SJP Ultrasonics IPO

SJP Ultrasonics Limitedsjpultrasonics.in

ListedSMEIndustrialsBSE SME

Price band: ₹67
Issue size: ₹23.45 Cr
Lot size: 2000 sh
Bidding: 30 Sep – 5 Oct
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

SJP Ultrasonics builds plastic-joining welding machines and the factory automation lines they sit in, from a single manufacturing unit at Vasai East, Palghar, Maharashtra, with 84 employees at 31 March 2026. Revenue was Rs 15.21 crore in FY24, Rs 21.05 crore in FY25 and Rs 26.56 crore in FY26, with profit after tax of Rs 3.40 crore, Rs 4.17 crore and Rs 5.24 crore over the same three years. The Rs 23.45 crore fixed-price issue at Rs 67 was entirely fresh, with no offer for sale, and promoter holding went from 79.51% pre-issue to 58.01% post-issue. On the one subscription day the record carries, 5 October 2026, the book stood at 1.82 times overall; the shares listed at Rs 74.20 on 8 October 2026 and were last marked at Rs 90.58 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

78Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for SJP Ultrasonics, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2012 · Vasai East, Palghar, Maharashtra, India · 84 employees

SJP Ultrasonics builds and sells machines that join plastic parts without adhesives or screws, plus the factory automation lines those machines sit in. Its range covers ultrasonic, vibration, hot-plate, spin, heat-staking and infrared welding equipment, the ultrasonic tooling that goes with it, and laser marking, welding and cutting systems. Most machines go to Tier-1 automotive suppliers that feed vehicle OEMs; it also sells into medical, electrical, electronics, textile, FMCG, toys and stationery, food and packaging, defence and educational institutions. Certain ultrasonic and vibration welders are imported from international manufacturers and resold; the hot-plate, spin and heat-staking machines and the ultrasonic tools are built in-house. The company runs a single manufacturing unit at Vasai East, Palghar, Maharashtra, where its design and quality teams also sit, and had 84 employees at 31 March 2026.

Revenue is project-based machine sales plus the tooling, installation and service around them. In FY26 industrial automation contributed ₹13.41 crore of operating revenue (50.48%), plastic joining solutions ₹12.36 crore (46.52%) and laser systems ₹0.80 crore (3.00%), on revenue from operations of ₹26.56 crore and PAT of ₹5.24 crore. The constraint is working capital rather than the order book. Gross margin fell from 75.30% in FY24 to 61.58% in FY26 as resold imported machines took a larger share of the mix, and operating cash flow was negative ₹2.70 crore in FY26 despite the profit, with inventories at ₹16.43 crore and short-term borrowings rising to ₹5.68 crore.

The company on paper

Legal name: SJP Ultrasonics Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 27 Jan 2012
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U29253MH2012PLC226489
Sector: Industrials · Plastic-joining welding machines and factory automation systems
Employees: 84
Registered office: Vasai East, Palghar, Maharashtra, India
Promoters: Jignesh Pravinchandra Parekh, Rupal Jignesh Parekh, Parth Jignesh Parekh, Parthvi Jignesh Parekh, Jignesh Pravinchandra Parekh HUF
Promoter holding, pre-issue: 79.5%
Promoter holding, post-issue: 58.0%
Website: sjpultrasonics.in

The numbers

Financial performance

Revenue has compounded at 32.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹23.45 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹23.45 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,76,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 21.5% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.82×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹67.00
Listed at: ₹74.20
Listing gain: up 10.8%
Since listing: up 35.9%
Against the issue price: up 50.5%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹67.00
Amount blocked: ₹2,68,000

One lot is 2000 shares at ₹1,34,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,68,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~99%

chance of one lot, per application

Retail subscription: 1.01×
Applicants per share available: 1.0× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹74.20

listed at, 10.8% against the issue price

Issue price: ₹67.00
Premium said: —
If allotted 2000 shares: ₹14,400

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose 38.40% in FY25, from Rs 15.21 crore to Rs 21.05 crore, and 26.18% in FY26, to Rs 26.56 crore. Profit after tax rose 22.65% in FY25, from Rs 3.40 crore to Rs 4.17 crore, and 25.66% in FY26, to Rs 5.24 crore.
EBITDA was Rs 5.41 crore in FY24, Rs 6.84 crore in FY25 and Rs 8.24 crore in FY26, so the FY26 EBITDA margin was 31.02% on revenue of Rs 26.56 crore and the FY26 profit after tax margin was 19.73% (Rs 5.24 crore on Rs 26.56 crore).
Net worth was Rs 6.73 crore in FY24, Rs 14.85 crore in FY25 and Rs 20.09 crore in FY26, against total borrowings of Rs 2.01 crore, Rs 2.41 crore and Rs 5.78 crore, which puts borrowings at 0.30, 0.16 and 0.29 times net worth in those three years.
The record's business-model note splits FY26 operating revenue of Rs 26.56 crore into industrial automation Rs 13.41 crore (50.48%), plastic joining solutions Rs 12.36 crore (46.52%) and laser systems Rs 0.80 crore (3.00%).

What to weigh against it

The record's business-model note puts FY26 operating cash flow at negative Rs 2.70 crore and inventories at Rs 16.43 crore, in a year with profit after tax of Rs 5.24 crore and revenue of Rs 26.56 crore; the inventory figure is 61.86% of that revenue. The three financial rows themselves carry no cash-flow entries.
The EBITDA margin was 35.57% in FY24 (Rs 5.41 crore on Rs 15.21 crore), 32.49% in FY25 (Rs 6.84 crore on Rs 21.05 crore) and 31.02% in FY26 (Rs 8.24 crore on Rs 26.56 crore) — lower in each successive year on record. The same note gives gross margin as 75.30% in FY24 and 61.58% in FY26, with no FY25 figure recorded.
Total borrowings were Rs 2.01 crore in FY24 and Rs 2.41 crore in FY25, then Rs 5.78 crore in FY26 — 2.40 times the FY25 level. The business-model note separately puts FY26 short-term borrowings at Rs 5.68 crore.
Manufacturing is described as a single unit at Vasai East, Palghar, Maharashtra, which also houses the design and quality teams, with total headcount of 84 at 31 March 2026. The description also states that certain ultrasonic and vibration welders are imported from international manufacturers and resold, while the hot-plate, spin and heat-staking machines and the ultrasonic tooling are built in-house.

Easy to miss in the prospectus

Gross margin: the record carries 75.30% for FY24 and 61.58% for FY26 and no FY25 figure, so later disclosures are the only place to see where the measure sits.
Cash conversion: FY26 is the only year for which the record holds a cash figure — operating cash flow of negative Rs 2.70 crore against profit after tax of Rs 5.24 crore, with inventories of Rs 16.43 crore. FY24 and FY25 cash-flow fields are empty.
Price marks in the record stop at 23 October 2026, at Rs 90.58, against the Rs 67 issue price, the Rs 74.20 listing price of 8 October 2026 and the Rs 73.01 first-day close.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

SJP Ultrasonics — Prospectus dated 2026-09-2424 Sep 2026Filed after pricing, with every placeholder filled in.Opens on sjpultrasonics.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Khandwala Securities Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Reconciled to SJP Ultrasonics's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 30 Sep 2026
Closes: 5 Oct 2026
Allotment: 6 Oct 2026
Lists: 8 Oct 2026
Revenue (FY26): ₹26.56 Cr
Profit (FY26): ₹5.24 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.