Elfin Agro India Ltd IPO is a ₹2,502.75 lakhs fixed-price SME IPO, raising fresh capital by issuing 53,25,000 Equity Shares, at face value ₹5/share.
The bidding window for the Elfin Agro India Ltd IPO begins on 5 March 2026 and ends on 9 March 2026. Elfin Agro India Ltd expects its share allotment on 10 March 2026, with shares listing on BSE SME, tentatively scheduled on 12 March 2026.
The Elfin Agro India Ltd IPO is priced at ₹47/share (issue price). The IPO lot size is fixed at 3,000 shares. Retail investors must apply for a minimum of two lots, aggregating 6,000 shares, which amounts to ₹2,82,000 at the issue price.
Elfin Agro India Ltd IPO: Details
| IPO Open | 5 March 2026 |
| IPO Close | 9 March 2026 |
| Face value | ₹5/share |
| Price Band | ₹47/share – ₹47/share |
| Issue price | ₹47/share |
| IPO Lot Size | 3,000 shares |
| Fresh issue | 53,25,000 Equity Shares (₹2,502.75 Lakhs) |
| Issue Type | Fixed-price IPO |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹2,502.75 Lakhs (53,25,000 Equity Shares) |
| Minimum Retail Investment | ₹2,82,000 (2 lots/6,000 shares) |
Elfin Agro India Ltd IPO Timeline
| Bid Opening Date | 5 March 2026 |
| Bid Closing Date | 9 March 2026 |
| Allotment | 10 March 2026 |
| Refunds Initiated | 11 March 2026 |
| Share Credit Date | 11 March 2026 |
| Listing Date | 12 March 2026 |
| UPI mandate Cut-off time | 9 March 2026 (5 PM) |
Elfin Agro India Ltd Key Performance Indicators (KPIs)
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 0.37 | 0.42 | 0.36 |
| ROCE (%) | 47.93 | 52.13 | 31.14 |
| Debt-Equity Ratio (in times) | 0.88 | 0.87 | 1.44 |
| RoNW (%) | 36.86 | 42.26 | 35.98 |
| PAT Margin (%) | 3.48 | 2.95 | 1.78 |
| EBITDA Margin (%) | 5.17 | 4.68 | 3.07 |
| Price-Book Value | – | – | – |
Elfin Agro India Ltd Financial Information
| 2025 (in ₹ lakhs) | 2024 (in ₹ lakhs) | 2023 (in ₹ lakhs) | |
| Revenue | 14,586.34 | 12,445.92 | 10,139.02 |
| Assets | 3,344.14 | 2,469.26 | 2,090.07 |
| Profit After Tax | 507.79 | 367.66 | 180.72 |
Subscription Status: Elfin Agro India Ltd IPO
Elfin Agro India IPO received 0.04 times subscription as of 5 March 2026 (10:24 AM).
| Date | NIIs | Retail Investors | Total |
| 5 March 2026 (Day-1) | 0.07 | 0.01 | 0.04 |
Elfin Agro India Ltd IPO GMP
As of 5 March 2026, Elfin Agro India Ltd IPO GMP is ₹0. With the issue price fixed at ₹47, the listing price is estimated at ₹47/share (price band + current GMP), for which the estimated profit is 0.00%.
Based on previous and today’s GMP trends, Elfin Agro India Ltd IPO GMP doesn’t show any major movement, and a similar trend is expected until the listing.
Stay tuned for GMP and listing-related news of the Elfin Agro India Ltd IPO!
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 5 March 2026 (IPO open) | ₹0 | ₹47 | ₹ (0.00%) | – |
| 4 March 2026 | ₹0 | ₹47 | ₹ (0.00%) | – |
| 3 March 2026 | ₹0 | ₹47 | ₹ (0.00%) | – |
| 2 March 2026 | ₹0 | ₹47 | ₹ (0.00%) | – |
| 1 March 2026 | ₹0 | ₹47 | ₹ (0.00%) | – |
| 28 February 2026 | ₹0 | ₹47 | ₹ (0.00%) | – |
Note: Grey market figures are based on unofficial sources and may vary depending on market sentiment, investor demand, and subscription trends.
Elfin Agro India Ltd IPO Reservation
Breakdown of the Elfin Agro India Ltd IPO shares allocation among investor groups:
| Investor Category | Number of Shares Offered | % of Shares Offered |
| Market Maker | 2,67,000 | 5.01 |
| QIBs | – | – |
| Individual Investors | 25,38,000 | 47.66 |
| NII shares offered (HNI) | 25,20,000 | 47.32 |
| Total | 53,25,000 | 100% |
Lot Size for the Elfin Agro India Ltd IPO
The minimum application size requires bidding for 6,000 shares (2 lots), and in multiples of the lot size thereafter.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors Minimum Application | 2 | 6,000 | ₹2,82,000 |
| Retail Investors Maximum Application | 2 | 6,000 | ₹2,82,000 |
| HNI Minimum Application | 3 | 9,000 | ₹4,23,000 |
Elfin Agro India Ltd IPO Anchor Investors Details
The Elfin Agro India Ltd IPO does not include a reservation portion for anchor investors.
Elfin Agro India Ltd IPO Prospectus
| IPO DRHP (Doc) | Click here! |
| IPO Final Prospectus (Doc) | Click here! |
About Elfin Agro India Ltd Limited
The company, founded on 28 July 2009, operates under its Managing Director, Deepak Pal Daga.
The company operates in the agro-processing segment, focusing on the production of wheat-derived flour variants and mustard oil. Its offerings include whole wheat Chakki Atta, refined wheat flour sold as R Atta, specialised Tandoori Atta, semolina marketed as Sooji, refined Maida, and edible mustard oil.
Additionally, the company also trades in selected agro-products. It covers pulses such as chana, staple grains including wheat and maize, edible oils like soybean and rice bran refined oil, along with cattle feed and groundnut oil. Such trading operations are carried out based on prevailing market conditions.
| Book Running Lead Managers (BRLM) | Finshore Management Services Ltd |
| IPO Registrar | Cameo Corporate Services Ltd |
Objectives of Elfin Agro India Ltd
| Particulars | Amount (in ₹ lakhs) |
| Working capital needs | 1,932.61 |
| Corporate requirements | 350.00 |
Strengths Of Elfin Agro India Ltd
- Strategic processing location: The company’s Bhilwara-based units benefit from proximity to wheat and mustard-producing regions, reducing procurement delays and supporting cost-efficient sourcing, labour access, and streamlined operations.
- Strong installed capacity and operational discipline: With substantial wheat and mustard processing capacity, the company supports large orders while focusing on efficient procurement, stable labour management, and timely order execution.
- Established distribution network: The company has built structured processes, dedicated teams, and retail channel linkages to manage distribution efficiently and expand its market presence across regions.
- Long-standing client relationships: The company’s repeat business from existing customers reflects sustained trust, enabling stronger retention, consistent order flows, and a competitive edge in acquiring new clients within the agro-processing industry.
Risks of Elfin Agro India Ltd
- Pending legal proceedings: The company’s directors, promoters, and group entities are involved in certain legal cases, and any unfavourable ruling could materially affect operations, profitability, and overall financial stability.
- Raw material supply dependence: The company’s profitability is closely tied to uninterrupted access to key inputs such as wheat, mustard seeds, and packaging materials. Any fluctuation in input costs, regulatory intervention in agricultural procurement, or seasonal supply imbalances could pressure margins and affect overall operating performance.
- Limited product concentration: A significant share of the company’s revenue comes from a narrow product range, which exposes the business to demand fluctuations, regulatory shifts, changing consumer preferences, and potential quality-related risks within the agro-processing sector.
- Trading revenue volatility: The company’s income from trading activities depends on unpredictable market movements, commodity price swings, and external demand cycles, which can directly impact profitability and create earnings instability across reporting periods.
Elfin Agro India Ltd IPO Review
The Elfin Agro India Ltd IPO appears modest in terms of scale and conservative in pricing terms, which reflects its SME positioning. While the profitability margins have shown gradual improvement, revenue concentration and dependence on raw material pricing introduce measurable risk. Additionally, the absence of anchor participation and muted early subscription signals a cautious investor sentiment.
At a fixed price of ₹47/share, the IPO valuation does not appear aggressive, but liquidity constraints typical of SME listings warrant careful consideration. The overall suitability of this issue depends on investors’ comfort with small-cap volatility and sector-specific risks.
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Elfin Agro India Ltd IPO FAQ‘s
The Elfin Agro India Ltd IPO is a fixed-price SME public issue priced at ₹47/share. The company aims to raise ₹2,502.75 lakhs through a fresh issue of 53,25,000 equity shares. The proceeds are primarily intended for working capital requirements and general corporate purposes.
To apply for the Elfin Agro India Ltd IPO, you can either visit your bank and apply through the ASBA system or apply online through a registered stockbroker platform. The applications must be submitted within the bidding window, and UPI mandates should be approved before the specified cut-off time on the closing date.
The Elfin Agro India Ltd IPO is priced at ₹47/share, which reflects a modest SME offering. While the company’s financial performance has improved in recent years, the subscription levels and GMP trends indicate cautious sentiment. The investors should assess valuation, business risks, and SME liquidity factors before forming an opinion.
As of the latest available GMP data, the grey market premium stands for the Elfin Agro India Ltd IPO at ₹0, indicating no estimated listing gain. However, actual returns will depend on listing-day demand, overall market conditions, and the company’s post-listing performance in the SME segment.
The Elfin Agro India Ltd IPO opens for subscription on 5 March 2026 and closes on 9 March 2026. Investors must complete their bidding within this period and ensure that UPI mandates, where applicable, are approved before the specified deadline on the closing day.
The Elfin Agro India Ltd IPO lot size is 3,000 shares. The minimum retail application requires 2 lots, which equals 6,000 shares. At the issue price of ₹47/share, the minimum investment amount stands at ₹2,82,000.
The Elfin Agro India Ltd IPO share allotment is expected to be finalised on 10 March 2026. Following allotment, refunds for unsuccessful applicants and credit of shares to demat accounts are scheduled to be processed on 11 March 2026.
