ARFIN
Arfin India share price & financials
- Price
- ₹85.92
- Market cap
- ₹1.5k Cr
- Sector
- Metals & Mining
What Arfin India Limited does
Arfin India manufactures a range of aluminium and ferro-alloy products — aluminium wire rods, aluminium deox (deoxidizer), alloy ingots, cored wire, master/ferro alloys, ferro titanium, inoculants and aluminium conductors & cables — largely using recycled aluminium, at its manufacturing cluster in Chhatral, Gandhinagar (Gujarat). These products are supplied as critical inputs to steel producers (Tata Steel, JSW, JSPL, AMNS), and to the automobile and power sectors, across both domestic markets (16 Indian states) and export markets including Japan, Saudi Arabia, Vietnam, Indonesia and Canada. In FY2024-25 it formalised a strategic alliance with JFE Shoji India (a JFE Holdings, Japan group company), which took an equity stake and became the exclusive long-term distributor for its Aluminium Wire Rod and Aluminium Deox product lines.
Segments
- Aluminium & Ferro Alloys
- Installed manufacturing capacity
- 71,000 MTPA
- Manufacturing plants
- 4 plants, all located in Chhatral, Gandhinagar (Gujarat)
- Product lines
- 7 aluminium & ferro-alloy product lines
- Domestic market reach
- 16 Indian states served
- Export markets
- 5 countries: Japan, Saudi Arabia, Vietnam, Indonesia, Canada
- Marquee customers
- Tata Steel, JSW, JSPL, AMNS, JFE Shoji, Qatar Steel, Honda Trading, Mitsui & Co.
Quarterly results
Q1 FY27: revenue up 95.5%, net profit up 276.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 149 | 180 | 153 | 109 | 128 −14% | 188 +4% | 193 +26% | 213 +95% |
| EBITDA | 10 | 11 | 7 | 7 | 9 −3% | 14 +27% | 16 +148% | 10 +54% |
| Net profit | 3 | 3 | 1 | 1 | 2 −5% | 5 +68% | 7 +1187% | 4 +277% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +106.0% 1Y
1Y: ₹41.73 on 10 Sept 2025 → ₹85.98. High ₹99.77 (12 May 2026), low ₹41.73 (10 Sept 2025).
Financials, as filed
Revenue grew 0.4% a year over 1 year, FY25 to FY26. Operating margin widened to 7.5%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹616 Cr | ₹618 Cr |
| Operating profit | ₹36 Cr | ₹46 Cr |
| Operating margin | 5.9% | 7.5% |
| Interest | ₹20 Cr | ₹19 Cr |
| Depreciation | ₹4 Cr | ₹5 Cr |
| Net profit | ₹9 Cr | ₹15 Cr |
| Net margin | 1.5% | 2.5% |
| Cash from operations | ₹-21 Cr | ₹22 Cr |
| Free cash flow | ₹-27 Cr | ₹11 Cr |
| ROCE | 14.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹16 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹80 Cr | ₹143 Cr | ₹153 Cr |
| Borrowings | ₹120 Cr | ₹149 Cr | ₹129 Cr |
| Other liabilities | ₹69 Cr | ₹58 Cr | ₹72 Cr |
| Total liabilities | ₹285 Cr | ₹367 Cr | ₹371 Cr |
| Fixed assets | ₹66 Cr | ₹70 Cr | ₹74 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹220 Cr | ₹296 Cr | ₹297 Cr |
| Total assets | ₹285 Cr | ₹367 Cr | ₹371 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +1.64 pp while FIIs trimmed −1.62 pp. The shareholder count grew 49% to 13,548.
- Promoters
- 69.8%
- FIIs
- 0.8%
- Government
- 0.0%
- Public
- 29.4%
Since Jun 2025
- Public +1.64 pp
- FIIs −1.62 pp
- Promoters −0.02 pp
How it drifted, 12 quarters
Over this window the public went from 24.9% to 29.4% — +4.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.1%, FIIs 0.9%, Government 0.1%, Public 24.9%.Dec '23: Promoters 74.1%, FIIs 2.6%, Government 0.1%, Public 23.3%.Mar '24: Promoters 74.1%, FIIs 2.6%, Government 0.1%, Public 23.3%.Jun '24: Promoters 69.8%, FIIs 2.4%, Government 0.1%, Public 27.7%.Sep '24: Promoters 69.8%, FIIs 2.4%, Government 0.1%, Public 27.7%.Dec '24: Promoters 69.8%, FIIs 2.4%, Government 0.2%, Public 27.6%.Mar '25: Promoters 69.8%, FIIs 2.4%, Government 0.2%, Public 27.6%.Jun '25: Promoters 69.8%, FIIs 2.4%, Government 0.0%, Public 27.8%.Sep '25: Promoters 69.8%, FIIs 2.6%, Government 0.0%, Public 27.5%.Dec '25: Promoters 69.8%, FIIs 2.7%, Government 0.0%, Public 27.5%.Mar '26: Promoters 69.8%, FIIs 1.5%, Government 0.0%, Public 28.6%.Jun '26: Promoters 69.8%, FIIs 0.8%, Government 0.0%, Public 29.4%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Arfin India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mahendrakumar Rikhavchand Shah | 15.19% | unchanged |
| Jatin Mahendrakumar Shah | 14.91% | unchanged |
| Pushpaben Mahendrakumar Shah | 12.80% | unchanged |
| Rani Jatin Shah | 12.64% | unchanged |
| Jfe Shoji India Private Limited | 5.81% | unchanged |
| Pooja Mahendrabhai Shah | 4.76% | unchanged |
| Jatin Mahendra Shah | 3.85% | unchanged |
| Krish Jatin Shah | 2.13% | unchanged |
| Mahendrakumar Rikhavchand Huf | 1.93% | unchanged |
| Khushbu Mahendrabhai Shah | 1.02% | unchanged |
| Khwaish Jatin Shah | 0.53% | unchanged |
| Sunil Kishinchand Chellani | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Arfin India Limited
Guides on how to read this kind of business and the numbers that matter.