Green Asia Impex IPO (24 Sep-28 Sep) Analysis

Sep 28

7 min read

Updated: Oct 4

IPO Analysis | NSE Emerge | 100% Book Built Offer (Fresh Issue and Offer for Sale) | Regulation 229(2) and 253(1), 253(2)

Based on Red Herring Prospectus dated September 18, 2026 | Frozen Shrimp and Dried Chillies Processing and Export | West Godavari, Andhra Pradesh

Green Asia Impex Limited was incorporated as Green Asia Impex Private Limited on August 5, 2014, and converted to a public company in September 2025. The registered office is at RS. No. 677/2A1, Unguturu Village and Mandal, Eluru District, Vunguturu, West Godavari 534411, Andhra Pradesh. The website is www.greenasiaimpex.com.

The promoters are Pasupuleti Venkata Ramarao and Pasupuleti Meenakshi. Ganta Aswani Raju is Company Secretary and Compliance Officer. The statutory auditor is Sreedar Mohan and Associates.

The company sources, processes and exports frozen shrimp and dried chillies on a B2B basis, serving importers, distributors and food processing companies in both domestic and international markets.

Its existing seafood processing facility has an installed capacity of 10,800 MTPA. Roughly 62% of shrimp revenue comes from domestic Indian customers and 32% from China, while dried chillies revenue is far more China dependent, though that share fell sharply from 87.41% in FY2025 to 32.74% in FY2026 as domestic dried chillies sales grew. The company's financial year ends March 31.

Key Basics

This is a book built issue on NSE Emerge, made under Regulation 229(2) and 253 of the SEBI ICDR Regulations. The RHP is dated September 18, 2026. The Price Band and lot size remain undetermined at this stage, though bidding is scheduled to open in a few days.

Field	Value
Document Type	Red Herring Prospectus dated September 18, 2026. Price Band and lot size are [TBD].
Platform	NSE Emerge. Designated Stock Exchange: NSE.
Issue Structure	Fresh Issue of Rs.5,310.00 Lakhs plus an Offer for Sale of Rs.700.00 Lakhs by the two promoters (Rs.370.00 Lakhs and Rs.330.00 Lakhs respectively). Total Offer Rs.6,010.00 Lakhs.
Face Value	Rs.10 per Equity Share
Pre IPO Placement	6,71,045 Equity Shares allotted to six allottees at Rs.77 per share (including a Rs.67 premium), raising Rs.516.70 Lakhs, already deducted from the Fresh Issue
Promoter WACA	Rs.3.33 per Equity Share for both promoter selling shareholders, as certified by the statutory auditor
BRLM	Indorient Financial Services Limited
Registrar	Bigshare Services Private Limited
Bid Dates	Bidding opens September 24, 2026 and closes September 28, 2026.

What distinguishes this issue is the wide gap between the promoters' weighted average cost of acquisition, Rs.3.33 per share, and the Pre IPO Placement price of Rs.77 per share struck just weeks before this RHP; both figures are disclosed, giving two very different reference points for judging the eventual Price Band. The Offer for Sale is entirely a partial promoter exit.

How Will the IPO Money Be Used?

This is a Fresh Issue plus an Offer for Sale. The company receives no proceeds from the Offer for Sale; those proceeds go to the two promoter selling shareholders.

Object	Amount (Rs. Lakhs)	Details
Capital expenditure: proposed seafood processing facility at Chinnayagudem, Andhra Pradesh	4,002.77	Total project cost Rs.5,126.94 Lakhs, of which Rs.124.17 Lakhs (land) already paid from internal accruals and a further Rs.1,000.00 Lakhs to come from internal accruals in Fiscal 2028. Adds 11,100 MTPA of new capacity, focused on higher margin value added products such as IQF and semi cooked shrimp, on top of the existing 10,800 MTPA facility.
General corporate purposes	[TBD]	Capped at 15% of Gross Proceeds or Rs.1,000.00 Lakhs, whichever is lower.
Total Net Proceeds	[TBD]	To be finalised once the Offer Price is set.

As of the RHP date, no purchase orders have been placed for any of the Rs.3,240.86 Lakhs of plant and machinery included in this project, though quotations have been obtained and the project cost is backed by an independent Chartered Engineer's report. The land for the new facility, 13,354.63 square metres in Chinnayagudem, has already been acquired and is free of encumbrances.

Financial Performance

Revenue, EBITDA, and Profitability

Consolidated (Rs. Lakhs)	FY2026	FY2025	FY2024
Revenue from Operations	38,380.39	33,762.21	31,738.66
Revenue Growth	13.68%	6.38%	73.39%
EBITDA	2,522.97	2,074.18	1,734.82
EBITDA Margin	6.57%	6.14%	5.47%
Profit After Tax	1,561.12	1,035.20	665.99
PAT Margin	4.07%	3.07%	2.10%
EPS, Basic and Diluted (Rs.)	10.56	7.00	4.50
Return on Equity	46.43%	50.16%	51.34%
Return on Capital Employed	19.69%	19.99%	18.85%

Revenue grew 13.68% in FY2026 to Rs.38,380.39 Lakhs, slower than the 73.39% jump in FY2024, and both EBITDA margin and PAT margin have improved every year, from 5.47% and 2.10% in FY2024 to 6.57% and 4.07% in FY2026.

RoE has eased slightly each year despite rising absolute profit, from 51.34% in FY2024 to 46.43% in FY2026, as the equity base has grown. Debt to Equity has improved sharply, from 4.12x in FY2024 to 2.4x in FY2026, though it remains high in absolute terms.

Balance Sheet and Cash Flow

Consolidated (Rs. Lakhs)	FY2026	FY2025	FY2024
Total Assets	25,487.76	19,204.21	13,523.17
Total Equity	4,142.60	2,581.48	1,546.28
Debt to Equity	2.4x	2.9x	4.12x
Net Cash from Operating Activities	(626.63)	(505.82)	(1,499.90)
NAV per Share (Rs.)	28.01	17.45	10.45

Operating cash flow has been negative in every year shown, Rs.626.63 Lakhs used in FY2026, Rs.505.82 Lakhs in FY2025 and Rs.1,499.90 Lakhs in FY2024, as growing trade receivables and inventory consistently absorb more cash than operations generate; this is a working capital intensive trading and processing business funded substantially by short term borrowings, which stood at Rs.9,181.07 Lakhs as of March 31, 2026. NAV per share has nearly tripled since FY2024, from Rs.10.45 to Rs.28.01, aided by bonus shares allotted at two shares for every one held in November 2025.

How Does It Compare to Peers?

The RHP names three listed peers: Apex Frozen Foods, Kings Infra Ventures and Essex Marine, based on closing prices as of March 30, 2026. Green Asia Impex's own P/E cannot be shown until the Price Band is set.

Company	EPS (Rs.)	P/E (x)	NAV (Rs.)	RoNW (%)
Green Asia Impex Limited	10.56	[TBD]	22.74	46.43%
Apex Frozen Foods Limited	12.43	29.16	168.96	7.60%
Kings Infra Ventures Limited	6.59	17.21	35.47	20.37%
Essex Marine Limited	4.63	4.40	26.25	22.85%

Green Asia Impex's RoNW of 46.43% is far higher than all three named peers, none of which exceed 23%. Apex Frozen Foods, by far the largest peer by revenue at Rs.93,113.75 Lakhs, carries the highest NAV per share and the highest named P/E at 29.16x despite the lowest RoNW of the group, at 7.60%, illustrating that scale and profitability do not necessarily move together in this peer set.

Key Risks

• China accounted for 31.29% of FY2026 revenue from operations across both product lines, exposing the company to Chinese import policy, customs and geopolitical developments; dried chillies exposure to China alone swung from 87.41% of that segment's revenue in FY2025 to 32.74% in FY2026, a volatile and concentrated customer base.

• Operating cash flow has been negative in every year shown, Rs.1,499.90 Lakhs used in FY2024, Rs.505.82 Lakhs in FY2025 and Rs.626.63 Lakhs in FY2026, funded substantially by short term borrowings of Rs.9,181.07 Lakhs as of March 31, 2026.

• As of the RHP date, no purchase orders have been placed for any of the Rs.3,240.86 Lakhs of plant and machinery for the new seafood processing facility, 100% of the project's machinery cost, so delivery timelines and final pricing remain unconfirmed.

• The company operates in a biosecurity sensitive industry; shrimp are vulnerable to diseases such as White Spot Disease, and the RHP itself states its biosecurity measures may not be fully effective at all stages of farming, harvesting and processing.

• Debt to Equity, though improving, remains elevated at 2.4x in FY2026, down from 4.12x in FY2024, still well above a conservative threshold for a working capital intensive exporter.

• The Pre IPO Placement priced shares at Rs.77 each just weeks before this RHP, a large premium to the promoters' own weighted average cost of acquisition of Rs.3.33 per share; investors should judge the eventual Price Band against both figures.

• Only three listed peers are named, of widely varying scale, from Essex Marine at Rs.6,069.26 Lakhs revenue to Apex Frozen Foods at Rs.93,113.75 Lakhs, limiting how precisely the comparison can inform valuation.

• The business is also exposed to adverse weather, including droughts and floods, which the RHP names as a risk to both shrimp farming inputs and processing operations in coastal Andhra Pradesh.

• Existing capacity utilisation at the block freezing facility was 54.82% in FY2026, which the RHP describes as broadly in line with an industry norm of 60% to 65%, though it leaves room for the new facility to be underutilised initially.

• Industry and demand growth figures cited in this RHP, including Indian and export shrimp market sizing, are sourced from a Ken Research report; the RHP does not disclose whether this report was commissioned and paid for by the company.

• The Offer for Sale is entirely a promoter exit, and both promoter selling shareholders' shares carry a very low disclosed cost of acquisition relative to the likely Price Band.

Positives to Note

• EBITDA margin and PAT margin have both improved every year shown, from 5.47% and 2.10% in FY2024 to 6.57% and 4.07% in FY2026, even as revenue growth moderated from the exceptional 73.39% jump in FY2024.

• Debt to Equity improved substantially, from 4.12x in FY2024 to 2.4x in FY2026, even as the balance sheet nearly doubled in size.

• Dried chillies revenue concentration in China fell sharply, from 87.41% in FY2025 to 32.74% in FY2026, as the company grew domestic Indian sales of the segment from Rs.712.68 Lakhs to Rs.2,124.06 Lakhs.

• RoNW of 46.43% in FY2026 is far ahead of all three named listed peers, none of which exceed 23%.

• The land for the new processing facility has already been acquired free of encumbrances, and the project cost is backed by an independent Chartered Engineer's report rather than management estimates alone.

• The new facility is specifically designed for higher margin value added products, IQF, semi cooked and ready to eat shrimp, responding to a documented shift in international demand away from block frozen product.

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