Kanishk Aluminium India IPO (SME)
Kanishk Aluminium India IPO is launching a fixed-price SME IPO of Rs. 29.20 crore, comprising an entirely fresh issue of 40,00,000 equity shares.
The IPO opens on January 28, 2026, and closes on January 30, 2026. The allotment is expected on February 2, 2026, and the listing is tentatively scheduled for February 4, 2026 on BSE SME.
The issue price is Rs. 73 per share, and the lot size is 1,600 shares.
The minimum investment for retail investors is Rs. 2,33,600 (3,200 shares), and for HNI investors, Rs. 3,50,400 (4,800 shares).
Lead Manager: Sun Capital Advisory Services Pvt. Ltd.
Registrar: Kfin Technologies Ltd.
Market Maker: Sunflower Broking Pvt. Ltd.
🕗 Last Update: 23 January 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | January 28, 2026 |
| IPO Close Date | January 30, 2026 |
| Allotment Date | February 2, 2026 |
| Refunds Initiation | February 3, 2026 |
| Credit to Demat | February 3, 2026 |
| Listing Date | February 4, 2026 |
Final Subscription Status
| Size | QIB | NII x | RII x | Total x | Applications |
|---|---|---|---|---|---|
| Rs. 29.20 Crore (Closes 30 January 2026) | — | — | — | — | — |
Subscription Review:
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IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 73 per share |
| Lot Size | 1,600 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 40,00,000 shares (Rs. 29.20 Cr) |
| Market Maker Portion | 2,00,000 shares (Rs. 1.46 Cr) – Sunflower Broking Pvt. Ltd. |
| Net Offer to Public | 38,00,000 shares (Rs. 27.74 Cr) |
| Issue Type | Fixed Price Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 94,40,000 shares |
| Shareholding Post-Issue | 1,34,40,000 shares |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,00,000 | 5.00% |
| NII (HNI) | 18,99,200 | 47.48% |
| Retail Individual Investors | 19,00,800 | 47.52% |
| Total | 40,00,000 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 3,200 | 2,33,600 |
| HNI (Min) | 3 | 4,800 | 3,50,400 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 99.99% |
| Promoter Holding Post-Issue | 70.24% |
Promoters: Mr. Parmanand Agarwal, Mrs. Khusboo Agarwal and Mr. Ashish Agarwal.
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 the “Blue City” of Rajasthan.
Kanishk Aluminium serves multiple sectors, including electronics, automotive, solar, furniture, transport, electrical, and architecture, through its diverse and customised aluminium profile solutions.
Product Portfolio:
Aluminium Extrusions: Includes solid and hollow section profiles, solar profiles, heatsinks, railings, sliding/fixed window and door profiles
Engineering Products: Channels, sections, flat bars, and tubes with various finishes, tolerances, and tempers.
Hardware & Architectural Solutions: Kitchen profiles, railing systems, and other customised architectural applications.
As of November 30, 2025, the company employed 46 personnel responsible for operations, quality control, administration, and business functions.
Competitive Strengths:
Diverse Product Range and Customization
Flexibility and Market Agility
In-House Quality Control Mechanism
Resource Optimization and Operational Efficiency
Commitment to Innovation and Growth
Financial Snapshot (Rs. crore)
| Period Ended | 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 |
| Total Borrowing | 25.55 | 22.74 | 20.84 | 26.45 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 29.21% |
| ROCE | 19.92% |
| RoNW | 29.21% |
| PAT Margin | 17.62% |
| EBITDA Margin | 33.55% |
| P/E (Post-Issue) | 19.03x |
| Price to Book Value | 3.18 |
| Market Capitalization | Rs. 98.11 Cr |
Objects of the Issue (Rs. in crores)
| S.No. | Objects of the Issue | Amount (Rs. Cr) |
|---|---|---|
| 1 | Repayment/ pre-payment, in full or part, of certain borrowings availed by the Company | 19.50 |
| 2 | Branding and Promotion of Company brand, ‘Baari by Kanishk | 0.80 |
| 3 | General Corporate Purposes | 4.32 |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Kanishk Aluminium India Ltd. |
| Address | Plot No. E-849 A, Fourth Phase RIICO, Boranada, Jodhpur, Rajasthan, 342001 |
| Phone | +91 92570 61994 |
| cs@kanishkindia.co.in |
Lead Manager
| Particulars | Details |
|---|---|
| Lead Manager | Sun Capital Advisory Services Pvt. Ltd. |
Registrar
| Particulars | Details |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Phone | 04067162222, 04079611000 |
| kal.ipo@kfintech.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | KAIL is engaged in the manufacturing of a comprehensive range of aluminium extrusion products for variety user industry. The company marked almost static top lines with inconsistent bottom lines for the reported periods. Boosted profits from FY25 onwards appears window dressing to fetch fancy valuations for IPO. Based on its recent financial data, the issue appears greedily priced. There is no harm in skipping this pricey issue. |
| Chanakya View | Avoid / Skip – pricey valuations and inconsistent earnings quality |
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
