Elfin Agro India Limited 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.
The company sells processed wheat flour under our brand “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG” to wholesalers and retailers across Rajasthan, Uttar Pradesh, Gujarat, etc.
The company is also engaged 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 our 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.
It has two manufacturing units in Bhilwara, Rajasthan.
The company clientele is spread across 8 states which include Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand and 2 Union Territories which include Chandigarh and Delhi.
Competitive Strengths:
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 42.39 | 33.44 | 24.69 | 20.90 |
| 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 |
| NET Worth | 17.76 | 13.78 | 8.70 | 5.02 |
| Reserves and Surplus | 10.71 | 6.73 | 7.29 | 3.61 |
| Total Borrowing | 12.69 | 12.19 | 7.60 | 7.23 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Working Capital Requirements | 19.33 |
| 2 | General Corporate Expenses | 3.50 |
| KPI | Dec 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 22.42% | 36.86% |
| ROCE | 34% | 47.93% |
| Debt/Equity | 0.71 | 0.88 |
| RoNW | 22.42% | 36.86% |
| PAT Margin | 3.39% | 3.48% |
| EBITDA Margin | 5.69% | 5.17% |
| Price to Book Value | 3.73 | 4.81 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 3.60 | 2.73 |
| P/E (x) | 13.05 | 17.2 |
| IPO Date | 5 to 9 Mar, 2026 |
| Listing Date | Thu, Mar 12, 2026 |
| Face Value | ₹5 per share |
| Issue Price | ₹47 per share |
| Lot Size | 3,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size | 53,25,000 shares (agg. up to ₹25 Cr) |
| Reserved for Market Maker | 2,67,000 shares (agg. up to ₹1 Cr) |
| Net Offered to Public | 50,58,000 shares (agg. up to ₹24 Cr) |
| Share Holding Pre Issue | 1,41,00,000 shares |
| Share Holding Post Issue | 1,94,25,000 shares |
Mr. Vimal Kumar Daga, Mr. Deepak Pal Daga, Mrs. Seema Daga, Mrs. Neetu Daga, M/s. Vimal Kumar Ayush Pal Daga HUF, M/s. Vimal Kumar Deepak Pal Daga HUF and M/s. Deepak Pal Harsh Kumar Daga HUF are the promoters of the company.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 72.59% |
As per our analysis and Based on the information we have, this is the output.
Allah knows best.
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