Elfin Agro India IPO

Elfin Agro India began its operations in 2009 and produces wheat-based products which include Chakki Atta (whole wheat flour), R Atta, Tandoori Atta, Sooji (semolina) and Maida (refined flour). It also produces yellow mustard oil. The company operates two manufacturing facilities which are located in Bhilwara Rajasthan. It processes flour at one unit and mustard oil at another unit. The company sells its products through the brands "Shiv Nandi" and "ELFIN'S Shri Shyam BHOG" across different states.

The flour unit has been operational since FY13 and currently has an installed capacity of 47,450 MTPA after adding a roller flour mill machine in 2023. The mustard oil unit started operations in 2023 and has a capacity of 18,250 MTPA. The company processed 26,397 tonnes of wheat in 9MFY26 with a capacity utilisation of 74.18%. It also processed 4,389 tonnes of mustard seeds which resulted in a 32.67% usage of its capacity.

The company produces agricultural products and operates as a trader of agro-products which include chana, maize, soyabean refined oil, wheat & groundnut oil and mustard oil with a focus on current market conditions. The company generated 20.47% of its total revenue from trading activities during FY25 however the proportion of trading activities declined to 13.31% during 9MFY26. Wholesalers contributed 52.21% of revenue to the company during 9MFY26 while B2B clients provided 39.36%, traders accounted for 4.06% and other sources made up the remaining portion.

The company offers its products to institutional buyers, FMCG companies, wholesalers, retailers, traders and direct customers who operate in 8 states and 2 union territories. The biggest market for the company is Rajasthan which account for 57.23% of revenue for 9MFY26 while Gujarat generated 21.44% of revenue. The markets in Uttarakhand and Maharashtra have shown gradual growth. The company intends to expand its product line by introducing Chana Dal and Besan to its existing product offerings. All manufacturing units are registered with FSSAI and have ISO 22000:2018 certification.