The Indian Agro Processing industry is expected to grow at a CAGR of 10-12%. The Indian FMCG market is also expected to grow. Wheat and maize crops are also expected to grow. Branded foodstuffs are also expected to grow in the Indian market. Elfin Agro India Limited has been an integrated processor of food products since 2021 in the state of Rajasthan. Elfin Agro India Limited processes wheat-based products such as Chakki Atta, Maida, Sooji under the brand name "Shiv Nandi" and "ELFIN'S Shri Shyam BHOG." Elfin Agro also processes mustard oil.
Elfin Agro India Limited is an integrated processor of food products since 2021 in the state of Rajasthan. Elfin Agro processes wheat-based food products such as Chakki Atta, Maida, Sooji under the brand name "Shiv Nandi" and "ELFIN'S Shri Shyam BHOG." Elfin Agro also processes Mustard Oil. Elfin Agro India Limited operates its facilities in Hanumangarh. Elfin Agro supplies its food products through multiple distribution channels such as Wholesale/Retailers and Direct Consumers. Elfin Agro is a processor of food products with a focus on Wheat Products and Edible Oils.
Elfin Agro India Ltd achieved steady pre-IPO growth: FY25 revenue ₹146.44 Cr (+17% YoY annualized), PAT ₹5.07 Cr (3.46% margin), assets ₹33.44 Cr. ₹25.03 Cr BSE SME IPO (53.25 lakh fresh shares @ ₹5 FV) at fixed ₹47 (lot size 3,000 shares ≈ ₹1.41 lakh). Opens March 5-9, 2026, allotment March 10, BSE SME listing March 12.
Elfin Agro India IPO Details:
Elfin Agro India Issue Management:
Finshore Management Services Ltd acts as the book-running lead manager for Elfin Agro India SME IPO, managing underwriting and compliance.
Elfin Agro India IPO RTA (Registrar) Details:
Cameo Corporate Services Ltd. handles allotment, refunds, and demat credits—contact at 44-28460390 or ipo@cameoindia.com.
Elfin Agro India IPO Allotment Status:
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Visit the Cameo Corporate Services Ltd. IPO Application Status page.
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Action Links:
To apply for Elfin Agro India IPO, open a demat account here
Elfin Agro India IPO Subscription Status: Check live subscription here
Elfin Agro India IPO GMP Update: Check latest grey market premium here
Elfin Agro India Ltd, founded in 2021 in Bhilwara, produces premium wheat flour products and edible oils with milling capacity, serving B2B/retail via Rajasthan networks.
Elfin Agro India Ltd grew steadily pre-IPO: FY25 revenue ₹146.44 Cr (+17% YoY), PAT ₹5.07 Cr (3.46% margin), 38.51% 3-yr RoNW. ₹25.03 Cr BSE SME IPO (53.25 lakh fresh shares @ ₹5 FV) at fixed ₹47 (lot 3,000 shares ≈ ₹1.41 lakh). Opens March 5-9, 2026; allotment March 10; BSE SME listing March 12.
Elfin Agro India Limited IPO is ₹25.03 Cr total (100% fresh issue, no OFS).
Elfin Agro India IPO proceeds will be deployed towards the following objectives:
Elfin Agro India Ltd BSE SME IPO reserves 23.05 lakh shares per SEBI SME norms
The Anchor bidding for Elfin Agro India IPO opens March 4, 2026 (~28% QIB)..
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Cameo Corporate Services.
According to RHP reports, Elfin Agro India Ltd posted consistent FY25 financials. Revenue grew 17% YoY to ₹146.44 Cr, PAT rose to ₹5.07 Cr (3.46% margin), RoNW 38.51% (3-year avg), ROCE ~22%, EBITDA margin ~8.5%. Growth driven by wheat volumes, oil expansion, Rajasthan demand, B2B/retail traction.
The important risks and strengths of Elfin Agro India IPO are mentioned below:
Strengths:
Integrated wheat-to-flour processing with branded staples ("Shiv Nandi"), strong Rajasthan footprint and 38.51% 3-year RoNW signaling efficient capital use.
Diversified revenue (milling 80%+, oils/trading), asset-light scaling potential, promoter expertise in agro-processing.
Steady growth amid FMCG demand: 17% FY25 revenue rise, working capital funding boosts capacity.
Risks
Thin PAT margins (3.46%) vulnerable to wheat price volatility, input cost inflation in grains/oils.
Regional concentration (Rajasthan-centric sales), limited national brand vs giants like Aashirvaad/ITC.
Short track record (since 2021), execution risks on capex, competition from unorganized mills.
RHP filings confirm Elfin Agro India Ltd's FY25 strength with revenue ₹146.44 Cr (annualized, +17% YoY from FY24 ₹124.71 Cr), PAT ₹5.07 Cr (+38% YoY, 3.46% margin), RoNW 36.79%, and post-issue P/E 13.05x—at par with peers like Patanjali Foods (52x) on growth-adjusted basis.
The company's integrated agro-processing (wheat atta/maida/sooji, mustard oil under "Shiv Nandi") with Bhilwara milling serves B2B/wholesale/retail in Rajasthan.
The ₹25.03 Cr BSE SME IPO at ₹47 fixed (post-issue MCap ₹91.30 Cr) values at 0.62x sales/13.05x EPS (FY25 EPS ₹3.60). High RoNW/ROCE (36.79%/47.93%), 100% fresh issue capex outweigh thin margins, regional risks for solid listing potential.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Elfin Agro India IPO, open a demat account here
Elfin Agro India IPO Subscription Status: Check live subscription here
Elfin Agro India IPO GMP Update: Check latest grey market premium here
1. What is the Elfin Agro India IPO open and close date?
The Elfin Agro India BSE SME IPO opens March 5, closes March 9, 2026; allotment March 10, BSE SME listing March 12.
Track Elfin Agro India IPO subscription status live here from Finnpick.
2. What is the Elfin Agro India IPO price band and lot size?
The IPO price band is ₹47 per share (FV ₹5), lot size 3,000 shares; retail min ₹1.41 lakh (1 lot).
3. What is Elfin Agro India IPO total size?
The Elfin Agro India IPO size is ₹25.03 Cr 100% fresh issue (53.25 lakh shares), BSE SME listing March 12, 2026.
4. How to apply for the Elfin Agro India IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Mar 09, 4 PM. Monitor Elfin Agro India IPO subscription tracker here.
5. How to check Elfin Agro India IPO Allotment Status?
The allotment date is on Mar 10th and can be checked on Cameo Corporate Services Pvt Ltd portal RTA portal using PAN/DP ID.
6. What is Elfin Agro India IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 (flat) as of Feb 28, indicating listing at the price range of ₹47—check daily updates of Elfin Agro India IPO GMP trends here and live subscription status here from Mar 05th opening only on Finnpick.
7. What does Elfin Agro India specialize in?
Elfin Agro India specializes in processing wheat into branded staples like Chakki Atta, Maida, and Sooji under "Shiv Nandi" and "ELFIN'S Shri Shyam BHOG", plus mustard oil production and grain/oil trading.
8. When is the Elfin Agro India IPO listing date?
The Elfin Agro India Ltd IPO lists on 12th Mar, 2026 on BSE SME (~T+2 post-allotment Mar 10).
9. What are the IPO proceeds utilization details?
The Elfin Agro India IPO fresh issue proceeds of ₹25.03 Cr fresh issue allocates ₹10 Cr to working capital, ₹12 Cr to machinery upgrades, ₹3.03 Cr general corporate purposes.
