Overview

Detailed Summary

Arfin India Limited manufactures and trades non-ferrous metal products with a focus on aluminum products such as wire rods, deox, cored wires, and alloy ingots. Their production facilities are located in the state of Gujarat.
The company expanded its operations significantly between 2014 and 2021 by introducing new plants and increased production capacities, indicating strong growth potential.
Arfin supplies diverse sectors including steel, automobile, and power industries, showing a diversified revenue base which reduces dependency on a single sector.
The 2017-18 merger with Mahendra Aluminum Company suggests strategic intent to consolidate and strengthen its market position.
Arfin India added significant capacity with a new alloy ingot plant in 2020-21, reflecting its commitment to scaling operations and meeting rising demand.

Sector: Non - Ferrous Metals
Industry: Aluminium
Market Cap: 1,465 Cr
Volatility: Low Risk
P/E Ratio: 94.9
Industry P/E: 16.0
PEG Ratio: 8.6
P/B Ratio: 8.8
52W High: 106.24
52W Low: 23.06

Sales CAGR

1Y: 15.06%
3Y: 5.34%
5Y: 11.49%
10Y: 9.75%

Profit CAGR

1Y: 11.31%
3Y: -0.13%
5Y: —
10Y: 3.68%

ROE

TTM: 9.07%
3Y: 8.11%
5Y: 8.39%
10Y: 8.40%

ROCE

TTM: 14.16%
3Y: 20.10%
5Y: 18.92%
10Y: 21.70%

Technicals

‌

Forecasts

Peers

Commodities Metals & Mining Non - Ferrous Metals Aluminium

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ARFIN		89.01	1,502 Cr	97.27	8.82	0.12	9.07	14.16	4.16
MAANALU		129.45	768 Cr	58.93	2.79	0.00	4.74	7.02	3.59
MSAFE		155.90	316 Cr	14.09	3.96	0.00	22.88	24.32	15.05
PGFOILQ		212.00	246 Cr	-29.91	0.75	0.00	-2.50	0.79	-1.64
MANAKALUCO		35.09	230 Cr	30.42	1.62	0.00	5.31	10.03	1.37
HINDALUMI		102.00	65 Cr	11.32	0.71	0.00	6.27	7.49	5.64
PALCO		148.75	60 Cr	9.31	3.30	0.00	35.44	26.49	6.52
Median: 7 Co.	—	129.45	246 Cr	14.09	2.79	0.00	6.27	10.03	4.16

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	137	133	149	180	153	109	128	188	193
Expenses	129	124	139	169	147	102	119	174	177
Operating Profit	8.27	9.09	9.68	11	6.59	6.60	9.35	14	16
OPM %	6.05	6.84	6.49	6.07	4.30	6.06	7.31	7.39	8.45
Other Income	0.20	0.25	0.24	0.14	1.33	0.46	0.52	0.17	-0.23
Interest	5.36	4.28	5.36	5.56	4.62	4.54	5.11	5.15	3.93
Depreciation	1.09	1.00	1.01	1.02	1.02	1.08	1.09	1.14	1.34
Profit Before Tax	2.03	4.06	3.55	4.50	2.27	1.44	3.68	7.76	11
Tax %	-7.39	25.86	27.32	32.67	76.65	25.00	33.15	34.41	36.93
Net Profit	2.18	3.01	2.58	3.03	0.53	1.08	2.45	5.09	6.82
EPS in Rs	0.13	0.18	0.15	0.18	0.03	0.06	0.15	0.30	0.40

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Sales	621	709
Expenses	505	579
Operating Profit	116	130
OPM %	18.67	18.29
Other Income	1.99	1.96
Interest	19	20
Depreciation	3.91	4.06
Profit Before Tax	9.72	14
Tax %	15.41	36.39
Net Profit	8.22	9.15
EPS in Rs	—	0.54
Dividend Payout %	0.00	0.00

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Equity Capital	16	17
Reserves	80	140
Borrowings	120	117
Other Liabilities	69	71
Total Liabilities	285	344
Fixed Assets	66	64
CWIP	0.00	3.73
Investments	0.03	0.03
Other Assets	220	277
Total Assets	285	344

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Cash from Operating Activity	4.64	-21
Cash from Investing Activity	-3.58	-8.44
Cash from Financing Activity	-8.20	30
Net Cash Flow	-7.13	0.23

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2023	Mar 2024	Apr 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Jul 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	74.09%	74.09%	69.79%	69.79%	69.79%	69.79%	69.79%	69.79%	69.79%	69.79%	69.77%	69.77%
FIIs	2.56%	2.56%	2.41%	2.41%	2.41%	2.41%	2.41%	2.41%	2.41%	2.64%	2.67%	1.54%
DIIs	0.08%	0.08%	0.07%	0.07%	0.07%	0.19%	0.19%	0.04%	0.04%	0.04%	0.04%	0.04%
Public	23.27%	23.27%	27.73%	27.73%	27.73%	27.61%	27.61%	27.76%	27.76%	27.53%	27.51%	28.65%
Total Shareholders	5,633	6,281	6,418	7,112	7,997	8,392	9,353	9,081	8,996	9,868	11,014	11,976

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

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