The Elfin Agro India IPO is a fixed price issue worth ₹25.03 crore. The entire issue consists of a fresh issue of 0.53 crore shares, meaning the company is issuing new shares to raise funds.
The IPO will open for subscription on March 5, 2026, and close on March 9, 2026. The share allotment is expected on March 10, 2026, and the company’s shares are likely to list on the BSE SME platform on March 12, 2026.
The issue price is ₹47 per share. Investors must apply for a minimum lot of 3,000 shares. For retail investors, the minimum investment is ₹2,82,000, which equals 2 lots (6,000 shares) at the issue price. For HNI investors, the minimum application size is 3 lots (9,000 shares), requiring an investment of ₹4,23,000.
Finshore Management Services Ltd. is the book-running lead manager for the IPO, while Cameo Corporate Services Ltd. is the registrar of the issue. The market maker for the IPO is Shilpa Stock Broker Pvt. Ltd.
Elfin Agro IPO Objectives
- The primaryobjective of the IPO is to fund the company’s growing working capital needs. Based on the DRHP, the company expects its working capital requirement to rise to ₹3,548.96 lakhs in FY 2026–27. The IPO proceeds will enable it to support business expansion, inventory procurement, receivables, and operational activities.
- The companywill also use the money to fund its operations and manage working capital efficiently. As of March 31, 2025, the company has a secured sanctioned working capital limit of ₹3,400 lakhs, out of which ₹1,001.15 lakhs has been utilized. Additional funds will help the company procure raw materials, maintain inventory levels, manage receivables, and support the expected increase in turnover.
- The company plans toallocate ₹350 lakhs (13.98% of proceeds) toward general corporate purposes. These include strategic initiatives, partnerships, joint ventures or acquisitions, brand building and marketing activities, infrastructure enhancement, and meeting unforeseen business contingencies, subject to regulatory limits.
About Elfin Agro
Elfin Agro India Limited mainly manufactures and sells wheat-based food products and mustard oil.
The company produces different types of flour such as Chakki Atta (high-fiber whole wheat flour), R Atta (refined whole wheat flour), Tandoori Atta (special flour for tandoor cooking), Sooji (semolina), and Maida (refined flour). These products are sold under the brands “Shiv Nandi” and “ELFIN’S Shri Shyam Bhog.” The company supplies them to wholesalers and retailers in states like Rajasthan, Uttar Pradesh, and Gujarat.
Elfin Agro also extracts, filters, and manufactures edible mustard oil from raw mustard seeds. This mustard oil is sold under the “Shiv Nandi” brand.
In addition to manufacturing, the company also trades agricultural products such as chana, maize, soybean refined oil, rice bran refined oil, wheat, cattle feed, and groundnut oil, depending on market demand.
The company has 2 manufacturing units located in Bhilwara, Rajasthan.
Its products are sold across 8 Indian states: Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, and Uttarakhand. Besides, its products are also sold in Chandigarh and Delhi.
Industry Outlook
- India’s food and grocery market is the 6th largest in the world, with the food processing industry contributing about 32% of the total food market. The sector also contributes 13% to India’s total exports and around 6% of industrial investment.
- The Indian food processing market is expected to reach ₹44 lakh crore (about US$535 billion) by 2025–26, growing at a CAGR of around 15.2%, supported by increasing demand for processed and packaged foods.
- The Indian government has introduced several initiatives to strengthen the sector. Programs such as the Pradhan Mantri Kisan Sampada Yojana and the PM Formalisation of Micro Food Processing Enterprises (PMFME) scheme with an outlay of ₹10,000 crore aim to support small food processing units.
- The food processing industry in India is expanding due to rising investments and improved infrastructure. The sector allows 100% Foreign Direct Investment (FDI) under the automatic route and has attracted ₹1.10 lakh crore (US$13.01 billion) in FDI between April 2000 and December 2024. It currently employs about 1.77 million people and is growing at an annual rate of 7.68%.
How To Apply for the Elfin Agro IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Elfin Agro IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Elfin Agro IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Suba Hotels Ltd. IPO
Registered Office: F - 250-251-252-253, RIICO, Growth Centre, Swaroopganj, Hamirgarh, Bhilwara, Rajasthan, 311025
Phone: +91 7976780728
Email: cs@elfinagroindia.com
Elfin Agro IPO Reservation
| Investor Category | Percentage (%) |
| Market Maker Shares Offered | 5.01% |
| NII (HNI) Shares Offered | 47.32% |
| Retail Shares Offered | 47.66% |
| Total | 100.00% |
Elfin Agro IPO Lot Size Details
| Application Category | Lots | Shares | Amount |
| Individual Investors (Retail) – Min | 2 | 6,000 | ₹2,82,000 |
| Individual Investors (Retail) – Max | 2 | 6,000 | ₹2,82,000 |
| HNI – Min | 3 | 9,000 | ₹4,23,000 |
Elfin Agro IPO Promoter Holding
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.
| Particulars | Pre IPO | Post IPO |
| Promoter Holding | 100% | 72.59% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Elfin Agro IPO
| KPI | FY 2024–25 |
| Revenue Growth | 17.42% |
| EBITDA Margin | 5.17% |
| PAT Growth | 38.11% |
| PAT Margin | 3.48% |
| Return on Net Worth (RONW) | 36.86% |
Elfin Agro IPO Prospectus
Elfin Agro IPO Registrar and Lead Managers
Elfin Agro IPO Lead Managers
- Finshore Management Services Ltd.
Registrar for Elfin Agro IPO
Name: Cameo Corporate Services Ltd.
Phone: +91-44-28460390
Email: ipo@cameoindia.com
Financial Performance of Elfin Agro
| Financial Metric | FY 2024–25 | FY 2023–24 | FY 2022–23 |
| Total Income | 14,643.97 | 12,471.04 | 10,145.27 |
| Revenue from Operations | 14,586.34 | 12,445.92 | 10,139.02 |
| EBITDA | 753.66 | 582.46 | 311.33 |
| Profit After Tax (PAT) | 507.79 | 367.66 | 180.72 |
| Total Net Worth | 1,377.80 | 870.01 | 502.35 |
Note: All figures are in Lakhs.
Peer Comparison of Elfin Agro
| KPI | Elfin Agro | Abram Food |
| Revenue Growth (%) | 17.42% | 77.33% |
| EBITDA Margin (%) | 5.17% | 7.92% |
| PAT Growth (%) | 38.11% | 219.51% |
| PAT Margin (%) | 3.48% | 5.08% |
| RONW (%) | 36.86% | 38.62% |
| ROCE (%) | 47.93% | 56.02% |
| Debt-Equity Ratio | 0.88 | 0.85 |
Strengths and Opportunities for Elfin Agro IPO
- The company’s processing facilities are located in Bhilwara, Rajasthan, close to wheat and mustard-producing agricultural regions. This proximity ensures quicker procurement of raw materials, lower transportation costs, and access to cost-effective skilled and semi-skilled labour.
- The company has an installed capacity of 47,450 MTPA for wheat processing and 18,250 MTPA for mustard seeds, enabling it to cater to large and diverse customer requirements across multiple distribution channels.
- In FY2024-25, the company processed 31,940 tonnes of wheat and 4,170 tonnes of mustard seeds, reflecting its operational capability and ability to fulfil bulk processing requirements efficiently.
- Close linkages with raw material suppliers and an efficient procurement policy help the company maintain stable raw material availability and cost control, supporting competitive pricing and timely production.
- The company generates revenue from several channels, including wholesalers (43.33%), B2B clients (41.40%), traders (11.17%), and direct consumers (3.88%) in FY2024-25, reducing reliance on a single customer segment.
Risks and Threats for Elfin AgroIPO
- The company, promoters, and group entities are involved in multiple legal proceedings. These include 3 tax cases against the company (₹0.24 lakh), criminal cases filed by promoters/directors, and tax matters involving promoters/directors (₹16.39 lakh). Adverse outcomes could impact reputation, financials, and management focus.
- Wheat and mustard seeds are the key raw materials, and material costs account for ~90% of revenue (89.90% in FY2025, 89.69% in FY2024, and 90.51% in FY2023). Any price volatility, supply disruption, or regulatory restriction can significantly affect profitability.
- The company relies on purchase orders rather than long-term supply agreements, exposing it to supply uncertainty and price fluctuations. The top 10 suppliers accounted for 38.86% of raw material purchases in FY2025, indicating moderate supplier concentration risk.
- A significant portion of revenue comes from a few key products such as Maida (27.34% of revenue in FY2025) and Bran (14.68%). Any decline in demand for these products could materially impact the company’s revenues.
- Maida alone contributed ₹3,987 lakh (27.34%) of revenue in FY2025, ₹3,652 lakh (29.35%) in FY2024, and ₹3,301 lakh (32.56%) in FY2023. Any reduction in demand or pricing pressure in this segment could adversely affect overall financial performance.
