# Green Asia Impex Limited: IPO analysis > Green Asia Impex Limited (CIN U10209AP2014PLC094995) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹53 Cr and an offer for sale of ₹7.0 Cr, priced at ₹84.00 to ₹89.00 per share. In FY26 it reported revenue of ₹384 Cr (+13.7% on FY25) and a net profit of ₹16 Cr. Promoters hold 92.0% before the IPO. Our fact-check of its claims found no medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U10209AP2014PLC094995/green-asia-impex-limited/ - CIN: U10209AP2014PLC094995 - Last updated: 30 Sep 2026 ## Key facts - **Company:** Green Asia Impex Limited - **CIN:** U10209AP2014PLC094995 - **Filing stage:** RHP - **Latest SEBI filing:** 30 Sep 2026 - **Fresh issue:** ₹53 Cr - **Offer for sale:** ₹7.0 Cr - **Price band:** ₹84.00 to ₹89.00 per share - **Bidding opens:** 24 Sep 2026 - **Bidding closes:** 28 Sep 2026 - **Listing on:** NSE - **Revenue FY26:** ₹384 Cr - **Revenue growth:** +13.7% - **Net profit FY26:** ₹16 Cr - **Revenue CAGR FY24 to FY26:** 10.0% - **Promoter holding (pre-IPO):** 92.0% - **Lead managers:** Indorient Financial Services Limited - **Registrar:** Bigshare Services Private Limited - **Fact-check flags:** 0 high, 0 medium, 2 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 12.2x P/E. From NSE's price band, on FY26 profit; 4.6x book value. - **Growth** (look closer): 10% a year. Sales FY24 to FY26; latest year +13.7%. - **Profitability** (look closer): 4.1% net margin. FY26; operating margin improving. - **Debt** (concern): 2.4x equity. ₹99.5 crore borrowed at the end of FY26. - **Profit into cash** (concern): -40% of profit. Operations brought in ₹-6.3 crore against ₹15.6 crore of profit in FY26. - **One-off income** (look closer): 23% of profit. Other and one-off income is 23% of pre-tax profit; management describes 13 one-off items. - **Where the money goes** (looks fine): 12% for sale. 88% is new shares issued by the company. - **Red flags** (looks fine): None serious. 40 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 317 | 338 | 384 | | Sales growth | – | 6.4% | 13.7% | | Operating profit | 19 | 21 | 31 | | Operating margin | 5.9% | 6.3% | 8.1% | | Net profit | 6.7 | 10 | 16 | | Net margin | 2.1% | 3.1% | 4.1% | | Net worth | 15 | 26 | 41 | | Borrowings | 64 | 75 | 99 | | Return on equity | 43.1% | 40.1% | 37.7% | ## Non-recurring items (as described by management) - Goodwill on consolidation of ₹107.17 lakhs was derecognised on the divestment. (p.339) - A loss on sale of investment of ₹18.07 lakhs was recognised in Fiscal 2025. (p.339) - Credit balances no longer required written back amounted to ₹202.30 lakhs in Fiscal 2026, compared to ₹3.36 lakhs in Fiscal 2025. (p.352) - Debit balances were written off under other expenses amounting to ₹145.66 lakhs in Fiscal 2026, compared to ₹15.93 lakhs in Fiscal 2025. (p.352) - Debit balances written off increased from ₹10.41 lakhs in Fiscal 2025 to ₹145.66 lakhs in Fiscal 2026, primarily comprising long-outstanding balances written off following a review of their recoverability. (p.354) - Divestment of shareholding in erstwhile subsidiary resulted in the discontinuation of rental income of ₹44.07 lakhs and storage charges of ₹7.09 lakhs which had been recognised in Fiscal 2024. (p.357) - Recognition of a loss on sale of investment of ₹18.07 lakhs and a reversal of goodwill on consolidation of ₹107.17 lakhs occurred in Fiscal 2025. (p.357) - Provisions no longer required written back of ₹23.46 lakhs occurred in Fiscal 2025. (p.358) - An insurance claim received of ₹2.81 lakhs occurred in Fiscal 2024. (p.358) - A loss on the sale of investment of ₹18.07 lakhs was recognised in Fiscal 2025 on the divestment of the erstwhile subsidiary. (p.361) - Debit balances written off of ₹10.41 lakhs were recognised in Fiscal 2025. (p.361) - Debit balances written off of ₹10.41 lakhs and CSR expenses of ₹8.00 lakhs were recognised in Fiscal 2025, with no corresponding charges in Fiscal 2024. (p.361) - Long outstanding debit balances were written off during Fiscal 2026, involving a write-off of ₹145.66 lakhs and recognition of a provision for doubtful debts of ₹2.30 lakhs. (p.365) ## Use of proceeds (fresh issue) - expected to be deployed from Internal Accruals post August: ₹0.31 crore - seafood processing facility including purchase and installation of plant, machinery & equipment: ₹51 crore - General Corporate Purposes (4): amount not fixed yet ## Fact-checked claims - **LOW** (SubsidiaryPerformance): The company was originally incorporated as ‘Green Asia Impex Private Limited’ in the state of Andhra Pradesh.. Search result [3] states that Green Asia Impex Limited was incorporated as Green Asia Impex Private Limited on August 5, 2014. Search result [5] mentions that Green Asia Impex Limited is incorporated in 2014 and is headquartered in Tadepalligudem, Andhra Pradesh. - **LOW** (SubsidiaryPerformance): The company disinvested 100% of its holding in Green Asia Cold Storages Private Limited in April 2024.. One search result suggests that Green Asia Impex Limited had a subsidiary named Cold Storages Private Limited until April 9th, which is close to the claim of disinvestment in April 2024. However, the search results do not explicitly confirm the specific event of disinvesting 100% of its holding in that entity in April 2024. - **NONE** (PromoterBackground): Pasupuleti Venkata Ramarao has disassociated from S. G. Exports due to a personal reason on April 13, 2024.. The provided search results do not contain any information corroborating or contradicting the claim that Pasupuleti Venkata Ramarao disassociated from S. G. Exports on April 13, 2024. The search results primarily relate to IPO subscriptions, financial issues, and Supreme Court judgments, none of which mention this specific event. - **NONE** (PromoterBackground): The IPO Committee was constituted by a Board meeting held on December 1, 2025.. The provided search results do not contain any information regarding the constitution of an IPO committee by a Board meeting on December 1, 2025, for Green Asia Impex Limited. Therefore, the claim cannot be corroborated, contradicted, or updated by the available search results. - **NONE** (PromoterBackground): The Corporate Social Responsibility Committee was constituted by the Board at its meeting held on December 01, 2025, in accordance with Section 135 of the Companies Act.. The search results do not contain any information regarding the constitution of a Corporate Social Responsibility Committee by the Board of Green Asia Impex Limited on December 01, 2025, or any related legal actions. Therefore, the claim cannot be corroborated or contradicted by the provided search snippets. - **NONE** (PromoterBackground): The Stakeholders’ Relationship Committee was constituted pursuant to a Board meeting held on December 1, 2025.. The provided search results do not contain any information regarding the constitution of a Stakeholders’ Relationship Committee by a Board meeting on December 1, 2025, for Green Asia Impex Limited. Therefore, the claim cannot be corroborated or contradicted by the available search snippets. - **NONE** (PromoterBackground): The Nomination and Remuneration Committee was constituted by a Board resolution dated December 1, 2025.. The provided search results do not contain any information regarding the constitution of the Nomination and Remuneration Committee by a Board resolution dated December 1, 2025, for Green Asia Impex Limited. Therefore, the claim cannot be corroborated or contradicted by the available search snippets. - **NONE** (PromoterBackground): An Audit Committee was constituted by a Board resolution dated December 1, 2025.. The provided search results do not contain any information regarding the constitution of an Audit Committee by a Board resolution dated December 1, 2025, for Green Asia Impex Limited. Therefore, the claim cannot be corroborated or contradicted by the available search snippets. - **NONE** (SubsidiaryPerformance): The authorized share capital was increased from ₹6,00,0 to ₹7,68,0 comprising Equity and Preference Shares on February 15, 2021.. The provided search results do not contain information that directly corroborates or contradicts the specific claim regarding the increase of authorized share capital from ₹6,00,0 to ₹7,68,0 on February 15, 2021. The results mainly pertain to IPO details, stock prices, and company profile. - **NONE** (SubsidiaryPerformance): The authorized share capital was increased from ₹3,00,0 to ₹6,00,0 divided into 60,0 Equity Shares of ₹10 each on March 4, 2019.. The provided search results do not contain information that directly corroborates or contradicts the specific claim regarding the authorized share capital increase and division details mentioned in the DRHP excerpt. The search results primarily relate to IPO details, stock prices, and company profile. - **NONE** (SubsidiaryPerformance): The authorized share capital was increased from ₹1,20,0 to ₹3,00,0 divided into 30,0 Equity Shares of ₹10 each on March 31, 2015.. The provided search results do not contain information that directly corroborates or contradicts the specific claim regarding the authorized share capital increase and structure mentioned in the DRHP excerpt. The search results primarily relate to IPO details, stock prices, and company business, not the historical share capital structure mentioned. - **NONE** (SubsidiaryPerformance): The registered office of the company was changed on June 9, 2025, to facilitate better administrative coordination and operational efficiency.. The provided search results do not contain any information regarding a change in the registered office of Green Asia Impex Limited on June 9, 2025. The search results focus on IPO details, stock prices, and company operations. ## Common questions ### How big is the Green Asia Impex Limited IPO? Green Asia Impex Limited's IPO comprises a fresh issue of ₹53 Cr and an offer for sale of ₹7.0 Cr, according to its Red Herring Prospectus. The price band is ₹84.00 to ₹89.00 per share. ### What are Green Asia Impex Limited's revenue and profit? Green Asia Impex Limited reported revenue from operations of ₹384 Cr in FY26, +13.7% versus FY25. Net profit was ₹16 Cr (FY25: ₹10 Cr). Revenue grew at a compound rate of 10.0% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Green Asia Impex Limited? Promoters and the promoter group hold 92.0% of Green Asia Impex Limited before the IPO. ### How will Green Asia Impex Limited use the IPO money? The fresh-issue proceeds are earmarked for: expected to be deployed from Internal Accruals post August (₹0.31 Cr); seafood processing facility including purchase and installation of plant, machinery & equipment (₹51 Cr); General Corporate Purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Green Asia Impex Limited's RHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 0 medium and 2 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Green Asia Impex Limited do? Here’s a detail about Green Asia Impex Limited that almost nobody notices: the company was officially incorporated back in August of 2014. That puts its founding squarely in the mid-2010s, which is a key piece of context when we look at its current market positioning. ### Who manages the Green Asia Impex Limited IPO? Book running lead managers: Indorient Financial Services Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on NSE. ### Where can I read the original Green Asia Impex Limited IPO documents? All 1 filing for Green Asia Impex Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Green Asia Impex Limited](https://nsearchives.nseindia.com/content/ipo/RHP_GREENASIA.zip) (Red Herring Prospectus, filed 30 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.