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
Year | Sales (₹ Cr) | Net Profit (₹ Cr) | OPM % | EPS (₹) |
---|---|---|---|---|
FY22 | 0.00 | -0.32 | N/A | -0.91 |
FY23 | 4.92 | 0.06 | -3.5% | 0.17 |
FY24 | 7.38 | 0.10 | -0.8% | 0.28 |
FY25 | 4.42 | 0.19 | 5.9% | 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:
Metric | Value |
---|---|
CMP | ₹22.7 |
EPS (FY25) | ₹0.54 |
P/E | 42x |
Book Value | ₹1.88 |
P/B | 12x |
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) | FY23 | FY24 | FY25 |
---|---|---|---|
Equity Capital | 3.45 | 3.44 | 3.44 |
Reserves | -3.09 | -2.97 | -2.78 |
Borrowings | 0.11 | 0.13 | 1.24 |
Total Assets | 0.50 | 1.05 | 2.16 |
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
Year | CFO | CFI | CFF | Net 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?
Metric | FY25 |
---|---|
ROE | 33.6% |
ROCE | 24.8% |
OPM | 5.88% |
Debtor Days | 43.8 |
CCC | 54.7 Days |
P/B Ratio | 12.07x |
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 |
---|---|
Revenue | 4.42 |
Operating Profit | 0.26 |
Other Income | 0.07 |
Interest | 0.11 |
Depreciation | 0.02 |
PBT | 0.20 |
PAT | 0.19 |
If you blink, you’ll miss the profits. This is a tightrope-walking P&L statement.
11. Peer Comparison
Company | Sales (₹ Cr) | PAT (₹ Cr) | ROE | CMP/BV |
---|---|---|---|---|
Sejal Glass | 243 | 3.79 | 32.6% | 12.9x |
Agarwal Toughened | 55 | 9.24 | 27.5% | 2.4x |
Agarwal Float | 72 | 1.04 | 18.1% | 1.8x |
Agarwal Fortune | 4.42 | 0.19 | 33.6% | 12.1x |
Verdict: ROE matches the best. Scale doesn’t. Multiples are delusional.
12. Miscellaneous – Shareholding, Promoters
Category | FY23 | FY25 |
---|---|---|
Promoters | 48.28% | 49.32% |
Public | 51.72% | 50.68% |
Shareholders | 1,650 → 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