EAIL

Elfin Agro India Ltd

Listed SME BSE
🔥🔥🔥🔥🔥

Elfin Agro India Ltd is a Rajasthan-based SME engaged in manufacturing wheat flour products and mustard oil, raising ₹25.03 crores through a fixed-price IPO listed on BSE SME in March 2026.

Price Band
₹47–₹47
Lot Size
3000 shares
Issue Size
₹25.03 Cr
Subscription
1.35×
Open Date
05 Mar
Close Date
09 Mar
Allotment
10 Mar
Listing Date
12 Mar
Min Investment
₹1,41,000

Overview

About the Company

Elfin Agro India Limited was originally incorporated on July 28, 2009 as Ravija Sulz Private Limited, later renamed Elfin Agro India Private Limited in 2012, and converted into a public limited company in November 2024. Headquartered at RIICO Growth Centre in Bhilwara, Rajasthan, the company operates two manufacturing units — a Flour Processing Unit and a Mustard Oil Processing Unit. Its core product range spans Chakki Atta, R Atta, Tandoori Atta, Maida, Sooji, Bran, and Mustard Oil, marketed under the brands 'Shiv Nandi' and 'ELFIN'S Shri Shyam BHOG'. The company also trades agro-commodities such as wheat, chana, maize, groundnut oil, rice bran oil, soyabean oil, and cattle feed. Its clientele spans 8 states and 2 Union Territories including Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, Chandigarh, and Delhi. The facilities are FSSAI-registered and ISO 22000:2018 certified.

Company Details

Founded
2009
Headquarters
Bhilwara, Rajasthan
Industry
Food Processing / Agro Products
Promoter
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, M/s. Deepak Pal Harsh Kumar Daga HUF

📋 Objects of Issue (Use of Proceeds)

  • › Funding incremental working capital requirements of the company to support ongoing business operations (₹19.33 crores).
  • › Meeting general corporate expenses (₹3.50 crores).

✅ Strengths

  • ✓ Manufacturing units are strategically situated with strong infrastructure supporting efficient processing and timely order fulfilment.
  • ✓ The company benefits from cost-effective production capabilities and adequate installed capacity.
  • ✓ A broad distribution network enables presence across multiple retail channels and geographies.
  • ✓ Long-standing relationships with existing clients provide revenue stability.
  • ✓ The company offers product customisation and operational flexibility to meet varied customer requirements.
  • ✓ Facilities are FSSAI-registered and ISO 22000:2018 certified, ensuring food safety compliance.
  • ✓ Sourcing location in Rajasthan offers strategic proximity to raw material supply.

⚠️ Risks

  • ! The business is significantly exposed to volatility in wheat and mustard seed prices, which could adversely affect profitability.
  • ! A substantial portion of revenue is derived from Maida sales, creating product concentration risk.
  • ! Heavy dependence on a limited number of top customers for a large share of revenue poses concentration risk.
  • ! Operations are geographically concentrated in Rajasthan, making the company vulnerable to regional disruptions.
  • ! There are ongoing legal proceedings involving the promoters and certain group entities.