Elfin Agro IPO will open for subscription on March 5, 2026 and will close on March 9, 2026. The IPO is a Fixed Price Issue through which the company plans to raise approximately ₹25.03 crores. The entire issue consists of a fresh issue of ₹25.03 crores, while there is no offer for sale component. The face value of each equity share is ₹5.
The Elfin Agro IPO price is fixed at ₹47 per share. The investor quota is allocated as 50% for retail investors and 50% for HNI/NII investors, while there is no allocation for QIB investors. The shares are scheduled to be listed on the BSE SME platform on March 12, 2026. The IPO allotment is expected to be finalized on March 10, 2026.
The company reported revenue of ₹146.44 crores in FY2025 compared to ₹124.71 crores in FY2024. Profit after tax increased to ₹5.08 crores in FY2025 from ₹3.68 crores in FY2024. Based on the financial growth trend, the IPO may be considered by investors with a long-term investment perspective.
Contents
Elfin Agro IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | March 5, 2026 |
| IPO Close Date | March 9, 2026 |
| Face Value | ₹5 Per Equity Share |
| IPO Price Band | ₹47 Per Share |
| Issue Size | Approx ₹25.03 Crores |
| Fresh Issue | Approx ₹25.03 Crores |
| Offer for Sale | – |
| Issue Type | Fixed Price Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Elfin Agro IPO
Open: 5-9 March
Issue Size: ₹25.03 Cr.
Objective: To boost working capital and cover general corporate needs.
Exchange: BSE SME
Elfin Agro IPO Review
The Elfin Agro IPO has received mixed to neutral feedback from market observers. The company operates in the agro-processing sector, primarily focusing on wheat flour and mustard oil manufacturing. Over the years, the company has built a presence in several states by supplying branded and bulk products to wholesalers and retailers.
Financially, the firm has shown steady revenue growth and improvement in profitability. However, margins remain relatively modest due to the competitive nature of the agro-processing industry and fluctuating raw material prices.
Since the IPO is listed in the SME segment and has no QIB participation, investors should evaluate liquidity risks and sector competition before applying. Long-term investors who believe in the FMCG and agri-processing growth story may consider studying the business further.
Elfin Agro IPO Market Lot
The minimum market lot for the Elfin Agro IPO is 6,000 shares, which requires an application amount of ₹2,82,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 6,000 | ₹2,82,000 |
| Retail Maximum | 2 | 6,000 | ₹2,82,000 |
| S-HNI Minimum | 3 | 9,000 | ₹4,23,000 |
| S-HNI Maximum | – | – | ₹– |
| B-HNI Minimum | – | – | ₹– |
IPO Reservation
| Investor Category | Share Offered | Shares (%) |
|---|---|---|
| Anchor Investor | – Shares | –% |
| QIB (Ex. Anchor) | – Shares | –% |
| NII Shares Offered | 25,20,000 Shares | 47.32% |
| Retail Shares Offered | 25,38,000 Shares | 47.66% |
Elfin Agro IPO Dates
The Elfin Agro IPO will open on March 5, 2026 and close on March 9, 2026. The basis of allotment is expected to be finalized on March 10, 2026 and the shares will be listed on March 12, 2026.
| Event | Date |
|---|---|
| IPO Open Date | March 5, 2026 |
| IPO Close Date | March 9, 2026 |
| Basis of Allotment | March 10, 2026 |
| Refunds | March 11, 2026 |
| Credit to Demat Account | March 11, 2026 |
| IPO Listing Date | March 12, 2026 |
| IPO Bidding Cut-off Time | March 9, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Mr. Vimal Kumar Daga, Mr. Deepak Pal Daga, Mrs. Seema Daga, Mrs. Neetu Daga, M/s. Vimal Kumar Ayush Pal Daga HUF, M/s. Vimal Kumar Deepak Pal Daga HUF and M/s. Deepak Pal Harsh Kumar Daga HUF.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,41,00,000 | 100% |
| Promoter Holding Post Issue | 1,94,25,000 | 72.59% |
Objects of the Issue
The company intends to utilise the funds raised through the IPO mainly for business expansion and operational requirements. A major portion of the funds, approximately ₹19.33 crores, will be used to meet the working capital requirements of the company, which is essential for managing procurement of raw materials, production, and supply chain operations.
Additionally, around ₹3.50 crores will be used for general corporate purposes such as strengthening operational capabilities, improving infrastructure, and supporting overall business growth.
About Elfin Agro IPO
Elfin Agro India Limited was established in 2009 and operates in the agro-processing and food products sector. The company is engaged in the manufacturing of various wheat-based products including Chakki Atta (high-fibre whole wheat flour), R Atta (refined whole wheat flour), Tandoori Atta (specialized flour), Sooji (semolina), and Maida (refined flour). In addition to flour products, the company also manufactures and processes yellow mustard oil.
The company sells its products under the brand names “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG”. These products are distributed to wholesalers and retailers across several states including Rajasthan, Uttar Pradesh, and Gujarat. The firm operates a flour manufacturing facility in Bhilwara, Rajasthan, which handles the grading, sorting, and packaging of wheat.
Apart from its core manufacturing activities, the company is also involved in the trading of various agro commodities such as chana, maize, soybean refined oil, rice bran refined oil, wheat, cattle feed, and groundnut oil. Through this diversified product portfolio, the company aims to expand its reach in the agro and FMCG market.
Business Analysis and Financial Health
Elfin Agro India Limited operates in the agro-processing and food products segment, which is a stable and demand-driven sector in India. The company manufactures wheat flour products and mustard oil while also trading various agricultural commodities. Over the last few years, the company has reported steady growth in revenue, increasing from ₹124.71 crores in FY2024 to ₹146.44 crores in FY2025.
Profitability has also improved gradually with PAT rising to ₹5.08 crores. The company maintains moderate financial leverage with a debt-to-equity ratio of 0.88. Return ratios such as ROE of 36.86% and ROCE of 47.93% indicate relatively efficient capital utilization. However, margins remain thin due to commodity price volatility and competitive pressures in the agro-processing industry.
Elfin Agro IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹101.45 | ₹98.26 | ₹1.81 | ₹20.90 |
| 2024 | ₹124.71 | ₹118.63 | ₹3.68 | ₹24.69 |
| 2025 | ₹146.44 | ₹138.31 | ₹5.08 | ₹33.44 |
| Dec 2025 | ₹117.72 | ₹110.77 | ₹3.98 | ₹42.39 |
Elfin Agro IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | 36.86% |
| ROCE | 47.93% |
| EBITDA Margin | 5.17% |
| PAT Margin | 3.48% |
| Debt to Equity Ratio | 0.88 |
| Earning Per Share (EPS) | ₹3.60 (Basic) |
| Price/Earning P/E Ratio | 13.05 |
| Return on Net Worth (RoNW) | 36.86% |
| Net Asset Value (NAV) | ₹9.77 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Abram Food | 9.05 | 11.05 | 38.62% | 22.62 | 64.04 Cr |
IPO Lead Managers aka Merchant Bankers
Finshore Management Services Ltd.
Company Address
| Particular | Details |
|---|---|
| Company Name | Elfin Agro India Ltd |
| Address | F – 250-251-252-253, RIICO, Growth Centre, Swaroopganj |
| Area | Hamirgarh |
| City | Bhilwara |
| State | Rajasthan |
| Pincode | 311025 |
| Phone | +91 7976780728 |
| cs@elfinagroindia.com | |
| Website | https://www.elfinagroindia.com |
IPO Registrar
Cameo Corporate Services Ltd.
Phone: +91-44-28460390
Email: ipo@cameoindia.com
Website: https://ipo.cameoindia.com/
Elfin Agro IPO FAQs
What is Elfin Agro IPO?
Elfin Agro IPO is an SME IPO through which the company plans to raise approximately ₹25.03 crores. The issue price is ₹47 per share and the shares will be listed on the BSE SME platform.
When will Elfin Agro IPO open for subscription?
The IPO will open for subscription on March 5, 2026 and close on March 9, 2026 for retail and HNI investors.
What is the investor quota in Elfin Agro IPO?
The allocation is 50% for retail investors and 50% for HNI/NII investors. There is no allocation for QIB investors.
How to apply for Elfin Agro IPO?
Investors can apply through ASBA via their bank account. They can also apply through UPI using their stock broker platform or submit an offline application form through their broker.
What is the issue size of Elfin Agro IPO?
The total issue size of the IPO is approximately ₹25.03 crores.
What is the price band of Elfin Agro IPO?
The IPO price is fixed at ₹47 per share.
What is the lot size of Elfin Agro IPO?
The minimum application size is 6,000 shares, requiring an investment of ₹2,82,000.
What is the allotment date for Elfin Agro IPO?
The IPO allotment is expected to be finalized on March 10, 2026.
What is the listing date for Elfin Agro IPO?
The IPO is expected to be listed on the BSE SME platform on March 12, 2026.
Expert Comment
Elfin Agro India Limited operates in the essential food processing sector, which benefits from consistent consumer demand. The company has demonstrated steady revenue growth and improving profitability in recent years. However, its margins remain relatively low due to the competitive nature of the agro-processing industry and fluctuations in commodity prices.
Since the IPO is in the SME segment with no QIB participation, liquidity risks should also be considered. Investors should carefully evaluate the company’s long-term growth strategy, operational efficiency, and market expansion plans before making an investment decision.
