Kanishk Aluminium IPO

Kanishk Aluminium India makes aluminium extrusion profiles at a single plant at Boranada, Jodhpur, Rajasthan, covering about 4,000 square metres with installed capacity of 4,200 tonnes a year. The range covers solid and hollow section profiles, solar profiles, railings, heatsinks, and sliding and fixed window and door sections, sold into architecture, construction, solar, automotive, electronics, electrical and furniture end-uses. The dies used are custom-made and owned by the company, and the main raw material is aluminium-based metal scrap bought in the domestic market. In 2024 the company launched a consumer-facing brand, "Baari by Kanishk", selling premium aluminium system doors and windows — casement, sliding, lift-and-slide and slide-and-fold series — through an experience centre in Jodhpur and exclusive local fabricators. Architectural and construction products were 77.35% of FY25 revenue from operations.

Revenue is the sale of manufactured extrusions only — the prospectus shows nil traded goods in every period presented. The main input is aluminium-based metal scrap sourced domestically, and it dominates the cost base: cost of materials consumed was Rs 54.65 Cr in FY25 against Rs 59.78 Cr of revenue from operations, leaving EBITDA of Rs 6.63 Cr. The plant ran at 60.14% of its 4,200-tonne capacity in FY25, so the spread between scrap cost and profile price, rather than volume, sets earnings. Both ends are concentrated: the top ten customers were 83.07% of FY25 revenue and the top ten suppliers 90.44%. Exports were Rs 4.49 Cr. Of the Rs 29.20 Cr raised, Rs 19.50 Cr was earmarked to repay borrowings.