Elfin Agro India IPO

Elfin Agro India Ltd. is a fixed-price issue of ₹25.03 crore, entirely a fresh issue of 0.53 crore shares. The price of this IPO is fixed at ₹47 per share and the lot size for an application is 3,000. The minimum amount required by an individual investor (retail investor) is ₹2,82,200 (6,000 shares). This IPO will open for subscription from March 5 to 9, 2026, on the BSE SME platform with a tentative listing date fixed as March 12, 2026.

Company Background

Elfin Agro India Ltd. was incorporated in 2009 at Bhilwara, Rajasthan. It has grown from a small private company to a strong agro-processing public company. It deals in the manufacture of premium wheat products such as Chakki Atta, Maida and Sooji. After a strategic takeover in 2019, the company ventured into the business of mustard oil extraction and pulse processing.

Operations & Product Range

Facilities & Capacity

Elfin Agro India Ltd. has state-of-the-art manufacturing facilities located in the RIICO Growth Centre, Bhilwara. Its flour processing plant has an installed capacity of 47,450 MTPA and its mustard oil processing unit has a capacity of 18,250 MTPA. These plants use upgraded machinery for grading, sorting and extraction processes that minimize waste (effective & efficient purposes) through the commercialization of by-products like wheat bran and oil cakes for cattle feed.

Brands & Market Presence

The premium food brand of Elfin Agro India Ltd. is marketed under the brand names "Shiv Nandi" and "ELFIN'S Shri Shyam Bhog." These brands are already well established in 8 states and 2 Union Territories of India, including Rajasthan, Gujarat and Uttar Pradesh. Elfin Agro serves a wide range of clientele, from industrial buyers in the B2B category to D2C.

Revenue Channels

• • Direct sale of processed wheat flour, semolina and refined mustard oil to wholesalers.

• • Supplying bulk quantities to large-scale food processors and industrial clients (B2B Partnership).

• • Agro-Trading sells Chana, Maize and Soyabean oil based on market conditions.

• • Selling residual products like cattle feed and de-oiled cakes to nearby industrial plants.

Management and Shareholding

Promoter and Shareholding

Elfin Agro India Ltd. is led by its core promoters, Mr. Vimal Kumar Daga and Mr. Deepak Pal Daga, along with other members of their families and their associated HUFs. The holding of the company before the IPO was entirely held by the promoter group at 100%. After the IPO issue, their holding in the company will be reduced to approximately 72.59%, while the rest of the holding will be with the public and market makers.

Board & Key Management

The leadership team of Elfin Agro India Ltd. is headed by the Managing Director, Mr. Deepak Pal Daga, who has 25 years of experience in the agri-trading business, supported by the Whole Time Director, Mr. Vimal Kumar Daga and the Director, Mr. Ayush Daga, who is a Chartered Accountant. The company also has independent directors with expertise in corporate governance, legal secretarial services and financial risk management.