IPO Overview
Incorporated in 2013, Roopa Screen Limited is engaged in the manufacturing of rotary nickel screens — a critical component used in rotary screen-printing machines primarily by textile manufacturers for high-precision, continuous fabric printing. These cylindrical perforated metal screens serve as stencils that enable continuous, high-speed, and intricate fabric printing. The company manufactures rotary nickel screens in varied mesh counts, thicknesses, and repeat sizes, catering to diverse textile printing requirements — from fine detailing to heavy background coverage. Over time, it has evolved from a focused screen-manufacturing operation into a broader textile-consumables supplier that also trades in nickel cathodes, a key production input, while maintaining manufacturing and support facilities in Ahmedabad, Surat, and Panipat.
Roopa Screen Limited is now launching an SME IPO of ₹19.20 crore at a price band of ₹60 to ₹64 per share. The issue opens on September 24, 2026 and closes on September 28, 2026, with listing scheduled for October 1, 2026 on BSE SME. The IPO is entirely a fresh issue with no offer for sale (OFS), which means all proceeds go directly to the company.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 24 September 2026 |
| IPO Close Date | 28 September 2026 |
| Allotment Date | 29 September 2026 (Expected) |
| Refund Initiation | 30 September 2026 |
| Credit to Demat | 30 September 2026 |
| Listing Date | 01 October 2026 (Tentative) |
| Price Band | ₹60 – ₹64 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹1,28,000 |
| Minimum Investment (HNI) | ₹2,56,000 (2 lots = 4,000 shares) |
| Issue Size | ₹19.20 crore |
| Fresh Issue | 30,00,000 shares (₹19.20 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will be received directly by the company for business expansion and working capital needs.
Objects of the Issue (Fund Utilization)
The company intends to utilize the proceeds of the net issue to meet the following objects: funding capital expenditure towards the setup of a new manufacturing facility, funding working capital requirements, and general corporate purposes. Roopa Screen proposes to deploy ₹4 crore of net IPO proceeds toward working capital in FY 2026–27 and ₹2 crore for the period up to December 31, 2027, with bank working-capital facilities and internal accruals intended to meet the balance of the requirement.
- Capital expenditure for setting up a new manufacturing facility — primary allocation
- Working capital requirements — ₹4 crore (FY27) + ₹2 crore (up to Dec 2027)
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Seren Capital Private Limited
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters of the company are Ghanshyambhai Ranchhodbhai Thakkar, Kunal Ghanshyambhai Thakker, Bhartiben Ghanshyambhai Thakkar, and Preksha Kunal Thakkar. The promoter family brings decades of expertise in the textile consumables manufacturing business and has built the company from a focused screen manufacturing unit into a multi-location operation.
Company Details
Roopa Screen Limited is engaged in the manufacturing of rotary nickel screens, which are used in rotary screen-printing machines primarily by textile manufacturers for continuous printing on fabrics. Rotary nickel screens are cylindrical, perforated metal screens that act as stencils in rotary screen-printing machines, through which printing paste is applied to imprint patterns and designs on fabrics. These screens represent a recurring consumable for textile manufacturers, as they are replaced periodically depending on usage and production intensity.
Sectors Served:
- Textile Printing & Fabric Manufacturing
- Print-on-demand Textile Manufacturers
- Industrial B2B Textile Supply Chain
Key Products:
- Delta Screens, Penta Screens, Standard Screens, and Nova Screens — available in varied mesh sizes, thicknesses, and repeat configurations
- Nickel Cathodes (traded as raw material input)
Key Capabilities:
- Supplied products to more than 200 customers across India during FY2026. Major markets include Gujarat, Maharashtra, Haryana, Punjab, and Tamil Nadu. The business follows a B2B model and serves customers directly through its in-house sales team.
Manufacturing Facilities:
- Manufacturing operations are conducted at Sanand in Ahmedabad, Gujarat. As of 31 August 2026, the company employed 128 permanent employees. Additional support facilities in Surat and Panipat.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹35.85 | ₹1.50 |
| FY25 | ₹45.63 | ₹4.69 |
| FY26 | ₹51.32 | ₹6.48 |
Key Financial Metrics
For FY2026, the company reported an EBITDA margin of 19.72%, PAT margin of 12.78%, return on equity of 49.37%, and return on capital employed of 39.33%. At the upper price band, the post-issue P/E works out to approximately 10.92 times, which appears reasonable considering its growth and return ratios.
- PAT grew more than fourfold in two years — from ₹1.50 crore in FY24 to ₹6.48 crore in FY26
- Revenue CAGR: ~19.7% over two years
- P/E (post-issue): ~10.92x — attractive relative to profitability metrics
- Pre-issue shares: 80,67,500 | Post-issue shares: 1,09,87,500
Company Strengths
- Specialised manufacturer serving a niche B2B textile printing segment with strong and consistent demand
- PAT grew more than fourfold over two years — from ₹1.50 crore in FY24 to ₹6.48 crore in FY26 — indicating rapidly improving profitability
- High return ratios — ROE of 49.37% and ROCE of 39.33% for FY26, uncommon for SME-scale manufacturers
- Entire IPO is a fresh issue — no promoter exit, all funds directed towards capacity expansion and working capital
- Diversified customer base of over 200 clients across multiple textile-producing states in India
- New manufacturing facility investment could enhance production capacity, improve operating efficiency, and support future demand
Key Risks & Challenges
- Any slowdown or adverse developments in the textile industry could directly impact revenues. Any decline in demand for their key product variant, Penta Screen, also poses a material risk.
- Raw material pricing risk — nickel prices constitute a significant portion of cost structure, and the sharp ~40% increase in nickel prices in 2022 had demonstrated high sensitivity of revenues to commodity price movements.
- Trade receivable days increased from 72 in FY24 to 92 in FY26 — indicating growing credit risk as the company extends longer payment terms to customers to drive revenue growth.
- Changes in technology may render their current technologies obsolete or require them to make substantial investments.
- Single product category dependence — the business is almost entirely built around rotary nickel screens, making it highly vulnerable to any structural shift in textile printing technology
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME, with relatively high minimum investment of ₹2.56 lakh for HNI category
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
