Kanishk Aluminium India IPO 2026: ₹73 Fixed Price, ₹27.74 Cr Jan 28-30 BSE SME

The Indian aluminium extrusion market is expanding rapidly due to demand in the automotive, solar energy, construction, electric vehicle, and infrastructure sectors, thanks to the ₹111 lakh crore National Infrastructure Pipeline. With a compound annual growth rate (CAGR) of 7–9%, it is expected to reach $20–25 billion by 2030. This is primarily because of lightweight materials, exports, and Tier-2/3 urban projects that prefer profiles for facades, heatsinks, and conductors. Kanishk Aluminium India Ltd. was founded in 2022 in Jodhpur, Rajasthan. Its 4,000-square-meter facility is ISO 9001:2015-certified and makes custom aluminium extrusions like solar profiles, railings, channels, and architectural solutions.

As of November 2025, Kanishk Aluminium India Limited has 46 employees and makes custom products for the electronics, automotive, solar, furniture, and electrical industries that meet BIS/ASTM standards. The company's finances show that it made ₹59.54 Cr in revenue in FY24, had ₹45.22 Cr in assets in January 2025, a return on equity (ROE) of 14.15%, a return on capital employed (ROCE) of 10.95%, a profit after tax (PAT) margin of 2.56%, and an earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 7.58%. The promoter held 99.99% of the company before the IPO. Debt/equity is 1.54, thanks to strong relationships with clients and the "Baari by Kanishk" brand.

The Kanishk Aluminium India SME IPO has 40 lakh equity shares with a face value of ₹10 each, for a total of ₹27.74 Cr (100% fresh issue) at ₹73/share. The market lot is 1,600 shares, and the minimum for retail is ₹2.33 lakh. It opens on January 28 and closes on January 30, 2026 (anchor January 27). Allotment is on February 2 and the BSE SME listing is on February 4. The money will go towards paying off ₹19.50 Cr in debt and ₹0.80 Cr in branding.

Kanishk Aluminium India IPO Details:

Kanishk Aluminium India Issue Management:

Sun Capital Advisory Services Pvt Ltd acts as the book-running lead manager for Kanishk Aluminium India SME IPO, managing underwriting and compliance.

Kanishk Aluminium India IPO RTA (Registrar) Details:

Kfin Technologies Pvt Ltd handles allotment, refunds, and demat credits—contact at +91-04067162222, 04079611000 or kal.ipo@kfintech.com.

Kanishk Aluminium India IPO Allotment Status:

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Kanishk Aluminium India IPO: Understanding the Company Profile 

Kanishk Aluminium India Limited, which was founded in 2022 in Jodhpur, Rajasthan, makes solid and hollow aluminium extrusions like solar profiles, heat sinks, railings, channels, flat bars, and tubes. Its ISO 9001:2015-certified facility is 4,000 square metres and has 46 employees as of November 2025. The "Baari by Kanishk" brand meets BIS and ASTM standards for electronics, cars, solar panels, furniture, and electrical goods. About 20–30% of sales come from exports. Plans to use the ₹27.74 Cr from the IPO (40 lakh shares at ₹10 FV) to pay off or prepay ₹19.50 Cr in debt and ₹0.80 Cr for branding and advertising.

Kanishk Aluminium India Limited uses advanced extrusion technology to make lightweight, long-lasting profiles for solar panels, electric vehicles, facades, and infrastructure that cost less than ₹111 lakh Cr NIP.

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Pre-BSE SME IPO, finances show Revenue for FY24 is ₹59.54 Cr; for H1FY26, it is ₹29–32 Cr (est.); assets are ₹60.47 Cr (Aug 2025), and ROE is 14.15%. ₹27.74 Cr IPO (40 lakh shares) at a set price of ₹73 per share (lot size 1,600 shares, or about ₹2.33 lakh for the smallest retail). It opens on January 28 and closes on January 30, 2026. The allotment is on February 2, and the listing is on February 4.

• Kanishk Aluminium India IPO Size:

Kanishk Aluminium India Limited IPO comprises a fresh issue of ₹27.74 Cr (40 lakh shares @ ₹10 FV), entirely a fresh issue (no OFS), aimed at repayment/pre-payment of borrowings (₹19.50 Cr) and branding & promotion under 'Baari by Kanishk' (₹0.80 Cr), along with general corporate purposes.

• Kanishk Aluminium India IPO Objectives:

Kanishk Aluminium India IPO proceeds will be deployed towards the following objectives:

• Kanishk Aluminium India Investors Categorisation:

Kanishk Aluminium India Ltd BSE SME IPO reserves 40 lakh shares across investor categories per standard SME norms:

• Kanishk Aluminium India Anchor Investor Details:

On January 27, 2026, the anchor bidding for Kanishk Aluminium India IPO will begin. There will be about ~50% of QIB, or about 8 to 9 lakh shares.

Lock-in: 50% for 30 days, 50% for 90 days as per SEBI SME guidelines.

The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Kfin Technologies Pvt Ltd.

• Kanishk Aluminium India IPO: Key Financials  

The financial numbers for Kanishk Aluminium India Limited for FY25 are strong. The ROE is 14.15%, the ROCE is 10.95%, the PAT margin is 2.56%, and the EBITDA margin is 7.58%. This is because there is more demand for aluminium extrusions in solar, automotive, electric vehicle, and infrastructure projects under the ₹111 lakh Cr National Infrastructure Pipeline. There is also more export growth (20–30% of revenue) and better capacity utilisation, according to RHP disclosures.

At the high end of the price range (₹73), the company is worth about 0.47 times its sales for FY25 and 7–8 times its earnings per share (EPS) for FY25 after the issue. This is a good deal for a fast-growing aluminium company that is taking advantage of India's 7–9% CAGR market to reach $20–25 billion by 2030. This will be helped by renewable energy projects, Tier-2/3 construction, EV adoption, and exports growing by more than 10% every year.

Strengths and Risks

The important risks and strengths of Kanishk Aluminium India IPO are mentioned below:

Strengths:

• Advanced Production Setup: The Jodhpur facility has integrated extrusion presses and in-house die design, which means they can make precise profiles for solar frames, EV parts, and architectural uses with very short lead times.

• Wide Range of Products: Customised aluminium products like heatsinks, railings, channels, and hardware are available for the renewable energy, automotive, electronics, and infrastructure industries. They are sold under the name "Baari by Kanishk" for both domestic and international customers.

• Strong Quality Standards: Testing that meets BIS/ASTM standards, ISO 9001:2015 accreditation, and a wide range of suppliers guarantee reliable performance in high-demand areas like power transmission and Tier 2/3 construction projects.

Risks

• Raw Material Dependency: The top 10 suppliers account for 75–82% of purchases, which means that margins are affected by changes in the price of aluminium in global supply chains.

• High Leverage Levels: A debt/equity ratio of 1.54 means that the company relies on borrowing, even though the ₹19.50 Cr IPO funds are meant to pay off the debt.

• Short Operating History: The company was founded in 2018 and now has to compete with established players in a market that is fragmented and relies heavily on imports.

Kanishk Aluminium India IPO Review:

RHP filings suggest that Kanishk Aluminium India Ltd has strong financials, with FY25 revenue of ₹59.54 Cr, PAT of ₹1.52 Cr (2.56% margin), ROE of 14.15%, ROCE of 10.95%, and an EBITDA margin of 7.58%. This growth is driven by a rise in demand for custom aluminium extrusions in high-potential areas like solar energy, electric vehicles, automotive parts, and infrastructure projects. Exports account for 20–30% of the company's revenue, and its Jodhpur facility is running at full capacity.

The company's strategy is in line with India's aluminium extrusion market, which is expected to grow at a CAGR of 7–9% to $20–25 billion by 2030. This growth is supported by the ₹111 lakh Cr National Infrastructure Pipeline, the push for renewable energy, the development of Tier-2/3 cities, and the trend towards lightweight materials.

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The ₹27.74 Cr BSE SME IPO at ₹73 per share has good valuations at 0.47x FY25 sales and 7–8x post-issue EPS. It is undervalued compared to other companies in the same sector and has plans to pay off debt (₹19.50 Cr allocation). Strong sector tailwinds outweigh risks like relying on suppliers and having a short track record. There is also potential for GMP to go up before the January 28 opening.

Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is only for informative purposes and not investment advice.

Action Links:

To apply for Kanishk Aluminium India IPO, open a demat account here​

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