Elfin Agro India shares list flat at IPO price of Rs 47 on BSE SME platform

Shares of Elfin Agro India made their market debut on Thursday, listing nearly flat. The stock opened at Rs 47.3 apiece on the BSE SME platform against the IPO price of Rs 47. The listing was broadly in line with the unlisted market expecations which had hinted at a flattish debut.

The GMP for the agro-processing company stood at Rs 0 ahead of the debut, suggesting the shares may list close to the issue price of Rs 47.

The Rs 25 crore IPO of Elfin Agro India had opened for subscription between March 5 and March 9. The issue was entirely a fresh equity sale of 53.25 lakh shares, meaning the company will receive the proceeds to fund its business operations.


The IPO saw modest overall demand, with the issue subscribed 1.35 times by the final day of bidding. Demand was largely driven by high-net-worth investors, with the NII portion subscribed 2.12 times, while the retail investor category saw subscription of 0.59 times.

Elfin Agro India operates in the agro-processing and edible oil segment. The company primarily manufactures and sells wheat-based products such as chakki atta, refined wheat flour (R atta), tandoori atta, maida and sooji, along with mustard oil.

Its products are marketed under brands such as Shiv Nandi and ELFIN's Shri Shyam Bhog, which are distributed through wholesalers and retailers across several northern and western states. The company also trades in various agricultural commodities including chana, maize, wheat, soybean oil, rice bran oil, cattle feed and groundnut oil, depending on prevailing market conditions.

Elfin Agro operates two manufacturing units in Bhilwara, Rajasthan, and supplies products across eight states including Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand, as well as two union territories -- Delhi and Chandigarh.

Financially, the company operates in a high-volume, low-margin segment typical of agro-processing businesses. For the nine months ended December 2025, Elfin Agro reported revenue of Rs 117.7 crore and profit after tax of Rs 3.98 crore.

The company plans to utilise the net proceeds from the IPO primarily to support its working capital requirements, which account for around Rs 19.33 crore, while Rs 3.5 crore will be used for general corporate purposes.