Industry Structure and Developments
The Indian manufacturing sector continues to emerge as a critical pillar of the countrys economic development, supported by the robust performance of key industries such as automotive, steel, infrastructure, engineering, pharmaceuticals, chemicals, and consumer durables. Contributing nearly 17% to Indias GDP and employing over 27 million people, the sector is witnessing an accelerated shift towards automation, digitalization, and process-driven manufacturing to enhance operational efficiency and global competitiveness.
With strong policy support under initiatives like Make in India and the Production Linked Incentive (PLI) schemes, India is strategically positioning itself as a global manufacturing hub. The government aims to achieve total exports of US$ 1 trillion by 2030 and raise the manufacturing sectors share in GDP to 25% over the coming years. This vision is supported by the development of modern infrastructure and efforts to integrate into global supply chains.
India, being the second-largest producer of aluminium in Asia, has seen a rising shift toward secondary (recycled) aluminium due to its lower energy requirements - nearly 95% less than primary aluminium production. The domestic industry is dominated by organized players involved in the production of aluminium ingots, deoxidizers, alloy products, and extrusions made from recycled scrap. A major portion of scrap is sourced from industrial, post-consumer, and imported sources.
The growth of end-use industries such as automobiles, electricals, packaging, infrastructure, and renewable energy has accelerated demand for aluminium products, thereby driving recycling activity. The governments emphasis on circular economy policies, zero-waste initiatives, and extended producer responsibility (EPR) frameworks is also reinforcing the sectors long-term prospects.
The Company operates primarily in the manufacturing and trading of ferrous & non-ferrous metals, with aluminium-based products forming the core of its business. The Companys diverse product portfolio includes Aluminium Wire Rods, Aluminium Deox, Cored Wire, Aluminium Alloy Ingots, Ferro Titanium, Conductors & Cables, and Inoculants. This product diversification not only enhances operational flexibility but also mitigates business risks associated with market volatility.
With a wide domestic and. international presence, the company has strategically de-risked its operations while remaining agile to seize emerging market opportunities. The Companys enduring competitive strengths built over years of experience, technical expertise, and a customer-centric approach position it strongly to capitalize on growth prospects in both traditional and evolving industries.
Opportunities
India stands at the cusp of a transformative growth phase, with multiple structural and policy-driven factors creating vast opportunities across industries, including the non-ferrous metal sector. The governments continued emphasis on infrastructure development, renewable energy capacity expansion, electric vehicle adoption, and localization of manufacturing under the Atmanirbhar Bharat and Make in India initiatives is unlocking new demand for industrial metals, particularly aluminium.
The aluminium recycling industry in India is witnessing strong growth, fueled by rising demand from sectors like automotive, electrical, construction, and packaging. The shift towards electric vehicles and sustainable manufacturing is driving preference for recycled aluminium, which offers significant energy savings-up to 95% compared to primary production. Supportive government policies, increasing scrap availability, and a focus on circular economy principles are creating a favorable environment for recyclers. Technological advancements and growing export demand for products like Aluminium Deox and alloy ingots further strengthen the sectors outlook, with ESG-aligned businesses well-positioned to benefit.
In FY 2024-25, the Company demonstrated resilience and consistent growth despite a volatile macroeconomic environment, challenging market dynamics, and global uncertainties. During the year, the Company achieved total sales of 27,644 metric tons, generating revenue of
70,919 Lakhs. With an installed annual production capacity of 71,000 metric tons, the Company retains ample headroom to scale up production and enhance sales volumes in the future. In line with this potential, focused efforts were made to strengthen both marketing initiatives and production efficiencies. Notably, the Company recorded Gross Export Sales of
13,823 Lakhs for the financial year ended March 31, 2025. This performance was supported by increased sales volumes, an improved product portfolio, favorable input costs, operational stability, and effective cost-optimization measures.
Our strategic approach emphasizes responsible growth, underpinned by a strong commitment to innovation, operational excellence, and sustainability. We deeply value diversity within our workforce and remain dedicated to fostering an inclusive environment while continuously investing in talent, refining our processes, and shaping a sustainable and impactful future.
Threats
While capitalising on opportunities that align with our inherent strengths, the Company remains mindful that such pursuits are invariably accompanied by certain risks and challenges. A proactive approach to risk identification and mitigation is essential to safeguard sustainable growth. In this context, the Company is exposed to the following key risks:
These factors can be main drivers behind the pressure on the Company in terms of operation and profitability.
Product / Plant Wise Performance
The Company operates solely in the business of manufacturing and trading of ferrous & non-ferrous metals. It does not have any other reportable segments or business activities. Accordingly, separate segment-wise reporting is not applicable. The performance of each product/plant is detailed below:
Aluminium Wire Rod
The Company has installed capacity of 15,000 metric tons per annum in the business of aluminium wire rod. The Company has sold 9,115 metric tons of aluminium wire rod worth 25,755 Lakhs in compare to 6,096 metric tons worth 14,663 Lakhs during previous year 2023-24.
The Company recorded captive consumption of 565 metric tons and completed job work of 1,421 metric tons reflecting our operational efficiency and trusted manufacturing capabilities. The product primarily caters to the Steel and Power sectors, where it is used as a raw material for deoxidizing agents in the steel industry, as well as for the manufacturing of conductors and cables in the power sector.
It reflects year on year increase in sales volume at the rate of 49% in terms of quantity and 76% in terms of sales amount.
Aluminium Deox
The Company is having installed capacity of 20,000 metric tons per annum in aluminium deox. The sales during the financial year under report was 11,207 metric tons amounting to 25,774 Lakhs in compare to 6,858metric tons worth 14,321 Lakhs during previous year 2023-24.The product is primarily used in the Steel industry as an aluminium deoxidant agent for steel refining processes in steel plants.
It reflects year on year increase in sales volume at the rate of 63% in terms of quantity and increase of 79% in terms of sales amount.
Cored Wire
The Company is having cored wire plant with capacity of 3,500 metric tons per annum. The sales quantity during the financial year under report was 1,077 metric tons worth 5,474 Lakhs in compare to 933 metric tons of goods worth 5,015 Lakhs during previous financial year 2023-24.The product is primarily used in the Steel Industry for desulphurization of steel and also serves as an additive during the steel melting process.
It reflects year on year increase in sales volume at the rate of 15 % in terms of quantity and 9 % in terms of sales amount.
Aluminium Alloy Ingots
The Company is having installed capacity of 18,000 metric tons per annum of aluminium alloy plant. The sales during the financial year under report stood at 174 metric tons amounting to 394 Lakhs. The product is primarily used in the Automobile sector as a raw material for auto casting by automobile die casting companies.
Conductor & Cables
The Company is having installed capacity of 12,000 metric tons per annum of conductor and cables plant. The sales during the financial year under report stood at 1,729 metric tons amounting to 5,561 Lakhs in compare to 3375 metric tons of goods worth 9,068 Lakhs during previous financial year 2023-24. The product is primarily used in the Power industry for the transmission of electricity from power plants to substations and from substations to end consumers.
Ferro Alloys
The Company is having installed capacity of 2,500 metric tons per annum of Ferro Alloys plant. The sales during the financial year under report stood at 917 metric tons amounting to 3,605 Lakhs in compare to 871 metric tons of goods worth 3,718 Lakhs during previous financial year 2023-24. The product is primarily used in the Steel Industry as an additive in steel peeling processes for the manufacturing of high-grade steel.
Outlook
Global Outlook
The global economic environment in FY 2024-25 continues to face headwinds, including geopolitical uncertainties, supply chain adjustments, and muted external demand. While advanced economies are witnessing restrained growth amid cautious monetary policies, emerging markets remain critical drivers of global consumption and industrial activity. Technology-led shifts, energy transition imperatives, and sustainability goals are reshaping industries worldwide, offering both opportunities and challenges for businesses across sectors.
In the domestic landscape, Indias GDP and GVA growth are projected to moderate to 6.5% and 6.2% respectively in FY 2025, reflecting subdued rural demand, a slowdown in government capital expenditure due to the election cycle, and softening benefits from lower commodity prices. However, economic momentum is anticipated to improve in the second half of the fiscal year, supported by a revival in consumption, infrastructure development, and easing inflationary pressures.
The average CPI inflation is expected to decline to 4.6% in FY 2025 from 5.3% in FY 2024, driven by expected stability in food prices subject to a normal monsoon. Monetary policy is likely to remain cautious, with limited scope for rate cuts as policymakers balance inflation risks with growth imperatives.
The ongoing geopolitical tensions and conflicts across various regions continue to pose significant risks to global economic stability. War-driven disruptions in energy supply chains, trade routes, and commodity markets have led to inflationary pressures and volatility in financial markets. Uncertainty in global policymaking, coupled with rising defense expenditures, has further strained fiscal priorities of affected nations. These dynamics underscore the importance of resilient supply chains and strategic risk management for businesses operating in interconnected global markets.
Aluminium Sector
The global aluminium industry witnessed steady demand recovery in FY 2024 25, supported by strong consumption in transportation, construction, renewable energy, and packaging. The shift towards electric vehicles and low-carbon infrastructure has reinforced aluminiums role as a lightweight, durable, and recyclable material.
Industry growth stood at an estimated 7-8% in market value, with production rising by 2-3%, though further expansion remains constrained by Chinas capacity cap. While the market is expected to remain broadly balanced, a mild surplus and mid-year pricing pressures are anticipated. Rising investments in sustainability and the transition to green aluminium are driving structural shifts, supported by the revival of Western smelters and continued strength in the Asia-Pacific region.
Domestic Outlook
India enters FY 2024-25 on a resilient economic footing, with a broad-based recovery continuing across sectors. The country remains one of the fastest-growing major economies, with GDP projected to grow between 6.5 % and 6.8 %, supported by robust domestic consumption, infrastructure-led capital expenditure, and improving rural demand.
The governments sustained focus on public investment - especially in transportation, energy, and digital infrastructure - is expected to drive multiplier effects across industries. Private sector capex is gradually picking up, aided by improved capacity utilization and stronger balance sheets. The banking sector remains healthy, with improved credit offtake, especially in MSMEs and retail segments.
On the inflation front, easing food and commodity prices have provided relief, though global uncertainties - particularly in energy markets - may pose near-term challenges. The RBI is expected to maintain a calibrated policy stance to balance growth with price stability.
While geopolitical tensions and external volatility persist, Indias strong macroeconomic fundamentals, growing manufacturing ecosystem, and digital transformation agenda offer a promising outlook for sustained economic momentum. FY 2024 - 25 is poised to further cement Indias position as a key driver of global growth.
Business Highlights
The Aluminium Wire Rod and Aluminium Deox segments remained the key contributors to the Companys performance during the year. The salient points for the business overview of the Company during the financial year 2024-25 are as follows:
? Total net revenue from operations of 61,576 Lakhs in compare to 53,516 Lakhs during the previous financial year ended March 31, 2024.
? EBIDTA of 3,826 Lakhs
? EBIDTA Margins of 6.21% of Net Sales
? PAT of 915 Lakhs
? Basic and diluted earnings per equity share for the year was 0.54 per share.
Risks and Concerns
The Company operates in a dynamic environment where macroeconomic, sectoral, and operational risks must be actively managed to sustain growth and profitability.
The key risks and concerns for FY 2024 25 are outlined below:
1. Raw Material Price Volatility:
The Companys performance is closely linked to the prices of key raw materials such as aluminium, ferro alloys, and chemicals. Any sharp fluctuation, due to global supply chain disruptions or geopolitical factors, can impact margins and inventory valuations.
2. Foreign Exchange Risk:
As a portion of procurement and sales involves international trade, currency volatility especially in USD/INR poses a financial risk. Hedging strategies are in place, but sudden fluctuations may still affect financial performance.
3. Regulatory and Policy Changes:
Changes in import/export duties, environmental norms, or power tariffs may influence operating costs and compliance requirements. Delays in policy implementation or sector-specific subsidies could also impact growth strategies.
4. Competitive Pressure:
The industry remains competitive with pricing pressure from domestic and global players. Sustaining market share while maintaining profitability requires constant innovation, cost efficiency, and quality enhancement.
5. Supply Chain & Logistics Challenges:
Dependence on timely availability of raw materials and efficient logistics is critical. Any disruption due to transport bottlenecks, port delays, or geopolitical tensions could affect production schedules and delivery timelines.
6. Demand-Side Uncertainty:
While demand from key sectors such as steel, automotive, and construction remains positive, any slowdown in these end-user industries due to
economic or sectoral downturns may affect offtake and revenue growth.
7. Environmental, Social & Governance (ESG) Compliance:
Growing emphasis on sustainability and carbon footprint reduction requires continuous investments in green practices. Non-compliance or delays in ESG initiatives may impact reputation and stakeholder confidence.
The Company remains committed to proactive risk management through diversified sourcing, customer-centric strategies, operational efficiencies, and adherence to evolving compliance frameworks.
Internal Control Systems and its Adequacy
The Company has established a robust internal control system commensurate with the nature, size, and complexity of its operations, in line with the provisions of the Companies Act, 2013 and other applicable laws and regulations. These controls are designed to ensure reliable financial reporting, safeguarding of assets, operational efficiency, and adherence to statutory compliances.
The Audit Committee plays a pivotal role in overseeing the adequacy and effectiveness of the internal control system. It regularly reviews the findings and recommendations made by the Internal Auditors and Statutory Auditors, ensuring that the identified risks are adequately addressed through corrective actions and process improvements. The Committee also monitors the implementation of internal financial controls and ensures compliance with the provisions of Section 134(5)(e) of the Companies Act, 2013 relating to the development and maintenance of adequate internal financial controls.
Additionally, the Internal Audit function operates independently and reports directly to the Audit Committee, ensuring unbiased evaluation and continuous improvement of control processes. Any significant observations or control gaps identified during internal audits are discussed in detail by the Audit Committee with the management team to ensure timely corrective measures.
The internal control framework includes well-documented policies, standard operating procedures, and clearly defined roles and responsibilities across various levels of the organization. Periodic reviews are conducted by the internal audit team, which functions independently to assess the adequacy, design, and operating effectiveness of these controls. The findings and recommendations of the internal auditors are regularly reviewed by the Audit Committee and corrective measures are promptly implemented wherever necessary.
The Companys Financial Statements are prepared in strict adherence to the applicable Indian Accounting Standards (IND AS) and in accordance with the Significant Accounting Policies duly formulated, reviewed, and approved by both the Audit Committee and the Board of Directors. These policies are consistently applied across all operational units to ensure uniformity and transparency in financial reporting.
During the financial year 2024-25, the Company conducted a comprehensive evaluation of its Internal Controls over Financial Reporting (ICFR) and concluded that, as on March 31, 2025, the internal control framework remains sound, effective, and adequately designed to ensure the integrity of financial records and statements.
Financial Performance Vis-a-vis Operational Performance
The details relating to the Companys financial and operational performance are provided in the concluding section of this Management Discussion and Analysis Report.
Human Relations / Industrial Relations
At our Company, we firmly believe that our employees are our most valuable assets. Guided by this belief, we undertook a strategic workforce realignment during the year to enhance operational agility and future-readiness. This optimization was carried out with care and foresight, aligning our human resources with the companys evolving goals, increasing reliance on automation, and improving process efficiency. Despite the changes, our focus on employee well-being, morale, and performance has remained steadfast.
The Company remains fully compliant with all applicable labour laws and statutory requirements, including the Factories Act, Payment of Wages Act, and Employees Provident Fund Act, among others. Our HR
policies uphold fair employment practices, non-discrimination, and strict prohibition of child and forced labour. We continue to adopt progressive HR practices that promote transparency, merit-based growth, and continuous learning. Regular internal audits, safety training, and compliance reviews are conducted to ensure a safe, ethical, and lawful working environment. This reflects our strong commitment to responsible governance and employee welfare.
Our workplace culture is inclusive, performance-driven, and built on mutual respect. We encourage open communication, recognize individual and team achievements, and invest consistently in training and upskilling initiatives. These efforts not only contribute to employee satisfaction but also support the companys long-term growth and resilience.
The overall human relations climate of the Company remained cordial and constructive during FY 2024-25, enabling the Company to achieve its business objectives while maintaining a satisfied and motivated workforce.
Key Financial Ratios
The Company has identified the following ratios as its key financial Ratios:
Particulars |
2024-25 | 2023-24 |
Debtors Turnover (Days) | 27 | 32 |
Inventory Turnover (Days) | 108 | 101 |
Interest Coverage Ratio (PBIT / Finance Cost) | 1.72 | 1.52 |
Debt-Service Ratio (PBDIT / Finance Cost) | 1.93 | 1.73 |
Cost of Goods Sold / Net Sales (%) | 83.92 | 83.38 |
Current Ratio (Current Assets / Current Liabilities) | 1.74 | 1.38 |
Debt Equity Ratio (x) | 0.75 | 1.24 |
Operating Profit Margin (PBDIT / Net Sales) | 6.21% | 6.02% |
Net Profit Margin (Net Profit / Net Sales) | 1.49% | 1.54% |
Return on Net Worth
The detail of return on net worth is given below:
Particulars |
2024-25 | 2023-24 |
Return on Net Worth (Net Profit / Average Net Worth) | 5.83% | 8.53% |
Return on Net Worth (RONW) serves as a key profitability indicator, expressed as a percentage. It is calculated by dividing the net profit by the average net worth (capital employed) during the financial year.During the year, the Companys net profit grew from
822 lakhs to 915 lakhs. Concurrently, the net worth of the Company increased significantly from 9,636 lakhs to 15,678 lakhs, primarily due to the issuance of 97,98,432 additional equity shares.
Cautionary Statement
This Report contains forward-looking statements that reflect the Companys current expectations, projections, and future outlook based on well-considered assumptions and available information. These statements are made in good faith and are intended to outline the Companys growth aspirations and strategic direction. However, actual outcomes may vary materially from those indicated due to factors such as changes in economic conditions, market dynamics, regulatory developments, tax policies, and other external influences beyond the Companys control. While the Company remains committed to transparency and continuous improvement, it does not undertake any obligation to revise or update these forward-looking statements to reflect future events or circumstances.
Review of Financial Performance of The Company For The Period Under Report
Sales
The Company has reported Gross Sale of 70,919 Lakhs during the year in compare to 62,090 Lakhs during the previous financial year 2023-24 registering year on year growth in volume of 14 %.The growth in gross sales during the year was primarily driven by a strategic shift towards high-margin and value-added products, expanded customer base, enhanced capacity utilisation, and the introduction of new product lines.
The Company has reported Net Income from Operations of 61,575 Lakhs during the year in compare to 53,515 Lakhs during the previous financial year 2023-24 registering year on year growth of 15 %.This growth was on account of increased volume, change in product mix, improved operational efficiencies and performance by the business.
Profit Before Tax
The Company reported a Profit Before Tax of 1,438 Lakhs for the financial year 2024 25, marking a 48% year-on-year growth compared to 972 Lakhs in the previous year.
Interest
Financial cost outflow has increased from 1,857 Lakhs during the previous year 2023-24 to 1,982 Lakhs in FY 2024-25. The Debt Service Coverage Ratio (DSCR) for the financial year ended March 31, 2025, improved to 1.93 times, compared to 1.73 times in the previous year, reflecting enhanced financial strength and improved debt-servicing capability.
Net Profit
Net profit for the financial year under report stood at
915 Lakhs as compared to 822 Lakhs in the previous financial year 2023-24. It reflects year on year growth of 11 % with compared to previous financial year.
Dividend
The Board of Directors of the Company has decided not to recommend any dividend for the financial year ended March 31, 2025, to conserve profit for its future operations.
Capital Employed
The capital employed in the business was increased by
5,762 Lakhs for financial year ended March 31, 2025 as the Share Capital and Reserve or Surplus of the company increased during the year.
Surplus Management
The Company generated a cash profit of 1,408 Lakhs for the financial year ended March 31, 2025 as compared to 1,148 Lakhs during the previous financial year. The cash profit is ploughed back into the business to fund the growth.
Equity Share Capital
As at March 31, 2025, the Companys issued, subscribed and paid-up equity share capital stood at 16,87,22,482 equity shares of 1/- each amounting to total paid up equity share capital of 16,87,22,482/-.
Debt Equity
Debt equity ratio of the Company was 0.75 as at March 31, 2025 in compare to 1.24 as at March 31, 2024.
Earnings Per Share
The Companys basic and diluted earnings per equity share for the financial year ended March 31, 2025 remains at 0.54 in compare to 0.52 for the previous year 2023-24.
Cash Earnings Per Share
The Companys cash earnings per equity share during for the financial year ended March 31, 2025 stood at
0.84 in compare to 0.72 in the previous financial year 2023-24.
NOTICE is hereby given that the 33 Annual General Meeting of the members of the Company, Arfin India Limited is scheduled to be held on Saturday, September 6, 2025 at 12.00 p.m. (IST) through Video Conferencing (VC) or Other Audio Visual Means (OAVM) to transact the following businesses:
Ordinary Business
1. A Adoption of Standalone Financial Statements
To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended on March 31, 2025 and the Reports of the Board of Directors and Auditors thereon.
B. Adoption of Consolidated Financial Statements
To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2025 and the Reports of the Auditors thereon.
2. Appointment of Director(s) Retiring by Rotation
To appoint a Director in place of Mr. Mahendra R. Shah (DIN: 00182746), who retires by rotation and being eligible, offers himself for re-appointment.
Special Business
3. Appointment of Kamlesh M. Shah & Co., Practicing Company Secretary as Secretarial Auditors of the Company
To Consider and if thought fit to pass with or without modification following Resolution as an Ordinary Resolution:
"RESOLVED THAT subject to final approval of the shareholders in the ensuing Annual General Meeting for the financial year 2024-25, pursuant to provisions of Section 204 of the Companies Act 2013 read with Companies (Appointment And Remuneration of Managerial Personnel) Rules 2014, as also as per provisions of Regulation 24A and other applicable provisions of the SEBI (LODR) 2015 (Listing Regulations) and SEBI Circulars issued from time to time, M/s. Kamlesh M Shah & Co., a firm of Practicing Company Secretaries, Ahmedabad having their ICSI Membership Number A-8356 and holding a Certificate of Practice Number: 2072 a Peer reviewed having Registration Number: 6438/2025 be and is hereby appointed as the Secretarial Auditors of the Company for the next five financial years for 2025-26 to 2029-30 and to hold the office as such from the date of conclusion of the AGM held for the year 2024-25 up to the date of conclusion of AGM to be held on 2029-30 upon such remuneration to be fixed by the Board of Directors/ Chairman or MD of the Company and reimbursement of out of pocket expenses as may be determined by the Chairman or MD in consultation with the said Auditors.
RESOLVED FURTHER THAT the said Secretarial Auditors may also be engaged for issue of such further Certificates or reports work as per requirements of the Companies Act, 2013 or the SEBI (LODR) 2015 or SEBI (Depositories and Participants) Regulations or such other corporate purposes upon such further fees or expenses from time to time as may be determined by the Chairman or MD of the Company.
RESOLVED FURTHER THAT a copy of this Resolution be filed with the office of the Registrar of Companies, Ministry of Corporate Affairs, Stock Exchanges or such other authorities as per requirements and Chairman or MD or any Director of the Company or CFO or Company Secretary of the Company be and are hereby authorized to do all such other things, deeds, matters as may be required or necessary for the purpose of giving effect to this resolution."
4. Ratification of Remuneration Payable to Cost Auditors
To consider and if thought fit, to pass the following
resolution as an Ordinary Resolution:
"RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules, 2014 and the Companies (Cost Records and Audit) Rules, 2014 including any amendment, modification or variation thereof, the Company hereby ratifies the remuneration of 60,000 (Rupees Sixty Thousand Only) plus GST and out of pocket expenses payable to M/s. Ashish Bhavsar & Associates, Cost
Accountants (FRN: 000387) who have been appointed by the Board of Directors as Cost Auditors of the Company, to conduct audit of cost records maintained by the Company as prescribed under the Companies (Cost Records and Audit) Rules 2014, for the financial year ending on March 31, 2026.
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