Elfin Agro India Ltd IPO
Status: Closed
Overview
IPO date
05 Mar 2026 to 09 Mar 2026
Face value
₹ 0 per share
Price
₹ 47 to ₹47 per share
Issue Size
5,325,000 shares
(aggregating up to ₹ 25.03 Cr)
(aggregating up to ₹ 25.03 Cr)
Allotment Date
10 Mar 2026
Listing at
NSE
Issue type
Fixed Price - SME
Sector
FMCG
Objectives of Elfin Agro India Ltd IPO
Elfin Agro India Ltd IPO Strategy
About Elfin Agro India Ltd
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T&C*
Strengths vs Risks of Elfin Agro India Ltd
Know the pros & cons
Strengths
Established and proven track record.- Leveraging the experience of its Promoters.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our customers.
- Quality Assurance & Control.
Risks
- The company's Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- The company's operations are dependent on the supply of raw materials. Inadequate or interrupted supply and price fluctuation of the company's raw materials and packaging materials could adversely affect its business, results of operations, cash flows, profitability and financial condition. Any change in guidelines by Government of India or any other governmental nodal agencies for procurement or stocking of wheat and mustard seeds can also impact prices of raw materials. Any increase in the cost of, or a shortfall in the availability of, such raw materials could have an adverse effect on the company's business and results of operations, and seasonable variations could also result in fluctuations in the company's results of operations.
- The company derives significant portion of the company's revenue from sale of limited variety of the company's products. An inability to adapt to evolving consumer preferences, anticipate regulatory requirements, and industry trends and demand for particular products, or ensure product quality may adversely impact demand for its products and consequently the company's business, results of operations, financial condition and cash flows and competitive position in the agro-processing industry.
- The company's revenue contribution from its trading operations is subject to volatile and uncontrollable market conditions, which may materially and adversely affect its profitability, financial condition and results of operations.
- The company derives significant portion of the company's revenues from Maida, any reduction in demand or in the production of such product could have an adverse effect on the company's business, results of operations and financial condition.
- Substantial portion of the company's revenues has been dependent upon few customers. The loss of any one or more of the company's major customers would have a material effect on the company's business operations and profitability.
- The company's business operations are majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could have a significant impact on the company's revenue and results of operations.
- The company's dependence on procurement of mustard seeds from the state of Rajasthan exposes the company to risks associated with regional concentration.
- The company's business is dependent on the company's Processing Units/Facilities. Any shutdown of operations of the company's Processing Units may have an adverse effect on the company's business, results of operations and financial condition.
- The Company has negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- The average cost of acquisition of Equity Shares by the company's Promoters is lower than the Issue Price.
- There are certain instances of delays in the past with ROC/Statutory Authorities.
- There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities".
- The Company maintains high level of inventory for uninterrupted production activities.
- The company's godowns are located on rental premises. If the company is unable to renew such rent agreements or relocate on commercially suitable terms, it may have a material adverse effect on the company's business, results of operation and financial condition.
- Conflicts of interest may arise out of common business objects shared by the Company and the company's Promoter Group Entity.
- The Company has entered into certain related party transactions and may continue to do so in the future.
- If the company is unable to source business opportunities effectively, the company may not achieve its financial objectives.
- The company may faces significant competition in the company's business from both organized and unorganized players in the market. An inability to compete effectively may lead to a lower market share or reduced operating margins.
- The company coulds be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Labour-Intensive Operations and the Potential Risks of Workforce Disruptions.
- Certain initial period records of the company since incorporation are not traceable.
- Certain relevant copies of experience certificates of the company's Directors/KMP/SMP are not traceable and the company has relied on notarised undertakings for building up their profile.
- As the company continues to grow,the company may not be able to effectively manage its growth and the increased complexity of the company's business, which could negatively impact its brand and financial performance.
- The company may not be successful in implementing its business strategies.
- The company's continued success is dependent on the company's senior management and skilled manpower. The company's inability to attract and retain key personnel may have an adverse effect on the company's business prospects.
- Any failures on the company's part to effectively manage its inventory may result in an adverse effect on the company's business, revenue from manufacturing operations and financial condition.
- Delays or defaults in customer payments could adversely affect its financial condition.
- Orders placed by customers may be delayed, modified, cancelled or not fully paid for by the company's customers, which may have an adverse effect on the company's business, financial condition and results of operations.
- General economic and market conditions in India and globally could have a material adverse effect on the company's business, financial condition, cash flows, results of operations and prospects.
- The company's business requires the company to obtain and renew certain licenses and permits from government, regulatory authorities and other national/ international corporations and the failures to obtain or renew them in a timely manner may adversely affect its business operations.
- The intellectual Property Rights used by the company are registered in the name of the company, but any infringement of third-party intellectual property rights or failures to protect its intellectual property rights may adversely affect the company's business.
- The company's insurance coverage may not be adequate to protect the company against certain operating hazards and this may have a material adverse effect on the company's business.
- The company coulds become liable to customers, suffer adverse publicity and incur substantial costs as a result of defects in the company's products/services, which in turn could adversely affect the value of the company's brand, and the company's sales could be diminished if the company is associated with negative publicity.
- Brand recognition is important to the success of the company's business, and the company's inability to build and maintain its brand names will harm the company's business, financial condition and results of operation.
- Negative publicity could adversely affect its revenue model and profitability of the Company.
- Some of the company's Directors and certain Key Management Personnel hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company's management will have broad discretion in how the company applies the Net Proceeds of the Issue and there is no assurance that the Objects of the Offer will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the manner intended by the company will result in an increase in the value of your investment. The company's Objects of the Issue have not been appraised by any bank, financial institution or other independent agency.
- Portion of the company's Issue Proceeds are proposed to be utilized for general corporate purposes amounting to Rs. 350.00 lakhs which constitute 13.98% of the total Issue Proceeds.
- The company is subject to risks arising from interest rate fluctuations, which could adversely affect its business, financial condition and results of operations.
- The Promoter and Promoter Group will continue to exercise control post completion of the Issue and will have considerable influence over the outcome of matters.
- The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.
- The company has not made any alternate arrangements for meeting its regular working capital requirements. If the company is unable to manage/arrange funds (including at short notice) to meet its working capital requirements, there may be an adverse effect on the company's results of operations and financial performance.
- In addition to the company's existing indebtedness for its operations, the company may be required to obtain further loan during the course of business. There can be no assurance that the company would be able to service its existing and/or additional indebtedness.
- The company's debt financing agreements contain certain restrictive covenants that may adversely affect the Company's business, credit ratings, prospects, results of operations and financial condition.
- The company's operations are subject to high working capital requirements. If the company is unable to generate sufficient cash flows to allow the company to make required payments, there may be an adverse effect on the company's results of operations.
- The company's Promoters have provided personal guarantees for loans availed by the Company. The company's business, financial condition, results of operations, cash flows and prospects may be adversely affected by the invocation of all or any personal guarantees provided by the company's Promoter.
- The company's lenders have charge over its movable properties, book debts, stocks in respect of finance availed by the company.
- Industry information included in this prospectus has been derived from industry reports. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
- Information in relation to the company's installed capacity and capacity utilization of its manufacturing facility included in this Prospectus is based on various assumptions and estimates, and future production and capacity utilization may vary.
- The company relies primarily on third-party transportation providers for procurement of raw materials from its suppliers and delivery of finished products to the company's clients. The company's business operations, financial condition, and results of operations may be adversely affected in the event of any failures or inadequacy on the part of such service providers to fulfill their obligations.
- Major fraud, lapses of internal control or system failures could adversely impact the company's business.
- One of the company's KMPs is associated with the Company for less than one year.
- Any reduction in the demand for the company's products could lead to underutilisation of its processing units.
- An inability to renew quality accreditations in a timely manner or at all, or any deficiencies in the quality of the company's products may adversely affect its business prospects and financial performance.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
- There is no guarantee that the company's Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- The Issue Price of the company's Equity Shares may not be indicative of the market price of the company's Equity Shares after the Issue.
- After this Issue, the price of the company's Equity Shares may be volatile, or an active trading market for the company's Equity Shares may not be sustained.
- The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of the company's Equity Shares by the company's Promoters or Promoter Group may adversely affect the trading price of the company's Equity Shares.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.
- The company's ability to pay dividends in the future will depends on the company's earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
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The IPO opens on 05 Mar 2026 & closes on 09 Mar 2026.
Elfin Agro India Limited was originally incorporated as a Private Company as 'Ravija Sulz Private Limited' on July 28, 2009,with the Registrar of Companies, Rajasthan. Subsequently the name of company was changed to 'Elfin Agro India Private Limited' on June 05, 2012. The status of the Company got converted into a Public Limited, resulting in a name change to 'Elfin Agro India Limited' vide a fresh Certificate of Incorporation, issued by the Central Processing Centre.
Company was originally incorporated with the primary objective of undertaking textile business activities. Subsequently, in 2012, Company strategically ventured into the food processing industry. The business was initially been run by the founding promoters of the Company. The Company established a Flour Processing Unit at Bhilwara in 2013.
Thereafter, in 2019, the management and control of the Company were acquired by the Daga Family. Presently, the business operations of the Company are efficiently managed and overseen by the Daga family, in steering the Company's growth within the food processing industry.
The Company subsequently commenced the production of Dal Mill in FY 2021. The Mustard Oil Processing Unit at Bhilwara was installed in FY22. The installed capacity of Flour Processing Unit attained from 36,500 MTPA to 47,450 MTPA in 2023.
At present, Company is engaged in 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. It operate two manufacturing units at Bhilwara, Rajasthan. It sell processed wheat flour under our brand 'Shiv Nandi' and 'ELFIN'S Shri Shyam BHOG' to wholesalers and retailers across Rajasthan, Uttar Pradesh, Gujarat, etc. 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 'Shiv Nandi'. It also engages 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.
Company is planning the initial public offer to raise Rs 25.02 Cr by issuing 53,25,000 equity shares having the face value of Rs 5 through fresh issue.
Elfin Agro India Ltd IPO will close on 09 Mar 2026.
- Established and proven track record.
- Leveraging the experience of its Promoters.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our customers.
- Quality Assurance & Control.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vimal Kumar Daga | 2630000 | 18.65 | 2630000 | 13.54 |
| 2 | Deepak Pal Daga | 2640000 | 18.72 | 2640000 | 13.59 |
| 3 | Seema Daga | 2630000 | 18.65 | 2630000 | 13.54 |
| 4 | Neetu Daga | 1900000 | 13.48 | 1900000 | 9.78 |
| 5 | Vimal Kumar Ayush Pal Daga HU | 1900000 | 13.48 | 1900000 | 9.78 |
| 6 | Vimal Kumar Deepak Pal Daga HU | 1900000 | 13.48 | 1900000 | 9.78 |
| 7 | Deepak Pal Harsh Kumar Daga HU | 500000 | 3.55 | 500000 | 2.57 |
- The company's Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- The company's operations are dependent on the supply of raw materials. Inadequate or interrupted supply and price fluctuation of the company's raw materials and packaging materials could adversely affect its business, results of operations, cash flows, profitability and financial condition. Any change in guidelines by Government of India or any other governmental nodal agencies for procurement or stocking of wheat and mustard seeds can also impact prices of raw materials. Any increase in the cost of, or a shortfall in the availability of, such raw materials could have an adverse effect on the company's business and results of operations, and seasonable variations could also result in fluctuations in the company's results of operations.
- The company derives significant portion of the company's revenue from sale of limited variety of the company's products. An inability to adapt to evolving consumer preferences, anticipate regulatory requirements, and industry trends and demand for particular products, or ensure product quality may adversely impact demand for its products and consequently the company's business, results of operations, financial condition and cash flows and competitive position in the agro-processing industry.
- The company's revenue contribution from its trading operations is subject to volatile and uncontrollable market conditions, which may materially and adversely affect its profitability, financial condition and results of operations.
- The company derives significant portion of the company's revenues from Maida, any reduction in demand or in the production of such product could have an adverse effect on the company's business, results of operations and financial condition.
- Substantial portion of the company's revenues has been dependent upon few customers. The loss of any one or more of the company's major customers would have a material effect on the company's business operations and profitability.
- The company's business operations are majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could have a significant impact on the company's revenue and results of operations.
- The company's dependence on procurement of mustard seeds from the state of Rajasthan exposes the company to risks associated with regional concentration.
- The company's business is dependent on the company's Processing Units/Facilities. Any shutdown of operations of the company's Processing Units may have an adverse effect on the company's business, results of operations and financial condition.
- The Company has negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- The average cost of acquisition of Equity Shares by the company's Promoters is lower than the Issue Price.
- There are certain instances of delays in the past with ROC/Statutory Authorities.
- There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities".
- The Company maintains high level of inventory for uninterrupted production activities.
- The company's godowns are located on rental premises. If the company is unable to renew such rent agreements or relocate on commercially suitable terms, it may have a material adverse effect on the company's business, results of operation and financial condition.
- Conflicts of interest may arise out of common business objects shared by the Company and the company's Promoter Group Entity.
- The Company has entered into certain related party transactions and may continue to do so in the future.
- If the company is unable to source business opportunities effectively, the company may not achieve its financial objectives.
- The company may faces significant competition in the company's business from both organized and unorganized players in the market. An inability to compete effectively may lead to a lower market share or reduced operating margins.
- The company coulds be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Labour-Intensive Operations and the Potential Risks of Workforce Disruptions.
- Certain initial period records of the company since incorporation are not traceable.
- Certain relevant copies of experience certificates of the company's Directors/KMP/SMP are not traceable and the company has relied on notarised undertakings for building up their profile.
- As the company continues to grow,the company may not be able to effectively manage its growth and the increased complexity of the company's business, which could negatively impact its brand and financial performance.
- The company may not be successful in implementing its business strategies.
- The company's continued success is dependent on the company's senior management and skilled manpower. The company's inability to attract and retain key personnel may have an adverse effect on the company's business prospects.
- Any failures on the company's part to effectively manage its inventory may result in an adverse effect on the company's business, revenue from manufacturing operations and financial condition.
- Delays or defaults in customer payments could adversely affect its financial condition.
- Orders placed by customers may be delayed, modified, cancelled or not fully paid for by the company's customers, which may have an adverse effect on the company's business, financial condition and results of operations.
- General economic and market conditions in India and globally could have a material adverse effect on the company's business, financial condition, cash flows, results of operations and prospects.
- The company's business requires the company to obtain and renew certain licenses and permits from government, regulatory authorities and other national/ international corporations and the failures to obtain or renew them in a timely manner may adversely affect its business operations.
- The intellectual Property Rights used by the company are registered in the name of the company, but any infringement of third-party intellectual property rights or failures to protect its intellectual property rights may adversely affect the company's business.
- The company's insurance coverage may not be adequate to protect the company against certain operating hazards and this may have a material adverse effect on the company's business.
- The company coulds become liable to customers, suffer adverse publicity and incur substantial costs as a result of defects in the company's products/services, which in turn could adversely affect the value of the company's brand, and the company's sales could be diminished if the company is associated with negative publicity.
- Brand recognition is important to the success of the company's business, and the company's inability to build and maintain its brand names will harm the company's business, financial condition and results of operation.
- Negative publicity could adversely affect its revenue model and profitability of the Company.
- Some of the company's Directors and certain Key Management Personnel hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company's management will have broad discretion in how the company applies the Net Proceeds of the Issue and there is no assurance that the Objects of the Offer will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the manner intended by the company will result in an increase in the value of your investment. The company's Objects of the Issue have not been appraised by any bank, financial institution or other independent agency.
- Portion of the company's Issue Proceeds are proposed to be utilized for general corporate purposes amounting to Rs. 350.00 lakhs which constitute 13.98% of the total Issue Proceeds.
- The company is subject to risks arising from interest rate fluctuations, which could adversely affect its business, financial condition and results of operations.
- The Promoter and Promoter Group will continue to exercise control post completion of the Issue and will have considerable influence over the outcome of matters.
- The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.
- The company has not made any alternate arrangements for meeting its regular working capital requirements. If the company is unable to manage/arrange funds (including at short notice) to meet its working capital requirements, there may be an adverse effect on the company's results of operations and financial performance.
- In addition to the company's existing indebtedness for its operations, the company may be required to obtain further loan during the course of business. There can be no assurance that the company would be able to service its existing and/or additional indebtedness.
- The company's debt financing agreements contain certain restrictive covenants that may adversely affect the Company's business, credit ratings, prospects, results of operations and financial condition.
- The company's operations are subject to high working capital requirements. If the company is unable to generate sufficient cash flows to allow the company to make required payments, there may be an adverse effect on the company's results of operations.
- The company's Promoters have provided personal guarantees for loans availed by the Company. The company's business, financial condition, results of operations, cash flows and prospects may be adversely affected by the invocation of all or any personal guarantees provided by the company's Promoter.
- The company's lenders have charge over its movable properties, book debts, stocks in respect of finance availed by the company.
- Industry information included in this prospectus has been derived from industry reports. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
- Information in relation to the company's installed capacity and capacity utilization of its manufacturing facility included in this Prospectus is based on various assumptions and estimates, and future production and capacity utilization may vary.
- The company relies primarily on third-party transportation providers for procurement of raw materials from its suppliers and delivery of finished products to the company's clients. The company's business operations, financial condition, and results of operations may be adversely affected in the event of any failures or inadequacy on the part of such service providers to fulfill their obligations.
- Major fraud, lapses of internal control or system failures could adversely impact the company's business.
- One of the company's KMPs is associated with the Company for less than one year.
- Any reduction in the demand for the company's products could lead to underutilisation of its processing units.
- An inability to renew quality accreditations in a timely manner or at all, or any deficiencies in the quality of the company's products may adversely affect its business prospects and financial performance.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
- There is no guarantee that the company's Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- The Issue Price of the company's Equity Shares may not be indicative of the market price of the company's Equity Shares after the Issue.
- After this Issue, the price of the company's Equity Shares may be volatile, or an active trading market for the company's Equity Shares may not be sustained.
- The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of the company's Equity Shares by the company's Promoters or Promoter Group may adversely affect the trading price of the company's Equity Shares.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.
- The company's ability to pay dividends in the future will depends on the company's earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
The Issue type of Elfin Agro India Ltd is Fixed Price - SME.
The minimum application for shares of Elfin Agro India Ltd is 6000.
The total shares issue of Elfin Agro India Ltd is 5325000.
Initial public offer of 53,25,000 equity shares of face value of Rs.5/- each ("Equity Shares") of Elfin Agro India Limited (the "Company" or the "Issuer") for cash at a price of Rs. 47/- per equity share, including a share premium of Rs. 42/- per equity share (the "Issue Price"), aggregating to Rs. 25.03 Crores ("The Issue"), of which 2,67,000 equity shares of face value of Rs. 5/- each for cash at a price of Rs. 47/- per equity share, aggregating to Rs. 1.25 Crores will be reserved for subscriptions by the market maker to the issue (the "Market Maker Reservation Portion"). The issue less market maker reservation portion i.e. Issue of 50,58,000 equity shares of face value of Rs. 5/- each for cash at a price of Rs. 47/- per equity share, aggregating to Rs. 23.77 Crores is here in after referred to as the "Net Issue". The issue and the net issue will constitute 27.41% and 26.04% respectively of the post issue paidup equity share capital of the company.
The face value of the equity share is Rs.5/- each and the issue price is Rs. 47/- each i.e., 9.40 times of the face value of the equity shares. The minimum lot size is 3,000 equity shares.