Kanishk Aluminium India IPO GMP 2026: Date, Price & Review

Kanishk Aluminium India IPO Review: GMP, Date, Price, and Details

The SME IPO segment is buzzing again with Kanishk Aluminium India Limited, a Rajasthan-based manufacturer of aluminium extrusion profiles. Opening on January 28, 2026, this company is raising funds to expand its manufacturing capabilities and repay borrowings.

While the "Fixed Price" of ₹73 looks straightforward, there is a catch regarding the minimum investment amount that retail investors must know.

Let’s break down what matters: the grey market premium (GMP), the company’s financials, how their business runs, and what risks you should actually care about.

Kanishk Aluminium India IPO: Key Details

This is a Fixed Price Issue listed on the BSE SME platform.

Kanishk Aluminium India IPO GMP (Grey Market Premium)

As of late January 2026, the Kanishk Aluminium India IPO GMP is showing mixed signals.

• Current GMP: ₹0  per share
• Expected Listing Price: ₹73 
• Listing Gain: 0%
• Sentiment: Neutral. The flat GMP suggests that the market is cautious. The fixed price of ₹73 is being viewed as fully priced, leaving limited room for massive listing gains unless subscription numbers spike.

Business Model: What Does Kanishk Aluminium Do?

They kicked things off back in 2018, diving into the non-ferrous metals business. Most of what they do centers around making aluminium ingots, wire rods, and conductors. They’re also pretty active on the trading side, buying and selling aluminium scrap and similar stuff.

Their manufacturing plant sits in Jodhpur, Rajasthan, and it’s no small operation.

Recently, though, they’ve decided to try something new. Kanishk Aluminium is launching a premium aluminium brand called “Baari by Kanishk.” This move marks their first real step into the B2C world, aiming straight at everyday consumers.

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Financial Health: The Numbers Game

The company’s financials show stability but lack explosive growth.

Analysis:

Revenue’s been stuck at about ₹60 crore for three years. No real growth, no sign of stronger pricing—just flat. On the bright side, net profit for FY25 shot up to ₹3.04 crore. That’s double last year, thanks to tighter cost control and better margins.

But there’s a catch: debt. The company owes ₹22.74 crore, which is more than its net worth of ₹16.57 crore. They clearly need to fix this. 

Objectives of the Issue

That’s why most of the IPO money—₹19.50 crore out of the ₹29.20 crore they’re raising—is earmarked for paying down these loans and cleaning up the balance sheet. That’s the main focus here.

Kanishk Aluminium IPO Review: Key Risks

Investors should consider these critical risk factors:

Raw Material Volatility: Kanishk’s business lives or dies by the price of aluminium scrap. Those prices jump all over the place, thanks to the global metal markets (LME). If scrap gets expensive, their thin margins get squeezed even harder.

Highly Competitive: The aluminium conductor and wire rod space is crowded. Tons of unorganized players fight for the same customers. Kanishk doesn’t have much of a moat, nothing that really sets it apart.

Flat Topline: For three years in a row, revenue has been stuck at around ₹60 crore. That’s not great news for anyone hoping this company’s about to take off.

Negative Cash Flows: In FY25, operating cash flow came in negative at ₹-1.76 crore. Basically, too much cash is tied up in working capital, so money isn’t flowing back into the business like it should.

Conclusion: Key Considerations

Kanishk Aluminium India Limited is a stable manufacturing play that is using the IPO primarily to become debt-free. The doubling of profits in FY25 is a positive sign, but the stagnant revenue growth is a red flag.

The valuation (P/E ~22x) appears reasonable compared to peers, but with a low GMP, this is not a "listing pop" candidate. It is suitable only for investors with a high-risk appetite who believe the debt reduction will unlock future profitability.

Frequently Asked Questions (FAQs)

1. What is the Kanishk Aluminium ipo Open Date? 

The Kanishk Aluminium ipo opens on Wednesday, January 28, 2026 and closes on Friday, January 30, 2026.

2. What is the Lot Size of Kanishk Aluminium ipo gmp ? 

The minimum bid lot is 3,200 Equity Shares. Retail investors need to invest ₹2,33,600.

3. Who is the Registrar?

 The registrar for the IPO is KFin Technologies Limited.

4. Where will the shares be listed? 

The shares will be listed on the BSE SME platform.

5. How to check Allotment Status? 

You can check the allotment status on the KFin Technologies website on or around Monday, February 2, 2026.

Disclaimer: The content should not be construed as investment, trading, or personal financial advice.This blog is for educational purposes only.

Source: Prospectus of Kanishk Aluminium India Limited.