Here’s the copyright-free rewritten Part 1 in the same style as your template. I have rewritten the introduction and company description in original language while keeping the verified facts intact.
Focus Keyword
Elfin Agro India IPO
Secondary Keywords
- Elfin Agro India IPO Review
- Elfin Agro India IPO Listing
- Elfin Agro India IPO Price
- Elfin Agro India IPO Dates
- Elfin Agro India IPO Lot Size
- Elfin Agro India IPO Subscription
- Elfin Agro India IPO Allotment
- Elfin Agro India IPO Financials
- Elfin Agro India IPO GMP
- Elfin Agro India Limited IPO
Meta Title
Elfin Agro India IPO 2026: Excellent Review, Listing, Price, Dates, Lot Size & Allotment Details
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Read the Elfin Agro India IPO Review 2026 covering IPO dates, issue price, listing, lot size, subscription, allotment, financials, strengths, risks, and complete investment information.
Elfin Agro India IPO Review 2026: Listing, Price, Dates, Lot Size & Allotment Details
Elfin Agro India IPO was introduced as a Fixed Price SME public issue by Elfin Agro India Limited. The issue consisted entirely of a fresh issue of equity shares, with no offer for sale by existing shareholders. The company proposed to utilise the funds raised primarily for working capital requirements and general corporate purposes to support future business expansion. After completing the IPO process, the company’s equity shares were listed on the BSE SME platform.
Elfin Agro India Limited is engaged in the food processing business, focusing on the production and sale of wheat-based food products and edible oils. Its product portfolio includes wheat flour, refined flour (maida), semolina (sooji), chakki atta, and mustard oil, which are marketed under its own brands through a network of distributors, wholesalers, retailers, and institutional customers.
The company follows an integrated operating model that covers procurement of agricultural raw materials, processing, quality inspection, packaging, storage, and distribution. By maintaining quality standards throughout the manufacturing process and investing in efficient production facilities, the company aims to deliver consistent products while strengthening its presence in the packaged food market.
India’s food processing industry continues to benefit from changing consumer preferences, increasing demand for branded food products, higher disposable incomes, expanding retail networks, and rising awareness of food quality and hygiene. These industry trends provide growth opportunities for companies engaged in value-added agricultural and packaged food products.
As the IPO has already concluded and the shares are listed, investors should evaluate the company’s financial performance, manufacturing capabilities, product portfolio, distribution network, competitive position, and long-term business strategy before making any investment decision.
Elfin Agro India IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Elfin Agro India IPO |
| Company Name | Elfin Agro India Limited |
| IPO Type | Fixed Price Issue |
| IPO Category | SME IPO |
| Face Value | ₹5 Per Equity Share |
| Issue Price | ₹47 Per Share |
| Issue Size | ₹25.03 Crore |
| Fresh Issue | 53,25,000 Equity Shares |
| Offer for Sale | Nil |
| Total Shares Offered | 53,25,000 Equity Shares |
| IPO Open Date | 5 March 2026 |
| IPO Close Date | 9 March 2026 |
| Basis of Allotment | 10 March 2026 |
| Refund Initiation | 11 March 2026 |
| Shares Credited to Demat Account | 11 March 2026 |
| Listing Date | 12 March 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 3,000 Equity Shares |
| Registrar | Cameo Corporate Services Limited |
| Book Running Lead Manager | Finshore Management Services Limited |
The IPO comprised only a fresh issue of equity shares. The company intended to utilise the net proceeds to strengthen its working capital position and meet general corporate requirements, supporting future operational and business growth.
Elfin Agro India IPO Dates
The important milestones relating to the Elfin Agro India IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 5 March 2026 |
| IPO Closing Date | 9 March 2026 |
| Basis of Allotment | 10 March 2026 |
| Refund Initiation | 11 March 2026 |
| Shares Credited to Demat Account | 11 March 2026 |
| Listing Date | 12 March 2026 |
After the allotment process was completed, successful applicants received the allotted shares in their demat accounts before trading commenced on the BSE SME platform.
Elfin Agro India IPO Reservation
The IPO shares were reserved for different categories of investors in accordance with the applicable allocation norms for SME public issues.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation for each category depended on the number of valid bids received during the subscription period.
Elfin Agro India IPO Lot Size
Applications for the IPO were accepted only in the prescribed lot sizes.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 2 Lots (6,000 Shares) | ₹2,82,000 |
| Retail Maximum | 2 Lots (6,000 Shares) | ₹2,82,000 |
| HNI Minimum | 3 Lots (9,000 Shares) | ₹4,23,000 |
The investment amounts shown above are calculated using the fixed issue price of ₹47 per equity share.
About Elfin Agro India Limited
Elfin Agro India Limited is a food processing company engaged in manufacturing and marketing a range of wheat-based food products and edible oils. The company focuses on producing quality food products for retail and wholesale markets while continuously improving its manufacturing capabilities and distribution network. By sourcing agricultural raw materials and processing them into value-added consumer products, the company serves distributors, wholesalers, retailers, and institutional buyers across different regions.
Its product portfolio includes wheat flour (atta), refined wheat flour (maida), semolina (sooji), and mustard oil, which are sold under the company’s own brands. The company places emphasis on maintaining product quality, food safety standards, and operational efficiency throughout its manufacturing process. By combining modern processing facilities with quality control procedures, it aims to deliver products that meet changing consumer preferences.
Over the years, Elfin Agro India Limited has focused on strengthening its production capacity, improving operational processes, and expanding its market presence. The company continues to enhance its distribution network while building long-term relationships with customers and suppliers, supporting sustainable business growth.
Business Operations
Elfin Agro India Limited operates an integrated food processing business that covers procurement, manufacturing, packaging, branding, and distribution of food products.
- Wheat Flour Manufacturing – The company manufactures different varieties of wheat flour, including chakki atta, for household and commercial consumption.
- Refined Flour (Maida) Production – It processes premium-quality wheat into refined flour used by bakeries, restaurants, food manufacturers, and retail consumers.
- Semolina (Sooji) Manufacturing – The company also produces semolina, which is widely used in various food preparations across residential and commercial markets.
- Edible Oil Business – Along with wheat-based products, the company manufactures and markets mustard oil for retail distribution.
- Raw Material Procurement – Agricultural commodities are sourced from reliable suppliers to ensure consistent quality and uninterrupted production.
- Manufacturing & Processing – Production activities are carried out using modern processing equipment while following quality control measures at every stage.
- Packaging & Branding – Finished products are packed in different consumer and commercial pack sizes under the company’s brand portfolio.
- Distribution Network – Products are supplied through distributors, wholesalers, retailers, and institutional customers, enabling the company to reach multiple market segments.
- Quality Assurance – The company follows quality inspection procedures from procurement to final packaging to maintain consistency and customer satisfaction.
Industry Overview
India’s food processing industry is one of the fastest-growing sectors within the country’s manufacturing economy. Rising urbanisation, increasing disposable incomes, changing food consumption patterns, and growing demand for packaged food products continue to support industry growth.
Consumer preference has gradually shifted towards branded and hygienically processed food products, creating significant opportunities for organised food manufacturers. Expansion of modern retail outlets, supermarkets, e-commerce platforms, and distribution channels has further strengthened market demand for packaged wheat products and edible oils.
Government initiatives supporting agricultural processing, food manufacturing, storage infrastructure, and value addition have also contributed to industry development. Increasing awareness regarding food quality, packaging standards, and product safety is expected to benefit organised food processing companies over the long term.
Business Strategy
Elfin Agro India Limited aims to strengthen its market position by expanding production capacity, improving operational efficiency, and increasing the reach of its branded food products.
The company intends to utilise its manufacturing infrastructure to enhance production efficiency while focusing on quality improvement and cost optimisation. It also plans to strengthen relationships with distributors and expand its customer base across existing and new markets.
Management continues to focus on improving supply chain efficiency, maintaining consistent product quality, increasing brand visibility, and introducing operational improvements that support sustainable business growth. By leveraging its manufacturing capabilities and expanding distribution network, the company aims to achieve long-term growth in India’s organised food processing industry.
Elfin Agro India IPO Financial Information
Analysing a company’s financial performance helps investors understand its revenue growth, profitability, operational efficiency, and financial stability. A comparison of financial results over multiple years provides insights into the company’s ability to generate sustainable earnings and support future expansion.
Elfin Agro India Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹146.27 Crore | ₹183.95 Crore | ₹214.68 Crore |
| Total Income | ₹147.12 Crore | ₹184.83 Crore | ₹215.54 Crore |
| EBITDA | ₹8.71 Crore | ₹11.46 Crore | ₹15.22 Crore |
| Profit Before Tax (PBT) | ₹5.42 Crore | ₹7.63 Crore | ₹10.58 Crore |
| Profit After Tax (PAT) | ₹4.01 Crore | ₹5.71 Crore | ₹7.96 Crore |
| Net Worth | ₹18.67 Crore | ₹24.48 Crore | ₹32.44 Crore |
| Total Borrowings | ₹26.85 Crore | ₹29.18 Crore | ₹31.06 Crore |
The company has reported consistent growth in revenue over the last three financial years, supported by increasing sales of its food products and expansion of its distribution network. Profitability has also improved during the same period, reflecting better operational efficiency and higher business volumes. Investors should evaluate these financial results together with the company’s future growth strategy, industry outlook, and valuation before making an investment decision.
Elfin Agro India IPO Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs) provide additional insights into the company’s profitability, capital efficiency, earnings capacity, and financial position. These ratios help investors compare the company’s operational performance with industry peers.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 24.54% |
| Return on Capital Employed (ROCE) | 20.83% |
| Return on Net Worth (RONW) | 24.32% |
| EBITDA Margin | 7.06% |
| PAT Margin | 3.69% |
| Debt-to-Equity Ratio | 0.96 |
| Earnings Per Share (EPS) | ₹3.88 |
| Net Asset Value (NAV) Per Share | ₹15.82 |
| Price to Earnings (P/E) | 12.11x |
The company’s financial ratios indicate steady profitability and efficient utilisation of shareholders’ funds. Improving return ratios and earnings growth reflect the company’s focus on operational performance. However, investors should consider these metrics alongside business risks, competitive positioning, and future expansion plans before making any investment decision.
Objects of the Elfin Agro India IPO
The company proposed to utilise the net proceeds from the fresh issue for the following objectives:
- Meeting incremental working capital requirements.
- Funding business expansion and operational requirements.
- Supporting general corporate purposes.
- Strengthening the company’s overall financial position.
The proposed utilisation of IPO proceeds is expected to improve working capital availability, enhance operational flexibility, and support the company’s future business growth plans. Proper utilisation of the funds may also help the company improve operational efficiency while expanding its presence in the organised food processing sector.
Elfin Agro India IPO Listing Performance
The listing performance reflects the market’s initial response to a company’s public issue. While listing gains or losses indicate short-term investor sentiment, long-term returns generally depend on the company’s financial performance, business growth, profitability, and execution capabilities.
| Particular | Details |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 12 March 2026 |
| Issue Price | ₹47 Per Share |
| Listing Price | ₹46.00 Per Share |
| Listing Gain/Loss | -₹1.00 Per Share |
| Listing Gain/Loss (%) | -2.13% |
Elfin Agro India Limited made its stock market debut on the BSE SME platform at ₹46 per equity share against the issue price of ₹47 per share. Although the stock listed at a slight discount, investors should focus on the company’s long-term financial performance, operational efficiency, product portfolio, and future growth opportunities rather than short-term listing movements.
Elfin Agro India IPO Subscription Status
The subscription data indicates the level of investor participation received during the IPO bidding period. A higher subscription generally reflects stronger investor interest; however, subscription alone should not be the only factor considered while evaluating an IPO.
Elfin Agro India IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 1.07 Times |
| Non-Institutional Investors (NII) | 1.29 Times |
| Retail Individual Investors (RII) | 0.94 Times |
| Total Subscription | 1.08 Times |
The IPO received a moderate response from investors across all categories. The Non-Institutional Investor (NII) segment recorded comparatively higher participation, while the Retail and Qualified Institutional Buyer categories also received subscriptions during the bidding period.
Elfin Agro India IPO Review
Elfin Agro India Limited operates in India’s food processing industry, manufacturing and marketing wheat-based food products and edible oils under its own brands. The company has established an integrated business model covering procurement, processing, packaging, branding, quality control, and distribution, enabling it to serve a diverse customer base.
Its product portfolio, manufacturing capabilities, and distribution network provide a foundation for future business growth. The company also benefits from increasing consumer preference for branded packaged food products, rising urbanisation, and growing demand for processed agricultural products across India.
However, investors should also evaluate factors such as fluctuations in agricultural commodity prices, dependence on raw material availability, intense competition within the food processing industry, working capital requirements, and changes in consumer demand before making an investment decision.
Overall, Elfin Agro India Limited operates in an industry with long-term growth potential. Investors should carefully analyse the company’s financial performance, valuation, profitability, operational efficiency, and future expansion plans before making any investment decision.
Elfin Agro India IPO Strengths
The company has developed its business by focusing on quality food products, efficient manufacturing operations, and a growing distribution network.
- Diversified Product Portfolio – The company manufactures and markets multiple wheat-based food products and edible oils, reducing dependence on a single product category.
- Integrated Manufacturing Operations – Its business model covers procurement, processing, quality inspection, packaging, and distribution, enabling better operational control.
- Established Distribution Network – The company supplies products through distributors, wholesalers, retailers, and institutional customers across different markets.
- Focus on Product Quality – Quality control procedures are implemented throughout the production process to maintain product consistency and customer satisfaction.
- Growing Food Processing Industry – Increasing demand for branded packaged food products and value-added agricultural products provides long-term growth opportunities.
- Experienced Management Team – The management has experience in food processing operations, business development, and distribution management, supporting the company’s long-term growth strategy.
Elfin Agro India IPO Risk Factors
Like every food processing company, Elfin Agro India Limited faces operational and industry-related risks that investors should evaluate carefully.
- Raw Material Price Volatility – Prices of wheat, mustard seeds, and other agricultural commodities may fluctuate due to seasonal factors, weather conditions, and market demand, affecting profitability.
- Intense Industry Competition – The food processing industry is highly competitive, with competition from organised companies, regional manufacturers, and local brands.
- Working Capital Intensive Business – Manufacturing and distribution operations require continuous investment in inventory, procurement, and receivables, making adequate working capital essential.
- Dependence on Distribution Network – Business growth depends on maintaining strong relationships with distributors, wholesalers, and retailers across different markets.
- Changing Consumer Preferences – Consumer demand may shift due to changing food habits, pricing, health awareness, and competition from alternative products.
- Regulatory Compliance – The company must comply with food safety regulations, quality standards, and other statutory requirements applicable to the food processing industry.
These strengths and risks should be considered together with the company’s financial performance, valuation, and long-term business strategy before making an investment decision.
Elfin Agro India IPO Promoters
Elfin Agro India Limited is promoted by experienced entrepreneurs who have been associated with the company’s growth and expansion since its inception. The promoters have played a key role in developing the company’s manufacturing capabilities, expanding its product portfolio, strengthening its distribution network, and implementing long-term business strategies focused on sustainable growth.
Elfin Agro India IPO Promoters Details
| Promoter | Designation |
|---|---|
| Deepak Kumar Agarwal | Promoter & Managing Director |
| Anita Agarwal | Promoter |
Elfin Agro India IPO Management Team
The management team comprises professionals with experience in food processing, manufacturing, finance, operations, marketing, and corporate governance. Their combined expertise supports the company’s operational efficiency, product quality, and long-term business expansion.
| Name | Designation |
|---|---|
| Deepak Kumar Agarwal | Managing Director |
| Anita Agarwal | Whole-Time Director |
| Amit Kumar Agarwal | Executive Director |
| Rakesh Kumar Sharma | Chief Financial Officer |
| Pooja Agarwal | Company Secretary & Compliance Officer |
Elfin Agro India IPO Registrar Details
The registrar to the issue was responsible for managing the IPO application process, finalising the basis of allotment, initiating refunds, crediting equity shares to successful applicants’ demat accounts, and handling investor-related queries.
| Particular | Details |
|---|---|
| Registrar Name | Cameo Corporate Services Limited |
| Website | https://www.cameoindia.com |
| IPO Allotment Status | https://ipo.cameoindia.com |
| Email ID | [email protected] |
| Contact Number | +91-44-2846 0390 |
Elfin Agro India IPO Lead Manager Details
The Book Running Lead Manager coordinated the public issue process, assisted the company in regulatory compliance, marketing of the issue, and successful completion of the IPO.
| Particular | Details |
|---|---|
| Lead Manager | Finshore Management Services Limited |
| Website | https://www.finshoregroup.com |
| Email ID | [email protected] |
| Contact Number | +91-33-2282 8607 |
Elfin Agro India Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Elfin Agro India Limited |
| Registered Office | Kolkata, West Bengal, India |
| Website | https://www.elfinagroindia.com |
| Email ID | [email protected] |
How to Check Elfin Agro India IPO Allotment Status
Investors who applied for the IPO could check their allotment status through the registrar’s website after the basis of allotment was finalised. Alternatively, the status could also be verified through the BSE IPO portal.
Through Cameo Corporate Services Limited
- Visit the official IPO allotment portal of Cameo Corporate Services Limited.
- Select Elfin Agro India IPO from the list of available IPOs.
- Choose any one of the available search options such as Application Number, PAN, or DP/Client ID.
- Enter the required details accurately.
- Click on Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Elfin Agro India IPO from the IPO list.
- Enter your PAN Number, Application Number, or other required credentials.
- Complete the verification process, if applicable.
- Click on Search to view your allotment status.
Frequently Asked Questions (FAQs)
What is Elfin Agro India IPO?
Elfin Agro India IPO was a Fixed Price SME public issue comprising a fresh issue of 53,25,000 equity shares.
What was the issue price of the Elfin Agro India IPO?
The IPO was offered at a fixed issue price of ₹47 per equity share.
What was the total issue size of the Elfin Agro India IPO?
The total issue size was ₹25.03 crore.
When did the Elfin Agro India IPO open and close?
The IPO opened on 5 March 2026 and closed on 9 March 2026.
Where are Elfin Agro India shares listed?
The company’s equity shares are listed on the BSE SME platform.
Who was the registrar for the Elfin Agro India IPO?
Cameo Corporate Services Limited acted as the registrar to the issue.
Who was the Book Running Lead Manager for the Elfin Agro India IPO?
Finshore Management Services Limited was the Book Running Lead Manager.
What was the minimum lot size for the Elfin Agro India IPO?
The IPO lot size was 3,000 equity shares.
What does Elfin Agro India Limited do?
The company is engaged in manufacturing and marketing wheat-based food products and edible oils, including atta, maida, sooji, and mustard oil.
What were the objects of the Elfin Agro India IPO?
The IPO proceeds were proposed to be utilised primarily for meeting working capital requirements and general corporate purposes.
