Roopa Screen’s nickel-metal trading reshaped revenue mix

Roopa Screen Limited’s revenue mix shifted towards nickel-metal trading over the three years ended March 31, 2026. Roopa Screen’s traded nickel-metal sales rose from Rs 45.96 lakh in FY2024 to Rs 8.57 crore in FY2026, nearly 19 times the earlier level, and represented 16.9% of FY2026 revenue from operations.

How did Roopa Screen’s nickel-metal trading reshape revenue mix?

Nickel-metal trading became a material disclosed revenue category by FY2026. Traded nickel-metal sales increased from Rs 45.96 lakh in FY2024 to Rs 5.36 crore in FY2025 and Rs 8.57 crore in FY2026. Against revenue from operations of Rs 35.71 crore, Rs 45.34 crore and Rs 50.73 crore respectively, the trading category’s share rose from 1.3% to 11.8% and then 16.9%.

The shift occurred while Roopa Screen reported a single business segment, rotary nickel screen, under its segment-reporting policy. Its revenue disclosure nonetheless separately identifies manufactured rotary nickel screens and traded nickel metal. Revenue from goods is recognised when significant risks and rewards of ownership transfer to the buyer, which Roopa Screen says generally coincides with delivery to customers.

The overall change was driven principally by the faster expansion of the trading category rather than a reduction in manufacturing sales. From FY2024 to FY2026, traded nickel-metal sales rose by Rs 8.11 crore, compared with a Rs 6.88 crore increase in manufactured-screen sales. Transport and freight revenue also rose by Rs 83.22 lakh over the period, reaching Rs 88.88 lakh in FY2026.

Did Roopa Screen’s manufactured-screen sales continue to rise?

Manufactured rotary nickel screen sales increased in each reported year, although their share of revenue declined. Domestic manufactured-screen sales were Rs 35.19 crore in FY2024, Rs 39.90 crore in FY2025 and Rs 41.92 crore in FY2026. Roopa Screen also reported Rs 15.63 lakh of export manufactured-screen sales in FY2026, taking total manufactured-screen sales to Rs 42.07 crore.

Manufactured screens accounted for 98.5% of FY2024 revenue from operations, 88.0% in FY2025 and 82.9% in FY2026. The decline of 15.6 percentage points in two years reflects the faster increase in traded nickel metal, not falling screen revenue. FY2024 and FY2025 operating revenue was entirely domestic, while FY2026 included the disclosed export sales of Rs 15.63 lakh.

Roopa Screen’s manufacturing cost base remained substantial in FY2026. Cost of materials consumed was Rs 23.88 crore, close to Rs 23.86 crore in FY2025, while power and fuel expense increased to Rs 4.16 crore from Rs 3.81 crore. Finished rotary nickel screens held in inventory were valued at Rs 3.71 crore at March 31, 2026, compared with Rs 2.24 crore a year earlier.

What does the purchasing data show about the trading increase?

The trading increase coincided with a sharp increase in purchases of stock in trade. Roopa Screen reported trading purchases of Rs 40.18 lakh in FY2024, Rs 5.05 crore in FY2025 and Rs 8.26 crore in FY2026. The FY2026 purchasing total was close to the Rs 8.57 crore reported as traded nickel-metal sales, although the financial statements do not disclose a separate trading gross margin.

All disclosed stock-in-trade purchases were indigenous in FY2024, FY2025 and FY2026, with no imported purchases reported in any of the three years. This identifies local procurement as the disclosed source of goods for resale. Continued trading sales would therefore depend on Roopa Screen’s ability to procure nickel metal, sell it to customers and collect the resulting receivables within its 12-month operating cycle.

The company’s raw-material disclosure also shows nickel metal valued at Rs 3.06 crore at March 31, 2026, compared with Rs 1.65 crore at March 31, 2025 and Rs 2.46 crore at March 31, 2024. The notes classify this nickel metal as raw material, whereas the Rs 8.26 crore purchases of stock in trade are separately disclosed. The available information does not allocate nickel inventory between manufacturing demand and any trading-related commercial requirement.

What working-capital effects accompanied the revenue mix change?

Higher activity coincided with increased inventory and receivables at March 31, 2026. Total inventory rose to Rs 6.98 crore from Rs 4.09 crore at March 31, 2025, while trade receivables increased to Rs 12.78 crore from Rs 10.26 crore. Of FY2026 receivables, Rs 11.55 crore was outstanding for less than six months and Rs 1.23 crore was outstanding for more than six months.

Working-capital movements reduced operating cash flow in FY2026 despite higher profit. The cash-flow statement records Rs 2.71 crore used by the increase in trade receivables and Rs 2.89 crore used by the increase in inventory. As a result, net cash from operating activities was Rs 2.85 crore in FY2026, below Rs 3.81 crore in FY2025, while profit after tax increased from Rs 4.69 crore to Rs 6.48 crore.

Short-term borrowings increased to Rs 6.67 crore at March 31, 2026 from Rs 1.41 crore a year earlier. The FY2026 total included Rs 2.65 crore of bank cash credit, Rs 3.40 crore of loans from directors and Rs 62.52 lakh of current maturities of long-term borrowings. Roopa Screen reported no continuing default in repayment of loans and interest as at the reporting date.

Does the revenue mix change show which activity generated profit?

The restated financial statements show higher total profit, but do not identify the profit contribution of nickel-metal trading. Profit after tax rose from Rs 1.50 crore in FY2024 to Rs 4.69 crore in FY2025 and Rs 6.48 crore in FY2026. Roopa Screen discloses trading revenue and stock-in-trade purchases, but does not disclose separate gross profit, operating profit or net profit for traded nickel metal and manufactured screens.

Total income rose to Rs 51.32 crore in FY2026 from Rs 45.63 crore in FY2025, while total expenses rose to Rs 42.63 crore from Rs 39.36 crore. Finance costs declined to Rs 73.06 lakh in FY2026 from Rs 90.88 lakh in FY2025, despite the higher year-end short-term borrowing balance. These figures establish that total profitability increased, but they do not establish which revenue category produced the incremental profit.

Conclusion

Roopa Screen’s FY2024-to-FY2026 revenue growth combined continued expansion in manufactured rotary nickel screens with a substantially faster rise in traded nickel metal. Trading sales increased by Rs 8.11 crore over the period and reached 16.9% of FY2026 operating revenue, while manufactured-screen sales rose to Rs 42.07 crore but declined as a proportion of the revenue mix.

The next financial update will indicate whether traded nickel metal remains a material revenue component and whether related working-capital balances moderate. At March 31, 2026, Roopa Screen had Rs 6.98 crore of inventory, Rs 12.78 crore of trade receivables and Rs 6.67 crore of short-term borrowings, alongside disclosed capital commitments of Rs 3.44 crore for capital goods.