representing 33.44%, 40.46%, and 41.15% of its Total Income for the Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. High attrition or its inability to attract and retain such personnel in this highly skilled and technical employee-intensive industry could adversely affect its business and results of operations.

The company is coming out with a maiden IPO of 57,00,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 80-85 per equity share. The aggregate size of the offer is around Rs 45.61 crore to Rs 48.46 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 15.18% from Rs 5,654.30 lakh in Fiscal 2025 to Rs 6,512.39 lakh in Fiscal 2026. Profit after tax decreased 6.66% from Rs 1,407.70 lakh in Fiscal 2025 to Rs 1,313.93 lakh in Fiscal 2026.

Meanwhile, it plans to grow its global presence, beginning with its initial product sales and continuing to expand its footprint globally. Currently, it has customers in countries like UAE and Malaysia. Its expansion plans include recruiting new partners, hiring sales and customer service personnel in additional market ensuring a more personalized and efficient customer experience and further strengthening its presence in countries where it is already established channel partners. Going forward, it aims to drive new customers sales across various verticals including government, telecom, mid-sized organizations, SMBs, and large enterprises. As more companies adopt cloud services and undergo digital transformation, it expects to expand its customer base, contributing to higher revenue growth and new customer sales. To achieve this, it plans to invest in strengthening and expanding its sales and marketing team including its existing workforce.

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.