Kanishk Aluminium IPO offers investors exposure to a young aluminium extrusion manufacturer with improving profitability and deleveraging plans, but also SME‑style risks, high ticket size and cyclicality linked to aluminium and construction demand.​

Kanishk Aluminium IPO overview

• Kanishk Aluminium India Ltd, incorporated in 2022, manufactures a range of aluminium extrusion products such as solid and hollow section profiles, solar profiles, railings, heatsinks and sliding/fixed window and door profiles.​

• Its products cater to electronics, automotive, mechanical, solar, furniture, transport, electrical and architectural applications, giving it a diversified end‑user base.​
• The company operates a 4,000 sq. m. manufacturing facility in Jodhpur (Rajasthan) and sources aluminium from pure ingots and recycled aluminium products.​

Key IPO details, dates and lot size

• IPO schedule:

  • Open date: 28 January 2026.
  • Close date: 30 January 2026.
  • Basis of allotment: 2 February 2026.
  • Refunds and credit to Demat: 3 February 2026.
  • Listing date: 4 February 2026 (cut‑off 5 PM on closing day).​
• IPO Details:
  • Face Value : Rs 10 per share
  • Issue price : Rs 73 per share
  • Sale Type : Fresh Capital
  • Totall Issue Size : Rs 29 Crore
  • Market Cap : Rs. 98.11 Crore

• IPO Subscription Status on 3^rd Day:-

  • Kanishk Aluminium India IPO subscribed 1.04 times. The public issue subscribed 1.86 times in the individual investors category, and 0.23 times in the NII category by January 30, 2026 6:19:57 PM (Day 3).
• Market lot and minimum investment:
  • Minimum market lot: 3,200 shares.
  • Retail minimum / maximum: 3,200 shares with application amount ₹2,33,600, classifying it as a high‑ticket SME IPO for retail investors.​
• Reservation pattern:
  • NII: 18,99,200 shares (47.48%).
  • Retail: 19,00,800 shares (47.52%).
  • No separate mention of QIB/Anchor allocation in the shared extract.​
• Promoters and shareholding:
  • Promoters: Parmanand Agarwal, Khusboo Agarwal and Ashish Agarwal.​
  • Promoter holding pre‑issue: 94,40,000 shares (99.99%).
  • Promoter holding post‑issue: 1,34,40,000 shares (70.24%), indicating continued majority control.​
• Objective of the issue:
  • Repayment / pre‑payment of certain borrowings: ₹19.50 crore.
  • Branding and promotion of “Baari by Kanishk”: ₹0.80 crore.
  • General corporate purposes: ₹4.32 crore.

Financials and valuation snapshot

• FY2025 key metrics:
  • ROE: 20.21%.
  • ROCE: 14.61%.
  • EBITDA margin: 11.10%.
  • PAT margin: 5.09%.
  • Debt‑equity ratio: 1.37 (moderately high leverage).
  • EPS (basic): ₹3.22.
  • RoNW: 20.21%.
  • NAV: ₹17.56.
  • P/E based on IPO pricing: 22.67x.​
• Peer comparison (from extract):
  • Maan Aluminium Ltd: EPS ₹2.87; P/E 55.84; RoNW 9.00%; NAV ₹32.99; income ₹810.17 crore.
  • Banco Products (India) Ltd: EPS ₹27.39; P/E 24.79; RoNW 30.01%; NAV ₹91.08; income ₹3,212.52 crore.​

Strengths

• Product portfolio spans solid and hollow profiles, solar profiles, railings, heatsinks and window/door profiles, allowing participation across multiple demand segments.​
• Diversified end‑user industries – electronics, automotive, mechanical, solar, furniture, transport, electrical and architecture – reduce dependence on any single sector.​
• Stable topline around ₹60 crore across FY2023–FY2025 with improving profitability (PAT rising from ₹1.52 crore in FY2024 to ₹3.04 crore in FY2025 and ₹2.15 crore in five months to Aug 2025).​
• Healthy FY2025 return ratios with ROE at 20.21% and RoNW at 20.21%, supported by better margins.​
• EBITDA margin of 11.10% and PAT margin of 5.09% in FY2025 are decent for a mid‑scale aluminium extrusion player.​
• IPO proceeds primarily earmarked for loan repayment (₹19.50 crore), which should lower interest costs and strengthen the balance sheet over time.​

Risks

• SME IPO with high minimum lot size (3,200 shares; ₹2,33,600) restricts participation to investors with higher ticket size and risk appetite.​
• Short operating history (incorporated 2022) and limited financial track record compared with established aluminium peers.​
• Revenue has been largely flat around ₹59–60 crore over FY2023–FY2025, indicating that scale‑up has been modest so far.​
• Debt‑equity ratio of 1.37 is on the higher side; although IPO proceeds aim to reduce debt, current leverage increases financial risk.​
• Exposure to cyclicality in aluminium prices and demand from construction, solar and industrial sectors; downturns can pressure margins.​
• Neutral review and P/E of 22.67x mean upside may rely heavily on future growth execution and margin expansion.​

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

1. What is Kanishk Aluminium IPO?
Kanishk Aluminium IPO is a SME public issue of Kanishk Aluminium India Ltd, a Jodhpur‑based manufacturer of aluminium extrusion products catering to electronics, automotive, solar, furniture and architectural sectors.​

2. When does Kanishk Aluminium IPO open and close?
The IPO opens on 28 January 2026 and closes on 30 January 2026; basis of allotment is on 2 February, refunds and Demat credit on 3 February and listing is scheduled for 4 February 2026.​

3. What is the Kanishk Aluminium IPO lot size and minimum investment?
The minimum lot size is 3,200 shares and retail investors must apply for at least ₹2,33,600, making it a high‑ticket SME IPO.​

4. How will Kanishk Aluminium use the IPO proceeds?
IPO proceeds will mainly be used for repayment / pre‑payment of certain borrowings (₹19.50 crore), branding and promotion of “Baari by Kanishk” (₹0.80 crore) and general corporate purposes (₹4.32 crore).​

5. How has Kanishk Aluminium performed financially before the IPO?
In FY2025, Kanishk Aluminium reported revenue of ₹60.13 crore and PAT of ₹3.04 crore, with ROE 20.21%, ROCE 14.61%, EBITDA margin 11.10%, PAT margin 5.09%, EPS ₹3.22, P/E 22.67x and debt‑equity ratio 1.37.​