By Wealthova | Last Updated: September 22, 2026
Roopa Screen Limited, an established player in the textile printing consumables sector, is gearing up to make its primary market debut with an upcoming ₹19.20 Crore SME IPO. Incorporated in 2013, the company specializes in manufacturing high-quality rotary nickel screens—cylindrical perforated metal screens that serve as essential stencils for the continuous printing of fabrics. Operating a highly scalable B2B business model, Roopa Screen supplies its precision consumables to over 200 customers across the Indian textile industry, while also trading in nickel cathodes to secure its crucial raw material supply chain. The subscription window for this book-built issue opens on September 24, 2026, and closes on September 28, 2026. The price band is set between ₹60 to ₹64 per equity share. The offering comprises entirely of a Fresh Issue of 30.00 lakh shares (aggregating to ₹19.20 Crore) with absolutely no Offer for Sale (OFS) component. Retail investors must apply for a minimum of 2 lots (4,000 shares), requiring an investment of ₹2,56,000 at the upper price band. The company plans to utilize the fresh capital primarily to fund capital expenditure for setting up a new manufacturing facility, support working capital requirements, and for general corporate purposes. Set to list on the BSE SME platform, market participants are closely watching this niche manufacturing enterprise, backed by a strong FY26 total revenue of ₹51.32 Crore and a net profit of ₹6.48 Crore. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!
September 24, 2026
September 28, 2026
₹60 to ₹64
(Book Built)2,000 Shares
(Min. 2 Lots for Retail)₹19.20 Cr
(30.00 Lakh Shares)₹19.20 Cr
(Entirely Fresh Issue)35.00% Allocation
₹10 Base
SME (BSE SME)
Incorporated in 2013, Roopa Screen Limited is a specialized manufacturing enterprise operating within the Indian textile consumables sector. The company is primarily engaged in the production and distribution of rotary nickel screens, which serve as critical components in rotary screen-printing machines used by textile manufacturers for the continuous, high-volume printing of fabrics.
The company’s core business operations and strategic advantages include:
The Roopa Screen IPO comprises a ₹19.20 Crore Fresh Issue, meaning the capital raised will be injected directly into the company to fund its expansion rather than cashing out existing promoters. The net proceeds are earmarked for the following primary growth objectives:
₹9.90 Crore is dedicated to funding capital expenditure for the setup of a brand-new manufacturing facility adjacent to their existing Sanand unit, significantly expanding production capacity.
₹6.00 Crore is allocated to meet escalating working capital requirements to support business expansion, facilitating smooth inventory procurement and managing B2B credit cycles.
₹3.30 Crore (Estimated) represents the remaining balance of the gross proceeds, utilized to cover mandatory issue-related expenses and general corporate liquidity.
| 📅 Period Ended | 📈 Total Income | 💼 Net Worth | 💰 PAT | 🏦 Assets |
|---|---|---|---|---|
| FY 2024 | ₹35.85 | ₹5.21 | ₹1.50 | ₹19.66 |
| FY 2025 | ₹45.63 | ₹9.89 | ₹4.69 | ₹22.47 |
| FY 2026 | ₹51.32 | ₹16.37 | ₹6.48 | ₹30.00 |
| Financial KPI (Mar 31, 2026)* | Value |
|---|---|
| Return on Equity (ROE) | 49.37% (FY26) |
| Return on Capital Employed (ROCE) | 39.33% (FY26) |
| EBITDA Margin | 19.72% (FY26) |
| PAT Margin | 12.78% (FY26) |
| Debt to Equity Ratio | 0.45x (FY26) |
| Return on Net Worth (RoNW) | 39.60% (FY26) |
| Earnings Per Share (EPS) | ₹8.04 (Pre-IPO) | ₹5.86 (Post-IPO) |
| Price/Earning (P/E) Ratio | 7.96x (Pre-IPO) | 10.92x (Post-IPO) |
| Net Asset Value (NAV) | ₹20.30 (Pre-IPO) |
| Price to Book (P/B) | 3.15x (At Upper Band) |
| Market Cap at Offer Price | ₹51.63 Cr (Pre-IPO) | ₹70.83 Cr (Post-IPO) |
| Shareholder Category | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Promoter & Promoter Group | 87.40% | 63.71% |
| Public / Institutional / Others | 12.60% | 36.29% |
Roopa Screen Limited is spearheaded by its founding promoter group comprising Ghanshyambhai Ranchhodbhai Thakkar, Kunal Ghanshyambhai Thakker, Bhartiben Ghanshyambhai Thakkar, and Preksha Kunal Thakkar. Entering this public offering, the promoter group held an 87.40% equity stake in the company, with 12.60% held by non-promoter public shareholders. Because the IPO is structured purely as a fresh issuance of ₹19.20 Crore with zero Offer for Sale (OFS), the promoters are not liquidating any personal holding. Post-issue, the promoter group stake will naturally dilute to a majority controlling stake of 63.71%, retaining firm governance over the company's manufacturing expansion and operational roadmap.
| Company Name | EPS (₹) | P/E Ratio (Post-IPO) | NAV (₹) |
|---|---|---|---|
| Roopa Screen Limited (IPO) | 5.86 | 10.92x | 20.30 |
| Stovec Industries Limited | 33.04 | 50.54x | 631.12 |
Roopa Screen Limited arrives on the BSE SME platform as a highly specialized niche manufacturer in the textile consumables sector. The company produces rotary nickel screens—essential, recurring stencils used by textile mills for high-volume continuous fabric printing. Serving a B2B clientele of over 200 customers across major hubs like Gujarat and Maharashtra, the business has aggressively scaled its operations. Over the last three fiscal years, Total Income climbed steadily from ₹35.85 Crore in FY24 to ₹51.32 Crore in FY26. More impressively, the bottom line expanded more than 4x over the same period, with Profit After Tax (PAT) surging from ₹1.50 Crore to ₹6.48 Crore. This explosive margin expansion has driven the company to report an exceptional FY26 Return on Equity (ROE) of 49.37% and a Return on Capital Employed (ROCE) of 39.33%.
A candid evaluation of Roopa Screen reveals a highly profitable business model currently navigating severe operational crosscurrents. On the positive side, the company operates with strong unit economics, boasting an EBITDA margin of 19.72% and a manageable Debt-to-Equity ratio of just 0.45x. Furthermore, the ₹19.20 Crore IPO is entirely a Fresh Issue, with over half the net proceeds (₹9.90 Crore) dedicated to setting up a new manufacturing plant in Sanand. However, this capex is not just for growth—it is an operational necessity. The company was forced to discontinue operations at its primary Narol facility in December 2025 due to a lack of valid factory licenses and Gujarat Pollution Control Board (GPCB) clearances. Prospective investors must weigh this immediate capacity and regulatory disruption against the promise of the upcoming Sanand facility. Additionally, the firm faces extreme supply chain vulnerability, heavily relying on commodity nickel procured from a concentrated base (top 10 suppliers account for 96.73% of purchases).
At the upper price band of ₹64 per equity share (Face Value ₹10), the IPO is priced attractively at a pre-issue P/E multiple of 7.96x and a post-issue P/E of 10.92x (based on FY26 post-IPO EPS of ₹5.86), alongside a Price-to-Book (P/B) ratio of 3.15x. When benchmarked against its primary listed peer, Stovec Industries Limited, which trades at a lofty 50.54x P/E, Roopa Screen is leaving significant valuation on the table to entice investors. Given the restricted 35% allocation reserved for the Retail category, the issue demands a steep minimum retail commitment of ₹2,56,000 (2 lots / 4,000 shares). Roopa Screen warrants an honest SUBSCRIBE (WITH CAUTION) rating. The cheap valuation and stellar historical return ratios offer undeniable listing gain potential, but the underlying regulatory setbacks and supplier concentration require a strong risk appetite for those holding long-term.
Disclaimer: The information provided above is for educational and informational purposes only and does not constitute financial advice. Initial Public Offerings (IPOs) carry market risks, and equity investments are subject to broader market fluctuations. Wealthova is not a SEBI-registered investment advisor. Always consult with a certified financial planner and conduct your own due diligence before locking up capital in any public issue.
| Role / Entity | Contact & Details |
|---|---|
| 📋 IPO Registrar |
Bigshare Services Pvt. Ltd.
Office No S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai - 400093
Phone: 8657578989 / 8069219065
Email: ipo@bigshareonline.com
Website: ipo.bigshareonline.com
|
| 🏢 Company Contact |
Roopa Screen Limited
6, Sudama Estate, Behind Swastik Bansidhar Opp. Sudama Furniture, Narol, Ahmedabad, Gujarat - 382405
Phone: 079-29755557
Email: info@roopaindia.in
Website: roopaindia.in
|
| 💼 Merchant Bankers |
Seren Capital Pvt. Ltd.
Book Running Lead Manager Office No. 601 to 605, Raylon Arcade, Kondivita, J.B. Nagar, Mumbai, Maharashtra - 400059
Phone: 022-46011058
Email: info@serencapital.in
Website: serencapital.in
|