Elfin Agro reported a 21.19% year-on-year increase in revenue from operations to ₹17,677.68 lakh for the financial year ended March 31, 2026 (FY26), driven by higher sales volumes and improved operational performance. Profit after tax (PAT) rose 14.70% to ₹576.98 lakh, while EBITDA grew to ₹967.25 lakh from ₹809.45 lakh in FY25. The growth was supported by the company’s listing on the BSE SME Platform on March 12, 2026, which enhanced liquidity and reduced debt levels.

The Board of Directors decided not to recommend any dividend for FY26, choosing instead to retain earnings to fund future business expansion. Statutory auditors M/s. Deepak Agal & Co., Chartered Accountants, issued an unqualified opinion on the financial statements, confirming compliance with applicable Accounting Standards and the Companies Act, 2013. The company also appointed M/s. Jindal Kulwal & Associates as internal auditors for FY26 and FY27.

Financial Performance

Revenue from manufacturing activities stood at ₹15,043.86 lakh, while trading revenue contributed ₹2,633.81 lakh. Mustard oil emerged as a key growth driver, with sales reaching ₹4,383.92 lakh compared to ₹2,088.21 lakh in FY25. Maida sales also increased to ₹4,338.40 lakh from ₹3,987.27 lakh. Conversely, Chana sales declined sharply to ₹162.37 lakh from ₹1,216.45 lakh, reflecting shifting product mix dynamics.

Balance Sheet and Cash Flow

The company’s balance sheet strengthened significantly following its initial public offering (IPO). Shareholders’ equity surged to ₹4,357.32 lakh from ₹1,375.85 lakh in FY25, primarily due to securities premium reserves created from the IPO proceeds. Total assets rose to ₹5,234.96 lakh from ₹3,344.14 lakh. Short-term borrowings decreased substantially to ₹322.13 lakh from ₹1,050.69 lakh, improving the debt-equity ratio to 0.07 from 0.89.

Cash and cash equivalents increased to ₹760.94 lakh from ₹25.84 lakh. Net cash from operating activities turned positive at ₹1,466.45 lakh, reversing a negative outflow of ₹303.43 lakh in the previous year. This improvement was aided by better working capital management, although inventories increased to ₹2,089.53 lakh from ₹1,111.33 lakh to support higher production volumes.

What the Numbers Show

The divergence between revenue growth (21.19%) and PAT growth (14.70%) indicates margin compression despite top-line expansion. EBITDA margin remained relatively stable at 5.18% in FY26 versus 5.22% in FY25, but PAT margin declined slightly to 3.26% from 3.45%. This suggests that while operational efficiency was maintained, non-operating costs or financing structures impacted bottom-line accruals relative to sales growth. Additionally, the return on equity dropped to 20% from 45%, a direct consequence of the expanded equity base from the IPO rather than operational underperformance.

Corporate Governance and Related Party Transactions

Shareholders will vote on the re-appointment of Vimal Kumar Daga as Whole-Time Director at the 17th Annual General Meeting scheduled for September 1, 2026. The meeting will also seek approval for material related-party transactions with M/s. Daga Brothers, valued up to ₹50 crore for FY27. These transactions include the sale and purchase of goods, leasing of property, and rendering of services, conducted on an arm’s-length basis. Interested directors, including Deepak Pal Daga and Vimal Kumar Daga, will abstain from voting on this resolution as per SEBI Listing Regulations.

Elfin Agro India Limited , formerly known as Elfin Agro India Private Limited (CIN: L15132RJ2009PLC029463), has announced the convening of its 17th Annual General Meeting (AGM). The meeting is scheduled for Tuesday, August 1, 2026, at 01:00 P.M. (IST) through Video Conferencing (VC) or Other Audio Visual Means (OAVM), without the physical presence of members at a common venue. The company published newspaper advertisements on August 3, 2026, in the Financial Express (English, All India edition) and Business Remedy (Hindi, Rajasthan edition), in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key AGM Details

The following table summarises the essential details of the 17th AGM as disclosed by the company:

Annual Report Dispatch and E-Voting Arrangements

In compliance with applicable MCA and SEBI circulars, the Notice of the 17th AGM and the Annual Report for the financial year 2023-24 are being dispatched exclusively through electronic mode to all members whose names appear in the Register of Members as on Friday, August 2, 2026, and whose email addresses are registered with the Company, RTA, or Depository Participants. Physical copies of the AGM notice and annual report are not being sent. The documents are available on the company's website at www.elfinagroindia.com , on the BSE Limited website at www.bseindia.com , and on the NSDL e-voting platform at www.evoting.nsdl.com .

E-Voting Facility for Members

The company is providing a remote e-voting facility through NSDL's electronic voting system. Key provisions for members are outlined below:

• Only members whose names appear in the Register of Members or Register of Beneficial Owners as on the cut-off date of Tuesday, 25th August, 2026, are entitled to avail the remote e-voting or e-voting facility at the AGM.
• Members who have not cast their vote through remote e-voting and are present at the AGM via VC/OAVM shall be eligible to vote through e-voting during the AGM.
• Members who have cast their vote through remote e-voting may attend the AGM but shall not be entitled to cast their vote again.
• Once a vote on a resolution is cast, it cannot be changed or re-cast subsequently.
• Members who acquire shares after the dispatch of the notice and hold shares as on the cut-off date may obtain the AGM notice, annual report, and e-voting credentials by writing to evoting@nsdl.com or contacting NSDL at 4th Floor, 'A' Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Phone: 022 - 4886 7000.
• Members may also write to the Company Secretary at cs@elfinagroindia.com .

Compliance and Regulatory Context

The public notice has been issued pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in compliance with applicable circulars issued by the Ministry of Corporate Affairs (MCA) and SEBI. The advertisement was signed by Khushbu Sethi, Company Secretary and Compliance Officer (Membership No: A40048), on behalf of Elfin Agro India Limited, dated August 3, 2026, from Bhilwara. Members holding shares in demat/electronic form who have not registered their email addresses are requested to contact their respective Depository Participants to update their details and ensure receipt of all AGM-related communications.