Green Asia ImpexIPO Review — Financials, Valuation & Peers
A data-only look at the Green Asia Impex IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 318.15 | 6.66 | 17.35 | 15.46 | 118.1 | 63.73 | — |
| FY 2025 | 339.65 | 10.35 | 20.74 | 25.81 | 177.95 | 74.92 | 10.1 |
| FY 2026 | 388.63 | 15.61 | 25.23 | 24.13 | 254.88 | 99.47 | — |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 8.91x
- P/E (post-issue)
- 12.31x
- RoNW
- 50.16%
- RoE
- 50.16%
- RoCE
- 20.62%
- Debt / Equity
- 2.9
- EPS (pre-issue)
- ₹10.1
- EPS (post-issue)
- ₹7.31
- EBITDA Margin
- 6.14%
- PAT Margin
- 3.07%
- P/BV
- 6.45x
- NAV / share
- ₹13.96
- Market Cap
- ₹192.23 Cr
As of 31 Mar 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Green Asia Impex | 10.56 | 22.74 | — | 46.43% | — |
| Apex Frozen Foods Ltd. | 12.43 | 168.96 | 29.16x | 7.6% | 2.15x |
| Essex Marine Ltd. | 4.63 | 26.25 | 4.4x | 22.85% | 0.77x |
| Kings Infra Ventures Ltd. | 6.59 | 35.47 | 17.21x | 20.37% | 3.23x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Pasupuleti Venkata Ramarao, Pasupuleti Meenakshi</p>
- Holding (pre-issue)
- 94.65%
- Holding (post-issue)
- 64.91%
- Dilution
- 29.74%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Green Asia Impex operates at an EBITDA margin of 6.14% and a net (PAT) margin of 3.07% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 20.62% and a return on equity (RoE) of 50.16%. At the upper band, the post-issue market capitalisation works out to about ₹192.23 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding the capital expenditure for setting up the proposed seafood processing facility including purchase and installation of plant, machinery & equipment (₹40.03 crore), alongside issue expenses (₹7.16 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Green Asia Impex reported revenue of ₹388.63 crore and a net profit of ₹15.61 crore. Revenue grew from ₹318.15 crore in FY2024 to ₹388.63 crore in FY2026 (+22.0%). Net worth stood at ₹24.13 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at 12.31× post-issue earnings and 6.45× book value, against a return on net worth of 50.16% and a debt-to-equity ratio of 2.9. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Apex Frozen Foods Ltd. and Essex Marine Ltd., with a median peer P/E of about 17.2×. The issue's own post-issue P/E works out to 12.31×.
Promoters
The promoters of the company are <p>Pasupuleti Venkata Ramarao, Pasupuleti Meenakshi</p>. Promoter holding stands at 94.65% before the issue and comes down to 64.91% after listing.
Frequently asked questions
- What is the reservation split in the Green Asia Impex IPO?
- Of the total shares offered, retail investors get 35.03%, QIBs 29.97%, non-institutional investors 35%.
- Who are the promoters of Green Asia Impex and what is their holding?
- The promoters are <p>Pasupuleti Venkata Ramarao, Pasupuleti Meenakshi</p>. Promoter holding is 94.65% before the issue and 64.91% after listing.
- What is the P/E ratio of the Green Asia Impex IPO?
- At the upper price band, the Green Asia Impex IPO is valued at 8.91× pre-issue earnings and 12.31× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Green Asia Impex IPO?
- The net proceeds go primarily toward funding the capital expenditure for setting up the proposed seafood processing facility including purchase and installation of plant, machinery & equipment, among 3 disclosed objects.