Elfin Agro IndiaShare price, financial results, shareholding and management
- Market cap
- ₹175 cr
- Stock P/E
- 30.3peers 13.9
- Book value
- ₹22.7
- Price to book
- 3.96
- EV / operating profit
- -
- Market cap to sales
- 0.99
- ROCE · FY26
- 24.8%
- ROE · FY26
- 19.9%
- ROE, 3-year average
- 42.3%
- Operating margin · FY26
- 5.2%peers 11.0%
- Sales growth, 3 years
- 20.9%
- Profit growth, 3 years
- 42.4%
- Debt to equity
- 0.09peers 0.48
- Borrowings
- ₹4 cr
- Interest cover
- 6.3×
- Cash from business / op. profit
- 164%
- Debtor days
- 22
- Pledged
- 0.00%
- Promoter holding
- 72.59%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 259
- 52-week high / low
- ₹106 / ₹47
- Dividend yield
- 0.00%
- Face value
- ₹5
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Elfin Agro India share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 6,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +7.1%
- 3 months
- +9.6%
- 6 months
- +35.7%
- Traded a day, 20 days
- ₹0.12 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +22% | +15% |
| 3 years, a year | +21% | +42% |
About Elfin Agro India: business, products and customers
Elfin Agro India mills wheat into flour and presses mustard seed into cooking oil at two plants in Bhilwara, Rajasthan, and sells mostly in bulk to wholesalers and food companies. Its shares trade on BSE SME.
Elfin Agro India, formed in 2009, runs a flour mill and a mustard oil mill on adjoining plots at the RIICO Growth Centre in Bhilwara. The flour mill makes chakki atta, refined atta, tandoori atta, maida and sooji, and sells the wheat bran as cattle feed; the oil mill presses mustard seed in traditional kachi ghani machines and sells the leftover cake to de-oiled cake plants. Products go out under the Shiv Nandi and ELFIN'S Shri Shyam BHOG names, and in FY24 and FY25 the company also milled atta for NAFED under the Bharat Atta label.
Wholesalers bought about half of its goods and food and FMCG companies about two fifths in the nine months to December 2025, with maida and loose mustard oil in tankers going to companies that use or re-pack them under their own brands; buyers usually collect from the plant. Wheat and mustard seed are bought in season from farmers, traders, FCI and NAFED auctions and stored for the year, so crop prices move both sales and costs, the margin is a thin spread between the two, and cash sits in stock; the FY26 accounts note that purchases from farmers are settled on the spot, mostly in cash, so records for them are limited. Trading in chana, maize, soyabean, wheat and edible oils, bought and resold without milling, made up about a seventh of FY26 sales.
Read more about the business
The offer document calls the industry highly competitive and fragmented with no entry barriers, and names no competitors. Mustard oil grew fastest in FY26 and now sells about as much as maida, while the flour mill was already running at about three quarters of its capacity. The company says it plans to add chana dal and besan; the dal unit it bought at a bank auction in 2019 has been shut since 2022 on low margins.
From the prospectus of March 2026 and the FY26 annual report filed on BSE.
Read the deeper study ↓In its favour
- Sales have grown fast: 21% a year over three years.
- It earns a high return on the money it uses: ROCE 25% in FY26.
- It brings in more cash than it shows as profit: ₹15 cr against ₹5.8 cr in FY26.
- It has little debt for its size: debt to equity 0.09.
- The promoters own a large part of the company: 72.59%.
To watch
- Results for the half to September 2026: whether stock built in FY26 turns back into cash. FY26 operating cash flow of ₹14.7 cr includes ₹21.4 cr entered as other inflows, while stock, receivables and lower supplier credit took ₹14.7 cr (Annual report FY26, p.75 and p.77).
- Trade with Daga Brothers, a firm in a similar business with no non-compete, where Vimal Kumar Daga and Seema Daga are partners: purchases of ₹19.4 cr in FY26 and a ₹50 cr limit sought from shareholders for FY27 (Annual report FY26, p.28 and p.93; Offer document, p.35).
- Loans of ₹6.6 cr from Shreeshyam Agro Proteins and ₹1.0 cr from Shrinika Capital Finance, where promoters are directors, were taken and repaid in FY26; bank loans carry the promoters' personal guarantees; the FY26 audit report has no qualification (Annual report FY26, p.38, p.83 and p.93).
- Use of the mustard oil mill, a third of capacity in the nine months to December 2025, and any dated plan for the chana dal and besan named in the offer document (Offer document, p.116 and p.134).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Elfin Agro India revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months.
Elfin Agro India half-yearly results
SME companies report every six months · ₹ crore
| H2FY26 | |
|---|---|
| Sales | 104.77 |
| Expenses | 99.59 |
| Operating profit | 5.18 |
| OPM | 4.9% |
| Interest | 0.59 |
| Depreciation | 0.27 |
| Profit before tax | 4.68 |
| Net profit | 3.50 |
Elfin Agro India profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 100 | 123 | 145 | 176.78 |
| Expenses | 97 | 118 | 137 | 167.64 |
| Operating profit | 3 | 6 | 8 | 9.14 |
| OPM | 3.1% | 4.7% | 5.0% | 5.2% |
| Other income | 0 | 0 | 1 | 0.54 |
| Interest | 0 | 1 | 1 | 1.45 |
| Depreciation | 0 | 0 | 0 | 0.51 |
| Exceptional and other items | · | · | -1 | · |
| Profit before tax | 3 | 5 | 7 | 7.71 |
| Tax rate | 33.3% | 20.0% | 28.6% | 25.2% |
| Net profit | 2 | 4 | 5 | 5.77 |
| EPS ₹ | 1.29 | 2.63 | 3.57 | 4.01 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Elfin Agro India profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 3.1% | 4.7% | 5.0% | 5.2% |
| Tax rate | 33.3% | 20.0% | 28.6% | 25.2% |
| ROCE | · | 42.9% | 38.1% | 24.8% |
| ROE | · | 61.5% | 45.5% | 19.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Elfin Agro India debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Elfin Agro India balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 1 | 1 | 7 | 10 |
| Reserves | 4 | 7 | 7 | 34 |
| Net worth | 5 | 8 | 14 | 44 |
| Borrowings | 7 | 8 | 12 | 4 |
| Other liabilities | 9 | 9 | 7 | 4 |
| Total liabilities | 21 | 25 | 33 | 52 |
| Fixed assets | 8 | 10 | 10 | 11 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 13 | 15 | 23 | 41 |
Elfin Agro India cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 0 | 3 | -3 | 15 |
| Cash from investing | -3 | -2 | 0 | -1 |
| Cash from financing | 3 | 0 | 4 | -7 |
| Net cash flow | 0 | 1 | 1 | 7 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 19 | 18 | 23 | 22 |
| Inventory days | 24 | 22 | 31 | 49 |
| Days payable | 30 | 21 | 14 | 4 |
| Cash conversion cycle | 13 | 19 | 40 | 67 |
| Working capital days | 3 | 0 | 12 | 55 |
Elfin Agro India peers and competitors
Listed SME companies in the same industryBy sales, Elfin Agro India is number 19 of the 43 listed SME companies in food products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Peshwa Wheat | - | - | 216 | 16 | 11.0% | 0.56 |
| Chemkart India | 299 | 14.9 | 215 | 20 | 13.0% | 0.04 |
| Baba Food Processing (India) | 36 | - | 205 | -1.4 | 1.5% | 1.19 |
| Goyal Salt | 181 | 15.9 | 200 | 11.4 | 12.1% | 0.66 |
| Elfin Agro India | 175 | 30.3 | 177 | 5.8 | 5.2% | 0.09 |
| Jhandewalas Foods | 37 | 6.1 | 176 | 6 | 4.6% | 0.23 |
| Srivari Spices And Foods | 244 | 15.3 | 174 | 16 | 17.0% | 0.45 |
| Leo Dryfruits & Spices Trading | 103 | 9.3 | 174 | 11 | 11.0% | 0.50 |
| Chatha Foods | 220 | 36.7 | 166 | 6 | 7.0% | 0.46 |
| Sonalis Consumer Products | 17 | 1.8 | 150 | 9 | 7.0% | 0.09 |
| Shyam Dhani Industries | 109 | 12.8 | 146 | 8.5 | 11.3% | 0.52 |
| Median of the 10 others | 109 | 13.9 | 175 | 10 | 11.0% | 0.48 |
Elfin Agro India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Elfin Agro India shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | Sep 26 | |
|---|---|---|
| Promoters | 72.59% | 72.59% |
| Number of shareholders | 246 | 259 |
Elfin Agro India study: the business from its own documents
Read from 2 of the company's own documentsElfin Agro India key facts from the filings
Each figure with the document it comes from
- Flour mill
- 47,450 t a year
- Wheat the mill can process in a year; it ran at 74% of that in the nine months to December 2025, up from 67% in FY25.Offer document, p.112 and p.134
- Mustard oil mill
- 18,250 t a year
- Mustard seed it can crush in a year; it ran at 33% in the nine months to December 2025 and 23% in FY25.Offer document, p.115 and p.134
- Mustard oil sales
- ₹43.8 cr
- Mustard oil sold in FY26, more than double the ₹20.9 cr of FY25, now level with maida at ₹43.4 cr.Annual report FY26, p.52
- Trading
- ₹26.3 cr
- Goods bought and resold in FY26, against ₹150.4 cr from its own mills.Annual report FY26, p.53
- Home state
- 57%
- Share of sales made in Rajasthan in the nine months to December 2025; Gujarat came next at 21%.Offer document, p.129
Show 5 more facts
- Largest buyers
- 30%
- Share of sales to the ten largest buyers of its own products in the nine months to December 2025; the largest took 6%.Offer document, p.130
- Stock
- ₹20.9 cr
- Inventories at March 2026, up from ₹11.1 cr a year earlier while sales rose about a fifth.Annual report FY26, p.75 and p.29
- Buying from a promoter firm
- ₹19.4 cr
- Goods bought in FY26 from Daga Brothers, where two promoters are partners, against ₹8.2 cr in FY25.Annual report FY26, p.28 and p.93
- Share sale
- ₹25.0 cr
- Raised in March 2026 at ₹47 a share, mostly for working capital; ₹5.0 cr sat in a fixed deposit for use in FY27.Annual report FY26, p.80
- Staff
- 23
- Employees on the rolls at March 2026; loading, unloading and packing are done by contract labour.Annual report FY26, p.54; Offer document, p.112
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company gives no figures for future sales or profit. The prospectus set out how the share sale money would be spent, and the FY26 annual report says the part due in FY26 was used as planned with no deviation, while ₹5.0 cr for working capital was kept in a fixed deposit for FY27. The offer document also names chana dal and besan as products it intends to add, without dates.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Elfin Agro earns a thin margin between the price of wheat and mustard seed and the price of the flour and oil it makes from them.
Its weak spots are crop prices it cannot control, a flour mill that is already close to full, and growing trade with a firm owned by its promoters.
WatchCan it set its own prices?No. It sells staples priced off the crops it buys, and the company says competition can hurt margins.
WatchHow strong is it against rivals?It is a small regional miller in a crowded trade that anyone can enter.
AverageWho are its customers?Many wholesalers and food companies, none of them large, but most of them in one state.
WatchDoes it need a lot of money?The plants are cheap, but buying a year's grain and seed in season ties up a lot of cash.
AverageCan it keep finding new work?Buyers come back for staples, and the oil mill has room to grow, but the flour mill is close to full.
AverageDo good and bad years swing a lot?Sales and profit have risen every year in the documents, but crop prices and seasons can move results.
Who runs Elfin Agro India?
Promoters, directors and officers; tap a name for the background
DPDeepak Pal DagaPromoter and Managing Director · holds 13.59%
On the board since August 2019 and Managing Director since 1 December 2024 for five years. Over two decades in food processing and agro commodity trading, with a focus on marketing and the distribution network; the offer document says educational records could not be traced. Paid ₹0.30 cr in FY26; a director of group companies Shreeshyam Agro Proteins, Shreeshyam Agrocrop and Shrinika Capital Finance, and stated to be the brother of Vimal Kumar Daga.
Offer document, p.164, p.166 and p.180; Annual report FY26, p.92VKVimal Kumar DagaPromoter and Whole Time Director · holds 13.54%
On the board since August 2019 and Whole Time Director since 1 December 2024. Over 31 years trading and processing wheat, maize, gram and mustard seed; oversees procurement and administration. A partner in Daga Brothers and karta of two promoter HUFs, which the FY26 report counts as a further 19.56%; pay rose from ₹0.09 cr to ₹0.18 cr in FY26 and was up for re-appointment by rotation at the 2026 AGM.
Annual report FY26, p.16, p.49 and p.92; Offer document, p.163 and p.166SDSeema DagaPromoter · holds 13.54%
Bachelor of Arts from Maharshi Dayanand Saraswati University, 1996, with more than 16 years in finance and food processing; stated in the offer document to be the spouse of Vimal Kumar Daga. A partner in Daga Brothers per the 2026 AGM notice. The offer document lists loan recovery cases filed by Seema Daga as proprietor of Shree Shyam Finance, and no criminal case against the company, its promoters or directors.
Offer document, p.181, p.185, p.259 and p.261; Annual report FY26, p.28NDNeetu DagaPromoter · holds 9.78%
More than 12 years in food processing; stated in the offer document to be the wife of Deepak Pal Daga. A director of Shreeshyam Agro Proteins, Shreeshyam Agro Crop, Shrinika Capital Finance and 11 ZZ Creation, and a partner in Daga Brothers per the offer document.
Offer document, p.177 and p.182; Annual report FY26, p.81VKVimal Kumar Ayush Pal Daga HUF, Vimal Kumar Deepak Pal Daga HUF and Deepak Pal Harsh Kumar Daga HUFPromoter HUFs
Family trusts of the Daga promoters: Vimal Kumar Daga is karta of the first two and Deepak Pal Daga of the third. They hold 9.78%, 9.78% and 2.57%.
Offer document, p.73 and p.183ADAyush DagaNon-Executive Director
On the board since September 2024; B.Com and a Chartered Accountant since 2019, with about five years in the business looking after accounting, marketing and branding. Stated in the offer document to be the son of Vimal Kumar Daga.
Offer document, p.164 and p.166RLRatan Lal BarethChief Financial Officer
CFO since 1 March 2025, after Chetan Jain held the post from 1 December 2024 to 28 February 2025. M.Com and LLB with over ten years in accounting and finance; earlier an accounts officer at the company from 2021 to 2023.
Offer document, p.175 and p.178AKAnil Kumar KabraIndependent Director
Chartered Accountant since 1991 with over 33 years in audit, tax and accounts; partner at A.K. Kabra and Associates. Appointed 1 December 2024.
Offer document, p.165 to p.166CNChitra NaraniwalIndependent Director
A qualified Company Secretary since 2016 with an LLB, working in secretarial, corporate, legal and GST matters. Appointed 1 December 2024.
Offer document, p.165 to p.166Elfin Agro India latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters unchanged at 72.59%.
Elfin Agro India announcements
5 on record, latest first; each opens the filing on the exchange
- AGM/EGMVOTING RESULTS ALONGWITH SCRUINITIZER''S REPORT DATE 11.10.2026 ON THE POSTAL BALLOT PROCESS CONDUCTED THROUGH REMOTE EVOTINGPDF ↗
- AGM/EGMVoting Result of Postal Ballot along with Scrutinizer''s ReportPDF ↗
- Company UpdateCertificate pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026PDF ↗
- Insider Trading / SASTIn accordance with the SEBI(prohibition of Insider trading), Regulation 2015, the trading window shall remain close for all the directors/KMP/conncected person/PDF ↗
- OthersPursuant to Regulation 30 read with Schedule III, Part A, Para A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to iPDF ↗
Elfin Agro India annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- FY26 ↗read
Elfin Agro India share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Elfin Agro India's data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,94,25,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Elfin Agro India
What does Elfin Agro India do?
Elfin Agro India mills wheat into flour and presses mustard seed into cooking oil at two plants in Bhilwara, Rajasthan, and sells mostly in bulk to wholesalers and food companies. Its shares trade on BSE SME.
What is the share price of Elfin Agro India?
₹90 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Elfin Agro India?
₹175 cr at the close on 6 Nov 2026, on 1,94,25,000 shares.
What is the P/E of Elfin Agro India?
30.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Elfin Agro India's revenue and profit?
Revenue ₹177 cr and profit after tax ₹6 cr in FY26.
Who are the promoters of Elfin Agro India?
Deepak Pal Daga, Vimal Kumar Daga, Seema Daga, Neetu Daga, Vimal Kumar Ayush Pal Daga HUF, Vimal Kumar Deepak Pal Daga HUF and Deepak Pal Harsh Kumar Daga HUF; promoters held 72.59% at 30 Sept 2026.
What is Elfin Agro India's website?
www.elfinagroindia.com
More SME companies like Elfin Agro India
Other listed SME companies in food products, the closest in size first, each read from its own documents.
- Goyal SaltGOYALSALT · NSE Emerge · Food Products · listed 2023Market cap ₹166 cr
- Mayank Cattle FoodMCFL · BSE SME · Food ProductsMarket cap ₹158 cr
- Mother Nutri FoodsMNFL · BSE SME · Food ProductsMarket cap ₹200 cr
- Chatha FoodsCHATHA · BSE SME · Food ProductsMarket cap ₹212 cr
- Shivashrit FoodsSHIVASHRIT · NSE Emerge · Food Products · listed 2025Market cap ₹215 cr
- Adon Agro CommoditiesADON · BSE SME · Food ProductsMarket cap ₹230 cr
Built from 1 offer document, 1 annual report, 5 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.