Arfin India Limited (ARFIN) share price

₹85.98 on NSE as of 2026-09-11. -2.37% on the day. market cap ₹1,451 Cr. P/E 78.9. 52-week range ₹38.16 to ₹99.77. Metals & Mining.

Arfin India Q1 FY27: Revenue Up 91% to ₹208 Cr, Inventory Days at 149, and an 89.6x Multiple

At a glance

Arfin India reported revenue of ₹207.96 crore for the June 2026 quarter, against ₹108.75 crore in the June 2025 quarter — a 91.2% increase, which is the sort of number a ₹1,444 crore aluminium company does not produce by quietly doing the same thing it did last year. Operating profit was ₹9.31 crore against ₹6.53 crore. Net profit was ₹3.53 crore against ₹1.02 crore, up 246%.

Sequentially the table reads differently. The March 2026 quarter had revenue of ₹191.70 crore and operating profit of ₹14.46 crore; June 2026 has more revenue and less operating profit. OPM went from 7.54% to 4.48%. Both statements are on the same row of the same table, which is aluminium for you — a business where the raw material and the finished product are the same metal with different amounts of paperwork between them.

The order announcements behind the revenue line are on record: ₹321 crore from Diamond Power, ₹300 crore from JFE Shoji India, ~₹85.59 crore from Dakshin Gujarat Vij. The company also runs four plants in Chhatral at an installed capacity of ~71,000 MTPA and a reported capacity utilisation of 38.90%, which means roughly three-fifths of the machinery spends the year being an asset rather than a verb.

FY26 full-year revenue was ₹624.90 crore with net profit of ₹13.60 crore.

Introduction

Incorporated in 1992, Arfin India Ltd manufactures and trades non-ferrous metals — a description so modest it could be a hobby, until you notice the company is a registered member of the Aluminium Association of India, the Bureau of International Recycling and the Metal Recycling Association of India, which is three memberships more than most people hold in anything.

The recent stretch has been eventful. In April 2024 the board approved a preferential allotment and an amendment to the Articles of Association. In November 2024 it proposed a new wholly owned subsidiary; in January 2025 Arfin Titanium And Speciality Alloys Limited was incorporated. In February 2025 the company announced installation of two solar plants for cost savings. In January 2026 it approved the purchase of Rigid Multi-Stranding and High Capacity Double Wire RBD machines for EHV conductor production — machine names that sound less like factory equipment and more like the final round of a spelling contest.

The largest structural item is the JFE Shoji India relationship. Under an investment agreement, JFE — a group company of JFE Holdings — invested ₹52.5 crore for ~5.81% of Arfin on a fully diluted basis, money earmarked for capex, long-term working capital and other growth avenues. Alongside it sits a strategic partnership under which JFE Shoji will strive to expand sales of Arfin's recycled aluminium deox products within India and abroad. JFE Shoji India Private Limited shows up at 5.81% in the public shareholding column and, separately, on the order announcements as a customer — a partner who invests and then buys, which is the corporate equivalent of bringing a gift to dinner and then staying for dinner.

Capacity plans are stated: an increase of 60%, from ~71,000 MTPA to ~1.13 lakh MTPA by FY33, at an estimated capital outlay of ₹500 million. Separately, a ₹10 crore capex for a new product, Inoculant, at 1,000 metric tons of installed capacity, majorly funded by internal accruals.

Equity capital went from ₹15.89 crore in FY24 to ₹16.87 crore in FY25, where it has stayed.

Business model

Arfin melts aluminium and sells it to people who need aluminium in a very specific shape. That is the business. The shapes are where it gets entertaining.

There are seven product families. Conductors and Cables covers ACSR, ACAR, AAAC and All Aluminium Stranded Conductors — four acronyms describing four ways to twist metal into a long rope that hangs between towers. Aluminium Wire Rods are wire rods, in aluminium and aluminium alloy. Cored Wire runs to Pure Calcium, CaFe, CaFeAl, CaSi, FeTi, FeBo, Sulphur, NMn Cored Wire and Carbon — a product list that reads like someone lost a bet with the periodic table. Ferro Alloys brings FeTi Lumps, FeTi Low Nitrogen, FeTi Low Aluminium, Powder and Granules. Inoculant covers Barium, Calcium, Cerium, Strontium, Ferro Silicon Magnesium, Nickel Magnesium Alloy and Ferro Silicon Zirconium Alloy. Aluminium Deox arrives as Shots, Cubes and Notch Bar, which are three nouns for "aluminium, but chunky." And Aluminium Alloy Ingots come in exactly one size — 650 mm x 120 mm x 50 mm — the only line in the entire catalogue where the company has decided that choice is overrated.

Customers are in the Steel, Automobile and Power sectors. The FY23 product-wise split was Aluminium Alloy Ingots ~25%, Aluminium Wire Rod ~23%, Aluminium Deox ~21%, Ferro Alloys ~10%, Cored Wire ~9%, Conductor and Cables ~8%, Other products ~5%. Geographically, FY23 was exports ~25% and domestic ~75%, with export destinations listed as South America, the Middle East, Japan, Vietnam, Oman, Saudi Arabia and China.

Capacity by product: Aluminium Deox ~20,000 MTPA, Aluminium Alloy Ingots ~18,000 MTPA, Aluminium Wire Rods ~15,000 MTPA, Conductor and Cables ~12,000 MTPA, Cored Wire ~3,500 MTPA, Master & Ferro ~2,500 MTPA. Total sales volume in FY25 was 27,644 MT. Per CARE's report, the top 5 clients constitute around ~54% of total operating income.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Arfin India Limited.

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