An Ahmedabad-based maker of rotary nickel screens for textile printing opens its Rs 19.20 crore BSE SME issue on September 24
Roopa Screen Ltd (RSL) occupies a specialised, recurring-consumable niche in the textile value chain — the manufacture of rotary nickel screens used in rotary screen-printing machines, primarily by textile manufacturers for continuous printing on fabrics.
These cylindrical, perforated metal screens act as stencils, through which printing paste is applied to imprint patterns and designs on fabric. It’s a “picks-and-shovels” play on India’s textile-printing industry.
The recurring-consumable nature is the core of the appeal. Per a CareEdge report, rotary nickel screens are essential components enabling high-speed, high-precision printing, and — crucially — they are consumables that textile manufacturers replace periodically depending on usage and production intensity.
That gives RSL a repeat-order revenue characteristic rather than one-time equipment sales. The product range is differentiated by application. RSL offers four variants — Standard (general-purpose printing), Delta (fine detailing and intricate designs), Penta (heavy paste flow and background printing) and Nova (high-usage, extended-durability environments) — across a range of mesh sizes and specifications, catering to diverse fabric types, design complexities and production scales.
It also trades in nickel cathodes (the key raw material for the screens) as an ancillary activity to support manufacturing and optimise procurement — this trading accounted for 16.88% of FY26 revenue (up from 1.29% in FY24).
The operating base and reach are solid for its size. RSL operates from Sanand, Ahmedabad, running at high capacity utilisation (96.51% in FY26 — which underpins the expansion plan), and in FY26 supplied 200+ customers across India, with significant revenue from Gujarat, Maharashtra, Haryana, Punjab and Tamil Nadu (plus allied sectors like chemicals, dyes and engineering).
It had 128 employees as of August 31, 2026, and the promoters are the Thakkar family (Ghanshyambhai, Kunal, Bhartiben and Preksha Thakkar).
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 24, 2026 |
| Issue Closes | September 28, 2026 |
| Listing | BSE SME |
| Listing Date | October 1, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 60 – Rs 64 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 19.20 crore (30,00,000 shares, entirely fresh) |
| Min. Application | 4,000 shares (2 lots; multiples of 2,000 thereafter) |
| Min. Retail Investment | Rs 2,56,000 |
| Post-IPO Market Cap | Rs 70.83 crore |
| IPO as % of Post-IPO Capital | 27.11% |
| Lead Manager | Seren Capital Pvt. Ltd. |
| Market Maker | B.N. Rathi Securities Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The issue is entirely a fresh issue. From the net proceeds, RSL will utilise Rs 9.90 crore for capex on setting up a new manufacturing facility, Rs 6.00 crore for working capital, and the rest for general corporate purposes — a growth-oriented, capacity-expansion use of proceeds (well-timed given the ~96.5% utilisation of the existing plant).
Post-IPO, paid-up equity capital rises from Rs 8.07 crore to Rs 11.07 crore. On capital history, the company issued further equity in the Rs 17–25 range between August 2013 and July 2021 and a 6:1 bonus in September 2025; promoters’ average cost of acquisition is Rs NIL, Rs 2.70 and Rs 2.71 per share — against the Rs 64 offer price.
Price Band
At the upper band of Rs 64, on FY26 earnings the issue is valued at a P/E of about 10.92x, with a P/BV of 3.15 on the March 31, 2026 NAV of Rs 20.30 (post-IPO NAV disclosure is missing).
GMP Watch
The Roopa Screen IPO GMP stood at around ₹14 as of the days around opening — implying a listing gain of roughly 22% over the Rs 64 upper band (an indicative listing near ₹78).
As always, GMP is unofficial, unregulated and unendorsed, and for a thin SME grey market can move on low volume — treat it as one data point, not a listing forecast.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 35.85 | 45.63 | 51.32 |
| Net Profit (PAT) | 1.50 | 4.69 | 6.48 |
| PAT Margin (%) | 4.21 | 10.33 | 12.78 |
| RoCE (%) | 22.76 | 42.21 | 39.33 |
Total income grew from Rs 35.85 crore in FY24 to Rs 51.32 crore in FY26, but the profit line is the eye-catcher — and part concern: PAT jumped from Rs 1.50 crore (FY24) to Rs 4.69 crore (FY25) to Rs 6.48 crore (FY26), with PAT margin expanding markedly from 4.21% to 12.78%.
Return ratios are strong (RoCE ~39–42%, average RoNW 40.41%), and the company reported an average EPS of about Rs 6.27. Two flags: rising trade receivables year-on-year (a cash-quality concern), and a contingent liability of Rs 3.78 crore. The company has no dividend history.
Peer Comparison
The offer document lists only Stovec Industries as a listed peer, trading at a P/E of about 62.1x (as of September 23, 2026). Stovec is a far larger, established textile-machinery-and-screens player, so it’s not a strict apples-to-apples comparison — but RSL’s ~10.9x FY26 (15.1x FY25).
Risks to Consider
Nickel cathodes are the critical raw material (and an ancillary trading line), so fluctuations in nickel prices can directly affect the cost structure and margins — a commodity-linked risk outside the company’s control.
RSL serves a specialised B2B market almost entirely dependent on textile-printing demand — so a slowdown in the textile printing industry would hit orders directly.
Small scale and SME risks. The company is small, will list on BSE SME (thinner liquidity), and the minimum retail ticket is a substantial ~Rs 2.56 lakh — all adding to the risk profile.
Rising trade receivables raise a cash-conversion concern, the Rs 3.78 crore contingent liability warrants scrutiny, and revenue is concentrated in a few states and a fragmented, competitive segment.
The Rs 9.90 crore new-facility capex must translate into utilised capacity and orders to justify the raise; any delay or demand shortfall could weigh on returns.
