1. At a Glance – Small Factory, Big Valuation Energy
Kanishk Aluminium India Ltd is coming to the market with a ₹29.20 Cr fixed-price SME IPO, asking investors to value a 3-year-old company at a post-issue market cap of ~₹98 Cr. The IPO price is ₹73, translating into a post-IPO P/E of ~19x, which is not cheap for an aluminium extrusion job-work business operating from a single 4,000 sq. metre facility in Jodhpur.
The headline grabber is not revenue growth (because that’s flat), but sudden margin expansion. EBITDA margin magically jumped to 33.55% and PAT margin to 17.62% by Aug 2025. Coincidence? Or IPO season fitness regime? You decide.
Debt is high, promoters are heavily diluted post IPO, and almost ₹19.5 Cr of IPO money is going straight to banks, not machines. This is not a growth IPO — it’s a balance-sheet detox IPO.
So the real question: are you funding future growth or past mistakes?
2. Introduction – Aluminium Extrusions Meet IPO Extravaganza
Kanishk Aluminium India Ltd was incorporated in 2022, which means it barely finished college and is already asking public investors for ₹29 Cr. That’s confidence. Or desperation. Or both.
The company manufactures custom aluminium extrusion profiles used across solar, automotive, electrical, furniture and architectural applications. This is a competitive, commoditised, price-sensitive industry, where margins depend more on aluminium prices and order mix than on “innovation”.
Revenue has stayed stuck around ₹59–60 Cr for three years. Suddenly, profits spike in FY25 and Aug-25. That timing is… cinematic.
This IPO is not about expansion, capacity doubling, or technology
upgrades. It is about repairing leverage, cleaning the balance sheet, and re-packaging financial ratios to look investor-friendly.
If you like stories of “early-stage manufacturing champions”, read on. If you hate debt-heavy SME stories dressed in EBITDA makeup — also read on.
3. Business Model – WTF Do They Even Do?
Kanishk Aluminium does aluminium extrusion manufacturing, which in simple terms means:
👉 Buy aluminium billets
👉 Heat them
👉 Push them through a die
👉 Sell shaped metal
That’s it.
Their product portfolio includes:
- Solar profiles
- Heat sinks
- Window & door profiles
- Railings
- Channels, flats, tubes
Customization is their selling point, not scale. This means:
- No pricing power
- High dependency on customer orders
- Margin volatility
They operate from one facility, employ 46 people, and serve multiple sectors — which sounds diversified, but in reality means order chasing across industries.
Ask yourself:
If aluminium prices spike or orders slow, where does margin go?
4. Financials Overview – Flat Sales, Gym-Bro Margins
Quarterly Comparison Table (₹ Cr)
| Metric | Latest (Aug’25) | YoY | QoQ | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 29.25 | 30.10* | 30.88* | (2.8%) | (5.3%) |
| EBITDA | 4.08 | 2.65* | 3.98* | +54% | +2.5% |
| PAT | 2.15 | 1.25* | 2.00* | +72% | +7.5% |
| EPS (₹) | 1.60 | 0.95 | 1.49 | +68% | +7% |
*Derived from reported
