This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Incorporated in 2013 and headquartered in Ahmedabad, Gujarat, Roopa Screen Limited is engaged in manufacturing rotary nickel screens (Delta, Penta, Standard, and Nova screens) used as stencils in rotary screen-printing machines for continuous printing on fabrics. The company operates a manufacturing facility at Gallops Industrial Park-II, Sanand, Ahmedabad with an installed capacity of 74,400 screens per annum, achieving 96.51% capacity utilization in FY26 (80.93% in FY25). Manufacturing operations at its Narol, Ahmedabad facility (14,400 capacity) were discontinued with effect from December 15, 2025 due to lack of statutory approvals. In FY26, sales of manufactured rotary nickel screens contributed 82.91% of revenue (Penta screens 38.54%, Standard 21.90%, Delta 16.16%, Nova 6.48%), trading of nickel cathodes contributed 16.91%, and transport/freight revenue contributed 0.18%. The company supplies to over 200 B2B customers across India, with Gujarat generating 58.93% of FY26 operational revenue. Principal raw materials, primarily nickel cathodes and chemicals (nickel sulphate, nickel chloride, boric acid), are sourced from vendors in Gujarat and Maharashtra, with top 10 suppliers accounting for 96.73% of total purchases.
Strategic location in Ahmedabad textile hub, in-house manufacturing facility with integrated quality testing laboratory and ISO certifications, established relationships with over 200 B2B textile customers, and proprietary product variants (Delta, Penta, Standard, Nova).
Roopa Screen Limited is an ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certified manufacturer of rotary nickel screens used as stencils in rotary screen-printing machines, primarily for continuous printing on fabrics in the textile industry.
Source: p.20, 109, 112, 116, 117, 125
The comparable set the company chose, which is itself a disclosure.
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 0.734 | 6.4833 | 12.78% | 50.7273 | yes | -0.3389 |
| standalone | FY25 | 1.2535 | 4.6853 | 10.33% | 45.3412 | yes | -2.8635 |
| standalone | FY24 | 0.9542 | 1.5036 | 4.21% | 35.7053 | yes | -2.9903 |
Written before listing, answered from the document itself.
How are the fresh issue IPO proceeds allocated across new plant construction, working capital, and general corporate purposes?
Fresh issue proceeds are allocated as: Rs. 9.9046 crore for funding capital expenditure towards setting up a new manufacturing facility at Sanand, Gujarat, Rs. 6.0000 crore for funding incremental working capital requirements, and the balance for General Corporate Purposes (capped at 25%).
p.76, 77, 78
What is the promoters' shareholding pre-issue, and what is their acquisition cost history?
Promoters Ghanshyambhai Thakkar, Kunal Thakker, Bhartiben Thakkar, and Preksha Thakkar hold 85.23% pre-issue equity (6,876,250 shares). A 6:1 bonus issue of 6,915,000 shares in September 2025 expanded insider shareholding at Rs. 0.00 per share, following rights allotments between Rs. 17.00 and Rs. 25.00 per share.
p.49, 50, 52, 62
What are the key related-party transactions, promoter loans, and commercial dependencies?
Sales of finished goods to promoter entity Roopa Engineers totaled Rs. 0.7340 crore in FY26. Unsecured loans from promoter family members total Rs. 3.3999 crore (45.84% of total borrowings of Rs. 7.4175 crore), all repayable on demand. Rent paid to promoter directors and group entities totaled Rs. 0.0387 crore. Promoters provided personal guarantees covering bank facilities.
p.173, 194, 205
How did operating cash flow perform relative to restated net profits over FY24 to FY26?
Restated PAT expanded from Rs. 1.5036 crore in FY24 to Rs. 4.6853 crore in FY25 and Rs. 6.4833 crore in FY26. Operating cash flow (CFO) remained positive across all three years (+Rs. 5.8645 crore in FY24, +Rs. 3.8131 crore in FY25, +Rs. 2.8464 crore in FY26), though declining 51.47% over the period due to working capital absorption in trade receivables (Rs. 12.78 crore) and inventory (Rs. 6.98 crore).
p.80, 162, 165, 223
What secretarial, statutory compliance, litigation, and tax findings exist for the company?
The Narol manufacturing unit was shut down in December 2025 due to lack of statutory factory licenses and GPCB consents. A GST DRC-01A intimation involving Rs. 0.3338 crore for wrong ITC availment is pending. Disclosed instances of administrative delays in statutory payments (PF, ESIC, GST). Statutory auditor M/s G M C S & Co., Chartered Accountants, has served continuously without auditor change.
p.18, 158, 229, 232
What are the application lot terms, retail ticket requirements, market maker details, and exit constraints for public investors?
The offer is listed on BSE SME with a minimum retail application requirement of 2 lots. Trading occurs strictly in standardized market lots, and because lots are indivisible, partial exit or fractional lot trading is impossible. B.N. Rathi Securities Limited is the Market Maker with 210,000 reserved shares (7.00%) and a mandatory 3-year obligation period. Standard SME 5% price circuit limits apply.
p.1, 7, 59, 172, 175
What the issue priced at, on the figures in the document.
Pe basis: Based on Restated Basic & Diluted EPS of Rs. 8.04 for FY 2025-26
The company compares itself with listed peer Stovec Industries Limited (SIL), though SIL's product portfolio includes rotary printing systems, digital textile printing machines, and related consumables.
Source: p.84, 85, 86, 87, 88
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2013-04-12 | Kunal Ghanshyambhai Thakker & Kirankumar Vadilal Shah | 100000 | 10 | promoter | initial | p.49, 133 |
| 2013-08-27 | Existing Shareholders | 150000 | 17 | promoter | rights | p.49 |
| 2014-09-23 | Existing Shareholders | 150000 | 17 | promoter | rights | p.49 |
| 2016-02-19 | Existing Shareholders | 5000 | 17 | promoter | rights | p.49 |
| 2017-09-27 | Existing Shareholders | 210000 | 17 | promoter | rights | p.50 |
| 2018-05-15 | Existing Shareholders | 10000 | 17 | promoter | rights | p.50 |
| 2019-06-04 | Existing Shareholders | 227500 | 22 | promoter | rights | p.50 |
| 2021-07-10 | Existing Shareholders | 300000 | 25 | promoter | rights | p.50 |
| 2025-09-22 | Existing Shareholders | 6915000 | 0 | promoter group | bonus | p.50 |
Ceo: Ghanshyambhai Ranchhodbhai Thakkar
GST DRC-01A intimation dated July 14, 2026 involving Rs. 0.3338 crore (Rs. 33.38 lakhs) against the Company for alleged excess/wrong ITC availment for FY 2022-23. Commercial suit filed by Company against Star Décor Processors involving Rs. 0.1483 crore (Rs. 14.83 lakhs). Direct tax proceeding involving Rs. 0.0004 crore against Promoter/Director.
Auditor name: M/s G M C S & Co., Chartered Accountants
Skin in game: Promoters hold 85.23% pre-issue shareholding (6,876,250 equity shares out of 8,067,500 pre-issue equity shares).
Auditor changed last 3y: No
Source: p.9, 10, 49, 158, 229
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Roopa Engineers | 0.734 | sale | promoter-owned entity | yes | p.194 |
| Roopa Engineers | 0.0752 | rent | promoter-owned entity | no | p.194 |
| Ghanshyambhai Ranchhodbhai Thakkar | 0.24 | remuneration | director | yes | p.194 |
| Ghanshyambhai Ranchhodbhai Thakkar | 0.118 | rent | director | no | p.194 |
| Ghanshyambhai Ranchhodbhai Thakkar | 0.09 | loan taken | director | no | p.194 |
| Kunal Ghanshyambhai Thakker | 0.3 | remuneration | director | yes | p.194 |
| Kunal Ghanshyambhai Thakker | 0.046 | rent | director | no | p.194 |
| Kunal Ghanshyambhai Thakker | 1.0316 | loan taken | director | no | p.194 |
| Preksha Kunal Thakkar | 0.18 | remuneration | director | yes | p.194 |
| Preksha Kunal Thakkar | 0.335 | loan taken | director | no | p.194 |
| Bhartiben Ghanshyambhai Thakkar | 0.108 | remuneration | director | yes | p.194 |
| Bhartiben Ghanshyambhai Thakkar | 0.35 | loan taken | director | no | p.194 |
Disclosed instances of administrative delays in payment of statutory dues including ESIC, PF, GST and professional tax during the restated period.
Defaults disclosed: Yes
Source: p.18, 232
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
What this sector is read on: Production, Sales volume, Realisation per tonne, EBITDA per tonne, Raw material cost per tonne, Net debt. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Metals and mining framework (from the listed sector). Primary valuation lens: EV/EBITDA on mid-cycle earnings.
Read more closely in this sector: Capacity announced against commissioned · Inventory gains in margin.
The same read, applied to the companies this one competes with.