Roopa Screen Limited

Incorporated in 2013, Roopa Screen Limited is an Ahmedabad-based manufacturer engaged in the production of rotary nickel screens. These cylindrical, perforated metal screens serve as essential stencils in rotary screen-printing machines, through which printing paste is applied to imprint intricate patterns and designs on fabrics. In addition to its core manufacturing business, the company engages in the ancillary trading of nickel cathodes—the primary raw material used in nickel screen production—to optimize procurement efficiencies and ensure material availability. The business operates strictly under a B2B framework, serving over 200 customers predominantly within the textile sector across India, alongside minor sales to allied industries such as chemicals, dyes, and engineering.

The company's product line comprises four primary variants of rotary nickel screens tailored for diverse fabric types and printing applications:

Penta Screens (125 mesh): Cater to heavy paste flow and background printing. (Largest contributor: 38.54% of FY26 revenue)

Standard Screens (40 to 110 mesh): Serve general-purpose textile printing. (21.90% of FY26 revenue)

Delta Screens (155 mesh): Engineered for fine detailing and high-resolution printing. (16.16% of FY26 revenue)

Nova Screens (135 to 195 mesh): Offer enhanced durability for long production runs. (6.48% of FY26 revenue)
(Note: Nickel cathode trading accounted for the remaining 16.91% of FY26 revenue).

Geographically, Roopa Screen Limited caters to a diversified domestic market spanning multiple states, supported by an in-house sales team of seven personnel, a godown in Surat, Gujarat, and a sales depot in Panipat, Haryana. Gujarat represents the company's primary market, generating 58.93% of FY26 revenue from operations, followed by Maharashtra (17.30%), Haryana (11.31%), Punjab (6.72%), and Tamil Nadu (2.32%). The company also recorded maiden export sales to Sri Lanka during FY26, contributing 0.31% to total revenues.

Manufacturing operations are currently concentrated at a single operational facility located at Gallops Industrial Park-II, Sanand, Ahmedabad, Gujarat. This facility has an installed capacity of 74,400 rotary nickel screens per annum and achieved a capacity utilization of 83.38% (62,038 units) in FY24, 80.93% (60,214 units) in FY25, and 96.51% (71,800 units) in FY26. Previously, the company also operated a manufacturing unit at Narol, Ahmedabad (installed capacity of 14,400 screens per annum). However, manufacturing at the Narol facility was discontinued on December 15, 2025, due to the non-possession of certain statutory consents, and the premises is currently utilized solely as a registered office and warehouse.

To expand overall production capabilities, the company proposes to utilize fresh issue proceeds to establish a new manufacturing facility adjacent to its existing Sanand unit. The expansion will relocate machinery from the closed Narol premises and install new equipment, increasing total installed capacity from 74,400 to 1,63,200 screens per annum. This expansion will also enable the introduction of larger 1,018 mm diameter rotary screens to cater to high-end, large-format printing applications. Operationally, the company maintains in-house quality control testing laboratories, holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, and operated with 128 permanent employees as of August 31, 2026.

Based on its historical financial data, Roopa Screen Limited posted total income and net profits of ₹35.85 Cr / ₹1.50 Cr in FY24, ₹45.63 Cr / ₹4.69 Cr in FY25, and ₹51.32 Cr / ₹6.48 Cr in FY26. The company has demonstrated robust growth, with total income growing at a 19.64% CAGR and net profit surging at a 107.65% CAGR over the last three fiscals. It successfully reduced its total debt from ₹8.52 Cr in FY24 to ₹7.42 Cr in FY26, improving its Debt-to-Equity ratio from 1.73x to 0.45x. The company boasts an average EPS of ₹6.27 and an average RoNW of 40.41% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.15 against a NAV of ₹20.30 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.99. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 47.11x (FY24), 15.12x (FY25), and 10.93x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Seren Capital Private Limited, which has handled 9 public issues to date. Out of its last 9 managed IPOs, all 9 listed at or above their issue price. As of September 21, 2026, three of these recent issues are currently trading below their issue price, while the remaining six are trading at or above it.

• 1 Ghanshyambhai Ranchhodbhai Thakkar
• 2 Kunal Ghanshyambhai Thakker
• 3 Preksha Kunal Thakkar
• 4 Bhartiben Ghanshyambhai Thakkar