Shares of Elfin Agro India debuted on the BSE SME platform Thursday with a muted listing, trading at approximately the issue price of Rs 47 per share, according to exchange data. The grey market had indicated no premium ahead of the listing, reflecting cautious investor sentiment.
The Rs 25 crore initial public offering (IPO) of the agro-processing company was open for subscription from March 5 to March 9. The offering comprised 53.25 lakh shares, with the company intending to leverage the proceeds for working capital and general corporate purposes. Approximately Rs 19.33 crore is earmarked for working capital requirements, while Rs 3.5 crore will be allocated to general corporate needs.
The IPO was subscribed 1.35 times indicating modest demand. Investor interest varied across categories, with the non-institutional investor (NII) portion receiving 2.12 times the allocated shares. However, the retail investor segment saw a subscription rate of only 0.59 times, suggesting limited participation from individual investors, according to data from multiple financial news outlets.
Elfin Agro India manufactures and sells wheat-based products, including chakki atta, refined wheat flour (R atta), tandoori atta, maida, and sooji, alongside mustard oil. These products are marketed under the brands Shiv Nandi and ELFIN’s Shri Shyam Bhog, and are distributed through wholesale and retail channels across eight states: Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, and Uttarakhand, as well as the union territories of Delhi, and Chandigarh.
The company also engages in the trading of agricultural commodities such as chana, maize, wheat, soybean oil, rice bran oil, cattle feed, and groundnut oil, adjusting its trading activities based on market conditions. Elfin Agro operates two manufacturing units located in Bhilwara, Rajasthan.
For the nine months ending December 2025, Elfin Agro reported revenue of Rs 117.7 crore and a profit after tax of Rs 3.98 crore. The company operates within the agro-processing sector, which is characterized by high volumes and relatively low profit margins.
Investors are now closely monitoring the stock’s performance on the SME exchange following the initial muted listing, as indicated by the grey market prior to trading.