elfin-agro-india-ltd

Founded in 2009 and based in Bhilwara, Rajasthan, Elfin Agro is an integrated food processing company. It specializes in the production of wheat-based flours and edible oils, marketing its products under brands like "Shiv Nandi" and "ELFIN'S Shri Shyam BHOG".

Business Verticals

• Flour Processing: Produces Chakki Atta, Maida (Refined Flour), Sooji (Semolina), and Tandoori Atta.

• Oil Extraction: Processes and refines mustard seeds into edible mustard oil and mustard oil cake (used for cattle feed).

• Trading: Engages in the trading of agro-commodities like wheat, maize, and chana to optimize supply chain costs.

• Reach: Strong presence in Rajasthan, with distribution extending to Gujarat, Uttar Pradesh, and Madhya Pradesh.

Track Record

• Revenue Growth: Total revenue grew from ₹124.71 Cr (FY24) to ₹146.44 Cr (FY25).

• Profitability: Reported a Profit After Tax (PAT) of ₹5.08 Cr in FY25, up from ₹3.68 Cr in FY24.

• Efficiency: Maintains strong return ratios with a Return on Equity (ROE) of 36.86% for the last financial year.

Elfin Agro India Ltd IPO GMP

As of March 3, 2026, the Grey Market Premium (GMP) is currently ₹0.

Note: A flat GMP indicates that the grey market is currently pricing the stock at its issue price of ₹47. Since this is a fixed-price issue, movement in the GMP is typically seen once subscription data starts flowing in after the opening on March 5th.

Elfin Agro India Ltd IPO Allotment Status

The allotment process is scheduled to be finalized on Mar 10, 2026.

Check Elfin Agro Allotment Status To check your status online, visit: Check Allotment Status Here

You can verify your status via:

• Registrar's website (Cameo Corporate Services Ltd)

• BSE official portal

• Using your PAN number or Application ID

Strengths

• Strategically Located: Facilities are in the RIICO Growth Centre (Bhilwara), providing easy access to raw material sourcing from Rajasthan's agricultural belt.

• Integrated Operations: The combination of flour milling and oil extraction allows the company to serve multiple pantry needs under a single brand.

• Strong Distribution: Serves a wide network of B2B clients, wholesalers, and retailers across 8 states.

• Certifications: FSSAI-registered and ISO 22000:2018 certified, ensuring compliance with food safety standards.

Weakness

• Raw Material Volatility: Highly susceptible to price fluctuations in wheat and mustard seeds, which are seasonal commodities.

• Product Concentration: A significant portion of revenue is derived from the sale of Maida and wheat-based products.

• Geographical Concentration: Operations and a majority of sales are concentrated in Rajasthan, making the company vulnerable to regional economic shifts.

• Negative Operating Cash Flow: Reported a negative cash flow from operations (-₹3.07 Cr) in FY25 due to increased inventory and working capital needs.

How the Company Will Use IPO Money

The fresh issue proceeds of ₹25.03 crores will be utilized for:

• Working Capital: ₹19.33 crores to support the company's scaling operations.

• General Corporate Purposes: ₹3.50 crores for branding, marketing, and strategic initiatives.

• Issue Expenses: Remaining funds will cover the costs of the public offering.

Lead Manager & Registrar

• Lead Manager: Finshore Management Services Limited

• Registrar: Cameo Corporate Services Ltd

• Phone: +91-44-28460390

• Email: ipo@cameoindia.com