Green Asia: Top 10 customers drove 78% shrimp, 95% chilli sales

Green Asia Impex recorded substantial customer concentration in Fiscal 2026: its top 10 customers generated 78.10% of shrimp sales and 95.29% of dried-chilli sales. The largest disclosed dried-chilli customer, S G Exports, contributed Rs 16.23 crore, or 43.25% of dried-chilli revenue, after ceasing to be a related party on April 13, 2024.

How concentrated were Green Asia’s Fiscal 2026 shrimp and chilli sales?

Green Asia’s top 10 customers accounted for Rs 263.07 crore of Fiscal 2026 shrimp revenue and Rs 35.75 crore of dried-chilli revenue. Those customer groups represented 78.10% of Rs 336.83 crore in shrimp sales and 95.29% of Rs 37.52 crore in dried-chilli sales, making concentration by customer materially higher in the smaller dried-chilli segment.

Shrimps remained Green Asia’s principal product category in Fiscal 2026, contributing Rs 336.83 crore of Rs 383.80 crore in revenue from operations. Dried chillies contributed 9.77% of revenue from operations, or Rs 37.52 crore, which means the top 10 shrimp customers represented 68.54% of company-wide revenue while the top 10 dried-chilli customers represented 9.31%.

The disclosed concentration measure is based on the 10 highest-revenue customers in each product category, rather than the number of countries served. Fiscal 2026 shrimp sales were recorded in India, China, Kuwait, the United States, Malaysia, the United Kingdom and Vietnam, but the 10 largest customers still accounted for more than three quarters of the segment’s Rs 336.83 crore revenue.

Which customer created Green Asia’s largest dried-chilli exposure?

S G Exports was Green Asia’s largest dried-chilli customer in Fiscal 2026, generating Rs 16.23 crore. That amount equalled 43.25% of dried-chilli revenue and 4.23% of company-wide revenue from operations, exceeding the combined 24.05% segment share of the second- and third-largest dried-chilli customers.

The second-largest dried-chilli customer generated Rs 5.24 crore, or 13.97% of segment sales, and the third-largest generated Rs 3.78 crore, or 10.08%. The top 10 group produced Rs 35.75 crore of the segment’s Rs 37.52 crore revenue, leaving Rs 1.77 crore, or 4.71%, attributable to customers outside the listed top 10.

S G Exports was a related party of Green Asia during the relevant prior periods but ceased to be a related party effective April 13, 2024. The Fiscal 2026 disclosure therefore identifies S G Exports as a former related party, while separately recording its 43.25% share of dried-chilli revenue; the customer table does not say it was a related party in Fiscal 2026.

Dried-chilli customer concentration increased from 70.75% for the top 10 customers in Fiscal 2025 to 95.29% in Fiscal 2026, a rise of 24.54 percentage points. The Fiscal 2025 table reported Rs 40.05 crore of revenue from its top 10 dried-chilli customers, while the largest listed customer represented 13.74% of segment revenue, compared with S G Exports’ 43.25% in Fiscal 2026.

How did Green Asia’s shrimp customer concentration change?

Green Asia’s top 10 shrimp-customer share rose to 78.10% in Fiscal 2026 from 71.43% in Fiscal 2025, and was close to Fiscal 2024’s 77.65%. Top-10 shrimp revenue was Rs 263.07 crore in Fiscal 2026, compared with Rs 174.66 crore in Fiscal 2025 and Rs 214.41 crore in Fiscal 2024.

The largest Fiscal 2026 shrimp customer generated Rs 58.71 crore, equal to 17.43% of shrimp revenue. The second- and third-largest customers generated Rs 43.96 crore and Rs 38.45 crore respectively, so the three largest buyers together accounted for 41.90% of Fiscal 2026 shrimp sales.

Fiscal 2024 had the highest disclosed named-customer exposure within shrimp sales: S G Exports generated Rs 80.11 crore, or 29.01% of shrimp revenue, when it was a related party. In Fiscal 2025, S G Exports generated Rs 41.39 crore, or 15.19% of shrimp revenue, and it did not appear among the anonymised top 10 shrimp customers listed for Fiscal 2026.

Does Green Asia’s geographic mix reduce customer concentration?

Geographic distribution does not alter Green Asia’s customer-concentration figures because countries and customers are different measures. India generated Rs 208.22 crore, or 61.82%, of Fiscal 2026 shrimp revenue, while China generated Rs 107.81 crore, or 32.01%; together, the two markets accounted for 93.83% of shrimp sales.

Dried-chilli geography changed between Fiscal 2025 and Fiscal 2026. Domestic dried-chilli revenue increased to Rs 21.24 crore, or 56.62% of the segment, from Rs 7.13 crore, or 12.59%, while China declined to Rs 12.28 crore, or 32.74%, from Rs 49.48 crore, or 87.41%; Thailand added Rs 3.99 crore, or 10.64%, in Fiscal 2026.

The geographical change coincided with dried-chilli revenue falling to Rs 37.52 crore in Fiscal 2026 from Rs 56.61 crore in Fiscal 2025. The top-10 customer share nevertheless increased to 95.29% from 70.75%, so the reported movement from China towards domestic and Thai sales did not coincide with lower buyer concentration.

What conditions must hold for Green Asia’s customer concentration to persist?

Green Asia processes shrimp products to customer and order specifications, including individually quick frozen, or IQF, products and block-frozen products. Shrimp pricing is generally determined by raw-material prices, product specifications, processing requirements, global demand-supply conditions and agreed commercial terms, so recurring sales from the largest accounts depend on customer orders being retained under those variables.

Green Asia procured 100% of shrimp raw materials through trader-cum-commission agents in Agricultural Market Committee markets in Fiscal 2024 through Fiscal 2026, without direct sourcing from farmers or aquaculture farmers. Shrimp availability is generally highest from October to July, while finished products are stored at approximately minus 18°C before shipment; procurement, processing and cold storage must support order schedules for concentrated sales to be fulfilled.

Dried-chilli procurement was also entirely through trader-cum-commission agents during Fiscal 2024 through Fiscal 2026, and Green Asia disclosed no long-term supply agreements with suppliers. Dried-chilli orders are priced according to quality, variety, grade, seasonal availability, market prices and customer specifications, while peak chilli availability is generally from January to April.

Green Asia’s dried-chilli facility had installed capacity of 1,500 metric tonnes in each of Fiscal 2024, Fiscal 2025 and Fiscal 2026. Cleaning, grading and sorting are predominantly manual, with three stem-cutting machines and one sorting machine used selectively according to customer specifications, linking throughput for major orders to labour-led processing and required product standards.

Conclusion

Green Asia’s Fiscal 2026 data shows high customer concentration in both product categories, with the top 10 customers contributing 78.10% of shrimp revenue and 95.29% of dried-chilli revenue. The concentration is most acute in dried chillies, where S G Exports supplied Rs 16.23 crore and 43.25% of segment revenue after its related-party status ended on April 13, 2024.

The disclosed development to watch is Green Asia’s planned new shrimp processing facility with capacity of 45 to 50 tonnes per day, alongside a proposed move into ready-to-cook offerings for Europe and North America. The disclosure says the expansion is intended to increase throughput and support product diversification, but it does not identify the customer mix or order volumes expected from the additional capacity.