Roopa Screen IPO
Roopa Screen IPO is an SME IPO raising ₹19 Cr at ₹60 – ₹64 a share. It listed on 1 Oct 2026 at ₹122, +90.0% against its issue price of ₹64, and trades at ₹96 today (+50.0% since issue). It was subscribed 350× in total.
350.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Roopa Screen Limited (incorporated 2013) manufactures rotary nickel screens — cylindrical, perforated metal screens that act as stencils in rotary screen-printing machines used by textile manufacturers to imprint patterns on fabrics. The screens come in four variants (Standard, Delta, Penta, Nova) across mesh counts from 40 to 195, and are a recurring consumable for textile printers. The company also trades nickel cathodes as an ancillary raw-material procurement activity. Manufacturing is at a single facility in Sanand, Ahmedabad, Gujarat, and products are sold B2B to textile printing units across 11 Indian states. (FY26 revenue: ₹50.73 crore; conversion: 1 crore = 100 lakh.)
How it earns
Revenue comes from B2B sales of rotary nickel screens to textile printing units (handled direct by a 7-person in-house sales team) plus a smaller, ancillary stream from trading nickel cathodes — together ₹50.73 crore in FY26 (₹5,072.73 lakh).
Who buys
210 customers in FY26 (per sales register), predominantly textile manufacturers, with minor sales to chemicals/dyes/engineering entities. Geographic split FY26: Gujarat 58.93% (₹29.89 crore), Maharashtra 17.30% (₹8.78 crore), Haryana 11.31% (₹5.74 crore), Punjab 6.72% (₹3.41 crore), Tamil Nadu 2.32% (₹1.18 crore); remaining ~3% spread across Madhya Pradesh, Uttar Pradesh, West Bengal, Rajasthan and Telangana; exports 0.31% to Sri Lanka (₹15.63 lakh). Customer concentration FY26: top 1 = 6.43% of revenue (₹3.26 crore), top 3 = 15.13%, top 5 = 21.90%, top 10 = 34.53% (₹17.52 crore). (Conversion: 1 crore = 100 lakh.)
Scale
1 active manufacturing unit at Sanand, Ahmedabad with installed capacity of 74,400 screens p.a. (96.51% utilisation in FY26); 1 godown at Surat and 1 sales depot at Panipat; 128 permanent employees as of 31 August 2026 (81 in production, 15 quality control, 7 sales/marketing); a new unit at Plot 191, Sanand is planned to lift installed capacity from 74,400 to ~1,63,200 screens p.a.
What it says sets it apart
- Single in-house manufacturing facility at Gallops Industrial Park-II, Sanand, Ahmedabad with an integrated quality-control and testing laboratory; co-located in Gujarat — the company's largest market (58.93% of FY26 revenue) — giving supplier and customer proximity.
- Geographically dispersed customer base: 99.69% of FY26 revenue from 11 Indian states, only 0.31% from export (Sri Lanka); top 5 states together = 96.58%, reducing single-market dependence.
- Long-standing customer relationships — some textile customers have been associated with the company for the last five fiscals, with relationship-driven sales supported by technical assistance on product selection and troubleshooting.
- Four-variant product portfolio (Standard 40–110 mesh, Delta 155 mesh, Penta 125 mesh, Nova 135/165/195 mesh) covering general-purpose, fine-detail, heavy-paste and high-durability printing applications, all manufactured in-house in diameters of 640, 819 and 914 mm.
- Two operational manufacturing units in Ahmedabad Gujarat (Narol and Sanand, operational since 2013 and 2017 respectively)
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs64 / stated EPS Rs8.04 (FY ending March 31, 2026, Basic & Diluted EPS (Basic & Diluted are same), per Restated Financial Statements). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹51 Cr+12% | ₹6 Cr+38% | 12.8% | ₹16 Cr | ₹7 Cr |
| FY2025 | ₹45 Cr+27% | ₹5 Cr+212% | 10.3% | ₹10 Cr | ₹7 Cr |
| FY2024 | ₹36 Cr | ₹2 Cr | 4.2% | ₹5 Cr | ₹9 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Retail: 530× their allocation. QIB: 112×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 9 Nov 2026.
What to watch
- Priced at 8× earnings — 84% below the median of the peers the issuer itself names.
- The register's top risk: Discontinued Narol unit lacked factory licence and pollution consents (prospectus page 22).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track Roopa Screen Limited
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.