Updated on 12.02.2026|14:36 PM
Kanishk Aluminium India Limited is set to launch its Initial Public Offering (IPO) on the BSE SME platform on Wednesday, January 28, 2026 and close on January 30, 2026. You can track all the upcoming and live IPOs at our daily updated IPO calendar page.
It is a Jodhpur-based manufacturer of aluminium extrusion products.
Specialising in profiles for diverse sectors, including automotive, solar energy, and construction, the company has also recently ventured into the B2C segment with its premium door and window brand, 'Baari by Kanishk'.
The issue, which is a 100% fresh issue of 40,00,000 equity shares, aims to raise approximately ₹29.20 Crores with a fixed price of ₹73 per share.
In this article, you will find Kanishk Aluminium India IPO GMP today, price band, and a detailed review. You can track the daily subscription status at our subscription hub page and for allotment related details, check our dedicated allotment status page.
Briefs of Kanishk Aluminium India IPO Details
- Issue Price: ₹73 per equity share (Fixed Price)
- IPO Open / Close Dates: January 28, 2026 – January 30, 2026
- Lot Size: 1,600 Shares (Note: Retail Minimum Application is 2 Lots / 3,200 Shares)
- Issue Size: 40,00,000 Equity Shares / ~₹29.20 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE SME
As Kfin technologies is the registrar of this IPO, if you want to learn about allotment status, credit of shares and other allotment related issues then you can check our detailed step by step guide.
What Is The Kanishk Aluminium India IPO GMP Today?
You can check the GMP of this and other issues at our GMP today page.
Note: The Grey Market Premium (GMP) is an unofficial indicator and is not regularised by SEBI, NSE, or BSE.
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 73 | 58.4 | -20.0 |
What Are The Important Kanishk Aluminium India IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Wednesday, January 28, 2026
- IPO Close Date: Friday, January 30, 2026
- Basis of Allotment Date: Monday, February 2, 2026
- Refund Initiation Date: Tuesday, February 3, 2026
- Credit of Shares: Tuesday, February 3, 2026
- Listing Date: Wednesday, February 4, 2026
What Are The Objectives of Kanishk Aluminium India IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Repayment of Borrowings: The primary objective is financial deleveraging. A substantial allocation of ₹19.50 Crores is dedicated to fully or partially repaying secured loans availed from Union Bank of India.
- Branding and Promotion: To support its strategic pivot into the B2C segment, the company has earmarked ₹0.80 Crores for marketing its premium aluminium door and window brand, ‘Baari by Kanishk’.
- General Corporate Purposes: The remaining balance will be deployed towards general corporate exigencies, strategic initiatives, and meeting ongoing business expenses.
How is The Financial Performance of Kanishk Aluminium India?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 31 Aug 2025 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 29.25 | 60.13 | 59.54 | 59.68 |
Profit After Tax (PAT) | 2.15 | 3.04 | 1.52 | 1.76 |
EBITDA | 4.08 | 6.63 | 4.50 | 4.06 |
Total Borrowing | 25.55 | 22.74 | 20.84 | 26.45 |
Assets | 60.47 | 50.50 | 41.09 | 37.11 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹60.13 Crores in FY25, showing marginal growth over the previous two fiscal years where revenue remained relatively flat. However, the introduction of the new B2C brand 'Baari' is expected to drive future topline growth, as indicated by the ₹29.25 Crores revenue in the first five months of FY26.
Profit After Tax (PAT):
PAT witnessed a substantial jump to ₹3.04 Crores in FY25 from ₹1.52 Crores in FY24. This increase is attributed to the successful launch of high-margin product lines and effective cost control measures, particularly in finance and power expenses.
EBITDA:
Operational efficiency has improved significantly, with EBITDA margins expanding to nearly 33.55% (annualized) for the period ended August 2025, compared to 11.10% in FY25. This surge suggests a favorable shift in the product mix towards higher-value architectural segments.
Total Borrowing:
As of August 2025, total borrowings stood at ₹25.55 Crores. The company's strategic decision to use nearly 67% of the IPO proceeds for debt repayment will be crucial in deleveraging the balance sheet and reducing interest burdens.
Assets:
The asset base has grown consistently to ₹60.47 Crores by August 2025. This expansion is driven by capital expenditure on plant and machinery, land acquisition for future industrial expansion, and increased inventory levels to support the new business lines.
What Are the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹3.22, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 22.67x at the upper end of the price band (₹73).
P/E Ratio = ₹73(Price) / ₹3.22(Earnings Per Share)
P/E Ratio ≈ 22.67x
Peer Comparison Table (FY 2024-25 Data)
| Company | Revenue (₹ Lakhs) | P/E Ratio | RoNW (%) |
Kanishk Aluminium | 5,978.22 | 22.67 | 20.21 |
| Maan Aluminium Ltd | 81,016.62 | 55.84 | 9.00 |
| Banco Products (India) | 3,21,252.13 | 24.79 | 30.01 |
Analysis:
Kanishk Aluminium is entering the market at a P/E multiple of approximately 22.67x. When compared to the industry average of roughly 40.31x and listed peers like Maan Aluminium (55.84x), the issue appears to be reasonably priced. Furthermore, Kanishk boasts a Return on Net Worth (RoNW) of 20.21% compared to Maan Aluminium's 9.00%, suggesting efficient utilisation of shareholder capital despite its smaller scale.
What is The Industry Outlook Kanishk Aluminium India Limited ?
Growth Potential:
The Indian aluminium extrusion market is growing, fueled by demand from the construction (smart cities), solar power, and automotive sectors.
Market Trends:
There is a rising trend towards organized, branded players in the B2C segment for home improvement products like aluminium windows and doors. Kanishk's pivot to the 'Baari' brand aligns well with this consumer shift.
What Are The Strengths and Risks of Kanishk Aluminium India IPO?
Strengths:
- Strategic Pivot: The launch of the B2C brand 'Baari' opens up a higher margin segment compared to traditional industrial profiles.
- Deleveraging Plan: A clear roadmap to use IPO funds for significant debt reduction will improve net profitability post-listing.
- Operational Efficiency: The sharp rise in recent EBITDA margins indicates strong manufacturing control and pricing power.
Risks:
- Customer Concentration: The top 10 customers contribute nearly 88% of total revenue. Loss of a key client is a significant risk.
- Negative Cash Flows: The company has reported negative operating cash flows recently due to high working capital needs, which is a key monitorable.
- Geographic Concentration: With over 80% of revenue coming from three northern states, the company is exposed to regional market fluctuations.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is presumably 1,600 Shares (standard for this issue size). Investors should confirm the exact lot size with their broker.
- Valuation: At ~22.6x P/E, the pricing leaves room for upside compared to industry peers.
- Risk Profile: While the B2C expansion is promising, the high customer concentration and negative cash flows require risk tolerance.
Key Takeaways
- IPO Price: ₹73 per share (Fixed Price).
- Min Investment: ₹2,33,600 (3,200 Shares).
- Allotment Date: February 2, 2026
- Listing: BSE SME platform on February 4, 2026.
FAQs on Kanishk Aluminium India IPO
What is Kanishk Aluminium India IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check trusted financial news portals or our dedicated GMP section for the latest updates.
What is Kanishk Aluminium India IPO price band?
The issue price is fixed at ₹73 per equity share.
What is Kanishk Aluminium India IPO allotment date?
The allotment status is expected to be finalized on Monday, February 2, 2026.
How to check Kanishk Aluminium India IPO allotment status?
Investors can check the status on the website of Kfin Technologies Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Kanishk Aluminium India IPO listing date?
The shares are tentatively scheduled to list on Wednesday, February 4, 2026.
Investment Perspective on Kanishk Aluminium India IPO
Kanishk Aluminium India offers a value play in the manufacturing sector with a clear deleveraging story and new growth avenues in the B2C space. The valuation is attractive relative to peers, but investors must weigh the risks of high customer concentration and recent negative cash flows.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
