Sollfege Smart Electronics Ltd. IPO

Pursuant to provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, Sollfege Smart Electronics has informed that in terms of the Company's Code of Conduct for regulating, monitoring and reporting of trading by insiders, the trading window for dealing in securities of the Company will remain closed for all designated persons and their immediate relatives from Thursday, 08th October, 2026 and shall remain closed till 48 hours after the declaration of Financial Results of the Company for the half year ended 30th September, 2026. The aforesaid closure of the trading window has been intimated to all the designated person and connected person in accordance with the Company’s Code of Conduct for Prohibition of Insider Trading. Further, the date of the meeting of the Board of Directors of the Company to consider and approve the Financial Results of the Company for the aforesaid period shall be intimated to the Stock Exchanges in due course. The copies of the said publications are also available on the Company’s website at www.sollfege.com.

The above information is a part of company’s filings submitted to BSE.

Sollfege Smart Electronics

• Sollfege Smart Electronics is coming out with an initial public offering (IPO) of 39,60,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 55 per equity share.
• The issue will open for subscription on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 5.50 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Finshore Management Services.
• Compliance officer for the issue is Md Naim.

Profile of the company

Sollfege Smart Electronics operates in the premium segment of audio, video, home automation, smart living, lifestyle, and wellness solutions in India. The company is engaged in the distribution, integration, and implementation of technologically advanced, design-focused solutions tailored for high-end residential, commercial, and institutional spaces. Its offerings are aimed at customers who value seamless technology integration, superior performance, and refined living experiences.

The company was originally incorporated as Denn Audio Private Limited and began its operations with a primary focus on the distribution of high-end audio and video equipment. Over the years, it has evolved significantly by expanding its product portfolio, strengthening its brand identity, and diversifying into adjacent luxury technology segments. These include smart home automation, lifestyle electronics, and wellness solutions. Through continuous alignment with changing consumer preferences, rapid technological advancements, and global premium lifestyle trends, Sollfege has transitioned from being a traditional electronics distributor to a comprehensive, integrated solutions provider.

This strategic transformation has enabled the company to cater to a broader and more discerning customer base that seeks sophisticated, future-ready, and fully integrated living environments. The company’s growth trajectory is also reflected in its financial performance, with revenue from operations increasing from Rs 18.53 crore in Fiscal 2024 to Rs 22.21 crore in Fiscal 2026, demonstrating strong demand for its premium offerings and the effectiveness of its experience-driven business model.

Proceed is being used for:

• Funding capital expenditure for expansion of its retail network by launching 12 (twelve) new Showrooms
• Meeting working capital requirements
• General corporate purposes

Industry overview

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. As of October 2024, the Indian white goods market was valued at $11,788 million and is expected to grow significantly to reach Rs 15,86,10,300 crore ($18,100 billion) by 2030. Within this, refrigerators, washing machines, and air conditioners alone contributed revenues of Rs 1,06,208 crore ($12.12 billion), Rs 43,552 crore ($4.97 billion), and Rs 65,598 crore ($7.52 billion), respectively, in August 2025. The air conditioner segment in particular is witnessing record growth, driven by extreme heat waves and rising demand in smaller cities, with players like Blue Star projecting up to 30% growth in summer sales. The dishwasher market, though smaller, is expanding steadily, valued at Rs. 596-745 crore ($68-85 million) as of August 2025 and expected to surpass 1,85,000 units annually by 2030 at a CAGR of 3-12%.

Rural India is set to drive the next wave of growth in consumer durables, with improved electrification and better power supply expanding demand beyond metros into tier 3 and 4 towns. This widening base, coupled with rising disposable incomes, is creating strong momentum for the industry. Across categories, India’s TV production is projected to reach US$ 10.22 billion by FY26, while the headset market is expected to touch $77 million by 2027. Dishwashers are gaining traction in metros, with the market poised to cross $90 million by 2025-26. On the electronics front, India could achieve $100 billion in laptop and tablet manufacturing by 2025, and the mobile phone market is expected to generate Rs 2.4 trillion ($29.38 billion) in revenue by FY26, reinforcing India’s status as a global electronics hub.

Pros and strengths

Exclusive brand associations: The company has built strong and long-standing relationships with globally recognized brands in the audio, video, home automation, and lifestyle electronics segments. These associations enable the company to act as an authorized seller across multiple product categories, ensuring authenticity, quality, and customer confidence. Its portfolio includes premium products such as speakers, home theatre systems, sound solutions, projectors, televisions, automation systems, and lifestyle products. In addition to product access, these partnerships provide training, technical support, and marketing resources, which enhance the company’s service capabilities. Over time, these relationships have strengthened its presence in the premium segment and helped build trust among HNIs, institutions, and corporate clients who prioritize quality, reliability, and long-term support.

Single-point, end-to-end solutions: The company provides comprehensive design, installation, and integration services, positioning itself as a single point of contact for customers. Its services span the entire project lifecycle, including concept development, system design, procurement, installation, testing, and commissioning. Solutions such as home theatres, integrated audio-visual systems, smart home automation, lighting control, and lifestyle integrations are tailored to align with the architectural design and functional requirements of each project. Early-stage involvement with architects, interior designers, and developers ensures smooth integration and efficient execution. Post-installation support further enhances reliability and customer satisfaction, enabling the company to build long-term relationships.

Strong after-sales service network: After-sales service is a critical component of the company’s business model, particularly in the premium electronics segment where ongoing support is essential. The company has established a structured service network to provide timely maintenance, troubleshooting, and system upgrades. Its dedicated service team is equipped to handle both routine and complex technical issues. This support is often backed by service agreements and responsive on-call assistance, ensuring reliability and peace of mind for customers. A strong after-sales framework not only enhances customer satisfaction but also drives repeat business and referrals. The trust built through consistent service quality has been a key factor in expanding the company’s client base and strengthening its position in the market.

Risks and concerns

Geographic concentration in West Bengal: The company generates majority of its sales from its retail store in West Bengal. For the financial Years ended on March 31, 2026, March 31, 2025 and March 31, 2024, its store in West Bengal contributed to Rs 2,014.82 lakh, Rs 1,870.20 lakh and Rs 1,745.65 lakh, representing 90.72%, 89.00%, and 94.21% of its total revenue from operations, respectively. Any adverse development that affects the performance of the stores or warehouses located in this state could have a material adverse effect on its business, financial condition and results of operations.

Revenue concentration among top brands: The company derives most of its revenues from the sale of products from limited number of brands. The company has garnered 41.27%, 38.60% and 51.14% of its total revenue from top 5 Brands in FY26, FY25 and FY24 respectively. The loss of a significant brand or a number of significant brands due to any reason will result in sales getting impacted which will have a material adverse effect on its business prospects and results of operations. The company cannot assure that it will be able to maintain historic levels of business from such significant brands, or that it will be able to significantly reduce its dependence on such limited number of brands in the future.

Dependence on limited number of customers: Substantial portion of the company’s revenues has been dependent upon a few customers. The company has garnered 60.58%, 51.54% and 61.63% of its total revenue from top 5 customers in FY26, FY25 and FY24 respectively. The loss of any one or more of these major customers could have a material adverse effect on its business operations, financial condition, and profitability.

Outlook

Sollfege Smart Electronics is engaged in the distribution, integration and implementation of premium audio, video, home automation, smart living, lifestyle and wellness solutions in India. The company initially focused on the distribution of high-end audio and video equipment and has expanded its business into integrated technology solutions for high-end residential, commercial and institutional spaces. The company has exclusive brand associations with globally recognised OEM brands. It has highly trained technical teams with strong solution-integration capabilities. On the concern side, the company’s large part of revenues is dependent on top five brands. The loss of any of its major brands or a decrease in the supply or volume from such brands, will materially and adversely affect its revenues and profitability. Moreover, the company’s business operations are majorly concentrated in West Bengal as it generates majority of its retail sales from its store in West Bengal. Any adverse developments affecting its operations in West Bengal could have an adverse impact on its revenue and results of operations.

The company is coming out with an IPO of 39,60,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 55 per equity share to mobilize Rs 21.78 crore. On performance front, the company’s revenue from operations increased by 5.69% from Rs 2,101.28 lakh in Fiscal 2025 to Rs 2,220.93 lakh in Fiscal 2026. Moreover, net profit increased 3.05% to Rs 219.13 lakh in Fiscal 2026 as compared to Rs 212.65 lakh in Fiscal 2025.

Meanwhile, the company follows an experience-led sales approach through its dedicated Experience Centres and retail stores. These centres allow customers to interact with products in a real-life, fully functional environment, helping them understand the performance and integration of premium audio, video, and home automation solutions before making a purchase. Since product specifications alone are often not sufficient in the premium segment, this hands-on experience plays a key role in influencing buying decisions. Each centre is designed to replicate high-end living spaces, showcasing how technology can seamlessly integrate into modern lifestyles. The company’s sales and technical teams adopt a solution-based approach, guiding customers based on their specific requirements. This model has helped improve conversion rates, drive premium product adoption, and build stronger brand recall.

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.