Arfin India Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: November 20, 2025, 9:26 pm

Market Cap	977 Cr.
Current Price	57.8
High / Low	59.3/23.1
Stock P/E	138
Book Value	9.47
Dividend Yield	0.19 %
ROCE	14.0 %
ROE	7.23 %
Face Value	1.00
PEG Ratio	-22.07

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Arfin India Ltd

Competitors of Arfin India Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Hind Aluminium Industries Ltd	39.7 Cr.	63.0	83.8/57.2	4.56	141	0.00 %	1.04 %	10.7 %	10.0
Arfin India Ltd	977 Cr.	57.8	59.3/23.1	138	9.47	0.19 %	14.0 %	7.23 %	1.00
Manaksia Coated Metals & Industries Ltd	1,467 Cr.	139	183/61.9	38.6	31.7	0.04 %	15.4 %	8.11 %	1.00
Industry Average	1,222.00 Cr	86.60		60.39	60.72	0.08%	10.15%	8.68%	4.00

All Competitor Stocks of Arfin India Ltd

Quarterly Result

Metric	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
Sales	146.05	125.90	120.27	151.89	148.70	134.22	115.44	136.80	132.90	149.11	180.37	153.37	108.75
Expenses	139.59	119.26	113.74	145.07	141.12	127.11	108.19	128.52	123.81	139.43	169.43	146.78	102.22
Operating Profit	6.46	6.64	6.53	6.82	7.58	7.11	7.25	8.28	9.09	9.68	10.94	6.59	6.53
OPM %	4.42%	5.27%	5.43%	4.49%	5.10%	5.30%	6.28%	6.05%	6.84%	6.49%	6.07%	4.30%	6.00%
Other Income	0.27	0.54	0.22	1.45	0.61	0.71	0.47	0.20	0.25	0.24	0.14	1.33	0.46
Interest	3.05	3.53	3.47	4.34	4.34	4.22	4.66	5.36	4.28	5.36	5.56	4.62	4.54
Depreciation	0.89	0.89	0.89	0.88	0.93	0.96	0.93	1.09	1.00	1.01	1.02	1.02	1.08
Profit before tax	2.79	2.76	2.39	3.05	2.92	2.64	2.13	2.03	4.06	3.55	4.50	2.28	1.37
Tax %	1.79%	5.43%	0.42%	15.08%	20.89%	34.09%	7.04%	-7.39%	25.86%	27.32%	32.67%	76.32%	26.28%
Net Profit	2.74	2.61	2.38	2.59	2.32	1.74	1.99	2.18	3.01	2.58	3.03	0.54	1.02
EPS in Rs	0.17	0.16	0.15	0.16	0.15	0.11	0.13	0.14	0.18	0.15	0.18	0.03	0.06

Last Updated: August 19, 2025, 11:30 pm

Below is a detailed analysis of the quarterly data for Arfin India Ltd based on the most recent figures (Jun 2025) and their trends compared to the previous period:

For Sales, as of Jun 2025, the value is 108.75 Cr.. The value appears to be declining and may need further review. It has decreased from 153.37 Cr. (Mar 2025) to 108.75 Cr., marking a decrease of 44.62 Cr..
For Expenses, as of Jun 2025, the value is 102.22 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 146.78 Cr. (Mar 2025) to 102.22 Cr., marking a decrease of 44.56 Cr..
For Operating Profit, as of Jun 2025, the value is 6.53 Cr.. The value appears to be declining and may need further review. It has decreased from 6.59 Cr. (Mar 2025) to 6.53 Cr., marking a decrease of 0.06 Cr..
For OPM %, as of Jun 2025, the value is 6.00%. The value appears strong and on an upward trend. It has increased from 4.30% (Mar 2025) to 6.00%, marking an increase of 1.70%.
For Other Income, as of Jun 2025, the value is 0.46 Cr.. The value appears to be declining and may need further review. It has decreased from 1.33 Cr. (Mar 2025) to 0.46 Cr., marking a decrease of 0.87 Cr..
For Interest, as of Jun 2025, the value is 4.54 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 4.62 Cr. (Mar 2025) to 4.54 Cr., marking a decrease of 0.08 Cr..
For Depreciation, as of Jun 2025, the value is 1.08 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 1.02 Cr. (Mar 2025) to 1.08 Cr., marking an increase of 0.06 Cr..
For Profit before tax, as of Jun 2025, the value is 1.37 Cr.. The value appears to be declining and may need further review. It has decreased from 2.28 Cr. (Mar 2025) to 1.37 Cr., marking a decrease of 0.91 Cr..
For Tax %, as of Jun 2025, the value is 26.28%. The value appears to be improving (decreasing) as expected. It has decreased from 76.32% (Mar 2025) to 26.28%, marking a decrease of 50.04%.
For Net Profit, as of Jun 2025, the value is 1.02 Cr.. The value appears strong and on an upward trend. It has increased from 0.54 Cr. (Mar 2025) to 1.02 Cr., marking an increase of 0.48 Cr..
For EPS in Rs, as of Jun 2025, the value is 0.06. The value appears strong and on an upward trend. It has increased from 0.03 (Mar 2025) to 0.06, marking an increase of 0.03.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: November 15, 2025, 3:55 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	213	250	286	363	466	413	359	303	526	544	535	616	571
Expenses	207	238	271	336	421	390	364	287	502	518	505	579	537
Operating Profit	6	12	15	27	45	23	-6	16	24	26	30	36	33
OPM %	3%	5%	5%	8%	10%	6%	-2%	5%	5%	5%	6%	6%	6%
Other Income	0	1	1	0	1	0	2	2	2	2	2	2	2
Interest	2	5	5	6	10	12	14	11	12	14	19	20	20
Depreciation	0	1	1	1	2	2	3	3	3	4	4	4	4
Profit before tax	4	7	10	20	34	10	-21	5	10	11	10	14	12
Tax %	34%	34%	34%	36%	36%	34%	5%	12%	6%	6%	15%	36%
Net Profit	3	5	7	13	22	7	-22	4	9	10	8	9	7
EPS in Rs	0.24	0.43	0.61	0.89	1.37	0.41	-1.36	0.25	0.58	0.65	0.52	0.54	0.42
Dividend Payout %	0%	6%	7%	6%	12%	0%	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	66.67%	40.00%	85.71%	69.23%	-68.18%	-414.29%	118.18%	125.00%	11.11%	-20.00%	12.50%
Change in YoY Net Profit Growth (%)	0.00%	-26.67%	45.71%	-16.48%	-137.41%	-346.10%	532.47%	6.82%	-113.89%	-31.11%	32.50%

Arfin India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	9%
5 Years:	11%
3 Years:	5%
TTM:	14%

Compounded Profit Growth
10 Years:	7%
5 Years:	19%
3 Years:	0%
TTM:	-20%

Stock Price CAGR
10 Years:	25%
5 Years:	61%
3 Years:	14%
1 Year:	5%

Return on Equity
10 Years:	9%
5 Years:	9%
3 Years:	9%
Last Year:	7%

Last Updated: September 5, 2025, 2:21 pm

No data available for the Balance Sheet data table.

Reserves and Borrowings Chart

Cash Flow - No data available for this post.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	60	34	42	59	59	44	32	51	51	38	36	31
Inventory Days	58	75	95	92	79	114	121	168	84	89	124	130
Days Payable	58	60	71	46	21	21	23	72	44	49	55	45
Cash Conversion Cycle	61	48	66	105	117	138	129	147	91	78	105	116
Working Capital Days	20	4	17	32	37	30	14	52	38	33	39	66
ROCE %	15%	24%	25%	29%	30%	12%	-4%	8%	12%	13%	14%	14%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.11%	74.11%	74.11%	74.11%	74.09%	74.09%	69.79%	69.79%	69.79%	69.79%	69.79%	69.79%
FIIs	0.00%	0.00%	0.00%	0.95%	2.56%	2.56%	2.41%	2.41%	2.41%	2.41%	2.41%	2.64%
Government	0.04%	0.04%	0.08%	0.08%	0.08%	0.08%	0.07%	0.07%	0.19%	0.19%	0.04%	0.04%
Public	25.85%	25.86%	25.80%	24.86%	23.27%	23.26%	27.73%	27.73%	27.60%	27.61%	27.75%	27.53%
No. of Shareholders	5,382	5,213	5,155	5,400	5,633	6,281	7,112	7,997	8,392	9,353	9,081	9,868

Shareholding Pattern Chart

No. of Shareholders

Arfin India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24
FaceValue	1.00	1.00
Basic EPS (Rs.)	0.54	0.52
Diluted EPS (Rs.)	0.54	0.52
Cash EPS (Rs.)	0.78	0.76
Book Value[Excl.RevalReserv]/Share (Rs.)	9.29	6.06
Book Value[Incl.RevalReserv]/Share (Rs.)	9.29	6.06
Revenue From Operations / Share (Rs.)	36.50	33.67
PBDIT / Share (Rs.)	2.27	2.03
PBIT / Share (Rs.)	2.03	1.78
PBT / Share (Rs.)	0.85	0.61
Net Profit / Share (Rs.)	0.54	0.51
NP After MI And SOA / Share (Rs.)	0.54	0.51
PBDIT Margin (%)	6.21	6.01
PBIT Margin (%)	5.55	5.28
PBT Margin (%)	2.33	1.81
Net Profit Margin (%)	1.48	1.53
NP After MI And SOA Margin (%)	1.48	1.53
Return on Networth / Equity (%)	5.83	8.53
Return on Capital Employeed (%)	18.44	22.40
Return On Assets (%)	2.65	2.88
Long Term Debt / Equity (X)	0.14	0.28
Total Debt / Equity (X)	0.74	1.24
Asset Turnover Ratio (%)	1.96	0.00
Current Ratio (X)	1.74	1.38
Quick Ratio (X)	0.58	0.44
Inventory Turnover Ratio (X)	3.72	0.00
Interest Coverage Ratio (X)	1.93	1.73
Interest Coverage Ratio (Post Tax) (X)	1.46	1.44
Enterprise Value (Cr.)	571.10	930.67
EV / Net Operating Revenue (X)	0.92	1.74
EV / EBITDA (X)	14.93	28.91
MarketCap / Net Operating Revenue (X)	0.74	1.52
Price / BV (X)	2.93	8.44
Price / Net Operating Revenue (X)	0.74	1.52
EarningsYield	0.01	0.01

After reviewing the key financial ratios for Arfin India Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 25, the value is 1.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 1.00.
For Basic EPS (Rs.), as of Mar 25, the value is 0.54. This value is below the healthy minimum of 5. It has increased from 0.52 (Mar 24) to 0.54, marking an increase of 0.02.
For Diluted EPS (Rs.), as of Mar 25, the value is 0.54. This value is below the healthy minimum of 5. It has increased from 0.52 (Mar 24) to 0.54, marking an increase of 0.02.
For Cash EPS (Rs.), as of Mar 25, the value is 0.78. This value is below the healthy minimum of 3. It has increased from 0.76 (Mar 24) to 0.78, marking an increase of 0.02.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 9.29. It has increased from 6.06 (Mar 24) to 9.29, marking an increase of 3.23.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 9.29. It has increased from 6.06 (Mar 24) to 9.29, marking an increase of 3.23.
For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 36.50. It has increased from 33.67 (Mar 24) to 36.50, marking an increase of 2.83.
For PBDIT / Share (Rs.), as of Mar 25, the value is 2.27. This value is within the healthy range. It has increased from 2.03 (Mar 24) to 2.27, marking an increase of 0.24.
For PBIT / Share (Rs.), as of Mar 25, the value is 2.03. This value is within the healthy range. It has increased from 1.78 (Mar 24) to 2.03, marking an increase of 0.25.
For PBT / Share (Rs.), as of Mar 25, the value is 0.85. This value is within the healthy range. It has increased from 0.61 (Mar 24) to 0.85, marking an increase of 0.24.
For Net Profit / Share (Rs.), as of Mar 25, the value is 0.54. This value is below the healthy minimum of 2. It has increased from 0.51 (Mar 24) to 0.54, marking an increase of 0.03.
For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 0.54. This value is below the healthy minimum of 2. It has increased from 0.51 (Mar 24) to 0.54, marking an increase of 0.03.
For PBDIT Margin (%), as of Mar 25, the value is 6.21. This value is below the healthy minimum of 10. It has increased from 6.01 (Mar 24) to 6.21, marking an increase of 0.20.
For PBIT Margin (%), as of Mar 25, the value is 5.55. This value is below the healthy minimum of 10. It has increased from 5.28 (Mar 24) to 5.55, marking an increase of 0.27.
For PBT Margin (%), as of Mar 25, the value is 2.33. This value is below the healthy minimum of 10. It has increased from 1.81 (Mar 24) to 2.33, marking an increase of 0.52.
For Net Profit Margin (%), as of Mar 25, the value is 1.48. This value is below the healthy minimum of 5. It has decreased from 1.53 (Mar 24) to 1.48, marking a decrease of 0.05.
For NP After MI And SOA Margin (%), as of Mar 25, the value is 1.48. This value is below the healthy minimum of 8. It has decreased from 1.53 (Mar 24) to 1.48, marking a decrease of 0.05.
For Return on Networth / Equity (%), as of Mar 25, the value is 5.83. This value is below the healthy minimum of 15. It has decreased from 8.53 (Mar 24) to 5.83, marking a decrease of 2.70.
For Return on Capital Employeed (%), as of Mar 25, the value is 18.44. This value is within the healthy range. It has decreased from 22.40 (Mar 24) to 18.44, marking a decrease of 3.96.
For Return On Assets (%), as of Mar 25, the value is 2.65. This value is below the healthy minimum of 5. It has decreased from 2.88 (Mar 24) to 2.65, marking a decrease of 0.23.
For Long Term Debt / Equity (X), as of Mar 25, the value is 0.14. This value is below the healthy minimum of 0.2. It has decreased from 0.28 (Mar 24) to 0.14, marking a decrease of 0.14.
For Total Debt / Equity (X), as of Mar 25, the value is 0.74. This value is within the healthy range. It has decreased from 1.24 (Mar 24) to 0.74, marking a decrease of 0.50.
For Asset Turnover Ratio (%), as of Mar 25, the value is 1.96. It has increased from 0.00 (Mar 24) to 1.96, marking an increase of 1.96.
For Current Ratio (X), as of Mar 25, the value is 1.74. This value is within the healthy range. It has increased from 1.38 (Mar 24) to 1.74, marking an increase of 0.36.
For Quick Ratio (X), as of Mar 25, the value is 0.58. This value is below the healthy minimum of 1. It has increased from 0.44 (Mar 24) to 0.58, marking an increase of 0.14.
For Inventory Turnover Ratio (X), as of Mar 25, the value is 3.72. This value is below the healthy minimum of 4. It has increased from 0.00 (Mar 24) to 3.72, marking an increase of 3.72.
For Interest Coverage Ratio (X), as of Mar 25, the value is 1.93. This value is below the healthy minimum of 3. It has increased from 1.73 (Mar 24) to 1.93, marking an increase of 0.20.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 1.46. This value is below the healthy minimum of 3. It has increased from 1.44 (Mar 24) to 1.46, marking an increase of 0.02.
For Enterprise Value (Cr.), as of Mar 25, the value is 571.10. It has decreased from 930.67 (Mar 24) to 571.10, marking a decrease of 359.57.
For EV / Net Operating Revenue (X), as of Mar 25, the value is 0.92. This value is below the healthy minimum of 1. It has decreased from 1.74 (Mar 24) to 0.92, marking a decrease of 0.82.
For EV / EBITDA (X), as of Mar 25, the value is 14.93. This value is within the healthy range. It has decreased from 28.91 (Mar 24) to 14.93, marking a decrease of 13.98.
For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 0.74. This value is below the healthy minimum of 1. It has decreased from 1.52 (Mar 24) to 0.74, marking a decrease of 0.78.
For Price / BV (X), as of Mar 25, the value is 2.93. This value is within the healthy range. It has decreased from 8.44 (Mar 24) to 2.93, marking a decrease of 5.51.
For Price / Net Operating Revenue (X), as of Mar 25, the value is 0.74. This value is below the healthy minimum of 1. It has decreased from 1.52 (Mar 24) to 0.74, marking a decrease of 0.78.
For EarningsYield, as of Mar 25, the value is 0.01. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 24) which recorded 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Arfin India Ltd as of November 20, 2025 is: 75.73

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of November 20, 2025, Arfin India Ltd is Undervalued by 31.02% compared to the current share price 57.80

Intrinsic Value of Arfin India Ltd as of November 20, 2025 is: 71.00

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of November 20, 2025, Arfin India Ltd is Undervalued by 22.84% compared to the current share price 57.80

Last 5 Year EPS CAGR: -6.25%

*Investments are subject to market risks

Strength and Weakness

Unable to fetch valid data for stock valuation.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Arfin India Ltd:
1. Net Profit Margin: 1.48%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 18.44% (Industry Average ROCE: 10.15%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 5.83% (Industry Average ROE: 8.68%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 1.46
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.58
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 138 (Industry average Stock P/E: 60.39)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.74
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Arfin India Ltd. is a Public Limited Listed company incorporated on 10/04/1992 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L65990GJ1992PLC017460 and registration number is 017460. Currently Company is involved in the business activities of Manufacture of basic precious and other non-ferrous metals. Company's Total Operating Revenue is Rs. 615.75 Cr. and Equity Capital is Rs. 16.87 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Aluminium - Sheets/Coils/Wires	Plot No.117, Ravi Industrial Estate, Gandhinagar Gujarat 382729	investors@arfin.co.in http://www.arfin.co.in

Management
Name	Position Held
Mr. Mahendra R Shah	Chairman & Wholetime Director
Mr. Jatin M Shah	Managing Director
Mrs. Pushpa M Shah	Executive Director
Mr. Mukesh Kumar Chowdhary	Independent Director
Mr. Tarachand R Jain	Independent Director
Ms. Ruchita Rahulkumar Nahata	Independent Director

FAQ: Stock data is invalid or not in the correct format.