ROOTS MULTICLEAN LIMITED

Company: Roots Multiclean Limited
CIN: U36999TZ1992PLC003662
ISIN: INE01LF01013
Face Value: ₹10
Incorporated: 24 February 1992
Registered Office: R.K.G. Industrial Estate, Ganapathy, Coimbatore, Tamil Nadu
Status: Active Unlisted Public Company
Industry: Industrial Cleaning Equipment / Industrial Machinery

Official Company Website: Roots Multiclean Limited
Official Annual Reports: Roots Multiclean Annual Reports
Investor Contact: Roots Multiclean Investor Contact

Executive Summary

Roots Multiclean Limited is an Indian manufacturer of mechanised industrial and commercial cleaning equipment, with operations dating back to 1992.

Its product portfolio covers:

• Sweepers
• Scrubbers and scrubber-driers
• Commercial vacuum cleaners
• Industrial vacuum cleaners
• High-pressure cleaning equipment
• Carpet cleaners
• Escalator/travelator cleaners
• Steam cleaners
• Runway sweepers
• Janitorial products
• Cleaning pads and detergents

The company says it serves 55,000+ customers across India and global markets, has a presence in 40+ countries, and employs 1,300+ people. It also states that its solutions are used across manufacturing, railways, defence, pharmaceuticals, automobiles, airports, cement, paper, hospitality and other industries.

Financially, FY25 was strong:

• Revenue from operations: ₹506.38 Cr
• Total income: ₹509.95 Cr
• EBITDA: approximately ₹85.63 Cr
• PAT: ₹47.67 Cr
• EPS: ₹238.34
• Operating cash flow: ₹42.26 Cr
• Net worth: approximately ₹330.82 Cr
• Total borrowings: approximately ₹95.82 Cr

Revenue increased around 15.4% from FY24, while PAT increased around 5.7%.

The latest ICRA rating, reaffirmed in January 2026, is [ICRA]A+ (Stable) for long-term facilities and [ICRA]A1 for short-term non-fund-based facilities. ICRA highlights the company’s established brand, diversified customer base, healthy profitability and comfortable financial risk profile.

Company Overview

Roots Multiclean describes itself as India’s first mechanised cleaning-equipment manufacturer. The business started with basic sweepers and has expanded into a broad range of mechanised cleaning machines.

The company’s manufacturing and engineering capabilities are supported by its Roots Group ecosystem.

The company states that its machines are designed for challenging Indian operating conditions and that quality control is carried out from raw materials through assembly and final testing.

Business Reach

According to the company’s website:

• 55,000+ satisfied customers
• 40+ countries
• 1,300+ employees
• 30+ years of experience
• 75+ business-development executives
• 200+ service engineers

The extensive after-sales network is strategically important because cleaning equipment generates recurring requirements for service, spare parts, consumables and maintenance.

Business Model

Roots Multiclean follows a B2B/B2G industrial-equipment model with exposure to commercial and institutional customers.

Revenue comes primarily from:

1. Machine Sales

The company manufactures and sells cleaning equipment such as sweepers, scrubbers and industrial vacuum systems.

2. Industrial Cleaning Solutions

Customers can require customised equipment depending on factory size, floor type, dust load and operating environment.

3. After-Sales Service

Cleaning equipment requires regular maintenance, spare parts and servicing.

The company has more than 200 service engineers according to its website.

4. Consumables

Cleaning pads, detergents and related products provide an additional revenue stream.

5. Export Business

Roots Multiclean serves customers across 40+ countries, giving the company an opportunity to diversify beyond the Indian market.

Product Portfolio

Sweepers

The company offers:

• Walk-behind sweepers
• Ride-on sweepers
• Truck-mounted sweepers

Scrubbers

Its scrubber portfolio includes:

• Mini scrubbers
• Single-disc machines
• Walk-behind scrubber-driers
• Ride-on scrubber-driers

The company’s scrubber systems use mechanical scrubbing combined with water/detergent and suction for immediate drying.

Vacuum Cleaners

Products include:

• Commercial vacuum cleaners
• Industrial vacuum cleaners
• Compact industrial models
• Medium-duty models
• Heavy-duty models
• Fixed vacuum systems
• Oil-recycling units
• ATEX vacuum systems
• Truck-mounted vacuum systems

Specialised Cleaning Equipment

The company also offers:

• High-pressure jets
• Carpet cleaners
• Escalator/travelator cleaners
• Steam cleaners
• Runway sweepers
• Janitorial products
• Pads and detergents

Industries Served

Roots Multiclean’s website lists a broad customer-industry base:

• Manufacturing
• Automobile
• Railways
• Defence
• Pharmaceuticals
• Airports
• Cement
• Paper
• Foundries
• Commercial offices
• Retail malls
• Hospitality

This diversification reduces dependence on any single end market.

Industry Opportunity

India’s industrial cleaning-equipment market is benefiting from increasing mechanisation and higher hygiene standards.

Historically, industrial cleaning in India relied heavily on manual labour. Increasing labour costs, larger factories, stricter hygiene requirements and demand for productivity are encouraging mechanised cleaning.

Research coverage identifies Roots Multiclean among the significant players in India’s industrial cleaning-equipment ecosystem alongside international companies such as Kärcher, Nilfisk, Tennant and others.

Structural Drivers

Industrialisation

More factories, warehouses and manufacturing facilities increase demand for industrial cleaning.

Healthcare & Pharma

Hospitals and pharmaceutical facilities require higher standards of hygiene and contamination control.

Airports & Railways

Large public infrastructure facilities require mechanised cleaning because of their scale.

Warehousing & Logistics

The growth of warehouses and organised logistics increases demand for industrial floor-cleaning equipment.

Labour Productivity

Mechanised equipment can reduce dependence on manual cleaning and improve consistency.

Hygiene Awareness

The post-pandemic environment increased awareness of professional cleaning and hygiene standards.

Competitive Landscape

The market contains a combination of domestic manufacturers, importers and global OEMs.

Major international/global brands include:

• Kärcher
• Nilfisk
• Tennant
• Comac
• Hako
• NSS

Domestic manufacturers and distributors compete on:

• Price
• Local service
• Customisation
• Spare-part availability
• Delivery time

Recent industry research describes Roots Multiclean as a domestic participant competing with global industrial-cleaning-equipment manufacturers.

Roots’ Potential Differentiation

The company’s potential advantages include:

Local manufacturing

Can provide cost advantages and shorter delivery times.

Indian-condition product design

The company specifically highlights products designed for challenging Indian operating conditions.

Service network

200+ service engineers provide an important competitive advantage.

Broad product portfolio

The company is not dependent on a single cleaning-equipment category.

Roots Group ecosystem

The Roots Group provides engineering and manufacturing relationships that can support the business.

Financial Performance

Consolidated Financials

₹ Crore	FY24	FY25
Revenue from Operations	439.01	506.38
Other Income	1.74	3.57
Total Income	440.75	509.95
EBITDA*	~74.0	~85.63
PBT	60.35	63.21
PAT	45.08	47.67
EPS	₹225.38	₹238.34

*EBITDA is calculated approximately as PBT + finance costs + depreciation and amortisation from the reported financial statements.

FY25 revenue increased approximately 15.4%, while PAT increased approximately 5.7%.

Margin Analysis

FY25 EBITDA calculation:

PBT: ₹63.21 Cr
Finance Cost: ₹10.04 Cr
Depreciation: ₹12.39 Cr

Therefore:

Approx. EBITDA = ₹85.63 Cr

Approximate EBITDA margin:

16.8%

PAT margin:

9.4%

This is a healthy profitability profile for a specialised industrial-equipment manufacturer.

However, the slower PAT growth relative to revenue growth indicates that investors should monitor:

• Employee costs
• Raw-material costs
• Finance costs
• Product mix
• Operating leverage

Balance Sheet

FY25 consolidated balance sheet:

Particulars	FY25
Total Assets	₹515.71 Cr
Equity	₹330.82 Cr
PPE	₹131.02 Cr
Inventory	₹156.51 Cr
Trade Receivables	₹83.94 Cr
Cash	₹6.90 Cr
Other Bank Balances	₹25.58 Cr
Investments	₹57.67 Cr
Borrowings	₹95.82 Cr
Lease Liabilities	₹5.75 Cr

Debt Position

Reported borrowings increased from approximately:

₹65.63 Cr → ₹95.82 Cr

between FY24 and FY25.

However, shareholders’ equity increased to approximately ₹330.82 Cr, resulting in a reported debt/equity ratio of approximately 0.14x.

This is still a relatively comfortable leverage level.

Liquidity

Current ratio:

2.26x

Debt-equity:

0.14x

DSCR:

10.80x

ROE:

17.08%

ROCE:

15.74%

These ratios indicate a relatively healthy financial structure.

Cash Flow Analysis

FY25 operating cash flow:

₹42.26 Cr

FY24 operating cash flow:

₹40.85 Cr

Therefore, operating cash generation remained positive and broadly stable.

However, investing cash flow was:

-₹54.90 Cr

because of:

• ₹26.18 Cr addition to PPE
• ₹35.04 Cr investment additions
• ₹10.65 Cr increase in restricted/non-cash-equivalent bank balances

This indicates that the company was deploying significant capital while continuing to generate healthy operating cash flow.

Capital Expenditure

FY25 additions to PPE were approximately:

₹26.18 Cr

This indicates continued investment in manufacturing capacity and infrastructure.

For an industrial-equipment company, capex can be positive if it results in:

• Higher capacity
• Better automation
• New products
• Improved productivity
• Export growth

The key monitorable is therefore return on incremental capital.

Credit Rating

One of the strongest external indicators is the company’s current ICRA rating.

As of January 2026:

Long Term: [ICRA]A+ (Stable)

Short Term: [ICRA]A1

ICRA reaffirmed the ratings and cited:

• Established brand presence
• Diversified customer base
• Healthy profitability
• Comfortable capital structure
• Strong debt-protection metrics

ICRA Rating Details: ICRA – Roots Multiclean Rating

Shareholding

Available shareholding data indicates a concentrated ownership structure.

One reported FY24 pattern was:

Shareholder	Approx. Holding
Hako GmbH	26.00%
Roots Industries India Pvt Ltd	18.00%
R. Varun Karthikeyan	17.97%
K. Ramasamy	11.75%
Roots Auto Products Pvt Ltd	7.50%
R. Yokanayaki	5.02%
Others	13.76%

The strategic relationship with Hako GmbH is noteworthy because Hako is an international cleaning-equipment company. The relationship also provides an international technology/business connection.

Management

Key management names reported by current unlisted-market sources include:

• R. Varun Karthikeyan – Vice Chairman & Managing Director
• K. Ramasamy – Whole-Time Director
• Jayaraman Krishnakumar – Whole-Time Director
• Ravi Kumar R – CFO

International Presence

Roots Multiclean states that it serves 40+ countries across six continents.

The company also has a wholly owned US subsidiary, Roots Multiclean Inc., which is included in the consolidated financial statements. ICRA confirms that the US subsidiary is fully consolidated.

International expansion can potentially provide:

• Geographic diversification
• Higher export volumes
• Access to international customers
• Product/technology opportunities

However, export businesses also face:

• Currency risk
• Customer concentration
• International competition
• Logistics costs

Current Unlisted Share Price

There is significant variation between available OTC references.

Reference 1 — Planify

As of 7 September 2026:

₹3,119/share

Market capitalisation:

₹623.8 Cr

Shares:

20 lakh

Current reference: Planify – Roots Multiclean Research Report

Reference 2 — Buy Unlisted Shares

As of 14 September 2026:

₹4,000/share

Indicative market capitalisation:

₹625 Cr

The platform explicitly states that this is an OTC reference price and not a stock-exchange quote or offer to deal.

Current reference: Buy Unlisted Shares – Roots Multiclean

Reference 3 — WWIPL

Current page displays approximately:

₹3,124/share

This demonstrates the price-discovery issue associated with unlisted shares.

Valuation

Using FY25 consolidated PAT:

₹47.67 Cr

and 20 lakh shares:

FY25 EPS = ₹238.34

At ₹3,124

P/E:

₹3,124 ÷ ₹238.34 ≈ 13.1x

Market capitalisation:

~₹625 Cr

At ₹4,000

P/E:

₹4,000 ÷ ₹238.34 ≈ 16.8x

Market capitalisation:

~₹800 Cr

Therefore, the difference between ₹3,124 and ₹4,000 materially changes the valuation.

Valuation Sensitivity

Based on FY25 EPS of ₹238.34:

P/E	Implied Price
10x	₹2,383
12x	₹2,860
14x	₹3,337
15x	₹3,575
16x	₹3,813
18x	₹4,290
20x	₹4,767
22x	₹5,244

This gives a useful framework for evaluating different OTC prices.

EV / EBITDA

Approximate FY25 EBITDA:

₹85.63 Cr

At ₹3,124/share:

Market cap ≈ ₹625 Cr

After considering borrowings and cash/investments, enterprise value is approximately in the ₹665–670 Cr range, depending on treatment of investments and lease liabilities.

Approximate EV/EBITDA:

~7.8x

At ₹4,000/share:

EV/EBITDA is approximately:

~9.8x

Therefore, the stock moves from a relatively moderate industrial-equipment valuation at ₹3,100–3,200 to a considerably fuller valuation around ₹4,000.

Book Value

FY25 consolidated equity:

~₹330.82 Cr

Shares:

20 lakh

Approximate book value:

₹1,654/share

Therefore:

At ₹3,124

P/B ≈ 1.89x

At ₹4,000

P/B ≈ 2.42x

This is important because some unlisted websites display different book-value/P/B calculations. For valuation work, the latest audited balance sheet and confirmed share count should take precedence.

Growth Drivers

1. Industrial Automation

As Indian factories become more automated, cleaning operations can also become more mechanised.

2. Manufacturing Expansion

Growth in manufacturing capacity across India increases the addressable market for industrial cleaning equipment.

3. Railways & Airports

Large infrastructure facilities require mechanised cleaning systems.

4. Defence & Pharma

Higher hygiene and operational standards support demand for specialised cleaning solutions.

5. Warehousing

Large warehouses and logistics facilities require efficient floor-cleaning equipment.

6. Export Expansion

40+ countries provide a significant international addressable market.

7. After-Sales Revenue

Service, spare parts and consumables can improve customer lifetime value.

8. New Product Development

Roots continues to introduce new products. Its website currently highlights recent launches including the RD120 and RB550.

Competitive Advantages

Established Brand

More than three decades of operating history.

Broad Product Portfolio

The company covers multiple cleaning categories rather than relying on a single machine type.

Service Network

200+ service engineers provide an important customer-retention advantage.

Global Presence

40+ countries.

Customer Diversification

Exposure to manufacturing, defence, railways, pharma, automobiles, airports, hospitality and other sectors.

Technology Partnerships

Historical relationships with international players such as Hako have helped strengthen product capabilities. ICRA has previously highlighted Roots’ product portfolio and foreign-player tie-ups as a strength.

Key Risks

1. Competition

The company competes with global brands including Kärcher, Nilfisk and Tennant as well as domestic manufacturers and importers.

2. Margin Pressure

Revenue grew faster than PAT in FY25.

This needs monitoring.

3. Working Capital

Inventory increased to approximately ₹156.5 Cr and receivables to approximately ₹83.9 Cr.

The company needs to ensure that growth does not consume excessive working capital.

4. Capex Requirement

Industrial manufacturing requires continuing investment in machinery and facilities.

5. Export Risk

International business introduces foreign-exchange and customer-concentration risks.

6. Unlisted Liquidity

There is no continuous NSE/BSE trading mechanism.

Exit can therefore depend on finding a buyer/dealer.

7. Price Discovery

Current references range from approximately ₹3,124 to ₹4,000, demonstrating significant OTC price dispersion.

IPO / Listing Status

Roots Multiclean is currently an unlisted public company.

There is no confirmed IPO date that should be assumed as a near-term catalyst.

The company continues to publish investor-related information and annual reports on its website.

Investors should therefore evaluate the business on its fundamentals rather than assuming an IPO will automatically provide an exit.

Investment Framework

Business

Roots Multiclean has a differentiated position in India’s mechanised industrial-cleaning-equipment market, supported by:

• 30+ years of operating history
• 40+ countries
• 55,000+ customers
• Broad product portfolio
• Service network
• Industrial customer base
• International relationships

Financial Quality

FY25 demonstrates:

• ₹506 Cr revenue
• ₹86 Cr approximate EBITDA
• ₹48 Cr PAT
• ₹42 Cr operating cash flow
• 17% ROE
• 15.7% ROCE
• 0.14x debt/equity

This represents a reasonably strong financial profile.

Valuation

At approximately ₹3,100–₹3,200, the company trades around:

13x FY25 P/E

and approximately:

1.9x FY25 book value

At ₹4,000, valuation rises to approximately:

16.8x P/E

and:

2.4x P/B

Therefore, the exact entry price becomes particularly important.

Overall Assessment

Roots Multiclean is an interesting industrial machinery and cleaning-equipment opportunity rather than a conventional consumer vacuum-cleaner company.

Its strongest characteristics are:

Established franchise

The company has been operating since 1992.

Strong customer base

55,000+ customers and presence across multiple industries.

International reach

40+ countries.

Diversified product portfolio

Sweepers, scrubbers, industrial vacuums, pressure washers and specialised cleaning systems.

Strong financial profile

₹47.7 Cr PAT, ₹42.3 Cr operating cash flow, 0.14x debt/equity and 17% ROE in FY25.

Credit strength

ICRA A+/Stable and A1 ratings were reaffirmed in January 2026.

The Main Things to Monitor

For an investor, the next few years should focus on:

Revenue growth

Can the company maintain double-digit growth?

EBITDA margin

Can the business maintain or improve its ~17% FY25 calculated EBITDA margin?

Operating cash flow

Does cash generation continue to track PAT?

Working capital

Inventory and receivables should remain under control.

ROCE

Returns on the increasing asset base should remain attractive.

Export growth

International expansion should translate into profitable growth.

Valuation

The difference between ₹3,100 and ₹4,000 materially changes the risk/reward framework.

Valuation Summary

Parameter	At ₹3,124	At ₹4,000
Market Cap	~₹625 Cr	~₹800 Cr
FY25 EPS	₹238.34	₹238.34
FY25 P/E	~13.1x	~16.8x
FY25 Book Value	~₹1,654	~₹1,654
P/B	~1.9x	~2.4x
Approx. EV/EBITDA	~7.8x	~9.8x
Liquidity	Unlisted	Unlisted

Final Conclusion

Roots Multiclean presents a relatively mature industrial franchise with a strong balance sheet, positive cash generation and a broad product portfolio.

The business benefits from long-term themes such as:

industrialisation + mechanisation + hygiene + infrastructure + automation + organised facility management.

The company’s 40+ country footprint, 55,000+ customer base, broad product range and 200+ service-engineer network provide meaningful competitive strengths.

The main concern is not the underlying business quality but the combination of:

• Unlisted liquidity
• OTC price dispersion
• Working-capital intensity
• Competition from global players
• Requirement for continuing capex
• Slower PAT growth relative to revenue in FY25

From a valuation perspective, ₹3,100–₹3,200 and ₹4,000 represent materially different propositions. At approximately ₹3,124, FY25 valuation is around 13x earnings; at ₹4,000 it is closer to 17x.

Therefore, a proper investor analysis should focus on future earnings growth and return on incremental capital, rather than simply extrapolating historical revenue growth.

Important Due-Diligence Checklist Before Buying

Before executing any transaction, verify:

1. Latest audited financial statements
2. Current shareholding
3. Current share certificate / demat status
4. Exact ISIN
5. Current executable OTC price
6. Transfer process
7. Latest debt position
8. Current FY26/FY27 earnings
9. Dividend history
10. Any proposed IPO/listing plans
11. Related-party transactions
12. Current customer concentration

Official investor/contact page: Roots Multiclean Investor Contact

Official annual-report page: Roots Multiclean Annual Reports

Latest ICRA rating: ICRA Roots Multiclean Rating Details

Current indicative market reference: Roots Multiclean – Planify Research

Disclaimer

This report is prepared for research and informational purposes only and should not be considered investment advice, a recommendation to buy or sell securities, or a guarantee of future returns.

Unlisted shares involve higher liquidity, valuation, disclosure and exit risks than listed securities. OTC prices are indicative and may differ substantially between intermediaries.

Financial figures should be independently verified against the latest audited company filings before making an investment or publishing a final valuation.

For more such unlisted stocks visit https://unlistedcart.com/unlisted-shares/