The Elfin Agro India Limited IPO opened for subscription on March 5, 2026, and will close on March 9, 2026. The public issue offers investors an opportunity to invest in an agro-processing company engaged in manufacturing wheat flour and edible oil products.

The company plans to list its shares on the BSE SME platform. As per the tentative schedule, the IPO allotment is expected to be finalised on March 10, 2026, while the shares may be listed on the stock exchange on March 12, 2026.

The IPO is a fixed price issue, with shares offered at ₹47 per equity share. At this price, the company’s estimated market capitalisation will be around ₹91.30 crore.

About Elfin Agro India Limited

Elfin Agro India Limited operates in the agro-processing sector, focusing on manufacturing and selling wheat flour and edible oil products.

The company generates revenue primarily through:

• Sale of branded wheat flour products

• Bulk supply of flour to institutional customers

• Limited trading of agro-based commodities

The company’s business model is largely manufacturing-driven, meaning most of its revenue comes from processing agricultural raw materials into finished food products.

According to available data, the company reported operational revenue of ₹14,586.34 lakh in FY2025.

Product Portfolio

Elfin Agro India focuses mainly on staple food products widely consumed in India.

Wheat Flour Products

The company produces wheat flour products, which are commonly used in households and food businesses for making chapatis, breads, bakery products and other food items.

The company sells these products through branded retail channels and bulk institutional supplies.

Edible Oil Products

In addition to flour, the company also manufactures and sells edible oil products, which are used in daily cooking across households and commercial kitchens.

Agro Commodity Trading

The company also engages in limited trading of agro-based commodities, although this segment contributes a smaller share of revenue compared to its manufacturing operations.

Elfin Agro India IPO Size and Structure

The Elfin Agro India IPO is a Fixed Price Issue with a total issue size of ₹25.03 crore.

The IPO consists entirely of a fresh issue of shares, meaning all proceeds from the issue will go directly to the company.

IPO Structure

• Total Issue Size: ₹25.03 crore

• Fresh Issue: 0.53 crore shares

• Issue Price: ₹47 per share

Since the issue is a fresh issue, the funds raised may be used for business expansion, working capital requirements and other corporate purposes.

Elfin Agro India IPO Important Dates

Investors interested in the IPO should note the following key dates:

• IPO Opening Date: March 5, 2026

• IPO Closing Date: March 9, 2026

• Allotment Date (Tentative): March 10, 2026

• Listing Date (Tentative): March 12, 2026

• Listing Exchange: BSE SME

These dates are tentative and may change depending on regulatory approvals and administrative processes.

Price and Market Capitalisation

The issue price of the IPO is fixed at ₹47 per equity share.

At this price, the company’s estimated market capitalisation after listing will be approximately ₹91.30 crore.

Market capitalisation reflects the total value of a company’s equity shares in the stock market, helping investors understand the company’s size.

Elfin Agro India IPO Lot Size

The minimum lot size for the IPO is 3,000 shares.

Applications must be made in multiples of the lot size.

Minimum Investment Requirement

Retail Investors

• Minimum application: 2 lots (6,000 shares)

• Minimum investment: ₹2,82,000

High Net-Worth Individuals (HNIs)

• Minimum application: 3 lots (9,000 shares)

• Minimum investment: ₹4,23,000

Because the IPO is listed on the SME platform, the minimum investment amount is relatively higher than most mainboard IPOs.

Lead Manager, Registrar and Market Maker

The IPO is being managed by several financial intermediaries responsible for different aspects of the public issue process.

• Book Running Lead Manager: Finshore Management Services Limited

• Registrar to the Issue: Cameo Corporate Services Limited

• Market Maker: Shilpa Stock Broker Pvt. Ltd.

The lead manager oversees the IPO process and helps determine pricing and investor outreach.

The registrar handles share applications, allotment and investor records.

The market maker helps maintain liquidity in the stock once it begins trading on the SME exchange.

Elfin Agro India IPO Grey Market Premium (GMP)

According to available information, the Grey Market Premium (GMP) for Elfin Agro India IPO is currently around ₹0.

This indicates that the shares are not currently trading at a premium in the unofficial grey market.

Important Note About GMP

Investors should remember that:

• Grey market trading is unofficial and unregulated

• GMP depends on informal demand and supply

• It does not guarantee listing performance

Therefore, GMP should be considered only for informational purposes.

Agro-Processing Sector in India

The agro-processing industry in India plays a crucial role in the country’s food supply chain.

Companies engaged in agro-processing convert raw agricultural produce into packaged and consumable food products.

This sector benefits from factors such as:

• Growing population

• Rising demand for packaged food

• Expansion of organised retail

• Government initiatives supporting food processing industries

Staple food products such as wheat flour and edible oil continue to see consistent demand in both urban and rural markets.

Factors Investors Should Consider

Before applying for the IPO, investors should consider several key factors.

Dependence on Agricultural Raw Materials

Agro-processing companies rely heavily on agricultural inputs such as wheat and oilseeds, whose prices can fluctuate due to weather conditions and supply factors.

Market Competition

The food processing sector is highly competitive, with both organised and unorganised players operating in the market.

SME IPO Risks

Since the company is listing on the SME platform, investors should understand that SME stocks can sometimes experience higher volatility and lower liquidity.

It is advisable for investors to review the company’s financial performance, business model and risk factors before making an investment decision.

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