Kanishk Aluminium IPO
Market Sentiment
Market Lot Size
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Aug 2025 |
|---|---|---|---|---|
| Revenue | 59.68 | 59.54 | 60.13 | 29.25 |
| Expense | 57.83 | 57.74 | 55.93 | 26.34 |
| Profit (PAT) | 1.76 | 1.52 | 3.04 | 2.15 |
| Total Assets | 37.11 | 41.09 | 50.50 | 60.47 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Maan Aluminum Limited | 55.84 | 2.87 | 9 |
| Banco Products (India) Limited | 24.79 | 27.39 | 30 |
Promoters: Mr. Parmanand Agarwal, Mrs. Khusboo Agarwal and Mr. Ashish Agarwal
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 94,40,000 | 99.99% |
| Promoter Holding Post Issue | 1,34,40,000 | 70.24% |
Company Information
Established in 2022, Kanishk Aluminum India is one of the growing companies that makes a variety of aluminium extrusion products. Its product portfolio includes solid & hollow section profiles, solar profiles, railings, heatsinks, and sliding/fixed windows and doors profiles. Their products cater to various industries like electronics, automotive, mechanical, solar, furniture, transport, electrical, and architecture. The firm aims to offer its customers superior-quality products and services at affordable prices. Its 4,000 square meters manufacturing facility is located at the vibrant blue city of Jodhpur, Rajasthan. Moreover, the company sources its main raw material, aluminium, from pure aluminium ingots and recycled aluminium products.
| Purpose | Amount (Cr) |
|---|---|
| Repayment/ pre-payment, in full or part, of certain borrowings availed by the Company | 19.50 |
| Branding and Promotion of Company brand, ‘Baari by Kanishk | 0.80 |
| General Corporate Purpose | 4.32 |
Resources & Documents
Kanishk Aluminium India Ltd, Plot No. E-849 A, Fourth Phase RIICO, Boranada, Jodhpur, Rajasthan, 342001
Kanishk Aluminium has fixed the issue price at Rs 73 per share for an issue size of Rs 29 crore in the aluminium sector. The stock listed with a 24.00% discount versus its issue price on February 04, 2026.
Established in 2022, Kanishk Aluminum India is one of the growing companies that makes a variety of aluminium extrusion products. Its product portfolio includes solid & hollow section profiles, solar profiles, railings, heatsinks, and sliding/fixed windows and doors profiles. The company operates in the aluminium space.
The issue is promoted by Mr. Parmanand Agarwal, Mrs. Khusboo Agarwal and Mr. Ashish Agarwal with Sun Capital Advisory Services Pvt. Ltd. acting as lead manager. Net proceeds will primarily be used towards Repayment/ pre-payment, in full or part, of certain borrowings availed by the Company (Rs 20 crore) and Branding and Promotion of Company brand, ‘Baari by Kanishk (Rs 1 crore).
Grey market is quoting a discount of Rs -18 (-24.7% over issue price), down Rs 6 from the previous session. Final subscription data records overall subscription at 1.10x, retail at 1.86x, NII at 0.33x.
At the upper end of the price band, the issue is priced at a post-issue P/E of 22.67x. On fundamentals, the company is posting revenue growth of 1.0%, a profit margin of 5.1%, return on equity of 20.2% in its most recent reported period. Listed peers in this segment include Banco Products (India) Limited (P/E 24.79x, market cap Rs 30 crore) and Maan Aluminum Limited (P/E 55.84x, market cap Rs 9 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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