Elfin Agro India Limited
Fixed Price IPO · BSE
- Price band
- ₹47 - ₹47
- Lot size
- 3,000 shares
- Issue amount
- ₹25.02 cr
- Total subscription
- 1.4×
- Opens
- 5 Mar 2026
- Closes
- 9 Mar 2026
- Allotment
- 10 Mar 2026
- Listing
- 12 Mar 2026
Offer at a glance
Issue overview
- Issue size
- 53,25,000 shares
- Face value
- ₹5 per share
- Minimum investment
- ₹1,41,000
- Fresh issue
- ₹25.02 cr
- Offer for sale
- ₹0 cr
- Registrar
- Cameo Corporate Services Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,41,000
- Issue type
- Fixed Price IPO
- Shares before issue
- 1,41,00,000
- Shares after issue
- 1,94,25,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 6,000 | ₹2,82,000 |
| sHNI | 3 | 9,000 | ₹4,23,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 9 Mar 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 1 |
| NIB | 0 | 99 |
| RETAIL | 423 | 245 |
| HNIs (2-10L) | 280 | 96 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 0 | 0.11 |
| RETAIL | 11.93 | 6.99 |
| NIB | 11.84 | 26.31 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Dec-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 2.82 | 3.6 | 26.08 | 12.82 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 33.57 | 47.93 | 52.13 | 31.14 |
| RONW | 22.42 | 36.86 | 42.26 | 35.98 |
| PRE IPO(PE) | 0 | 13.05 | 0 | 0 |
| POST IPO(PE) | 17.2 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Elfin Agro India Limited | 13.05 | 47.00 | 5.00 | 9.77 | 36.86 | 3.60 |
| Abram Food Limited | 11.05 | 100.00 | 10.00 | 22.62 | 38.62 | 9.05 |
Company information
Company profile
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, along with selective trading of agro commodities based on market conditions. Its product portfolio includes Chakki Atta, R Atta, Tandoori Atta, Sooji, Maida, and Yellow Mustard Oil, with wheat flour products marketed under the brands “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG,” and mustard oil sold under the “Shiv Nandi” brand. In addition to manufacturing, the company trades products such as chana, maize, soybean refined oil, rice bran refined oil, wheat, cattle feed, and groundnut oil. Elfin Agro operates two manufacturing units in Bhilwara, Rajasthan, and has built a distribution network across eight states—Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, and Uttarakhand—along with two Union Territories, Chandigarh and Delhi.
Strengths
- Strategic Location Advantage: Processing units in Bhilwara provide access to developed infrastructure, cost-effective skilled and unskilled labour, and proximity to key wheat- and mustard-growing regions, ensuring steady raw material availability and logistical efficiency.
- High Installed Capacity & Operational Efficiency: With an installed capacity of 47,450 MTPA for wheat and 18,250 MTPA for mustard seeds, the Company is well-positioned to cater to large-scale demand. A strong focus on cost optimization and timely order execution enhances overall efficiency.
- Strong Customer Relationships: Long-standing associations with customers drive repeat business, strengthen retention, and support sustainable growth through an expanding client base.
Risk factors
- Raw Material Supply & Price Risk: The Company’s operations rely on consistent availability and stable pricing of wheat, mustard seeds, and packaging materials. Supply disruptions, seasonal volatility, price fluctuations, or changes in government procurement and stocking policies could increase input costs and adversely impact margins and profitability.
- Product Concentration Risk: A substantial portion of revenue is generated from a limited product portfolio. Failure to respond to evolving consumer preferences, regulatory changes, or shifting industry trends may lead to reduced demand and affect overall financial performance.
- Geographical Concentration Risk: With manufacturing operations primarily concentrated in Rajasthan, the Company is exposed to region-specific risks such as economic slowdowns, social or political disturbances, natural calamities, and adverse climatic conditions that may disrupt operations and revenue stability.
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
M/s. Deepak Pal Harsh Kumar Daga HUF
Registrar & documents
Lead manager
Finshore Management Services Limited
Registrar & contacts
Cameo Corporate Services Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
F - 250-251-252-253, RIICO, Growth Centre, Swaroopganj, Hamirgarh, Bhilwara, Rajasthan, 311025
+91 7976780728
[email protected]Company website ↗Understanding ELFIN IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.