Elfin Agro India’s Rs 25 crore IPO was open for subscription from March 5 to March 9. The issue was entirely a fresh sale of 53.25 lakh shares, which means the company will receive proceeds to fund its business operations.
The IPO saw modest overall demand with the issue oversubscribed 1.35 times on the last day of bidding. Demand was largely driven by high-net-worth investors, with the NII segment subscribing 2.12 times, while the retail investor category saw 0.59 times subscription.
Elfin Agro India operates in agro processing and edible oil segment. The company mainly manufactures and sells wheat-based products such as Chakki Atta, Refined Wheat Flour (R Atta), Tandoori Atta, Maida and Soji, along with mustard oil.
Its products are marketed under brands like Shiv Nandi and ELFIN Shree Shyam Bhog, which are distributed by wholesalers and retailers in many northern and western states. The company also deals in various agricultural commodities, including gram, corn, wheat, soybean oil, rice bran oil, cattle feed and nut oil, depending on prevailing market conditions.
Elfin Agro operates two manufacturing units in Bhilwara, Rajasthan, and supplies products to eight states including Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand, as well as two central territories – Delhi and Chandigarh.
Financially, the company operates in the high-volume, low-margin segment of the agricultural processing business. For the nine months ended December 2025, Elfin Agro reported revenue of Rs 117.7 crore and profit after tax of Rs 3.98 crore. The company plans to use the net proceeds from the IPO primarily to meet its working capital requirements, which are around Rs 19.33 crore, while Rs 3.5 crore will be used for general purpose.
With the gray market showing no pre-listing premium, investors will now have to watch closely how the stock performs when it debuts on the SME exchange.
