Updated on 12.03.2026|11:35 AM
Elfin Agro India Limited is set to launch its Initial Public Offering (IPO). It is a company engaged in the manufacturing and processing of agricultural products such as Chakki Atta, Maida, and yellow mustard oil.
The issue opens on Thursday, March 5, 2026, and closes on Monday, March 9, 2026. You can track all the upcoming and live IPOs of 2026 at our IPO section.
The company plans to raise approximately ₹25.03 crores through a completely fresh issue. At a fixed price of ₹47 per share, retail investors are required to apply for a minimum of 6,000 shares.
In this article, you will find Elfin Agro India IPO GMP today, price band, and a detailed review. For allotment status check our IPO allotment page and for day wise subscription check our daywise IPO subscription section. These are updated regularly.
Briefs of Elfin Agro India IPO Details
- Price Band: ₹47 per share (Fixed Price)
- IPO Open / Close Dates: March 5, 2026, to March 9, 2026
- Lot Size: 3,000 Shares (Retail Minimum Application: 6,000 shares / 2 lots)
- Issue Size: 53,25,000 shares / ₹25.03 crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Cameo Corporate Services Ltd.
- Listing Exchange: BSE SME
What Is The Elfin Agro India IPO GMP Today ?
GMP or grey market premium is highly dynamic and changes daily and sometimes in minutes, for GMP of this and other IPOs check our GMP section which is updated regularly.
Note: GMP is unofficial indicator and not regularised by SEBI/NSE/BSE).
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 47.00 | 47.30 | 0.64 |
What Are The Important Elfin Agro India IPO Dates & Allotment Schedule ?
- IPO Open & Close Date: March 5, 2026 – March 9, 2026
- Basis of Allotment Date: March 10, 2026
- Refund Initiation Date: March 11, 2026
- Credit of Shares: March 11, 2026
- Listing Date: March 12, 2026
What Are The Objectives of Elfin Agro India IPO?
The company proposes to utilise the net proceeds from the fresh issue towards the following specific objectives:
- Working Capital Requirements: A significant portion of ₹19.33 Crores (₹1,932.61 Lakhs) is allocated to fund incremental working capital needs. This will help maintain optimal inventory levels, reduce production interruptions, and improve capacity utilisation for its processing units.
- General Corporate Purposes: Approximately ₹3.50 Crores (₹350.00 Lakhs) will be deployed towards general corporate activities, including strategic initiatives, brand building, and meeting unforeseen contingencies.
Additionally, the company expects to achieve strategic benefits from the listing, such as enhanced corporate visibility, the creation of a public market for its shares, and improved access to future financing.
How is The Financial Performance of Elfin Agro India ?
The following table presents the company's financial performance based on the restated financial statements.
| Particulars (₹ in Crores) | 31 Dec 2025 (9-Months)* | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Total Income | 117.72 | 146.44 | 124.71 | 101.45 |
Profit After Tax | 3.98 | 5.08 | 3.68 | 1.81 |
EBITDA | 6.68 | 7.54 | 5.82 | 3.11 |
Total Borrowing | 12.69 | 12.19 | 7.60 | 7.23 |
Assets | 42.39 | 33.44 | 24.69 | 20.90 |
Source: RHP
*Note: Data for the 9-month period ended December 31, 2025, is provided as it is the latest interim period available in the prospectus.
Financial observations:
Total Income:
The company has recorded consistent top-line expansion, with total income reaching ₹146.44 crores in FY25. This growth is attributed to increased demand for its core flour and mustard oil products alongside the expansion of its customer base.
Profit After Tax:
Net profit increased from ₹1.81 crores in FY23 to ₹5.08 crores in FY25. This indicates an improved ability to convert sales volumes into actual earnings.
EBITDA:
Operating earnings reached ₹7.54 crores in FY25, with EBITDA margins expanding from 3.07% in FY23 to 5.69% by December 2025. This margin expansion reflects managed operational costs amidst increasing raw material processing volumes.
Total Borrowing:
Borrowings have increased to ₹12.69 crores as of December 2025, largely consisting of short-term loans required to fund the working capital cycle. Despite the rise in absolute debt, the Debt-to-Equity ratio stood at 0.71 as of December 2025.
Assets:
The total asset base grew to ₹42.39 crores by December 2025. This is primarily driven by an accumulation of current assets such as trade receivables and inventory, necessary to support higher production levels.
What Are P/E ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹3.60, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 13.05x at the upper end of the price band (₹47).
P/E Ratio = ₹47(Price) / ₹3.60(Earnings Per Share)
P/E Ratio ≈ 13.05x
| Company | CMP / Issue Price (₹) | EPS (Basic) | P/E Ratio | RoNW (%) | Total Income (₹ in Crores) |
Elfin Agro India Limited | 47.00 | 3.60 | 13.05 | 36.86 | 146.44 |
| Abram Food Limited | 100.00 | 9.05 | 11.05 | 38.62 | 64.04 |
At the fixed issue price of ₹47 and a restated FY25 EPS of ₹3.60, Elfin Agro India is valued at a P/E multiple of 13.05x. In comparison, its listed industry peer, Abram Food Limited, trades at a slightly lower P/E ratio of 11.05x and reports a marginally higher Return on Net Worth (38.62%). Investors may evaluate this pricing difference against Elfin Agro's specific revenue scale and operational location.
What is The Industry Outlook of Elfin Agro India Limited?
Growth potential:
The Indian food processing industry is a critical component of the economy, currently accounting for about 32% of the country's total food market, with projections to reach US$ 535 billion by 2025.
Market trends and competitors:
Government initiatives such as the Pradhan Mantri Kisan Sampada Yojna are actively supporting infrastructure creation. The sector remains highly competitive, featuring a mix of organised agricultural processors and numerous unorganised regional players.
What Are The Strengths and Risks of Elfin Agro India IPO ?
Strengths:
- The manufacturing facilities are strategically located in Bhilwara, Rajasthan, offering logistical advantages for raw material procurement.
- The company minimises wastage by selling by-products such as wheat bran and mustard oil cake to secondary markets.
- The Return on Capital Employed (ROCE) was recorded at 47.93% for the financial year ending March 2025.
Risks:
- A significant portion of the company's revenue (over 60% in FY25) and raw material sourcing is concentrated in the state of Rajasthan.
- The business has high working capital requirements, leading to negative cash flows from operating activities amounting to ₹(307.71) Lakhs in FY25.
- The company is highly dependent on a single product category, with Maida contributing approximately 27% to 32% of total revenue.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the following operational and structural facts before evaluating the issue:
- Minimum Investment: The minimum application of 6,000 shares amounts to ₹2,82,000. Since this exceeds the standard ₹2 Lakh retail limit, these applications will technically fall under the Small-HNI (sNII) category.
- Valuation: At the fixed price of ₹47, the P/E multiple is 13.05x. This is priced at a slight premium to its listed peer, Abram Food Limited (11.05x), though it is supported by a healthy Return on Net Worth (RoNW) of 36.86%.
- Risk Profile: The company's operations are highly working-capital intensive, which led to negative operating cash flows of ₹(3.08) Crores in FY25. Additionally, over 60% of revenue and raw material sourcing is heavily concentrated in Rajasthan.
- Promoter Cost: The promoters' average cost of acquisition is just ₹1.22 per equity share, significantly lower than the IPO issue price.
Key Takeaways
- IPO Price Band: ₹47 per share (Fixed)
- Lot Size: Minimum retail application of 6,000 shares (2 lots)
- Allotment: March 10, 2026
- Listing Dates: March 12, 2026, on BSE SME
FAQs on Elfin Agro India IPO
What is Elfin Agro India IPO GMP today?
The GMP is an unofficial metric reflecting grey market demand and changes daily. Check it at our gmp section.
What is Elfin Agro India IPO price band?
The issue is a fixed-price offering set at ₹47 per equity share.
What is Elfin Agro India IPO allotment date?
The basis of allotment will tentatively be finalised on Tuesday, March 10, 2026.
How to check Elfin Agro India IPO allotment status?
Once finalised, investors can check their allotment status on the official website of the registrar, Cameo Corporate Services Ltd., or through the BSE IPO allotment portal.
What is Elfin Agro India IPO listing date?
The shares are expected to be listed on the BSE SME platform on Thursday, March 12, 2026.
Investment Perspective on Elfin Agro India IPO
The IPO presents an opportunity to invest in a regional agro-processing firm with steady historical income growth. Prospective investors must objectively weigh the financial metrics against the operational risks, particularly those related to geographic concentration and working capital intensity, as detailed in the prospectus.
Disclaimer:
This article is strictly for educational and informational purposes. Please consult a SEBI-registered investment advisor and read the Red Herring Prospectus (RHP) carefully before making any investment decisions.
