Elfin Agro India Limited is primarily engaged in the business of manufacturing of Chakki Atta (High fibre whole wheat flour), R Atta (Refined whole wheat flour), Tandoori Atta (Specialized flour), Sooji (Semolina flour), Maida (Refined Flour) and yellow mustard oil. As on the date of this prospectus, the Company has two manufacturing units that are situated at Bhilwara, Rajasthan: (i) Flour Processing Unit that houses two divisions viz., Chakki Atta (High fibre whole wheat flour) division and a separate division, i.e., Refined Flour division for manufacturing and processing of R Atta (Refined whole wheat flour), Tandoori Atta (Specialized flour), Maida (Refined Flour) and Sooji (Semolina flour); and (ii) Mustard oil Processing Unit for manufacturing and processing of Mustard Oil Company sells processed wheat flour under the brand 'Shiv Nandi' and 'ELFIN’S Shri Shyam BHOG' to wholesalers and retailers across Rajasthan, Uttar Pradesh, Gujarat, etc. They meticulously select premium quality wheat as the raw material in the Flour Processing unit. The Company is also engaged in the extraction, filtering and manufacturing of Edible mustard oil from raw mustard seeds, being the raw material used for its production. Edible mustard oil is sold under the brand 'Shiv Nandi'. Company also engages in the trading of certain agro-products, including Chana, Maize, Soyabean Refined Oil, Rice Bran Refined Oil, Wheat, cattle feed, groundnut oil etc based on the prevailing market conditions. The Company aims at achieving minimal wastage in the manufacturing units, wherein waste material/ or the by-products viz., wheat bran generated during the manufacturing process from the flour processing unit is sold as cattle feed and Mustard Seed Oil Cake is sold to nearby De-Oiled Cake (DOC) plants. Therefore, in this manner they commercialise all the by-products as well as waste material generated at the Manufacturing Units. In the Financial Years 2024 and 2025, the Company had entered into an agreement, wherein the Company undertook manufacturing of Atta under the label 'Bharat Atta' for National Agricultural Cooperative Marketing Federation of IndiaLimited (NAFED) and supplying the same to its various Government Institutional buyers and NAFED specified delivery points. The Company has an installed capacity of processing wheat upto 47,450 MTPA and mustard seeds upto 18,250 MTPA. In FY 2024-25, they were able to process 31,940 tonnes of wheat and 4,170 tonnes of mustard seeds. As per financial performance, Elfin Agro India Limited has posted total income / net profits of Rs 101.45 / 1.80 Cr (FY23), Rs 124.71 / Rs 3.67 Cr (FY24), Rs 146.43 Cr / 5.07 Cr (FY25) and Rs 117.71 Cr / 3.98 Cr (upto Q3 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 12.63 and average RoNW of 38.51% for last three fiscals. Issue is priced at a P/BV of 2.13 as per NAV of Rs 22.03/- as on Post Issue. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 24.83, 17.98 and 17.20 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Finshore Management Services Limited is associated with this IPOs, and has handled 32 IPOs in last three fiscal years. From last 10 IPOs, six opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, Seven are trading below issue price and remaining all are trading above issue price or at par (as on 28.02.26 ) As per financials, Elfin Agro India Limited has shown steady results, RoNW is 36.86% and P/E is 24.83, 17.98 and 17.20 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced and net profit margin is also low. Company is primarily engaged in the business of manufacturing of Atta, Sooji, Maida and yellow mustard oil, which is highly competitive business segment. Performance of BRLM is poor post listing. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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