SJP Ultrasonics IPO Review: Key Details, Company Overview and Financials

The SJP Ultrasonics IPO is a fixed price issue consisting entirely of a fresh issue of 35,00,000 equity shares at Rs 67 per share, aggregating Rs 23.45 crore, with no offer for sale component. The IPO will open for subscription on 30 September 2026 and close on 5 October 2026. The allotment is expected on 6 October 2026, and the shares are proposed to list on the SME platform of BSE around 8 October 2026.

The SJP Ultrasonics IPO issue price is fixed at Rs 67 per share, with a lot size of 2,000 shares. Retail investors must apply for a minimum of 2 lots (4,000 shares), requiring an investment of Rs 2,68,000, while HNI investors need at least 3 lots, or Rs 4,02,000.

Khandwala Securities Ltd. is the book-running lead manager for the SJP Ultrasonics IPO, Maashitla Securities Pvt. Ltd. is the registrar, and Aftertrade Broking Pvt. Ltd. is the market maker.

For detailed information on the company's business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the SJP Ultrasonics IPO Red Herring Prospectus (RHP) before making an investment decision.

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Company Overview

Incorporated in January 2012 and based in Vasai East, Maharashtra, SJP Ultrasonics Limited provides end-to-end plastic joining and industrial automation solutions to B2B manufacturers. It integrates plastic welding technologies including ultrasonic, vibration, hot-plate and spin welding and heat staking, builds custom tooling and special purpose automation systems, and trades in and installs laser marking, welding and cutting machines.

Customers span automotive, medical, electronics, FMCG and packaging industries, and the business reports under two segments, Plastic Joining Solutions and Industrial Automation. The company had 84 employees as of 31 March 2026 and is promoted by Jignesh Pravinchandra Parekh, Rupal Jignesh Parekh, Parth Jignesh Parekh, Parthvi Jignesh Parekh and Jignesh Pravinchandra Parekh HUF.

Read on for the complete SJP Ultrasonics IPO details, including price band, lot size, listing timeline and the company's financial track record.

IPO Details

Particulars	Details
IPO Date	30 September to 5 October 2026
Allotment	Tue, 6 October 2026
Listing Date	Thu, 8 October 2026 (tentative)
Face Value	Rs 10 per share
Issue Price	Rs 67 per share (fixed price)
Lot Size	2,000 Shares
Issue Type	Fixed Price IPO (SME)
Sale Type	Fresh Issue only (no OFS)
Total Issue Size	35,00,000 shares (agg. Rs 23.45 Cr)
Offer for Sale	Nil
Market Maker	Aftertrade Broking Pvt. Ltd.
Listing Exchange	BSE SME

(Compiled from the RHP/DRHP and market updates)

Industry Context

• Plastic welding and joining technologies are used to assemble automotive parts, medical devices, electronics enclosures and packaging, and manufacturers look for consistent, repeatable processes.
• Industrial automation and special purpose machines help manufacturers raise productivity and process consistency, which supports demand for engineering solution providers.
• Demand is linked to capital spending cycles across manufacturing customers, so orders can vary from year to year.
• Customised equipment needs inventory across raw materials, assemblies and finished goods, so working capital rises with order growth.
• Laser marking, welding and cutting equipment adds a related, technology-led category.

Business Strengths

Here are the key strengths investors evaluating the SJP Ultrasonics IPO should weigh:

• A start-to-finish plastic welding and automation solution offering, with long standing relationships with equipment suppliers and established customers.
• Improving results, with FY26 revenue of Rs 26.63 crore against Rs 21.15 crore and income and profit each up about 26 percent.
• A diverse range of specialised plastic products across varied industry segments, and experienced promoters and senior management.
• Fresh capital directed mainly at machinery, including CNC machines, a six-axis robot, laser technology and testing equipment.

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Business Risks

Alongside these strengths, the SJP Ultrasonics IPO also carries the following business risks:

• Borrowings rose to Rs 5.78 crore in FY26 from Rs 2.41 crore in FY25, and new equipment must generate enough orders to justify the investment.
• The company operates on a small financial scale, and revenue depends on capital spending by manufacturing customers and on two business segments.
• The itemised uses of proceeds quoted in some sources add up to about Rs 24.35 crore against a Rs 23.45 crore issue, so investors should confirm the final allocation in the prospectus.
• As a fixed price SME issue there is no market based price discovery, and post-listing liquidity may be limited.

Financial Performance

The SJP Ultrasonics IPO comes after three years of rising income and profit. FY26 revenue was Rs 26.63 crore against Rs 21.15 crore in FY25, and total income and profit after tax each grew by about 26 percent, although EBITDA grew more slowly than sales.

SJP Ultrasonics Ltd. – Financials (Rs in Lakh)

Particulars	Fiscal 2026	Fiscal 2025
Revenue	2,663.00	2,115.00
Total Borrowings	578.00	241.00
Inventory	1,643.00	1,060.00
Net Working Capital	1,821.00	Not separately disclosed

Amounts in Rs Lakh unless stated otherwise, compiled from published SJP Ultrasonics IPO disclosures. Absolute profit after tax and EBITDA figures were not consistently reported across the sources used for this review, so investors should refer to the prospectus for the complete restated financial statements.

Key Ratios and Metrics

The table below summarises the key figures relevant to the SJP Ultrasonics IPO as of the latest reported period. Post-issue P/E multiples differ across trackers, so investors should compute their own from the prospectus.

These ratios offer a quick snapshot of how the SJP Ultrasonics IPO is priced relative to the company's profitability and net worth.

KPI (Mar 31, 2026)	Value
Revenue Growth (FY26)	~26%
PAT Growth (FY26)	~26%
Projected Net Working Capital (FY27)	Rs 36.10 Cr
Borrowings (FY26)	Rs 5.78 Cr

Objects of the Offer

The company proposes to utilise the net proceeds from the SJP Ultrasonics IPO towards the following objects, as quoted by public sources.

• Capital expenditure for machinery purchases (Rs 13.22 Cr)
• Funding working capital requirements (Rs 4.92 Cr)
• General corporate purposes (Rs 3.05 Cr)
• Public issue expenses (Rs 3.16 Cr)

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Conclusion

Here is the bottom line on the SJP Ultrasonics IPO.

The SJP Ultrasonics IPO reflects a specialised plastic joining and automation solutions provider with three years of rising income and a machinery led expansion plan, entirely funded through a fresh issue.

However, rising borrowings, a small scale of operations, proceeds allocations that need verification and thin SME liquidity are factors that could affect the investment case for the SJP Ultrasonics IPO.

Overall, investors weighing the SJP Ultrasonics IPO should evaluate the company's business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.

Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.

FAQs

What are the SJP Ultrasonics IPO dates, and when will it list?

Ans. The SJP Ultrasonics IPO opens for subscription on 30 September 2026 and closes on 5 October 2026. The allotment is expected on 6 October 2026, and the shares are tentatively scheduled to list on the SME platform of BSE on 8 October 2026.

What is the issue price and minimum investment for the SJP Ultrasonics IPO?

Ans. The issue is a fixed price offer at Rs 67 per equity share with a lot size of 2,000 shares. Retail investors must apply for at least 2 lots, or 4,000 shares, which costs Rs 2,68,000.

What does SJP Ultrasonics Limited actually do?

Ans. SJP Ultrasonics provides plastic joining and industrial automation solutions. It integrates ultrasonic, vibration, hot-plate and spin welding and heat staking, builds custom tooling and automation systems, and trades in and installs laser marking, welding and cutting machines for manufacturers in automotive, medical, electronics, FMCG and packaging.

Is the SJP Ultrasonics IPO a fresh issue or does it include an offer for sale?

Ans. The issue is a 100 percent fresh issue of 35,00,000 equity shares with no offer for sale. Subject to issue expenses, all proceeds flow into the company.

How will SJP Ultrasonics use the proceeds from its fresh issue?

Ans. Sources quote Rs 13.22 crore for machinery purchases such as CNC machines, a six-axis robot, laser technology and testing equipment, Rs 4.92 crore for working capital, Rs 3.05 crore for general corporate purposes and Rs 3.16 crore for issue expenses. These add up to more than the issue size, so the final allocation should be confirmed in the prospectus.

How has SJP Ultrasonics performed financially?

Ans. FY26 revenue was Rs 26.63 crore against Rs 21.15 crore in FY25, and total income and profit after tax each grew about 26 percent. Borrowings rose from Rs 2.41 crore to Rs 5.78 crore, and inventory rose to Rs 16.43 crore.

What are the main risks or concerns flagged for the SJP Ultrasonics IPO?

Ans. The company is small, borrowings have more than doubled in a year, and new equipment must translate into orders. Working capital needs are projected to roughly double in FY27, and the fixed price structure offers no market based price discovery.

Who are the lead manager and registrar for the SJP Ultrasonics IPO?

Ans. Khandwala Securities Ltd. is the book-running lead manager for the SJP Ultrasonics IPO, responsible for structuring and managing the offer process. Maashitla Securities Pvt. Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants' demat accounts.

Is the SJP Ultrasonics IPO a good investment?

Ans. SJP Ultrasonics offers exposure to a niche automation and plastic joining specialist with steady growth. Its small scale, rising borrowings and unresolved allocation figures call for a careful approach. Investors should study the prospectus in detail and assess their own risk appetite before applying.