SJP Ultrasonic (O)
What they do: The company utilizes secured and unsecured loans for working capital and business expansion, indicating a capital-intensive business model.
By IPO Milega Research · Published
The company shows moderate financial fundamentals with a stable revenue trend and a positive profit margin.
- GMP (unofficial)
- +0%
- ₹0 a share
- Opens
- 30 Sept
- Closes 5 Oct
- Min. investment
- ₹2,68,000
- 4000 shares
GMP is an unofficial grey market indication.
- Price band
- ₹67
- Lot size
- 4000 shares
- Min. investment
- ₹2,68,000
- Issue size
- N/A
- Open30 Sept 2026
- Close5 Oct 2026
- Allotment6 Oct 2026
- Listing8 Oct 2026
Overview
₹67 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials5.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The Grey Market Premium (GMP) is neutral at 0.00%, indicating no expected gains on listing. Despite strong performance and flexibility scores, the financial fundamentals and risk factors suggest a cautious approach.
Strengths3
- Expanded revenue from INR 1,521.07 Lakhs in FY 2024 to INR 2,655.77 Lakhs in FY 2026.
- Developed a diverse product portfolio catering to multiple industries.
- Established strong relationships with top suppliers and customers.
Concerns5
- Reliance on two primary revenue segments contributing over 97% of revenue.
- Dependence on a limited number of large customers for 55.28% of revenue.
- Negative cash flows from operating activities in previous years.
- Compliance issues with Employees Provident Fund and Insurance Acts.
- Potential volatility in share price post-IPO due to lack of trading history.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,68,0002 lots, 4000 shares
- Retail Maximum2,68,0002 lots, 4000 shares
- S-HNI Minimum4,02,0003 lots, 6000 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4000 | 2,68,000 |
| Retail Maximum | 2 | 4000 | 2,68,000 |
| S-HNI Minimum | 3 | 6000 | 4,02,000 |
Timing
7.0/10The timing of the IPO appears favorable given the SME focus, which can attract specific investor interest. The full underwriting and market maker arrangement add confidence, although the absence of a green shoe option and monitoring agency could be potential concerns for some investors.
- Time to market
- The company has efficiently transitioned from a private to a public entity, indicating readiness and strategic planning for market entry. The full underwriting and market maker arrangement further support a strong market entry.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE SME
Key milestones
- 30 Sept 2026IPO Opens
- 5 Oct 2026IPO Closes
- 6 Oct 2026Basis of Allotment
- 7 Oct 2026Refunds Initiated
- 7 Oct 2026Credit to Demat Account
- 8 Oct 2026Listing Date
Financials
5.0/10- Revenue
- ₹26.63 Cr
- +25.9%
- Profit after tax
- ₹5.24 Cr
- +25.7%
- Net margin
- 19.7%
- -0.0 pts
- Assets
- ₹35.2 Cr
- +30.1%
- Return on equity
- 30.01%
- Debt to equity
- 0.64
- ROCE
- 38.49%
- Return on net worth
- 26.10%
- NAV per share (₹)
- 21.28
Financial performance trend
Amount ₹ in croresThe company shows moderate financial fundamentals with a stable revenue trend and a positive profit margin. However, the debt levels are notable, and the lack of detailed financial ratios limits a comprehensive assessment.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks1
- Operational risks2
- Regulatory risks1
SJP Ultrasonics faces significant financial and operational risks due to reliance on few revenue segments and customers, compliance issues, and negative cash flows.
How the company offsets these
Diversifying revenue streams and customer base can mitigate financial and operational risks.
Financial risks3
- Negative cash flows from operating activities.
- Outstanding tax proceedings with direct and indirect tax matters.
- Outstanding dues to creditors, including MSMEs.
Market risks1
- Potential volatility in share price post-IPO due to lack of trading history.
Operational risks2
- Reliance on two primary revenue segments contributing over 97% of revenue.
- Dependence on a limited number of large customers for 55.28% of revenue.
Regulatory risks1
- Compliance issues with Employees Provident Fund and Insurance Acts.
Performance
8.0/10SJP Ultrasonics Limited, established in 2012, specializes in plastic joining and automation solutions, primarily serving the automotive industry. The company has shown consistent revenue growth, expanding its operations and diversifying its customer base across various industries. It has a strong management team led by experienced professionals, including its promoter Jignesh Parekh. The company is well-positioned in the market with a diverse product portfolio and strategic relationships with suppliers and customers.
- Historical growth
- consistent, high
- Market comparison
- SJP Ultrasonics operates in a competitive market with a focus on innovation and customer-specific solutions, positioning itself well against peers in the industrial automation and plastic joining sectors.
- Future potential
- The company is expected to continue its growth trajectory, driven by increasing demand for automation solutions and expansion into international markets.
- Operational consistency
- The company's consistent revenue growth and strategic expansion plans indicate strong operational consistency.
- Experience
- The management team, led by Jignesh Parekh, has extensive experience in plastic joining solutions and industrial automation.
- Track record
- The management has successfully expanded the company's operations and revenue streams.
Key achievements
- 01Expanded revenue from INR 1,521.07 Lakhs in FY 2024 to INR 2,655.77 Lakhs in FY 2026.
- 02Developed a diverse product portfolio catering to multiple industries.
- 03Established strong relationships with top suppliers and customers.
Flexibility
8.0/10The company serves a wide range of industries, including automotive, medical, and electronics, which allows it to adapt to market changes and demand fluctuations. Its diverse customer base and product offerings provide resilience against sector-specific downturns.
The company shows strong financial stability with consistent revenue growth and profitability. It maintains a healthy order book and plans to use IPO proceeds to enhance manufacturing capabilities, indicating sound financial planning.
The company has demonstrated operational agility by expanding its manufacturing capabilities and geographical presence. Its ability to quickly adapt to customer needs and industry demands is supported by its experienced management team and strategic investments in technology.
The company demonstrates strong flexibility and adaptability through its diverse product offerings, strategic industry presence, and robust financial performance. It has a well-diversified revenue stream across multiple industries, reducing dependency on any single sector. The company's strategic focus on expanding its manufacturing capabilities and geographical reach further enhances its adaptability potential.
- Product diversification
- The company offers a diverse range of products, including plastic joining solutions, industrial automation, and laser technology solutions, catering to various industries such as automotive, medical, and electronics.
- Future adaptability
- The company's strategic focus on enhancing manufacturing capabilities and expanding into international markets positions it well for future adaptability. Its investment in new technologies and machinery will likely support continued growth and market responsiveness.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.