Elfin Agro India IPO

About Elfin Agro India IPO

The Elfin Agro India IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of a fresh issue. The fresh issue will include up to 0.53 crore equity shares worth ₹25.03 crores.. The total number of shares and aggregate amount are 53,25,000 shares (aggregating up to ₹25 crores).

Elfin Agro India IPO’s issue price is set at ₹47 per share. The lot size for an application is 3000. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Elfin Agro India 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.

Objectives of Elfin Agro India IPO

• To meet the working capital requirements.
• General corporate purposes.

Industry Outlook

The Food Corporation of India had aimed to purchase 31 million tons of wheat in 2025. Rice reserves are also high, potentially boosting exports.

The agriculture sector in India is expected to generate better momentum in the next few years due to increased investment in agricultural infrastructure such as irrigation facilities, warehousing, and cold storage. Furthermore, the growing use of genetically modified crops will likely improve the yield for Indian farmers. India is expected to be self-sufficient in pulses in the coming few years due to the concerted effort of scientists to get early maturing varieties of pulses and the increase in minimum support price.

About Elfin Agro India

Ellfin Agro India 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.

They sell processed wheat flour under their brand “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG” to wholesalers and retailers across Rajasthan, Uttar Pradesh, Gujarat, etc. They meticulously select premium quality wheat as their raw material in their Flour Processing unit. The company also engages 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 their 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. This not only allows them to augment their revenues and minimize product and inventory wastage but also enables them to capitalize on market opportunities by selling goods for which certain consumers are willing to pay premium prices. They commercialise all the by-products as well as waste material generated at their manufacturing units.

Strengths of Elfin Agro India

• Location of their processing units.
• 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.
• Leveraging the experience of their promoters.

Risks of Elfin Agro India

• Their operations are dependent on the supply of raw materials.
• They derive a significant portion of their revenue from the sale of a limited variety of their products.
• Fluctuations in trading segment revenue and profitability.
• They derive a significant portion of their revenues from Maida.
• A substantial portion of their revenues have been dependent upon few customers.
• Their business operations are majorly concentrated in certain geographical regions.

#Considering the nature and size of business of the Company, the peers may not be exactly comparable. Hence a strict comparison is not possible. However, the above companies have been included for broader comparison.
^Based on full completed financial year ended on March 31, 2025 on Restated basis.
*Source for Peer Companies: Annual Reports (figures as on March 31, 2025)
**CMP as on 26/09/2025 for Peer Group and IPO price for Issuer Company

Anchor Investor Bidding Date

TBA

• Registrar: Cameo Corporate Services Limited
• Book Running Lead Managers: Finshore Management Services

Elfin Agro Business Model

The company earns its revenue primarily through 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. 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. They also commercialise all the by-products and waste material generated at their manufacturing units.

Elfin Agro India Growth Trajectory

Elfin Agro India’s Total Income for FY25 was ₹146.440 crores, whereas in FY24 and FY23 it was ₹124.710 crores and ₹101.453 crores, respectively.

The Profit After Tax for FY25 was ₹5.078 crores, whereas in FY24 and FY23 it was ₹3.677 crores and ₹1.807 crores, respectively.

Their EBITDA for FY25 was ₹7.537 crores, whereas in FY24 and FY23 it was ₹5.825 crores and ₹3.113 crores, respectively .

Elfin Agro India Market Position

The company has established a strong network with a number of wholesalers and retailers to ensure easy product availability to their customers, efficient supply chain, focused customer service and short turnaround times. Their sales and marketing team periodically reviews new products, assesses market trends and develops and builds business effective relations with their retailers and wholesalers.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹146.440 crores, ₹5.078 crores, and ₹7.537 crores, respectively.

How to apply for Elfin Agro India IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.