Elfin Agro India IPO is a fixed price SME issue of Rs. 25.03 crore, comprising a fresh issue of 53,25,000 equity shares aggregating to Rs. 25.03 crore.
The IPO opens on March 5, 2026, and closes on March 9, 2026. The allotment is expected on March 10, 2026, and the listing is tentatively scheduled for March 12, 2026 on BSE SME.
The IPO is offered at a fixed price of Rs. 47 per share, and the lot size is 3,000 shares. The minimum investment for retail investors is Rs. 2,82,000 (6,000 shares), and for HNI investors, Rs. 4,23,000 (9,000 shares).
Lead Manager: Finshore Management Services Ltd.
Registrar: Cameo Corporate Services Ltd.
Market Maker: Shilpa Stock Broker Pvt. Ltd.
đź•— Last Update: 28 February 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | March 5, 2026 |
| IPO Close Date | March 9, 2026 |
| Allotment Date | March 10, 2026 |
| Refunds Initiation | March 11, 2026 |
| Credit to Demat | March 11, 2026 |
| Listing Date | March 12, 2026 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 5 per share |
| Issue Price | Rs. 47 per share |
| Lot Size | 3,000 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 53,25,000 shares (Rs. 25.03 Cr) |
| Market Maker Portion | 2,67,000 shares (Rs. 1.25 Cr) – Shilpa Stock Broker Pvt. Ltd. |
| Net Offer to Public | 50,58,000 shares (Rs. 23.78 Cr) |
| Issue Type | Fixed Price Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 1,41,00,000 shares |
| Shareholding Post-Issue | 1,94,25,000 shares |
| Market Cap (Pre-IPO) | Rs. 91.30 Cr |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,67,000 | 5.01% |
| NII (HNI) | 25,20,000 | 47.32% |
| Retail Individual Investors | 25,38,000 | 47.66% |
| Total | 53,25,000 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 6,000 | 2,82,000 |
| HNI (Min) | 3 | 9,000 | 4,23,000 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 100.00% |
| Promoter Holding Post-Issue | 72.59% |
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 and M/s. Deepak Pal Harsh Kumar Daga HUF.
About Elfin Agro India Ltd.
Incorporated in Rajasthan, Elfin Agro India Ltd. is engaged in the manufacturing of Chakki Atta (high fibre whole wheat flour), R Atta (refined whole wheat flour), Tandoori Atta, Sooji (semolina), Maida (refined flour) and yellow mustard oil. The company markets its wheat flour products under the brands “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG” across Rajasthan, Uttar Pradesh, Gujarat and other states.
The company is also involved in extraction and refining of edible mustard oil under the brand “Shiv Nandi” and trades in agro commodities such as chana, maize, soyabean refined oil, rice bran oil, wheat, cattle feed and groundnut oil based on market demand. It operates two manufacturing units located at Bhilwara, Rajasthan and has distribution presence across 8 states and 2 Union Territories.
Business Model:
Manufacturing of Wheat Flour Products
Mustard Oil Extraction and Processing
Agro Commodity Trading
Competitive Strengths:
Strategically located processing units with robust infrastructure
Cost-effective production with installed capacity advantage
Wide distribution network across multiple states
Established client relationships
Operational flexibility and product customization
Company Financials (Rs. crore – Restated)
| 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 & Surplus | 10.71 | 6.73 | 7.29 | 3.61 |
| Total Borrowings | 12.69 | 12.19 | 7.60 | 7.23 |
Objects of the Issue (Rs. crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Working Capital Requirements | 19.33 |
| 2 | General Corporate Expenses | 3.50 |
Key Performance Indicators
| KPI | 31 Dec 2025 | 31 Mar 2025 |
|---|---|---|
| ROE | 22.42% | 36.86% |
| ROCE | 34.00% | 47.93% |
| Debt/Equity | 0.71 | 0.88 |
| RoNW | 22.42% | 36.86% |
| PAT Margin | 3.39% | 3.48% |
| EBITDA Margin | 5.69% | 5.17% |
| Price to Book Value | 3.73 | 4.81 |
IPO Valuation Metrics
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 3.60 | 2.73 |
| P/E (x) | 13.05 | 17.20 |
| Market Cap (Rs. Cr.) | 91.30 | – |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Elfin Agro India Ltd. |
| Address | F – 250-251-252-253, RIICO, Growth Centre, Swaroopganj, Hamirgarh, Bhilwara, Rajasthan – 311025 |
| Phone | +91 7976780728 |
| cs@elfinagroindia.com |
IPO Lead Manager(s)
| Particulars | Details |
|---|---|
| Lead Manager | Finshore Management Services Ltd. |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Cameo Corporate Services Ltd. |
| Phone | +91-44-28460390 |
| ipo@cameoindia.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | Elfin Agro India operates in the staple food processing and edible oil segment with established regional brands and distribution network. The issue proceeds are largely earmarked for working capital which indicates scale-up in operations. Investors should monitor margin sustainability, raw material price volatility and working capital cycle efficiency given thin industry margins. |
| Chanakya View | HIGH RISK APPLY – suitable for investors with higher risk appetite considering SME liquidity and commodity-linked business risks. |
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Disclaimer
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