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Kanishk Aluminium India IPO
Kanishk Aluminium India Ltd
₹2,33,600 /1600 sharesMinimum Investment
Kanishk Aluminium India IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| -- | ₹73.00 | ₹58.40 | -₹14.60 (20.00%) |
Kanishk Aluminium India IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 28 Jan ‘26 - 30 Jan ‘26 | ₹2,33,600 | 1,600 | ₹73 - ₹73 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 29.20 Cr | RHP PDF | 02 Feb ‘26 | 04 Feb ‘26 |
| Face value |
|---|
| 10 |
About Kanishk Aluminium India
Founded in
2018
MD/CEO
Mr. Parmanand Agarwal
Parent organisation
Kanishk Aluminium India Ltd
Strengths & Risks of Kanishk Aluminium India
Highlights
Deep dive
Profit After Tax grew to ₹3.04 Crores.
Capacity utilization increased to 60.14% in FY25.
Promoter has over 40 years industry experience.
Top ten customers account for 83.07% sales.
Top ten suppliers are 90.44% of purchases.
Negative operating cash flow of ₹1.76 Crores.
Kanishk Aluminium India Limited is strategically expanding into the premium consumer market with its 'Baari' brand to drive higher-margin growth. However, its heavy reliance on a very small number of customers and suppliers creates significant operational and revenue vulnerability.
Strengths
Risks
The company's operational efficiency is improving, as evidenced by its capacity utilization increasing from 56.88% in FY23 to 60.14% in FY25, with an annualized rate of 63.77% for the period ended August 31, 2025.
Despite stable revenues, the company has significantly improved its profitability, with Profit After Tax (PAT) growing from ₹1.76 Crores in FY23 to ₹3.04 Crores in FY25, and PAT margin expanding from 2.96% to 5.09% over the same period.
The company is led by an experienced promoter, Mr. Parmanand Agarwal, who has over 40 years of experience in the aluminium manufacturing industry, providing deep industry knowledge and strategic direction.
The company has made a strategic shift into the high-margin, consumer-facing market by launching its premium brand 'Baari by Kanishk' in November 2024, focusing on aluminium system doors and windows.
The company possesses strong in-house customization capabilities through its dedicated die shop, allowing it to produce a wide array of customized aluminium profiles tailored to specific client requirements, which enhances flexibility and client relationships.
The company serves a diverse product portfolio across various industries including construction, renewable energy, and automotive, which reduces its dependence on any single end-user market and allows it to adapt to market shifts.
A commitment to quality is demonstrated by the company's ISO 9001:2015 certification and its in-house quality control laboratory, which conducts pre- and post-production checks to meet international quality management standards.
The company has a very high customer concentration, with its top ten customers accounting for 83.07% of its total sales in FY25, which exposes it to significant revenue risk from the loss or reduction of orders from any of these key clients.
There is a significant supplier concentration risk, as the top ten suppliers accounted for 90.44% of the total raw material purchases in FY25, making the company's operations vulnerable to supply chain disruptions or price volatility from these suppliers.
The company has a history of negative operating cash flows, reporting ₹-1.76 Crores in FY25 and ₹-2.06 Crores in FY23, indicating that its core operations have not consistently generated sufficient cash to fund its activities.
Operations are heavily dependent on a single manufacturing facility located in Jodhpur, Rajasthan, making the business highly susceptible to disruptions from local operational, political, or natural disaster-related events.
The business is highly exposed to aluminium price volatility, with aluminium costs constituting 87.30% of revenue in FY25, and the company does not engage in any long-term price-hedging arrangements to mitigate this risk.
The company has engaged in significant related party transactions, including licensing its primary brand names and leasing its factory premises from promoter group entities, creating potential conflicts of interest and raising governance concerns.
There have been several past instances of non-compliance and delayed statutory filings, including delays in GST, PF, and ESIC payments, as well as procedural lapses under the Companies Act related to share allotments and acceptance of deposits, which may result in penalties.
Kanishk Aluminium India Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Kanishk Aluminium India IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹73 - 73 | ₹2 - 5 Lakh | 1600 |
For Kanishk Aluminium India IPO, eligible investors can apply as Individual investor.
About Kanishk Aluminium India IPO
Kanishk Aluminium India IPO Timeline
| IPO Open | Wed, Jan 28, 2026 |
| IPO Close | Fri, Jan 30, 2026 |
| IPO Allotment | Mon, Feb 2, 2026 |
| Refund Initated | Tue, Feb 3, 2026 |
| Credit of Shares | Tue, Feb 3, 2026 |
| Listing of Shares | Wed, Feb 4, 2026 |
Objective of Kanishk Aluminium India IPO
| Objective | Amount (₹ Crore) | Description |
| Repayment / Pre-payment of Borrowings | ₹19.50 Cr |
To repay or pre-pay certain outstanding debt facilities of the company, strengthening the balance sheet.
|
| Branding & Promotion (‘Baari by Kanishk’) | ₹0.80 Cr |
To promote the company’s premium brand Baari by Kanishk and increase market visibility.
|
| General Corporate Purposes | ₹4.32 Cr |
To meet other corporate requirements and general business needs at management’s discretion.
|
| Total Fresh Issue | ₹24.62 Cr (of ~₹27.74 Cr) |
Remaining amount may be used towards issue expenses (e.g., IPO costs).
|
Kanishk Aluminium India IPO Registrar
Kfin Technologies Ltd.
Phone No. 04067162222, 04079611000
Email: [email protected]
Kanishk Aluminium India IPO Lead Manager
Sun Capital Advisory Services Pvt.Ltd.
Kanishk Aluminium India IPO Contact Details
Kanishk Aluminium India Ltd. Address
Plot No. E-849 A
Fourth Phase RIICO
Boranada
Jodhpur, Rajasthan, 342001
Phone No.+91 92570 61994
Email: [email protected]