Roopa Screen IPO

Roopa Screen IPO is a book-built issue worth ₹19.20 crore. The IPO consists entirely of a fresh issue of 30.00 lakh equity shares.

Seren Capital Private Limited is the book-running lead manager to the issue, while Bigshare Services Private Limited is the registrar. B.N. Rathi Securities Limited is the market maker for the issue. For detailed information on the company's financials, business operations, and associated risks, investors are advised to refer to the Roopa Screen IPO RHP.

About Roopa Screen Limited

Roopa Screen Limited was originally incorporated as “Roopa Screen Private Limited” on April 12, 2013, under the Companies Act, 1956. The company was subsequently converted into a public limited company, and its name was changed to “Roopa Screen Limited” on June 2, 2025.

The company 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 function as cylindrical perforated stencils through which printing paste is transferred onto fabric to create designs and patterns.

Roopa Screen offers a diversified product portfolio comprising Standard Screens, Delta Screens, Penta Screens and Nova Screens, each designed for different textile printing applications. The company also trades in nickel cathodes, which serve as a key raw material in the manufacturing of rotary nickel screens.

The company operates its manufacturing facility at Gallops Industrial Park-II, Sanand, Ahmedabad, Gujarat. In addition to its manufacturing operations, it maintains a warehouse in Ahmedabad, a godown in Surat, and a sales depot in Panipat, enabling distribution across multiple textile hubs in India.

Roopa Screen primarily serves customers in the textile industry and generated sales across various states including Gujarat, Maharashtra, Haryana, Punjab and Tamil Nadu during FY26. The company supplied products to over 200 customers across India and also recorded export sales to Sri Lanka.

The company benefits from the experience of its promoters, who possess several decades of expertise in textile machinery spare parts, textile chemicals and rotary nickel screens. Their industry knowledge has supported the company’s expansion and operational growth over the years.

Roopa Screen’s growth strategy is focused on expanding manufacturing capacity through a proposed new manufacturing facility in Sanand, diversifying its product range by introducing larger-diameter rotary screens, and deepening its domestic and international market presence. Through these initiatives, the company aims to strengthen its position in the growing textile printing consumables market.

Industry Outlook

• India’s rotary nickel screen industry is projected to grow at a CAGR of 10.8% in volume terms and 12.6% in value terms during the 2020-2030 period, supported by increasing demand from the textile printing industry.
• The global textile industry continues to expand, creating strong demand for advanced textile printing solutions such as rotary nickel screens that enable large-scale, high-precision fabric printing.
• India is one of the world’s leading textile producers and exporters, benefiting from a large domestic market, rising exports, and government support aimed at strengthening manufacturing and technical textile segments.
• Growing consumer preference for customised and aesthetically appealing textile products is increasing demand for advanced printing technologies and high-quality rotary screens.
• Government initiatives such as PM MITRA Parks, the Production Linked Incentive (PLI) Scheme and export promotion programmes are expected to support long-term growth of the textile sector.
• Technological improvements in rotary screen manufacturing, including enhanced mesh precision and durability, are helping improve print quality and efficiency for textile manufacturers.
• The industry continues to face challenges from fluctuations in nickel prices, which remain a critical raw material and have a direct impact on production costs and profitability.

Roopa Screen IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Fund capital expenditure towards the establishment of a new manufacturing facility at Gallops Industrial Park-II, Sanand, Ahmedabad.
• Expand installed manufacturing capacity from 74,400 screens per annum to approximately 1,63,200 screens per annum.
• Finance civil construction work, plant and machinery procurement, and electrical infrastructure required for the proposed expansion project.
• Relocate plant and machinery from the discontinued Narol manufacturing unit to the proposed new facility.
• Introduce rotary nickel screens with a diameter of 1018 mm to expand the company’s product portfolio and cater to large-format textile printing requirements.
• Meet working capital requirements amounting to ₹600 lakh to support future operational growth and business expansion.
• Utilise a portion of the proceeds for general corporate purposes and future business requirements.

Financial Performance of Roopa Screen Limited

Strengths and Opportunities of Roopa Screen IPO

1. The company operates an in-house manufacturing facility with integrated testing and quality control capabilities, ensuring product consistency and reliability.
2. It has demonstrated strong financial growth, with revenue increasing from ₹35.71 crore in FY24 to ₹50.73 crore in FY26.
3. Profit after tax rose significantly from ₹1.50 crore in FY24 to ₹6.48 crore in FY26, reflecting improved profitability and operating leverage.
4. The company enjoys a geographically diversified customer base across multiple textile manufacturing states in India.
5. High manufacturing capacity utilisation of 96.51% indicates strong demand for its products and creates a case for expansion.
6. The proposed manufacturing facility is expected to substantially increase production capacity and support future growth.
7. Promoters possess extensive experience in textile machinery spare parts, textile chemicals and rotary nickel screens.
8. The Indian rotary nickel screen market is expected to witness double-digit growth over the coming years, creating favourable industry tailwinds.
9. The introduction of 1018 mm rotary screens offers an opportunity to cater to wider textile printing applications and expand market share.

Risks and Threats of Roopa Screen IPO

1. The company derives a substantial portion of its revenue from the textile industry, making it vulnerable to industry-specific downturns.
2. Manufacturing operations at the Narol facility were discontinued due to non-availability of certain statutory approvals, creating potential regulatory risks.
3. Penta Screens contributed 38.54% of FY26 revenue, indicating product concentration risk.
4. The business depends heavily on nickel, and fluctuations in global nickel prices can adversely affect margins.
5. The company does not have long-term agreements with suppliers, exposing it to supply disruptions and raw material price volatility.
6. Trade receivables increased to ₹12.78 crore in FY26, highlighting working capital and collection risks.
7. The company has an outstanding indirect tax matter involving approximately ₹33.38 lakh.
8. Its operations are geographically concentrated in Gujarat, making manufacturing activities susceptible to regional disruptions.
9. The successful execution of the proposed manufacturing expansion project is critical, and any delays or cost overruns may impact future growth and profitability.