Severeconcentrationpage 34
Top ten customers accounted for 77.85% of revenue
Taken together, our top ten customers in each of our two segments accounted for 77.85% of our revenue from operations in Fiscal 2026, as compared to 69.52% in Fiscal 2025.
ListedSMEAgricultureGREENASIA
Green Asia Impex IPO
Green Asia Impex IPO is an SME IPO raising ₹60 Cr at ₹84 – ₹89 a share. It listed on 7 Oct 2026 at ₹89, 0.0% against its issue price of ₹89, and trades at ₹68 today (−23.7% since issue). It was subscribed 1.42× in total.
₹89
Issue price
₹68
Price now
−23.7%
Since issue price
7 Oct 2026
Listed on
1.42×Subscribed (final) · all exchanges
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 469-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 400 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 28
31.29% of revenue dependent on China exports
In Fiscal 2026, sales to customers in China aggregated ₹12,009.32 lakhs, representing 31.29% of our revenue from operations.
Severefinancialpage 34
Negative operating cash flows for three consecutive years
Our net cash flow from operating activities was negative in each of Fiscals 2026, 2025 and 2024... Net Cash generated from/ (utilised in) operative activities (626.63) (505.82) (1,499.90)
Severefinancialpage 41
Highly leveraged balance sheet at 2.40x debt-to-equity
we have historically operated with a relatively high level of indebtedness, as reflected in our Debt-to-Equity ratio of, 4.12 in Fiscal 2024, 2.90 in Fiscal 2025 and 2.40 in Fiscal 2026
Highfinancialpage 69
Finance costs absorb roughly 80% of profit after tax
Finance Costs 1,246.69 ... Profit after Tax for the year 1,561.12
Severeoperationalpage 41
Trade receivables ballooned from 26 days to 77 days
Trade receivables Days 77 days 49 days 26 days ... Trade receivables as a % of Revenue from Operations 25.37% 19.12% 8.11%
Severefinancialpage 35
Dried chillies segment revenue fell 33.73% as China share collapsed
Revenue from dried chillies segment declined by 33.73%, from ₹5,660.82 lakhs in Fiscal 2025 to ₹3,751.61 lakhs in Fiscal 2026, and the share of that segment's revenue derived from China declined from 87.41% to 32.74%.
Severefinancialpage 70
Massive short-term borrowings churn exposes rollover risk
Repayment from Short Term Borrowings (55,723.50) ... Proceeds from Short Term Borrowings 58,158.65
Severemarketpage 59
US tariff actions on Indian shrimp imports
In 2025, the United States imposed significantly higher tariff duties on certain seafood imports from India, including shrimp, which adversely affected competitiveness and margins. Although tariff rates were subsequently moderated in early 2026 pursuant to evolving trade arrangements, there can be no assurance that such rates will remain stable.
Highlitigationpage 32
Material income tax demand at 19.04% of net worth under appeal
Income tax demand (FY 2021–22) (under appeal) 788.69... 19.04% of Net Worth
Severeregulatorypage 49
Over 1,500 days of MCA secretarial filing delays due to no Company Secretary
The Company could not file the above requisite forms within the prescribed time because it did not have a full-time Company Secretary, and statutory requirements were managed through an external agency.
Highoperationalpage 48
Half of property, plant and equipment is uninsured
assets having a carrying value of ₹777.45 lakhs, representing 50.40%, were uninsured
Highpromoterpage 51
Promoters and Promoter Group hold 98.95% pre-Offer
our Promoters and Promoter Group collectively hold 98.95 % of the pre-offer paid-up Equity Share capital of our Company
Highpromoterpage 42
Promoters acquired shares at ₹3.33 per share
Pasupuleti Venkata Ramarao ... Average Cost of Acquisition per Equity Share (in ₹)* 3.33
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 4 | 0 | ₹9.5 Cr |
| Promoters | 0 | 0 | 0 | — |
| Directors | 0 | 1 | 0 | ₹0.0 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
case₹9.0 Crpage 370
Company — Income Tax demand of ₹9,01,19,072 (≈₹9.01 crore) under section 143(3) of the IT Act for AY 2022
case₹0.5 Crpage 370
Company — Income Tax demand of ₹49,90,343 (≈₹0.50 crore) under section 143(3) of the IT Act for AY 2022
case₹0.0 Crpage 370
Company — TDS TRACES demand of ₹2,76,520 (≈₹0.028 crore) for FY 2025-26
case₹0.0 Crpage 370
Company — TDS TRACES demand of ₹20,210 (≈₹0.002 crore) for FY 2014-15
case₹0.0 Crpage 371
Director Lokesh Kanja — Income Tax demand of ₹14,280 (≈₹0.0014 crore) under section 143(1)(a) for AY 2026
Conversion: 1 crore = 100 lakh = 10 million. Company tax aggregate of ₹954.06 lakhs = ₹9.5406 crore. Director tax aggregate of ₹0.14 lakhs = ₹0.0014 crore. No criminal proceedings, regulatory/statutory actions, or material civil proceedings disclosed against or by any Relevant Party. No subsidiaries appear to exist; opening para confirms no outstanding matters against Group Companies (no separate table). The Company also has material creditor dues of ₹10,715.92 lakhs (₹107.16 crore) outstanding as at March 31, 2026 (disclosed under 'Outstanding dues to creditors', not litigation). No consolidated grand total is stated across parties.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.