According to news from Al-Khalid discussion and information pool and things, old Naiza had penetration of 450-500 mm, better variant which entered service has penetration of 550 mm and at the same time - in-development round had penetration of maximum
620 mm of RHA according to Usman Ansari. You have overestimated Naiza. Maybe the in-development one is 680 mm penetrator.
As for Arjun, a few months of research made me get my hands on an interview of DRDO chief 5 years back.
The chief said that initial 120 mm APFSDS performance in 1996 was only 400 mm. Since Army was pretty angry, they lengthened penetrator slightly and used better Tungsten to achieve 460 mm penetration in 1997. He said that 500 mm penetration and 600 mm penetrating rounds were already ready by 2005 and 650 mm penetrating round is in development as of 2007.
We have three year lead on you
And Arjun's gun has more chamber pressure and can fire heavier and longer penetrators at same muzzle velocity and is capable of firing modified western rounds with new sabot. If Germans give us DM-63 blueprints, well, I do not want to talk about it. Only problem is Arjun gun barrel wears out quickly.
This contest of IA and PA tanks gets more and more interesting everyday!