Roopa Screen IPO

Roopa Screen Limitedroopaindia.in

ListedSMEIndustrialsBSE SME

Price band: ₹60 – ₹64
Issue size: ₹19.20 Cr
Lot size: 2000 sh
Bidding: 24 – 28 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Roopa Screen makes rotary nickel screens — consumable stencils for textile fabric printers — and also trades nickel cathodes, which the business description puts at 16.91% of Fiscal 2026 revenue from operations of Rs 50.73 Cr. Revenue from operations was Rs 35.71 Cr in FY24, Rs 45.34 Cr in FY25 and Rs 50.73 Cr in FY26, with profit after tax of Rs 1.50 Cr, Rs 4.69 Cr and Rs 6.48 Cr over the same three years. The Rs 19.2 Cr issue was entirely fresh, priced at Rs 60-64, and the day-three book records 387.50 times overall. It listed on BSE SME on 1 October 2026 at Rs 121.60 against a band top of Rs 64, and last traded at Rs 89 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

77Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Roopa Screen, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2013 · Ahmedabad, Gujarat, India · 128 employees

Roopa Screen makes rotary nickel screens — cylindrical perforated metal cylinders that act as stencils in rotary screen-printing machines, through which printing paste is pressed onto fabric. Textile mills buy them as a consumable and replace them as they wear out. The company sells four variants (Standard, Delta, Penta and Nova) in a range of mesh counts, thicknesses and repeat sizes, and supplied over 200 customers across India in Fiscal 2026, concentrated in Gujarat, Maharashtra, Haryana, Punjab and Tamil Nadu. It also trades nickel cathodes, its own main raw material. Manufacturing runs from a plant at Gallops Industrial Park-II, Sanand, Ahmedabad; a second unit at Narol stopped making screens in December 2025 for want of statutory approvals and now serves as registered office and warehouse. It had 128 permanent employees as of 31 August 2026.

Revenue comes from rotary screens sold to textile printers, plus resale of nickel cathodes. In Fiscal 2026, Penta screens alone were 38.54% of ₹50.73 crore revenue from operations, Standard 21.90%, Delta 16.16% and Nova 6.48%; cathode trading was 16.91%, which the RHP calls ancillary and low-margin. Nickel is both the input and the traded good, so margin tracks its price: cost of materials consumed was 46.54% of revenue in FY26 and purchases of stock-in-trade 16.09%. The binding constraint is capacity — the Sanand plant ran at 96.51% of its 74,400-screens-a-year installed capacity at 31 March 2026, and issue proceeds fund a new adjacent unit to lift that to 163,200.

The company on paper

Legal name: Roopa Screen Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 12 Apr 2013
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U28112GJ2013PLC074471
Sector: Industrials · Rotary nickel screens used as printing stencils by textile fabric printers
Employees: 128
Registered office: Ahmedabad, Gujarat, India
Promoters: Ghanshyambhai Ranchhodbhai Thakkar, Kunal Ghanshyambhai Thakker, Bhartiben Ghanshyambhai Thakkar, Preksha Kunal Thakkar
Promoter holding, pre-issue: 87.4%
Promoter holding, post-issue: 63.7%
Website: roopaindia.in

The numbers

Financial performance

Revenue has compounded at 19.2% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹19.20 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹19.20 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,10,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.7% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription387.50×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹64.00
Listed at: ₹121.60
Listing gain: up 90.0%
Since listing: down 21.9%
Against the issue price: up 48.4%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹64.00
Amount blocked: ₹2,56,000

One lot is 2000 shares at ₹1,28,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,56,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.2%

chance of one lot, per application

Retail subscription: 529.82×
Applicants per share available: 529.8× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹121.60

listed at, 90.0% against the issue price

Issue price: ₹64.00
Premium said: —
If allotted 2000 shares: ₹1,15,200

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations was Rs 35.71 Cr in FY24, Rs 45.34 Cr in FY25 (26.97% higher) and Rs 50.73 Cr in FY26 (11.89% higher).
EBITDA was Rs 4.24 Cr in FY24, Rs 8.13 Cr in FY25 and Rs 10.00 Cr in FY26 — 11.87%, 17.93% and 19.71% of those years' revenue of Rs 35.71 Cr, Rs 45.34 Cr and Rs 50.73 Cr. Profit after tax of Rs 1.50 Cr, Rs 4.69 Cr and Rs 6.48 Cr works out at 4.20%, 10.34% and 12.77% of the same revenue figures.
Net worth was Rs 5.21 Cr in FY24, Rs 9.89 Cr in FY25 and Rs 16.37 Cr in FY26. Total borrowings were Rs 8.98 Cr, Rs 7.03 Cr and Rs 7.42 Cr, so borrowings stood at 1.72 times net worth in FY24, 0.71 times in FY25 and 0.45 times in FY26 — the FY26 borrowing figure is Rs 0.39 Cr above FY25's.
The entire Rs 19.2 Cr issue was fresh capital: the offer-for-sale component is recorded as Rs 0. Promoter holding is recorded at 87.4% before the issue and 63.71% after, a difference of 23.69 percentage points.

What to weigh against it

Screen manufacturing runs from one plant. The business description states that the second unit at Narol stopped making screens in December 2025 for want of statutory approvals and now serves as registered office and warehouse, and that the Sanand plant ran at 96.51% of its installed 74,400 screens a year at 31 March 2026.
Materials dominate the cost base as the business description records it: cost of materials consumed was 46.54% of FY26 revenue and purchases of stock-in-trade 16.09%, 62.63% between them, with nickel described as both the main raw material and the traded good.
FY26 revenue of Rs 50.73 Cr splits, per the business description, into Penta screens 38.54%, Standard 21.90%, Delta 16.16%, Nova 6.48% and nickel-cathode trading 16.91% — the largest screen variant and the traded cathodes together being 55.45%. The RHP is quoted as calling the cathode trading ancillary and low-margin.
The quoted price has moved down since listing: Rs 121.60 at listing on 1 October 2026, Rs 115.52 at the first day's close, and Rs 89 on 23 October 2026. That last figure is 26.81% below the listing price and 39.06% above the Rs 64 band top.

Easy to miss in the prospectus

The record carries no valuation block, no peer set and no post-issue share count, so the Rs 60-64 band cannot be set against FY26 profit after tax of Rs 6.48 Cr as any multiple from what is here.
Expenses, total assets and cash flow from operations are empty for all three years, so nothing in the record shows the composition behind FY26 EBITDA of Rs 10.00 Cr or the working capital underneath it.
Only the day-three book is recorded (387.50 times overall, QIB 111.63, NII 421.94, retail 529.82); there are no day-one or day-two figures, no anchor allocation and no grey-market series in the record.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Roopa Screen — Red Herring Prospectus dated 2026-09-1919 Sep 2026The document the issue was bid on. Carries the price band and the dates.Opens on serencapital.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Seren Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Roopa Screen's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 24 Sep 2026
Closes: 28 Sep 2026
Allotment: 29 Sep 2026
Lists: 1 Oct 2026
Revenue (FY26): ₹50.73 Cr
Profit (FY26): ₹6.48 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.