Roopa Screen Ltd. Share Price

Roopa Screen 

• Roopa Screen is coming out with an initial public offering (IPO) of 30,00,000 shares in a price band of Rs 60-64 per equity share. 
• The issue will open for subscription on September 24, 2026 and will close on September 28, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.00 times of its face value on the lower side and 6.40 times on the higher side.
• Book running lead manager to the issue is Seren Capital.
• Compliance officer for the issue is Karina Deepak Chandwani.

Profile of the company 

Incorporated in 2013, Roopa Screen is engaged in the manufacturing of rotary nickel screens, which are used in rotary screen-printing machines, primarily by the 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 are manufactured in various mesh counts, thicknesses, and repeat sizes to suit varied printing requirements, ranging from fine detailing to background coverage, and represent a recurring consumable for textile manufacturers, as they are replaced periodically depending on usage and production intensity.

In addition to manufacturing of rotary nickel screens, the company is also engaged in the trading of nickel cathodes, which are primarily used as a key raw material in the production process of nickel screens. Such trading activities are undertaken to support its manufacturing operations, ensure availability of critical raw materials and optimize procurement efficiencies. The trading activity is ancillary to the company’s core manufacturing operations and does not constitute an independent line of business. 

The company’s product line consists of rotary nickel screens offered in multiple variants such as Standard, Delta, Penta and Nova, each developed to meet specific printing applications within the textile industry. The Standard variant is suitable for general-purpose printing applications, while Delta screens are designed for fine detailing and intricate designs. Penta screens are intended for heavy paste flow and background printing and Nova screens are tailored for high-usage environments requiring extended durability and fine mesh output. These variants are available in a range of mesh sizes and technical specifications, allowing the company to cater to diverse printing needs across fabric types, design complexities and production scales. The operational life of a rotary screen is dependent on factors such as usage intensity, printing volume, handling practices, maintenance standards, and operating and process conditions. 

Proceed is being used for: 

• Funding of capital expenditure towards setup of a new manufacturing facility
• Funding of working capital requirements
• General corporate purpose

Industry Overview

The Indian textile industry is one of the largest globally, contributing approximately 6% to the nation’s GDP and 15% to the Index of Industrial Production (IIP). According to WTO, India ranks as the third-largest textile manufacturer, accounting for over 6% of global textile production. The industry spans from traditional handlooms and handicrafts to modern textile manufacturing and technical textiles, offering extensive employment opportunities across rural, semi-urban, and urban areas. India's textile exports grew by 7% last year, making it the sixth-largest textile exporter worldwide. With a threefold increase target in textile exports to Rs 9 lakh crore by 2030, the sector is poised for sustained double-digit growth in the coming years. Government initiatives play a crucial role in supporting the industry’s growth trajectory. The 100% FDI allowance under the automatic route enhances global competitiveness, while schemes like RoDTEP, RoSCTL, PLI for textiles, and PM MITRA parks foster investment and innovation. Special focus is placed on Aspirational Districts, Tier-3 and Tier-4 cities, encouraging the industry to expand in underdeveloped regions.

The rotary nickel screen is an essential component in the textile printing process, known for its durability and precision. Manufactured primarily from pure nickel or nickel alloys using specialized techniques, it offers excellent ductility and corrosion resistance. These properties ensure stability and longevity even in demanding production environments. The screen has a cylindrical shape with a finely perforated surface featuring an array of meticulously designed microscopic meshes. The size, shape, and density of these perforations are customized based on specific printing requirements, enabling precise ink transfer and high-quality pattern reproduction. This structured mesh design is the core mechanism behind its accuracy in textile printing. The Indian Rotary Nickel Screen industry market is projected to expand at a CAGR of 10.8% in terms of Volume and 12.6% in terms of Value, during the 2020-30 period. A number of important drivers behind this growth include rising demand from the textile printing industry, technology innovation in the making of screens, and rising demand for high-precision printing solutions. In addition, growth in India's textile and apparel sector, backed by government policies, growing exports, and the use of automated printing methods, also drives the market growth. Growing usage of Rotary Nickel Screens in specialized sectors, including technical textiles and packaging, also supports the growth of the industry.

Pros and strengths 

In-house manufacturing facility with integrated quality control and testing capabilities: The company carries out its manufacturing operations at its facility situated at Gallops Industrial Park-II, Mouje Vasna Chacharwadi, Sanand, Ahmedabad, Gujarat. This facility is equipped with the requisite plant, machinery and infrastructure for the manufacture of rotary nickel screens, enabling it to maintain consistent product quality and meet the requirements of its customer base. Its presence in Gujarat is strategically significant, as the State accounted for 58.93% of its revenue from operations in Fiscal 2026, thereby aligning its operations with its largest market. Its manufacturing operations are carried out at facility located in Ahmedabad, a textile hub, which provides proximity to suppliers and customers, thereby supporting operational efficiency. The facility is equipped with inhouse testing laboratory and quality control infrastructure, enabling it to monitor product quality at various stages of the manufacturing process. Such integration supports consistency in production and ensures that its rotary nickel screens adhere to the required technical specifications and performance standards.

Geographically dispersed customer base: For Fiscal 2026, the company derived 99.69% of its revenue from operations from domestic sales across 11 States, while the remaining 0.31% was derived from export sales to Sri Lanka. Its key domestic markets namely, Gujarat, Maharashtra, Haryana, Punjab and Tamil Nadu collectively contributed Rs 4,899.37 lakh, representing 96.58% of its total revenue from operations. Its presence across multiple states enables it to serve a broad customer base and reduces dependence on any single market. In addition, sales from diverse regions allow it to maintain business continuity, mitigate regional demand fluctuations, and strengthen its access to customers engaged in different segments of the textile industry. 

Long-term relationship with customers: Over the years, the company has developed and maintained relationships with several customers in the textile printing industry, some of whom have been associated with it for the last five fiscals. These associations have contributed to the continuity of its operations by providing recurring business and visibility on order flows. Its interactions with customers are managed through a sales and marketing team of seven employees, which is responsible for maintaining communication, coordinating product requirements, and supporting new business development initiatives. 

Risks and concerns 

Significant revenue reliance on key product variant: The company derives a significant portion of its revenue from the sale of its key product variant, Penta Screen. Penta Screens are rotary nickel screens specifically developed for applications requiring higher paste flow and wider coverage, such as background printing and bold pattern designs. The company’s revenue from the sale of Penta screen accounted for 38.54%, 39.28% and 42.24% of its revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, reflecting a significant concentration of its revenues from this single product variant. The company’s dependence on Penta Screens exposes it to product-concentration risks. Any decline in demand due to changes in customer preferences, the development of substitute products, technological advancements, regulatory changes, environmental restrictions, or a slowdown in textile printing and allied industries could adversely affect its sales volumes. 

Certain portion of revenues depends upon few customers: A certain portion of the company’s revenues has been dependent on a limited number of customers. Its top 10 customers accounted for 34.53%, 27.22% and 33.40% of its revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. While no single customer has contributed more than 10% of its revenue during these periods, its reliance on a limited number of customers exposes it to risks including reductions, delays or cancellations of orders from these customers, failure to negotiate favorable terms, or loss of such customers, all of which could adversely affect its business, financial condition, results of operations and cash flows.  

Geographic concentration: The company operates its manufacturing facility located at Ahmedabad, Gujarat. Due to the geographical concentration of its manufacturing operations in Ahmedabad, its operations are susceptible to local, regional and environmental factors, such as social and civil unrest, regional conflicts, civil disturbances, economic and weather conditions, natural disasters, demographic and population changes and other unforeseen events and circumstances. Such disruptions could result in the damage or destruction of a significant portion of its manufacturing abilities, significant delays in the transport of its products and raw materials, loss of key managerial personnel or senior management personnel and/or otherwise adversely affect its business, financial condition and results of operations.

Outlook

Roopa Screen is one of the most recognized and leading manufacturers, suppliers and exporters of various engraving products, rotary screen printing machine, nickel rotary screen, textile spares and nickel screen engraving chemicals like photo emulsion for rotary screens. Its range of machines are known for their durability, efficiency, precision, technical superiority and are also easy to operate. Its range is supplied all across the globe and used in various applications in the industries. Its products are manufactured with the finest quality raw material, hi-tech machines and latest technology. Its sourcing potential enables it to put forward products as required by clients. On the concern side, the company’s rotary nickel screens are subject to stringent quality standards and customer specifications. Any failure on the company’s part to maintain the applicable standards and manufacture products according to prescribed specifications, may lead to loss of reputation and goodwill of the company, cancellation of orders and even lead to loss of customers. Also, the company’s business is working capital intensive and, accordingly, inventories and trade receivables constitute a significant portion of its current assets.

The company is coming out with a maiden IPO of 30,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 60-64 per equity share. The aggregate size of the offer is around Rs 18.00 crore to Rs 19.20 crore based on lower and upper price band respectively. On performance front, the total income for FY 2026 stood at Rs 5,132.01 lakh, compared to Rs 4,563.04 lakh in FY 2025, reflecting a growth of 12.47%. The company’s profit after tax increased by 38.38%, rising from Rs 468.53 lakh in the financial year 2024-25 to Rs 648.33 lakh in the financial year 2025-26.

Meanwhile, as part of the company’s growth strategy, it proposes to establish a dedicated manufacturing unit at Plot No. 191 (as per approved plan) located in Gallops Industrial Estate Part-II, Sanand, Ahmedabad. The proposed facility is expected to cover an area of approximately 1174.34 sq. mtrs. and is expected to strengthen its existing manufacturing infrastructure and enhance the overall installed capacity. In addition to expanding its production capacity, the company also plans to broaden its product portfolio by introducing rotary nickel screens with a diameter of 1018 mm. As part of growth strategy, it intends to strengthen its presence in existing markets and expand into new geographies, both within India, particularly in Rajasthan, Bengaluru and internationally markets.