Arfin India

ARFIN.NS

Aluminum · Basic Materials

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Arfin India Ltd is an Indian manufacturer of aluminum products, primarily aluminum alloy ingots, wire rods, and other semi-finished aluminum goods. The company sells to industries like automotive, electrical, and construction, which use aluminum as a raw material to make parts and components. It operates in India's basic materials sector, serving domestic manufacturers who need reliable supplies of processed aluminum.

Arfin makes money by buying raw aluminum and scrap, processing it into finished or semi-finished products, and selling those to industrial customers — a model known as a conversion or value-added manufacturing business. The company is based in Gujarat, India, and operates primarily within the Indian domestic market. Its gross margin of around 15% reflects the thin spreads typical of commodity metal processing, where raw material costs are the biggest variable. The key growth driver is India's expanding automotive and infrastructure sectors, which are increasing demand for aluminum components, but rising scrap prices or energy costs remain a persistent risk to profitability.

Winston Score History

Score breakdown

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Quality

Gross Margin

15.3%

Thin — 15.3% gross margin

Operating Margin

7.8%

Modest — 7.8% operating margin

ROCE

5.0%

Weak — 5.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

2/3 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

-21%

Weak — only -21% of profit becomes cash

FCF Margin

-2.1%

Burning cash (-2.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.76

Moderate — manageable debt (0.76)

Interest Cover

2.22x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

95.9x

no trend

Expensive — P/E 95.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

0.12%

no trend

Small dividend — 0.12% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

no trend

Data not available

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