Green Asia Impex
A distinct read of SME-specific danger (liquidity, concentration, forensic flags) — separate from the FinMinutes Score. Higher band = more caution warranted.
- Operating cash flow remained negative across all three years (-Rs. 6.27 crore in FY26) due to working capital lockup in receivables (Rs. 97.35 crore).
- Pending Income Tax demand of Rs. 7.89 crore under appeal before CIT (Appeals) represents 19.04% of restated net worth.
- Allocating Rs. 40.03 crore of fresh issue proceeds to construct a new plant while existing IQF capacity utilization stands at 20.00%.
- Pre-IPO bonus issue of 9,858,600 shares in November 2025 reduced 3-year promoter WACA to Rs. 17.48 per share.
- Restatement basis change: FY24 is consolidated (including divested subsidiary Green Asia Cold Storage) while FY25/FY26 are standalone.
Educational risk signal grounded in the filing — not a buy/sell call.
First time with SME IPOs? Read the SME IPO guide and the risks before applying.
FinMinutes Deep Business Model & Edge
Green Asia Impex Limited is engaged in the sourcing, processing, and export of frozen seafood (primarily Vannamei, Black Tiger, and freshwater shrimps) and agri-commodities (dried chillies).
What this company actually does — full breakdown ▾
Incorporated in 2014 and headquartered in Tadepalligudem, Andhra Pradesh, Green Asia Impex Limited is an integrated processor and exporter of frozen shrimps and dried chillies. The company operates a shrimp processing facility at Unguturu, Tadepalligudem, Andhra Pradesh with an installed capacity of 10,800 MTPA (7,200 MTPA shrimp block freezing and 3,600 MTPA IQF). In FY26, capacity utilization at the existing facility stood at 54.82% for block freezing and 20.00% for IQF. The company also operates a leased chilli processing facility at Guntur, Andhra Pradesh for cleaning, grading, sorting, and stem removal. Raw materials are procured through trader-cum-commission agents across Andhra Pradesh. Processed shrimps contributed 90.23% (exports 34.35%, domestic/trading) and dried chillies contributed 9.77% of FY26 revenue from operations. The company sells to B2B importers, distributors, and food processing companies across global export markets (such as the US, Malaysia, and Kuwait) and India, with top 10 customers accounting for 68.54% of FY26 revenue.
Export-grade processing facility recognized as a Two Star Export House, established B2B distribution relationships in international markets, and integrated processing capabilities covering both seafood and agri-commodity seasonal cycles.
The Offer
Follow the Money — Use of Proceeds
- Funding the capital expenditure for setting up the proposed seafood processing facility at Chinnayagudem, Andhra Pradesh including purchase and installation of plant, machinery & equipment — ₹40.03 cr
- General Corporate Purposes
Valuation at the Offer Price
The filing does not print a single headline multiple, so this one is ours: the upper band divided by the latest restated earnings per share — the same arithmetic the “Basis for the Offer Price” section performs. It is struck on pre-issue earnings; where the issue creates new shares, the post-issue multiple is computed in the workings below. The peer group is the one the filing itself names. A premium is not the same thing as expensive and a discount is not the same thing as cheap — the peer table and the reasons sit further down this page.
FinMinutes IPO Score — How It's Built
Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures and what it is worth. Components with no disclosed input are dropped from the weighting entirely rather than held at an invented neutral, because a constant inside a weighted average is not neutral — it quietly drags every score toward the middle. Weighted across 4 live components.
88% of the designed weighting had real data behind it on this issue. Not yet scored here: Filing Integrity. A lower coverage figure does not mean a worse company — it means we are standing behind less of the picture, and you should read the findings below rather than the headline number.
How this is measured12%
Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.
How this is measured32%
Driven by the models battery run on the filing's own restated numbers: the Piotroski fundamental tests (scored out of those we could actually run), the Altman Z-double-prime solvency zone, and the direction of profit across the disclosed period. It is not a single yes/no on last year's profit.
How this is measured10%
The post-issue earnings multiple against the peer median disclosed in the filing. A discount to the median scores well and a premium scores badly. When the filing does not disclose comparable peer multiples, this component is dropped from the weighting rather than held at a made-up neutral.
How this is measured28%
Starts at 100 and loses points for every material finding: 12 for a flagged finding, 4 for a noted one. Two kinds feed it. DERIVED findings are computed from the filed numbers against stated thresholds — operating cash negative while profit is positive, related-party revenue above 15% of total, revenue rising while profit falls, goodwill above 30% of net worth, receivables growing more than 1.3x faster than sales, cash below half of short-term debt. Those are reproducible: the same filing gives the same answer every time, and the rule is printed beside the finding. READ findings come from the forensic sweep of the notes. Contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications, statutory dues, promoter funding. Findings that record the ABSENCE of a problem — no litigation pending, an unmodified audit opinion — deduct nothing. This is the component our forensic read drives directly, and it moves most between companies.
3-Year Financial & Growth Trend
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 383.8039 | 337.6221 | 317.3866 |
| Net Profit (₹ Cr) | 15.6112 | 10.352 | 6.6599 |
| PAT Margin | 4.07% | 3.07% | 2.1% |
Market Context
NOT part of the FinMinutes ScoreThe Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.
Demand and our read of the filing are broadly in the same territory.
Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.
Why the numbers moved, in management’s own words
Taken from the Management’s Discussion and Analysis section of the filing. A number tells you what happened; this is the company’s explanation of why, and whether it calls the cause temporary or structural.
| Metric | Move | Management's stated reason | Type |
|---|---|---|---|
| Shrimp Segment Revenue (FY26 vs FY25) | ↑ 23.6% | Shrimp revenue grew due to higher processing volumes, an increased shift toward Individual Quick Freezer (IQF) shrimp products, and expansion in domestic sales. | Structural |
| Dried Chillies Segment Revenue (FY26 vs FY25) | ↓ 33.7% | Dried chillies revenue fell due to reduced export order volumes from China and shifting demand patterns in overseas markets. | Cyclical |
| Finance Costs (FY26 vs FY25) | ↑ 95.6% | Finance costs nearly doubled due to higher working capital borrowing utilization to fund inventory build-up and extended trade credit terms. | Structural |
| Other Expenses (FY26 vs FY25) | ↑ 39.1% | Other expenses increased due to operational scaling, higher rates and taxes, and elevated transportation and selling expenses. | Structural |
| Operating Expenses (FY26 vs FY25) | ↑ 29.0% | Operating expenses expanded in tandem with higher shrimp processing volumes and facility operational costs. | Structural |
| Profit After Tax (FY26 vs FY25) | ↑ 50.8% | Net profit expanded due to higher shrimp top-line growth, improved IQF product mix, lower effective material cost percentage from inventory credits, and higher other income. | Structural |
| Trade Receivables (FY26 vs FY25) | ↑ 50.8% | Trade receivables surged due to longer collection cycles offered to overseas and domestic buyers, pushing receivable days from 49 days to 77 days. | Structural |
| Inventories (FY26 vs FY25) | ↑ 30.2% | Inventories built up due to higher raw prawn procurement and stockpiling of finished frozen shrimp and work-in-progress to meet upcoming export orders. | Structural |
| Total Borrowings (FY26 vs FY25) | ↑ 32.8% | Borrowings increased due to additional short-term working capital debt drawn to fund inventory accumulation and trade receivables. | Structural |
| Operating Cash Flow Outflow (FY26 vs FY25) | ↑ 23.9% | Operating cash outflow widened as operating profits were entirely absorbed by working capital lock-up in inventory and receivables. | Structural |
| Dried Chillies Segment Revenue (FY25 vs FY24) | ↑ 86.2% | Dried chillies revenue expanded rapidly due to a surge in export shipments to Chinese importers. | Structural |
| Profit After Tax (FY25 vs FY24) | ↑ 55.4% | Net profit expanded due to dried chillies export growth, improved EBITDA margins, and higher foreign exchange gains. | Structural |
| Trade Receivables (FY25 vs FY24) | ↑ 150.9% | Trade receivables jumped following rapid export revenue growth and lengthening customer credit terms. | Structural |
| Operating Cash Flow Outflow Reduction (FY25 vs FY24) | ↓ 66.3% | Operating cash outflow narrowed as higher operating profit before working capital changes was supported by extended supplier credit terms from trade payables. | Structural |
| Total Borrowings (FY25 vs FY24) | ↑ 17.6% | Total borrowings increased due to short-term bank debt taken to meet expanding working capital requirements. | Structural |
Headwinds
- Geographic concentration of dried chilli exports in China company
High reliance on China for dried chilli exports (87.41% of chilli revenue in FY25 and 32.74% in FY26) exposes earnings to Chinese economic slowdowns, trade policy shifts, tariffs, and bilateral geopolitical tensions. - Seasonality and raw material procurement price volatility for shrimps and chillies sector
Peak shrimp harvest occurs between October and July while dried chillies peak from January to April. Off-season procurement increases raw material prices, while adverse weather or aquaculture disease outbreaks impact crop yields and inventory carrying costs. - Under-utilization of Individual Quick Freezer (IQF) processing lines company temporary
IQF capacity utilization remained low at 20.00% in FY26 (8.46% in FY25), leading to under-absorption of fixed costs and limiting margin expansion until value-added orders scale up.
Tailwinds
- Expanding global demand for value-added seafood and supportive government policies macro
Rising international demand for ready-to-cook IQF shrimp products, backed by Indian government policy incentives (54% budget boost under PM Matsya Sampada Yojana and import duty cuts on broodstock/feed), supports long-term export growth. - Capacity expansion and product diversification at proposed Chinnayagudem unit company
Establishing a new 11,100 MTPA processing unit at Chinnayagudem will double total capacity to 21,900 MTPA, enhancing operational turnaround times and enabling direct entry into premium Ready-to-Cook (RTC) export markets.
| Facility | Period | Utilisation |
|---|---|---|
| Existing Shrimp Processing Facility (Unguturu, Tadepalligudem, AP) - Block Freezing (7,200 MTPA) | FY26 | 54.8% |
| Existing Shrimp Processing Facility (Unguturu, Tadepalligudem, AP) - Block Freezing (7,200 MTPA) | FY25 | 56.1% |
| Existing Shrimp Processing Facility (Unguturu, Tadepalligudem, AP) - Block Freezing (7,200 MTPA) | FY24 | 52.9% |
| Existing Shrimp Processing Facility (Unguturu, Tadepalligudem, AP) - Individual Quick Freezer (IQF) (3,600 MTPA) | FY26 | 20.0% |
| Existing Shrimp Processing Facility (Unguturu, Tadepalligudem, AP) - Individual Quick Freezer (IQF) (3,600 MTPA) | FY25 | 8.5% |
| Existing Shrimp Processing Facility (Unguturu, Tadepalligudem, AP) - Individual Quick Freezer (IQF) (3,600 MTPA) | FY24 | 0.6% |
Movements the filing does not explain
- Other Income Expansion in FY26 FY26 vs FY25 — Other income expanded 137.97% from ₹ 2.0301 crore in FY25 to ₹ 4.8310 crore in FY26 (representing 22.97% of Profit Before Tax), but MD&A narrative does not provide a specific granular breakdown of financial income drivers.
- Divestment of Subsidiary Green Asia Cold Storage Private Limited FY25 vs FY24 — The company divested 100% subsidiary Green Asia Cold Storage Private Limited on April 9, 2024, recognizing a loss on sale of investment of ₹ 0.1807 crore in FY25 and rendering FY24 consolidated financials non-comparable with FY25/FY26 standalone financials, without MD&A detailing the strategic valuation basis for the divestment price.
A material movement that management does not address is not a finding on its own. It is a question the filing leaves open, and it is recorded here as one.
Issue Timeline
Dates as carried by the exchange feed. Allotment, refund and credit dates move more often than the open and close dates do.
- Refunds initiated2026-09-30
- Pre Application Start2026-09-23
- Bidding Start2026-09-24
- Bidding End2026-09-28
- Allotment Process Start2026-09-29
- Allotment Finalization2026-09-30
- Listing Day2026-10-01
- Mandate End2026-11-09
Applying, and Who Handles the Allotment
Check allotment status on the registrar’s own portal → We link the registrar directly rather than mirroring the form.
Deep Financials
Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.
Income StatementThe profit and loss as filed, then what we derive from it — kept apart.
Statutory order, exactly as restated in the filing. Finance cost and depreciation sit inside Total Expenses under Ind AS, which is why they are listed among the expense lines here rather than below the total. The expense rows sum to the total. Rows the filing does not disclose separately are omitted rather than left blank.
| Income Statement — as filed (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | 383.80 | 337.62 | 317.39 |
| Other Income | 4.83 | 2.03 | 0.76 |
| Total Income | 388.63 | 339.65 | 318.15 |
| Purchases of Stock-in-Trade | 349.42 | 302.47 | 303.18 |
| Changes in Inventories | -27.28 | -9.68 | -27.21 |
| Employee Benefit Expense | 4.71 | 4.12 | 3.87 |
| Finance Cost | 12.47 | 6.38 | 7.01 |
| Depreciation & Amortisation | 2.31 | 2.63 | 3.38 |
| Other Expenses | 25.96 | 19.35 | 18.89 |
| Total Expenses | 367.60 | 325.26 | 309.12 |
| Profit Before Exceptional Items and Tax | 21.04 | 14.39 | 9.03 |
| Profit Before Tax | 21.04 | 14.39 | 9.03 |
| Tax Expense | 5.42 | 4.04 | 2.37 |
| Profit After Tax | 15.61 | 10.35 | 6.66 |
| EPS - Basic | 10.56 | 7.00 | 4.50 |
| EPS - Diluted | 10.56 | 7.00 | 4.50 |
Balance SheetWhat the company owns, owes, and is worth on paper.
| Balance Sheet (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Share Capital | 14.79 | 4.93 | 4.93 |
| Reserves & Surplus | 26.64 | 20.89 | 10.53 |
| Net Worth | 41.43 | 25.81 | 15.46 |
| Long-term Borrowings | 7.66 | 7.46 | 10.41 |
| Short-term Borrowings | 91.81 | 67.46 | 53.32 |
| Total Borrowings | 99.47 | 74.92 | 63.73 |
| Trade Payables | 107.16 | 87.15 | 48.79 |
| Current Liabilities | 204.86 | 158.00 | 108.85 |
| Total Liabilities | 254.88 | 192.04 | 135.23 |
| Property, Plant & Equipment | 15.43 | 11.54 | 13.59 |
| Capital Work in Progress | 0.00 | 0.00 | 0.00 |
| Intangible Assets | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 1.36 |
| Inventories | 117.61 | 90.33 | 80.65 |
| Trade Receivables | 97.35 | 64.56 | 25.74 |
| Cash & Equivalents | 0.53 | 0.92 | 0.50 |
| Current Assets | 236.84 | 177.95 | 118.10 |
| Total Assets | 254.88 | 192.04 | 135.23 |
Cash FlowWhere the cash actually went. Often the most honest statement of the three.
| Cash Flow (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Cash from Operating Activities | -6.27 | -5.06 | -15.00 |
| Capital Expenditure | -6.51 | -1.32 | -1.28 |
| Net Cash from Investing Activities | -6.20 | 0.48 | -1.07 |
| Net Cash from Financing Activities | 12.08 | 5.02 | 15.93 |
| Net Change in Cash | -0.39 | 0.44 | -0.14 |
Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.
Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.
| Ratio | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin (%) | 9.2 | 6.9 | 6.1 |
| EBIT Margin (%) | 8.6 | 6.1 | 5 |
| PAT Margin (%) | 4.1 | 3.1 | 2.1 |
| Return on Equity (%) | 37.7 | 40.1 | 43.1 |
| Return on Capital Employed (%) | 23.8 | 20.6 | 20.3 |
| Return on Assets (%) | 6.1 | 5.4 | 4.9 |
| Leverage | |||
| Debt / Equity (x) | 2.4 | 2.9 | 4.12 |
| Net Debt / EBITDA (x) | 2.76 | 3.16 | 3.26 |
| Interest Coverage (x) | 2.69 | 3.26 | 2.29 |
| Liquidity | |||
| Current Ratio (x) | 1.16 | 1.13 | 1.08 |
| Quick Ratio (x) | 0.58 | 0.55 | 0.34 |
| Efficiency | |||
| Asset Turnover (x) | 1.51 | 1.76 | 2.35 |
| Receivable Days | 93 | 70 | 30 |
| Inventory Days | 112 | 98 | 93 |
| Payable Days | 102 | 94 | 56 |
| Cash Conversion Cycle (days) | 103 | 74 | 67 |
| Quality of Earnings | |||
| Operating Cash Flow / PAT (x) | -0.4 | -0.49 | -2.25 |
| Accruals Ratio (%) | 8.6 | 8 | 16 |
| Capex / Depreciation (x) | 2.81 | 0.5 | 0.38 |
DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.
A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.
| Component | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Margin (PAT / Revenue) | 4.1% | 3.1% | 2.1% |
| Asset Turnover (Revenue / Assets) | 1.51x | 1.76x | 2.35x |
| Equity Multiplier (Assets / Net Worth) | 6.15x | 7.44x | 8.75x |
| = Return on Equity | 37.7% | 40.1% | 43.1% |
| Tax Burden (PAT / PBT) | 0.74x | 0.72x | 0.74x |
| Interest Burden (PBT / EBIT) | 0.63x | 0.69x | 0.56x |
| Operating Margin (EBIT / Revenue) | 8.7% | 6.2% | 5.1% |
Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.
Quality of EarningsWhat the statements say when you read them against each other.
What the statements say once you read them against each other. These are observations, not verdicts — every one is arithmetic on the numbers the company itself disclosed, and each is stated so you can go and check it in the filing.
- In FY26 the company reported a profit of 15.61 cr while operating cash flow was NEGATIVE at -6.27 cr. Reported earnings did not convert into cash. This is the single divergence most worth understanding in any set of accounts, and the filing is the place to look for why.
- Receivable days rose from 30 in FY24 to 93 in FY26. The company is booking revenue faster than it is collecting it, which ties up cash and raises the question of who is not paying.
- Between FY24 and FY26 revenue grew 21% while profit grew 134%. Profit expanding at several times the rate of revenue is not automatically a concern — operating leverage does exactly this — but it is worth confirming from the filing whether the gap comes from genuine margin expansion or from one-off items.
- Debt to equity stood at 2.4x in FY26.
Forensic ModelsBeneish, Altman and Piotroski — plus our own final-year check.
Beneish M-Score
6 of 8 inputsAn eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.
| Component | Value | What it captures |
|---|---|---|
| DSRI Days Sales in Receivables Index (Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1) | 1.327 | Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection. |
| GMI Gross Margin Index GrossMargin_t-1 / GrossMargin_t | — | Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate. |
| AQI Asset Quality Index AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets | — | Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here. |
| SGI Sales Growth Index Sales_t / Sales_t-1 | 1.137 | Growth is not manipulation. But high-growth firms face more pressure to keep the streak going. |
| DEPI Depreciation Index DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE) | 1.423 | Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit. |
| SGAI SG&A Index (SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses | 1.15 | A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure. |
| LVGI Leverage Index Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets | 0.968 | Above 1 means leverage rose. Debt covenants create pressure to hit numbers. |
| TATA Total Accruals to Total Assets (PAT - CashFromOperations) / TotalAssets | 0.0858 | The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash. |
The filing does not disclose every input the model needs, so we withhold the composite score rather than substitute a guess. The components we could compute are above.
Altman Z″-Score (emerging markets)
Z″ = 5.47 · SafeA distress-prediction model. We use the Z″ variant deliberately: the original Z was calibrated on American manufacturers and misleads badly on Indian services companies. Above 2.6 is the safe zone, 1.1 to 2.6 is grey, below 1.1 is the distress zone. Like every model of its kind it is a screen, not a prophecy.
| X1 — Working Capital / Total Assets | 0.125 |
| X2 — Retained Earnings / Total Assets | 0.105 |
| X3 — EBIT / Total Assets | 0.131 |
| X4 — Net Worth / Total Liabilities | 0.163 |
| Z″ = 3.25 + 6.56·X1 + 3.26·X2 + 6.72·X3 + 1.05·X4 | 5.47 |
Piotroski F-Score (adapted)
4 / 7Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test, and we would rather tell you that than quietly fudge it. A further 1 test is shown as — below: the filing does not disclose what it needs, so it is dropped from the denominator rather than counted as a failure.
- ✓Positive return on assets
- ✗Positive operating cash flow
- ✓Return on assets improving
- ✗Cash flow exceeds profit (quality of earnings)
- ✓Long-term leverage decreasing
- ✓Current ratio improving
- —Gross margin improving
- ✗Asset turnover improving
The Final-Year Check
oursNot from any textbook. The hockey stick in the last year before a filing is the oldest pattern in this business, and nobody publishes it. So we measure it: how the final disclosed year compares with the years behind it. Real acceleration looks exactly the same on the page as a flattering one — which is precisely why it is worth naming rather than assuming either way.
- Cash conversion fell sharply in the final year: operating cash flow was -0.4x profit in FY26, against -0.49x in FY25. Profit rose; the cash behind it did not follow at the same rate.
Ratios Nobody Prints
- Contingent liabilities / Net worth: 19%
Contingent liabilities of 7.89 cr against a net worth of 41.43 cr — 19% of what the company is worth on paper. These are obligations that sit off the balance sheet but could land on it. What they consist of matters as much as the size: a corporate guarantee to a subsidiary is a different animal from a disputed tax demand, and the filing says which. - Related-party revenue / Total revenue: 0.8%
0.8% of revenue in FY26 came from entities connected to the promoters. Revenue you sell to yourself is not the same as revenue you won in the market. - Cash / Short-term borrowings: 0.01x
Short-term borrowings of 91.81 cr against cash of 0.53 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable. - Promoter remuneration / PAT: 4%
Managerial remuneration to the promoter group was 0.62 cr against a profit of 15.61 cr. This is a legitimate cost — but it is also a route by which value leaves a company before it ever reaches a minority shareholder.
The Formula NotebookEvery number above, with the working shown. Check us.
Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.
PAT ÷ Net Worth15.61 ÷ 41.43What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.
EBIT ÷ (Net Worth + Total Borrowings)33.50 ÷ (41.43 + 99.47) = 33.50 ÷ 140.89Return on ALL the capital in the business, borrowed as well as owned. Unlike ROE, it cannot be flattered by taking on debt.
EBITDA ÷ Revenue35.82 ÷ 383.80Operating profitability before the effects of debt, tax and depreciation. What the business earns from the act of trading.
Total Borrowings ÷ Net Worth99.47 ÷ 41.43How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.
EBIT ÷ Finance Cost33.50 ÷ 12.47How many times over operating profit covers the interest bill. Below about 2x, a meaningful share of what the business earns is going to lenders rather than owners.
(Trade Receivables ÷ Revenue) × 365(97.35 ÷ 383.80) × 365How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.
Inventory Days + Receivable Days − Payable Days112 + 93 − 102How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.
Cash from Operations ÷ PAT-6.27 ÷ 15.61Did the profit turn into cash? Profit is an opinion; cash is a fact. When this sits well below 1x for long, the two are drifting apart, and the filing is where you find out why.
(PAT − Cash from Operations) ÷ Total Assets(15.61 − -6.27) ÷ 254.88 = 21.88 ÷ 254.88The share of reported profit that exists on paper rather than in the bank. It is also the heaviest single term in the Beneish model, for good reason.
Price × Post-issue Shares₹90.00 × 14,783,333 sharesWhat the whole company is being valued at, if the issue prices at the top of the band.
Market Cap + Total Borrowings − Cash133.05 + 99.47 − 0.53What it would actually cost to buy the whole business: you take on its debt and you get its cash. This is the number a buyer cares about, and it is the reason a P/E on its own can mislead.
Enterprise Value ÷ EBITDA231.99 ÷ 35.82The multiple that includes debt. Two companies on the same P/E — one debt-free, one heavily borrowed — are not the same investment, and only this number tells you so.
Market Cap ÷ PAT133.05 ÷ 15.61The familiar multiple. Useful, but blind to debt — read it alongside EV/EBITDA, never instead of it.
Offer price ÷ weighted average cost of acquisition₹90.00 ÷ ₹17.48Every offer document must disclose the weighted average cost of acquisition for shares issued or transferred over the preceding one, eighteen and thirty-six months. Early capital takes real risk and a large multiple built over years is ordinary. A steep step-up inside a short window is the one that deserves a second look. What it means is yours to decide; the arithmetic is the filing’s own.
EBIT × (1 − tax rate) ÷ (Net Worth + Debt − Cash)NOPAT ÷ Invested CapitalWhat the business earns on the capital actually at work in it. We do not compare this to a cost of capital: that would need a beta, an unlisted company has none, and inventing one would be theatre.
P/E ÷ trailing PAT growth (%)8.52 ÷ 50.8%PEG was designed for FORWARD growth. This one uses TRAILING growth, because that is all a prospectus gives us — and the final year before an IPO is very often the best year the company will have for a while. A low PEG here may say more about the timing of the filing than about the price. We show it because it was asked for; we show the growth denominator beside it so it cannot mislead you quietly.
Workspace
The post-issue share count is stated as “[•]” in this filing until final pricing, so we derive it: profit after tax divided by earnings per share gives the pre-issue count, and the fresh issue divided by the offer price gives the new shares. Everything below rests on that derivation. It is close, not exact.
The numbers are already loaded. Move the offer price and watch every multiple move with it. Set your own growth and margin and see what they imply two years out. These are your assumptions, not our forecast — we have no view on what this company will earn, and the moment we published one we would be doing something we are not registered to do. What we can do is put the arithmetic in front of you and get out of the way.
Price defaults to the top of the band. Margin defaults to what the company actually reported in FY26.
Projections are arithmetic on the inputs you typed. They are not a forecast, not a recommendation, and not a view on whether this offer is worth taking. Educational only.
Institutional Alpha: DRHP Deep Dive
Dressed Bride Pattern: Deepening Negative CFO of -Rs. 6.27 Crore Despite Profit Expansion
In FY26, Green Asia Impex reported a 50.80% increase in restated PAT to Rs. 15.6112 crore, but operating cash flows remained negative at -Rs. 6.2663 crore. Working capital was heavily tied up in Rs. 97.3548 crore of trade receivables (77 receivable days vs 26 days in FY24) and Rs. 117.6052 crore of inventories, funded by Rs. 91.8107 crore in short-term debt.
Source: p.105, 278, 279, 280, 354Pending Income Tax Litigation Represents 19.04% of Restated Net Worth
An Income Tax demand of Rs. 7.8869 crore for FY 2021-22 remains under appeal before the CIT (Appeals). The disputed demand represents 19.04% of the company's restated net worth of Rs. 41.4260 crore, posing an immediate cash flow liability risk upon final adjudication.
Source: p.283, 303, 367Rs. 40.03 Crore Capex Planned While Existing IQF Line Runs at 20% Utilization
The company is deploying Rs. 40.0277 crore of fresh issue proceeds to construct a new 11,100 MTPA seafood processing facility at Chinnayagudem. However, at its existing Unguturu plant, Individual Quick Freezer (IQF) lines operated at only 20.00% capacity utilization in FY26 (8.46% in FY25), creating capital allocation efficiency risks.
Source: p.27, 103, 105, 219Shareholding, Syndicate & Leadership
Leadership & Skin in the Game
Leadership: Pasupuleti Venkata Ramarao
Litigation: Income Tax demand of Rs. 7.8869 crore against Company under appeal before Commissioner of Income Tax (Appeals) for FY 2021-22. Income Tax demand of Rs. 0.0014 crore under Section 143(1)(a) against Director Lokesh Kanja for AY 2026.
Peers & Valuation
| Company | P/E | P/B | RoE | Margin |
|---|---|---|---|---|
| Apex Frozen Foods Limited | 29.16 | — | 7.6 | — |
| Kings Infra Ventures Limited | 17.21 | — | 20.37 | — |
| Essex Marine Limited | 4.4 | — | 22.85 | — |
At the ₹90 upper band, the issue is priced at 8.5x earnings — a 51% discount to the peer median of 17.2x. This is the arithmetic of the price band against the peers the filing itself lists; it is not a view on whether the offer is worth taking.
🔍 Forensic Findings — What the Footnotes Say
Findings from across the filing — the notes, MD&A, related-party disclosures, contingent liabilities, CARO and litigation, alongside the risk section itself. Each carries where it was found, so you can see which were buried and which were disclosed. Findings marked derived are computed from the filed numbers against a stated rule, shown beside them.
In FY26, restated PAT grew 50.80% to Rs. 15.6112 crore (from Rs. 10.3520 crore in FY25 and Rs. 6.6599 crore in FY24). However, Cash Flow from Operations (CFO) remained negative across all three years (-Rs. 6.2663 crore in FY26, -Rs. 5.0582 crore in FY25, -Rs. 14.9990 crore in FY24). This cash drain was driven by trade receivables expanding 278.28% over two years to Rs. 97.3548 crore (77 receivable days) and inventories reaching Rs. 117.6052 crore, funded by short-term borrowings of Rs. 91.8107 crore.
p. 105, 278, 279, 280 and 1 moreAn Income Tax demand of Rs. 7.8869 crore for FY 2021-22 is under appeal before the CIT (Appeals), where the company deposited Rs. 0.5425 crore under protest. This outstanding demand represents 19.04% of restated net worth (Rs. 41.4260 crore).
p.283, 303, 367The company is allocating Rs. 40.0277 crore (75.38% of fresh issue proceeds) to construct a new 11,100 MTPA seafood facility at Chinnayagudem, Andhra Pradesh. However, at the existing Unguturu plant, block freezing capacity utilization stood at only 54.82% and Individual Quick Freezer (IQF) capacity utilization stood at only 20.00% in FY26 (8.46% in FY25).
p.27, 103, 105, 219On November 18, 2025 (10 months prior to the IPO), the company issued 9,858,600 bonus shares at Rs. 0.00 per share to existing promoter group shareholders, reducing the 3-year promoter Weighted Average Cost of Acquisition (WACA) to Rs. 17.48 per share.
p.85, 86, 92, 146In FY26, the company purchased raw materials/goods worth Rs. 23.7766 crore from group entity Green Asia Marine LLP. Additionally, unsecured loans from promoter Pasupuleti Venkata Ramarao stood at Rs. 1.6339 crore (repayable on demand), and promoters provided personal guarantees covering corporate credit facilities.
p.30, 287, 325In FY26, Green Asia Impex generated Rs. 383.8039 crore in revenue from operations and Rs. 15.6112 crore in net profit with a net worth of Rs. 41.4260 crore. Despite meeting scale parameters for a mainboard listing, the company selected the NSE Emerge SME platform.
p.1, 5, 278The peer comparison table includes mainboard-listed Apex Frozen Foods Limited (P/E 29.16x) and Kings Infra Ventures Limited (P/E 17.21x) alongside unlisted Essex Marine Limited (P/E 4.40x), yielding a peer median P/E of 17.21x.
p.140, 144Income Tax demand of Rs. 7.8869 crore against Company under appeal before Commissioner of Income Tax (Appeals) for FY 2021-22. Income Tax demand of Rs. 0.0014 crore under Section 143(1)(a) against Director Lokesh Kanja for AY 2026.
p.75, 84, 278, 367Operating cash flow was negative ₹6.27 cr in FY26 while the company reported a profit after tax of ₹15.61 cr. Profit that does not arrive as cash has to be funded from somewhere else.
rule: CFO<0 & PAT>0Trade receivables grew 50.8% against revenue growth of 13.7% in FY26. Revenue may be being recognised ahead of collection.
rule: receivables growth > 1.3x sales growthShort-term borrowings of ₹91.81 cr against cash of ₹0.53 cr. Debt that must be refinanced within a year is comfortable only while lenders stay comfortable.
rule: cash < 0.5x short-term debtCompany's Claims vs Reality
We stress-test each claim against the filing's own data.
Existing facility block freezing operates at 54.82% utilization and IQF operates at 20.00% utilization in FY26, indicating that current capacity is underutilized and expanding capacity by 11,100 MTPA risks under-absorption of fixed costs.
p.27, 103, 105, 219The company recognized a loss on sale of investment of Rs. 0.1807 crore in FY25, and the divestment resulted in FY24 consolidated statements being non-comparable with FY25/FY26 standalone statements.
p.278, 325Cash flow from operations was negative in all three years (-Rs. 6.27 crore in FY26, -Rs. 5.06 crore in FY25, -Rs. 15.00 crore in FY24), with working capital dependent on short-term bank borrowings of Rs. 91.81 crore, contradicting self-sustaining internal accruals.
p.101, 279, 280, 350Live Subscription Status
Allotment Status
Check your allotment on the registrar's portal → Registrar: Bigshare Services
Allotment is decided by the registrar, not by us and not by the exchange. In an oversubscribed retail book, allotment is by lottery, so a large application does not improve your odds beyond one lot. If money stays blocked after the refund date, the mandate expiry (09 Nov 2026) is the date to raise with your bank.
Analyst Q&A: Burning Questions
Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.
How are the fresh issue IPO proceeds allocated across plant construction, machinery purchase, and general corporate purposes?
Fresh issue proceeds are allocated as: Rs. 40.0277 crore for funding capital expenditure towards setting up a new seafood processing unit at Chinnayagudem, Andhra Pradesh (including civil works, plant, machinery, and equipment), and the balance for General Corporate Purposes (capped at 25%).
p.103, 104, 108What is the promoters' shareholding pre-issue, and what is their acquisition history?
Promoters Pasupuleti Venkata Ramarao and Pasupuleti Meenakshi hold 92.02% pre-issue equity (14,226,132 shares). A bonus issue of 9,858,600 shares in November 2025 expanded insider equity at Rs. 0.00 per share, establishing a 3-year Weighted Average Cost of Acquisition (WACA) of Rs. 17.48 per share.
p.84, 85, 86, 92, 93What are the key related-party transactions, raw material supply dependencies, and promoter debt support?
Raw material and goods purchases from group entity Green Asia Marine LLP totaled Rs. 23.7766 crore in FY26. Sales to Green Asia Corp totaled Rs. 3.1572 crore. Unsecured loans from promoter Pasupuleti Venkata Ramarao stood at Rs. 1.6339 crore (repayable on demand), and promoters provided personal guarantees covering corporate credit facilities.
p.30, 287, 288, 325How did operating cash flow perform relative to restated net profits over FY24 to FY26?
Restated PAT increased from Rs. 6.6599 crore in FY24 to Rs. 10.3520 crore in FY25 and Rs. 15.6112 crore in FY26. However, Cash Flow from Operations (CFO) was negative across all three years (-Rs. 14.9990 crore in FY24, -Rs. 5.0582 crore in FY25, and -Rs. 6.2663 crore in FY26) due to working capital absorption in trade receivables (Rs. 97.3548 crore).
p.105, 278, 280, 354What secretarial, statutory compliance, litigation, and tax findings exist for the company?
An Income Tax demand of Rs. 7.8869 crore for FY 2021-22 is pending under appeal before CIT (Appeals) (Rs. 0.5425 crore paid under protest). Interest accrued to MSME suppliers stood at Rs. 0.0085 crore in FY26. Statutory auditor M/s Sreedar Mohan & Associates, Chartered Accountants, changed within the last 3 years.
p.75, 283, 303, 367What are the application lot terms, retail ticket requirements, market maker details, and exit constraints for public investors?
The offer is listed on NSE Emerge with a minimum retail application requirement of 2 lots. Trading occurs strictly in standardized market lots, and because lots are indivisible, partial exit or fractional lot trading is impossible. Steel City Securities Limited is the Market Maker with a mandatory 3-year obligation period. Standard SME 5% price circuit limits apply.
p.1, 5, 73, 82, 94What Earlier Investors Paid
Early capital takes real risk and is fairly rewarded for it — a large multiple built over many years is normal. What deserves a closer look is a steep step-up in a short window: a round priced cheaply only months before the offer.
| Shareholder | Priced at | When | vs IPO price |
|---|---|---|---|
| Pasupuleti Venkata Ramarao & Initial Subscribers | ₹10.00 | 2014-08-05 | 9.0x |
| An early round from roughly 12 years ago, at roughly 9.0x the offer price. A multiple of that size built over that long reflects the risk taken and the time elapsed. That is the normal reward for early capital, not a red flag. | |||
| Existing Shareholders | ₹10.00 | 2015-03-31 | 9.0x |
| An early round from roughly 12 years ago, at roughly 9.0x the offer price. A multiple of that size built over that long reflects the risk taken and the time elapsed. That is the normal reward for early capital, not a red flag. | |||
| Existing Shareholders | ₹10.00 | 2019-03-09 | 9.0x |
| An early round from roughly 8 years ago, at roughly 9.0x the offer price. A multiple of that size built over that long reflects the risk taken and the time elapsed. That is the normal reward for early capital, not a red flag. | |||
| Existing Shareholders | — | 2025-11-18 | — |
| Pre-IPO Placement Allottees (6 Allottees) | ₹77.00 | 2026-09-03 | 1.2x |
Prices are as stated in the filing’s allotment history and are not adjusted for later bonus issues or share splits. Where a company has issued bonus shares, the multiples above understate the true return and can even read as losses. Adjusting for that is on our list; until it is done we would rather show the raw disclosure and tell you its limits than publish a confident number that is wrong.
Lock-in Expiry Calendar
Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.
- 01 Oct 2029promoter3 years
- 01 Oct 2027promoter1 year
- 01 Oct 2028promoter2 years
An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.
Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.