Elfin Agro India Limited is engaged in the manufacturing, processing and trading of agro-based food products, primarily focusing on wheat flour and edible mustard oil. The company operates in the staple food segment, catering to both retail and wholesale markets across multiple states in India.
The company manufactures a range of wheat-based products, including:
- Chakki Atta (High Fibre Whole Wheat Flour)
- R Atta (Refined Whole Wheat Flour)
- Tandoori Atta (Specialized Flour)
- Sooji (Semolina Flour)
- Maida (Refined Flour)
These products are marketed under its established brands “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG”, serving wholesalers, retailers, and distributors across Rajasthan, Uttar Pradesh, Gujarat and other regions.
Elfin Agro operates two manufacturing units in Bhilwara, Rajasthan, equipped for wheat milling, flour processing, mustard oil extraction, and refining.
Elfin Agro serves customers across 8 states — Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, and Uttarakhand — along with Chandigarh and Delhi.
Elfin Agro India IPO – Details
| IPO Opening Date | 05 March 2026 |
| IPO Closing Date | 09 March 2026 |
| Issue Type | Fixed Price IPO |
| Issue Size | Total Issue: 53,25,000 Shares Worth ₹25.03 Crore Fresh Issue: 53,25,000 Shares Worth ₹25.03 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹47 per share |
| Market Lot | 3000 Shares |
| Min Order | 3000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Cameo Corporate Services Ltd. |
| NII Shares Offered | 50% |
| Retail Shares Offered | 50% |
Elfin Agro India IPO – Date Schedule
| IPO Open Date | 05 March 2026 |
| IPO Close Date | 09 March 2026 |
| Basis of Allotment | 10 March 2026 |
| Initiation of Refund | 11 March 2026 |
| Credit of Shares to Demat | 11 March 2026 |
| IPO Listing Date | 12 March 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 09, 2026 |
Elfin Agro India IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 6000 | ₹2,82,000 |
| Retail (Max) | 2 | 6000 | ₹2,82,000 |
| S-HNI (Min) | 3 | 9000 | ₹4,23,000 |
Competitive Strength
- Strategically located Processing Units with robust infrastructure.
- Installed Capacity, Cost effective production and timely fulfilment of orders.
- Widespread distribution network and presence across various retail channels.
- Existing client relationships.
- Customization and Flexibility.
Company Promoters
- 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
- M/s. Deepak Pal Harsh Kumar Daga HUF
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹101.45 Cr | ₹98.26 Cr | ₹1.81 Cr | ₹7.23 Cr |
| 31 March 2024 | ₹124.71 Cr | ₹118.63 Cr | ₹3.68 Cr | ₹7.60 Cr |
| 31 March 2025 | ₹146.44 Cr | ₹138.31 Cr | ₹5.08 Cr | ₹12.19 Cr |
| 31 December 2025 | ₹117.72 Cr | ₹110.77 Cr | ₹3.98 Cr | ₹12.69 Cr |
Key Performance Indicator
| KPI | Values (Dec 31, 2025) |
|---|---|
| ROE | 22.42% |
| ROCE | 34% |
| Debt/Equity | 0.71 |
| RoNW | 22.42% |
| PAT Margin | 3.39% |
| EBITDA Margin | 5.69% |
| Price to Book Value | 3.73 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 3.60 | 2.73 |
| P/E (x) | 13.05 | 17.20 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Working Capital Requirements. | ₹19.33 |
| General Corporate Expenses. | ₹3.50 |
✅Strengths
- Diversified portfolio: Atta, Maida, Sooji, Mustard Oil.
- Established brands: Shiv Nandi & ELFIN’S Shri Shyam BHOG.
- Two integrated manufacturing units in Rajasthan.
- Presence across 8 states & 2 UTs.
- Trading activity adds revenue flexibility.
⚠️Risks
- Raw material price volatility (wheat & mustard).
- High competition in flour & edible oil industry.
- Regional revenue concentration.
- Working capital-intensive operations.
Elfin Agro India IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 72.59% |
Elfin Agro India IPO Prospectus
Company Contact Information
| Elfin Agro India Ltd. F – 250-251-252-253, RIICO, Growth Centre, Swaroopganj Hamirgarh, Bhilwara, Rajasthan, 311025 Phone: +91 7976780728 Email: cs@elfinagroindia.com Website: https://www.elfinagroindia.com/ |
Elfin Agro India IPO Registrar
| Cameo Corporate Services Ltd. Phone: +91-44-28460390 Email: ipo@cameoindia.com Website: https://ipostatus1.cameoindia.com/ |
Elfin Agro India IPO Lead Manager(s)
| 1. Finshore Management Services Ltd. |
Elfin Agro India IPO FAQ
| What is the Elfin Agro India IPO? Elfin Agro India IPO is an SME IPO. The issue is priced at ₹47 per equity share. The IPO is to be listed on BSE SME. |
| When will Elfin Agro India IPO open? The IPO is to open on 05 March 2026 for NII and Retail Investors. |
| What is Elfin Agro India IPO Investors’ Portion? The investors’ portion for NII – 50%, and Retail – 50%. |
| What is the Elfin Agro India IPO Size? Elfin Agro India IPO size is ₹25.03 Crore. |
| What are the Elfin Agro India IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 6000 Shares for ₹2,82,000, while the maximum bid is 6000 Shares for ₹2,82,000. |
| What is the Elfin Agro India IPO Allotment Date? Elfin Agro India IPO allotment date is 10 March 2026. |
| What is the Elfin Agro India IPO Listing Date? Elfin Agro India IPO listing date is 12 March 2026. The IPO is to be listed on the BSE SME. |
