Elfin Agro India IPO
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Elfin Agro India IPO details
Schedule of Elfin Agro India
| Issue open date | 05 Mar 2026 |
| Issue close date | 09 Mar 2026 |
| UPI mandate deadline | 09 Mar 2026 (5 PM) |
| Allotment finalization | 10 Mar 2026 |
| Refund initiation | 11 Mar 2026 |
| Share credit | 11 Mar 2026 |
| Listing date | 12 Mar 2026 |
| Mandate end date | 24 Mar 2026 |
| Lock-in end date for anchor investors (50%) | 09 Apr 2026 |
| Lock-in end date for anchor investors (remaining) | 08 Jun 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Elfin Agro India
Elfin Agro India Limited was originally incorporated on July 28, 2009, as Ravija Sulz Private Limited. It was later renamed Elfin Agro India Private Limited in 2012 and converted into a public limited company in November 2024. The Company is headquartered at RIICO Growth Centre, Bhilwara, Rajasthan. The promoters are Mr Vimal Kumar Daga, Mr Deepak Pal Daga, Mrs Seema Daga, Mrs Neetu Daga, and associated HUF entities. The Company operates two manufacturing units in Bhilwara, Rajasthan— a Flour Processing Unit and a Mustard Oil Processing Unit. Its key products include Chakki Atta, R Atta, Tandoori Atta, Maida, Sooji, Bran, Mustard Oil and Mustard Oil Cake. It also engages in trading of agro commodities such as wheat, chana, maize and edible oils. The business model combines in-house processing and commodity trading, catering to B2B clients, wholesalers, retailers and individual consumers. Its strengths include FSSAI-registered and ISO 22000:2018 certified facilities, strategic sourcing location, diversified customer base and established presence in Rajasthan and adjoining states.
Financials of Elfin Agro India
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 25.03 |
| Fresh Issue – Proceeds go to the company | 25.03 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Working Capital Requirements | 19.33 (77.22%) |
| Issue Related Expenses | 2.2 (8.79%) |
| General corporate purposes | 3.5 (13.99%) |
Strengths
- Diversified product portfolio including flour and mustard oil.
- FSSAI-registered and ISO 22000:2018 certified facilities.
- Strategically located manufacturing units in Rajasthan.
- Strong presence in Rajasthan and nearby states.
- Established relationships with B2B, wholesalers and retailers.
Risks
- High dependence on wheat and mustard seed price fluctuations.
- Revenue concentration from Maida sales.
- Significant reliance on top customers for revenue.
- Geographical concentration of operations in Rajasthan.
- Ongoing legal proceedings involving promoters and group entities.