Minerva Capital Research Solutions

SJP Ultrasonics

ListedListed 8 Oct 2026BSE SMENSE: SJPCheck allotment
Current price₹ 111.48+66.39% since issue
Listing day+10.75%
Issue price
₹ 67
Issue size
₹ 23.45 Cr.
Min. investment
₹ 1,34,000
Listing price
₹ 74.2
Subscribed
1.78x
Lot size
2,000 shares
P/E
16.54
RoNW
28.10%
RoCE
50.80%
Debt / Equity
0.16
PAT margin
19.81%
EBITDA margin
32.47%
RoE
38.86%
EPS
₹ 4.05
NAV
₹ 15.73
Promoter stake
58%

About

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.

Timeline

  1. Opens
    30 Sep
    done
  2. Closes
    5 Oct
    done
  3. Allotment
    6 Oct
    done
  4. Refunds
    7 Oct
    done
  5. Demat credit
    7 Oct
    done
  6. Listing
    8 Oct
    done

Subscription

How many times each investor group bid for its share, as of 08 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)12,000₹ 1,34,000
Retail (Max)12,000₹ 1,34,000
HNI (Min)24,000₹ 2,68,000

Company overview

Financials

Financials by year
Assets35.227.0616.97
Total Income26.6321.1515.22
Profit After Tax5.244.173.4
EBITDA8.326.935.43
NET Worth20.0914.856.73
Reserves and Surplus10.655.415.63
Total Borrowing5.782.412.01

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.

What the money is for

Objects of the issue
Funding Capital Expenditure towards the Purchase of Machineries13.22
Funding working capital requirements of the Company4.92
General Corporate Purposes3.05
Issue Expenses3.16

Promoters

  • Jignesh Pravinchandra Parekh
  • Rupal Jignesh Parekh
  • Parth Jignesh Parekh
  • Parthvi Jignesh Parekh
  • Jignesh Pravinchandra Parekh (HUF)
Promoter holding79.51%→58%before → after the issue · down 21.51 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.