What Arfin India does

Arfin India Limited (BSE: ARFIN; NSE listed) is a Gujarat-based, publicly listed aluminium recycling and ferro alloys manufacturer that began as an NBFC in 1992 and pivoted into metals manufacturing under founder-Managing Director Jatin Shah in 2001. The company operates a vertically integrated model spanning scrap aluminium processing through to finished products, with installed capacity of approximately 113,000 metric tons across seven product lines: aluminium conductors and cables (ACSR, ACAR, AAAC, AAC; 12,000 MTPA), aluminium wire rods (15,000 MTPA), cored wire for steelmaking (3,600 MTPA), aluminium deox products — shots, cubes, notch bars (20,000 MTPA), aluminium alloy ingots in grades such as ADC12, AC2A, AC4B (21,000 MTPA), inoculants including Barium, Calcium, Cerium, Strontium and FeSiMg variants (1,800 MTPA), and ferro alloys primarily Ferro Titanium.

Production is anchored in Chhatral, Gandhinagar, Gujarat, supported by specialised equipment including Skelner furnaces, tilting rotary furnaces, permanent magnetic stirrer technology, automated conveyor sorting lines, pulverisers, magnetic separators, and a US-made Gun Spectrometer and LECO ONH analyser for chemical analysis and quality control. The wholly owned subsidiary Arfin Titanium and Speciality Alloys Limited (ATSAL), incorporated January 2025, extends operations into specialty alloys with technical support from Japan's Toyo Denka Kogyo.

Arfin sells predominantly B2B direct to industrial customers via quote-based contracts with pricing negotiated per metric ton. The customer roster spans marquee Indian and global enterprises — Tata Steel, ArcelorMittal, JSW Steel, SAIL, JSPL, Jindal Shadeed, Nissan, SABIC, Aditya Birla, L&T, Diamond Power Infrastructure, JFE Shoji India, and government utilities such as Dakshin Gujarat Vij Company. Recent contract values disclose unit pricing in the range of Rs 0.13–0.29 lakh per MT (e.g., Rs 180 crore for 6,900 MT aluminium products; Rs 321 crore for 11,000 MT conductors; Rs 85.59 crore for AAAC conductors). Q4 FY26 revenue was Rs 193.24 crore (+26% YoY), full-year FY26 net profit Rs 15.45 crore (+68.85%), operating margin nearly doubled to 8.45%, and a late-2025 strategic partnership and equity investment from JFE Shoji India — together with the ATSAL MoUs and a new 1,000 MT/month RBD machine installation — anchor forward growth via international distribution and specialty alloy expansion.

Name

Arfin India

Legal name

Arfin India Limited

Website

https://arfin.co.in

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Arfin India Limited is a publicly listed Indian aluminium recycling and ferro alloys manufacturer serving steel, power, automotive, chemical, and infrastructure customers with deoxidizers, wire rods, conductors, alloy ingots, and specialty alloys.

Ownership category

akta.pro rank

Product category

Aluminum and Ferro Alloys Manufacturing

NAICS

Alumina and Aluminum Production and Processing (3313), Electrical Equipment Manufacturing (3353)

SIC

Primary Production Of Aluminum (3334), Electrical Industrial Apparatus (3620)

akta.pro primary industry

Aluminum Value-Added Components (Automotive, Aerospace, Packaging, Building Systems) (IMAKACAM)

akta.pro secondary industry

Aluminum Casting & Ingot/Billet/Slab Production (IMAKACAE)

Keywords

• Aluminum recycling manufacturing
• Ferro alloys production
• Aluminum deoxidizers supply
• Power transmission conductors
• Cored wire manufacturing

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Aluminium Products Sales: Primary revenue stream from manufacturing and selling aluminium products including deoxidizers (shots, cubes, notch bars), aluminium alloy ingots, aluminium wire rods, and drawn wire. Products are sold directly to steel, automotive, power, and manufacturing industries.
2. Conductor and Cable Sales: Production and sale of aluminium conductors including ACSR (Aluminium Conductors Steel Reinforced), ACAR, AAAC, and All Aluminium Stranded Conductors to power transmission and infrastructure companies.
3. Cored Wire Products: Manufacturing and sale of various cored wire products including Pure Calcium, CaFe, CaFeAl, CaSi, FeTi, FeBo, Sulphur, Carbon, and NMn cored wires for steelmaking applications.
4. Ferro Alloys: Production and sale of ferro alloys particularly Ferro Titanium in various forms (FeTi Lumps, FeTi Low Nitrogen, FeTi Low Aluminium, Powder and Granules) for steel and alloy manufacturing.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Arfin India Limited is a publicly listed manufacturer of aluminum and ferro alloy products, including aluminum deoxidizers (shots, cubes, notch bars), aluminum wire rods, cored wires, aluminum alloy ingots, inoculants, ferro titanium, and aluminum conductors (ACSR, AAAC, ACAR). The company operates integrated manufacturing facilities with capacity of 113,000 metric tons, serving steel, automotive, power transmission, chemical, and conductor industries through direct B2B sales and a global distribution partnership with JFE Shoji.

Product overview

Arfin India Limited is a leading manufacturer of aluminum and ferro alloys offering a diversified product portfolio. The company operates across two main categories: aluminum products (including Conductor and Cables, Aluminum Wire Rods, Cored Wire, Aluminum Deox, and Aluminum Alloys Ingots) and ferro alloys (including Ferro Alloys and Inoculant products). The product line serves steel, chemical, power, conductor, and automobile industries. The company also operates through its wholly owned subsidiary Arfin Titanium and Speciality Alloys Limited (ATSAL) established in 2025 for specialty alloy products. Production facilities include dedicated plants for conductor manufacturing (12,000 MTPA), wire rods (15,000 MTPA), cored wire (3,600 MTPA), aluminum deox (20,000 MTPA), and aluminum alloy ingots (21,000 MTPA).

Differentiator

Problem solved

Functional benefit

Products and services

• Conductor and Cables Aluminum electrical conductors including Aluminium Conductors Steel Reinforced (ACSR), Aluminium Conductors Aluminized Steel Reinforced (ACAR), All Aluminium Alloy Conductors (AAAC), and All Aluminium Stranded Conductors for power transmission and infrastructure companies. Production capacity of 12,000 MTPA.
• Aluminum Wire Rods Aluminum and aluminum alloy wire rods in round shape with 98% to 99.5% aluminum content, available in sizes 7.5mm, 9.5mm, and 13mm. Production capacity of 15,000 MTPA.
• Cored Wire Cored wire products including Pure Calcium, CaFe, CaFeAl, CaSi, FeTi, FeBo, Sulphur, Carbon, and NMn cored wires used in steelmaking applications. Production capacity of 3,600 MTPA.
• Ferro Alloys Ferro Titanium products including FeTi Lumps, FeTi Low Nitrogen, FeTi Low Aluminium, Powder and Granules in various sizes (2-150mm) supplied to steel and alloy manufacturing customers.
• Inoculant Inoculant products including Barium (Ba) Inoculant, Calcium (Ca) Inoculant, Cerium (Ce) Inoculant, Strontium (Sr) Inoculant, Ferro Silicon Magnesium (Fe Si Mg) Inoculant, Nickle Magnesium (Ni Mg) Alloy, and Ferro Silicon Zirconium (Fe Si Zr) Alloy. Production capacity of 1,800 MTPA.
• Aluminum Deox Aluminum deoxidation products including Aluminium Shots (spherical/oval, 98% min purity, 5-65mm), Aluminium Cubes (pyramid/cylindrical, 225±25 grams), and Aluminium Notch Bars (rectangular, 1000±100 grams). Production capacity of 20,000 MTPA.
• Aluminum Alloys Ingots Aluminum alloy ingots in various grades including ADC12, AC2A, AC4B, ALSi7MgTi, AISi5Cu, AISi9Cu, ENAC43500, AC4CH, AK5M2, LM24, LM6 supplied to automotive components manufacturers. Production capacity of 21,000 MTPA.

Quantifiable outcome

• Revenue growth of 26% year-on-year in Q4 FY26 to Rs 193.24 crore
• +4 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and flagship.

• JFE Shoji CorporationcoreGTM or Marketing Partner · 1 June 2026MoU signed for strategic business collaboration to manufacture, supply, and distribute specialty alloy products with focus on establishing a long-term supply chain. JFE Shoji entities coordinate commercial distribution and supply-chain activities.
• Toyo Denka Kogyo Co.coreTechnology or Integration · 1 June 2026MoU signed with Japan's Toyo Denka Kogyo Co. for technical collaboration. ATSAL (Arfin Titanium & Speciality Alloys Limited) will manufacture products in India with technical support from Toyo Denka. Focus on specialty alloy products manufacturing.
• JFE Shoji India Private LimitedflagshipStrategic or Co-development Partner · 1 December 2025Strategic partnership and investment agreement where JFE Shoji India acquired a stake in Arfin India to leverage its production capacity of up to 113,000 metric tons. Under this partnership, JFE will distribute Arfin's aluminium products including wire rods, aluminium deox products (shots, cubes, notch bars), and other products globally. This collaboration helps Arfin expand market reach and integrate into global supply chains in the aerospace and industrial materials sector.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Visa Steel Limited: Indian producer of steel and ferro alloys including ferro chrome, ferro silicon, and silicon alloys for steel manufacturers. Comparable to Arfin's ferro alloys and inoculants franchise in serving Indian steel mills.
• Jindal Aluminium Limited: India's largest manufacturer of extruded aluminium products including billets, wire rods, and conductors, serving electrical, automotive, and industrial customers. Direct overlap with Arfin's wire rod and conductor business.
• Maan Aluminium Limited: Indian manufacturer of aluminium wire rods, ingots, and conductors for power and automotive customers. Closely comparable to Arfin's product mix, scale, and B2B industrial customer profile.
• Sacheta Metals Limited: Mid-sized Indian producer of aluminium alloys, wire rods, and deoxidizers, serving steel and electrical customers. Similar niche product portfolio and customer overlap as Arfin.
• FACOR Steels / Ferro Alloys Corporation: Indian producer of ferro alloys and stainless steel supplying steel manufacturers and foundries. Overlaps with Arfin's ferro alloys, inoculants, and steel-sector customer base.
• Indian Metals & Ferro Alloys (IMFA): One of India's largest producers of ferro alloys with captive power, supplying steel manufacturers. Directly comparable to Arfin's ferro alloys and inoculants business with similar customer base.

Broad incumbents

• Vedanta Aluminium: Major Indian primary aluminium producer (part of Vedanta group) with global scale across billet, ingot, wire rod, and value-added products. Comparable to Arfin in wire rods and conductors but with captive bauxite and alumina.
• Bharat Aluminium Company (BALCO): Vedanta-owned aluminium producer covering primary smelting through wire rods and rolled products. Comparable downstream portfolio to Arfin's wire rod and ingot lines with overlapping customers in steel and electrical sectors.
• Hindalco Industries Limited: India's largest aluminium producer (Aditya Birla Group) operating from bauxite mining to value-added flat-rolled products and conductors. Overlaps with Arfin across aluminium conductors and ingots but at vastly larger scale and integrated upstream.
• National Aluminium Company (NALCO): Government-owned integrated aluminium producer from bauxite mining through primary metal and value-added products including wire rods. Serves overlapping industrial customers as Arfin but at much larger PSU scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arfin India