Elfin Agro India IPO
Fixed Price IPO | ₹25.00 Cr | Listing at BSE SME
Upcoming
IPO Open
Thu, Mar 05, 2026
IPO Close
Mon, Mar 09, 2026
Price Band
₹47.00 to ₹47.00
Market Cap (Pre-IPO)
₹91.30 Cr
IPO Details
| IPO Date | Mar 05, 2026 to Mar 09, 2026 |
| Listing Date | Tentative: Mar 12, 2026 |
| Face Value | ₹5.00 per share |
| Price Band | ₹47.00 to ₹47.00 |
| Lot Size | 3000 Shares (Minimum: ₹141,000.00) |
| Sale Type | Fresh Issue |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Issue Size | ₹25.00 Crores |
| Total Shares Offered | 5,325,000 shares |
| Offer For Sale | 5,325,000 shares |
Elfin Agro India IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Retail Shares Offered | 25,38,000 (47.66%) |
| NII Shares Offered | 25,20,000 (47.32%) |
Elfin Agro India IPO Lot Size
Investors can bid for a minimum of 6,000 shares and in multiples of 3,000 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 6,000 | ₹282,000 |
| Retail (Max) | 2 | 6,000 | ₹282,000 |
| S-HNI (Min) | 3 | 9,000 | ₹423,000 |
Elfin Agro India Financial Information (Restated Consolidated)
| 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 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 36.86% |
| ROCE (Return on Capital Employed) | 47.93% |
| Debt/Equity | 0.88 |
| RoNW (Return on Net Worth) | 36.86% |
| PAT Margin (Profit After Tax Margin) | 3.48% |
| EBITDA Margin | 5.17% |
| Price to Book Value | 4.81 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 3.60 | 2.73 |
| P/E (x) | 13.05 | 17.20 |
| Promoter Holding | 100.00% | 72.59% |
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 and M/s. Deepak Pal Harsh Kumar Daga HUF are the promoters of the company.
Company Overview
Elfin Agro India – Company Overview
- Engaged in the manufacturing and processing of wheat-based food products and edible mustard oil.
- Operates in the staple food segment, catering to daily household consumption needs.
- The company follows an integrated agro-processing model combining manufacturing + branded sales + trading activities.
Product Portfolio
Wheat-Based Products
- Chakki Atta – High-fibre whole wheat flour, traditionally stone-ground for better nutrition retention.
- R Atta – Refined whole wheat flour with smoother texture.
- Tandoori Atta – Specially formulated for tandoor-based breads like naan and kulcha.
- Sooji (Semolina) – Used in snacks and breakfast products.
- Maida (Refined Flour) – Used in bakery and processed food applications.
Edible Oil
- Yellow Mustard Oil – Extracted and filtered from raw mustard seeds, widely used in Indian cooking due to its strong aroma and health benefits.
Brands & Market Strategy
- Markets flour products under:
- “Shiv Nandi”
- “ELFIN’S Shri Shyam BHOG”
- Mustard oil sold under “Shiv Nandi” brand.
- Focuses on wholesalers and retailers, ensuring deep penetration in regional markets.
- Brand strategy targets value-conscious consumers in North and Western India.
Additional Business Activities
- Engages in trading of agro-products based on price trends and demand-supply conditions, including:
- Chana
- Maize
- Soyabean Refined Oil
- Rice Bran Refined Oil
- Wheat
- Cattle feed
- Groundnut oil
- This trading model helps in revenue diversification and working capital optimization.
Manufacturing & Infrastructure
- Operates 2 manufacturing units in Bhilwara, Rajasthan.
- Units are strategically located in an agricultural belt, ensuring easy raw material procurement and lower logistics cost.
Market Presence
- Serves customers across 8 states: Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand.
- Presence in 2 Union Territories: Chandigarh and Delhi.
Business Positioning
- Positioned as a regional agro-processing and FMCG staple foods company.
- Benefits from:
- Growing demand for packaged atta and branded edible oil
- Increasing urbanization and shift from loose to branded products
- Strong distribution-led regional presence
- The company operates in a low-margin, high-volume industry, where scale, brand trust, and distribution efficiency play a crucial role in profitability.
Company Strengths
- 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
Use of Proceeds
| 1) | Working Capital Requirements | 19.33 |
| 2) | General Corporate Expenses | 3.50 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Elfin Agro India IPO Peer Comparison
Elfin Agro India peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Elfin Agro India Ltd | 3.60 | - | 9.77 | 13.05 | 36.86 | 5.22 | - |
| Abram Food Ltd | 9.05 | - | 22.62 | 11.05 | 38.62 | 4.55 | - |
Quick Info
| Sector | Agro-processing and Food Manufacturing |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹91.30 Cr |
Important Dates
| IPO Open | Mar 05, 2026 |
| IPO Close | Mar 09, 2026 |
| Allotment Date | Mar 10, 2026 |
| Credit to Demat | Mar 11, 2026 |
| Listing Date | Tentative: Mar 12, 2026 |
Lead Manager(s)
Finshore Management Services Ltd.
Registrar
Description
- IPO Type: Fixed price issue aggregating to ₹25.03 crores.
- Issue Structure: Entirely a fresh issue of 0.53 crore shares (₹25.03 crores).
- IPO Dates: The issue opens on March 5, 2026 and closes on March 9, 2026.
- Allotment Date: Expected to be finalized on March 10, 2026.
- Listing Details: Shares are proposed to be listed on the SME platform of BSE Limited (BSE SME) with a tentative listing date of March 12, 2026.
- IPO Price: ₹47 per equity share (fixed price issue).
- Lot Size: 3,000 shares per lot.
- Retail Investment Requirement: Minimum 2 lots (6,000 shares) amounting to approximately ₹2,82,000.
- HNI Investment Requirement: Minimum 3 lots (9,000 shares) totaling around ₹4,23,000.
The IPO offers investors an opportunity to participate in an SME agro-products sector listing, subject to market risks.