Roopa Screen IPO DRHP: Fresh issue; capacity expansion planned
- Roopa Screen Limited files DRHP for an SME IPO via a fresh issue.
- Proceeds of ₹9.90 crore will fund a new manufacturing facility to double capacity.
- Revenue grew to ₹50.73 crore in FY2026, with PAT rising to ₹6.48 crore.
- Narol facility operations were discontinued in Dec 2025 due to lack of statutory approvals.
- Top 10 suppliers accounted for 96.73% of purchases in FY2026.
*this image is generated using AI for illustrative purposes only.
Roopa Screen Limited is a Gujarat-based manufacturer of rotary nickel screens used in textile printing. The company filed its DRHP for an SME IPO to fund capacity expansion and working capital requirements.
About the Company
Incorporated in 2013, Roopa Screen manufactures rotary nickel screens used in continuous fabric printing. It offers products in four variants—Delta, Penta, Standard, and Nova—and trades nickel cathodes as an ancillary activity. The company operates a manufacturing facility at Gallops Industrial Park-II in Sanand, Ahmedabad, and maintains distribution points in Surat and Panipat. It serves over 200 customers across 11 Indian states, with Gujarat contributing 58.93% of revenue in FY2026.
Financial Performance
The company has demonstrated consistent top-line and bottom-line growth over the past three years.
| Metric (₹ Cr) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 35.71 | 45.34 | 50.73 |
| Total Revenue | 35.85 | 45.63 | 51.32 |
| Profit After Tax (PAT) | 1.50 | 4.69 | 6.48 |
| Total Assets | 19.66 | 22.47 | 30.00 |
| Total Equity | 5.21 | 9.89 | 16.37 |
Revenue from operations grew by approximately 42% between FY2024 and FY2026, while PAT surged by 332% over the same period. The PAT margin expanded from 4.20% in FY2024 to 12.77% in FY2026. The debt-to-equity ratio improved significantly from 2.77x in FY2024 to 0.83x in FY2026, indicating deleveraging.
Why the Company Is Raising Funds
The IPO proceeds are allocated towards specific growth and operational objectives:
- Funding of Capital Expenditure: ₹9.90 crore for setting up a new manufacturing facility adjacent to the existing Sanand unit to expand capacity.
- Working Capital Requirements: ₹6.00 crore to support business expansion.
- General Corporate Purposes: Balance amount, not exceeding 15% of gross proceeds or ₹10 crore, whichever is lower.
The new facility aims to increase installed capacity from 74,400 to 163,200 screens per annum, an increase of 119.35%, and introduce larger diameter screens.
Business Strengths
- Integrated Manufacturing: The company operates an in-house testing laboratory and quality control infrastructure at its Sanand facility.
- Geographic Reach: It serves a domestic customer base across 11 states, with key markets in Gujarat, Maharashtra, Haryana, Punjab, and Tamil Nadu accounting for 96.58% of FY2026 revenue.
- Experienced Promoters: Managing Director Ghanshyambhai Ranchhodbhai Thakkar has over three decades of experience in the textile machinery sector.
Key Risks
- Regulatory Compliance: Manufacturing operations at the Narol facility were discontinued on December 15, 2025, due to the absence of a factory licence and GPCB consents. This presents a material regulatory risk and potential capacity constraints until the new facility is operational.
- Industry Dependence: Almost all revenue is derived from the textile sector, exposing the business to industry-specific slowdowns.
- Product Concentration: The Penta Screen product accounted for 38.54% of revenue in FY2026, creating significant product concentration risk.
- Supply Chain Risk: The top 10 suppliers accounted for 96.73% of total purchases in FY2026 without long-term agreements, exposing the company to price volatility and supply disruptions.
Important IPO Dates
- Opening Date: 24-Sep-2026
- Closing Date: 28-Sep-2026
- Allotment Date: 29-Sep-2026
- Listing Date: 01-Oct-2026
Offer Details
The offer consists entirely of a fresh issue of equity shares. Specific details regarding the price band, face value, and lot size were not disclosed in the available DRHP data.
Bottom Line
Roopa Screen Limited is pursuing an SME IPO to finance a significant capacity expansion that aims to more than double its production output. While the company has shown strong financial growth and margin improvement, investors must weigh this against the operational halt at its Narol facility due to regulatory non-compliance and the risks associated with high supplier and product concentration.
How will the company mitigate supply chain risks given that 96.73% of purchases rely on top 10 suppliers without long-term agreements?
What strategies are in place to diversify revenue beyond the Penta Screen variant to reduce product concentration risk?
Will the new manufacturing facility be fully compliant with all regulatory standards to prevent a recurrence of the issues seen at the Narol facility?
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