Green Asia Impex IPO

India’s inland aquaculture and fish production increased from 104.4 lakh tonnes in FY20 to 147.4 lakh tonnes in FY25, growing at a CAGR of 7.1%.  

The Indian shrimp market grew from ₹41,700 crore in FY19 to ₹82,041 crore in FY25, registering an 11.9% CAGR.  

The shrimp market is projected to reach ₹1,28,400 crore by FY30, growing at a CAGR of 9.4%.  

The global target export market for Indian shrimps is expected to grow from ₹40,674 crore in CY25 to ₹47,050 crore by CY30.  

Vannamei shrimp accounted for around 80% of the market in FY25 and is projected to grow at 8.3% CAGR through FY30.  

Black Tiger shrimp is expected to grow faster at a 13.8% CAGR, supported by demand from Japan and Europe.  

Peeled shrimp held a 56.1% market share in FY25 and is projected to reach 59% by FY30.  

Frozen shrimp demand is expected to grow at a 20% CAGR between FY25 and FY30, supported by cold-chain expansion and rising demand for frozen formats.  

Key growth drivers include competitive farm-gate prices, lower processing costs and favourable trade tariffs.  

Government support includes the Pradhan Mantri Matsya Sampada Yojana (PMMSY), fisheries budget allocations, lower customs duties on key inputs and financial assistance for aquaculture infrastructure.  

Key industry challenges include shrimp diseases, biosecurity risks, imported feed costs and energy price volatility.  

India produced 3.2 million tonnes of red chillies in FY24, up from 2.8 million tonnes in FY23.  

The red chilli export market is projected to grow from ₹8,300 crore in FY25 to ₹9,100 crore by FY30, at a CAGR of 1.9%.  

Major export destinations include China, Thailand, the US, Bangladesh, Sri Lanka, Malaysia and Vietnam.  

Guntur Sannam was the largest export variety in FY25, while Teja was the second-largest.  

Jwala is expected to be the fastest-growing variety, with a projected CAGR of 6.5%.  

Demand is supported by the use of red chillies in food processing, spice oleoresins and pharmaceutical applications.  

Key challenges include pest attacks, price volatility, erratic weather and stockpiling in major export markets.  

The combined TAM for shrimp and chilli is estimated at ₹90,340 crore in 2025 and is projected to reach ₹1,37,500 crore by 2030.  

Green Asia Impex’s target SOM is estimated at ₹340 crore in 2025, representing 0.38% of the TAM.  

The company’s SOM is projected to reach ₹1,470 crore by 2030, supported by capacity expansion and entry into Ready-to-Cook (RTC) products. 

New Facility: Plans to use ₹40.03 crore of IPO proceeds to set up a seafood processing facility at Chinnayagudem, Andhra Pradesh.  

Capacity Expansion: The new facility will add 11,100 MTPA of shrimp processing capacity, taking total capacity to 21,900 MTPA.  

Value-Added Products: Plans to expand into Ready-to-Cook (RTC) and other value-added seafood products for European and North American markets. 

Global Certifications: Processing facilities comply with global food safety standards and hold certifications including HACCP, ISO 22000, FSSAI, US FDA and GACC.  

Repeat Customers: Repeat customers contributed 73.95% of operational revenue in FY26, indicating established B2B relationships.  

Established Procurement Network: Sources raw materials through trader-cum-commission agents across AMC markets.  

Diversified Product Portfolio: Offers multiple shrimp varieties and formats, along with major dried chilli varieties.  

Seasonal Synergy: Shrimp and dried chilli businesses have different peak seasons, supporting year-round operations.  

Operational Integration: Centralised oversight of procurement, quality and regulatory processes supports operational efficiency.  

Experienced Management: The company is led by promoters with experience in industry operations, corporate strategy and export markets.  

Market Expansion: The combined TAM for shrimp and chilli is projected to increase from ₹90,340 crore in 2025 to ₹1,37,500 crore by 2030.  

Capacity Expansion: Plans to use ₹40.03 crore from IPO proceeds to establish a new seafood processing facility, adding 11,100 MTPA capacity.  

Higher Value-Added Products: Plans to expand into IQF, semi-cooked and Ready-to-Cook (RTC) seafood products.  

Geographic Expansion: Plans to explore new markets in South Korea, Russia and selected European countries for shrimp, along with Vietnam, Malaysia, the US and Europe for dried chillies.  

Process Efficiency: Focus on improving procurement processes, employee skills and plant operations to support efficiency and capacity utilisation. 

China Dependence: China contributed 31.29% of operational revenue in FY26, making the company exposed to changes in Chinese demand, regulations and trade conditions.  

Domestic Shrimp Dependence: Domestic sales accounted for 61.82% of shrimp revenue in FY26, exposing the company to changes in domestic demand and competition.  

Spot-Based Procurement: The company sources all shrimp and dried chillies through trader-cum-commission agents without long-term supply contracts.  

Supplier Concentration: The top 10 suppliers accounted for 40.63% of shrimp purchases and 51.38% of dried chilli purchases in FY26.  

Seasonal Supply: Off-season procurement of shrimp and chillies may increase raw material costs and affect margins.  

Disease Risk: Shrimp farming is vulnerable to diseases such as WSSV, EMS and EHP, which can affect raw material availability.  

Cold Chain Dependence: Processed shrimp must be maintained at –18°C. Breaks in the cold chain can result in spoilage, quality issues and order rejections.  

New Facility Execution: Delays or cost overruns in setting up the proposed Chinnayagudem facility could affect planned capacity expansion.  

Leased Chilli Facility: The company’s Guntur chilli processing unit operates on leased premises, creating risks related to lease renewal or relocation.  

Customer Concentration: The top 10 shrimp customers contributed 68.54% of operational revenue in FY26, increasing dependence on key customers.  

High Debt: The company had outstanding debt of ₹99.47 crore and a Debt-to-Equity ratio of 2.40x in FY26.  

Working Capital Requirements: The business requires significant working capital, with ₹31.99 crore deployed in FY26.  

Foreign Currency Risk: The company does not have a formal forex hedging policy, leaving ₹41.33 lakh of foreign currency exposure unhedged as of March 31, 2026.  

Tax Litigation: The company has a contingent liability of ₹7.89 crore related to an income tax demand for FY21–22.  

Export Regulations: Strict quality, traceability and food safety requirements in international markets can affect exports.  

Tariff Risk: Changes in import tariffs or anti-dumping duties in key markets could affect the company’s export competitiveness. 

Green Asia Impex IPO DRHP 

Green Asia Impex IPO RHP 

Indorient Financial Services Limited 

Contact Number: 86575 78989 

Email Address: ipo@bigshareonline.com