| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 15.21 | 21.06 | 26.56 |
| Expenses | 10.48 | 15.65 | 19.58 |
| Other Income | 0.01 | 0.10 | 0.08 |
| Total Revenue | 15.22 | 21.15 | 26.63 |
| Profit Before Tax | 4.74 | 5.50 | 7.02 |
| Net Profit | 3.40 | 4.17 | 5.24 |
SJP Ultrasonic
SJP Ultrasonic IPO
₹2,68,000
0.1 xOver-subscribedBidding Dates 30 Sept, 26 -05 Oct, 26
Min Investment ₹2,68,000
Lot Size2,000
Price Range ₹67 – ₹67
Issue Size ₹23.45 Cr.
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IPO Subscription Details
Retail Subscription Details
0.05 x
Non-Institutional Buyers (bHNI)
0.13 x
Total0.1 x
0.1 x IPO Timeline
IPO Offer Start
30 Sept,26
IPO Offer Ends
05 Oct,26
Allotment Finalisation
06 Oct,26
Refund Initiation
07 Oct,26
Listing of Shares
08 Oct,26
IPO Analysis
Strengths
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.
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.
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).
Risks
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.
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.
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.
Objectives
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.
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.
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.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 16.97 | 27.06 | 35.20 |
| Current Assets | 15.01 | 24.79 | 32.89 |
| Fixed Assets | 1.96 | 2.27 | 2.32 |
| Total Equity & Liabilities | 16.97 | 27.06 | 35.20 |
| Total Liabilities | 10.24 | 12.22 | 15.11 |
| Current Liabilities | 8.10 | 10.07 | 14.68 |
| Non Current Liabilities | 2.14 | 2.14 | 0.44 |
| Total Equity | 6.73 | 14.85 | 20.09 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.23 | -0.05 | -0.55 |
| Investing Activities | -0.02 | -0.59 | -0.34 |
| Operating Activities | 0.15 | -2.88 | -2.70 |
| Financing Activities | 0.10 | 3.42 | 2.48 |
About SJP Ultrasonic
SJP Ultrasonics Limited, incorporated on January 27, 2012, is an end-to-end plastic joining and industrial automation solution provider headquartered in Vasai East, Palghar, Maharashtra. The company operates across three segments — Plastic Joining Solutions, Industrial Automation, and Laser Technology Solutions — serving B2B customers in automotive, medical, electrical, electronics, FMCG,...more
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Managing DirectorJignesh Pravinchandra Parekh
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