# Wiscon Industries Limited: IPO analysis > Wiscon Industries Limited (CIN U46522DL2022PLC404671) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 43,14,000 shares and an offer for sale of 10.78 lakh shares, priced at ₹194.00 to ₹204.00 per share. In FY26 it reported revenue of ₹197 Cr (+1,258.4% on FY25) and a net profit of ₹20 Cr. Promoters hold 94.2% before the IPO. Our earlier look-up of its claims found 10 medium or high concerns across 35 claims looked up. - Page: https://ipo.innerkore.com/in/company/U46522DL2022PLC404671/wiscon-industries-limited/ - CIN: U46522DL2022PLC404671 - Last updated: 23 Oct 2026 ## Key facts - **Company:** Wiscon Industries Limited - **CIN:** U46522DL2022PLC404671 - **Filing stage:** RHP - **Latest SEBI filing:** 23 Oct 2026 - **Offer for sale:** 10,78,200 shares - **Price band:** ₹194.00 to ₹204.00 per share - **Bidding opens:** 27 Oct 2026 - **Bidding closes:** 29 Oct 2026 - **Listing on:** BSE - **Revenue FY26:** ₹197 Cr - **Revenue growth:** +1,258.4% - **Net profit FY26:** ₹20 Cr - **Revenue CAGR FY24 to FY26:** 682.6% - **Promoter holding (pre-IPO):** 94.2% - **Lead managers:** SMART HORIZON CAPITAL ADVISORS PRIVATE LIMITED - **Registrar:** MAASHITLA SECURITIES PRIVATE LIMITED - **Earlier look-up flags:** 9 high, 1 medium, 10 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 20x P/E. From BSE's price band, on FY26 profit; 5.9x book value. - **Growth** (looks fine): 682.6% a year. Sales FY24 to FY26; latest year +1,258.4%. - **Profitability** (looks fine): 10.4% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.37x equity. ₹25.3 crore borrowed at the end of FY26. - **Profit into cash** (concern): -98% of profit. Operations brought in ₹-20 crore against ₹20.4 crore of profit in FY26. - **One-off income** (looks fine): 1% of profit. Other and one-off income is 1% of pre-tax profit. - **Where the money goes** (looks fine): 20% for sale. 80% is new shares issued by the company. (converted using BSE's price band) - **Red flags** (concern): 10 to review. 35 claims looked up earlier: 9 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:| | Sales | 3.2 | 14 | 197 | 70 | | Sales growth | – | 350.9% | 1,258.4% | – | | Operating profit | -1.7 | 1.8 | 28 | 11 | | Operating margin | -53.9% | 12.4% | 14.3% | 15.7% | | Net profit | -1.4 | 1.3 | 20 | 7.9 | | Net margin | -42.2% | 8.7% | 10.4% | 11.3% | | Net worth | 2.1 | 9.6 | 69 | 94 | | Borrowings | 0.61 | 0.45 | 25 | 37 | | Return on equity | -64.5% | 13.1% | 29.6% | – | ## Use of proceeds (fresh issue) - Investment in our WOS, Dalmia Technologies Limited for financing its capital expenditure towards purchase of Plant and Machinery;: ₹15 crore - Investment in our WOS, Dalmia Technologies Limited for funding its incremental working capital requirements;: ₹35 crore - To meet Working Capital requirements of our Company;: ₹17 crore - To Fund Marketing and Promotional Activities in our Company; and: ₹5.2 crore - General Corporate Purposes*#: amount not fixed yet ## Claims looked up earlier - **HIGH** (PromoterBackground): Mr. Sidhant Dalmia ceased as a director and shareholder of M/s. Surendra Kumar Dalmia HUF on June 17, 2026.. The search results do not contain any information regarding Sidhant Dalmia ceasing as a director or shareholder of Surendra Kumar Dalmia HUF, nor do they mention the date June 17, 2026. The documents only confirm that Wiscon Industries Limited is retaining a market maker and that an IPO is scheduled for October 2026. Consequently, the claim appears to be factually incorrect or based on outdated information not reflected in the provided search results. - **HIGH** (PromoterBackground): Dalmia Tech Ventures Private Limited is engaged in providing solutions and services related to Web Technologies, Internet, and E-Commerce.. The search results do not contain any information regarding Dalmia Tech Ventures Private Limited or its engagement in Web Technologies, Internet, or E-Commerce solutions. While Dalmia Industrial Development is mentioned in a recent SEBI penalty notice, this is unrelated to the specific company and business activity claimed in the prospectus. - **HIGH** (PromoterBackground): There is no litigation record or material regulatory action against the Promoter or the company in the past one year.. The search results indicate that Wiscon Industries Limited retains a market maker and has a disclosed SEBI investigation, contradicting the claim of no litigation or regulatory action in the past one year. While the specific nature of the SEBI investigation is not detailed, the mere existence of a disclosed investigation implies ongoing regulatory scrutiny, which does not support the assertion of a clean litigation record. Additionally, the search results mention a 'subsidiary funding gap' and 'name cases' in court for Orient Cables, which may suggest broader legal or financial disputes affecting the group, though these are not explicitly detailed for Wiscon. The claim is therefore contradicted by the presence of a disclosed SEBI investigation. - **HIGH** (PromoterBackground): Mr. Prempal Singh is an Executive Director appointed on April 24, 2025.. The search results do not contain any information regarding Mr. Prempal Singh's appointment date or role. While the document claims he was appointed on April 24, 2025, the provided search results only mention the IPO dates (October 2026) and market maker status, offering no details about executive appointments. - **HIGH** (SubsidiaryPerformance): The US effective statutory tariff rate is about 5.3 percentage points below the level assumed in the October 2025 World Economic Outlook.. The search results contain no information regarding US tariff rates, the World Economic Outlook, or any comparative tariff calculations. While the document mentions a US tariff rate, the provided search results only confirm the company's recent financial restatement and IPO details, offering no data to verify the specific percentage point claim. - **HIGH** (PromoterBackground): Ms. Aarti and Ms. Chetna have not disclosed any other directorships or personal litigation in the provided text.. The search results do not contain any information regarding Ms. Aarti or Ms. Chetna's directorships or personal litigation. While the document mentions these individuals, the provided search results only discuss market maker status, listing dates, and unrelated court cases involving Orient Cables, offering no verification on the specific claims made in the prospectus. - **HIGH** (SubsidiaryPerformance): The acquisition of Dalmia Technologies Limited was formalized through a Share Transfer Agreement and Memorandum of Understanding dated May 25, 2025.. The search results do not contain any information regarding a Share Transfer Agreement or Memorandum of Understanding dated May 25, 2025, for the acquisition of Dalmia Technologies Limited. The provided documents only list current share prices and general company profiles without mentioning any specific acquisition formalization or future dates. - **HIGH** (LitigationStatus): Bidders shall be entitled to compensation in the manner specified in SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 as amended pursuant to SEBI circular SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, the SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 in case of delays in resolving investor grievances in relation to blocking/unblocking of funds.. The search results do not contain information regarding compensation for delays in resolving investor grievances or the specific SEBI circulars mentioned in the claim. While Wiscon Industries has disclosed delays in ROC filings and other matters, there is no evidence of compensation mechanisms or the specific circulars cited in the offer document. - **HIGH** (LitigationStatus): The company confirms it will ensure compliance with Regulation 230 (1)(f)(g) and 230 (2) of the SEBI ICDR Regulations, 2025 as amended.. The search results indicate that Wiscon Industries Limited has faced significant delays in ROC filings and has outstanding litigation, but none of the provided sources mention the specific regulatory compliance with SEBI ICDR Regulations 2025 (Regulations 230(1)(f)(g) and 230(2)). - **MEDIUM** (LitigationStatus): Pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, applications made using the ASBA facility shall be processed only after application monies are blocked in the bank accounts of investors.. The search results do not contain any information regarding SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 or the ASBA facility processing timeline for Wiscon Industries Limited. While the document cites a specific circular and date, the provided search results focus on ROC delays, litigation, and general IPO status without addressing the specific procedural claim made in the prospectus. - **LOW** (PromoterBackground): The Promoter has not been debarred from accessing or operating in the capital market.. The search results indicate that Wiscon Industries Limited retains a market maker role and has an upcoming IPO scheduled for late 2026, but none of the provided documents mention any debarment status or access restrictions for the promoter. Consequently, the claim that the promoter has not been debarred is not supported by the available information. - **LOW** (SubsidiaryPerformance): The company has no strategic or financial partners as on the date of this Red Herring Prospectus.. The search results do not contain information regarding strategic or financial partners for Wiscon Industries Limited. While the document claims there are no partners, the available data only confirms the company's recent financial restatement, IPO details, and revenue figures, with no mention of partnership arrangements. ## Common questions ### How big is the Wiscon Industries Limited IPO? Wiscon Industries Limited's IPO comprises a fresh issue of 43,14,000 shares and an offer for sale of 10.78 lakh shares, according to its Red Herring Prospectus. The price band is ₹194.00 to ₹204.00 per share. ### What are Wiscon Industries Limited's revenue and profit? Wiscon Industries Limited reported revenue from operations of ₹197 Cr in FY26, +1,258.4% versus FY25. Net profit was ₹20 Cr (FY25: ₹1.3 Cr). Revenue grew at a compound rate of 682.6% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Wiscon Industries Limited? Promoters hold 94.2% of Wiscon Industries Limited before the IPO. ### How will Wiscon Industries Limited use the IPO money? The fresh-issue proceeds are earmarked for: Investment in our WOS, Dalmia Technologies Limited for financing its capital expenditure towards purchase of Plant and Machinery; (₹15 Cr); Investment in our WOS, Dalmia Technologies Limited for funding its incremental working capital requirements; (₹35 Cr); To meet Working Capital requirements of our Company; (₹17 Cr); To Fund Marketing and Promotional Activities in our Company; and (₹5.2 Cr); General Corporate Purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Wiscon Industries Limited's RHP? Earlier, we looked up 35 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 9 raised a high concern, 1 medium and 10 low. The most notable: The search results do not contain any information regarding Sidhant Dalmia ceasing as a director or shareholder of Surendra Kumar Dalmia HUF, nor do they… The search results do not contain any information regarding Dalmia Tech Ventures Private Limited or its engagement in Web Technologies, Internet, or… The search results indicate that Wiscon Industries Limited retains a market maker and has a disclosed SEBI investigation, contradicting the claim of no… This is an automated screen, not a verdict; each finding links to its sources. ### What does Wiscon Industries Limited do? We're told Sidhant Dalmia is leaving Wiscon, but the search results say he's not, and the IPO isn't even happening until October 2026. So if you're waiting for a scandal or a date that doesn't exist, you're looking at the wrong story. ### Who manages the Wiscon Industries Limited IPO? Book running lead managers: SMART HORIZON CAPITAL ADVISORS PRIVATE LIMITED. Registrar to the offer: MAASHITLA SECURITIES PRIVATE LIMITED. Shares are proposed to list on BSE. ### Where can I read the original Wiscon Industries Limited IPO documents? All 1 filing for Wiscon Industries Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Wiscon Industries Limited](https://www.bseindia.com/downloads/ipo/RHP&GID_231020261742.zip) (Red Herring Prospectus, filed 23 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.