SJP Ultrasonics IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

SJP Ultrasonics

Price band

₹67

Lot size

2000 shares

Min investment

₹1,34,000

Issue size

₹23.45 Cr

About the company

SJP Ultrasonics Limited was incorporated in 2012 and provides end-to-end plastic joining and automation solutions. Its work falls into three parts: plastic joining solutions, industrial automation, and laser technology solutions. Customers are manufacturers, so the business is entirely business to business. The automotive industry is the main market, with further sales to medical, electrical, electronics, textile, FMCG, toys, gift and stationery, food and packaging, defence and educational customers. The manufacturing unit is at the Shiv Shankar Industrial Complex 2 at Bhutpada, Vasai East, in Palghar district of Maharashtra. The issue money is being used to add machines in house, including milling machines, a CNC lathe, a CNC bandsaw, an overhead crane, a six-axis robot, a CO2 laser cutting unit, a CMM machine, vibration welders and a laser plastic welder, along with design software. As on 31 March 2026 the company had 84 employees.

SJP Ultrasonics Limited supplies plastic joining and industrial automation solutions, covering ultrasonic and vibration welding, automation lines and laser systems. It sells business to business, mainly to automotive manufacturers and also to medical, electrical, electronics, textile, FMCG, packaging and defence customers, from a plant at Vasai East in Palghar, Maharashtra.

IPO details

Issue price: ₹67
Price band: ₹67
Face value: ₹10
Lot size: 2000
Min investment: ₹1,34,000
Issue size: ₹23.45 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8026
NSE symbol: SJP.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	2,000	₹1,34,000
Retail (Max)	1	2,000	₹1,34,000
HNI (Min)	2	4,000	₹2,68,000

Investor reservation

CATEGORY	RESERVED
NII	16,62,000 shares (50.00% of the Offer)
Retail	16,62,000 shares (50.00% of the Offer)

Objects of the issue

1Funding Capital Expenditure towards the Purchase of Machineries13.22

2Funding working capital requirements of the Company4.92

3General Corporate Purposes3.05

4Issue Expenses3.16

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	35.20	27.06	16.97
Total Income	26.63	21.15	15.22
Profit After Tax	5.24	4.17	3.40
EBITDA	8.32	6.93	5.43
NET Worth	20.09	14.85	6.73
Reserves and Surplus	10.65	5.41	5.63
Total Borrowing	5.78	2.41	2.01

Key performance indicators

P/E Ratio

16.54

EPS (₹)

4.05

RoE

38.86%

RoCE

50.80%

RoNW

28.10%

PAT Margin

19.81%

EBITDA Margin

32.47%

Debt / Equity

0.16

NAV (₹)

15.73

✓ Strengths

• Margins are high for an engineering business, with a PAT margin of 19.81% and an EBITDA margin of 32.47%.

• Revenue has grown every year, from Rs 15.22 crore in FY2024 to Rs 21.15 crore in FY2025 and Rs 26.63 crore in FY2026.

• Profit after tax has grown from Rs 3.40 crore in FY2024 to Rs 4.17 crore in FY2025 and Rs 5.24 crore in FY2026.

• Return on capital employed is 50.80% and return on net worth is 28.10%.

• Debt is very low at Rs 5.78 crore against a net worth of Rs 20.09 crore, a debt to equity ratio of 0.16.

• Most of the money goes into the business. Rs 13.22 crore of the Rs 23.45 crore issue buys machinery and Rs 4.92 crore funds working capital, and the whole issue is fresh capital with no offer for sale.

• It sells into many industries beyond automotive, including medical, electrical, electronics, textile, FMCG, packaging and defence, which spreads demand.

⚠ Risks

• Return on equity is shown as 38.86% while return on net worth is shown as 28.10% for the same year, so the two published figures do not agree.

• The reserves row does not fit the rest of the table, falling from Rs 5.63 crore in FY2024 to Rs 5.41 crore in FY2025 while net worth more than doubled from Rs 6.73 crore to Rs 14.85 crore.

• Rs 3.16 crore of the Rs 23.45 crore issue goes on issue expenses, about 13% of the money raised.

• The issue is priced at 16.54 times post issue earnings on an EPS of Rs 4.05, against 12.07 times on a pre issue EPS of Rs 5.55.

• The company is small, with revenue of Rs 26.63 crore, a net worth of Rs 20.09 crore and 84 employees.

• All manufacturing is at one industrial unit at Vasai East in Palghar, so any disruption there stops production.

• The main market is automotive component manufacturing, where a slowdown in vehicle production feeds straight through to orders for welding and automation equipment.

• Capital equipment orders are lumpy. Customers defer machine purchases when their own demand is uncertain, so revenue can move sharply quarter to quarter.

• Borrowing rose from Rs 2.41 crore in FY2025 to Rs 5.78 crore in FY2026 even though it remains low.

• This is a fixed price issue at Rs 67 per share, so there is no price discovery through bidding, and promoter holding falls from 79.51% to 58%.

• This is an SME issue. One lot is 2,000 shares, which is about Rs 1.34 lakh at the upper band of Rs 67, and SME shares usually trade in low volume after listing.

Promoters & holding

Jignesh Pravinchandra Parekh, Rupal Jignesh Parekh, Parth Jignesh Parekh, Parthvi Jignesh Parekh and Jignesh Pravinchandra Parekh (HUF)

Pre-issue promoter holding

79.51%

Post-issue promoter holding

58%

Promoters hold 79.51% before the issue and will hold 58% after it.

Data refreshed 07 Nov 2026, 04:41 pm IST. GMP is unofficial market sentiment, not investment advice.