Futanari Elf Kairaku Choukyou "Dame! Deruuu! Kore Ijou Dashitakunaiiiiii"

News arrives from a remote corner of the kingdom: “Strange monsters, unlike anything we’ve ever seen, rule the roost there.”
Frena, a skilled hunter sent to investigate, never returns.
At first, the kingdom remains optimistic, but as the monsters—led by a witch—draw closer to the capital, the queen’s daughter and leader of the royal knight order, Cecil, sets out to deal with them.

However, the news that reaches the queen isn’t of victory—it’s of Frena and Cecil, now futanari, driven mad with pleasure and disgraced for everyone to see!..

[Translated from dmm]