The subscription window for Kanishk Aluminium India Limited opened yesterday and will remain active until tomorrow, Friday, January 30, 2026. As a fixed-price issue, the shares are available at a single price of ₹73 per share.

The company operates an integrated manufacturing facility in Jodhpur, featuring an in-house foundry and extrusion units. While it serves diverse industries like solar, automotive, and electronics, it recently strategically pivoted into the premium B2C segment with its architectural brand "Baari by Kanishk." The primary goal of this IPO is de-leveraging; out of the total proceeds, ₹19.50 crore is earmarked specifically for the repayment or pre-payment of existing borrowings.

Financially, the company has maintained steady revenue (around ₹60 crore for the last two years) but saw a significant jump in Profit After Tax (PAT) to ₹3.04 crore in FY25, nearly doubling from the previous year. For the current fiscal year (up to August 2025), it has already reported a PAT of ₹2.15 crore, showing strong margin expansion.

As of 11:00 AM today, Thursday, January 29, 2026, the overall subscription stands at approximately 0.17x. Retail investors have subscribed 0.22x, while Non-Institutional Investors (NII) are at 0.12x. The Grey Market Premium (GMP) remains at ₹0, indicating a cautious start and expectations of a flat listing.

Key IPO Details & Timetable

*Note: Retail investors are required to apply for a minimum of 2 lots (3,200 shares).

Important Note for Investors

• Debt-Focused Strategy: Since nearly 67% of the funds are going toward debt repayment, this IPO is less about immediate "growth capital" and more about improving the debt-to-equity ratio (currently at 1.37x). This should lower interest costs and improve future profitability.

• Concentration Risk: A major point of caution is customer reliance; the top 10 customers account for over 83% of total sales. Losing even one major client could significantly impact the top line.

• Stagnant Revenue: While profits have grown, the top-line revenue has been relatively flat at the ₹60 crore mark for three years. Investors need to decide if the new "Baari" brand will provide the necessary spark for future revenue growth.

• Working Capital & Cash Flow: The company has reported negative operating cash flows in recent periods due to high inventory and receivables. The IPO capital is expected to provide some relief to this liquidity pressure.

• Valuation: At a P/E of approximately 22.66x, the pricing is viewed by some analysts as "full," especially given the low grey market activity.