NSE: ARFIN · BSE: 539151
ARFIN INDIA LIMITED
Manufactures and supplies aluminium products — primary aluminium shots/cubes, secondary aluminium ingots, secondary aluminium wire rods, and AAAC (All Aluminium Alloy Conductor) conductors used in power transmission lines. Recent domestic orders include a 7,400 MT aluminium supply order valued at about ₹300 crores (including GST) from JFE Shoji India Private Limited for delivery through September 2026, and an AAAC conductor order for 20,400 KM valued at approximately ₹85.59 crores from Dakshin Gujarat Vij Company Limited, supplied monthly from May to November 2026. A wholly-owned subsidiary, Arfin Titanium and Speciality Alloys Limited (ATSAL), has signed an MOU with Japan's Toyo Denka Kogyo Co Ltd and JFE Shoji to manufacture speciality alloys in India using Toyo Denka's technical support. The business is commodity-driven — raw materials account for 89% of FY26 revenue. FY26 revenue was ₹617.99 crores and net profit was ₹15.45 crores, with capex of ₹11.39 crores. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Aluminium products, AAAC conductors, Speciality alloys. Cyclical, commodity-driven aluminium products manufacturer with a small speciality-alloys subsidiary.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 616 | 618 |
| EBITDA (ex other income) | 36 | 46 |
| margin % | 5.9 | 7.5 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 0.54 | 0.92 |
| ROE % · ROCE % | 5.8 · 18.4 | 9.1 · 21.5 |
| Debt / equity (x) | 0.75 | 0.76 |
| Cash from operations | (21) | 22 |
| Capex | (6) | (11) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 153 | 109 | 128 | 188 | 193 | 213 |
| Profit before tax | 2 | 1 | 4 | 8 | 11 | 5 |
| Net profit | 1 | 1 | 2 | 5 | 7 | 4 |
| EPS (₹) | 0.03 | 0.06 | 0.15 | 0.30 | 0.40 | 0.24 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDALCO INDUSTRIES LTD | 1,98,413 | 12.1 | 1.45 | 9.1 | 9.8 | 8.0 | — | 15.0 |
| NATIONAL ALUMINIUM CO LTD | 59,415 | 8.8 | 2.75 | 6.9 | 26.8 | 33.3 | 14.8 | 54.3 |
| ARFIN INDIA LIMITED ◆ | 1,468 | 79.8 | 8.62 | 33.9 | 9.1 | 12.0 | — | 4.9 |
| MMP INDUSTRIES LIMITED | 1,143 | 22.8 | 3.30 | 23.4 | 8.9 | 7.7 | 29.0 | 9.0 |
| MAAN ALUMINIUM LIMITED | 539 | 35.9 | 1.96 | — | 4.7 | 6.1 | — | 3.1 |
| Msafe Equipments Limited | 518 | 24.4 | — | — | — | 27.4 | — | — |
| PG FOILS LTD. | 212 | — | 0.64 | — | (2.5) | (2.1) | — | (2.9) |
| MANAK ALUMINIUM CO. LTD. | 184 | 20.9 | 1.29 | — | 5.3 | 4.6 | — | 9.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 79.8 | 15.9 | 14 of 14 | 0% |
| P/B | 8.6 | 1.9 | 12 of 12 | 0% |
| ROCE | 12.0 | 8.0 | 4 of 15 | 79% |
| ROE | 9.1 | 7.6 | 5 of 12 | 64% |
| Debt / Equity | 0.8 | 0.6 | 9 of 12 | 27% |
| EBITDA margin | 4.9 | 6.0 | 8 of 12 | 36% |
| Revenue growth | 95.5 | 9.8 | 1 of 13 | 100% |
| Profit growth | 276.9 | 55.9 | 2 of 12 | 91% |
| Market cap | 1468 | 184 | 3 of 15 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Arfin India board to approve September quarter and half-year results | results | low | — | — |
| 13 Oct 2026 · SDD Compliance Certificate for Q2 FY26-27 | compliance | minimal | — | — |
| 10 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for quarter ended Sep 30, 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closed Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Arfin India 34th AGM: All 3 Resolutions Passed Unanimously | board shareholder meetings | medium | — | — |
| 19 Sept 2026 · Arfin India 34th AGM held on Sept 19, 2026 - all 3 resolutions passed | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Arfin India declares Re 0.12 interim dividend; record date Sep 24 | corporate actions | high | — | — |
| 18 Sept 2026 · Arfin India board declares Rs 0.12 interim dividend for FY27 | corporate actions | high | — | — |
| 18 Sept 2026 · Arfin India declares Rs 0.12 interim dividend, record date Sep 24 | corporate actions | high | — | — |
| 18 Sept 2026 · Arfin India declares Rs 0.12 interim dividend for FY27 | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.