Financial Performance Summary (Standalone)

FY 2025-26 Performance:

  • Total Income: ₹7886.91 lakhs (vs ₹6015.24 lakhs in FY25, +31.11%)
  • Profit Before Tax: ₹556.65 lakhs (vs ₹420.15 lakhs in FY25, +32.49%)
  • Profit After Tax: ₹411.93 lakhs (vs ₹304.45 lakhs in FY25, +35.31%)
  • Earnings Per Share (Basic & Diluted): ₹4.10 (vs ₹3.23 in FY25)
  • Cost of Materials Consumed: ₹6411.36 lakhs (vs ₹5465.15 lakhs in FY25)

Capital Structure:

  • Authorized Share Capital: ₹1500 lakhs (1.5 crore shares of ₹10 each)
  • Issued, Subscribed & Paid-up Capital: ₹1344 lakhs (1.344 crore shares of ₹10 each)
  • Pre-IPO Capital (as of Mar 31, 2025): ₹944 lakhs (94.4 lakh shares)

Initial Public Offering (IPO) Details

Listing Event:

  • IPO Date: January 28-30, 2026
  • Listing Date: February 4, 2026
  • Exchange: BSE SME Platform
  • Issue Type: Fresh issue of 40,00,000 equity shares
  • Face Value: ₹10 per share
  • Issue Price: ₹73 per share (Premium: ₹63)
  • Issue Size: ₹2920.00 lakhs
  • Market Maker Portion: 2,00,000 shares
  • Net Issue: 38,00,000 shares
  • Post-Issue Paid-up Capital: 1,34,40,000 equity shares

IPO Proceeds Utilization:

  • Repayment/pre-payment of borrowings: ₹1950 lakhs (66.78%)
  • Branding and promotion of 'Baari by Kanishk': ₹80 lakhs (2.74%)
  • General corporate purposes: ₹431 lakhs (14.76%)
  • Issue-related expenses: ₹459 lakhs (15.72%)

Intermediaries:

  • Lead Manager: Sun Capital Advisory Services Private Limited
  • Registrar: KFin Technologies Limited
  • Market Maker: Sunflower Broking Private Limited
  • Sponsor Bank: IndusInd Bank Limited

Operational Highlights

Business Overview:

  • Single reportable segment: Manufacturing of aluminium extrusion products
  • Products: Solid & hollow sections, solar profiles, railings, heatsinks, window/door profiles
  • Applications: Electronics, automotive, mechanical, solar, furniture, transport, electrical, architecture
  • Installed Capacity: 4,200 MTPA
  • Employee Strength: 44 employees (37 male, 7 female) as of March 31, 2026

Manufacturing Facilities:

  • Location: Boranada, Jodhpur, Rajasthan
  • Key Equipment: Two 1,100-tonne extrusion presses, 7 MT melting furnace, 6 MT heat-treatment furnace
  • Die Shop Capacity: Approximately 100 dies per month
  • Quality Certification: ISO 9001:2015

Brand Portfolio:

  • Kanishk: Core extrusion products across 15+ categories including engineering profiles, solar frames, architectural systems
  • Baari by Kanishk: Premium aluminium system doors and windows (casement, sliding, lift-and-slide series)
  • Experience Centers: Jodhpur & New Delhi
  • Fabricator Network: 50+ authorized fabricators across 20+ cities

Capital Structure Changes

Share Capital History:

  • FY 2024-25: Issued 35,40,000 bonus shares in 3:5 ratio
  • FY 2023-24: Issued 10,00,000 shares via rights issue
  • FY 2025-26: Issued 40,00,000 shares via IPO

Promoter Holding:

  • Parmanand Agarwal: 78,39,960 shares (83.05% pre-IPO, reduced post-IPO)
  • Khushboo Agarwal: 16,00,000 shares (16.95% pre-IPO, reduced post-IPO)
  • Ashish Agarwal: 8 shares (nominal)

Corporate Governance

Board of Directors:

  • Mr. Parmanand Agarwal (Chairman & Managing Director, DIN: 08295200)
  • Mr. Ashish Agarwal (Whole-time Director)
  • Ms. Khushboo Agarwal (Whole-time Director)
  • Mr. Shubham Arora (Independent Director)
  • Ms. Meenakshi Marmat (Independent Director)
  • Ms. Hemlata Lohar (Independent Director)

Key Managerial Personnel:

  • Mr. Parmanand Agarwal (Managing Director)
  • Mr. Nitin Pandya (Chief Financial Officer)
  • Ms. Prachi Mittal (Company Secretary & Compliance Officer)

Board Committees:

  • Audit Committee: Mr. Shubham Arora (Chairman), Ms. Hemlata Lohar, Ms. Meenakshi Marmat
  • Nomination and Remuneration Committee: Ms. Hemlata Lohar (Chairperson), Mr. Shubham Arora, Ms. Meenakshi Marmat
  • Stakeholders Relationship Committee: Ms. Meenakshi Marmat (Chairperson), Ms. Hemlata Lohar, Ms. Khushboo Agarwal

Board Meetings: 9 meetings held during FY 2025-26

Auditors and Compliance

Statutory Auditors:

  • M/s Mahaveer Gandhi & Associates, Chartered Accountants (FRN: 010756C)
  • Appointment: Until conclusion of AGM in 2028
  • Audit Opinion: Unmodified opinion without qualifications

Secretarial Auditors:

  • KNK & Co LLP, Company Secretaries
  • Qualification: Delayed filing of prescribed e-Forms with ROC
  • Management Response: Strengthened compliance monitoring process

Internal Financial Controls: Adequate and operating effectively as per auditor's report

Financial Position

Balance Sheet Highlights (as of March 31, 2026):

  • Total Assets: ₹9972.50 lakhs
  • Property, Plant and Equipment: ₹3374.35 lakhs
  • Capital Work-in-Progress: ₹207.33 lakhs
  • Inventories: ₹3660.05 lakhs
  • Trade Receivables: ₹1836.87 lakhs
  • Cash & Cash Equivalents: ₹90.65 lakhs

Liabilities:

  • Equity: ₹4546.10 lakhs
  • Long-term Borrowings: ₹1781.20 lakhs
  • Short-term Borrowings: ₹1500.92 lakhs
  • Trade Payables: ₹1658.13 lakhs (₹1657.98 lakhs to MSMEs)

Key Ratios:

  • Current Ratio: 1.80 (vs 1.49 in FY25)
  • Debt Equity Ratio: 0.72 (vs 1.37 in FY25)
  • Return on Equity: 13.28% (vs 20.07% in FY25)
  • Inventory Turnover: 2.57 times (vs 2.91 times in FY25)
  • Net Profit Margin: 5.24% (vs 5.09% in FY25)

Related Party Transactions

Significant Transactions:

  • P N Agarwal & Co: Sales ₹2453.62 lakhs, Purchases ₹184.36 lakhs, Rent ₹34.25 lakhs
  • Kanishk Metals: Sales ₹560.25 lakhs, Purchases ₹12.17 lakhs, Trademark payment ₹8.85 lakhs
  • Directors: Remuneration paid to Parmanand Agarwal (₹30 lakhs), Ashish Agarwal (₹18 lakhs), Khushboo Agarwal (₹6 lakhs)
  • Unsecured Loan from Parmanand Agarwal: ₹235.68 lakhs outstanding

AGM Approval Sought:

  • RPT with P N Agarwal & Co: Up to ₹6000 lakhs for FY 2026-27
  • RPT with Kanishk Metals: Up to ₹5000 lakhs for FY 2026-27

Risk Factors

Identified Risks:

  • Aluminum price volatility (LME-linked)
  • Rising energy costs and freight expenses
  • Growing imports of aluminum products and scrap
  • Competition from unorganized sector
  • Dependence on construction and real estate cycles
  • Working capital intensity

Outlook and Strategy

Growth Drivers:

  • Infrastructure development in India
  • Housing and real estate growth
  • Solar energy capacity expansion
  • Lightweighting trends in automotive and transportation
  • Substitution of wood and steel with aluminum

Strategic Focus:

  • Deepen penetration in existing markets
  • Expand die bank and product range
  • Extend fabricator network to new geographies
  • Selective export market growth
  • Shift toward higher value-added engineered products

Dividend and Reserves

Dividend: No dividend recommended for FY 2025-26

Reserves:

  • Securities Premium: ₹2222.65 lakhs
  • Profit and Loss Account: ₹979.45 lakhs
  • Total Reserves: ₹3202.10 lakhs

Other Disclosures

MSME Compliance:

  • Dues to Micro and Small Enterprises: ₹1657.98 lakhs
  • No delayed payments to MSMEs beyond approval period

Corporate Social Responsibility: Not applicable to the company

Vigil Mechanism: Whistle Blower Policy in place, no complaints received

Sexual Harassment: No complaints received during the year

Annual General Meeting:

  • Date: September 25, 2026
  • Time: 12:00 PM
  • Venue: Registered Office, Jodhpur
  • Book Closure: September 21-24, 2026