Green Asia Impex Limited IPO

Green Asia Impex Limited IPO closed on 1 Oct 2026. Allotment 5 Oct 2026, listing 7 Oct 2026. Price band ₹84–₹89, lot 1600 shares, GMP +₹0 (0%). Track allotment on Allotly.

About Green Asia Impex Limited

Green Asia Impex operates as an integrated processor and exporter of frozen seafood and agricultural commodities, catering primarily to business-to-business customers, including importers, distributors, and food processing companies in domestic and international markets. The company operates in two main business segments: shrimps and dried chillies. In the shrimp segment, the company sources raw shrimps from local aquaculture farmers and traders, processes them through grading, peeling, deveining, and freezing, and supplies processed frozen shrimp products. In the dried chillies segment, the company procures chillies from agricultural market committee traders and carries out processing activities such as cleaning, grading, and sorting before distribution. Revenue is generated through direct domestic sales within India as well as exports to overseas markets including China, Kuwait, the…

Strengths

• Green Asia claims to operate processing facilities equipped with grading machines, plate freezers, IQF hardeners, and cold storage units for frozen shrimps and dried chillies. The company also holds certifications and registrations, including HACCP, ISO 22000, FSSAI, and FDA registration, as applicable.
• As of March 31, 2026, the company exported its products to China, Kuwait, the USA, Malaysia, the UK, Vietnam, and Thailand. Its customer base includes importers, distributors, and food processing entities in domestic and international markets.
• The company has established relationships with trader-cum-commission agents operating in Agricultural Market Committee markets for sourcing shrimps and dried chillies. It sources from multiple suppliers and subjects procured raw materials to quality checks before acceptance.
• The company operates in frozen shrimps and dried chillies, which have different periods of peak availability. Shrimps generally have peak availability from October to July, while dried chillies have peak availability from January to April.
• Green Asia claims to have dedicated quality assurance and quality control teams covering procurement, processing, and finished products. It also claims that its laboratory is equipped for physical, chemical, and microbiological testing, while accredited external laboratories are used for specialised testing where required.
• The company’s shrimp portfolio includes Vannamei, Black Tiger, and freshwater shrimps in formats such as HOSO, HLSO, and Peeled & Deveined. Its chilli portfolio includes Teja, Bydagi, and Guntur varieties sourced through its procurement network in Andhra Pradesh.
• The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 135.23 crore in FY24 to Rs 192.04 crore in FY25 and Rs 254.88 crore in FY25. PAT increased from Rs 6.66 crore in FY24 to Rs 10.35 crore in FY25 and Rs 15.61 crore in FY26.

Risks

• The company derives a significant portion of its revenue from China, exposing it to country-specific risks. In FY26, sales to customers in China stood at Rs 120.09 crore, representing 31.29% of revenue from operations. Adverse changes in China’s economic conditions, import policies, food safety regulations, customs duties, trade relations or the geopolitical environment could hurt the company’s exports, revenue, and profitability.
• The company’s shrimp processing business is exposed to biosecurity risks, including shrimp diseases and viruses. Shrimp are vulnerable to diseases such as white spot disease, and the company cannot assure that its biosecurity measures or testing processes will prevent contamination at all stages. Any outbreak, contamination, or deterioration of raw or processed shrimp, including during transportation, could adversely affect its business and financial performance.
• The company has a contingent income tax liability of Rs 7.89 crore, which could result in a significant cash outflow if it materialises. As of March 31, 2026, the contingent liability related to an income tax demand for FY21-22 under appeal represented 19.04% of the company’s net worth. If the appellate proceedings do not result in a favourable outcome, payment of the demand could adversely affect the company’s cash flows, profitability, and net worth.
• The company has high customer concentration, particularly in its dried chillies segment, and generally does not enter into long-term agreements with customers. In FY26, the top 10 shrimp customers contributed Rs 263.07 crore (68.54% of total revenue from operations), while the top 10 dried chillies customers contributed Rs 35.75 crore (9.31%). Taken together, the top 10 customers across both segments accounted for 77.85% of revenue from operations in FY26. Since sales are generally based on purchase orders rather than long-term agreements, any loss of key customers or reduction in orders could materially affect revenue and cash flows.
• The company has reported negative cash flows from operating activities, primarily due to increases in inventory and trade receivables. Net cash utilised in operating activities stood at Rs 6.27 crore in FY26, Rs 5.06 crore in FY25, and Rs 15.00 crore in FY24. Continued cash being tied up in working capital could adversely affect the company’s liquidity and ability to fund its operations and growth plans.
• The company had outstanding financial indebtedness of Rs 119.97 crore as of August 31, 2026. Any failure to service or repay its borrowings on time could adversely affect the company’s business, financial condition, and cash flows.
• The company had trade receivables of Rs 97.35 crore as of March 31, 2026. Any delay or failure in collecting these receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.

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