Arfin India Ltd.
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ABOUT
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has delivered good profit growth of 27.6% CAGR over last 5 years
- Latest quarter profit grew 246.4% YoY, showing strong momentum
- Company has delivered good sales growth of 15.5% CAGR over last 5 years
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 2.0x
CONS
- Company has a low return on equity of 8.2% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.43x)
- Stock is trading at 7.3x its book value
- Growth is decelerating - 3Y profit CAGR (9.6%) trails the 5Y trend (27.6%)
- Expensive relative to growth - PEG of 9.3
- Though reporting repeated profits, the company pays out little dividend (13.6%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| VAML | 421.60 | 0.00 | 164861.96 | 0.00 | 65970.00 | — | 213930.00 | — | 0.00 | 48.14 |
| NATIONALUM | 361.40 | 9.83 | 66375.87 | 3.18 | 2003.14 | 90.87 | 5302.38 | 39.28 | 39.71 | 51.08 |
| ARFIN | 85.66 | 78.36 | 1445.28 | 0.13 | 4.08 | 276.97 | 212.77 | 95.46 | 14.82 | 4.77 |
| MMP | 469.95 | 23.82 | 1193.80 | 0.43 | 13.70 | 353.19 | 232.60 | 26.89 | 10.57 | 10.17 |
| MAANALU | 110.45 | 867.26 | 662.53 | 0.00 | 3.10 | 13.55 | 231.86 | 9.79 | 10.76 | 2.32 |
| EUROBOND | 150.46 | 14.39 | 368.63 | 0.00 | 47.82 | 735.72 | 1198.13 | 1042.86 | 16.22 | 10.65 |
| MANAKALUCO | 36.95 | 27.36 | 242.15 | 0.14 | 2.85 | 82.76 | 139.59 | 3.85 | 10.52 | 9.60 |
| CENTEXT | 22.39 | 14.47 | 179.12 | 0.00 | 3.77 | 59.75 | 138.36 | 32.85 | 18.64 | 7.70 |
| HINDALUMI | 94.36 | 16.02 | 59.45 | 0.00 | 1.91 | -95.10 | 5.36 | 405.66 | -1.23 | 44.40 |
| GALPOWTEL | 22.97 | 0.00 | 20.36 | 0.00 | -1.44 | -111.76 | 0.00 | — | 5.41 | — |
| SORICH | — | — | — | — | — | — | — | — | 16.21 | — |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 149 | 134 | 115 | 137 | 133 | 149 | 180 | 153 | 109 | 128 | 196 | 192 | 208 | |
| 141 | 127 | 108 | 129 | 124 | 139 | 169 | 147 | 102 | 119 | 183 | 177 | 204 | |
| Operating Profit | 8 | 7 | 7 | 8 | 9 | 10 | 11 | 7 | 7 | 9 | 14 | 14 | 4 |
| OPM % | 5.10% | 5.29% | 6.29% | 6.05% | 6.84% | 6.49% | 6.07% | 4.30% | 6.00% | 6.89% | 6.89% | 7.55% | 1.75% |
| 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 4 | 4 | 5 | 5 | 4 | 5 | 6 | 5 | 5 | 5 | 5 | 4 | 4 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 3 | 3 | 2 | 2 | 4 | 4 | 4 | 2 | 1 | 3 | 7 | 9 | 4 |
| Tax % | 20.55% | 34.09% | 7.01% | -7.39% | 25.86% | 27.32% | 32.67% | 76.32% | 25.55% | 34.39% | 34.91% | 38.80% | 9.76% |
| Net Profit | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 1 | 1 | 2 | 5 | 6 | 4 |
| 0.15 | 0.11 | 0.13 | 0.14 | 0.18 | 0.15 | 0.18 | 0.03 | 0.06 | 0.12 | 0.29 | 0.34 | 0.21 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 363 | 471 | 413 | 359 | 303 | 526 | 544 | 535 | 616 | 625 | 724 | |
| 336 | 426 | 389 | 364 | 287 | 502 | 518 | 505 | 579 | 582 | 684 | |
| Operating Profit | 27 | 45 | 23 | -6 | 16 | 24 | 26 | 30 | 36 | 43 | 40 |
| OPM % | 7.47% | 9.54% | 5.67% | -1.64% | 5.41% | 4.55% | 4.84% | 5.64% | 5.90% | 6.93% | 5.59% |
| 1 | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 2 | 1 | 1 | |
| Interest | 6 | 10 | 12 | 14 | 11 | 12 | 14 | 19 | 20 | 19 | 19 |
| Depreciation | 1 | 2 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 5 |
| Profit before Tax | 20 | 34 | 10 | -20 | 5 | 10 | 11 | 10 | 14 | 21 | 24 |
| Tax % | 35.78% | 36.17% | 35.36% | -5.61% | 11.84% | 6.28% | 6.05% | 15.41% | 36.38% | 35.95% | 32.23% |
| Net Profit | 13 | 22 | 7 | -22 | 4 | 9 | 10 | 8 | 9 | 14 | 16 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 2.53 | 0.58 | 0.65 | 0.52 | 0.54 | 0.81 | — |
| Dividend Payout % | 6.23% | 12.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 13.65% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 16%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 7%
- 5 Years:
- 28%
- 3 Years:
- 10%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 101%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 10%
- 3 Years:
- 8%
- Last Year:
- 8%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 13 | 16 | 16 | 16 | 16 | 16 | 16 | 17 | 17 |
| 51 | 69 | 70 | 49 | 52 | 62 | 72 | 80 | 140 | 152 | |
| 61 | 93 | 112 | 107 | 104 | 105 | 106 | 110 | 105 | 122 | |
| Trade Payables | 35 | 22 | 19 | 18 | 48 | 53 | 62 | 66 | 63 | 59 |
| 10 | 15 | 8 | 9 | 9 | 11 | 11 | 13 | 19 | 20 | |
| Total Liabilities | 160 | 213 | 224 | 199 | 230 | 247 | 267 | 285 | 344 | 369 |
| 21 | 30 | 38 | 46 | 61 | 62 | 65 | 66 | 64 | 74 | |
| Capital Work in Progress | 0 | 10 | 17 | 13 | 0 | 0 | 1 | 0 | 4 | 0 |
| 4 | 4 | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 8 | |
| 71 | 80 | 103 | 96 | 111 | 101 | 112 | 149 | 182 | 213 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53 | 52 | 33 | |
| Cash & Bank | 3 | 4 | 3 | 3 | 1 | 1 | 9 | 2 | 5 | 9 |
| 60 | 84 | 58 | 36 | 56 | 83 | 80 | 15 | 36 | 32 | |
| Total Assets | 160 | 213 | 224 | 199 | 230 | 247 | 267 | 285 | 344 | 369 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -18 | -3 | 24 | 25 | 11 | 11 | 28 | 5 | -21 | 30 | |
| Cash from Investing | -7 | -20 | -17 | -5 | 0 | -3 | -8 | -4 | -9 | -22 |
| Cash from Financing | 29 | 30 | 4 | -18 | -12 | -8 | -14 | -8 | 30 | -8 |
| 0 | -0 | -0 | 0 | -0 | 0 | 7 | -7 | 0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-31 - Arfin India Limited has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-08-27 - Mahendrakumar Rikhavchand Shah has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-08-25 - Arfin India Limited has informed the Exchange about Copy of Newspaper Publication regarding Notice of 34th Annual general Meeting of the company
2026-08-25 - Arfin India Limited has informed the Exchange about Intimation Of Dispatch Of Physical Letter To Shareholders Whose Email Id Are Not Registered With Company/Depository
2026-08-24 - Arfin India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 19, 2026
2026-08-20 - Arfin India Limited has informed the Exchange about Copy of Newspaper Publication regarding 34th AGM of the company
2026-08-19 - Arfin India Limited has informed the Exchange about Intimation of 34th Annual General Meeting ("AGM") of the Company for Financial Year 2025-26
2026-08-12 - Arfin India Limited has informed the Exchange about Copy of Newspaper Publication of the Unaudited Financial Result for the quarter ended June 30, 2026
2026-08-11 - Arfin India Limited has submitted to the Exchange, the Unaudited financial results for the period ended Jun 30, 2026.
News
Recent coverage and analyst commentary for ARFIN
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