An Andhra Pradesh-based frozen-shrimp and dried-chilli exporter opens its Rs 60.10 crore NSE SME issue on September 24
Green Asia Impex Ltd (GAIL) operates in the agri-and-seafood export space — the sourcing, processing and export of frozen seafood and agri-commodities, with a focus on frozen shrimps and dried chilies.
It’s a play on India’s large shrimp-export ecosystem and global seafood demand, supplying B2B customers (importers, distributors and food-processing entities) across domestic and international markets. It is recognised as a Two Star Export House by the DGFT.
The dual-product model is the core of the pitch. In Fiscal 2026, shrimps contributed over 87.76% of revenue: GAIL processes and exports Vannamei, Black Tiger and freshwater shrimps in multiple formats — Head-On Shell-On (HOSO), Headless Shell-On (HLSO) and Peeled & Deveined (PD).
In the chilli segment, it trades and exports whole and stemless dried chilies across Indian varieties (Teja, Guntur Sannam, Bydagi and regional variants). Crucially, the two products have different peak seasons — shrimps roughly October–July, chilies January–April — which helps diversify procurement and processing across the year and partially mitigate seasonality risk.
The processing base is being scaled up significantly. GAIL operates a semi-automated shrimp processing facility at Unguturu, Andhra Pradesh (7,200 MTPA block-freezing, 3,600 MTPA IQF), having moved from third-party facilities to its own plant in January 2023.
The IPO funds a major new processing facility at Chennayagudem, which would add substantial capacity — the central growth trigger, aimed at higher volumes and more value-added formats.
Its business model runs on procurement, processing/quality control (own or licensed facilities) and export to customer specifications. It had 136 employees as of August 31, 2026, and the promoters are Pasupuleti Venkata Ramarao and Pasupuleti Meenakshi.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 24, 2026 |
| Issue Closes | September 28, 2026 |
| Listing | NSE SME Emerge |
| Listing Date | October 1, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 85 – Rs 90 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 60.10 crore (~66,77,778 shares) |
| Fresh Issue | Rs 53.10 crore (~59,00,000 shares) |
| Offer for Sale | Rs 7.00 crore (~7,77,778 shares) |
| Min. Application | 3,200 shares (2 lots; multiples of 1,600 thereafter) |
| Min. Retail Investment | Rs 2,88,000 |
| Post-IPO Market Cap | Rs 192.23 crore |
| IPO as % of Post-IPO Capital | 31.26% |
| QIB / HNI / Retail | ≤30% / 35% / 35% (5% market maker) |
| Lead Manager | Indorient Financial Services Ltd. |
| Market Maker | Steel City Securities Ltd. |
| Registrar | Bigshare Services Ltd. |
The issue is majority fresh (Rs 53.10 crore) with a Rs 7.00 crore OFS. From the net proceeds, GAIL will utilise Rs 40.03 crore for capex on the new seafood processing facility and related plant and machinery, with the rest for general corporate purposes — a heavily capacity-expansion-focused use of proceeds.
Post-IPO, paid-up equity capital rises from Rs 15.46 crore to Rs 21.36 crore.
Price Band
At the upper band of Rs 90, on FY26 earnings the issue is valued at a P/E of about 12.31x, with a P/BV of 3.21 on the March 31, 2026 NAV of Rs 28.01, easing to 1.97x on the post-IPO NAV of Rs 45.68.
GMP
Grey-market interest has been flat. As of the days around opening, the Green Asia Impex IPO GMP stood at ₹0
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 318.15 | 339.65 | 388.63 |
| Net Profit (PAT) | 6.66 | 10.35 | 15.61 |
| PAT Margin (%) | 2.10 | 3.07 | 4.07 |
| RoCE (%) | 18.85 | 19.99 | 19.69 |
The financials show strong profit growth on modest revenue growth. Total income grew from Rs 318.15 crore in FY24 to Rs 388.63 crore in FY26 (up ~14% in FY26), while PAT more than doubled from Rs 6.66 crore to Rs 15.61 crore (up ~51% in FY26), with PAT margin improving from 2.10% to 4.07%.
The crux, though, is that margins are wafer-thin even after improvement — 4.07% is characteristic of the commoditised, pass-through shrimp-export business. The company reported an average EPS of about Rs 8.36 and a headline-high average RoNW of 48.49% (flattered by a thin equity base). A debt-to-equity ratio of 2.4 as of March 31, 2026 (borrowings ~Rs 99.47 crore against net worth of ~Rs 24.13 crore) is high — an alarm. Contingent liabilities were Rs 7.89 crore. It has no dividend history (dividend policy adopted December 2025).
Peer Comparison
The offer document lists Apex Frozen, Kings Infra and Essex Marine as peers, trading at P/Es of roughly 22.8x, 12.2x and 11.8x (as of September 23, 2026). These differ in scale and mix, so the comparison isn’t strictly apples-to-apples — GAIL’s ~12.3x FY26 P/E sits in line with Essex/Kings, but its ~18.6x FY25 P/E (the cleaner base) looks full for a thin-margin, highly-leveraged exporter.
Risks to Consider
A debt-to-equity ratio of 2.4 (borrowings ~Rs 99.47 crore against ~Rs 24.13 crore net worth) is high for a small company, increasing sensitivity to interest costs, working-capital swings and weaker realisations — the standout alarm.
China accounted for 31.29% of FY26 revenue — a significant single-market concentration, exposing the business to Chinese demand shifts, trade/tariff actions and food-safety/import-regulation risk; export markets broadly add currency risk.
Aggressive valuation. On the cleaner FY25 base the P/E is ~18.6x, full for a thin-margin, leveraged exporter.
Shrimp-sector and product-concentration risks. Shrimp (87.76% of revenue) faces disease, weather, international-price and food-safety risks; heavy reliance on one product amplifies these, and raw-material availability is seasonal.
The new processing facility (Rs 40.03 crore capex) must be built on time and reach healthy utilisation — machinery orders reportedly not yet placed — so delays or cost overruns could hurt; SME-platform liquidity and the large Rs 2.88 lakh minimum retail ticket, plus a flat grey market, add to the risk profile.
