Kanishk Aluminium India Ltd
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹73 – ₹73
Lot Size
1600
₹1,16,800
Face Value
₹10
Important Dates
Open Date
28 Jan 2026
Close Date
30 Jan 2026
Allotment
02 Feb 2026
Refund
03 Feb 2026
Listing
04 Feb 2026
About Company
Incorporated in 2022, Kanishk Aluminium India Ltd is a Jodhpur-based manufacturer specializing in a wide range of aluminium extrusion products.
The company operates from a modern 4,000 sq. metre manufacturing facility located in the fourth phase RIICO industrial area at Boranada, Jodhpur, Rajasthan.
Kanishk Aluminium serves electronics, automotive, solar, furniture, transport, electrical and architectural sectors with customized aluminium profiles.
The product portfolio includes solid and hollow section profiles, solar module profiles, heatsinks, railings, sliding and fixed window and door profiles.
It also offers engineering products like channels, sections, flat bars and tubes with various finishes, tolerances and tempers.
The company provides hardware and architectural solutions such as kitchen profiles, railing systems and other customized applications.
As of November 30, 2025, the company employed 46 personnel engaged in operations, quality control, administration and business development.
The company positions itself as a flexible and agile supplier focused on customized aluminium extrusion solutions with in-house quality control.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Repayment / pre-payment, in full or in part, of certain borrowings availed by the Company. | ₹19.5 |
| 2 | Branding and promotion of Company brand ‘Baari by Kanishk’. | ₹0.8 |
| 3 | General corporate purposes. | ₹4.32 |
Financial Performance
Share Reservations
QIB
0
Anchor
0
NII
18,99,200
Retail
19,00,800
Employee
0
Total
40,00,000
RHP Insights
AI-powered analysis from Red Herring Prospectus
Successful Corporate Transformation
Originally incorporated in 2018 as 'Kanishk Aluminium Extrusions Private Limited', the company underwent a series of name changes and successfully converted into a Public Limited Company in October 2024 to facilitate its BSE SME listing.
Impact: High100% Fresh Issue Structure
The IPO consists entirely of a fresh issue of up to 40,00,000 Equity Shares. Unlike many IPOs with an 'Offer for Sale' component, 100% of the proceeds (less issue expenses) will flow into the company for growth rather than to existing promoters.
Impact: HighHigh Debt-Equity Ratio Concerns
The company reported a high debt-equity ratio of 1.22 as of January 31, 2025. This heavy reliance on borrowed capital increases fixed financial obligations and may impact future debt servicing if profitability fluctuates.
Impact: LowClean Audit and Compliance History
The restated financial statements indicate there are no audit qualifications or material regrouping adjustments required for the past financial periods, suggesting a transparent and reliable accounting framework.
Impact: HighSupply Chain and Procurement Risks
The business faces inherent risks due to a lack of long-term agreements with raw material suppliers. Disruptions in the supply chain or rising procurement costs could lead to production delays and reduced margins.
Impact: LowSWOT Analysis
AI-generated strategic view
Strengths
- •Diverse product range of aluminium extrusions catering to multiple end-use industries.
- •Capability to offer customized profiles and engineering products as per client specifications.
- •Flexibility and market agility in addressing varied customer requirements.
- •In-house quality control mechanisms to maintain product standards.
- •Focus on resource optimization and operational efficiency.
- •Commitment to innovation and growth in aluminium extrusion applications.
Weaknesses
- •Limited operating history as the company was incorporated in 2022.
- •High dependence on aluminium as the key raw material exposes margins to commodity price volatility.
- •Geographical concentration of manufacturing facility in a single location.
- •SME platform listing may result in relatively lower liquidity compared to mainboard listed peers.
Opportunities
- •Growing demand for aluminium extrusions across automotive, solar, building and construction sectors.
- •Increasing replacement of other metals with aluminium due to its lightweight and corrosion-resistant properties.
- •Scope to expand product offerings and value-added processing for higher realizations.
- •Opportunity to penetrate new geographic markets and increase export sales.
Threats
- •Competition from other domestic and international aluminium extrusion manufacturers.
- •Cyclical nature of end-use sectors such as construction, real estate and automotive.
- •Adverse movements in raw material prices or supply disruptions.
- •Changes in government policies, tariffs or environmental regulations impacting aluminium usage.
Kanishk Aluminium India Ltd IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Kanishk Aluminium India Ltd. | 3.22 | 3.22 | 17.56 | 22.67 | 16 | Consolidated |
| Maan Aluminum Limited | 2.87 | 2.87 | 32.99 | 55.84 | 8.7 | Consolidated |
| Banco Products (I) Limited | 27.39 | 27.39 | 91.08 | 24.79 | 30.01 | Consolidated |
Kanishk Aluminium India Ltd - Documents & Links
Registrar
Company contact
Kanishk Aluminium India Ltd
Address: Plot No. E-849 A, Fourth Phase RIICO, Boranada, Jodhpur, Rajasthan, 342001
cs@kanishkindia.co.inhttps://kanishkindia.co.in/Lead managers
Frequently Asked Questions
Common questions about Kanishk Aluminium India Ltd IPO.