Agarwal Fortune India Ltd: Glass Trading, Tiny Profits, and a P/E Bigger Than Its Office?

Agarwal Fortune India Ltd: Glass Trading, Tiny Profits, and a P/E Bigger Than Its Office?

1. At a Glance

Agarwal Fortune India Ltd (AFIL) is a glass and mirror trading company with a ₹7.97 Cr market cap, razor-thin profits, and a stock trading at 12x its book value. If glass houses shouldn’t throw stones, this one is quietly throwing financial surprises.


2. Introduction with Hook

Imagine a company that spent a decade lurking in financial darkness… then suddenly posts profits and an ROE of 34%—but with just ₹4.42 Cr in annual sales. AFIL isn’t building skyscrapers or launching IPOs. It’s trading mirrors while pulling Houdini moves on its P&L.

  • FY25 PAT: ₹0.19 Cr
  • ROCE: 24.8% | ROE: 33.6%
  • P/E: 42x | P/B: 12x
  • EPS (FY25): ₹0.54
    …and the stock still refuses to pay dividends. Legendary.

3. Business Model (WTF Do They Even Do?)

AFIL is a B2B trader in industrial glasses and mirrors. It also offers:

  • Technical consultancy for glass-based installations
  • Advisory services in the industrial glass sector
  • Sometimes, just “other allied activities” (the financial equivalent of “stuff”)

There’s no manufacturing, no capex, and barely any fixed assets. Think of it as a boutique glass merchant with a GST number and a balance sheet.


4. Financials Overview

YearSales (₹ Cr)Net Profit (₹ Cr)OPM %EPS (₹)
FY220.00-0.32N/A-0.91
FY234.920.06-3.5%0.17
FY247.380.10-0.8%0.28
FY254.420.195.9%0.54

Observations:

  • Revenue dropped 40% YoY in FY25 but margins improved (finally positive OPM!)
  • PAT is sub-₹20 lakhs but carries a ₹7 Cr valuation
  • Even “Other Income” had to chip in to make profits happen

5. Valuation

Let’s not kid ourselves—valuation here is a reality show:

MetricValue
CMP₹22.7
EPS (FY25)₹0.54
P/E42x
Book Value₹1.88
P/B12x

Fair Value Range:
Assuming a sane P/E of 15–20x → ₹8–₹11

Anything more is optimism that mirrors the company’s primary inventory—glassware.


6. What’s Cooking – News, Triggers, Drama

  • June 2025: EGM to raise authorized capital to ₹8.75 Cr
  • March 2024–25: CFOs resign like clockwork—three CFO changes in a year
  • FY25: Revenues fall, profits rise—pure trading magic?
  • Corporate Website: Still listed under devkileasing.com. Branding makeover, anyone?

7. Balance Sheet

(₹ Cr)FY23FY24FY25
Equity Capital3.453.443.44
Reserves-3.09-2.97-2.78
Borrowings0.110.131.24
Total Assets0.501.052.16

Key Insight:

  • Negative reserves still haunting the balance sheet
  • Debt rising again in FY25
  • Fixed Assets grew to ₹0.37 Cr—maybe they bought new office chairs?

8. Cash Flow – Sab Number Game Hai

YearCFOCFICFFNet CF
FY23-₹0.13-₹0.01₹0.11-₹0.03
FY24-₹0.12₹0.00-₹0.08-₹0.20
FY25₹0.14-₹1.21₹1.03-₹0.04

Summary:

  • CFO finally positive in FY25
  • But they burned ₹1.21 Cr in investing cash—what on earth are they investing in?

9. Ratios – Sexy or Stressy?

MetricFY25
ROE33.6%
ROCE24.8%
OPM5.88%
Debtor Days43.8
CCC54.7 Days
P/B Ratio12.07x

Conclusion:
The ratios look amazing—but only because the base (denominator) is tiny. Optical illusion, anyone?


10. P&L Breakdown – Show Me the Money

FY25₹ Cr
Revenue4.42
Operating Profit0.26
Other Income0.07
Interest0.11
Depreciation0.02
PBT0.20
PAT0.19

If you blink, you’ll miss the profits. This is a tightrope-walking P&L statement.


11. Peer Comparison

CompanySales (₹ Cr)PAT (₹ Cr)ROECMP/BV
Sejal Glass2433.7932.6%12.9x
Agarwal Toughened559.2427.5%2.4x
Agarwal Float721.0418.1%1.8x
Agarwal Fortune4.420.1933.6%12.1x

Verdict: ROE matches the best. Scale doesn’t. Multiples are delusional.


12. Miscellaneous – Shareholding, Promoters

CategoryFY23FY25
Promoters48.28%49.32%
Public51.72%50.68%
Shareholders1,650 → 2,299
  • Promoters added ~1% stake
  • Shareholder count growing steadily, possibly due to price spike buzz
  • No institutional interest—yet

13. EduInvesting Verdict™

Agarwal Fortune India Ltd is what you get when a micro-cap stock grows profits out of thin air—and then gets priced like a small-cap FMCG hero.

With a ROE of 34%, margins above 5%, and clean accounting—AFIL is legit… but only at ₹7–₹10 range.

The current P/E and P/B scream speculation. And CFO musical chairs don’t exactly inspire trust.

End Note: This fortune may be made of glass. Handle with care.


Metadata
– Written by EduInvesting Research Desk | 14 July 2025
– Tags: glass trading, microcap, turnaround, speculative, small profits big valuation, mirror market

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