SJP Ultrasonic
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 1.56×
- Retail individualRII · up to ₹2 lakh
- 0.85×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 07 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 06 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 05 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 04 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 03 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 02 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 01 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 30 Sep 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 16,62,000 | 30,86,000 | ₹20.68 Cr | 1.86× |
| Retail individual | 16,62,000 | 16,68,000 | ₹11.18 Cr | 1.00× |
| Total | 33,24,000 | 60,46,000 | ₹40.51 Cr | 1.82× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 05 Oct, 05:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Sep 2026 – 05 Oct 2026
- Listing date
- 08 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹67
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹23.45 Cr
- Fresh issue
- ₹22.27 Cr 33,24,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹86.70 Cr
- Promoter holding
- 79.51% → 58.00% pre-issue → post-issue
- ISIN
- INE0S4601017
- CIN
- U29253MH2012PLC226489
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Khandwala Securities Ltd.
- Registered office
- Gala No. 1 and Gala No. 2, Shiv Shankar Industrial Complex 2, Bhutpada, Building No.5, Opp. Golden Chariot Hotel, Highway, Vasai East, Palghar - 401 208, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 16,62,000 | 50.00% | 47.49% |
| bNII > ₹10L · within NII | 16,62,000 | — | 47.49% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 16,62,000 | 50.00% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,76,000 | — | 5.03% |
| Total issue | 35,00,000 | — | 100.00% |
Net offer to the public of 33,24,000 shares, out of a total issue of 35,00,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹67
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,34,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,68,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,38,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,72,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹67 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.55 | 4.05 |
| P/E (×) | 12.07 | 16.54 |
| Price to book (×) | 4.26 | — |
| Market cap | — | ₹86.70 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 28.10%
- ROCE
- 37.00%
- Debt / equity
- 0.16
- PAT margin
- 19.81%
- EBITDA margin
- 32.47%
- NAV per share
- ₹15.73
- Price to book
- 4.26
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 26.63 | 21.15 | 15.22 |
| Revenue from operations | 26.56 | 21.06 | 15.21 |
| Other income | 0.08 | 0.1 | 0.01 |
| Total expenses | 19.58 | 15.65 | 10.48 |
| Operating profit | 7.05 | 5.5 | 4.74 |
| Operating margin | 26.47% | 26.00% | 31.14% |
| Profit before tax | 7.02 | 5.5 | 4.74 |
| Profit after tax | 5.24 | 4.17 | 3.4 |
| PAT margin | 19.68% | 19.72% | 22.34% |
| Balance sheet | |||
| Total assets | 35.2 | 27.06 | 16.97 |
| Current assets | 32.89 | 24.79 | 15.01 |
| Current liabilities | 14.68 | 10.07 | 8.1 |
| Total liabilities | 15.11 | 12.22 | 10.24 |
| Net worth | 20.09 | 14.85 | 6.73 |
| Current ratio | 2.24× | 2.46× | 1.85× |
| Return on equity | 26.08% | 28.08% | 50.52% |
| Cash flow | |||
| Operating cash flow | -2.7 | -2.88 | 0.15 |
| Investing cash flow | -0.34 | -0.59 | -0.02 |
| Financing cash flow | 2.48 | 3.42 | 0.1 |
| Net cash flow | -0.55 | -0.05 | 0.23 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Capital Expenditure towards the Purchase of Machineries ₹13.22 Cr
The company proposes to utilize a portion of the Net Proceeds for capital expenditure to purchase machineries including Milling Machines, CNC Lathe Machines, Compressors, Robots, Laser Cutting Units, and other equipment to enhance in-house manufacturing capabilities and increase operational capacity.
2 Funding Working Capital Requirements of the Company ₹4.92 Cr
The company intends to utilize a portion of the Net Proceeds to fund its working capital requirements, supporting present and future growth including expanding geographical reach and optimizing production capacities in Fiscal year ending March 2027.
3 General Corporate Purpose ₹3.05 Cr
The company plans to utilize the balance Net Proceeds for general corporate purposes including strategic initiatives, brand building, marketing activities, meeting operating expenses, repayment of borrowings, and other business exigencies, subject to applicable regulatory limits.
About SJP Ultrasonic
SJP Ultrasonics Limited was incorporated on January 27, 2012 as a private limited company and converted to a public limited company in November 2023. The company operates in specialized segments offering customized solutions in Plastic Joining Solutions, Industrial Automation, and Laser Technology Solutions. For the financial year ended March 31, 2026, the company generated revenue of ₹2,655.77 lakhs, with Plastic Joining Solutions contributing 46.52% (₹1,235.53 lakhs) and Industrial Automation contributing 50.48% (₹1,340.52 lakhs). The company manufactures from its facility in Vasai, Maharashtra and serves Original Equipment Manufacturers (OEMs) and other industrial customers primarily in India.
Management
Jignesh Pravinchandra Parekh
MD
Rupal Jignesh Parekh
Director
Strengths
As stated in the offer document
Start to Finish Plastic Welding Solution Provider
The company offers comprehensive end-to-end solutions including design, raw material selection, machine manufacturing, installation, testing, and operational support, primarily serving the automotive industry and secondary sectors like Medical, FMCG, Electrical, Electronics, and Textile.
Long Standing Relations with Raw Material and Equipment Suppliers
The company has maintained strong supplier relationships, with top 10 suppliers accounting for 68.23% and top 5 suppliers for 59.41% of total purchases in FY2026; a multi-vendor strategy ensures uninterrupted supply and mitigates supply-chain risks.
Long-Standing Relationships with Established Customers
The company has cultivated pan-India customer relationships, with top 10 customers contributing 55.28% and top 5 customers contributing 38.52% of total revenue in FY2026, with revenue growing from ₹1,521.07 lakhs (FY2024) to ₹2,655.77 lakhs (FY2026).
Diverse Range of Specialised Plastic Products Across Varied Industry Segments
The company offers plastic welding machines & tools, industrial automation machines, and laser technology machines catering to industries including Automotive (44.79% of revenue in FY2026), Packaging (16.35%), Pharma (11.66%), and White Goods (6.38%), among others.
Quality Standard Certifications & Quality Tests
The company holds ISO 9001:2015 certification for manufacture and supply of plastic welding machines, and products undergo stringent quality tests including raw material, semi-finished, and finished product inspections along with trial runs before delivery.
Experienced Promoters and Senior Management Team
The company is led by Founder and Promoter Mr. Jignesh Parekh, who has vast expertise in plastic welding and industrial automation, supported by a professional management team with operational, technical, business development, and financial management capabilities.
Risk factors
As stated in the offer document
Revenue Concentration in Two Business Segments
The company generates approximately 97% of its revenue from Plastic Joining Solutions (46.52%, ₹1,235.53 lakhs) and Industrial Automation (50.48%, ₹1,340.52 lakhs) for FY2026. Any decline in demand, increased competition, or pricing pressures in these segments could materially and adversely affect business operations and financial performance.
Dependence on a Limited Number of Large Customers
The top five customers contributed 38.52% (₹1,023.07 lakhs) and top ten customers contributed 55.28% (₹1,468.08 lakhs) of total revenue in FY2026. Loss of any key customer relationship or reduction in their demand could cause material fluctuations in revenue and operating margins.
Negative Cash Flows from Operations
The company reported negative net cash flows from operating activities of ₹287.68 lakhs in FY2025 and ₹269.87 lakhs in FY2026, relying on financing activities to sustain operations. Continued negative operating cash flows could adversely affect liquidity, growth plans, and the trading price of equity shares.
Non-Compliance with EPF and ESIC Regulations
The company failed to register under the Employees Provident Fund Act and Employees State Insurance Act until June 15, 2024, despite having the requisite number of employees, resulting in non-payment of applicable contributions. This exposes the company to potential fines, penalties, increased contribution demands, and even imprisonment of directors.
Working Capital Intensity and Rising Trade Receivables
The company's business is highly working capital intensive, with trade receivables rising sharply from ₹404.85 lakhs (FY2024) to ₹1,162.57 lakhs (FY2025), representing 55.21% of revenue, driven by extended credit periods to OEM customers. Failure to manage inventory and receivables effectively could adversely impact liquidity, cash flows, and profitability.
No Long-Term Supply Contracts and Raw Material Price Volatility
The company does not enter into long-term supply contracts with raw material or equipment suppliers, exposing it to price volatility and supply disruptions. The top five suppliers accounted for 77.18% of total purchases in FY2026, and any inability to procure materials on commercially acceptable terms could adversely affect operations and margins.
Geographical Concentration of Operations in Maharashtra
The company derives a significant portion of revenue from Maharashtra (44.05% in FY2026) and conducts all manufacturing operations from a single facility in Vasai, Maharashtra. Any adverse social, political, economic, or environmental developments in the region could disrupt operations and materially impact business performance.
Company Analysis
from DRHPSJP Ultrasonics Limited manufactures customized solutions for plastic joining through ultrasonic technology and provides industrial automation solutions across manufacturing sectors.
SJP Ultrasonics Limited was incorporated on January 27, 2012 as a private limited company and converted to a public limited company in November 2023. The company operates in specialized segments offering customized solutions in Plastic Joining Solutions, Industrial Automation, and Laser Technology Solutions. For the financial year ended March 31, 2026, the company generated revenue of ₹2,655.77 lakhs, with Plastic Joining Solutions contributing 46.52% (₹1,235.53 lakhs) and Industrial Automation contributing 50.48% (₹1,340.52 lakhs). The company manufactures from its facility in Vasai, Maharashtra and serves Original Equipment Manufacturers (OEMs) and other industrial customers primarily in India.
Objects of the Issue
- For further details regarding the specific objects of the issue, refer to the Objects of the Issue section p.45
- Funding Capital Expenditure towards the Purchase of Machineries ₹1,321.64 lakhs p.77
- Funding working capital requirements of the Company ₹492.00 lakhs p.86
- General Corporate Purpose ₹305.00 lakhs p.92
- Funding capital expenditure towards purchase of machinery ₹1,321.64 lakhs p.146
- Financing working capital requirements p.149
Issue Structure
- Total Issue
- ₹2,345.00 lakhs (35,00,000 Equity Shares at ₹67 per share)
- Fresh Issue
- 35,00,000 Equity Shares of ₹10/- each at ₹67/- per share (including share premium of ₹57/-) aggregating to ₹2,345.00 lakhs
- Offer for Sale
- Nil
- Price Band
- Fixed Price of ₹67 per Equity Share
- Lot Size
- 2,000 Equity Shares and in multiples thereof; subject to minimum allotment of 4,000 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue by providing customized solutions in plastic joining (ultrasonic welding technology) and industrial automation to manufacturing customers. Revenue is primarily derived from direct sales to customers without long-term contracts; customers typically issue purchase orders specifying quantities and prices. The company sources raw materials (aluminium, titanium, mild steel, pneumatic accessories, sensors, electrical accessories) on a need basis through spot market purchases from local traders and distributors, with cost of materials consumed and purchases in stock representing 48.48% of revenue for FY 2026.
Business Segments
SWOT Analysis
- • End-to-end plastic joining solutions provider with comprehensive service offerings(p.125)
- • Long-standing supplier relationships ensuring supply chain stability(p.142)
- • Established customer base with 55% of revenue from top 10 customers(p.143)
- • ISO 9001:2015 certification for manufacturing quality standards(p.145)
- • Experienced promoter with deep industry knowledge(p.145)
- • Diverse product portfolio serving multiple industries reducing revenue concentration risk(p.144)
- • Experienced management with 25+ years manufacturing expertise(p.168)
- • Qualified independent directors with banking and finance expertise(p.168)
- • Clean regulatory and governance record - no willful defaults, debarments, or charges(p.168)
- • Promoters with significant long-term shareholding commitment(p.170)
- • Growing revenue from operations with strong CAGR(p.236)
- • Solid profitability with net profit after tax growth(p.237)
- • Strong EBITDA margin and operational efficiency(p.237)
- • Healthy net worth and financial position(p.253)
- • Low leverage ratio indicating conservative capital structure(p.253)
- • Significant revenue concentration from two business segments(p.18)
- • Non-compliance with EPF Act until recently(p.18)
- • Non-compliance with ESIC Act until recently(p.18)
- • High and fluctuating trade receivables as percentage of revenue(p.19)
- • Multiple statutory filing delays and non-compliance(p.19)
- • High customer concentration risk(p.20)
- • Negative operating cash flows in recent years(p.26)
- • No long-term supplier contracts with potential price volatility exposure(p.21)
- • Heavy dependence on Promoter and Key Management Personnel(p.26)
- • Directors lack experience on listed company boards(p.27)
- • Logo not registered as trademark(p.20)
- • Missing critical licenses and approvals(p.23)
- • Outstanding litigation involving company, directors and promoters(p.23)
- • Delays in statutory dues payments(p.28)
- • Single manufacturing facility location concentration(p.22)
- • High inventory levels and working capital intensive business(p.30)
- • Short operating history and market presence(p.53)
- • Limited brand recognition compared to established competitors(p.76)
- • Dependence on a limited customer base for revenue generation(p.95)
- • Significant working capital requirements and inventory management challenges(p.86)
- • Dependence on small pool of key personnel and founders(p.145)
- • High concentration of revenue from top customers(p.145)
- • Limited financial resources relative to capital requirements(p.145)
- • Declining gross margins from 75.30% to 61.58% over three years(p.126)
- • Negative operating cash flow in prior years(p.127)
- • High dependence on limited customer base for revenue(p.233)
- • Recent EPF and ESIC compliance violations(p.233)
- • Significant short-term debt obligations requiring refinancing(p.205)
- • Delayed loan repayments on multiple secured borrowings(p.205)
- • Negative operating cash flow impacting liquidity(p.238)
- • High working capital requirements from inventory buildup(p.236)
- • Outstanding material dues to creditors(p.242)
- • Past loan default and litigation from InCred Financial Services(p.242)
- • Missing critical regulatory documentation and licenses(p.250)
- • Listing on BSE SME platform(p.2)
- • Expansion of manufacturing capacity through new machinery acquisition(p.77)
- • Growth in industrial automation market with strong CAGR(p.106)
- • Increasing automation adoption across key sectors in India(p.106)
- • Opportunity to diversify customer base and geographical reach(p.89)
- • Strong projected growth in Indian industrial automation market from USD 19.40 billion (FY 2026) to USD 29.43 billion (FY 2029) at 14.9% CAGR(p.110)
- • Government support through multiple Industry 4.0 and automation initiatives(p.111)
- • Rising demand for automation in SMEs and emerging sectors like FMCG, textiles, and food processing(p.110)
- • Significant export opportunity with Indian machinery exports growing 5.5% CAGR from FY 2023 to FY 2025(p.146)
- • Demand surge from EVs and lightweight manufacturing driving plastic welding adoption(p.116)
- • Untapped geographic markets in USA, Europe, Africa and Middle East(p.147)
- • Expansion into growing automotive and adjacent industry segments(p.232)
- • Growth in industrial automation and laser technology solutions(p.232)
- • Revenue growth - 26% CAGR over three years(p.233)
- • Strong profit margins with PAT margin of 19.74%(p.233)
- • Expanding customer base with growth in orders(p.236)
- • Diversified end-market exposure across multiple industries(p.239)
- • Public listing enabling access to capital markets(p.251)
- • Potential for market making and improved liquidity post-listing(p.252)
- • High raw material price volatility and supply chain risks(p.22)
- • Intense competition from domestic and international players(p.37)
- • Dependence on third-party logistics providers(p.32)
- • Geographical revenue concentration in Maharashtra(p.22)
- • Potential economic slowdown in India(p.42)
- • Global financial market instability impacts(p.42)
- • Regulatory and policy changes in India(p.43)
- • Natural disasters and man-made catastrophes(p.43)
- • Political instability and social unrest in India(p.44)
- • Intense competition from established players in automation industry(p.107)
- • Exposure to cyclicality in industrial sectors served(p.103)
- • Fluctuations in global economic conditions and supply chain disruptions(p.103)
- • Dependency on quotations from foreign suppliers subject to exchange rate fluctuations(p.83)
- • Increasing market competition with new players entering the field(p.145)
- • Geopolitical risks impacting supply chain and commodity prices(p.146)
- • Dependence on imported components for laser sources, actuators, and motion controllers(p.118)
- • Skilled labor shortage impacting industry adoption of automation solutions(p.118)
- • Slower automation adoption among MSMEs due to ROI concerns and space constraints(p.118)
- • Industry cyclicality and economic sensitivity affecting customer demand(p.233)
- • Concentration risk in automotive sector(p.233)
- • Regulatory and compliance requirements(p.230)
- • Pending tax demands from income tax authorities(p.243)
- • Indirect tax matters under litigation(p.243)
- • Heavy dependence on ultrasonic welding machines for revenue(p.234)
- • Reliance on imported equipment and supply chain risks(p.234)
- • Competition from existing and potential competitors(p.239)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jignesh Pravinchandra Parekh | Promoter | — | — |
| Rupal Jignesh Parekh | Promoter | — | — |
| Parth Jignesh Parekh | Promoter | — | — |
| Parthvi Jignesh Parekh | Promoter | — | — |
| Jignesh Pravinchandra Parekh HUF | Promoter Group | — | — |
| Jignesh Pravinchandra Parekh | Promoter | 36.01% | 26.27% |
| Rupal Jignesh Parekh | Promoter | 34.71% | 25.32% |
| Parth Jignesh Parekh | Promoter | 2.91% | 2.13% |
| Parthvi Jignesh Parekh | Promoter | 5.83% | 4.25% |
| Jignesh Pravinchandra Parekh HUF | Promoter | 0.05% | 0.04% |
| Jignesh Pravinchandra Parekh | Promoter | — | — |
| Jignesh Pravinchandra Parekh | Promoter | 36.01% | 26.27% |
| Rupal Jignesh Parekh | Promoter | 34.71% | 25.32% |
| Parth Jignesh Parekh | Promoter | 2.91% | 2.13% |
| Parthvi Jignesh Parekh | Promoter | 5.83% | 4.25% |
| Jignesh Pravinchandra Parekh HUF | Promoter Group | 0.05% | 0.04% |
| Not explicitly named in this section | Promoter | — | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| SJP Ultrasonic Ltd. THIS ISSUE | 6.75 | 15.73 | 16.54, computed at the offer price | 4.26, computed at the offer price | 28.10% |
Rinco Ultrasonics India Private Limited | 75.56 | 597.93 | — | — | 12.64% |
Unique Circle Automation Private Limited | 7,510.27 | 33,518.49 | — | — | 22.41% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.