Elfin Agro India IPO Review 2026 – Full IPO Details, Price & Application
Latest Grey Market Premium & IPO Details
Elfin Agro India IPO 2026 – Key Info & Highlights
Elfin Agro India Ltd is launching its SME IPO of ₹23.77 crore, which will be open for subscription from March 5, 2026, to March 9, 2026. This is a fresh issue aimed at raising funds to strengthen the company’s working capital and business operations. Each share has a face value of ₹5 and the fixed issue price is ₹47 per share. Retail investors can apply with a minimum of two lots, each comprising 3000 shares, totaling an investment of ₹2,82,000. The IPO will be listed on the BSE SME platform, with a tentative listing date of March 12, 2026. Investors can participate online via ASBA applications or through their brokerage platforms. This IPO provides a good opportunity to invest in a growing agro-processing company.
📌 IPO Details
| Company Name | Elfin Agro India IPO |
|---|---|
| Sector / Industry | Other Food Products |
| IPO Open Date | 05-03-2026 |
| IPO Close Date | 09-03-2026 |
| Allotment Date | 10-03-2026 |
| Refund Date | 11-03-2026 |
| Share Credit Date | 11-03-2026 |
| Listing Date | 12-03-2026 |
| Price Band | ₹47 |
| Lot Size | 3000 Shares |
| Min Investment | ₹2,82,000 |
| Total Issue Size | ₹25.03 Cr |
| Reserved for Market Maker | ₹1.25 Cr |
| Net Issue Size | ₹23.77 Cr |
| Fresh Issue | ₹23.77 Cr |
| IPO Listing At | BSE SME |
| DRHP | View DRHP |
| Final Prospectus | https://www.elfinagroindia.com/downloads/Prospectus.pdf |
| Issue Type | Fixed Price Issue |
| Face Value | ₹5 Per Equity Share |
| Promoter Holding Pre IPO | 100.00 % |
| Promoter Holding Post IPO | 72.59% |
| Min Small HNI Lots | ₹4,23,000 ( 3 lots Price) |
* All Dates are provisional
Quota Allocation
| Category | Allocation (%) |
|---|---|
| Retail Investors | 47.66% |
| QIB (Qualified Institutional Buyers) | - |
| HNI (High Net Worth Individuals) | 47.32% |
| Reserved for Market Maker | 5.01% |
📈 Grey Market Premium (GMP) Day-wise Trend
| GMP Date | GMP Price | Trend | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 12-03-2026 | ₹0.00 | - | ₹0.00 | ₹0.00 | 12-03-2026 09:50 |
| 11-03-2026 | ₹0.00 | - | ₹0.00 | ₹0.00 | 11-03-2026 23:20 |
| 10-03-2026 | ₹0.00 | - | ₹0.00 | ₹0.00 | 10-03-2026 23:20 |
📝 About Elfin Agro India
Elfin Agro India Ltd is a leading Indian agro‑processing and food manufacturing company incorporated in 2009 and headquartered in Bhilwara, Rajasthan. The company specializes in the production and marketing of staple food products, including Chakki Atta (high‑fibre whole wheat flour), Refined Atta, Tandoori Atta, Sooji (semolina), Maida (refined flour), and Yellow Mustard Oil. Its modern manufacturing and processing units at the RIICO Growth Centre in Bhilwara handle the grading, milling, refining, and packaging of raw agricultural commodities into high-quality finished products.
The company sells its products under well-known brands such as “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG”, reaching a wide network of wholesalers, retailers, and distributors. The clientele is spread across eight states—Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, and Uttarakhand—and two Union Territories, Chandigarh and Delhi, ensuring strong market penetration and consistent demand.
Apart from flour, Elfin Agro also specializes in the extraction and refining of edible mustard oil from raw mustard seeds, marketed under the Shiv Nandi brand. The company further trades in various agro-products, including Chana (chickpeas), Maize, Refined Soybean Oil, Rice Bran Oil, Wheat, Cattle Feed, and Groundnut Oil, adapting dynamically to market conditions.
Elfin Agro India Ltd emphasizes quality control, process efficiency, and operational excellence, sourcing premium raw materials and maintaining stringent standards across manufacturing, logistics, and procurement. With a diversified product portfolio, branded presence, and extensive regional distribution network, the company has built a recognizable footprint in the agro-processing sector, serving both B2B and B2C customers efficiently.
Elfin Agro India Revised Financials
Profit / Loss & Total Assets (Recent Years)
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 42.39 | 33.44 | 24.69 | 20.90 |
| Total Income | 117.72 | 146.44 | 124.71 | 101.45 |
| Profit After Tax | +3.98 | +5.08 | +3.68 | +1.81 |
| EBITDA | 6.68 | 7.54 | 5.82 | 3.11 |
| Net Worth | 17.76 | 13.78 | 8.70 | 5.02 |
| Reserves and Surplus | 10.71 | 6.73 | 7.29 | 3.61 |
| Total Borrowing | 12.69 | 12.19 | 7.60 | 7.23 |
Note: All figures are reported in ₹ Crore. Positive Profit After Tax indicates profit.
Elfin Agro India Ltd Objects of Issue
- ₹19.33 Cr – Working Capital – To support ongoing operations, purchase raw materials, and other day-to-day business activities.
- ₹3.50 Cr – General Corporate Purpose – For general business requirements as decided by the management.
Elfin Agro India Ltd Strengths
- Diversified Product Portfolio – The company produces a range of staple food products including chakki atta, refined atta, tandoori atta, sooji, maida, and mustard oil, giving it multiple revenue streams within the agro‑processing sector.
- Strong Regional Distribution Network – Elfin Agro India has established a wide distribution reach across multiple states and union territories, serving B2B clients, wholesalers, retailers, and direct consumers, which helps in steady market access and demand fulfillment.
- Branded Presence in Key Markets – The company markets its products under recognized brands such as “Shiv Nandi” and “ELFIN’S Shri Shyam Bhog,” strengthening consumer recall and competitive positioning.
- Financial Performance and Profitability Metrics – With a respectable Return on Net Worth (RoNW) and improving EBITDA margins, the company shows operational efficiency and sound capital utilization relative to peers in the SME segment.
- Cost‑Effective Operations – Located in the RIICO Growth Centre, Bhilwara, the manufacturing units benefit from cost advantages in raw material procurement and production scaling, aiding competitive pricing and delivery timelines.
Elfin Agro India Ltd Risks
- Profitability Risk – The company operates with relatively thin profit margins, making earnings sensitive to fluctuations in raw material prices, packaging costs, and other input expenses.
- Regional Concentration Risk – A significant portion of the business is concentrated in Rajasthan and surrounding areas, which may limit growth potential and make the company vulnerable to regional market fluctuations.
- Competition Risk – Intense competition from established national and regional agro-processing brands may impact market share, pricing power, and overall profitability.
- Execution & Scale-up Risk – Future plans for capacity expansion, new distribution channels, or operational scale-up may face execution challenges affecting timely delivery and cost efficiency.
- Market & Demand Risk – Revenue and profitability depend on agricultural commodity availability, crop yields, and consumer demand patterns, which may be impacted by climatic or seasonal variations.
- Regulatory & Economic Risk – Changes in government policies, food safety regulations, taxes, or interest rates could affect operations, costs, and compliance obligations.
Company Information
Founded in: 2009
MD / CEO: Mr. Deepak Pal Daga
Address: F‑250‑251‑252‑253, RIICO Growth Centre, Swaroopganj, Hamirgarh, Bhilwara ‑ 311025, Rajasthan, India
Website: https://www.elfinagroindia.com/
Phone: +91 79767 80728
Email: info@elfinagroindia.com
IPO Quick Info
05 Mar 2026
09 Mar 2026
Upcoming
Lead Manager(s)
- Finshore Management Services Ltd.
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Frequently Asked Questions
Elfin Agro India manufactures a wide range of staple food items, including Chakki Atta, Refined Atta, Tandoori Atta, Sooji, Maida, and Yellow Mustard Oil. Alongside these, the company also engages in trading various agro-products like Chana, Maize, Rice Bran Oil, Soybean Oil, Wheat, Groundnut Oil, and Cattle Feed, catering to diverse market demands.