Wiscon Industries Ltd (SME)

The Delhi company sells Wiscon brand LED TVs and home appliances, largely to business buyers, and reported FY26 revenue of INR 197 cr. Over a fifth of its revenue comes from trading another brand’s scooters, and its profits have not translated into cash. Governance is our bigger worry. The RHP leaves gaps around the promoter family’s earlier company, the promoter sold shares at a steep discount months before the IPO, and the board and finance team were put in place only this year. We would skip the issue for both the short and long term, and with a GMP of 0%, we see no case for listing gains either.