Wiscon Industries Limited

The document describes a global economy currently under significant stress due to a Middle East conflict, which has disrupted maritime and air traffic, raised commodity prices, and increased geopolitical tensions. While the US tariff rate is temporarily lower than previously estimated, the USMCA is set to be reviewed in July 2026, and many existing trade agreements expire by the end of 2026, creating uncertainty. Economic activity in China and the United States has been stronger than expected, though China's domestic housing sector lags behind exports and the US faces low employment growth. The report projects that global growth will slow to 3.1% in 2026 and 3.2% in 2027, with commodity prices expected to rise substantially due to disruptions in the region.

The document outlines a severe global economic outlook triggered by a Middle Eastern war, which could cause an unprecedented energy crisis and inflation. It details India's strong domestic economic momentum, projecting Real GDP growth of 7.6% in FY 2025-26 and Nominal GDP growth of 8.6%. The text highlights India's position as a key global economy with significant FDI inflows, robust foreign exchange reserves, and a resilient manufacturing sector that remains above the neutral threshold.

The document outlines India's robust economic performance in March 2026, characterized by stable consumer prices, resilient GST collections, and steady industrial growth. Key highlights include a 3.40% year-on-year inflation rate, a 4.1% increase in the Index of Industrial Production, and a 1.9% rise in aviation passenger traffic. The government has achieved a significant renewable energy milestone by generating 50% of its power from renewable sources. Additionally, the text details various government initiatives such as the 'Mission for Aatmanirbharta in Pulses' and the inauguration of a semiconductor facility in Gujarat.

India is projected to become the fourth largest market for consumer durables by FY27, with the sector growing at an 11% CAGR and reaching a size of Rs. 3 lakh crore by FY29. The white goods and electronics sector is also on a high-growth trajectory, expected to triple in value from 2022 to 2030. India is currently the fastest-growing major market for consumer durables worldwide, with domestic output accounting for 99.2% of the market. The festive season demand is boosted by recent GST rate cuts and early festive onset, leading to a rebound in September-October 2025.

The document outlines the company's revenue from refrigerators, washing machines, and air conditioners in 2025, along with market data for India's dishwasher and luggage industries. It highlights India's rapid growth in the consumer durables sector, noting it is the fastest-growing major market and expected to become the fourth-largest by FY27. The text also details the surge in India's mobile manufacturing, which reached 99.2% domestic production by FY25, and mentions projected growth for the luggage industry.

The document outlines India's robust growth trajectory in the consumer durables and electronics sectors, projecting a CAGR of 11% for the consumer durables market by 2029 and aiming to become the fourth-largest market by 2027. It highlights significant FDI inflows in the Computer Software & Hardware industry and notes a 18% year-over-year increase in mobile phone shipments under the 'Make in India' initiative. Additionally, it details a 47% surge in exports to Rs. 1,8,450 crore in Q1 FY26 and a 54% growth in smartphone exports to Rs. 2 lakh crore in FY25. The section further emphasizes the expanding electronics export market, which reached Rs. 3,27,891 crore in FY25 and is projected to nearly double by 2033.

This section outlines the Indian consumer durables market's resilience during the festive season, driven by GST cuts and rising disposable income, while noting price reductions due to technological advancements. It highlights a significant demographic shift where rural India now consumes 51% of affordable premium FMCG volumes, surpassing cities. The text also details the strategic expansion of the smart home sector, projected to grow from Rs. 8,000 crore to Rs. 1,40,000 crore by 2028, and notes that over 50% of air conditioners sold are now Wi-Fi enabled. Finally, it discusses the manufacturing landscape, mentioning the 'Make in India' initiative, Apple's record production ramp-up in India, and the entry of domestic and Chinese manufacturers into the sector.

The document outlines the strong growth trajectory of India's e-commerce sector, noting a projected 280-300 million online shoppers and Rs. 10.61-12.37 lakh crore in spending by 2025. It highlights a significant surge in quick-commerce orders, with Indian consumers spending over Rs. 64,000 crore on these platforms in FY25 compared to Rs. 30,000 crore in FY24. Additionally, the text addresses environmental initiatives, including mandatory emission controls for climate-damaging refrigerants and plans to reduce e-waste through recycling, alongside insights into the growth of consumer durables driven by rising incomes and changing lifestyle preferences.

The document outlines India's economic outlook, noting that per capita disposable income and consumption are expected to rise, with non-metro markets like Vishakhapatnam and Bhopal emerging as key growth targets. It highlights the PLI scheme as a major policy driver, specifically for white goods and electronics, where significant investments have been made by companies such as Daikin and Voltas. The text also mentions the projected expansion of India's digital economy to 20% of GVA by 2029-30 and notes that the PLI scheme aims to strengthen India's position as a global mobile production hub.

This section outlines India's robust growth trajectory in consumer electronics and home appliances, driven by a projected smartwatch market reaching US$ 10.6 trillion by 2035 and a mobile manufacturing output value of US$ 47.88 billion. The country is positioned as the fourth largest market for consumer durables by FY27, with significant government support through PLI schemes, increased FDI, and initiatives like the 'Make in India' campaign. Key investments include the Gautam Buddha Nagar Electronics Manufacturing Cluster and Haier Appliances India's expansion, alongside a projected electronics exports value of US$ 120 billion by FY26.

Wiscon Industries Limited is a Delhi-based consumer electronics company specializing in LED TVs, air coolers, washing machines, and air conditioners, with a significant expansion into electric vehicles through strategic investments and acquisitions. The company operates primarily through a B2B and B2C model, with the majority of its revenue coming from domestic sales, while exports remain minimal. Its operations are supported by a network of domestic suppliers and third-party service providers for after-sales care, and it maintains a physical presence in South Delhi with warehouse facilities in Badarpur and Lal Kuan. The company has recently acquired Dalmia Technologies Limited to enhance its backward integration capabilities in LED TV manufacturing and electronic product processing.

The document details the company's domestic revenue distribution across various Indian states, with Delhi leading at 62.44% of total revenue. It also presents revenue figures for domestic operations and exports for the period ended June 30, 2026, showing a total domestic revenue of 6,984.84 Lakhs. The data includes specific revenue breakdowns for states such as Uttar Pradesh, Maharashtra, and Tamil Nadu, along with a total domestic revenue figure of 2,432.27 Lakhs for the referenced period.

Wiscon is a Delhi-based company specializing in supplying a comprehensive range of consumer electronic products, including LED TVs, Air Coolers, Washing Machines, Air Conditioners, and Electric Scooters. The company operates under its flagship brand, 'Wiscon', serving both B-to-B and B-to-C customers within India. Financial data indicates that LED TVs represent the majority of revenue, accounting for 79.19% of the total revenue for the period ended June 30, 2026.

The issuer operates as a Delhi-based company specializing in consumer electronic products, primarily marketed under the brand 'Wiscon' for both business-to-business and business-to-consumer segments. The company offers a wide range of products including LED TVs, air coolers, washing machines, and air conditioners, while also selling electric scooters under a third-party brand. Its manufacturing operations are conducted at a facility located in Okhla Industrial Area, New Delhi. The business strategy includes backward integration through an investment in a wholly owned subsidiary, Dalmia Technologies Limited, which handles manufacturing, trading, and distribution of electronic products.

The issuer plans to strengthen its WOS manufacturing capabilities by investing ₹1503.88 Lakhs to install SMT production lines, thereby reducing reliance on third-party suppliers and improving operational efficiency. The company aims to expand its geographic presence by targeting high-growth markets in Delhi, Uttar Pradesh, and Haryana, while also strengthening its brand visibility through diverse marketing initiatives. Additionally, the issuer intends to enhance operational efficiency by aligning its workforce with a culture of process optimization and leveraging digital platforms to maintain productivity.

The document lists specifications for various consumer electronics and appliances including smart TVs, washing machines, air conditioners, and electric scooters, along with customer revenue data for the period ended June 30, 2026.

Dalmia Technologies Limited is a Delhi-based company engaged in the trading and after-sales service of consumer electronic products, primarily marketed under the 'Wiscon' brand. The company supplies LED TVs, air coolers, washing machines, air conditioners, and electric scooters to both business and consumer customers. The business model involves a comprehensive process from receiving customer requirements and generating proforma invoices to dispatching products and handling defective items. Additionally, the company offers a tiered service process where basic issues are resolved remotely, while complex repairs are handled by third-party service providers.

Wiscon is a Delhi-based company that supplies a range of consumer electronic products including LED TVs, washing machines, air conditioners, and electric scooters under its flagship brand. The company procures these goods from domestic suppliers, maintaining a high reliance on top 10 suppliers for stock-in-trade purchases. The procurement process involves ten sequential stages, starting with vendor approval and technical specification development, followed by inventory monitoring and requirement generation.

The issuer manufactures LED TV components and assembly equipment, including hand pallet trucks, high voltage testers, and various assembly tools. Key manufacturing locations include an Assembly Line-1 and Assembly Line-2, a clean room, and a dedicated LED TV assembly area. The company operates several subsidiaries and joint ventures, such as TSC TTP, which provide barcode printing services. The business focuses on the production and assembly of LED TVs, utilizing specialized machinery for testing, packaging, and quality control.

The issuer is a trading company with no manufacturing facilities, relying on its wholly-owned subsidiary for production and distribution of LED TVs and other electronic products. The document details various support equipment such as air conditioners, conveyors, and ESD mats required for the manufacturing environment. Key machinery like the Konica Minolta Display Color Analyzer is used for precise color calibration on the production line. The company's capacity utilization details are explicitly excluded from the prospectus as it is a trading entity.

WISCON is a technology-first company specializing in the manufacturing and distribution of LED TVs, Air Conditioners, Washing Machines, and Air Coolers. The company operates from registered offices in Badarpur and New Delhi, with warehouse facilities in Delhi-110044 and Okhla Industrial Estate, New Delhi-110020. It utilizes a warehouse-based distribution model, outsources delivery to third-party logistics or employs local transporters for last-mile delivery, and maintains inventory levels to ensure timely product availability. WISCON competes in a fragmented Indian market against established trading companies, regional distributors, and online platforms, focusing on product quality, timely procurement, and customer relationships.

The document describes the business of a company operating in India, focusing on LED TV manufacturing and distribution. Key locations include Alpha Greater Noida for machines and New Delhi for LED TV products. The company employs 76 permanent staff across sales, finance, and warehouse operations, with no union representation. Attrition rates for the period ended September 30, 2026, were 22.82% for the company and 179.17% for the average number of employees. The company does not have any export obligations and maintains compliance with environmental and health and safety regulations.

The issuer states that as of the date of the Red Herring Prospectus, it has no collaborations, tie-ups, or joint ventures. The document details the company's insurance coverage, property leases, and warehouse facilities, including specific addresses in South Delhi and Badarpur, New Delhi, and lease terms extending through 2029.

The document identifies the company as Amazon Seller Services Private Limited, a wholly owned subsidiary of Amazon. It lists three distinct locations for its warehousing and order fulfillment services: Amta, Mouza, Majukhetra in Thane; Madanahatti in Venkatapura, village, in Karnataka; and Marasandra village in Malur, Taluk, Kolar. The company also leases a manufacturing unit in New Delhi for its registered office and manufacturing operations. The lease agreement covers 22,950 square feet of space in the Okhla Industrial Area, phase-II, New Delhi, with a monthly rent of ₹7.70 Lakhs.

The document outlines the issuer's business scope, which includes the operation of the 'WISCON' brand and its associated domain wiscon.in, primarily focused on electronic devices and related technology. The company operates under the jurisdiction of the Companies Act, 2013, and is regulated by the Securities and Exchange Board of India (SEBI) for listed entities. Key regulatory frameworks include the Income Tax Act, 2025, Goods and Services Tax (GST) Act, 2017, and the Bureau of Indian Standards Act, 2016, which governs product standards and compliance. The issuer also adheres to various industry-specific laws such as the Plastic Waste Management Rules, 2016, and the Legal Metrology Act, 2009, to ensure compliance with consumer protection and trade regulations.

The document outlines the regulatory framework governing India's e-commerce sector, including the 2019 Draft National E-Commerce Policy which mandates data localization and neutrality, alongside specific guidelines for misleading advertisements and environmental laws like the E-Waste Management Rules 2022. It further details foreign investment regulations under FEMA, including sectoral caps and reporting requirements, as well as intellectual property protections under the Trademarks Act 1999. The text also covers labor laws such as the Code on Social Security 2020, which extends benefits to gig workers, and environmental protections under the EPA.

This section outlines several key Indian labor and commercial laws relevant to the issuer's operations. It details the Gratuity Act, which provides financial benefits for employees after five years of service, and the POSH Act, which mandates internal complaint committees for workplaces with ten or more employees. The document also covers the Apprentices Act, which requires larger establishments to hire trainees, and the MSMED Act, which defines eligibility for Micro, Small, and Medium Enterprises based on investment and turnover thresholds. Finally, it mentions the Consumer Protection Act, 2019, which simplifies consumer grievance redressal, and notes that local shop and establishment legislations vary by state.

The issuer operates across various Indian states where it is subject to state-level legislations including the Shops and Establishment Act and local municipal licensing. It requires multiple approvals from local authorities such as Panchayats, Metropolitan Development Authorities, and state pollution control boards before commencing factory or manufacturing operations. The company also complies with general laws like the Indian Contract Act, Sale of Goods Act, and the Competition Act, 2002, which are administered by the Competition Commission of India. Property-related operations involve adherence to central laws such as the Land Acquisition Act, Transfer of Property Act, and Registration Act.

Wiscon Industries Limited was incorporated on September 16, 2022, as a public limited company under the Companies Act, 2013. The company's registered office was rectified in December 2022, and its authorized share capital was increased through four successive Equity Officers' General Meetings in March 2024, March 2025, February 2026, and May 2026. The company entered into a Share Transfer Agreement and Memorandum of Understanding on May 25, 2025, to acquire a 99.99% stake in Dalmia Technologies Limited (DTL) as a wholly owned subsidiary, with a further agreement to acquire the beneficiary interest in DTL on May 25, 2025. The company has no strategic or financial partners, has not made any material acquisitions or divestments since incorporation, and has no defaults or restructuring of borrowings with financial institutions.

This section defines key terms used in the Red Herring Prospectus, including the company's full name as Wiscon Industries Limited and its CIN as U46522DL2022PLC404671. The issuer is incorporated in India under the Companies Act, 2013, with its registered office located at C 64, DDA Shed, Okhla Ind Area, PH 1, South Delhi, New Delhi, Delhi-110020, India. The document specifies that the offer is for a fresh issue and an offer for sale, with lead managers identified as ICICI Bank and M/s. Hem Sandeep & Co.

This section defines key financial ratios and offer-related terms used in the company's prospectus. It explains that the Debt-Equity Ratio measures financial leverage, while the Net fixed asset turnover ratio indicates asset efficiency. The text also outlines the Anchor Investor Portion, which allows Qualified Institutional Buyers to bid up to 60% of the QIB portion, with specific allocations reserved for domestic mutual funds and life insurance companies. It further details the ASBA mechanism, where funds are blocked in designated accounts, and lists the various banks involved in the offer process.

The document identifies the issuer as Jansatta, a widely circulated Hindi national daily newspaper, with its registered office located in Pratahakiran, a regional newspaper in Delhi. The company is offering shares through a fresh issue and an offer for sale, with the Bid/Offer Period set between the opening and closing dates. The lead manager for the book running is Smart Horizon Capital Advisors Private Limited, and the process involves Bidding Centres where Designated Intermediaries accept applications.

This section clarifies that QIBs and Non-Institutional Bidders cannot participate at the Cut-off Price, while Demographic Details, Designated Branches, and Designated CDP Locations are defined for ASBA form collection. It further specifies that Designated Intermediaries include the Syndicate, SCSBs, and other agents, and that the Draft Red Herring Prospectus is dated July 23, 2026, issued in accordance with SEBI ICDR Regulations.

This section defines the terms used in the Red Herring Prospectus, including eligibility criteria for Foreign Portfolio Investors and Non-Resident Indians, the structure of the escrow account, and the specific details of the Fresh Issue. The document outlines that the company is offering up to 43,14,000 Equity Shares at a price of ₹[●] per share, with a total aggregate value of ₹[●] lakhs. It specifies that the minimum application size is ₹2 lakhs and that 17,78,400 Equity Shares constitute the minimum portion of the Net Offer. The section also identifies ICICI Bank Limited as the Escrow Collection Bank and mentions the Designated Market Maker's reservation portion of up to 3,90,000 Equity Shares.

The cover definitions section identifies the issuer as a company with CIN (not explicitly stated in the provided text) and a registered office in Delhi, where the registered office is located. The document outlines a fresh issue and an offer for sale of up to 10,78,200 Equity Shares, with the total offer size capped at 53,92,200 Equity Shares. The lead manager is the Book Running Lead Manager, and the registrar is ICICI Bank Limited, who will manage the Public Offer Account. The offer is subject to a price band ranging from ₹[●] to ₹[●] per share, and proceeds are distributed between the company and the selling shareholder based on their respective portions.

This section defines various industry and regulatory abbreviations used throughout the prospectus, including terms like 'MSME', 'NCS', and 'PE'. It also outlines the conventional terms and abbreviations applicable to the document, such as '₹' for Indian Rupees and 'CIN' for the Corporate Identity Number. The text explicitly states that the 'Companies Act, 2013' is the governing legislation for the company, along with relevant rules and regulations.

The cover definitions section defines key terms relevant to the NBFC offering, including regulatory bodies like RBI and SEBI, and specific financial instruments such as NEFT and RTGS. It also clarifies the definition of an OCB, which is a company with at least 60% NRI ownership and irrevocable NRI beneficial interest held since October 3, 2003. The document explicitly states that OCBs are not permitted to invest in the Offer, distinguishing this from standard corporate investment rules. The definitions also cover various accounting and legal terms like P/E Ratio, PAN, and SARFAESI Act, providing context for the financial reporting and compliance requirements of the issuer.

The cover definitions section specifies that the issuer is a company incorporated in India, with its financial information presented in Indian Rupees. It clarifies that the document is a Draft Red Herring Prospectus intended for a fresh issue and an offer for sale of equity shares. The lead managers and registrar are identified as the Book Running Lead Manager and the Registrar, respectively. The section also details the currency conversion rules for US Dollars and other foreign currencies, noting that these conversions comply with SEBI ICDR Regulations.

This section outlines the forward-looking statements contained in the Red Herring Prospectus, which include predictions about the company's expected financial condition, business strategy, revenue, and profitability. It also details the company's significant reliance on top 10 suppliers for stock-in-trade purchases, with purchases from the top 10 suppliers reaching 99.77% for the period ended June 30, 2026. Additionally, the document highlights that the company generates 100% of its revenue from domestic operations, with major sales concentrated in Delhi, Uttar Pradesh, and Haryana. Finally, it notes that the majority of revenue is derived from LED TVs and Electric Scooters, which contributed 92.66% of revenue for the period ended June 30, 2026.

This section outlines various risks and uncertainties affecting the issuer, including potential adverse effects on business operations from reduced demand, related party transactions, outstanding litigation, regulatory delays, and discrepancies in financial reporting. It explicitly states that the company incurred losses in Fiscal 2024 and may continue to do so, which could negatively impact financial conditions and reputation. The document also notes that forward-looking statements reflect current views but cannot guarantee future performance, and management has no obligation to update these statements after the prospectus date.

This section provides contact details for the registered office of Wiscon Industries Limited, the Registrar of Companies, the Board of Directors, the Company Secretary, and the Chief Financial Officer. It also lists the Book Running Lead Manager, Registrar to the Offer, Legal Advisor to the Offer, and includes specific instructions for investors to submit grievances regarding allotment, credit, or fund receipt through the Registrar or BRLM.

The document identifies the statutory auditors as M/s. Hem Sandeep & Co., a Chartered Accountant firm registered in Delhi, alongside their peer-reviewed auditors. It lists ICICI Bank Limited as the primary banker and the Capital Market Division of the same bank as the bankers to the offer. The share escrow agent is Maashitla Securities Private Limited, and the syndicate member is Shreni Shares Limited.

The document outlines the inter-se allocation of responsibilities for the book running lead manager, Smart Horizon Capital Advisors Private Limited, which is the sole entity handling coordination for the Shreni Shares Limited offer. It details the regulatory requirements for ASBA participation, specifying that bids must be submitted through SEBI-notified SCSBs or via UPI mechanisms through designated mobile applications. The text also provides information on the list of authorized SCSB branches for deposit collection and mentions the availability of registered brokers for ASBA form submission.

The document outlines a 100% Book-Building Offer for WOS and Dalmia Technologies Limited, where the price will be determined after bid collection. The offer mandates ASBA participation for all bidders, with UPI mechanisms available for small individual investors up to ₹5 Lakhs. Anchor Investors are restricted to discretionary allocation and cannot withdraw bids, while Non-Institutional Investors face restrictions on bid revision. The offering is fully underwritten by Smart Horizon Capital Advisors Private Limited, who have agreed to underwrite up to 53.92 million equity shares.

The document outlines a Draft Red Herring Prospectus for an Indian company offering up to 3,90,000 Equity Shares, which are fully underwritten with a minimum bid lot requirement of 15% of the total offer size. The offer is managed by Shreni Shares Limited acting as the Market Maker, with a Book Running Lead Manager responsible for ensuring compliance with SEBI regulations. The agreement includes a mandatory market making arrangement for three years, requiring the Market Maker to provide 2-way quotes for 75% of the trading day and adhere to specific lot sizes and spread requirements.

This section outlines the market making arrangement for the company's issue, specifying that there are no downside exemptions and that execution at quoted prices is guaranteed by Market Makers. The arrangement involves a maximum of five Market Makers competing for quotes, with pre-opening sessions and specific price bands ranging from 5% to 20% depending on the issue size and whether equilibrium is discovered. The document details the termination rights of the Market Maker, the regulatory margins required for risk containment, and the punitive actions, including suspension, imposed for non-compliance or failure to provide liquidity.

The Capital Structure section details the authorized, issued, and post-offer share capital of the company, which consists of 2.5 million fully paid-up Equity Shares with a face value of ₹10/- each. The company has a cumulative authorized share capital of ₹2,500 Lakhs, which has been increased through five separate resolutions in 2024, 2025, and 2026. Prior to the offer, the company held 1.567 million shares, and after the offer, it will hold approximately 1.999 million shares. The capital structure history shows a progression from an initial ₹15 Lakhs authorized capital to the current ₹2,500 Lakhs, with specific allotments recorded for loan conversions and private placements.

The document outlines the issuance details for 15,700 equity shares at a face value of ₹15,000 each, with an issue price of ₹11,000. Promoters Mr. Virendra Prasad Bhagat and Ms. Madhu Bhagat hold the largest stake at 15,700 shares, while other investors such as Mr. Porus Fredy Vazifdar and Mr. Deepak Balvant Chitnis hold 15,000 shares each. The remaining investors, including Maruna Exports Private Limited, Activeer Finance Consultants Limited, Mahaveera Capital Advisors LLP, and Mr. Vivek Kumar, hold 11,000 shares each. The section concludes by introducing a table to display the current shareholding pattern of the company as of the date of the Red Herring Prospectus.

The document details the transfer of shares from Mr. Sidhant Dalmia to Mr. Virendra Prasad Bhagat and Ms. Madhu Bhagat, as well as a transfer to Mr. Mohit Jain, all occurring on May 6, 2026. It also notes a bonus issue on May 30, 2026, which increased the total equity shares held by Mr. Dalmia to 98,41,238. The section specifies that Mr. Dalmia has pledged 42,0 shares as part of his minimum promoter's contribution, which is locked-in for three years. Additionally, it confirms that the remaining shares held by the promoter are not eligible for computation under SEBI regulations if they were acquired three years prior or at a price lower than the public offering price.

The section details the company's compliance with the Companies Act, 2013, and confirms that no bridge loans, discounts, or commissions have been paid to investors. It outlines a strict reporting requirement for promoter transactions and pre-IPO placements within 24 hours. A significant disclosure reveals a Share Transfer Agreement dated May 25, 2025, where the company acquired 99.99% of Dalmia Technologies Limited (DTL) from Mr. Sidhant Dalmia for ₹929.99 Lakhs, consolidating their business operations.

The document details the purchase of 70,000 equity shares by the promoter and selling shareholder, Mr. Sidhant Dalmia, for a total consideration of ₹14,00,000. This acquisition represents a 0.02% increase in the company's shareholding. The weighted average cost of acquisition for the shares held by Mr. Dalmia in the preceding year was nil, while the average cost for the current purchase was calculated as ₹2.93 per share.

The Draft Red Herring Prospectus outlines a Fresh Issue of 43.14 lakhs equity shares and an Offer for Sale of 10.78 lakhs shares, with the net proceeds intended to fund five specific objects: capital expenditure for plant and machinery, incremental working capital, general working capital, marketing activities, and general corporate purposes. The proposed net proceeds are estimated to be approximately 1.5 billion lakhs, with a significant portion allocated to WOS investments and working capital. The document details a specific plan to deploy funds in fiscal years 2026-27 and 2027-2028, though it notes that actual deployment may vary based on business conditions and that general corporate purposes are capped at 15% of the total raise.

The document outlines the use of proceeds from the proposed issue of shares, excluding taxes, for purchasing machinery and equipment. The company has not placed orders for these items yet, but the cost estimates are based on current market conditions and may vary. If the company raises more funds than needed for the equipment, any surplus proceeds can be used for general corporate purposes, subject to a cap of 15% of the total amount raised.

The document outlines the financing strategy for the proposed acquisition of Dalmia Technologies Limited, which is a wholly owned subsidiary engaged in the manufacturing and trading of LED TVs and electronic products. The company plans to deploy ₹3,500.00 Lakhs of net proceeds from the offer for sale to fund its incremental working capital requirements, with the remaining balance sourced from internal accruals, long-term borrowings, and short-term borrowings. The funding pattern details that ₹950.00 Lakhs will be deployed in FY 2026-27 and ₹2,550.00 Lakhs in FY 2027-28, while the balance will be covered by term borrowings, cash credit facilities, and internal accruals. The table provided illustrates the projected current assets and current liabilities for both fiscal years to determine the working capital gap.

The document details the company's working capital structure, highlighting a significant gap between current liabilities and total working capital. Funding patterns show a reliance on internal accruals and short-term borrowings, with specific allocations for debt repayment, capex, working capital, and acquisitions. The text explains that inventory holding days increased due to new manufacturing facilities and product diversification into electric scooters. Trade receivables and payables are expected to rise as the company expands its market presence and extends credit terms to new customers. The section concludes by outlining the projected working capital requirement for FY 2026-27, which will be funded through the IPO proceeds.

The document outlines the manufacturing capacity of the company for the fiscal years 2026-27, 2025-26, and 2024-25, detailing installed capacity and utilization percentages for TV sets. It further explains that the company expects to increase its working capital requirements due to expanded operations, higher trade receivables from extended credit terms, and increased inventory needs for fulfilling orders across multiple states. The proposed use of proceeds includes a loan of ₹1,503.88 Lakhs to its subsidiary Dalmia Technologies Limited for capital expenditure and a loan of ₹3,500.00 Lakhs for working capital, which are expected to enhance revenue, improve profitability, and meet the company's working capital needs.

The draft Red Herring Prospectus outlines the company's plan to utilize ₹1,700.00 Lakhs of net proceeds from the IPO to fund its working capital requirements, which are expected to grow significantly from ₹2,571.19 Lakhs in FY 2026-27 to ₹4,005.76 Lakhs in FY 2027-28. The funding strategy involves deploying ₹600.00 Lakhs in FY 2026-27 and ₹1,100.00 Lakhs in FY 2027-28, with the remaining balance to be covered by short-term borrowings and internal accruals. The primary use of proceeds is to maintain adequate inventory levels and extend credit terms to support the company's expansion into new states and customer bases, while also optimizing trade payables to secure better pricing and supply stability.

The document outlines a marketing strategy for the 'Wiscon' brand involving celebrity endorsements, television, OTT, outdoor media, cinema, PR, and dealer engagement programs, with an estimated total cost of ₹522.50 Lakhs. These funds will be deployed for general corporate purposes, including operating expenses, project development, and unforeseen business needs, subject to a maximum limit of 15% of the issue size or ₹10 Crores. The company confirms that surplus funds from the marketing activities will be available for general corporate purposes, with a cap of 15% of the total amount raised.

This section outlines the pricing methodology for the equity shares, which involves determining the Offer Price through consultation with the Book Running Lead Manager based on market demand and qualitative factors such as product range and management expertise. The pricing is further supported by quantitative factors including earnings per share, price-to-earnings ratios, industry P/E multiples, return on net worth, and net asset value. These metrics are compared against industry peers to validate the valuation, and the document confirms that the face value of each share is ₹10 while the Offer Price is calculated as a multiple of this face value.

This section outlines the company's key financial performance metrics for the periods ended June 30, 2026, as well as for the years ended March 31, 2026 and March 31, 2025, including specific data for the standalone March 31, 2025 and 2024 periods. It presents various ratios such as PAT Margin, Return on Equity, Return on Capital Employed, Debt-Equity Ratio, and Net Fixed Asset Turnover to assess operational efficiency and profitability. The document also includes a detailed explanation of how these Key Performance Indicators are calculated and their intended use for evaluating the company's financial and operating performance.

The section presents comparative financial performance metrics for Wiscon Industries Limited and Cellecor Gadgets Limited across three fiscal years, including revenue, EBITDA, profitability ratios, and liquidity measures. While Wiscon demonstrates strong liquidity with a current ratio of 1.59 in 2025 and 1.37 in 2026, Cellecor Gadgets' financial data for 2026 is unavailable, though its 2025 metrics show a current ratio of 1.76. The table also highlights significant differences in return on equity and capital employed between the two companies, with Wiscon showing lower returns compared to Cellecor in 2025 and 2024.

The document outlines the financial performance of Wiscon Industries Limited, showing a significant revenue of ₹50,045.44 and an EBITDA margin of 5.91%. The company has a debt-equity ratio of 0.83 and a net fixed asset turnover ratio of 467.85. The justification for the offer price states that there have been no eligible primary or secondary transactions in the last 18 months or three years, respectively, that met the 5% threshold of fully diluted paid-up share capital. Consequently, the price per equity share is based on the last five primary or secondary transactions, which resulted in a weighted average cost of acquisition of ₹7.01. The offer price is set at 10 times the face value of the equity shares.

The document outlines the potential tax benefits for investors, stating that the offer-for-sale percentage of the total issue size is 15.1% and that the net proceeds will be used for debt repayment, capital expenditure, working capital, and general corporate purposes.

The offer document details the issuance of 1,50,00,000 units of equity at a price of ₹100 per unit, raising a total of ₹1,50,00,00,000. Proceeds from this issuance are allocated to specific purposes including debt repayment, capital expenditure, working capital, and an acquisition of a company. Additionally, the company reserves 10% of the proceeds for general corporate purposes, which amounts to ₹15,00,00,000.

The document is an Independent Auditor's Report on Restated Consolidated Financial Statements for Wiscon Industries Limited, covering the period ended June 30, 2026, and the financial year ended March 31, 2026. The report confirms that the management has prepared these statements based on Indian GAAP and that the auditor has examined them to assist the Board in compliance with SEBI regulations and the Companies Act, 2013. The report also notes that the consolidated figures include the newly acquired subsidiary Dalmia Technologies Limited, while standalone figures are provided for comparative analysis.

The document confirms the existence of Restated Statements of Assets and Liabilities, Profit and Loss, and Cash Flow for the company as of June 30, 2026, and for the financial years ending March 31, 2026 through 2024. These restated statements were prepared by the Company and approved by the Board of Directors, incorporating retrospective adjustments for changes in accounting policies and prior period material amounts. The text also notes that there were no qualifications in the Audit Reports for the specified periods, and that profits and losses were arrived at after charging all expenses including depreciation.

The document confirms the absence of revaluation reserves and dividend payments, while disclosing provisions for employee benefits under Accounting Standard 15. It lists detailed financial statements for the fiscal years ended March 31, 2026, 2025, and 2024, including various asset, liability, and income statement annexures.

The document presents restated financial statements for Hem Sandeep & Co., including earnings per share, employee benefit obligations, and material adjustments, alongside a restatement of foreign currency transactions and accounting ratios. It explicitly states that these figures do not reflect events occurring after the report date and are intended solely for the Board of Directors for use in an IPO offer document.

The document outlines the significant accounting policies for Wiscon Industries Limited, covering corporate information, basis of preparation, consolidation principles, asset and liability classification, revenue recognition, property and equipment, depreciation, borrowing costs, intangible assets, impairment, inventories, investments, employee benefits, taxes, provisions, and cash flow statements. It specifies that financial statements are prepared in Indian Rupees using the accrual basis and historical cost convention, with adjustments for intra-group transactions and goodwill. The policies detail specific useful lives for various assets like air conditioners and vehicles, and define the recognition criteria for revenue, inventory, and investment income.

The document outlines accounting policies for restating prior period items and foreign currency transactions, ensuring financial statements reflect conditions existing at the balance sheet date. It details the classification of events occurring after the balance sheet date into adjusting and non-adjusting categories, with adjustments recognized in the financial statements and non-adjusting events disclosed in notes. The section also outlines the methodology for segment reporting, defining the primary segment based on transaction nature and risks, and describes the treatment of foreign currency monetary items using closing rates.

The financial statements for the current period show a significant increase in revenue from operations compared to the previous year, while net profit margin decreased slightly. The balance sheet indicates a substantial increase in total borrowings and a corresponding rise in net debt, driven by higher working capital requirements. The cash flow statement reveals a positive operating cash flow but a negative net cash flow due to the increased debt servicing and working capital adjustments.

The financial statements for the current period present a significant decline in revenue from operations compared to the previous year, while net profit attributable to shareholders also decreased substantially. The balance sheet shows a reduction in total assets and a corresponding drop in total borrowings, indicating a contraction in the company's leverage. Cash flow analysis reveals a negative operating cash flow, suggesting that the company is not generating sufficient cash from its core business activities to cover its operating expenses. The derived ratios indicate a negative net working capital days, which implies that the company is not efficiently managing its working capital cycles.

The financial statements for the current period present a significant decline in revenue from operations compared to the previous year, driven by a substantial drop in both gross and net sales. While the company reported a net profit, the net profit margin decreased due to higher operating expenses and increased tax provisions. The balance sheet shows a reduction in total assets and a decrease in cash and cash equivalents, indicating a contraction in liquidity. The cash flow statement reveals a negative operating cash flow, suggesting that the company is not generating sufficient cash from its core business activities to cover its operating expenses. The debt profile indicates a net increase in total borrowings, which is partially offset by a reduction in net debt, resulting in a net increase in net debt. The financial metrics highlight a period of financial stress characterized by shrinking revenue, declining profitability margins, and deteriorating cash flow and debt positions.

The financial statements for the current period show a significant increase in revenue from operations compared to the previous year, while net profit margin decreased slightly. Total borrowings have risen substantially, and net debt has increased due to higher interest-bearing liabilities. The company's net working capital has improved, indicating better liquidity management. Adjusted EBITDA margin remains stable, suggesting consistent operational efficiency despite the overall revenue growth.

The financial statements section details the company's performance for the current and prior fiscal years, presenting restated profit and loss figures, balance sheet data, and cash flow information. Key highlights include a significant increase in revenue from operations, a substantial rise in net profit attributable to owners, and a marked improvement in working capital efficiency. The company also reported a reduction in total borrowings and a decrease in net debt, indicating improved capital structure and financial health.

The financial statements section details the company's performance across fiscal years 2024, 2025, and 2026, presenting restated profit and loss, balance sheet, and cash flow data to support the valuation of the draft red herring prospectus. Key metrics such as revenue growth, EBITDA margins, and return on equity are highlighted alongside derived ratios like net working capital days and total borrowings to assess the issuer's financial health and debt levels. The document provides a comprehensive view of the company's operational efficiency and capital structure, enabling investors to evaluate the viability of the proposed offering.

The financial statements for the period presented detail the company's revenue, profit, and cash flow activities. Key metrics such as net profit, adjusted EBITDA, and working capital are reported alongside derived ratios like ROE and ROCE. The text also outlines the company's total borrowings and net debt levels to assess its leverage and financial health.

This section presents the restated standalone financial statements for the company, which includes the restated profit and loss, balance sheet, and cash flow statements for the current and prior periods. The document provides detailed line items for revenue, expenses, and working capital adjustments to ensure accurate financial reporting. The restated figures are crucial for investors to understand the company's financial performance after accounting for specific restatements.

This document serves as an independent auditor's examination report for Wiscon Industries Limited, confirming that the Restated Standalone Financial Statements have been reviewed in accordance with Indian Companies Act, 2013, SEBI regulations, and ICAI guidance. The report covers the company's financial data for the period ended June 30, 2026, as well as the three preceding financial years, which are intended for inclusion in a Red Herring Prospectus for an initial public offering. The document outlines the specific financial statements examined, including the Restated Standalone Statement of Assets and Liabilities, Statements of Profit and Loss, and Cash Flow Statement.

The document details the preparation of Restated Standalone Financial Statements for the company, which are compiled from Audited Standalone Financial Statements under Indian GAAP. These statements cover the financial periods ending June 30, 2026, and March 31, 2026, as well as the financial years ending March 31, 2026, 2025, and 2024. The Board of Directors is responsible for internal controls and compliance with relevant regulations, while auditors have examined the statements after making adjustments for accounting policy changes, prior period amounts, and material amounts. The report confirms that no qualifications were found in the audit reports for the specified periods.

The financial statements for the current period present a significant improvement in profitability, with adjusted EBITDA margin rising to 13.7% compared to 12.5% in the prior year. Revenue increased by 16.7% year-over-year, while net profit margin expanded to 1.5% from 1.2%. The balance sheet shows a substantial reduction in total borrowings to ₹105.00 Crore, reflecting improved debt management. Working capital decreased by ₹120.00 Crore, primarily due to a reduction in net current assets. Net debt remained stable at ₹105.00 Crore, indicating that the reduction in borrowings was offset by an increase in net current assets.

The document outlines the significant accounting policies for Wisccon Industries Limited, including the basis of preparation, revenue recognition, and classification of assets and liabilities. It specifies that financial statements are prepared in accordance with Indian GAAP under the accrual basis, with revenue recognized when ownership risks transfer and assets classified based on operating cycles or realization timelines. The policies also detail the treatment of property, plant, and equipment, noting that subsequent expenditures are capitalized only if they enhance future economic benefits, while repairs and maintenance are expensed as incurred.

The document outlines the accounting policies for various financial statement line items under Indian Accounting Standards. Depreciation is calculated pro-rata based on asset useful lives ranging from 3 to 15 years, while borrowing costs are capitalized for qualifying assets. Intangible assets are amortized over 10 years using the written down value method, and inventories are valued at the lower of cost and net realizable value. Employee benefits include accrued salaries, director remuneration, and a defined gratuity plan. The company follows accrual basis for revenue recognition and recognizes income tax based on the best estimate of taxable income.

The financial statements section details the company's performance across fiscal years 2024 and 2025, presenting restated profit and loss data, balance sheet figures, and cash flow metrics. Key highlights include a significant revenue increase from ₹100.00 Crore in FY24 to ₹120.00 Crore in FY25, alongside a corresponding rise in net profit from ₹10.00 Crore to ₹15.00 Crore. The balance sheet reveals a substantial increase in total borrowings from ₹50.00 Crore to ₹60.00 Crore, while net working capital decreased from ₹80.00 Crore to ₹70.00 Crore. Cash flow analysis shows a net cash flow from operating activities of ₹10.00 Crore for FY24 and ₹12.00 Crore for FY25. The document also provides derived ratios such as a net debt ratio of 0.40 for FY24 and 0.35 for FY25, calculated from total borrowings and net working capital figures.

The financial statements section details the company's performance and financial position for the current and prior fiscal years, presenting restated profit and loss, balance sheet, and cash flow data. Key highlights include a significant increase in revenue from operations for FY24 compared to FY23, alongside a substantial rise in net working capital days for FY24. The company reported a net debt reduction in FY24, driven by a decrease in total borrowings, while maintaining a positive adjusted EBITDA margin. The balance sheet shows a net increase in total borrowings for FY24, which partially offset the reduction in net working capital days.

The financial statements for the company cover the periods from FY23 to FY24, presenting detailed restated Profit & Loss, Balance Sheet, and Cash Flow data. The analysis focuses on key performance metrics including revenue growth, EBITDA margins, return on equity, return on capital employed, and working capital turnover. The document also details total borrowings and net debt figures to assess the company's leverage and financial health across these fiscal years.

The financial statements for the period presented show a significant decline in revenue from operations, dropping from ₹144.50 Crore in FY23 to ₹129.80 Crore in FY24. Earnings per share decreased substantially from Rs. 1.51 to Rs. 0.88, while net profit margin contracted from 12.2% to 9.1%. The company's total borrowings increased to ₹185.00 Crore, and net debt rose to ₹118.00 Crore, indicating higher leverage. Working capital decreased to ₹115.00 Crore, and the company's adjusted EBITDA margin improved to 12.8% compared to 11.9% in the prior year.

The financial statements for the period presented show a consistent upward trend in revenue from operations, increasing from ₹256.00 Crore in FY23 to ₹267.00 Crore in FY24, while net profit margin improved from 12.5% to 13.1%. The balance sheet indicates a strengthening cash position with a net working capital increase of ₹140.00 Crore, driven by higher receivables and lower payables, alongside a reduction in total borrowings to ₹120.00 Crore. The cash flow statement reveals a net cash inflow of ₹180.00 Crore, primarily fueled by operating activities and a significant financing outflow of ₹150.00 Crore to repay debt.

The financial statements for the company present a detailed restatement of its Profit & Loss, Balance Sheet, and Cash Flow data across multiple fiscal years. Key highlights include a significant increase in revenue from operations, which grew substantially year-over-year, alongside a notable decline in net working capital days, indicating improved cash conversion efficiency. The company also reported a reduction in total borrowings and a decrease in net debt, suggesting improved leverage management. While specific EBITDA and ROE figures are mentioned, the methodology for deriving these ratios is not explicitly detailed in the provided text, leaving them to be computed from the raw line items.

The financial statements for the period ended June 30, 2026, show a consolidated restated profit after tax of Rs. 788.73 lakhs, with EBITDA reaching Rs. 1,099.63 lakhs and an EBITDA margin of 15.74%. For the year ended March 31, 2026, the consolidated figures were higher, with a profit after tax of Rs. 2,040.52 lakhs and EBITDA of Rs. 2,809.35 lakhs. The standalone figures for the year ended March 31, 2025, show a restated profit after tax of Rs. 125.29 lakhs, EBITDA of Rs. 178.97 lakhs, and a negative EBITDA margin of -53.89%. The financial data for the year ended March 31, 2024, is not available in this document.

The document presents restated financial metrics for the Group as of June 30, 2026, including EPS, Return on Net Worth, and Net Asset Value per share. It details the capitalization structure showing total debt of ₹3,697.27 Lakhs and shareholder funds of ₹3,849.22 Lakhs, noting that post-offer figures are indicative. The financial indebtedness section lists aggregate outstanding borrowings of ₹1,209.68 Lakhs, broken down into secured and unsecured components, with a detailed breakdown of the secured facility from ICICI Bank.

The section details the financial performance of Wiscon Industries Limited for the fiscal years ended March 31, 2024, 2025, and 2026, as well as the period ended June 30, 2026. Revenue from operations grew significantly from ₹1,449.27 Lakhs in FY24 to ₹7,339.16 Lakhs in FY26, with FY25 showing a substantial increase to ₹19,687.46 Lakhs. The company's revenue structure is dominated by LED TVs, which accounted for 79.19% of FY26 revenue and 77.59% of FY26 consolidated revenue. The product portfolio includes LED TVs, Electric Scooters, Air Coolers, Washing Machines, Air Conditioners, Spare Parts, and Services, with Services contributing notably to FY26 revenue.

The document clarifies that Dalmia Technologies Limited became a wholly owned subsidiary in May 2025, resulting in the restatement of financials from FY2025-26 onwards and the absence of comparative data for prior years. Key performance indicators for the period ended June 30, 2026, show a significant revenue growth of 3,435.59% compared to March 31, 2026, with EBITDA margin rising to 15.74%. The company reported a substantial return on equity of 22.83% and a return on capital employed of 14.72% for the consolidated period. The balance sheet indicates a substantial increase in trade payables from 2,526.75 Lakhs to 5,514.94 Lakhs, while short-term borrowings grew from 1,528.91 Lakhs to 2,395.53 Lakhs. Inventory levels increased significantly to 3,753.59 Lakhs, and trade receivables rose to 7,361.60 Lakhs, reflecting a high current ratio of 1.37.

The document presents the financial results for the period ended June 30, 2026, showing a total revenue from operations of ₹6,984.84 Lakhs, primarily driven by the sale of goods at ₹6,805.64 Lakhs. Operating expenses totaled ₹5,577.04 Lakhs, which included ₹237.42 Lakhs in other expenses and ₹12.94 Lakhs in depreciation and amortization. The company recorded a profit after tax of ₹788.73 Lakhs, with a total finance cost of ₹36.81 Lakhs. The financial statements also disclose the breakdown of employee benefit expenses, depreciation, and various other operational costs for the year.

The financial statements for the financial year ended March 31, 2026, show a total revenue from operations of ₹19,687.46 Lakhs, primarily driven by the sale of goods at ₹18,808.28 Lakhs. The company generated ₹25.57 Lakhs in other income, consisting of interest on bank deposits, loans, and freight income. Expenses totaled ₹16,971.68 Lakhs, with cost of materials consumed being the largest expense at ₹11,559.21 Lakhs, followed by purchases of stock-in-trade at ₹3,950.61 Lakhs. Profit after tax for the year was ₹2,040.52 Lakhs, reflecting a net income of ₹2,040.52 Lakhs after deducting tax expenses.

The document details the Company's financial performance for the financial year ended March 31, 2026, and the period ended June 30, 2026, highlighting significant cash outflows from operating activities due to working capital adjustments and substantial cash inflows from financing activities driven by borrowings and share capital. The financial statements reveal a substantial increase in long-term borrowings from ₹44.53 Lakhs in 2024 to ₹251.88 Lakhs in 2026, while trade payables also increased substantially. The company reported a profit after tax of ₹2,040.52 Lakhs for the year ended March 31, 2026, and net cash used in operating activities of ₹2,000.99 Lakhs for the financial year ended March 31, 2026.

The financial statements reveal significant fluctuations in current liabilities, property, plant and equipment, and long-term loans over the reporting periods. Current liabilities surged from ₹19.15 Lakhs in 2025 to ₹344.79 Lakhs in 2026, driven largely by advances from customers and statutory dues. Property, plant and equipment saw a net increase from ₹10.79 Lakhs in 2025 to ₹33.27 Lakhs in 2026, primarily due to substantial capital expenditures including laptops and furniture. Long-term loans and advances were highly volatile, starting at ₹350.00 Lakhs in 2025 before returning to zero in 2026.

The document details the company's non-current assets, inventories, trade receivables, and short-term loans and advances, highlighting significant growth in these categories over the reporting period. Fixed deposits with banks, security deposits, and stock-in-trade are the primary components of the non-current assets, with inventories and trade receivables showing substantial increases driven by operational expansion. Short-term loans and advances also experienced notable growth, reflecting the company's liquidity management and financing activities.

The document presents restated standalone financial statements for the company for the period ended June 30, 2026, showing a significant increase in revenue from operations to ₹243.23 Crore compared to ₹733.92 Crore in the prior year. Expenses for the current period were ₹216.47 Crore, resulting in a profit after tax of ₹19.74 Crore, while the previous year showed a loss of ₹13.57 Crore. The financial notes indicate that the company is based in Mbofla, Bkaba.

The financial statements for the period ended June 30, 2026, report a total income of ₹2,432.90 Lakhs, primarily driven by revenue from operations of ₹2,432.27 Lakhs. This revenue is composed of ₹2,431.35 Lakhs from the sale of goods and ₹0.92 Lakhs from services. Other income for the period amounted to ₹0.63 Lakhs. The company's expenses totaled ₹2,164.68 Lakhs, with the largest component being the purchase of stock-in-trade at ₹2,086.51 Lakhs.

The financial statements for the period ended June 30, 2026, reveal a significant expansion in revenue from operations, which grew by 406.40% compared to the previous year. This growth is primarily driven by a substantial increase in revenue from operations, which rose to ₹7,339.16 Lakhs, while other income also surged by 1,015.53%. The company's expenses increased dramatically, with purchase of stock-in-trade rising to ₹6,478.56 Lakhs and changes in inventories of stock-in-trade increasing by 313.46%.

The financial statements reveal a significant deterioration in profitability and operational costs for the company, with depreciation and amortization expenses rising substantially from ₹5.45 Lakhs to ₹12.45 Lakhs, while finance costs and other expenses more than doubled, reaching ₹20.64 Lakhs and ₹375.01 Lakhs respectively. These increases were largely driven by substantial additions to property, plant, and equipment, as well as a dramatic rise in legal and professional expenses, which surged by over 3,200%.

The financial statements indicate a significant increase in tax expenses from ₹44.42 Lakhs to ₹190.73 Lakhs, driven by higher current and deferred tax provisions. Consequently, profit after tax grew substantially from ₹125.29 Lakhs to ₹556.99 Lakhs, with the primary driver being revenue growth from operations and the diversification into the Electric Scooters segment. The company reported a 350.85% year-over-year increase in revenue from operations, while expenses such as stock-in-trade purchases and employee benefits saw substantial fluctuations, including a sharp rise in finance costs.

The document details the financial performance of the company for the financial years ended March 31, 2024, 2025, and 2026, highlighting significant growth in revenue and profit. Other income and employee benefit expenses increased substantially, while depreciation and amortization decreased. The company's operating cash flow was negative in 2026, with a substantial increase in trade receivables and inventory. Financing activities showed strong cash generation from share capital and borrowings, while investing activities primarily involved property and plant purchases.

This section confirms that the company's major customers and suppliers are detailed in the 'Our Business' chapter on page 178, explicitly states the business is not seasonally dependent, and reiterates that competitive conditions are described in the same chapter.

This section outlines significant financial risks primarily driven by a high concentration of purchases from a small number of top suppliers, which exposes the company to supply interruptions and potential performance declines. The company relies heavily on domestic suppliers for its consumer electronic products, with purchase amounts from the top ten suppliers exceeding 99% of total purchases in recent fiscal years. While the company has not experienced adverse impacts from supplier failures in the past three fiscal years, there is no assurance that such disruptions will not occur in the future.

The document details the company's reliance on a small number of suppliers, with the top ten suppliers accounting for 89.58% of total purchases in the most recent fiscal year. It also highlights significant revenue concentration, where the top ten customers contributed over 79% of total revenue. The company operates primarily in the consumer electronics sector, selling products like LED TVs and washing machines under the 'Wiscon' brand. While the company has established a supplier network to mitigate risks, it explicitly states that it cannot guarantee the availability of replacement suppliers or price adjustments if costs rise.

The document details the company's customer churn and revenue concentration, noting a significant increase in discontinued customers from 904 in 2026 to 1,653 in 2027, with the majority of these losses attributed to one-time orders. While the company claims these are normal business fluctuations, it highlights that reliance on significant customers constrains negotiation power and exposes the business to adverse impacts from customer financial deterioration or procurement delays. Additionally, the top ten customers account for over 63% of revenue, indicating high concentration risk that could be negatively affected by industry fluctuations or performance issues.

The document presents a detailed breakdown of revenue concentration among top customers for the fiscal periods ending June 30, 2026, March 31, 2026, and March 31, 2025. It highlights that Customer 1 is the largest single contributor to revenue in all three periods, followed by Customer 2, with Customer 1 holding the majority share in each instance. The data indicates a significant concentration of revenue, as the top ten customers account for over 77% of total revenue in the most recent period. The table also shows that while Customer 1's revenue share fluctuates between 22.10% and 25.05%, the top three customers consistently represent more than half of the total revenue.

The document highlights significant financial risks related to inventory management, customer demand forecasting, and regional concentration. Specifically, it notes that the company lacks firm supply agreements, exposing it to the risk of inventory costs increasing if stock levels are insufficient to meet customer orders. Additionally, the company faces risks from unpredictable changes in product specifications and delivery schedules, which can lead to mismatches in its re-trade goods and adversely affect cash flows. The revenue is heavily concentrated in the domestic market, with over 70% coming from just four states, creating a vulnerability to adverse developments in those specific regions.

The document outlines significant risks associated with market expansion, including competition from local players with established advantages and the potential negative impact of limited geographic reach. It further details a high concentration of domestic procurement from specific states like Delhi and Uttar Pradesh, which could adversely affect revenue if these regions face adverse developments. Additionally, the company sources 100% of its products from the domestic market, with the majority of purchases coming from Delhi and Uttar Pradesh, representing 95.54% to 99.82% of total purchases.

The document details the company's domestic sourcing strategy, showing a heavy concentration of purchases in Delhi and Uttar Pradesh. It clarifies that comparative financial data for prior years is unavailable due to a recent share transfer agreement. The company highlights that its revenue is heavily reliant on LED TVs and Electric Scooters, which significantly impacts its business prospects. Finally, it outlines its product portfolio, which includes consumer electronics like LED TVs, Air Coolers, Washing Machines, and Air Conditioners under the 'Wiscon' brand.

The document details the company's revenue composition, highlighting that LED TVs and Electric Scooters account for the vast majority of its operational revenue. It provides a product-wise breakdown of revenue, gross margin, and unit sales for the period ended June 30, 2026, as well as for the financial years ended March 31, 2026, 2025, and 2024. The data is presented in a table format showing specific amounts in Lakhs and corresponding percentages of total revenue from operations. The section also includes a note clarifying that services income includes advertisement, marketing, and after-sales services.

The document outlines the company's revenue streams from the sale of goods and services, detailing product mix, pricing, and gross margins for various items like LED TVs, electric scooters, and washing machines. It highlights that service revenue includes after-sales services with undisclosed costs, and notes that revenue is dependent on end-user customers. The text also includes a disclaimer regarding the consolidation of financial data due to a new wholly-owned subsidiary and a section warning that future related party transactions could adversely affect the company's business and financial condition.

The document explains that the company consolidated its financials with Dalmia Technologies Limited (DTL) starting from FY 2025-26 because DTL was incorporated as a wholly-owned subsidiary via a Share Transfer Agreement on May 25, 2025. This consolidation was necessary to establish a dedicated OEM platform for manufacturing LED TVs while allowing the parent company to focus on trading and distribution. The text highlights that prior to this acquisition, the company relied on DTL for finished LED TV manufacturing, which was sold at related party terms, and notes that the parent company is primarily engaged in trading and distribution rather than manufacturing.

The document highlights significant financial risks arising from high gross margins in related party transactions, specifically with Dalmia Technologies Limited, which may indicate potential conflicts of interest or non-arm's length dealings. It also details outstanding litigation involving the company and its directors, with tax matters being unascertainable, and mentions regulatory delays in corporate filings that could impact the financial position.

The section details the timeline of MGT-14 resolutions filed by the company, highlighting recurring delays caused by professional negligence, inadvertence, and MCA technical issues. These delays are often accompanied by additional filing fees, indicating a pattern of administrative and procedural hurdles that may affect the company's regulatory standing.

The company has filed all required statutory forms with the ROC, including resolutions, reconciliation reports, and appointment returns, though some filings were delayed due to technical issues or professional negligence. While the company has paid all associated late fees and claims these delays are clerical, it cannot guarantee that no future legal proceedings or regulatory actions will be taken against it. Additionally, there are noted discrepancies in financial reporting and records that may impact revenue from operations.

The document highlights significant compliance delays in filing GST and TDS/TCS returns, primarily due to reconciliation issues and technical glitches, which have resulted in late filing fees and interest payments. The company states that it has no outstanding liabilities under the Employees Provident Fund and Miscellaneous Provisions Act or ESIC Act, as all employees have opted out of these schemes. While the company has paid all late fees and penalties incurred to date, it warns that future penalties or demands from authorities could negatively impact its financial position.

The document highlights that the company's registered office, warehouse facilities, and additional business premises are all leased rather than owned. The lease agreements with lessors and licensors are not related to the company, its promoters, or their groups. Furthermore, the promoter, directors, and key management personnel have no interest in these leased properties, ensuring no conflict of interest regarding real estate assets.

The document details the company's significant cash outflows in operating and investing activities for FY 2025-26 and FY 2024, driven primarily by the acquisition of a subsidiary and the purchase of property, plant, and equipment. It also highlights a substantial increase in trade receivables and inventory levels, which reduced net cash used in operating activities. The text further notes that trading activities are subject to strict quality requirements and that obtaining or maintaining relevant quality assurance licenses is critical for business continuity.

The document outlines the company's commitment to product quality through third-party BIS certification and internal testing. It details specific quality management systems and energy efficiency registrations held by the company and its suppliers. The text also provides a comprehensive list of BIS certificates for washing machines and air conditioners, including registration numbers and expiry dates.

The document outlines significant financial risks related to quality assurance expenses and potential license suspensions that could impact profitability. It highlights operational risks concerning the under-utilization of WOS processing capacity due to demand fluctuations and reliance on third-party manufacturers for product procurement. The text also notes regulatory risks associated with non-compliance with Bureau of Indian Standards (BIS) registration requirements, which could lead to legal proceedings or operational disruptions.

The company discloses that it has historically sourced products from vendors lacking BIS registration, which it has now discontinued. It provides comparative data showing a significant shift to compliant vendors, with BIS Compliant vendors now accounting for over 50% of purchases. The document notes that while third-party manufacturing is common, manufacturers are not automatically liable for defects without separate indemnity agreements. The company asserts it mitigates risks through rigorous quality testing, warranty policies, and strict adherence to BIS certifications.

The document outlines significant risks related to product quality and regulatory compliance under the Bureau of Indian Standards (BIS), potential financial instability due to delayed or cancelled orders, and exposure to product liability claims. It highlights that while the company has quality control measures, reliance on third-party manufacturers introduces risks of non-compliance, defective products, and reputational damage. Additionally, uncertainty exists regarding future order book performance, regulatory approvals, and the ability to obtain necessary licenses and permits.

The document outlines several financial and operational risks associated with the proposed acquisition of Dalmia Technologies Limited (DTL) by the company's promoters and WOS. Key risks include potential adverse effects on financial conditions and business operations due to conflicts of interest, significant working capital gaps that may require future debt financing, and the possibility of increased financing costs or delays from lenders. Additionally, there are risks related to operational execution, such as delays in securing orders for plant machinery and marketing activities, which could impact revenue generation and investor confidence.

This section outlines various risks affecting the company's operations, financial stability, and brand reputation. Key risks include potential delays in updating trademark ownership records, disputes over intellectual property rights, and the possibility of costly litigation. The company also faces financial risks from variable interest rates and unsecured loans that may be recalled by lenders. Additionally, there are operational risks related to supply chain disruptions, transportation strikes, and potential employee attrition that could impact business continuity and financial performance.

The document outlines several material risks associated with the company's operations and financial stability. Key risks include inadequate insurance coverage which may not fully protect against losses, significant flexibility in fund deployment that could lead to idle funds or delayed implementation, and potential capital shortages if the company cannot raise additional funds. The company operates in a highly competitive industry with unorganized players, faces counterparty credit risks from customers, and is dependent on accurate demand forecasting and inventory management. Additionally, there are risks related to technology disruptions, potential fraud in email communications, and the possibility of the promoter retaining majority control which could limit third-party investment.

The document outlines several material risks associated with the company's operations in India. Key risks include potential intellectual property infringement leading to costly litigation, operational challenges in managing rapid growth, and the possibility of receiving no proceeds from the company's offer. Additionally, there are significant accounting risks due to the transition from Indian GAAP to the new converged IND (AS) standards, which could materially affect financial reporting and investor assessments.

This section outlines several risks related to the Indian government's fiscal policies, including potential adverse effects from the Finance Act 2026 and changes in capital gains tax. It also highlights uncertainties regarding governing laws, political instability, and economic liberalization, which could impact the company's profitability and growth. Additionally, it addresses the risks associated with the equity offering process, such as the lack of an active trading market and the possibility of price volatility post-listing.

This section outlines various risks associated with investing in the company's equity shares, including the uncertainty of timely listing, potential disruptions from geopolitical events like terrorism or civil unrest, and the possibility of securities surveillance measures. It also highlights risks related to future dilution from new issuances, circuit breakers limiting price movements, and the impact of Indian capital gains tax laws. Additionally, the document addresses volatility in trading markets, restrictions on foreign investment, and the need for tax clearance certificates for repatriating funds.

This section outlines the regulatory framework governing foreign direct investment (FDI) and foreign exchange management (FEMA) rules in India, which restricts the company's ability to raise foreign capital. It highlights risks related to the lack of a clear definition for 'beneficial owners,' potential adverse effects from natural calamities, pandemics, and geopolitical tensions. The document also details how economic conditions, political instability, and global financial markets can impact the company's operations and financial performance.

The document outlines regulatory changes in India regarding the allocation of anchor investor portions for mutual funds and life insurance companies, including revised allocation rules under the Third Amendment Regulations of 2025 and 2026. It also details the introduction of a new filing process for Draft Abridged and Draft Red Herring Prospectuses, which must be hosted on specific platforms by the Stock Exchange, Lead Manager, and Issuer Company. The financial statements provided cover the company's consolidated and standalone results for the period ended June 30, 2026, as well as the financial years ending March 31, 2026, 2025, and 2024.

This section outlines the company's contingent liabilities and commitments as of the specified dates. It details unacknowledged claims, guarantees, and other money the company is contingently liable for. The document also lists estimated contracts remaining to be executed and uncalled liabilities on shares and investments.

The document details remuneration and related party transactions for the company and its subsidiaries, including loans and advances. It highlights specific entities controlled by directors and their relatives, such as Dalmia Tech Ventures and Dektron India, along with their financial dealings. Outstanding balances with related parties are presented for the current period and as of March 31, 2025 and 2024. The text also notes that Mr. Sidhant Dalmia served on the board until March 2026 before transferring his shareholding.

The section outlines the remuneration of Mr. Prempal Singh, an executive director of Dalmia Technologies Limited, alongside details of the company's financial transactions including the purchase of goods, sales of services, and the granting of an unsecured loan. These figures represent the compensation and operational activities of the wholly owned subsidiary during the reporting period.

The document states that there are no pending proceedings against the company for economic offences, no non-payment of statutory dues, and no material frauds committed in the five years preceding the prospectus. It further clarifies that the company and its directors have not been categorized as wilful defaulters by any bank, nor have they been declared as 'Fraudulent Borrowers' under RBI guidelines. The section also notes that no material developments have occurred after the last balance sheet date, and provides details on outstanding trade payables owed to material creditors and micro, small, and medium enterprises.

The document confirms that the company has obtained necessary consents and approvals from the Registrar of Companies, the Stock Exchange, and various government tax authorities. It details specific agreements with depository services for share dematerialization and lists tax registration certificates valid through June 2026.

The document lists the company's registered office addresses in Howrah, Bengaluru, and Kolar, along with details of various business registrations including EPF, ESIC, Import Export Code, and LEI. It explicitly states that the premises in Howrah are not operational and that no products are stored there, while the other addresses are for virtual offices and do not have applicable Shop Act or Trade Licenses.

The document details the company's compliance with Indian government regulations, including UDYAM registration for the business entity and various quality certifications such as ISO 9001:2015 and Energy Efficiency Star Ratings for products like split air conditioners and UHD televisions. It also lists specific permissions for brand registration under the Bureau of Energy Efficiency (BEE) and highlights the company's location in Okhla Industrial Estate, Delhi.

The document details the company's pending litigation and regulatory compliance matters. It lists five specific LED TV models with their screen sizes and warranty periods, followed by three semi-automatic washing machines with varying capacities and cycle costs. Additionally, it provides details on BIS certificates held by the supplier for washing machines and air conditioners, including the issuing authority, license numbers, and expiry dates.

The document lists various compliance certificates and registrations for M/s. Dalmia Technologies Limited, including a LEI, EPR registration for used EEE, and certificates under Legal Metrology, ISO standards for quality and environmental management, and a Bureau of Indian Standards certification for LED products. These registrations demonstrate the company's adherence to legal, quality, and environmental regulations in India.

The document confirms that the Company's promoters and directors have not been declared as Fugitive Economic Offenders under the Fugitive Economic Offenders Act, 2018, and there are no outstanding convertible securities or equity options. It further states that the Company is in full compliance with the Companies (Significant Beneficial Owners) Rules, 2018, and that none of its directors are associated with the securities market or subject to any outstanding SEBI actions. The Company qualifies as an Unlisted Issuer eligible for an Initial Public Offer under SEBI ICDR Regulations, having a paid-up capital between ₹10 crore and ₹25 crore. Financial data indicates a net worth of ₹3,849.22 Lakhs as of June 30, 2026, with a Net Tangible Assets of ₹3,689.88 Lakhs, and a Debt-Equity Ratio of 0.96.

The document confirms that the company will comply with SEBI ICDR Regulations regarding compliance conditions and book running lead manager requirements. It explicitly states that repayment of borrowings will not involve funds from the promoter, promoter group, or related parties. The company confirms it is in compliance with Part A of Schedule VI of the SEBI ICDR Regulations and has not sought any exemptions from eligibility norms.

The document clarifies that the Issuer is primarily responsible for the accuracy of the offer document, while the Book Running Lead Manager provides a DUE DILIGENCE CERTIFICATE from BSE dated October 21, 2026. It explicitly states that the filing does not absolve the Issuer of liabilities under the Companies Act, 2013, nor does it grant permission from BSE to clear, solicit, or approve the prospectus contents. The document further disclaims responsibility for any statements made by the Company, Directors, Selling Shareholder, or Book Running Lead Manager, except for those specifically confirmed by them.

This section outlines the legal restrictions and jurisdictional limitations regarding the equity offering. It specifies that the offer is restricted to persons resident in India and includes specific eligibility requirements for non-residents, such as Qualified Institutional Buyers or offshore transactions. The document explicitly states that the shares are not registered under the U.S. Securities Act and cannot be offered or sold within the United States without an exemption. Additionally, it notes that the offer is being made in India only and that no action has been or will be taken to permit a public offering in any other jurisdiction.

The document provides price history data for ten IPOs managed by Smart Horizon Capital Advisors, including Om Freight Forwarders Limited and PNGS Reva Diamond Jewellery Limited, covering performance metrics from listing through 180 days. The table details the issue size, issue price, and percentage changes in closing prices and benchmark indices for each stock. The data reflects performance on the BSE and NSE, with notes clarifying that if specific days are not trading days, the previous trading day's closing price is used.

The document outlines compensation mechanisms for investors facing delays in unblocking ASBA funds, specifying rates of ₹100 per day or 15% per annum of the Bid Amount, whichever is higher. It also details a separate compensation framework for SCSBs regarding delayed redressal of investor grievances, which includes compensation for cancelled/withdrawn applications, blocked multiple amounts, and blocked amounts exceeding the application amount. Additionally, the text mandates that payment of processing fees to SCSBs must occur only after unblocking is completed and investor compensation is settled.

The document outlines compensation terms for delayed fund unblocking, stating that the Book Running Lead Manager is liable to compensate investors at a rate of ₹100 per day or 15% per annum of the Bid Amount, whichever is higher, for delays occurring after the finalisation of the allotment. It further details a redressal mechanism where the company has obtained authentication on SCORES to handle investor grievances, estimating a 10-day resolution time for routine complaints and 30 days for non-routine ones. The text explicitly states that no investor complaints are currently pending and confirms that the company has not applied for any exemptions from complying with securities laws.

The document outlines the terms of the equity share offer, including the requirement for all bidders to use the ASBA process under SEBI regulations. It specifies that shares will be allotted only in dematerialized form and that the minimum application value is ₹2 lakhs. The offer is authorized by board resolution and shareholder special resolution, with the minimum number of allottees set at 200. The jurisdiction for this offer is exclusive to the courts of Mumbai, India.

This section outlines the bid offer timeline, submission rules, and compensation mechanisms for the company's equity offering. The bid period is set from October 27 to October 29, 2026, with final allotment and trading commencement scheduled by November 3, 2026. The document specifies that all bid submission times are in Indian Standard Time (IST) and details specific cutoff times for different bidder categories, including QIBs, IIs, and non-individuals. It also includes provisions for bid revision, price band adjustments, and a compensation clause of ₹100 per day or 15% per annum for delays in unblocking ASBA funds.

This section outlines the legal and regulatory framework governing the company's equity offering, including reimbursement obligations for the Selling Shareholder, underwriting arrangements, minimum allottee and application size requirements, and restrictions on share transfer. It also details the dematerialized allotment process, eligibility of foreign investors like NRIs and FPIs, and the conditions under which the company may migrate from the SME to the main board.

The document outlines the eligibility criteria for a company to migrate from the SME Platform to the Main Board of the BSE, requiring a minimum paid-up capital of ₹10 crores, a market capitalization of ₹100 crores, and a minimum operating profit of ₹15 crores over the last three years. It also specifies that promoters must hold at least 20% of the shares, with a lock-in period of six months from listing, and mandates that the company must be free from regulatory debarments, defaults, and surveillance measures. Additionally, the document details requirements for market making arrangements, stating that the lead manager must ensure compulsory market making through registered market makers for a minimum of three years post-listing.

The document outlines the allotment of equity shares to various investor categories, including QIBs, Mutual Funds, and Anchor Investors, under specific market maker reservation rules. Allocation is primarily determined by a firm allotment proportionate to the number of shares available, with specific caps for Mutual Funds and a discretionary portion reserved for Anchor Investors. A significant portion of the Anchor Investor allocation is reserved for domestic Mutual Funds and life insurance companies, subject to valid bids meeting minimum price thresholds.

This section outlines the allotment requirements for QIBs, Non-Institutional Investors, and Individual Investors in the outstanding litigation section of the prospectus. It specifies that allotments must be made in dematerialized form with a minimum bid size of 3,90,000 equity shares, which exceeds the 2-lot minimum requirement. The document further details the maximum bid size limits, which are capped at 3,90,000 equity shares and subject to applicable legal limits, while also noting that Market Makers may accept odd lots if required under SEBI regulations.

The document outlines the reservation portions for QIBs (Non-Institutional Investors) and Individual Investors, mandating that at least 35% of the Net Offer be allocated to Individual Investors and 35% to Non-Institutional Investors. It specifies that up to 50% of the Net Offer can be reserved for QIBs, subject to valid bids, while the remaining 15% is allocated to Non-Institutional Investors. The text details specific allocation rules for Anchor Investors, including a minimum bid of ₹200 Lakhs and a tiered structure for additional investors based on the total bid amount. SEBI regulations are referenced regarding ASBA processing and the mandatory blocking of application monies in bank accounts.

The document outlines specific procedural requirements for joint bidding, including the necessity of holding deposit accounts in the same joint names and the requirement for the first bidder's signature to represent all joint holders. It details payment terms where full amounts are payable at submission but price differences may be settled via the Pay-In Date. The text also notes that bids from FPIs with specific structures and the same PAN are treated as a single bid, while SEBI regulations mandate minimum application sizes for individual investors and more than two lots for non-institutional investors. Additionally, it states that Bidders must confirm their eligibility under applicable laws and that discrepancies between electronic and physical bid data will be resolved in favor of the electronic file.

The document outlines the implementation of UPI Phase III for the IPO, mandating mandatory use for issues opening after December 1, 2023, while voluntary use applies for earlier dates. It references SEBI circulars that streamline IPO processes, reduce unblocking timelines from 15 to 4 days, and introduce compensation for delays in unblocking application monies. The text also details specific procedural requirements for ASBA facility usage, depositary actions regarding ISIN suspension, and the appointment of the BRLM as the nodal entity for the issuance process.

The document outlines the legal framework for the company's public offering under Rule 19(2)(b) of the SCRR and Regulation 252 of the SEBI ICDR Regulations, specifying that the offer constitutes at least 25% of the post-offer paid-up equity capital. It details the allocation process through the Book Building Process, where not more than 50% of the Net Offer is allotted to Qualified Institutional Buyers (QIBs), with specific mandates for 35% to Individual Investors and 15% to Non-Institutional Investors. The text further explains that under-subscription in the QIB and Non-Institutional portions is permitted to be met with spill-over from other categories, whereas under-subscription in the QIB portion is not. The document also addresses compliance requirements such as linking PAN with Aadhaar, mandates for UPI payments in Phase III of the Unified Payments Interface, and the strict prohibition on physical allotment of shares, requiring all bids to be submitted in dematerialized form.

This section outlines the mandatory requirements for investors to submit ASBA applications through designated intermediaries, including SCSBs, stock brokers, depository participants, and registrars. It specifies that intermediaries must acknowledge the application and upload details to the stock exchange, with SCSBs handling fund blocking directly while other intermediaries forward schedules to SCSBs. The process involves real-time validation of client details and mandates for fund blocking via NPCI, with a provision allowing modifications to specific fields in the uploaded bid details.

The document outlines the eligibility criteria for investors participating in the equity share issuance, specifying that applicants must be Indian nationals or HUFs, corporate bodies, mutual funds, and various other regulated entities. It explicitly excludes non-eligible NRIs, foreign corporate or individual sub-accounts of FIIs, and certain foreign venture capital investors. The section also details specific categories of financial institutions and organizations permitted to invest, including banks, insurance companies, pension funds, and development financial institutions, while noting that specific minimum corpus requirements apply to certain pension and provident funds.

The document outlines restrictions on participation by minors, partnership firms, foreign nationals, and overseas corporate bodies. It explicitly prohibits the Book Running Lead Manager and its associates from purchasing equity shares in the Offer, while allowing their associates to bid under specific conditions. The text further clarifies that Promoters and members of the Promoter Group are barred from participating, with a specific definition of related parties including those with veto rights or nominee director appointments. Additionally, it mandates that Mutual Funds must lodge their SEBI registration certificates and specifies limits on their equity investments in individual companies.

The document outlines specific procedural requirements for investors to submit bids, including the mandatory lodging of power of attorney, company documents, and application forms. It explicitly states that Ordinary Companies cannot participate in the offer under RBI regulations. The text also details investment restrictions for VCFs, AIFs, and FVCIs, including limits on investment in one investee company and foreign currency conversion risks. Additionally, it mandates the attachment of registration certificates for Limited Liability Partnerships and banking companies, with rejection rights reserved for missing documents.

The document outlines specific regulatory and compliance requirements for various types of investors participating in the company's issue. It details prior approval conditions for the Reserve Bank of India regarding investments in excess of 30% in certain companies, while also mandating adherence to SEBI circulars for Systemically Important Non-Banking Financial Companies. Insurance companies must attach a certified registration certificate from IRDAI, and provident funds must provide a certified account statement from a chartered accountant. Anchor Investor bids must be at least ₹200 lakhs, with 40% of the portion reserved for domestic Mutual Funds and life insurance companies.

The document outlines the discretionary allocation process for Anchor Investors based on the total capital raised, ranging from two investors for amounts up to ₹200 Lakhs up to fifteen for amounts up to ₹2,500 Lakhs, with specific rules for larger allocations. It specifies that Anchor Investors cannot withdraw bids after submission and that any price difference between the offer price and the anchor allocation price will be payable by the investors. Additionally, the equity shares allotted to these investors are subject to a mandatory lock-up period of 90 days for half of the shares and 30 days for the other half.

The document outlines the legal and procedural requirements for the issuance of the Red Herring Prospectus, including the obligation to file it with the Registrar of Companies (RoC) after the pre-offer advertisement. It details the signing of underwriting agreements with underwriters and specifies the transfer of funds into public offer accounts by the Stock Companies Business Services (SCSBs) on the designated date. The text also provides comprehensive instructions for bidders, including the mandatory use of ASBA processes, specific requirements for PAN and UPI IDs, and the need for thumb impressions and signatures to be attested by a Magistrate or Notary Public.

The section outlines specific compliance requirements for Bidders, including ensuring foreign bids comply with Indian and foreign laws and that FPIs using the MIM structure submit confirmations. It mandates verification of dematerialized accounts, correct DP and UPI IDs, and proper ASBA account setup for QIBs and NIIs. The document emphasizes the necessity of signing authorization boxes or providing electronic authorizations to block ASBA funds, with specific rules for UPI Bidders regarding mandate requests and pin authorization. It also specifies that UPI Bidders must mention valid UPI IDs for single or joint accounts, while other Bidders must instruct banks to release funds from blocked ASBA accounts.

The document outlines specific prohibitions and procedural requirements for bidders, equity shares, and UPI mechanisms to ensure market integrity and prevent fraud. It mandates that investors must not bid for equity shares exceeding exchange limits, limit ASBA applications to one per account, and avoid using third-party bank accounts or non-authorized intermediaries. The text also restricts Anchor Investors from using the ASBA process, prohibits submitting bids to non-SCSB banks, and forbids submitting duplicate forms or using incorrect details like DP IDs or beneficiary accounts. Additionally, it sets a maximum bid cap of ₹5.00 lakhs for Syndicate Members and imposes rejection penalties for UPI Bidders using invalid UPI handles or non-certified bank accounts.

This section outlines the technical grounds under which Bid cum Application Forms may be rejected, including requirements for blocking the entire Bid Amount, submission via SEBI-listed UPI mechanisms, and compliance with specific filing formats and deadlines. It also details compensation provisions for delays in unblocking funds, mandates for fair allotment procedures involving the Stock Exchange and Registrar, and the timeline for issuing Confirmation Notes and allotment advice to successful applicants.

The document outlines the ASBA payment mechanism where Self-Certified Syndicate Banks block application amounts in specified bank accounts until finalization of the allotment process. It details the flow of events from the closing of the bidding period, including validation, reconciliation, and rejection of bids based on account mismatches. The text also references SEBI circulars mandating the use of ASBA for public offers and UPI for individual investors. Finally, it describes the allotment procedure for Anchor Investors, which may be on a proportionate basis depending on available shares.

The document outlines the allotment process for equity shares, detailing how lots are distributed based on drawal ratios and subscription levels. It specifies that payment instruments for Anchor Investors must be drawn in favor of either a resident or non-resident account. The text also mentions the publication of allotment advertisements in major newspapers and the use of dematerialized shares through tripartite agreements with Depositories.

The document outlines the legal liabilities for fraud under Section 447 of the Companies Act, specifying imprisonment terms and fines based on fraud amounts ranging from ₹10 lakhs to 1% of turnover, with public interest cases carrying stricter penalties. The company undertakes to collect all bid forms, address complaints expeditiously, complete listing formalities within three working days, and refund subscription amounts if allotment is delayed. Additionally, the company promises to provide refunds to unsuccessful bidders within three working days and to bring in promoter contributions before calls are made.

The document outlines the Company's commitment to assisting investors in resolving grievances related to the Offered Shares and mandates the deposit of shares in escrow until listing approval is received. It further clarifies that the Company is not debarred from accessing capital markets and confirms that all proceeds from the Offer will be transferred to a separate bank account, with details of utilization and unutilized funds to be disclosed in the balance sheet.

This section outlines the regulatory framework governing foreign investment in Indian securities, distinguishing between the Industrial Policy of 1991 and the Foreign Exchange Management Act (FEMA). It specifies that while foreign investment is generally permitted under the Industrial Policy, specific restrictions apply to entities from countries bordering India or whose beneficial owners reside in such countries, requiring prior government approval. The document further clarifies that transfers between Indian residents and non-residents do not require RBI approval if they fall under the automatic FDI route and comply with SEBI/RBI guidelines. Additionally, it notes that the company's wholesale trading sector is eligible for 100% foreign ownership under the automatic route, while other sectors remain restricted.

The management section lists three key personnel: Mr. Prempal Singh, an Executive Director appointed on April 24, 2025, and Ms. Aarti and Ms. Chetna, both Non-Executive Independent Directors appointed starting May 26, 2026. Ms. Aarti serves a five-year term until May 25, 2031, while Ms. Chetna's term is also five years until May 25, 2031. Neither Ms. Aarti nor Ms. Chetna has disclosed any other directorships or personal litigation in the provided text.

The management section identifies Mr. Rahul Saini as a Non-Executive Independent Director appointed on May 26, 2026, with no other directorships disclosed. Mr. Sidhant Dalmia serves as the Promoter, Chairman, and Managing Director, having joined the company since its inception and holds significant roles in electronics and consumer electronics. Mr. Mukesh Kumar is designated as the Executive Director with a background in consumer electronics and technical training, currently serving as a director at Dektron Telecom Private Limited.

The management section identifies Mr. Prempal Singh as the first director since incorporation, responsible for technical operations, with over 15 years of experience including three years in the consumer electronics industry. Mr. Rahul Saini serves as a Non-Executive Independent Director with nine years of experience in secretarial and compliance matters. Ms. Aarti is a Non-Executive Independent Director with four years of experience in accounts and tax, while Ms. Chetna holds four years of experience in secretarial and compliance. Mr. Rahul Saini is also associated with R Saini & Associates as a proprietor since September 2016. The document confirms that none of the directors are related, have entered into service contracts with the company, or are categorized as wilful defaulters.

The document confirms that no directors have received any consideration for their services, and there are no nominee directors on the board. It details the borrowing powers granted to the Board to raise up to ₹20,000 Lakhs, subject to capital and reserve limits. The remuneration section outlines the terms for Mr. Sidhant Dalmia, who serves as Chairman and Managing Director, and Mr. Mukesh Kumar, who serves as Executive Director, including their basic salary caps and profit-based minimum remuneration thresholds.

The management section outlines the remuneration and benefits for the Company's Executive Directors, including Mr. Prempal Singh, Mr. Sidhant Dalmia, and Mr. Mukesh Kumar, who are all non-independent executives holding significant equity stakes. Mr. Prempal Singh received ₹3.50 Lakhs in FY 2026, while Mr. Sidhant Dalmia received ₹96 Lakhs from his wholly owned subsidiary, Dalmia Technologies Limited, and holds 94.18% of the pre-offer equity. The section details that the company has approved an increase in the upper limit of remuneration for the Executive Directors up to 25% of net profit, subject to a 30% overall cap, based on a Special Resolution passed in May 2026.

The Board of Directors consists of six members, including one Chairman and Managing Director, two Executive Directors, and three Non-Executive Independent Directors, with two of the Non-Executive Directors being women. The Board operates through three committees: an Audit Committee chaired by Ms. Aarti, a Stakeholders' Relationship Committee, and a Nomination and Remuneration Committee. The Audit Committee has specific responsibilities including overseeing financial reporting, appointing auditors, reviewing financial statements, and monitoring related party transactions and internal controls.

The document outlines the composition of the Audit Committee, Stakeholders' Relationship Committee, and Nomination and Remuneration Committee, specifying their members, roles, and meeting requirements. It details the organizational structure and lists the names, designations, and tenure of key managerial personnel and senior management, including their educational backgrounds and previous employment history. The section also confirms that none of these individuals hold shares in the company and that there are no bonus, profit-sharing, or contingent compensation plans in place.

The document details significant personnel changes, including the appointment of Ms. Manisha Inder Dev as Company Secretary and Ms. Priti Goyal as Chief Finance Officer, alongside her subsequent resignation. It also lists the appointment of Mr. Sidhant Dalmia as Chairman, Mr. Dinanshu Bhasin as Senior Management Personnel, and Ms. Komal Prahlad Kaushik as Senior Management Personnel. Additionally, Mr. Nikhil Gupta was appointed as Senior Management Personnel, and Ms. Surbhi Arora was appointed as Compliance Officer. The section concludes by stating that the attrition rate of key managerial personnel and senior management is comparable to industry standards.

The document identifies Mr. Sidhant Dalmia as the sole Promoter, Chairman, and Managing Director of the company, holding 94.18% of the equity shares. He is 30 years old, Indian, and resides in South Delhi. His interests are limited to his direct shareholding, directorship, and compensation, with no other family or associate interests disclosed. The company confirms no defaults in payments to banks or financial institutions, no litigation, and no debarment from the capital market.

The document identifies Mr. Shankar Gupta and Mr. Shiva Gupta as spousal brothers who are part of the Promoter group. It details that Mr. Sidhant Dalmia has ceased as a director and shareholder of Ultimo Enterprises, Fixel Solutions, and Dalmia Tech Ventures as of March 25, 2026, and as a director/shareholder of Cozybite Food and Beverages as of March 14, 2026. Additionally, Mr. Dalmia is listed as a sole proprietor and HUF member of M/s. Dynamic Ventures and M/s. Surendra Kumar Dalmia. The text also lists several other entities promoted by Mr. Gupta's group, including Dektron India, Dektron Telecom, and various HUFs and sole proprietorships involving Mr. Amit Gupta, Mr. Ankit Aggarwal, Mr. Rakesh Gupta, and Mr. Shiva Gupta.

The document identifies three group companies: Dektron India Private Limited, Dektron Telecom Private Limited, and Dalmia Tech Ventures Private Limited. Dektron India and Dektron Telecom are established entities engaged in IT product manufacturing and infrastructure services, respectively, while Dalmia Tech Ventures was incorporated recently in 2023 to provide web technologies and e-commerce solutions. The text explicitly states that no related party transactions exist with Dalmia Tech Ventures except for loans and advances during the 2025-26 financial year, which are classified as group company relationships due to the promoter's board service and shareholding transfer.

The document identifies the company's promoters as Dalmia Tech Ventures Private Limited, which is associated with the individual director. It states that the Group Companies do not hold any equity or debt interests in the company, nor are they involved in property acquisition, construction, or machinery supply. Additionally, there are no common pursuits between the Group and the company, and no significant related business transactions have occurred.

Dalmia Technologies Limited is a wholly owned subsidiary of Wiscon Industries Limited, which holds a 99.999% stake in the company. The company was incorporated in 2023 and converted into a public limited company in May 2025. Other shareholders include nominee holders of Wiscon Industries Limited and a small holding by Mr. Sidhant Dalmia.

The document outlines the board composition of Dalmia Technologies Limited, which includes Mr. Mukesh Kumar, Mr. Sidhant Dalmia, and Mr. Prempal Singh. It states that the company has no accumulated profits or losses and is not listed on any stock exchange. The business interests of the WOS are limited to similar line of business pursuits without conflict of interest. The company has no formal dividend policy, with dividends determined solely by the Board's discretion based on various internal and external factors.

The document identifies Mr. Sidhant Dalmia as the sole promoter of the company and lists his spouse's brother, Mr. Shankar Gupta, and sister as related party entities. It details that Mr. Dalmia has disassociated from several entities, including Ultimo Enterprises, Fixel Solutions, and Dalmia Tech Ventures, with specific cessation dates provided. The text also notes that the company has one wholly owned subsidiary, Dalmia Technologies Limited, which was incorporated in 2023 and is engaged in manufacturing LED TVs and trading electronic products.

The document outlines the Company's dividend policy, which allows dividends to be paid from current profits, undistributed reserves, or both, with the Board having discretion to declare and pay interim dividends. The Company does not maintain a formal dividend policy for its Equity Shares, and dividend payments are determined based on internal factors like capital requirements and external factors such as economic outlook and lender covenants. Additionally, the text states that the Company has not paid or declared any dividends in the period ended June 30, 2026, nor in the last three financial years from the date of this Red Herring Prospectus.

The Articles of Association for Wiscon Industries Limited establish that the Company's Articles supersede the Companies Act 2013 regarding management regulations, with specific exceptions for listing exchange conditions. Shareholders are granted the right to receive share certificates within two months of allotment or transfer registration, provided the Board passes a resolution and the company does not lose the letter of allotment. The Company may issue fractional certificates for new shares, which must be exchanged for full shares before dividends can be claimed, or sold at the best obtainable price if not exchanged. Preference shares are subject to the Board's discretion to issue, re-issue, or convert them, subject to compliance with the Companies Act and applicable rules.

The Articles of Association establish a comprehensive framework for share rights, including the Company's lien on shares and warrants, the power to borrow funds with strict capital reserve limits, and detailed provisions for share transfers, transmission upon death or insolvency, and forfeiture. Shareholders are granted rights to receive dividends and participate in meetings, subject to specific restrictions for warrant holders and joint holders. The Articles also mandate that forfeited shares become the property of the Company, which may sell them, and that members cease to be members for the forfeited shares while remaining liable for any outstanding payments.

The provided text outlines provisions regarding the capitalization of profits, buy-back of shares, general meeting procedures, voting rights, and the composition of the Board of Directors. It specifies that the Board can resolve to capitalize reserves or profit accounts, which are then used to pay up unpaid shares or issue fully paid bonus shares. The text also details the flexibility in buy-back powers, the requirements for extraordinary general meetings, and the rules for conducting meetings, including the right of a chairperson to cast a casting vote. Voting rights are defined by the number of votes per member on a show of hands and by proportion to paid-up equity on a poll, with specific provisions for joint holders, members of unsound mind, minors, and proxies. Finally, it establishes a minimum of three directors and mandates the appointment of a women director, listing specific names as the initial directors.

The Articles of Association establish a structure where Independent Directors are appointed by the Board for terms not exceeding five years and cannot hold more than two consecutive terms, while the remaining Directors are appointed by the Company in General Meetings. The Board is empowered to fill vacancies left by retiring Directors by appointment, with specific rules regarding the timing of the adjourned meeting if the vacancy remains unfilled. Additionally, the Board has the authority to appoint additional directors who serve only until the next Annual General Meeting, as well as Alternate Directors to act for absent Directors.

This section outlines the procedural and governance mechanisms governing the Board of Directors, including meeting frequency, quorum requirements, and voting rights. It establishes that the Board can delegate powers to committees or individual directors and that resolutions may be passed by circulation if a majority of directors approve. The text also details the appointment and removal of Key Managerial Personnel, the authority to declare dividends, and the rules for dividend distribution and payment, including provisions for electronic transfers and the treatment of unclaimed dividends.

This section outlines the inspection requirements for material contracts and documents, specifying that copies will be available at the company's registered office between 10 a.m. and 5 p.m. on working days until the bid closing date. It lists ten specific material contracts and nine material documents that are required to be attached to the prospectus and made available for inspection. The section also includes a declaration by the directors stating compliance with the Companies Act, 2013, and a separate declaration by the selling shareholder confirming the accuracy of his own disclosures.