Elfin Agro India shares listed at ₹47.30 on the BSE SME platform on March 12, only marginally above the issue price of ₹47. The debut gave investors a listing gain of 0.63%, which reflected a subdued response to the company’s public issue. The stock opened in line with expectations after the grey market premium stayed at ₹0 ahead of listing, pointing to a flat start.
Early trade showed limited movement in the counter. The stock touched a high of ₹48.05 and a low of ₹47.30, while about 4.47 lakh shares changed hands. The narrow trading band suggested that buying interest remained measured after listing. The stock also traded near ₹47.31 soon after its debut, which kept the premium over the issue price below 1%.
Elfin Agro India launched its SME IPO as a fixed-price issue at ₹47 per share. The issue opened for subscription on March 5 and closed on March 9. The allotment was finalised on March 10, while the shares were listed on March 12. The public issue comprised a fresh issue of 53.25 lakh equity shares and had no offer-for-sale component.
The company raised about ₹25.03 crore through the issue. Subscription remained moderate during the bidding period, with the IPO receiving bids for around 68.43 lakh shares against 50.58 lakh shares on offer. Overall, the issue was subscribed about 1.33 to 1.35 times by the close. The non-institutional investor portion saw stronger demand, while the retail segment remained below full subscription.
The IPO also had a large application size for retail participants. Investors had to apply in lots of 3,000 shares, with a minimum retail application of two lots or 6,000 shares. At the issue price, this pushed the minimum retail investment to about ₹2.82 lakh. Before the issue opened, the company had also raised ₹22.81 crore from anchor investors.
Elfin Agro India operates in the manufacturing and processing of wheat-based food products and edible oils. Its product range includes chakki atta, refined wheat flour, tandoori atta, sooji, maida, and yellow mustard oil. The company sells its flour products under the “Shiv Nandi” and “ELFIN’S Shri Shyam Bhog” brands. It markets mustard oil under the “Shiv Nandi” name.
The company runs two manufacturing units in Bhilwara, Rajasthan, and distributes its products across eight states and two Union Territories. It also trades in agro-products such as chana, maize, wheat, cattle feed, and edible oils, depending on market demand. As of January 31, 2026, the company had 23 employees.
Elfin Agro India said it will use most of the IPO proceeds to meet working capital needs and support general corporate requirements. Of the total amount raised, about ₹19.33 crore has been set aside for working capital, while nearly ₹3.50 crore will go toward corporate purposes.
In addition, the company posted stronger financial numbers in FY25. Net profit increased to ₹5.07 crore from ₹3.67 crore in the previous year, while total income rose to ₹146.43 crore from ₹124.71 crore. For the period ended December 31, 2025, Elfin Agro India reported revenue from operations of ₹11.78 crore and net profit of ₹3.98 crore.