SJP Ultrasonics Limited

SJP Ultrasonic Limited (incorporated on January 27, 2012, as "SJP Ultrasonics Private Limited" and converted into a public limited company on November 16, 2023) is an end-to-end plastic joining and industrial automation solution provider. The company operates a B2B business model, delivering customized engineering solutions across three major revenue streams: Plastic Joining Solutions, Industrial Automation, and Laser Technology Solutions. Its core value proposition revolves around complete start-to-finish project execution, encompassing design, raw material selection, machine procurement, tool manufacturing, testing, installation, and operational maintenance. SJP Ultrasonic procures specialized ultrasonic and vibration welding equipment from international manufacturers in Germany, Taiwan, and China, builds custom in-house tooling (sonotrodes) and special purpose machines (SPMs), and integrates them into customer production lines.

The company serves a diverse spectrum of high-demand B2B customer segments. Its primary end-user market is the automotive industry, which accounted for 44.79% of total revenue from operations in FY26 by supplying Tier-1 automotive component manufacturers. The company has also expanded into Packaging (16.35% of FY26 revenue), Pharma (11.66%), White Goods (6.38%), Electronics (5.94%), Electrical (5.85%), Household products (2.71%), Fabrication (2.48%), and Stationery, alongside niche applications in Defense, Medical devices, Food cutting, Agriculture, and Educational Institutes. Geographically, domestic operations contributed 86.18% of FY26 revenue, with a heavy regional concentration in Maharashtra (44.05%), alongside sales across Gujarat, Haryana, Tamil Nadu, Uttar Pradesh, Goa, and Punjab. Overseas exports to the United States, Europe, Africa, and the Middle East generated 13.82% of FY26 turnover. To support client coverage, the company maintains branch offices and demonstration centers in Vasai, Pune, Gurgaon, and Chennai.

The company's central manufacturing infrastructure is located at Gala No. 1 and Gala No. 2, Shiv Shankar Industrial Complex 2, Bhutpada, Building No. 5, Vasai East, Palghar, Maharashtra. The facility spans 4,383.38 sq. ft. and is equipped with a CMM quality inspection setup, an in-house tool room with CNC/VMC machinery, radial drilling equipment, bandsaw cutting tools, and trial setups for hot plate, laser welding, and laser sheet cutting. According to the Chartered Engineer certificate, the facility's installed annual capacity and actual production figures over the last three fiscal years were as follows:

FY24: Installed capacity of 650 units | Actual production of 579 units (89% capacity utilization).

FY25: Installed capacity of 700 units | Actual production of 634 units (90% capacity utilization).

FY26: Installed capacity of 730 units | Actual production of 649 units (89% capacity utilization).

Management highlights that the numerical shift in unit capacity from earlier periods reflects a deliberate strategic transition toward customized, higher-value Special Purpose Machines (SPMs), which require longer engineering cycles compared to standard off-the-shelf plastic welding units. To scale production efficiency and throughput, the company proposes to deploy ₹13.22 Cr from IPO proceeds into capital expenditure for acquiring advanced milling machines, CNC turning centers, 6-axis robots, diode laser plastic welders, servo ultrasonic welders, and CMM inspection equipment. Post-expansion, certified capacity is projected to expand to 2,150 units in FY27 (95% estimated utilization) and 2,300 units in FY28 (93% estimated utilization).

While SJP Ultrasonic Limited does not operate a standalone R&D division, technical innovation and product customization form the backbone of its engineering operations. The in-house design and engineering teams conduct comprehensive feasibility studies and execute Design Approval Processes (DAPs) using advanced 3D software such as NX and SolidWorks. Operational quality is validated through ISO 9001:2015 certified protocols, multi-stage in-process inspections, pre-dispatch customer trial runs, and formal Minutes of Meeting (M.O.M) sign-offs upon site commissioning. As of March 31, 2026, the company held an unexecuted confirmed order book of 64 purchase orders valued at ₹21.19 Cr (excluding GST).

Based on its historical financial data, SJP Ultrasonic Limited posted total income and net profits of ₹15.22 Cr / ₹3.40 Cr in FY24, ₹21.15 Cr / ₹4.17 Cr in FY25, and ₹26.63 Cr / ₹5.24 Cr in FY26. The company has shown steady top-line and profit growth, with total revenue expanding at a 2-year CAGR of 32.13% and PAT at 24.13%. Total borrowings increased from ₹2.01 Cr in FY24 to ₹5.78 Cr in FY26 to fund short-term working capital requirements, maintaining a conservative Debt-to-Equity ratio of 0.29x. It boasts an average EPS of ₹6.06 and an average RoNW of 30.97% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.15 against a NAV of ₹21.28 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.99. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 25.48x (FY24), 20.78x (FY25), and 16.54x (FY26). According to the RHP, there are no listed companies in India engaged in a strictly comparable business segment or scale, so an industry peer group P/E ratio cannot be ascertained.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Khandwala Securities Limited, which has handled 8 public issues to date. Out of its last 8 managed IPOs, five listed below the issue price, while the remaining three listed at or above it. As of September 25, 2026, seven of these recent issues are currently trading below their issue price, while the remaining one is trading at or above it. Maashitla Securities Private Limited is acting as the Registrar to the Offer.

• 1 Mr. Jignesh Pravinchandra Parekh
• 2 Mrs. Rupal Jignesh Parekh
• 3 Mr. Parth Jignesh Parekh
• 4 Ms. Parthvi Jignesh Parekh
• 5 Jignesh Pravinchandra Parekh HUF