Kanishk Aluminium India Limited 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. Our products serve a diverse array of industries, such as electronics, automotive, mechanical, solar, furniture, transport, electrical, and architecture. In November 2024, company has launched the brand, "Baari by Kanishk", which focuses on aluminium system doors and windows. At Baari, they design and manufacture a wide range of doors and window systems, including sliding doors, casement series, slide-and-fold doors, lift-and-slide doors, fixed panels etc. Company's manufacturing unit, located in Jodhpur, Rajasthan, spans approximately 4,000 square meters. All complete frames for doors and windows are manufactured in-house. Surface treatments such as anodizing, polishing, and powder coating are carried out by trusted third-party partners. Additionally, for Baari by Kanishk, they have established an experience centre in the heart of Jodhpur. As per financial performance, Kanishk Aluminium India Limited has posted total income / net profits of Rs 59.68 / 1.76 Cr (FY23), Rs 59.53 / Rs 1.52 Cr (FY24), Rs 60.13 Cr / 3.04 Cr (FY25) and Rs 29.25 Cr / 2.14 Cr (upto 31.08.25 FY26). So as per previous financials data, company has shown almost static sales and growing profit. Also inventory is around 40% of FY25 total sales and debt is also high. Company has an average EPS of Rs 2.63 and average RoNW of 21.03% for last three fiscals. Issue is priced at a P/BV of 3.68 as per NAV of Rs 19.83/- as on 31.08.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 64.42, 32.26 and 19.03 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Sun Capital Advisory Services Private Limited is associated with this IPOs, and has handled 5 IPOs in last three fiscal years. From last 5 IPOs, three opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 5 IPOs, four are trading below issue price and remaining all are trading above issue price or at par. (as on 22.01.26 ) As per financials, Kanishk Aluminium India Limited has shown almost static sales, RoNW is 20.21% and P/E is 64.42, 32.26 and 19.03 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced, also higher inventory level and debt raises concerns. Company is in the business of manufacturing a comprehensive range of aluminium extrusion products, which is very competitive business segment. Performance of BRLM is poor post listing. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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