The Elfin Agro IPO opening date is March 5, 2026, and the IPO will close on March 9, 2026. The Elfin Agro IPO is a fixed-price issue. The company will raise approximately ₹25.03 crore through the IPO, which includes a fresh issue of ₹25.03 crore and an offer for sale of ₹5 face value [.] equity shares.
The price band for the Elfin Agro IPO is ₹47 per share. The retail quota is 50%, QIB 00%, and HNI 50%. The Elfin Agro IPO will be listed on the BSE SME on March 12, 2026. The allotment date for the Elfin Agro IPO is March 10, 2026.
The company reported revenue of ₹146.44 crore in 2025, compared to ₹124.71 crore in 2024. The company reported a profit of ₹5.08 crore in 2025, compared to ₹3.68 crore in 2024. According to financials, IPO investors should apply for the long term in IPOs.
Table of Contents
- Elfin Agro India
- Elfin Agro India Lot(s) Distribution
- Elfin Agro India Reservation
- Elfin Agro India About
- Key Performance Indicators (KPI)
- Company Financial (In ₹Crore)
- Peer Comparison (Valuation)
- Peer Comparison (Financial Performance)
- About Company
- Product Portfolio
- Operations & Market Presence
- Strength
- Weakness
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Elfin Agro India
March 5, 2026 – March 9, 2026
| GMP Rumors * | ₹0 |
|---|---|
| Price | ₹47 - ₹47 |
| Lot size | 3000 |
| Issue size | ₹25.02 cr |
| Allotment | Mar 10, 2026 |
| Listing | Mar 12, 2026 |
Elfin Agro India Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 6000 | 282000 | 423 |
| HNI | 3 | 9000 | 423000 | 280 |
Elfin Agro India Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 5325000 | 100% |
| HNI | 2520000 | 47.32% |
| INDIVIDUAL | 2538000 | 47.66% |
| Market Maker | 267000 | 5.01% |
Elfin Agro India About
IPO Details
| Total Issue Size | 53,25,000 shares (aggregating up to ₹25.02 Cr) |
| Fresh Issue | 53,25,000 shares (aggregating up to ₹25.02 Cr) |
| Face Value | ₹5/- Per Share |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,41,00,000 shares |
| Share Holding Post Issue | 1,94,25,000 shares |
| Reserved for Market Maker | 2,67,000 shares (aggregating up to ₹1.25 Cr) |
| Market Maker | Shilpa Stock Broker Pvt.Ltd. |
Key Performance Indicators (KPI)
| KPI | Dec-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| RONW | 22.42% | 36.86% | 42.26% | 35.98% |
| ROCE | 33.57% | 47.93% | 52.13% | 31.14% |
| EPS (BASIC) | 2.82 | 3.60 | 26.08 | 12.82 |
| P/E Pre IPO | 13.05 | |||
| P/E Post IPO | 17.20 |
Company Financial (In ₹Crore)
| Period Ended | Dec-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 42.39 | 33.44 | 24.69 | 20.9 |
| 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 | 8.7 | 5.02 |
| Reserves and Surplus | 10.71 | 6.73 | 7.29 | 3.61 |
| Total Borrowing | 12.69 | 12.19 | 7.6 | 7.23 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Elfin Agro India Limited | 13.05 | 47.00 | 5.00 |
| Abram Food Limited | 11.05 | 100.00 | 10.00 |
SOURCE: RHP, Considering the nature and size of business of the Company, the peers may not be exactly comparable. Hence a strict comparison is not possible. However, the above companies have been included for broader comparison ^Based on full completed financial year ended on March 31, 2025 on Restated basis Source for Peer Companies: Annual Reports (figures as on March 31, 2025) CMP as on 13/02/2026 for Peer Group . we have shown the P/E ratio of the IPO issuer company based on the pre-IPO valuation, and the CMP has been represented by the IPO issue price (upper price band).
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Elfin Agro India Limited | 9.77 | 36.86 | 3.60 |
| Abram Food Limited | 22.62 | 38.62 | 9.05 |
About Company
Founded as an agro-processing company, Elfin Agro India Limited is engaged in the manufacturing and sale of wheat-based flour products and edible mustard oil.
Set up in 2009, Elfin Agro India is one of the growing companies involved in the manufacturing of Chakki Atta (High fibre whole wheat flour), R Atta (Refined whole wheat flour), Tandoori Atta (Specialized flour), Sooji (Semolina flour), Maida (Refined Flour), and yellow mustard oil. The firm sells its products under the brand “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG” to various wholesalers and retailers in Rajasthan, Uttar Pradesh, Gujarat, etc.
Elfin Agro has a flour manufacturing unit in Bhilwara, which handles grading, sorting, and packaging of raw wheat. Moreover, the firm is also involved in the extraction, refining, and manufacturing of mustard oil seeds. Along with wheat flour, the firm also trades Chana, Maize, Soyabean Refined Oil, Rice Bran Refined Oil, Wheat, cattle feed, groundnut oil, and other various agro-products.
Product Portfolio
The Company manufactures:
Chakki Atta (High-fibre whole wheat flour)
R Atta (Refined whole wheat flour)
Tandoori Atta (Specialty flour)
Sooji (Semolina)
Maida (Refined flour)
Yellow Mustard Oil
Wheat flour products are marketed under the brands “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG”, while edible mustard oil is sold under the “Shiv Nandi” brand.
In addition to manufacturing, the Company undertakes trading of agro-products such as chana, maize, soybean refined oil, rice bran refined oil, wheat, cattle feed, and groundnut oil, based on prevailing market conditions.
Operations & Market Presence
Elfin Agro operates two manufacturing units located in Bhilwara, Rajasthan. Its distribution network spans 8 states—Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, and Uttarakhand—and 2 Union Territories, namely Chandigarh and Delhi.
Strength
Strategic Location Advantage: Processing units in Bhilwara provide access to strong infrastructure, cost-effective skilled and unskilled labour, and proximity to wheat and mustard-growing regions, ensuring timely raw material availability and cost efficiency.
High Installed Capacity & Efficient Operations: Installed capacity of 47,450 MTPA for wheat and 18,250 MTPA for mustard seeds enables the Company to meet large-scale demand. Focus on cost control and timely order fulfilment supports operational efficiency.
Strong Customer Relationships: Long-standing client relationships generate repeat business and enhance customer retention, providing a competitive advantage in expanding the client base.
Weakness
Raw Material Supply & Price Risk: Operations depend on consistent availability and stable pricing of wheat, mustard seeds, and packaging materials. Supply disruptions, price volatility, seasonal variations, or changes in government procurement and stocking policies may adversely affect costs and profitability.
Product Concentration Risk: A significant portion of revenue is derived from a limited range of products. Inability to adapt to changing consumer preferences, regulatory requirements, or industry trends may reduce demand and impact financial performance.
Geographical Concentration Risk: Manufacturing operations are primarily located in Rajasthan, exposing the Company to regional risks such as economic fluctuations, social unrest, natural disasters, and adverse weather conditions, which may affect revenue and operations.
When Elfin Agro IPO will open for subscription?
The IPO is to open on March 5, 2026 for QIB, NII, and Retail Investors. The IPO will close on March 9, 2026.
What is Elfin Agro IPO Investors Portion?
The investors’ portion for QIB is 0%, NII is 50%, and Retail is 50%.
How to Apply the Elfin Agro IPO?
You can apply for Elfin Agro IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.
What is Elfin Agro IPO Issue Size?
Elfin Agro IPO issue size is ₹25.03 crores.
What is Elfin Agro IPO Price Band?
Elfin Agro IPO Price Band is ₹47.
What is Elfin Agro IPO Lot Size?
The minimum bid is 6,000 Shares with ₹2,82,000 amount.
What is the Elfin Agro IPO Allotment Date?
Elfin Agro IPO allotment date is March 10, 2026.
What is the Elfin Agro IPO Listing Date?
Elfin Agro IPO listing date is March 12, 2026. The IPO is to list on BSE.