Kanishk Aluminium India

• Kanishk Aluminium India is coming out with an initial public offering (IPO) of 40,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 73 per equity share.
• The issue will open on January 28, 2026 and will close on January 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 7.3 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Sun Capital Advisory Services.
• Compliance Officer for the issue is Prachi Mittal.

Profile of the company

The company specializes in manufacturing a comprehensive range of aluminium extrusion products, including solid & hollow section profiles, solar profiles, railings, heatsinks and sliding / fixed windows and doors profiles. Its products serve a diverse array of industries, such as electronics, automotive, mechanical, solar, furniture, transport, electrical, and architecture. Its mission is to consistently deliver sustainable value to its customers by offering quality products and services at optimal costs. It achieves this through continuous improvement, integrity, and excellence in every aspect of its operations. In November 2024, it has proudly launched its brand, ‘Baari by Kanishk’, which focuses on aluminium system doors and windows. At Baari, it designs and manufactures a wide range of doors and window systems, including sliding doors, casement series, slide-and-fold doors, lift-and-slide doors, fixed panels etc.

All complete frames for doors and windows are manufactured in-house using advanced techniques to ensure durability and precision. Surface treatments such as anodizing, polishing, and powder coating are carried out by trusted third-party partners with whom it maintains long-standing relationships. Once the profiles are ready, it personally oversees the fabrication and installation process at its customers’ sites to ensure seamless service and uncompromised quality.

Its manufacturing unit is located in the vibrant ‘Blue City’ of Jodhpur, Rajasthan. This facility is dedicated to producing precision aluminum extrusions according to the industry standards. Additionally, for Baari by Kanishk, it has established an experience centre in the heart of Jodhpur, providing customers with direct access to explore its product range. With extensive industry experience, advanced manufacturing capabilities, and a commitment to quality, it consistently focuses on meeting customer expectations. Its adherence to quality processes has earned it ISO 9001:2015 certification, a testament to its quality management systems.

Proceed is being used for:

• Repayment / pre-payment, in full or part, of certain borrowings availed by the company.
• Branding and promotion of company's brand, ‘Baari by Kanishk’.
• General corporate purpose.

Industry overview

India 3rd largest producer globally (2nd largest in capacity); 3rd Largest consumer globally, 58% of the aluminum is imported even with enough capacity domestically. In India, aluminum was consumed mainly in the Electrical sector (48%), followed by Automobile & Transport sector (15%), Construction (13%), Consumer Durables (7%), Machinery & Equipment (7%), Packaging (4%) and others (6%). India export 2 million tonnes primary metal- India import 1.3 million tonnes of scrap and export 2.0 million tonnes pure aluminum. India employs 8 lakh people (directly and indirectly) and Rs 6000 crore as direct employment cost. Fully integrated operation in India. 

Production of key minerals in the country, such as iron ore and limestone, has continued to show robust growth in Q1 of FY 2024-25, after reaching record production levels in FY 2023-24. Iron ore and limestone account for about 80% of the total MCDR mineral production by value. Production of iron ore was 275 million metric ton (MMT) and limestone at 450 MMT in FY 2023-24. In the non-ferrous metal sector, primary aluminum production in FY 2024-25 (April-June) posted a growth of 1.2% over the corresponding period last year, increasing to 10.43 lakh tonne (LT) in FY 2024-25 (April-June) from 10.28 LT in FY 2023-24 (April-June).

It is predicted that the demand growth of Aluminium in the India in next few years is going to be substantially higher due to projected high GDP growth in India in the coming years. Multiple initiatives of Govt. of India like Make in India, 100% rural electrification, Housing for All, Smart Cities, National infrastructure pipeline of Rs 100 lakh crore, renewable energy and FAME (Faster adoption of manufacturing of Hybrid and EV) schemes for electric vehicles, increase in FDI etc. will boost the consumption of the metal in the country.

Pros and strengths

Diverse product portfolio: Its long-term objective is to become a one-stop solution for all aluminium extrusion products, with a focus on product development and quality. Over time, it has expanded and diversified its product range and delivered a variety of aluminium extrusion products to meet changing market demands. With a large number of dies at its disposal, it offers a wide array of customized aluminium profiles tailor made to its customers‘ specific requirements. By diversifying its product offerings, it reduces dependency on any single industry and remains responsive in responding to market shifts. Its ability to adjust its product lines according to customer needs ensures that it maintains a competitive edge while delivering value across different sectors.

Customization and Flexibility: The ability to provide customized solutions tailored to client specifications is an operational advantage. By offering products in different sizes, shapes, and finishes, the company can meet the specific needs of diverse customers across industries. Owning a wide variety of dies for various extrusion profiles, gives it the flexibility to add new designs based on customer requirements, which strengthens client relationships and enhances market reach.

Optimal utilization of resources: The company regularly seeks to improve its execution process, capabilities, skill development of employees, modernization of plant and machineries to optimize the utilization of resources. It regularly analyzes its material procurement policy and project execution process to address areas requiring improvement and take corrective measures for smooth and efficient working thereby putting resources to optimal use.

Risks and concerns

Reliance on top ten customers: The company relies on a limited number of high-volume customers for a significant portion of its revenues, with its top ten customers contributing 87.96%, 83.07%, 78.31%, and 76.37%, of its total sales for the period ended August 31, 2025 and the financial years ended March 31, 2025, 2024, and 2023, respectively. This dependence on a few key customers exposes it to several risks, including the potential reduction, delay, or cancellation of orders, as well as challenges in negotiating favourable terms. Any loss of these customers, or a failure to renew orders on similar terms, could materially affect its business, financial condition, cash flows, and future prospects.

Revenue reliance on architectural and construction products: The company derives a significant portion of its revenue from the sale of Architectural (Window Sections Profiles, Railing Windows, & Door Handles, Kitchen Baskets, Kitchen Rails) and Construction (Aluminium facade solutions for modern architectural designs, Aluminium Staircase and ladder solutions, Adjustable or fixed horizontal aluminium slats for light, air control, and protection from direct sunlight.) products. Any reduction in the sale of these products could have a material adverse effect on its business, results of operations, and financial condition. Specifically, the company generated Rs 1,786.52 lakh, Rs 4,624.20 lakh, Rs 5,014.39 lakh, and Rs 4,969.22 lakh, from the sale of products, which accounted for 61.23%, 77.35%, 84.56%, and 83.99% of the total revenue from operations for the period ended August 31, 2025, and for the financial years ended March 31, 2025, 2024, and 2023, respectively.

Revenue dependence on key states: 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. For the period ended August 31, 2025, around 81.10% of its Revenue from the Operations was generated from these three states (Rajasthan: 49.26%, Uttar Pradesh: 18.61%, Delhi: 13.23%). Similarly, for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023, these regions contributed around 82.89% (Rajasthan: 51.08 %, Uttar Pradesh: 15.97%, Delhi: 15.84%), 75.06% (Rajasthan: 49.46%, Delhi: 25.60%) and 74.96% (Rajasthan: 57.49%, Delhi: 17.47%), respectively, of its total Revenue from the Operations.

Outlook

Kanishk Aluminium India is engaged in manufacturing of Aluminium Profiles and other articles through Extrusion process. Its products serve a diverse array of industries, such as electronics, automotive, mechanical, solar, furniture, transport, electrical, and architecture. Its mission is to consistently deliver exceptional value to its customers by offering superior-quality products and services at optimal costs. It achieves this through continuous improvement, integrity, and excellence in every aspect of its operations. On the concern side, it does not have long-term agreements/contract with its customers. If a significant number of its customers choose not to place long-term purchase orders with the company or may choose to terminate its contracts if market price drops drastically, its business, financial condition and results of operations may be adversely affected. Moreover, the company has significant power and fuel requirements and any disruption to power or fuel sources could increase production costs and adversely affect business.

The company is coming out with an IPO of 40,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 73 per equity share to mobilize Rs 29.20 crore. On performance front, the revenue from operations had increased by 0.81%, from Rs 5,930.46 lakh in Fiscal 2024 to Rs 5,978.22 lakh in Fiscal 2025. Moreover, the Company’s profit after tax had increased by 99.70% from Rs 152.29 lakh in the Fiscal 2024 to Rs 304.13 lakh in Fiscal 2025. This increase in Profit After Tax was mainly on account of introduction of new products line with high margins, increase in inventory, reduction in finance cost, reduction in power and fuel expense.

As it continues to grow and expand, its strategy is consistently meeting defined quality standards. It recognizes that maintaining quality - compliant products is not only essential for customer satisfaction and necessary for regulatory compliance. Its focus is on ensuring that, as it scales, its commitment to delivering quality products remains consistent. Its approach involves continuous monitoring and reviewing of product quality at every stage of the production process. By proactively addressing any quality deviations, it ensures that its products consistently meet the expectations of its customers. This focus on quality control helps it build long-term relationships with clients.