SME IPO activity has remained steady into early 2026, with investors continuing to track smaller issuers that serve niche manufacturing and industrial supply chains. In this environment, offerings that support downstream sectors such as solar, automotive, electricals, and infrastructure can attract attention, especially when the business model and use of proceeds are clearly defined.
Against this backdrop, Kanishk Aluminium India Limited is set to open its IPO on January 28, 2026. Below is a detailed look at the company, its IPO details, financials, and other important information.
About Kanishk Aluminium India Ltd.
Incorporated in 2022, Kanishk Aluminium India Ltd. is a Jodhpur based manufacturer specialising in a wide range of aluminium extrusion products. The company operates from a modern 4,000 sq metre facility in Rajasthan and serves multiple sectors including electronics, automotive, solar, furniture, transport, electrical, and architecture through customised aluminium profile solutions.
Product portfolio includes:
- Aluminium extrusions including solid and hollow section profiles, solar profiles, heatsinks, railings, sliding window and door profiles
- Engineering products such as channels, sections, flat bars, and tubes with multiple finishes, tolerances, and tempers
- Hardware and architectural solutions such as kitchen profiles, railing systems, and other customised applications
As of November 30, 2025, the company employed 46 personnel across operations, quality control, administration, and business functions.
Kanishk Aluminium India IPO Details
The IPO is a fixed price issue of ₹29.20 crores and is entirely a fresh issue of 40,00,000 shares. The issue price is ₹73 per share and the shares are proposed to be listed on BSE SME.
The company proposes to utilise the net proceeds primarily towards repayment or pre payment of certain borrowings, branding and promotion for the company brand, and general corporate purposes.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Wed, Jan 28, 2026 |
| IPO Close Date | Fri, Jan 30, 2026 |
| Allotment Date (Tentative) | Mon, Feb 2, 2026 |
| Initiation of Refunds | Tue, Feb 3, 2026 |
| Credit of Shares to Demat | Tue, Feb 3, 2026 |
| Listing Date (Tentative) | Wed, Feb 4, 2026 |
Key IPO Details
| Particular | Details |
| Face Value | ₹10 per share |
| Issue Price | ₹73 per share |
| Lot Size | 1,600 shares |
| Total Issue Size | 40,00,000 shares (aggregating up to ₹29.20 Cr) |
| Fresh Issue | 40,00,000 shares (aggregating up to ₹29.20 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Market Cap (Pre IPO) | ₹98.11 Cr |
| Shareholding Pre issue | 94,40,000 shares |
| Shareholding Post issue | 1,34,40,000 shares |
| Book Running Lead Manager | Sun Capital Advisory Services Pvt. Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Market Maker | Sunflower Broking Pvt. Ltd. |
Lot Size of Kanishk Aluminium India IPO
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereafter.
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,33,600 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,33,600 |
| HNI (Min) | 3 | 4,800 | ₹3,50,400 |
Competitive Strengths
- Diverse product range with customisation options across multiple end use sectors
- Flexibility and market agility to cater to varied aluminium profile requirements
- In house quality control mechanism to support consistency in output
- Focus on resource optimisation and operational efficiency
- Commitment to innovation and growth
Kanishk Aluminium India: Financials
The IPO implies a pre issue market capitalisation of ₹98.11 crore. As per the restated standalone numbers, the company reported key indicators such as ROE of 29.21 percent and ROCE of 19.92 percent for the period ended August 31, 2025.
| Particulars (₹ Crore) | 31 Aug 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 60.47 | 50.50 | 41.09 | 37.11 |
| Total Income | 29.25 | 60.13 | 59.54 | 59.68 |
| Profit After Tax | 2.15 | 3.04 | 1.52 | 1.76 |
| EBITDA | 4.08 | 6.63 | 4.50 | 4.06 |
| Net Worth | 18.72 | 16.57 | 13.53 | 6.01 |
| Reserves and Surplus | 9.28 | 7.13 | 7.63 | 1.11 |
| Total Borrowing | 25.55 | 22.74 | 20.84 | 26.45 |
IPO Objects of the Issue
| Issue Object | Estimated Amount (₹ Cr.) |
| Repayment or pre payment, in full or in part, of certain borrowings availed by the company | 19.50 |
| Branding and promotion of company brand Baari by Kanishk | 0.80 |
| General corporate purposes | 4.32 |
Key Performance Indicators
| KPI | 31 Aug 2025 | 31 Mar 2025 |
| ROE | 29.21% | 20.21% |
| ROCE | 19.92% | 14.61% |
| Debt to Equity | 1.37 | 1.37 |
| RoNW | 29.21% | 20.21% |
| PAT Margin | 17.62% | 5.09% |
| EBITDA Margin | 33.55% | 11.10% |
| Price to Book Value | 3.68 | 3.18 |
Peer Comparison and Valuation Snapshot
The following table captures the key valuation metrics shared for the issuer on a pre issue and post issue basis.
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 3.22 | 3.84 |
| P or E (x) | 22.66 | 19.03 |
| Promoter Holding | 99.99% | 70.24% |
| Market Cap | ₹98.11 Cr | ₹98.11 Cr |
Kanishk Aluminium India: Industry Outlook
- Rising adoption of solar installations and electrification supports demand for specialised aluminium profiles and heatsinks
- Urban construction, renovation activity, and preference for lightweight materials continue to support demand for architectural aluminium solutions
- Automotive and transport applications can drive requirement for precision extrusions and engineered sections
- Export opportunities may expand for manufacturers that can deliver consistent quality and customised finishes
IPO Review
One published view on the issue highlights that the company operates in aluminium extrusion products for multiple end user industries, while also noting that revenue has remained largely steady for some periods and profitability has been uneven. The same view flags valuation concerns and suggests that risk aware investors may choose to avoid the issue.
Promoters and Key Intermediaries
Promoters: Mr. Parmanand Agarwal, Mrs. Khusboo Agarwal, and Mr. Ashish Agarwal.
Registered office: Plot No. E 849 A, Fourth Phase RIICO, Boranada, Jodhpur, Rajasthan, 342001.
Email: [email protected]
Conclusion
Kanishk Aluminium India Ltd. offers exposure to aluminium extrusion products serving diverse downstream sectors. The issue proceeds are largely earmarked for debt reduction, alongside modest brand building and general corporate purposes. As with any SME IPO, investors may evaluate business concentration, competitive intensity, working capital needs, and valuation metrics, and align the decision with their risk profile.
