A Palghar, Maharashtra-based provider of plastic joining and automation solutions is raising Rs 23.45 crore through a fixed-price BSE SME issue.
SJP Ultrasonics provides end-to-end plastic joining and automation solutions. It serves mainly the automotive industry, along with medical, electrical, electronics, textile, FMCG, toys, gift and stationery, food and packaging, defence and educational institutions.
The company was incorporated as SJP Ultrasonics Private Limited on January 27, 2012, and renamed SJP Ultrasonics Limited on November 16, 2023. Its manufacturing facility is in Vasai East, Palghar, Maharashtra.
The business has three segments: plastic joining solutions, industrial automation and laser technology solutions. Plastic joining solutions contributed 74.43% of total revenue, industrial automation 24.53% and laser technology solutions 1.04%.
The company supplies and integrates plastic welding technologies, including ultrasonic, vibration, hot-plate and spin welding and heat staking, along with custom tooling and special-purpose automation systems. It also trades and installs laser marking, welding and cutting machines.
SUL has built an integrated procurement system through relationships with international manufacturers of ultrasonic plastic welding equipment.
This lets it coordinate and procure ultrasonic and vibration welding machines for customers within set timelines and carry projects from concept to completion.
Line operators and supervisors carry out in-process quality inspections, and the purchase department assesses vendors regularly and inspects equipment and materials on receipt.
As of March 31, 2026, the company had 64 purchase orders worth Rs 21.19 crore and 84 employees on its payroll.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 30, 2026 |
| Issue Closes | October 5, 2026 |
| Allotment (expected) | October 6, 2026 |
| Listing | BSE SME |
| Listing Date (tentative) | October 8, 2026 |
| Issue Type | Fixed Price |
| Issue Price | Rs 67 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 23.45 crore (35,00,000 shares, entirely fresh) |
| Lot Size | 2,000 shares |
| Min. Retail Application | 4,000 shares (2 lots) |
| Min. Retail Investment | Rs 2,68,000 |
| Post-IPO Market Cap | Rs 86.70 crore |
| IPO as % of Post-IPO Capital | 27.05% |
| Lead Manager | Khandwala Securities Ltd |
| Market Maker | Aftertrade Broking Pvt Ltd |
| Registrar | Maashitla Securities Pvt Ltd |
| Syndicate Member | Khandwala Securities Ltd |
The company is spending Rs 2.26 crore on IPO expenses. From the net proceeds, it will use Rs 13.22 crore for capex on machinery, Rs 4.92 crore for working capital and Rs 3.05 crore for general corporate purposes.
Post-IPO, paid-up equity capital rises from Rs 9.44 crore (94,40,000 shares) to Rs 12.94 crore (1,29,40,000 shares).
Price Band Analysis
At the fixed price of Rs 67, with FY26 earnings attributed to the fully diluted post-IPO equity, the issue is valued at a P/E of 16.54x, or 20.81x on FY25 earnings. The P/BV is 3.15 on the March 31, 2026 NAV of Rs 21.28, and 1.99 on the post-IPO NAV of Rs 33.65. The post-IPO market cap is Rs 86.70 crore.
Analysts consider the issue aggressively priced and are saying avoid.
GMP Watch
As per market channels, the SJP Ultrasonics IPO GMP is ₹0. That indicates a listing price of ₹67, flat to the issue price. The issue opens tomorrow, so no subscription data is available yet.
GMP is unofficial, unregulated and unendorsed.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 15.22 | 21.15 | 26.63 |
| Net Profit (PAT) | 3.40 | 4.17 | 5.24 |
| PAT Margin (%) | 22.37 | 19.81 | 19.74 |
| RoCE (%) | 80.53 | 50.80 | 38.49 |
Total income rose from Rs 15.22 crore in FY24 to Rs 21.15 crore in FY25 and Rs 26.63 crore in FY26. Net profit rose from Rs 3.40 crore to Rs 4.17 crore and then Rs 5.24 crore. The PAT margin eased from 22.37% in FY24 to 19.74% in FY26, and RoCE fell from 80.53% to 38.49% over the same period.
Over the last three fiscals, the company reported an average EPS of Rs 6.06 and an average RoNW of 30.97%. Contingent liabilities stood at Rs 0.14 crore as of March 31, 2026. The company hasn’t paid any dividends during the reported periods.
Risks to Consider
Valuation. The issue is priced at 16.54 times FY26 earnings and 3.15 times pre-IPO book value, and analysts consider it aggressively priced.
Falling margins and returns. The PAT margin fell from 22.37% in FY24 to 19.74% in FY26, and RoCE fell from 80.53% to 38.49%.
Dependence on international manufacturers. The company relies on its relationships with international manufacturers to procure ultrasonic and vibration welding machines for customers.
Sector concentration. The company serves mainly the automotive industry, so demand is tied to automotive manufacturing and capex cycles.
Competition and a limited order book. The company operates in a highly competitive and fragmented segment, and its order book was Rs 21.19 crore across 64 purchase orders as of March 31, 2026.
Disclosure and SME-specific risks. The promoters’ average acquisition cost is missing from the offer documents, and the issue follows a 4:1 bonus in February 2026. Rs 13.22 crore of the proceeds goes to machinery capex. The minimum retail investment is Rs 2.68 lakh, and liquidity on the SME platform is limited.
This article is for informational purposes and is not personalised investment advice; investors should do their own due diligence or consult a SEBI-registered adviser before acting.
