Wiscon Industries Limited projects subsidiary gap of Rs 96.2725 crore

Wiscon projects that wholly owned subsidiary Dalmia Technologies Limited’s working-capital gap will reach Rs 96.2725 crore in FY 2027-28, from Rs 35.0339 crore in FY 2025-26. The estimate depends on management projections for higher inventory and receivables, including 73 trade-receivable days, and has not been independently appraised.

Why is Wiscon’s subsidiary gap projected at Rs 96.2725 crore?

Wiscon projects a Rs 96.2725 crore working-capital gap for Dalmia Technologies in FY 2027-28. A working-capital gap is total current assets less total current liabilities. The tabled projection is nearly 2.75 times the Rs 35.0339 crore gap reported in FY 2025-26 and 2.21 times the Rs 43.5732 crore gap reported as of June 30, 2026.

The projected increase arises because current assets are estimated at Rs 145.0133 crore in FY 2027-28 while current liabilities are projected at Rs 48.7409 crore. Inventories are projected at Rs 41.4642 crore, trade receivables at Rs 86.1691 crore and other current assets at Rs 17.3801 crore. Trade payables of Rs 30.1558 crore, other current liabilities of Rs 4.6463 crore and short-term provisions of Rs 13.9388 crore offset only part of those current assets.

The filing’s narrative describes the FY 2027-28 requirement as Rs 96.272 crore, Rs 500 below the Rs 96.2725 crore shown in the detailed projection table and funding pattern. The historical gap had already increased to Rs 10.3594 crore in FY 2024-25 from Rs 32.09 lakh in FY 2023-24, when Dalmia Technologies was trading products in its first full year of operations. Wiscon attributes the FY 2024-25 increase to the start of LED TV manufacturing, work-in-progress and finished-goods inventory, and electric-scooter trading added during the fourth quarter.

What is driving Wiscon’s higher inventory and customer credit?

Wiscon identifies inventory and trade receivables as the largest drivers of Dalmia Technologies’ projected working-capital gap. Inventory holding days are projected to rise from 34 days in FY 2025-26 to 45 days in FY 2026-27 and 46 days in FY 2027-28. Trade receivable days, calculated from revenue from operations and average receivables, are projected to increase from 57 days to 72 days and then 73 days.

The inventory assumption partly rests on planned manufacturing expansion. Dalmia Technologies plans to invest Rs 15.0388 crore during FY 2026-27 in two surface-mount technology, or SMT, production lines for printed circuit boards, or PCBs. Wiscon says the lines will require higher raw-material, spare-part and finished-goods holdings; television-set capacity utilisation was 84.01% in FY 2025-26, compared with 35.19% in FY 2024-25.

The credit assumption rests on a plan to expand into multiple states and increase the customer base. Wiscon says Dalmia Technologies expects to offer longer credit periods to new customers and to extend credit to existing customers to seek larger orders in FY 2026-27 and FY 2027-28. The filing states that most company revenue is generated in Delhi and Uttar Pradesh, making expansion beyond those states a stated reason for additional inventory and receivables.

The June 30, 2026 figures show substantially longer non-annualised holding periods than the full-year projections. Inventory days were 193, receivable days were 318 and payable days were 282 at that date. Because the filing labels those measures not annualised, they are not directly comparable with the full-year estimates of 45, 72 and 46 days.

How does Wiscon plan to fund the projected requirement?

Wiscon plans cumulative holding-company loans of Rs 35 crore for Dalmia Technologies’ working-capital requirements by FY 2027-28. Proposed deployment is Rs 9.50 crore in FY 2026-27 and a further Rs 25.50 crore in FY 2027-28. Against the projected Rs 96.2725 crore gap, Rs 61.2725 crore would remain to be met through the other disclosed funding sources.

The FY 2027-28 funding pattern specifies Rs 13.0606 crore of long-term borrowings, Rs 20.25 crore of short-term borrowings and Rs 27.9619 crore of internal accruals alongside the cumulative Rs 35 crore holding-company loan. In FY 2025-26, the reported Rs 35.0339 crore gap was funded through Rs 7.50 crore of long-term borrowings, Rs 13.4894 crore of short-term borrowings and Rs 14.0445 crore of internal accruals, with no holding-company loan.

Wiscon says the proposed investment may take the form of capital contribution through debt, including loans, with specific terms to be determined at the relevant time by mutual agreement and prevailing market conditions. The filing also describes Rs 35 crore proposed for subsidiary working capital as an interest-free loan repayable within seven years. Funding availability, internal accrual generation and the final funding terms must therefore align with the projected mix for the forecast to be met.

How much reliance does the forecast place on management assumptions?

Wiscon says the FY 2026-27 and FY 2027-28 estimates are management projections based on future financial performance, historical operating trends and prevailing and projected market conditions. The estimates have not been appraised by a bank, financial institution or another independent agency. Wiscon states that actual results may differ because the assumed events and management actions may not occur.

The projection assumes receivables will expand more quickly than payables. Trade receivables are projected to rise from Rs 36.9902 crore in FY 2025-26 to Rs 57.4461 crore in FY 2026-27 and Rs 86.1691 crore in FY 2027-28. Trade payables are projected at Rs 25.2921 crore and Rs 30.1558 crore in those two years, after Rs 21.1898 crore in FY 2025-26.

Supplier terms provide a partial offset in FY 2026-27 but not in FY 2027-28. Payable days are projected to increase from 40 days in FY 2025-26 to 46 days in FY 2026-27 as purchases rise with manufacturing expansion. They are then projected to decline to 37 days in FY 2027-28 because Dalmia Technologies plans more frequent supplier payments to negotiate pricing terms, which would increase cash needs if implemented.

Conclusion

Wiscon’s projected subsidiary funding need is concentrated in inventory and receivables: the FY 2027-28 table shows Rs 41.4642 crore of inventory and Rs 86.1691 crore of trade receivables against a Rs 96.2725 crore working-capital gap. The planned cumulative Rs 35 crore holding-company loan covers only one part of the disclosed funding pattern, which also relies on borrowings and internal accruals.

The next disclosed milestones are deployment of Rs 9.50 crore in FY 2026-27, the planned Rs 15.0388 crore PCB-line investment, and movement in receivable days toward the projected 72 days. The unresolved matter is whether the planned geographic expansion, customer-credit extension and supplier-payment strategy occur as assumed, since Wiscon states that the estimates were not independently appraised and actual results may differ.