Kanishk Aluminium India Ltd IPO
Status: Closed
Overview
IPO date
28 Jan 2026 to 30 Jan 2026
Face value
₹ 10 per share
Price
₹ 73 per share
Issue Size
4,000,000 shares
(aggregating up to ₹ 29.2 Cr)
(aggregating up to ₹ 29.2 Cr)
Allotment Date
02 Feb 2026
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Non Ferrous Metals
Objectives of Kanishk Aluminium India Ltd IPO
Kanishk Aluminium India Ltd IPO Strategy
About Kanishk Aluminium India Ltd
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T&C*
Strengths vs Risks of Kanishk Aluminium India Ltd
Know the pros & cons
Strengths
Diverse Product Portfolio.- Ability to provide customized solutions tailored to client specifications.
- Stringent quality control mechanism ensuring standardized product quality.
- Strong knowledge and expertise of Senior management team.
- Strong existing client relationship.
- Prepared to grow and reap benefit of available huge potentials available in aluminum product end-users sectors.
Risks
- A significant portion of revenue comes from key customers, and losing one or more of them, experiencing a decline in their financial health or business outlook, or facing a reduction in their demand for the company'sproducts could negatively impact our business, operating results, financial condition, and cash flows.
- The Company is dependents on few suppliers for purchase of raw materials. Loss of any of these large suppliers may affect its business operations adversely.
- The company's Promoter Group entities have some common business interest or pursuits among themselves, which may create potential conflict of interest and can adversely affect the interest of the Company.
- There have been instances of delayed filings in the past with certain Regulatory Authorities. If the Regulatory Authorities impose any monitory penalties on the company or take any punitive actions against the Company in relation to the same,the company's business, financial condition and results of operations could be adversely affected.
- In the past, there have been discrepancies in filings with the Registrar of Companies (RoC) and other non-compliances under the Companies Act, which may result in penalties.
- The company's operations are highly dependent on the availability and price volatility of aluminium, which constitutes its primary raw material. Any disruption in the procurement or significant fluctuations in aluminium prices whether due to global supply-demand dynamics, import/export restrictions, or geopolitical tensions may adversely affect its profitability and operations.
- The company has a limited operating history under its current business model and brand identity, which may affect the company's ability to attract customers and investors.
- The Company derives a significant portion of revenue from aluminum extrusion products which is used in for sale of Architectural Products, Engineering Products, Automobile Products, Electronics & Electrical Products and Solar Products etc. and any reduction in the sale of such products could have an adverse effect on the business, results of operations and financial condition.
- The Company had negative operating cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- The company's past performance may not be indicative of its future growth. An inability to effectively manage the company's growth and expansion may have a material adverse effect on its business prospects and future financial performance.
- The Company is significantly dependent on Revenues from the Operations from the states - Rajasthan, Uttar Pradesh and Delhi, and any adverse developments in these regions could materially and adversely affect its business, results of operations, and financial condition.
- Few of its Promoter/Directors have provided personal guarantees for loan facilities obtained by the Company, and any failures or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as our Promoters/Directors and thereby, impact its business and operations.
- The company has in the past entered into related party transactions and may continue to do so in the future. Any such significant dependence on Related Party Transactions may adversely affect its Business, financial condition and results of operations.
- The company has a high debt equity ratio which may have an adverse impact on its debt servicing obligations.
- While the company performs extrusion manufacturing in-house, certain surface treatments such as anodizing, polishing, and powder coating are undertaken by third-party vendors. Any failures, quality lapse, or delay from these vendors may impact its ability to meet client specifications and delivery schedules.
- The company relies on exclusive partnerships with local fabricators to expand the company's 'Baari by Kanishk' brand; any non-compliance, disputes, or termination of these arrangements could adversely impact its operations, revenues, and brand reputation.
- The company is dependents on its manufacturing unit and any disruption, slowdown or shutdown of the company's manufacturing units may restrict the company's operations and adversely affect its business and financial condition.
- Failures to comply with environmental laws and regulations by the company could lead to unforeseen environmental litigation which could impact its business and the company's future net earnings.
- If the company is unable to recruit and retain senior management, qualified and skilled personnel, the company's business and its ability to operate or grow the company's business may be adversely affected.
- There is no guarantee that its Equity Shares will be listed on SME Platform of BSE Limited in a timely manner or at all.
- The company is subject to restrictive covenants under its financing agreements that could limit the company's flexibility in managing its business or to use bank balance or other assets. Any defaults may adversely affect the company's cash flows, business, results of operations and financial condition.
- The Company operates under certain statutory and regulatory approvals for the operations. Failures to obtain or maintain licenses, registrations, permits and approvals may affect its business and results of operations.
- The company's contingent liabilities as stated in its Restated Financial Statements could affect the company's financial condition.
- The company may not be sufficiently protected or insured for certain losses that the company may incur or claims that the company may faces against the company.
- The Company has availed unsecured loans which are repayable on demand. Any demand from lender(s) for repayment of such unsecured loans, may adversely affect its cash flows.
- The company operates in a segment where customers demand customized aluminium profiles and superior finishes; failures to meet these expectations may result in order cancellations, reputational damage, or potential legal liabilities.
- The company does not have long-term agreements/contract with its customers. If a significant number of the company's customers choose not to place long-term purchase orders with the Company or may choose to terminate its contracts if market price drops drastically, the company's business, financial condition and results of operations may be adversely affected.
- The company's inability to accurately forecast demand for its products and manage the company's finished goods inventory may have an adverse effect on its business, financial condition, results of operations and cash flows.
- The company's business operations may be materially & adversely affected by strikes, work stoppages or increased wage demands by its employees or those of the company's suppliers.
- The Company have significant power and fuel requirements and any disruption to power or fuel sources could increase production costs and adversely affect business, financial condition, cash flows and results of operations.
- The Company needs high working capital requirements and may require additional capital and financing in the future and operations could be curtailed if the Company are unable to obtain the required additional capital and financing when needed.
- Funding requirements and proposed deployment of the Net Proceeds of the Issue have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, business, cash flows, financial condition and results of operations may be adversely affected.
- The Company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact business, financial condition, cash flows and results of operations.
- The company's manufacturing facilities is located in Jodhpur, Rajasthan which exposes operations to potential risks arising from local and regional factors such as adverse social and political events, weather conditions and natural disasters.
- Fraud, theft, employee negligence or similar incidents may adversely affect results of operations and cash flows.
- Technology failures could disrupt operations and adversely affect business operations and financial performance.
- The Company may undertake acquisitions, investments, joint ventures or other strategic alliances, which may have a material adverse effect on ability to manage business, and such undertakings may be unsuccessful.
- Uncertain and lengthy vendor selection process may have an adverse impact on business, cash flows, financial conditions and results of operations.
- Promoters and Directors hold Equity Shares in Company and are therefore interested in Company"s performance in addition to their remuneration and reimbursement of expenses.
- Most of Directors do not have any prior experience of being a director in any other listed company in India.
- Inability to collect receivables from customers or default in payment by them could result in the reduction of profits and affect cash flows.
- The Company may not be able to identify or effectively respond to evolving preferences, expectations or trends in a timely manner and a failure to derive the desired benefits from product development efforts may impact competitiveness and profitability.
- Safety issues could result in significant disruption at our manufacturing facilities which may adversely affect production schedules, costs, sales and ability to meet customer demand.
- If the Company is unable to establish and maintain an effective system of internal controls and compliances business and reputation could be adversely affected.
- The Company may require additional equity or debt in the future in order to continue to grow business, which may not be available on favorable terms or at all.
- Reliance on third-party transportation providers for procurement of raw materials and transportation of the company's finished products and the potential impact of transportation disruption.
- Failures to successfully implement our business strategies may materially and adversely affect its business, prospects, financial condition and results of operations.
- Any adverse change in regulations governing its products and the products of the company's customers, may adversely impact its business prospects and results of operations.
- The company's lenders have charge over its movable and immovable properties in respect of finance availed by the company.
- If the company is unable to manage its growth or execute the company's strategies effectively, the company's business plan and expansion may not be successful, and its business and prospects may be adversely affected.
- The company operates in a highly competitive industry and the company's failures to compete effectively could have a negative impact on the success of its business and/or impact the company's margin.
- The average cost of acquisition of Equity Shares by its Promoter is lower than the Issue Price.
- Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Information relating to the installed capacity, actual production and capacity utilization of its assembling and manufacturing facilities included in this Prospectus is based on various assumptions and estimates, and future production and capacity may vary.
- Any variation in the utilization of Net Proceeds would be subject to certain compliance requirements, including prior shareholders" approval.
- The company has not made any alternate arrangements in order to meet its capital requirements for the Objects of the Issue.
- The company's success depends heavily upon its Promoters, Directors and Key Managerial Personnel for their continuing services, strategic guidance and financial support who are also the natural person in control of the Company.
- There is an excessive dependence on one lender in respect of loan facilities obtained by the Company.
- If the company is unable to maintain and enhance the value and reputation of its brand and/or counter any negative publicity, the company's business, results of operations and financial condition could be materially adversely affected.
- Two of its promoter group individuals do not file income Tax Returns.
- Certain data mentioned in this Prospectus has not been independently verified.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by its major shareholders may adversely affect the trading price of the company's Equity Shares.
- The company encounters competition from both domestic and international markets, and its inability to compete effectively could materially and adversely affect the company's business and results of operations.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds in accordance with the SEBI (ICDR) Regulations and the that deployment of the issue proceeds is entirely at the discretion of the Company.
Kanishk Aluminium India Ltd Peer Comparison
Understand the company’s industry standing
Kanishk Aluminium India Ltd
Maan Aluminum Limited
Banco Products (India) Limited
Face Value
10
5
2
Standalone / Consolidated
Standalone
Standalone
Consolidated
Total Income Rs. Cr.
59.78
810.17
3212.52
EPS-Basis
---
---
---
EPS-Diluted
3.22
2.87
27.39
NAV Per Share
17.56
32.99
91.08
P/E-Basic EPS
22.67
55.84
24.79
P/E-Diluted EPS
---
---
---
RONW(%)
20.21
9
30.01
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 28 Jan 2026 & closes on 30 Jan 2026.
Kanishk Aluminium India Limited was originally incorporated as Company Limited under the name 'Kanishk Aluminium Extrusions Private Limited'on December 05, 2018. Further, name of the Company was changed from 'Kanishk Aluminium Extrusions Private Limited' to 'Kanishk Aluminium India Private Limited' and a fresh certificate of incorporation was issued by the Registrar of Companies, Jaipur vide dated September 21, 2022. Subsequently, Company converted its status into a Public Company and the name was changed from 'Kanishk Aluminium India Private Limited' to 'Kanishk Aluminium India Limited' vide a fresh certificate of incorporation dated October 30, 2024, was issued by the Registrar of Companies, Central Processing Centre.
Company specialize in manufacturing of Aluminium Profiles, including solid & hollow section profiles, solar profiles, railings, heatsinks and sliding/ fixed windows and doors through Extrusion process. The Company commissioned the first indigenous die shop and produced the inaugural die in 2019. It launched the first extrusion press during the year.
In 2024-25, Company expanded the product with the launch of 'BAARI by KANISHK', making the entry into aluminium system doors and windows segment. These products served a diverse array of industries, such as electronics, automotive, mechanical, solar, furniture, transport, electrical, and architecture.
The Company has joined the Aluminium Extrusion Manufacturer Association of India in 2025.
The Company launched the IPO of 40,00,000 equity shares of face value of Rs 10 each by raising funds of Rs 29.2 crores on January 30, 2026.
Kanishk Aluminium India Ltd IPO will close on 30 Jan 2026.
- Diverse Product Portfolio.
- Ability to provide customized solutions tailored to client specifications.
- Stringent quality control mechanism ensuring standardized product quality.
- Strong knowledge and expertise of Senior management team.
- Strong existing client relationship.
- Prepared to grow and reap benefit of available huge potentials available in aluminum product end-users sectors.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Parmanand Agarwal | 7839960 | 83.05 | 7839960 | 58.33 |
| 2 | Ashish Agarwal | 8 | --- | 8 | --- |
| 3 | Khushboo Agarwal | 1600000 | 16.94 | 1600000 | 11.91 |
| 4 | Madhu Agarwal | 8 | --- | 8 | --- |
| 5 | Om Prakash Agarwal | 8 | --- | 8 | --- |
| 6 | Neha Agarwal | 8 | --- | 8 | --- |
- A significant portion of revenue comes from key customers, and losing one or more of them, experiencing a decline in their financial health or business outlook, or facing a reduction in their demand for the company'sproducts could negatively impact our business, operating results, financial condition, and cash flows.
- The Company is dependents on few suppliers for purchase of raw materials. Loss of any of these large suppliers may affect its business operations adversely.
- The company's Promoter Group entities have some common business interest or pursuits among themselves, which may create potential conflict of interest and can adversely affect the interest of the Company.
- There have been instances of delayed filings in the past with certain Regulatory Authorities. If the Regulatory Authorities impose any monitory penalties on the company or take any punitive actions against the Company in relation to the same,the company's business, financial condition and results of operations could be adversely affected.
- In the past, there have been discrepancies in filings with the Registrar of Companies (RoC) and other non-compliances under the Companies Act, which may result in penalties.
- The company's operations are highly dependent on the availability and price volatility of aluminium, which constitutes its primary raw material. Any disruption in the procurement or significant fluctuations in aluminium prices whether due to global supply-demand dynamics, import/export restrictions, or geopolitical tensions may adversely affect its profitability and operations.
- The company has a limited operating history under its current business model and brand identity, which may affect the company's ability to attract customers and investors.
- The Company derives a significant portion of revenue from aluminum extrusion products which is used in for sale of Architectural Products, Engineering Products, Automobile Products, Electronics & Electrical Products and Solar Products etc. and any reduction in the sale of such products could have an adverse effect on the business, results of operations and financial condition.
- The Company had negative operating cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- The company's past performance may not be indicative of its future growth. An inability to effectively manage the company's growth and expansion may have a material adverse effect on its business prospects and future financial performance.
- The Company is significantly dependent on Revenues from the Operations from the states - Rajasthan, Uttar Pradesh and Delhi, and any adverse developments in these regions could materially and adversely affect its business, results of operations, and financial condition.
- Few of its Promoter/Directors have provided personal guarantees for loan facilities obtained by the Company, and any failures or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as our Promoters/Directors and thereby, impact its business and operations.
- The company has in the past entered into related party transactions and may continue to do so in the future. Any such significant dependence on Related Party Transactions may adversely affect its Business, financial condition and results of operations.
- The company has a high debt equity ratio which may have an adverse impact on its debt servicing obligations.
- While the company performs extrusion manufacturing in-house, certain surface treatments such as anodizing, polishing, and powder coating are undertaken by third-party vendors. Any failures, quality lapse, or delay from these vendors may impact its ability to meet client specifications and delivery schedules.
- The company relies on exclusive partnerships with local fabricators to expand the company's 'Baari by Kanishk' brand; any non-compliance, disputes, or termination of these arrangements could adversely impact its operations, revenues, and brand reputation.
- The company is dependents on its manufacturing unit and any disruption, slowdown or shutdown of the company's manufacturing units may restrict the company's operations and adversely affect its business and financial condition.
- Failures to comply with environmental laws and regulations by the company could lead to unforeseen environmental litigation which could impact its business and the company's future net earnings.
- If the company is unable to recruit and retain senior management, qualified and skilled personnel, the company's business and its ability to operate or grow the company's business may be adversely affected.
- There is no guarantee that its Equity Shares will be listed on SME Platform of BSE Limited in a timely manner or at all.
- The company is subject to restrictive covenants under its financing agreements that could limit the company's flexibility in managing its business or to use bank balance or other assets. Any defaults may adversely affect the company's cash flows, business, results of operations and financial condition.
- The Company operates under certain statutory and regulatory approvals for the operations. Failures to obtain or maintain licenses, registrations, permits and approvals may affect its business and results of operations.
- The company's contingent liabilities as stated in its Restated Financial Statements could affect the company's financial condition.
- The company may not be sufficiently protected or insured for certain losses that the company may incur or claims that the company may faces against the company.
- The Company has availed unsecured loans which are repayable on demand. Any demand from lender(s) for repayment of such unsecured loans, may adversely affect its cash flows.
- The company operates in a segment where customers demand customized aluminium profiles and superior finishes; failures to meet these expectations may result in order cancellations, reputational damage, or potential legal liabilities.
- The company does not have long-term agreements/contract with its customers. If a significant number of the company's customers choose not to place long-term purchase orders with the Company or may choose to terminate its contracts if market price drops drastically, the company's business, financial condition and results of operations may be adversely affected.
- The company's inability to accurately forecast demand for its products and manage the company's finished goods inventory may have an adverse effect on its business, financial condition, results of operations and cash flows.
- The company's business operations may be materially & adversely affected by strikes, work stoppages or increased wage demands by its employees or those of the company's suppliers.
- The Company have significant power and fuel requirements and any disruption to power or fuel sources could increase production costs and adversely affect business, financial condition, cash flows and results of operations.
- The Company needs high working capital requirements and may require additional capital and financing in the future and operations could be curtailed if the Company are unable to obtain the required additional capital and financing when needed.
- Funding requirements and proposed deployment of the Net Proceeds of the Issue have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, business, cash flows, financial condition and results of operations may be adversely affected.
- The Company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact business, financial condition, cash flows and results of operations.
- The company's manufacturing facilities is located in Jodhpur, Rajasthan which exposes operations to potential risks arising from local and regional factors such as adverse social and political events, weather conditions and natural disasters.
- Fraud, theft, employee negligence or similar incidents may adversely affect results of operations and cash flows.
- Technology failures could disrupt operations and adversely affect business operations and financial performance.
- The Company may undertake acquisitions, investments, joint ventures or other strategic alliances, which may have a material adverse effect on ability to manage business, and such undertakings may be unsuccessful.
- Uncertain and lengthy vendor selection process may have an adverse impact on business, cash flows, financial conditions and results of operations.
- Promoters and Directors hold Equity Shares in Company and are therefore interested in Company"s performance in addition to their remuneration and reimbursement of expenses.
- Most of Directors do not have any prior experience of being a director in any other listed company in India.
- Inability to collect receivables from customers or default in payment by them could result in the reduction of profits and affect cash flows.
- The Company may not be able to identify or effectively respond to evolving preferences, expectations or trends in a timely manner and a failure to derive the desired benefits from product development efforts may impact competitiveness and profitability.
- Safety issues could result in significant disruption at our manufacturing facilities which may adversely affect production schedules, costs, sales and ability to meet customer demand.
- If the Company is unable to establish and maintain an effective system of internal controls and compliances business and reputation could be adversely affected.
- The Company may require additional equity or debt in the future in order to continue to grow business, which may not be available on favorable terms or at all.
- Reliance on third-party transportation providers for procurement of raw materials and transportation of the company's finished products and the potential impact of transportation disruption.
- Failures to successfully implement our business strategies may materially and adversely affect its business, prospects, financial condition and results of operations.
- Any adverse change in regulations governing its products and the products of the company's customers, may adversely impact its business prospects and results of operations.
- The company's lenders have charge over its movable and immovable properties in respect of finance availed by the company.
- If the company is unable to manage its growth or execute the company's strategies effectively, the company's business plan and expansion may not be successful, and its business and prospects may be adversely affected.
- The company operates in a highly competitive industry and the company's failures to compete effectively could have a negative impact on the success of its business and/or impact the company's margin.
- The average cost of acquisition of Equity Shares by its Promoter is lower than the Issue Price.
- Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Information relating to the installed capacity, actual production and capacity utilization of its assembling and manufacturing facilities included in this Prospectus is based on various assumptions and estimates, and future production and capacity may vary.
- Any variation in the utilization of Net Proceeds would be subject to certain compliance requirements, including prior shareholders" approval.
- The company has not made any alternate arrangements in order to meet its capital requirements for the Objects of the Issue.
- The company's success depends heavily upon its Promoters, Directors and Key Managerial Personnel for their continuing services, strategic guidance and financial support who are also the natural person in control of the Company.
- There is an excessive dependence on one lender in respect of loan facilities obtained by the Company.
- If the company is unable to maintain and enhance the value and reputation of its brand and/or counter any negative publicity, the company's business, results of operations and financial condition could be materially adversely affected.
- Two of its promoter group individuals do not file income Tax Returns.
- Certain data mentioned in this Prospectus has not been independently verified.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by its major shareholders may adversely affect the trading price of the company's Equity Shares.
- The company encounters competition from both domestic and international markets, and its inability to compete effectively could materially and adversely affect the company's business and results of operations.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds in accordance with the SEBI (ICDR) Regulations and the that deployment of the issue proceeds is entirely at the discretion of the Company.
The Issue type of Kanishk Aluminium India Ltd is Fixed Price - SME.
The minimum application for shares of Kanishk Aluminium India Ltd is 3200.
The total shares issue of Kanishk Aluminium India Ltd is 4000000.
Initial public offering of 40,00,000 equity shares of face value of Rs.10/- each ("Equity Shares") of Kanishk Aluminium India Limited ("The Company" or "The Issuer") for cash at a price of Rs. 73/- per equity share (Including a Premium of Rs. 63/- per Equity Share) ("Issue Price") Aggregating to Rs. 29.20 crores comprising of fresh issue of 40,00,000 equity shares ("The Issue") of which 2,00,000 equity shares aggregating to Rs. 1.46 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 38,00,000 equity shares at the issue price aggregating to Rs. 27.74 ("Net Issue"). The issue and the net issue will constitute 29.76% and 28.27 % of the post-issue paid-up equity share capital of the company.
Price Band: Rs. 73 per equity share of face value Rs. 10/- each.
The floor price is 7.3 times of the face value of the equity shares.
Bids can be made for a minimum of 3200 equity shares and in multiples of 1600 equity shares thereafter.