Company Overview

Arfin India Limited (CIN: L65990GJ1992PLC017460) is a public company engaged in manufacturing, trading and selling various ferrous & non-ferrous metal products. The company submitted its Annual Report for FY 2025-26 to NSE and BSE, including notice of its 34th AGM scheduled for September 19, 2026.

Financial Performance Highlights (Consolidated)

Key Financial Results (` in Lakhs)

| Particulars | 2025-26 | 2024-25 | Change |

| Net Sales & Operating Income | 61,799.18 | 61,575.38 | 0.36% |

| Total Income | 61,891.37 | 61,771.22 | 0.19% |

| PBDIT | 4,708.32 | 3,825.85 | 23.07% |

| Finance Cost | 1,872.85 | 1,982.18 | -5.52% |

| Profit Before Tax | 2,370.63 | 1,437.93 | 64.86% |

| Profit After Tax | 1,545.13 | 914.63 | 68.93% |

| Cash Profit | 2,140.56 | 1,407.78 | 52.05% |

Key Ratios

| Ratio | 2025-26 | 2024-25 |

| EBITDA Margin | 7.62% | 6.21% |

| Net Profit Margin | 2.50% | 1.49% |

| Debt-Equity Ratio | 0.76 | 0.75 |

| Return on Net Worth | 9.07% | 5.83% |

| Current Ratio | 1.69 | 1.74 |

Per Share Data (`)

  • Basic EPS: 0.92 (prev: 0.54)
  • Cash EPS: 1.27 (prev: 0.84)
  • Book Value: 10.10 (prev: 9.29)

Financial Position

  • Total assets: ₹37,140.02 lakhs (FY25: ₹34,421.12 lakhs)
  • Total equity: ₹17,034.68 lakhs (FY25: ₹15,677.79 lakhs)
  • Total debt: ₹12,926.60 lakhs (FY25: ₹11,691.79 lakhs)
  • Cash and cash equivalents: ₹31.12 lakhs (FY25: ₹61.66 lakhs)

Operational Performance

  • Total consolidated sales: 24,047 metric tons
  • Revenue: ₹71,343 Lakhs
  • Gross Export Sales: ₹9,834 Lakhs
  • Installed annual production capacity: 71,000 metric tons

Strategic Developments

Direct Listing on NSE

The company achieved direct listing on National Stock Exchange of India Limited effective July 22, 2025, complementing its existing BSE listing.

Product Diversification

  • Introduction of Inoculants in Speciality Alloys and AL-59 Conductors
  • Medium Voltage Covered Conductors (MVCC) project in development phase
  • Strategic partnership with JFE Shoji India (5.81% equity stake) with 14-year distributorship agreement

Solar Power Initiatives

New solar installations during the year:

  • 509.24 KW at Survey No. 118/1, Ravi Industrial Estate
  • 87.75 KW at Conductor Plant, Plot No. 117/3,6,7

Existing capacity: 1,200 KW (2022) and 350 KW systems

Related Party Disclosures

Related Parties Identified

Key Management Personnel: Mr. Jatin M. Shah (Managing Director), Mr. Mahendra R. Shah (Chairman & Whole Time Director), Mrs. Pushpa M. Shah (Director)

Entities Controlled by Directors/Relatives: Mahendra Corporation, Krish Ferro Industries Private Limited

Transactions with Related Parties (FY26)

Expenses: Purchase and job work charges: ₹46.85 lakhs; Remuneration: ₹200.27 lakhs

Income: Sales and job work income: ₹817.12 lakhs; Rent income: ₹1.20 lakhs

Outstanding Payables: To KMP and relatives: ₹860.98 lakhs

Foreign Currency Exposure and Risk Management

Foreign Currency Exposure as at March 31, 2026

Receivables in USD: 10.16 lakh USD (₹1,049.02 lakhs)

Payables in USD: 35.72 lakh USD (₹3,367.00 lakhs)

Net payable in USD: 25.56 lakh USD (₹2,317.98 lakhs)

Sensitivity Analysis

A 5% increase/decrease in USD exchange rate would impact profit before tax by ₹120.43 lakhs.

Corporate Governance

Board Composition

  • Mr. Mahendra R. Shah: Chairman & Whole Time Director
  • Mr. Jatin M. Shah: Managing Director
  • Mrs. Pushpa M. Shah: Executive Director
  • Three Independent Directors

Key Appointments

  • Mr. Shubham P. Jain appointed as Chief Financial Officer
  • Ms. Natanya Kasaudhan appointed as Company Secretary

AGM Details

34th Annual General Meeting

  • Date: September 19, 2026
  • Time: 12:00 PM (IST)
  • Mode: Video Conferencing/Other Audio Visual Means
  • Book Closure: September 13-19, 2026

Auditors

  • Statutory Auditors: M/s. Raman M. Jain & Co. (unqualified opinion)
  • Secretarial Auditors: M/s. Kamlesh M. Shah & Co.
  • Cost Auditors: M/s. Ashish Bhavsar & Associates

Compliance Status

No material weaknesses identified in internal financial controls. All statutory compliances maintained.

Risk Factors

Identified key risks: Raw material price volatility, global economic developments, foreign exchange exposure, regulatory compliance requirements, and market competition.