Arfin India lands ₹300 cr aluminium deox order from JFE Shoji India
The LOI covers 7,400 MT of primary shots, cubes, ingots and wire rod, supply by September 2026. The order is roughly 48% of annual revenue but is non-binding.
— 1 earlier story on Arfin India Ltd. →What's new
- Arfin India received an LOI from JFE Shoji India for supply of 7,400 MT aluminium deox products worth ₹300 cr.
- Supplies to be completed by September 2026.
- Order follows a strategic MOU signed earlier with JFE Shoji and Toyo Denka.
Why this matters
For a micro-cap with market cap of ₹1,666 cr, this order equals roughly 48% of annual revenue. But it's a letter of intent, not a binding purchase order. Execution risk tempers the headline. JFE Shoji's parent is a major Japanese trading house, adding counterparty credibility.
What we're watching
- Whether the LOI converts into a firm purchase order.
- Arfin's ability to scale production for 7,400 MT additional volume.
- Any follow-on orders from the JFE-Toyo Denka partnership.
The full read
Arfin India has locked in a ₹300 crore letter of intent from JFE Shoji India, roughly 48% of its annual revenue and 18% of its market cap. The order covers 7,400 MT of aluminium deox products to be supplied by September 2026. That's a massive revenue visibility shot for a micro-cap that reported ₹193 crore in sales for the March quarter. The counterparty is a domestic arm of Japanese trading major JFE Shoji Corporation, giving the deal credibility. But the document is a non-binding LOI, not a purchase order. Execution risk is real. The open question is whether Arfin can deliver the volume and convert this into a firm contract.
Questions answered
- What exactly is Arfin supplying?
- Aluminium deox products including primary shots, cubes, secondary ingots, and wire rod, totaling 7,400 MT.
- How big is this order relative to Arfin?
- Worth ₹300 cr, about 48% of its latest annual revenue and 18% of its market cap.
- Is the order binding?
- No, it's a letter of intent, not a binding purchase order. Execution risk remains.
- Who is the counterparty?
- JFE Shoji India, domestic arm of Japanese trading giant JFE Shoji Corporation.
- When will supplies commence and complete?
- Supplies are scheduled to be completed by September 2026. Start date not specified.
- Has Arfin previously worked with JFE Shoji?
- A strategic MOU was signed earlier between Arfin's subsidiary, JFE Shoji, and Toyo Denka, leading to this LOI.
Arfin India Ltd.
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All notes on ARFIN →- 19 Jun 2026 · 2:54 PM IST Arfin India lands ₹300 cr aluminium deox order from JFE Shoji India
- 2d ago Arfin India signs MOU with Japanese partners for titanium alloys