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Elfin Agro India IPO Details

Fixed Price IPO | ₹25 Cr | Listed at BSE SME | Thu, Mar 5, 2026 - Mon, Mar 9, 2026

IPO Stats
IPO Timetable
FAQ

Elfin Agro India IPO is a fixed issue price of ₹25.03 crores. The issue is entirely a fresh issue of 0.53 crore shares of ₹25.03 crore.

Elfin Agro India IPO bidding started from Mar 5, 2026 and ended on Mar 9, 2026. The allotment for Elfin Agro India IPO was finalized on Mar 10, 2026. The shares got listed on BSE SME on Mar 12, 2026.

Elfin Agro India IPO is set final issue price at ₹47 per share. The lot size for an application is 3,000. The minimum amount of investment required by an individual investor (retail) is ₹2,82,000 (6,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (9,000 shares), amounting to ₹4,23,000.

Finshore Management Services Ltd. is the book running lead manager and Cameo Corporate Services Ltd. is the registrar of the issue. The Market Maker of the company is Shilpa Stock Broker Pvt.Ltd..

Refer to Elfin Agro India IPO DRHP for detailed Information.

IPO Stock Quote & Charts

IPO Details

IPO Date

5 to 9 Mar, 2026
Listing Date

Thu, Mar 12, 2026
Face Value

₹5 per share
Price Band

₹47 per share
Issue Price

₹124 per share
Lot Size

3,000 Shares
Sale Type

Fresh capital only
Issue Type

Fixed Price IPO
Listing At

BSE SME

Total Issue Size

53,25,000 shares (agg. up to ₹25 Cr)
Reserved for Market Maker

2,67,000 shares (agg. up to ₹1 Cr) Shilpa Stock Broker Pvt.Ltd.
Fresh Issue (Ex Market Maker)

50,58,000 shares (agg. up to ₹24 Cr)
Net Offered to Public

50,58,000 shares (agg. up to ₹24 Cr)
Share Holding Pre Issue

1,41,00,000 shares
Share Holding Post Issue

1,94,25,000 shares
BSE Script Code

544724
ISIN

INE1FEW01013

IPO Timetable (Tentative)

IPO Open

Fri, Mar 20, 2026
Allotment

Tue, Mar 10, 2026
Credit of Shares

Wed, Mar 11, 2026

IPO Close

Mon, Mar 9, 2026
Refund

Wed, Mar 11, 2026
Listing

Thu, Mar 12, 2026

IPO Stock Quote & Charts

IPO Reservation

Elfin Agro India IPO offers total 53,25,000 shares. Out of which 25,20,000 (47.32%) allocated to NII 25,38,000 (47.66%) allocated to RII.

Investor Category	Shares Offered
Market Maker Shares Offered	2,67,000 (5.01%)
NII (HNI) Shares Offered	25,20,000 (47.32%)
Retail Shares Offered	25,38,000 (47.66%)
Total Shares Offered	53,25,000 (100.00%)

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
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

IPO Subscription Details

About Elfin Agro India Ltd.

Elfin Agro India Limited is primarily engaged in the business of manufacturing of Chakki Atta (High fibre whole wheat flour), R Atta (Refined whole wheat flour), Tandoori Atta (Specialized flour), Sooji (Semolina flour), Maida (Refined Flour) and yellow mustard oil.

The company sells processed wheat flour under our brand “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG” to wholesalers and retailers across Rajasthan, Uttar Pradesh, Gujarat, etc.

The company is also engaged in the extraction, filtering and manufacturing of Edible mustard oil from raw mustard seeds, being the raw material used for its production. Edible mustard oil is sold under our brand “Shiv Nandi”.

They also engage in the trading of certain agro-products, including Chana, Maize, Soyabean Refined Oil, Rice Bran Refined Oil, Wheat, cattle feed, groundnut oil etc based on the prevailing market conditions.

It has two manufacturing units in Bhilwara, Rajasthan.

The company clientele is spread across 8 states which include Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand and 2 Union Territories which include Chandigarh and Delhi.

Competitive 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

Company Financials (Restated)

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 ₹ Crore

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects

Est Amt (₹ Cr.)
1) Working Capital Requirements

19.33
2) General Corporate Expenses

3.50

Key Performance Indicator (KPI)

KPI	Dec 31, 2025	Mar 31, 2025
ROE	22.42%	36.86%
ROCE	34%	47.93%
Debt/Equity	0.71	0.88
RoNW	22.42%	36.86%
PAT Margin	3.39%	3.48%
EBITDA Margin	5.69%	5.17%
Price to Book Value	3.73	4.81

Check IPO Peer Comparison here

	Pre IPO	Post IPO
EPS (₹)	3.60	2.73
P/E (x)	13.05	17.2
Promoter Holding	100%	72.59%
Market Cap	₹91.30 Cr.

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.

The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2025 available in RHP

IPO Review

[Dilip Davda]

EAIL is primarily engaged in the business of manufacturing varieties of Atta, trading of certain agro products, and edible oils. The company marked steady growth in its top and bottom lines for the reported periods. It operates in a high volume/low margin segment. Based on its recent financial data, the issue appears fully priced. Low equity base post-IPO indicates longer duration for migration. Well-informed investors may park funds for medium to long term.

Read detail review…

Elfin Agro India IPO Recommendations

Review By	Subscribe	May Apply	Neutral	Avoid
Brokers	0	0	0	0
Members	0	0	0	0

IPO Subscription Status

The Elfin Agro India IPO is subscribed 1.35 times on March 9, 2026 6:54:35 PM (Day 3). The public issue subscribed 0.59 times in the individual investors category, [.] times in the QIB category, and 2.12 times in the NII category. Check Day by Day Subscription Details (Live Status)

Category	Subscription (x)	Shares Offered	Shares bid for	Total Applications
NII*	2.12	25,20,000	53,31,000	0
Individual Investor	0.59	25,38,000	14,88,000	0
Total	1.35	50,58,000	68,43,000	351

Total Applications: 351

*Market Maker portion is not included to NII/HNI.

IPO Expenses

# Issue Expenses

Est Amt (₹ Cr.)
1 Lead Manager Fees (including Underwriting commission)

0.70
2 Registrar to the issue

0.02
3 Legal Advisor

0.01
4 Peer Review Auditors

0.02
5 Market Maker

0.04
6 Sponsor Bank and Bankers to the Issue

0.01
7 UPI Bidding charges, Printing and distribution of Issue Stationary

0.09
8 Regulators Including Stock Exchanges

0.18
9 Advertising & Marketing Expenses

1.14
Total

2.20

Listing Day Trading Information

Price Details	BSE SME
Final Issue Price	₹47.00
Open	₹47.30
Low	₹47.30
High	₹48.05
Last Trade	₹47.60

Check IPO Performance…

IPO Lead Manager(s)

Finshore Management Services Ltd. (Past IPO Performance)

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

IPO Registrar

Cameo Corporate Services Ltd.

+91-44-28460390
ipo@cameoindia.com
Visit Website

Contact Details

Elfin Agro India Ltd. Address

F – 250-251-252-253,

RIICO, Growth Centre, Swaroopganj,

Hamirgarh,

Bhilwara, Rajasthan, 311025

+91 7976780728
cs@elfinagroindia.com
Visit Website

IPO FAQs

What is the Elfin Agro India IPO?

Elfin Agro India IPO is a SME IPO of 53,25,000 equity shares of the face value of ₹5 aggregating up to ₹25 Crores. The issue is priced at ₹47 per share. The minimum order quantity is 3000.

The IPO opens on Thu, Mar 5, 2026, and closes on Mon, Mar 9, 2026.

Cameo Corporate Services Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

How to apply in Elfin Agro India IPO through Angel One?

Angel One customers can apply online in Elfin Agro India IPO using UPI as a payment gateway. Angel One customers can apply in Elfin Agro India IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Elfin Agro India IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Elfin Agro India IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Angel One IPO Application Process Review for more detail.

When Elfin Agro India IPO will open?

The Elfin Agro India IPO opens on Thu, Mar 5, 2026 and closes on Mon, Mar 9, 2026.

What is the lot size of Elfin Agro India IPO?

Elfin Agro India IPO lot size is 3000, and the minimum amount required for application is ₹2,82,000, with 2 lots being the minimum application size.

How to apply for Elfin Agro India IPO?

You can apply in Elfin Agro India IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Elfin Agro India IPO allotment?

The finalization of Basis of Allotment for Elfin Agro India IPO will be done on Tuesday, March 10, 2026, and the allotted shares will be credited to your demat account by Wed, Mar 11, 2026. Check the Elfin Agro India IPO allotment status.

When is Elfin Agro India IPO listing date ?

The Elfin Agro India IPO listing date is on Thu, Mar 12, 2026.