India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,673 Mahendrakumar Rikhavchand Shah & family ₹1,100 Cr
Market Cap
₹1,507 Cr
ARFIN · NSE
Share Price
₹87.35
-2.21% today
Revenue
₹618 Cr
FY 2025-26 · +0.4% YoY
EBITDA
₹46.15 Cr
Margin 7.5%
Net Profit
₹15.40 Cr
FY 2025-26 · +68.5% YoY
P/E (TTM)
77.0x
P/B 8.3x
ROE
9.4%
ROCE 14.8%
Debt / Equity
0.75
Interest cover 45.1x
About Arfin India Limited
Data last updated:
Arfin India Limited is a public limited company based in Kalol, Gujarat, India. It operates in the metal manufacturing and processing segment of the metals and mining sector. It was incorporated on 10 April 1992 and has been in existence for over 34 years.
Its director Mahendrakumar Rikhavchand Shah and family are #1,673 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L65990GJ1992PLC017460. The company has 5 GST registrations on record, none of which is active. It is a listed company as per MCA records. Its shares are listed on BSE: 539151 and NSE: ARFIN.
The company has an authorised share capital of ₹31.5 Cr and a paid-up capital of ₹16.87 Cr. It was formerly known as Arvindkumar Rameshkumar Investment Private Limited and Arfin India Private Limited. It is led by directors including Jatin Mahendrakumar Shah (Managing Director) and Mahendrakumar Rikhavchand Shah (Whole-Time Director).
Its last annual general meeting (AGM) was held on 06 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Plot No. 117 Ravi Industrial Estae, Gujarat.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹617.99 Cr, a growth of 0.4% compared to the previous year. For the same year it recorded a net profit of ₹15.4 Cr (net margin 2.5%) and EBITDA of ₹46.15 Cr (EBITDA margin 7.5%). The net worth stands at ₹170.34 Cr (up 8.6% YoY). Total assets are valued at ₹300.31 Cr (up 9.5% YoY).
The company has about 42 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Arfin India. As per MCA filings, the company has open charges of ₹137.3 Cr and satisfied charges of ₹432.74 Cr on record. Court records list 22 cases involving the company, including 8 filed by the company and 14 filed against it; 4 cases are pending. The company has 18 deals on record (18 market trades); the latest was in May 2026. Its 6 peer companies in the Metals and Minerals industry (Metals), with the same principal business activity (metal and metal products) are compared by revenue, 4 larger and 2 smaller; the largest is Sree Sumangala Metals and Industries Private Limited with revenue of ₹682.33 Cr. The company has 13 MSME Form 1 returns on record between 2019 and 2024, listing 116 overdue payments to 63 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website arfin.co.in.
Company details
CIN L65990GJ1992PLC017460
Registration Number 017460
Incorporation Date 10 April 1992
ROC Ahmedabad
Listing Status Listed - Listed on NSE (ARFIN); Listed on BSE (539151)
Company Status Active
Date of Last AGM 06 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
Name history
Arfin India has undergone 2 name changes throughout its history. The company was previously known as Arvindkumar Rameshkumar Investment Private Limited, and Arfin India Private Limited. The current legal name is Arfin India Limited.
| Company Name | Status |
|---|---|
| Arfin India Limited | Current |
| Arvindkumar Rameshkumar Investment Private Limited | Previous |
| Arfin India Private Limited | Previous |
CIN history
Arfin India has one previous CIN (Corporate Identification Number): U65990GJ1992PLC017460. The current CIN is L65990GJ1992PLC017460, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L65990GJ1992PLC017460 | Current |
| U65990GJ1992PLC017460 | Previous |
Key People
Jatin Mahendrakumar Shah Managing Director Mahendrakumar Rikhavchand Shah Whole-Time Director Mukesh Shankerlal Chowdhary Director Recognitions & Rankings of Arfin India
Contact details
Arfin India Limited's registered office is in Kalol, Gujarat. Its website is arfin.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressPlot No. 117 Ravi Industrial Estae, Behind Prestige Hotel Billeshwarpura Chhatral Gandhinagar – 382729 Gujarat, Kalol, Gujarat, India – 382729
- IndustryMetals and Minerals, Metal Manufacturing & Processing
To see the full contact details of Arfin India Limited, buy the company report.
Comprehensive company report
Arfin India Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Arfin India operates one associated brand: Arfin India. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Machines for the automotive industry are manufactured by Arfin India. | arfin.co.in |
Business activity
The main business activity of Arfin India is manufacturing. In detail, this covers metal and metal products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products |
To see the full business activity and turnover split of Arfin India Limited, buy the company report.
Financials of Arfin India Limited
FY 2025-26 filings availableArfin India Limited reported revenue of ₹617.99 Cr (up 0.4% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹618 Cr
+0.4% YoY
EBITDA
₹46.15 Cr
+27.2% YoY
Profit After Tax
₹15.40 Cr
+68.5% YoY
Net Worth
₹170 Cr
+8.6% YoY
Total Assets
₹300 Cr
+9.5% YoY
Total Debt
₹129 Cr
+10.6% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Income statement | |||
| Revenue | 618 | 616 | 535 |
| Revenue growth | +0.4% | +15.1% | - |
| EBITDA | 46.15 | 36.29 | 30.21 |
| EBITDA margin | +7.5% | +5.9% | +5.7% |
| Profit before tax | 23.69 | 14.37 | 9.72 |
| Net profit | 15.40 | 9.14 | 8.22 |
| Net profit margin | +2.5% | +1.5% | +1.5% |
| EPS (₹) | 0.92 | 0.54 | 0.52 |
| Balance sheet | |||
| Total assets | 300 | 274 | 217 |
| Net worth | 170 | 157 | 96.36 |
| Total debt | 129 | 117 | 120 |
| Cash & bank | 8.93 | 5.58 | 2.42 |
| Net working capital | 233 | 211 | 151 |
| Cash flow | |||
| Cash from operations | 22.47 | (21.20) | 4.64 |
| Cash from investing | (14.54) | (8.44) | (3.58) |
| Cash from financing | (8.24) | 29.88 | (8.20) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 213 | 193 | 188 | 128 | 109 | 153 | 180 | 149 |
| Revenue growth (YoY) | +95.5% | +26.0% | +4.2% | -14.2% | -18.1% | - | - | - |
| Other income | 0.19 | (0.23) | 0.17 | 0.52 | 0.46 | 1.33 | 0.14 | 0.24 |
| EBITDA | 10.15 | 16.33 | 13.89 | 9.35 | 6.60 | 6.59 | 10.94 | 9.68 |
| EBITDA margin | +4.8% | +8.5% | +7.4% | +7.3% | +6.1% | +4.3% | +6.1% | +6.5% |
| Depreciation | 1.20 | 1.34 | 1.14 | 1.09 | 1.08 | 1.02 | 1.02 | 1.01 |
| Interest | 4.50 | 3.93 | 5.15 | 5.11 | 4.54 | 4.62 | 5.56 | 5.36 |
| Profit before tax | 4.64 | 10.83 | 7.77 | 3.67 | 1.44 | 2.28 | 4.50 | 3.55 |
| Tax | 0.57 | 4.01 | 2.67 | 1.22 | 0.37 | 1.74 | 1.47 | 0.97 |
| Net profit | 4.07 | 6.82 | 5.10 | 2.45 | 1.07 | 0.54 | 3.03 | 2.58 |
| EPS (₹) | 0.24 | 0.40 | 0.30 | 0.15 | 0.06 | 0.03 | 0.18 | 0.15 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 625 | 616 | 535 | 544 | 526 | 303 | 359 |
| Revenue growth | +1.5% | +15.1% | -1.7% | +3.4% | +73.4% | -15.4% | - |
| EBITDA | 43.34 | 36.30 | 30.21 | 26.45 | 23.97 | 16.41 | (5.94) |
| EBITDA margin | +6.9% | +5.9% | +5.7% | +4.9% | +4.6% | +5.4% | -1.7% |
| Profit before tax | 21.22 | 14.38 | 9.72 | 10.99 | 9.80 | 4.55 | (20.50) |
| Net profit | 13.55 | 9.15 | 8.22 | 10.27 | 9.18 | 3.04 | (21.64) |
| Net profit margin | +2.2% | +1.5% | +1.5% | +1.9% | +1.7% | +1.0% | -6.0% |
| EPS (₹) | 0.81 | 0.54 | 0.52 | 0.65 | 0.58 | 2.53 | (13.57) |
| Balance sheet | |||||||
| Total assets | 298 | 274 | 217 | 201 | 190 | 178 | 175 |
| Net worth | 168 | 157 | 96.36 | 88.08 | 77.64 | 68.36 | 64.88 |
| Total debt | 129 | 117 | 120 | 112 | 112 | 109 | 109 |
| Cash & bank | 8.86 | 5.48 | 2.42 | 9.11 | 1.39 | 1.31 | 3.14 |
| Net working capital | 224 | 211 | 151 | 135 | 130 | 118 | 113 |
| Cash flow | |||||||
| Cash from operations | 29.87 | (21.20) | 4.64 | 29.40 | 11.28 | 11.01 | 23.47 |
| Cash from investing | (21.94) | (8.54) | (3.58) | (8.22) | (3.48) | 0.44 | (5.50) |
| Cash from financing | (8.20) | 29.88 | (8.20) | (13.75) | (7.80) | (11.57) | (17.94) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 208 | 192 | 196 | 128 | 109 | 153 | 180 | 149 |
| Revenue growth (YoY) | +91.2% | +25.0% | +8.9% | -14.1% | -18.2% | - | - | - |
| Other income | 0.28 | 0.13 | 0.14 | 0.49 | 0.46 | 1.33 | 0.14 | 0.24 |
| Total expenses | 199 | 177 | 183 | 119 | 102 | 147 | 169 | 139 |
| EBITDA | 9.32 | 14.47 | 13.54 | 8.82 | 6.52 | 6.59 | 10.94 | 9.68 |
| EBITDA margin | +4.5% | +7.5% | +6.9% | +6.9% | +6.0% | +4.3% | +6.1% | +6.5% |
| Depreciation | 1.20 | 1.34 | 1.14 | 1.09 | 1.08 | 1.02 | 1.02 | 1.01 |
| Interest | 4.48 | 3.92 | 5.15 | 5.09 | 4.54 | 4.62 | 5.56 | 5.36 |
| Profit before tax | 3.92 | 9.34 | 7.39 | 3.13 | 1.36 | 2.28 | 4.50 | 3.55 |
| Tax | 0.38 | 3.62 | 2.58 | 1.08 | 0.36 | 1.74 | 1.47 | 0.97 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 28 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 213 | 193 | 188 | 128 | 109 | 153 | 180 | 149 |
| Revenue growth (YoY) | +95.5% | +26.0% | +4.2% | -14.2% | -18.1% | - | - | - |
| Other income | 0.19 | (0.23) | 0.17 | 0.52 | 0.46 | 1.33 | 0.14 | 0.24 |
| EBITDA | 10.15 | 16.33 | 13.89 | 9.35 | 6.60 | 6.59 | 10.94 | 9.68 |
| EBITDA margin | +4.8% | +8.5% | +7.4% | +7.3% | +6.1% | +4.3% | +6.1% | +6.5% |
| Depreciation | 1.20 | 1.34 | 1.14 | 1.09 | 1.08 | 1.02 | 1.02 | 1.01 |
| Interest | 4.50 | 3.93 | 5.15 | 5.11 | 4.54 | 4.62 | 5.56 | 5.36 |
| Profit before tax | 4.64 | 10.83 | 7.77 | 3.67 | 1.44 | 2.28 | 4.50 | 3.55 |
| Tax | 0.57 | 4.01 | 2.67 | 1.22 | 0.37 | 1.74 | 1.47 | 0.97 |
| Net profit | 4.07 | 6.82 | 5.10 | 2.45 | 1.07 | 0.54 | 3.03 | 2.58 |
| EPS (₹) | 0.24 | 0.40 | 0.30 | 0.15 | 0.06 | 0.03 | 0.18 | 0.15 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Revenue | 618 | 616 | 535 |
| Revenue growth | +0.4% | +15.1% | - |
| Other income | 0.92 | 1.96 | 1.99 |
| Total expenses | 572 | 579 | 505 |
| Employee cost | 7.75 | 7.32 | 7.92 |
| EBITDA | 46.15 | 36.29 | 30.21 |
| EBITDA margin | +7.5% | +5.9% | +5.7% |
| Depreciation | 4.65 | 4.06 | 3.91 |
| Interest | 18.73 | 19.82 | 18.57 |
| Profit before tax | 23.69 | 14.37 | 9.72 |
| Tax | 8.26 | 5.23 | 1.50 |
| Net profit | 15.40 | 9.14 | 8.22 |
| Net profit margin | +2.5% | +1.5% | +1.5% |
| EPS (₹) | 0.92 | 0.54 | 0.52 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Equity & liabilities | |||
| Share capital | 16.87 | 16.87 | 15.89 |
| Reserves & surplus | 153 | 140 | 80.47 |
| Shareholders' funds (net worth) | 170 | 157 | 96.36 |
| Minority interest | 0.00 | 0.00 | 0.00 |
| Secured loans | 40.67 | 71.18 | 96.65 |
| Unsecured loans | 88.60 | 45.74 | 23.07 |
| Total debt | 129 | 117 | 120 |
| Total liabilities | 300 | 274 | 217 |
| Assets | |||
| Gross block | 105 | 89.69 | 87.48 |
| Net block | 74.14 | 63.69 | 65.54 |
| Capital work in progress | 0.00 | 3.73 | 0.00 |
| Investments | 0.03 | 0.03 | 0.03 |
| Inventories | 223 | 182 | 149 |
| Sundry debtors | 30.22 | 52.38 | 53.35 |
| Cash & bank balances | 8.93 | 5.58 | 2.42 |
| Loans & advances | 33.68 | 35.18 | 14.30 |
| Total current assets | 296 | 276 | 219 |
| Total current liabilities | 62.33 | 64.86 | 67.14 |
| Net working capital | 233 | 211 | 151 |
| Total assets | 300 | 274 | 217 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Opening cash | 0.62 | 0.38 | 7.51 |
| Net cash from operating activities | 22.47 | (21.20) | 4.64 |
| Net cash from investing activities | (14.54) | (8.44) | (3.58) |
| Net cash from financing activities | (8.24) | 29.88 | (8.20) |
| Net change in cash | (0.31) | 0.23 | (7.13) |
| Closing cash | 8.93 | 5.58 | 2.42 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Growth | |||
| Sales growth | +0.4% | +15.1% | - |
| EBITDA growth | +27.2% | +20.1% | - |
| PBT growth | +64.9% | +47.8% | +9997.0% |
| Net income growth | +68.5% | +11.2% | - |
| Profitability & leverage | |||
| Net income margin | +2.5% | +1.5% | +1.5% |
| Return on capital employed | +14.8% | +13.9% | +13.1% |
| Return on net worth | +9.5% | +7.2% | +8.5% |
| Debt / equity | 0.75 | 0.93 | 1.24 |
| Long-term debt / equity | 0.12 | 0.17 | 0.24 |
| Interest cover | 45.13 | 61.50 | 70.61 |
| Efficiency & per share | |||
| Fixed asset turnover | 7.34 | 8.01 | 7.10 |
| Inventory turnover | 3.52 | 4.29 | 4.18 |
| Debtors turnover | 17.27 | 13.42 | 11.64 |
| EPS (₹) | 0.92 | 0.54 | 0.52 |
| Dividend per share (₹) | 0.11 | 0.00 | 0.00 |
| Book value per share (₹) | 10.10 | 9.29 | 6.06 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 208 | 192 | 196 | 128 | 109 | 153 | 180 | 149 |
| Revenue growth (YoY) | +91.2% | +25.0% | +8.9% | -14.1% | -18.2% | - | - | - |
| Other income | 0.28 | 0.13 | 0.14 | 0.49 | 0.46 | 1.33 | 0.14 | 0.24 |
| Total expenses | 199 | 177 | 183 | 119 | 102 | 147 | 169 | 139 |
| EBITDA | 9.32 | 14.47 | 13.54 | 8.82 | 6.52 | 6.59 | 10.94 | 9.68 |
| EBITDA margin | +4.5% | +7.5% | +6.9% | +6.9% | +6.0% | +4.3% | +6.1% | +6.5% |
| Depreciation | 1.20 | 1.34 | 1.14 | 1.09 | 1.08 | 1.02 | 1.02 | 1.01 |
| Interest | 4.48 | 3.92 | 5.15 | 5.09 | 4.54 | 4.62 | 5.56 | 5.36 |
| Profit before tax | 3.92 | 9.34 | 7.39 | 3.13 | 1.36 | 2.28 | 4.50 | 3.55 |
| Tax | 0.38 | 3.62 | 2.58 | 1.08 | 0.36 | 1.74 | 1.47 | 0.97 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 625 | 616 | 535 | 544 | 526 | 303 | 359 |
| Revenue growth | +1.5% | +15.1% | -1.7% | +3.4% | +73.4% | -15.4% | - |
| Other income | 1.22 | 1.96 | 1.99 | 2.48 | 1.51 | 1.98 | 1.72 |
| Total expenses | 582 | 579 | 505 | 518 | 502 | 287 | 365 |
| Employee cost | 7.47 | 7.32 | 7.92 | 6.55 | 5.64 | 3.91 | 4.43 |
| EBITDA | 43.34 | 36.30 | 30.21 | 26.45 | 23.97 | 16.41 | (5.94) |
| EBITDA margin | +6.9% | +5.9% | +5.7% | +4.9% | +4.6% | +5.4% | -1.7% |
| Depreciation | 4.65 | 4.06 | 3.91 | 3.55 | 3.32 | 2.81 | 2.66 |
| Interest | 18.69 | 19.82 | 18.57 | 14.39 | 12.36 | 11.03 | 13.62 |
| Profit before tax | 21.22 | 14.38 | 9.72 | 10.99 | 9.80 | 4.55 | (20.50) |
| Tax | 7.64 | 5.23 | 1.50 | 0.66 | 0.62 | 0.54 | 1.07 |
| Net profit | 13.55 | 9.15 | 8.22 | 10.27 | 9.18 | 3.04 | (21.64) |
| Net profit margin | +2.2% | +1.5% | +1.5% | +1.9% | +1.7% | +1.0% | -6.0% |
| EPS (₹) | 0.81 | 0.54 | 0.52 | 0.65 | 0.58 | 2.53 | (13.57) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 16.87 | 16.87 | 15.89 | 15.89 | 15.89 | 15.89 | 15.89 |
| Reserves & surplus | 152 | 140 | 80.47 | 72.19 | 61.75 | 52.47 | 48.99 |
| Shareholders' funds (net worth) | 168 | 157 | 96.36 | 88.08 | 77.64 | 68.36 | 64.88 |
| Secured loans | 40.67 | 71.18 | 96.65 | 92.94 | 92.74 | 89.16 | 94.35 |
| Unsecured loans | 88.60 | 45.74 | 23.07 | 19.21 | 18.92 | 19.69 | 15.05 |
| Total debt | 129 | 117 | 120 | 112 | 112 | 109 | 109 |
| Total liabilities | 298 | 274 | 217 | 201 | 190 | 178 | 175 |
| Assets | |||||||
| Gross block | 105 | 89.69 | 87.48 | 83.31 | 77.04 | 73.57 | 55.56 |
| Net block | 74.14 | 63.69 | 65.54 | 65.27 | 61.63 | 61.48 | 45.99 |
| Capital work in progress | 0.00 | 3.73 | 0.00 | 0.87 | 0.00 | 0.00 | 12.65 |
| Investments | 8.03 | 0.13 | 0.03 | 0.02 | 0.00 | 0.00 | 5.02 |
| Inventories | 213 | 182 | 149 | 112 | 101 | 111 | 96.23 |
| Sundry debtors | 33.24 | 52.38 | 53.35 | 57.07 | 73.62 | 42.57 | 31.04 |
| Cash & bank balances | 8.86 | 5.48 | 2.42 | 9.11 | 1.39 | 1.31 | 3.14 |
| Loans & advances | 30.59 | 35.21 | 14.30 | 21.45 | 7.67 | 10.93 | 3.07 |
| Total current assets | 285 | 275 | 219 | 199 | 184 | 166 | 133 |
| Total current liabilities | 61.60 | 64.86 | 67.14 | 64.40 | 54.19 | 48.09 | 20.32 |
| Net working capital | 224 | 211 | 151 | 135 | 130 | 118 | 113 |
| Total assets | 298 | 274 | 217 | 201 | 190 | 178 | 175 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.52 | 0.38 | 7.51 | 0.08 | 0.07 | 0.19 | 0.16 |
| Net cash from operating activities | 29.87 | (21.20) | 4.64 | 29.40 | 11.28 | 11.01 | 23.47 |
| Net cash from investing activities | (21.94) | (8.54) | (3.58) | (8.22) | (3.48) | 0.44 | (5.50) |
| Net cash from financing activities | (8.20) | 29.88 | (8.20) | (13.75) | (7.80) | (11.57) | (17.94) |
| Net change in cash | (0.28) | 0.13 | (7.13) | 7.43 | 0.01 | (0.12) | 0.03 |
| Closing cash | 8.86 | 5.48 | 2.42 | 9.11 | 1.39 | 1.31 | 3.14 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +1.5% | +15.1% | -1.7% | +3.4% | +73.4% | -15.4% | - |
| EBITDA growth | +19.4% | +20.2% | +14.2% | +10.4% | +46.1% | +376.3% | - |
| PBT growth | +47.6% | +47.9% | -11.6% | +12.1% | +115.4% | +9998.0% | - |
| Net income growth | +48.1% | +11.3% | -20.0% | +11.9% | +202.0% | +114.1% | - |
| Revenue CAGR (3Y) | +4.7% | +5.4% | +20.8% | +14.9% | +8.4% | -13.6% | -0.4% |
| EBITDA CAGR (3Y) | +17.9% | +14.8% | +22.6% | - | +1.1% | -28.4% | - |
| Profitability & leverage | |||||||
| Net income margin | +2.2% | +1.5% | +1.5% | +1.9% | +1.7% | +1.3% | -6.0% |
| Return on capital employed | +13.9% | +13.9% | +13.6% | +13.0% | +12.1% | +8.2% | -3.7% |
| Return on net worth | +8.4% | +7.2% | +8.9% | +12.5% | +12.6% | +4.6% | -28.6% |
| Debt / equity | 0.76 | 0.93 | 1.26 | 1.35 | 1.51 | 1.64 | 1.48 |
| Long-term debt / equity | 0.12 | 0.17 | 0.29 | 0.38 | 0.43 | 0.28 | 0.07 |
| Interest cover | 48.31 | 61.48 | 70.61 | 62.84 | 59.85 | 81.10 | -158.37 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 7.44 | 8.01 | 7.27 | 7.78 | 8.06 | 5.38 | 8.17 |
| Inventory turnover | 3.66 | 4.29 | 4.77 | 5.86 | 5.71 | 3.35 | 4.13 |
| Debtors turnover | 16.90 | 13.42 | 11.25 | 9.54 | 10.44 | 9.44 | 10.18 |
| EPS (₹) | 0.81 | 0.54 | 0.52 | 0.65 | 0.58 | 2.53 | (13.57) |
| Dividend per share (₹) | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 9.99 | 9.29 | 6.06 | 5.54 | 4.89 | 43.02 | 40.82 |
To see the full year-wise statements and ratios of Arfin India Limited, buy the company report.
Board of directors of Arfin India Limited
Arfin India has 6 current directors and 15 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Jatin Mahendrakumar Shah | Managing Director | 12 Jun 2012 | 14 Years 4 Months | Current |
| Mahendrakumar Rikhavchand Shah | Whole-Time Director | 30 Sep 1998 | 28 Years 0 Months | Current |
| Mukesh Shankerlal Chowdhary Also directs: Diti Logistics LLP, Diya Packaging Private Limited, Diti Resources Private Limited and 1 more | Director | 09 Nov 2017 | 8 Years 11 Months | Current |
| Pushpaben Mahendrakumar Shah Also directs: Arfin Titanium and Speciality Alloys Limited | Director | 05 Nov 2015 | 10 Years 11 Months | Current |
| Ruchita Rahulkumar Nahata | Director | 10 Apr 2025 | 1 Years 6 Months | Current |
| Tarachand Roopchand Jain Also directs: Komal Global Limited, Shri Navkar Metals Limited | Director | 25 Nov 2023 | 2 Years 11 Months | Current |
Peer comparison
Arfin India Limited is compared with the 6 companies closest to it by revenue in the Metals and Minerals industry (Metals), with the same principal business activity (metal and metal products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Sree Sumangala Metals and Industries Private Limited | ₹682.33 Cr (FY 2024) | -14.0% | Chennai, Tamil Nadu, India | |||
| Shri Sabhari Metallurgical (India) Limited | ₹681.47 Cr (FY 2025) | 28.0% | Chennai, Tamil Nadu, India | |||
| Western Metal Industries Private Limited | ₹654.92 Cr (FY 2024) | 11.0% | Pune, Maharashtra, India | |||
| JLC Electromet Private Limited | ₹640.49 Cr (FY 2025) | 2.0% | Jaipur, Rajasthan, India | |||
| Arfin India Limitedthis company | ₹617.99 Cr (FY 2026) | ₹15.4 Cr | 2.5% | 0.4% | 42 | Kalol, Gujarat, India |
| KBS Industriies Limited | ₹615.96 Cr (FY 2025) | 15.0% | Delhi, India | |||
| Hira Ferro Alloys Limited | ₹604.28 Cr (FY 2025) | 66.0% | Raipur, Chhattisgarh, India |
To see the full peer comparison of Arfin India Limited, buy the company report.
Auditor
Arfin India Limited is audited by Raman M. Jain & Co. for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Raman M. Jain & Co. | FY 2023 | 113290W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 69.80%, foreign institutional investors hold 0.80%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 29.40%.
Sep 2026
QUARTER
69.80% Promoters
0.80% FII (Foreign Institutional)
29.40% Retail & Others
Promoter holding - history
Now 69.80% · Sep 2026High 69.80% · Dec 2025Low 69.80% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 69.80% | 69.80% | 69.80% | 69.80% |
| Public | 30.20% | 30.20% | 30.20% | 30.20% |
Charges & borrowings
Open charges
₹137.3 Cr
Satisfied charges
₹432.74 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 23 Oct 2024 | 101004515 | Others | ₹5 Cr | Open | |
| 26 Mar 2019 | 100251490 | Sbicap Trustee Company Limited | ₹66.15 Cr | Open | |
| 25 Mar 2019 | 100251482 | Sbicap Trustee Company Limited | ₹66.15 Cr | Open | |
| 01 Feb 2023 | 100690951 | Tata Capital Financial Services Limited | ₹75 Lakh | Satisfied | |
| 21 Oct 2022 | 100628058 | Idbi Bank Limited | ₹3.6 Cr | Satisfied |
To see the full charge records of Arfin India Limited, buy the company report.
Total charge records: 34 View all charges
Deals & funding
Arfin India Limited has 18 deals on record (18 market trades); the latest was in May 2026.
Total deals
18
Market trades
18
Deals on record (5 of 18)
| When | Deal | Amount | Parties |
|---|---|---|---|
| May 2026 | Market trade | ₹9.54 Cr | Buyer: L7 Hitech Private Limited Seller: L7 Hitech Private Limited |
| Jan 2026 | Market trade | ₹8.12 Cr | Buyer: an individual |
| May 2023 | Market trade | ₹1.72 Cr | Seller: an individual |
| Jul 2022 | Market trade | ₹1.67 Cr | Buyer: Anustup Trading Private Limited Seller: Anustup Trading Private Limited |
| Mar 2019 | Market trade | ₹11.96 Cr | Buyer: Kalpvruksha Estate And Finance Pvt Ltd, Innovate Derivatives Private Limited Seller: Innovate Derivatives Private Limited , an individual |
To see the full deal history of Arfin India Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Arfin India Limited has 22 court cases on record: 8 filed by Arfin India, 14 filed against it. 4 cases are pending and 18 are disposed.
Total cases
22
Filed by the company
8
Filed against the company
14
Pending
4
Disposed
18
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 10 | 7 | 4 |
| High courts | 10 | 5 | 0 |
| Supreme Court | 2 | 2 | 0 |
Cases on record (5 of 22)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (2406-Indirect Taxation : Goods and Services Tax, Integrated Goods and Services Tax, State Goods and Services Tax, UT Goods and Services Tax.) | Filed against the company by Union of India and 161 others | Disposed |
| Supreme Court | Court case (1006-Company Law, Mrtp, Trai, Sebi, Idrai & Rbi : Others) | Filed against the company by Committee of Creditors of Essar Steel India Limited Through Authorised Signatory Through Authorised Signatory 27Km, Surat Hazira Road, Po Hazira ,Surat , Gujarat | Disposed |
| High Court, GUJARAT | Court case (SCR.A) | Filed against the company by Kiran Udyog Private Limited and 4 others | Disposed |
| District court, kachchh at Bhuj, Gujarat | Court case (CMA SC) | Filed against the company by an individual | Pending |
| District court, Ahmedabad, Gujarat | Criminal complaint | Filed by the company against individuals | Pending |
To see the full case history of Arfin India Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Arfin India Limited was last rated by Care on 29 Jun 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 29 Jun 2021 |
To see the full credit ratings and regulatory alerts of Arfin India Limited, buy the company report.
MSME payment delays
Arfin India Limited has 13 MSME Form 1 returns on record between 2019 and 2024, listing 116 overdue payments to 63 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 63)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Manoj Metal Corporation | |||
| an individual supplier | |||
| an individual supplier | |||
| Hasti Petro Chemical and Shipping Limited | |||
| an individual supplier |
To see the full MSME payment records of Arfin India Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Arfin India Limited has a workforce of 42 employees on its EPFO records as of Mar 30, 2024, across 1 active EPFO establishment.
Employee count
42
Active EPFO establishments
1
Employee growth
20%
GST
Arfin India has 5 GST registrations on record, and all of them have been cancelled or are inactive. Only active GST numbers are listed on this page.
Total GSTINs
5
Cancelled / inactive
5
To see the full GST registrations and return filing status of Arfin India Limited, buy the company report.
Recent activity
Arfin India Limited has 26 board changes on record since 1995: 16 appointments and 10 cessations. The latest: Ruchita Rahulkumar Nahata was appointed as Director on 10 Apr 2025.
Charges
A charge registered on 01 Feb 2023 via Charge ID 100690951 with Tata Capital Financial Services Limited was fully satisfied on 13 Apr 2026.
Filing
Arfin India Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Charges
A charge with Sbicap Trustee Company Limited of Rs. 66.15 Cr registered on 26 Mar 2019 with Charge ID 100251490 was modified on 25 Mar 2026.
Charges
A charge with Sbicap Trustee Company Limited of Rs. 66.15 Cr registered on 25 Mar 2019 with Charge ID 100251482 was modified on 25 Mar 2026.
Charges
A charge registered on 29 Jul 2020 via Charge ID 100354504 with Hdfc Bank Limited was fully satisfied on 13 Mar 2026.
Charges
A charge registered on 21 Oct 2022 via Charge ID 100628058 with Idbi Bank Limited was fully satisfied on 12 Feb 2026.
AGM
Arfin India Limited last Annual general meeting of members was held on 06 Sep 2025 as per latest MCA records.
Appointed
Ruchita Rahulkumar Nahata was appointed as Director.
Ceased
Hardik Shantilal Hundia ceased to be Director.
Charges
A charge with Others amounted to Rs. 5.00 Cr with Charge ID 101004515 was registered on 23 Oct 2024.
Ceased
Pawan Kumar Lohiya ceased to be CFO.
Charges
A charge registered on 22 Feb 2021 via Charge ID 100429168 with Hdfc Bank Limited was fully satisfied on 08 Feb 2024.
94 earlier events are in the company report.
News
Frequently asked questions
Arfin India is an active public limited company based in Kalol, Gujarat, India. The company works in metal manufacturing and processing, within the metals and minerals industry. It was incorporated on 10 April 1992 (34+ years old) and is registered under CIN L65990GJ1992PLC017460. Listed on BSE: 539151 and NSE: ARFIN.
Arfin India reported revenue of ₹617.99 Cr for FY 2025-26 (up 0.4% YoY) based on consolidated financials.
Arfin India has 6 current directors:
- Jatin Mahendrakumar Shah - Managing Director
- Mahendrakumar Rikhavchand Shah - Whole-Time Director
- Mukesh Shankerlal Chowdhary - Director
- Pushpaben Mahendrakumar Shah - Director
- Ruchita Rahulkumar Nahata - Director
- Tarachand Roopchand Jain - Director
The latest financial statements of Arfin India on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 06 September 2025. Year-wise statements from 2015 are in the company report.
No. Arfin India has 5 GST registrations on record and all of them are cancelled or inactive.
The CIN (Corporate Identification Number) of Arfin India is L65990GJ1992PLC017460. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Arfin India is a listed company as per MCA records. Its shares are listed on both BSE (code: 539151) and NSE (symbol: ARFIN).
Arfin India has 22 court cases on record: 8 filed by the company and 14 filed against it. 4 are pending. Most are in the district courts.
Arfin India was incorporated on 10 April 1992, making it 34+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Arfin India has 18 deals on record (18 market trades); the latest was in May 2026.
The peers of Arfin India by revenue are Sree Sumangala Metals and Industries Private Limited, Shri Sabhari Metallurgical (India) Limited, Western Metal Industries Private Limited, JLC Electromet Private Limited, KBS Industriies Limited and 1 more, all in the Metals and Minerals industry (Metals), with the same principal business activity (metal and metal products).
Ruchita Rahulkumar Nahata was appointed as Director on 10 Apr 2025. Hardik Shantilal Hundia ceased to be Director on 27 Jan 2025. Pawan Kumar Lohiya ceased to be CFO on 19 Jun 2024. Arfin India has 26 board changes on record in total.