Elfin Agro India was incorporated on July 28, 2009. The company trades agro-products such as chana, maize, soybean refined oil, rice bran oil, wheat, cattle feed, and groundnut oil based on market conditions to enhance revenue and reduce inventory wastage. It also minimizes manufacturing waste by selling by-products like wheat bran as cattle feed and mustard oil cake to nearby DOC plants
| Bidding Dates |
|---|
| 05 Mar 2026 - 09 Mar 2026 |
| Subscription |
|---|
| 1.34x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,82,000 | 2 | 2 | 3000 | 5.3 M | ₹47 | 72.59 % | ₹250.3 M | RHP DOC |
Elfin Agro IPO SUBSCRIPTION STATUS
09 Mar '26Elfin Agro IPO overall subscription rate was 1.34 times the total available shares
Elfin Agro IPO retail subscription rate was 0.57 times in the retail segment
Elfin Agro IPO non-institutional investor subscription rate was 2.1 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
09 Mar 2026 (Day 3) | 0.57x | 2.1x | - |
06 Mar 2026 (Day 2) | 0.23x | 1.82x | - |
05 Mar 2026 (Day 1) | 0.12x | 0.77x | - |
Elfin Agro FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 9MFY26 | 117.5 | 4.0 | 1.1 | 0.6 | 5.7% |
| FY25 | 145.9 | 5.1 | -3.1 | -3.8 | 5.2% |
| FY24 | 124.5 | 3.7 | 2.8 | -0.2 | 4.7% |
| FY23 | 101.4 | 1.8 | 0.1 | -3.3 | 3.1% |
Elfin Agro IPO SUBSCRIPTION STATUS DETAILS
Elfin Agro had 5.3 M shares on offer
Elfin Agro IPO offer price was ₹47
Elfin Agro IPO minimum Investment was ₹282000
Elfin Agro IPO issue size was ₹ 250.3 M
Elfin Agro had a minimum lot size of 3000 Shares per application
Elfin Agro NUMBER OF SHARES ON OFFER
Elfin Agro IPO IMPORTANT DATES
| Issue Open Date | 05 Mar 2026 |
| Issue close Date | 09 Mar 2026 |
| Allotment Date | 10 Mar 2026 |
| Refund Date | 11 Mar 2026 |
| Demat Account Credit Date | 11 Mar 2026 |
| Listing Date | 12 Mar 2026 |
| Listing on Exchange(s) | BSE |
| Elfin Agro Allotment Status | Exchange/ Registrar |
Elfin Agro IPO subscription opened on 05 Mar 2026, and closed on 09 Mar 2026
IPO allotment for Elfin Agro was finalized on Tuesday, 10 Mar 2026
IPO listing for Elfin Agro was on BSE on Thursday, 12 Mar 2026
Elfin Agro IPO LISTING GAINS
| Issue Price (adjusted) | 47.0 |
| Listing Open Price | 47.3 |
| Listing Close Price | 47.6 |
| Listing Gain% | 0.6% |
| Current Gain% | 74.7% |
Elfin Agro Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Elfin Agro India Ltd. | 82.1 | 159.5 | 27.6 | 2 | 0.9 | 13.2 | 11 | 177.3 | 21.1 | 5.8 | 13.6 | 3 | 13.6 |
| Nestle India Ltd. | 1540 | 296960.4 | 77.9 | 3.4 | 12.2 | 67.8 | 26.5 | 23195 | 14.5 | 3499.1 | 9.1 | 19.8 | 22.6 |
| Britannia Industries Ltd. | 5510 | 132718.4 | 51 | 2.7 | 6.8 | 49.6 | 26 | 19375.6 | 6.6 | 2533.5 | 16.3 | 108.1 | 18.7 |
| Hatsun Agro Products Ltd. | 941.1 | 20962.9 | 56.3 | 2.5 | 2 | 18.3 | 8 | 9972.9 | 14.8 | 356.2 | 24.8 | 16.7 | 22.9 |
| Zydus Wellness Ltd. | 533.8 | 16985 | 90.2 | -2.1 | 3.7 | 3.4 | 1.9 | 3967.4 | 45.7 | 197.2 | -43.2 | 5.9 | -42.5 |
| Bikaji Foods International Ltd. | 623.5 | 15633.4 | 60.5 | 2.2 | 5.1 | 16.1 | 11.5 | 3045.3 | 14.7 | 258.3 | 28.6 | 10.3 | 27.9 |
Elfin Agro INFORMATION ON IPO ISSUE
About Elfin Agro
Elfin Agro India was incorporated on July 28, 2009. The company trades agro-products such as chana, maize, soybean refined oil, rice bran oil, wheat, cattle feed, and groundnut oil based on market conditions to enhance revenue and reduce inventory wastage. It also minimizes manufacturing waste by selling by-products like wheat bran as cattle feed and mustard oil cake to nearby DOC plants
Object of the Issue
- To meet working capital requirements
- General corporate purposes
Elfin Agro - PROMOTERS
| Name |
|---|
| Vimal Kumar Daga |
| Deepak Pal Daga |
| Seema Daga |
| Neetu Daga |
Elfin Agro - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Vimal Kumar Daga | Whole-time director |
| Deepak Pal Daga | Managing Director |
| Ayush Daga | Non-Executive Director |
| Anil Kumar Kabra | Independent Director |
| Chitra Naraniwal | Independent Director |
Elfin Agro Book Running Lead Manager
Finshore Management Services Limited
info@finshoregroup.com
Elfin Agro Registrar to the issue
Cameo Corporate Services Limited
ipo@cameoindia.com
Elfin Agro Strengths
Customization & flexibility
A key competitive strength of the company is its ability to provide customized packaging and flexible order fulfilment to meet diverse customer needs. It offers products in various bulk packaging sizes, tailored to wholesalers, institutional buyers, and retailers based on their specific quantity and packaging preferences
Distribution network
The company has built a strong network of wholesalers and retailers to ensure wide product availability, efficient supply, and quick turnaround times. Its sales and marketing team actively tracks market trends, strengthens channel relationships, and drives brand awareness in smaller cities and towns, helping build long-term customer trust
Client relationship
The company focuses on meeting evolving customer needs and offering product variety, supported by strong long-term client relationships. These relationships generate repeat business, improve customer retention, and provide a competitive advantage in attracting new clients
Elfin Agro Risks
Depend on sourcing mustard seeds
The company’s significant dependence on sourcing mustard seeds from Rajasthan exposes it to regional concentration risks. Any supply disruption due to climatic, regulatory, or other unforeseen factors could increase costs, affect production schedules, and adversely impact business operations and financial performance
Labour-intensive operations
The company operates in a labour-intensive environment and relies heavily on its workforce for smooth production and manufacturing. Any disruptions such as strikes or lockouts could halt operations, delay deliveries, increase costs, and negatively impact financial performance and reputation
Inventory management risks
The company’s operations require maintaining adequate levels of raw materials, work-in-progress, and finished goods inventory to ensure uninterrupted production. Ineffective inventory management or failure to respond to changing market conditions could increase costs, disrupt operations, and adversely impact revenue and financial performance
IPO FAQs
The promoters of the company are Vimal Kumar Daga, Deepak Pal Daga, Seema Daga and Neetu Daga.
The category allocation of qualified institutional buyers is 0.0%, the category allocation of non individual investors or high networth individuals is 50.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 47.0 - 47.0.
The IPO application opens on Mar 05, 2026 and closes on Mar 09, 2026.
The minimum lot size for the IPO is 6000. The maximum lot size for the IPO is 6000.
For all category investors, the minimum application amount for this IPO is Rs. 282,000.0, the maximum value for this IPO is Rs 282,000.0.
This IPO will be allotted on Mar 10, 2026.
The refund will be credited to your account on Mar 11, 2026.
The allotted shares will be credited to your demat on Mar 11, 2026.
Elfin Agro India Ltd.’s shares listed on the stock exchanges on Mar 12, 2026.