SJP Ultrasonics Limited is entering the public market with a ₹23.45 crore SME IPO, scheduled to open on 30 September 2026 and close on 5 October 2026. The company has fixed the SJP Ultrasonics IPO price at ₹67 per equity share, with the shares proposed to be listed on the BSE SME platform. The company operates in specialised plastic-joining technologies, industrial automation and laser technology, and intends to use the fresh capital primarily for machinery, working-capital requirements and general corporate purposes.
The SJP Ultrasonics IPO analysis presents two distinct sides of the investment case. Revenue and profit have grown strongly, manufacturing capacity utilisation has historically remained high, and FY2025-26 profit after tax reached approximately ₹5.24 crore. However, the company has also reported two consecutive years of negative operating cash flow, high inventory, sizeable receivables, rising short-term borrowings and historical statutory and corporate-compliance lapses.
This detailed SJP Ultrasonics IPO review is based primarily on the company's official IPO disclosures, FY2025-26 audited annual report and documents published in the investor section of SJP Ultrasonics Limited's website.
Table of Contents
- SJP Ultrasonics IPO Details
- SJP Ultrasonics IPO Dates
- What Does SJP Ultrasonics Do?
- Manufacturing Capacity and Utilisation
- Objects of the SJP Ultrasonics IPO
- SJP Ultrasonics Financial Performance
- Revenue Mix
- Profitability and Margins
- Balance Sheet and Borrowings
- Operating Cash Flow and Working Capital
- Inventory Analysis
- Trade Receivables Analysis
- SJP Ultrasonics IPO Valuation
- Return Ratios
- Promoters and Shareholding
- Key Risks in the SJP Ultrasonics IPO
- What Works in SJP Ultrasonics' Favour?
- What Requires Caution?
- Key Numbers to Track After Listing
- SJP Ultrasonics IPO GMP
- SJP Ultrasonics IPO Investor Takeaways
- Frequently Asked Questions
The SJP Ultrasonics IPO is a fixed-price SME issue comprising 35 lakh equity shares at ₹67 per share. The gross issue size is ₹23.45 crore. Of the total issue, 1.76 lakh shares are reserved for the market maker, leaving a net issue of 33.24 lakh shares.
| Particular |
SJP Ultrasonics IPO Details |
| IPO |
SJP Ultrasonics Limited |
| IPO type |
Fixed-price SME issue |
| Issue price |
₹67 per share |
| Face value |
₹10 per share |
| Total issue |
35,00,000 shares |
| SJP Ultrasonics IPO issue size |
₹23.45 crore |
| Market-maker reservation |
1,76,000 shares |
| Market-maker portion |
About ₹1.18 crore |
| Net issue |
33,24,000 shares |
| Net issue size |
About ₹22.27 crore |
| Listing platform |
BSE SME |
| Trading lot |
2,000 shares |
| Minimum IPO application |
4,000 shares |
| Minimum application amount |
₹2,68,000 |
| Lead manager |
Khandwala Securities Limited |
| Registrar |
Maashitla Securities Private Limited |
The gross issue represents approximately 27.05% of the post-issue equity capital, while the net issue represents approximately 25.69%.
A particularly important point for investors is the distinction between the trading lot and the IPO application requirement. Although the disclosed lot size is 2,000 shares, the minimum IPO application is 4,000 shares. At the fixed issue price of ₹67, the minimum application amount therefore works out to ₹2.68 lakh.
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Check the latest SJP Ultrasonics IPO details, including its issue price, lot size, issue size and minimum investment.
The SJP Ultrasonics IPO is scheduled to remain open across the end of September and beginning of October 2026, with the tentative listing planned for 8 October 2026.
| Event |
Date |
| IPO opening date |
30 September 2026 |
| IPO closing date |
5 October 2026 |
| Tentative allotment |
6 October 2026 |
| Tentative listing date |
8 October 2026 |
These are the disclosed SJP Ultrasonics IPO dates, including the tentative allotment and listing schedule.
SJP Ultrasonics Limited was incorporated on 27 January 2012 as SJP Ultrasonics Private Limited and was subsequently converted into a public company. Its registered office is located in Vasai East, Palghar, Maharashtra.
The company operates in specialised industrial engineering and provides equipment and solutions used for plastic joining, industrial automation and laser-based industrial processes.
Its technologies include:
- ultrasonic welding and plastic joining;
- vibration welding;
- hot-plate welding;
- spin welding;
- heat staking;
- infrared welding;
- plastic-joining automation;
- industrial automation;
- laser marking;
- laser welding; and
- laser cutting.
The company's official website broadly classifies its operations into Plastic Joining Technology, Automation Systems and Laser Technology.
These technologies are used across sectors including automobiles, medical equipment, electrical and electronics products and other manufacturing applications.
SJP Ultrasonics is therefore not simply a seller of standard machinery. A meaningful part of its operations involves the design and supply of customised machinery and automation solutions according to individual customers' manufacturing requirements.
That customised production model is particularly relevant when assessing the company's inventory levels, manufacturing cycles, receivables and overall working-capital requirements.
SJP Ultrasonics has historically operated at relatively high reported manufacturing capacity utilisation. This is relevant because a meaningful portion of the IPO proceeds is proposed to be invested in machinery and production capability.
Installed Capacity
| Financial year |
Installed capacity |
| FY2022-23 |
950 units |
| FY2023-24 |
650 units |
| FY2024-25 |
700 units |
Actual Production
| Financial year |
Actual production |
| FY2022-23 |
852 units |
| FY2023-24 |
579 units |
| FY2024-25 |
634 units |
Capacity Utilisation
| Financial year |
Utilisation |
| FY2022-23 |
89% |
| FY2023-24 |
89% |
| FY2024-25 |
90% |
Capacity utilisation remained around 89% to 90% across the three disclosed financial years.
The apparent reduction in installed capacity after FY2022-23 does not, according to the company's disclosures, reflect a straightforward contraction in manufacturing capability.
Earlier operations involved a greater number of smaller, standard plastic-welding machines. The company subsequently shifted towards larger special-purpose and customised machines, which are manufactured in lower unit volumes.
As a result, comparing unit capacity across years without considering product mix could create a misleading impression.
Machinery Proposed Under the Expansion Programme
The machinery identified in the IPO disclosures includes equipment such as:
-
CNC and turning machinery;
-
robots;
-
vibration welders;
-
servo ultrasonic welding machines;
-
generators;
-
inspection equipment; and
-
additional manufacturing and design equipment.
The company disclosed a total property area of approximately 4,383 sq. ft. Of this, around 2,044 sq. ft. was already utilised, while approximately 2,340 sq. ft. remained free at the time of the relevant disclosure.
The SJP Ultrasonics IPO is principally intended to fund expansion and business requirements rather than promoter monetisation.
The disclosed objects of the issue are:
-
capital expenditure for the purchase of machinery;
-
funding working-capital requirements; and
-
general corporate purposes.
The capital-expenditure objective is relevant because the company has historically reported manufacturing utilisation of around 89% to 90%.
Working capital is equally significant to the SJP Ultrasonics IPO analysis. Customised industrial machinery can involve lengthy engineering, fabrication, assembly, inspection and customer-site readiness cycles. Such operations can result in substantial work-in-progress and longer periods before cash invested in a project is recovered.
The IPO disclosures expressly state that the company was facing working-capital constraints, which was one of the reasons for including working-capital funding in the proposed use of proceeds.
SJP Ultrasonics' audited FY2025-26 financial statements show continued growth in both revenue and reported profit.
Revenue from operations rose from ₹21.06 crore in FY2024-25 to ₹26.56 crore in FY2025-26, representing approximately 26% year-on-year growth.
Total income increased from around ₹21.15 crore to ₹26.63 crore during the same period.
FY2024 Financial Performance
| Financial metric |
FY2024 |
| Revenue from operations |
₹15.21 crore |
| EBITDA |
₹5.42 crore |
| Profit after tax (PAT) |
₹3.40 crore |
| EBITDA margin |
35.60% |
| PAT margin |
22.37% |
FY2025 Financial Performance
| Financial metric |
FY2025 |
| Revenue from operations |
₹21.06 crore |
| Total income |
₹21.15 crore |
| EBITDA |
₹6.84 crore |
| Profit after tax (PAT) |
About ₹4.15–4.17 crore |
| EBITDA margin |
32.47% |
| PAT margin |
19.81% |
FY2026 Financial Performance
| Financial metric |
FY2026 |
| Revenue from operations |
₹26.56 crore |
| Total income |
₹26.63 crore |
| Profit after tax (PAT) |
₹5.24 crore |
| PAT margin |
Approx. 19.7% |
| EPS |
₹5.55 |
The historical IPO disclosures reported FY2024-25 PAT at approximately ₹4.17 crore, while the audited comparison referenced in the FY2025-26 discussion is approximately ₹4.15 crore. Both figures originate from the supplied disclosure data.
Manufacturing was the largest contributor to SJP Ultrasonics' FY2025-26 operating revenue, followed by trading and services.
| Revenue source |
FY2025-26 |
| Manufacturing |
₹16.51 crore |
| Trading |
₹6.64 crore |
| Services |
₹3.40 crore |
| Other operating revenue |
₹0.01 crore |
| Total revenue from operations |
₹26.56 crore |
Manufacturing revenue of ₹16.51 crore accounted for the largest part of the company's ₹26.56 crore operating revenue during FY2025-26.
The revenue mix also demonstrates that SJP Ultrasonics derives income from multiple activities within its wider industrial-engineering business, including manufacturing, trading and services.
SJP Ultrasonics reported profit after tax of approximately ₹5.24 crore in FY2025-26, compared with approximately ₹4.15 crore in FY2024-25.
On FY2025-26 operating revenue of ₹26.56 crore, the reported PAT translates into a net profit margin of approximately 19.7%.
The audited FY2025-26 earnings per share were ₹5.55.
Historical financial data disclosed in the IPO documents also shows substantial expansion since FY2022-23.
Revenue from operations increased from ₹11.45 crore in FY2022-23 to ₹26.56 crore in FY2025-26, while PAT grew from approximately ₹1.41 crore to ₹5.24 crore across the same broad period.
Margins, however, have not increased in a straight line. EBITDA margin rose sharply in FY2023-24 before moderating in FY2024-25, while PAT margin also moved from 12.34% to 22.37% and then to 19.81%.
SJP Ultrasonics' total assets increased materially during FY2025-26 alongside the growth in operations.
Total assets stood at approximately ₹35.20 crore as of 31 March 2026, compared with approximately ₹27.12 crore one year earlier.
At FY2025-26 year-end:
-
share capital was ₹9.44 crore;
-
reserves and surplus were approximately ₹10.65 crore; and
-
shareholders' funds were therefore approximately ₹20.09 crore.
Borrowings also increased during the year.
FY2024-25 Borrowings
| Borrowing metric |
FY2024-25 |
| Short-term borrowings |
About ₹0.56 crore |
FY2025-26 Borrowings
| Borrowing metric |
FY2025-26 |
| Short-term borrowings |
About ₹5.68 crore |
| Long-term borrowings |
About ₹0.10 crore |
Short-term borrowings rose from around ₹0.56 crore to ₹5.68 crore.
A significant component of FY2025-26 short-term borrowing was a working-capital facility from Saraswat Bank, along with related-party advances and current maturities of long-term debt.
The sharp increase in short-term borrowings reinforces the importance of working-capital funding within the SJP Ultrasonics IPO.
Cash conversion is one of the most significant areas in the SJP Ultrasonics IPO analysis.
Despite reporting ₹5.24 crore of PAT in FY2025-26, the company recorded negative net cash flow from operating activities of approximately ₹3.51 crore.
Operating cash flow had also been negative in FY2024-25 at approximately ₹3.97 crore.
| Cash-flow metric |
Amount |
| FY2024-25 operating cash flow |
Approximately negative ₹3.97 crore |
| FY2025-26 operating cash flow |
Approximately negative ₹3.51 crore |
| FY2025-26 PAT |
Approximately ₹5.24 crore |
The contrast between reported profitability and operating cash generation is important.
During FY2025-26, the company deployed substantial capital into inventory, short-term loans and advances and other current assets. Financing cash inflows helped fund the resulting requirement.
This means SJP Ultrasonics' accounting profit should not be analysed in isolation. The ability to convert reported earnings into positive operating cash flow is one of the most important post-listing metrics for investors to track.
Inventory is particularly significant in SJP Ultrasonics' working-capital profile.
Inventory stood at approximately ₹16.43 crore as of 31 March 2026, compared with around ₹10.60 crore one year earlier.
That ₹16.43 crore inventory position is substantial when compared with FY2025-26 operating revenue of ₹26.56 crore.
The company's disclosures explain that customised machinery can require extended periods for engineering, fabrication, assembly, inspection and customer-site readiness. This operating structure can keep capital tied up in inventory and work-in-progress for long periods.
The company disclosed the following historical raw-material inventory holding periods:
| Financial year |
Raw-material inventory holding period |
| FY2022-23 |
451 days |
| FY2023-24 |
668 days |
| FY2024-25 |
470 days |
These unusually long inventory periods are therefore an important characteristic of SJP Ultrasonics' customised manufacturing model.
High inventory can create several financial consequences. It locks more capital into operations, can extend the cash-conversion cycle if projects are delayed, can increase financing requirements and can potentially expose the company to losses from slow-moving or obsolete inventory.
Receivables are another important component of the company's working-capital cycle.
Trade receivables stood at approximately ₹9.78 crore as of 31 March 2026, down from around ₹11.63 crore in FY2024-25.
While the overall receivables balance declined, the ageing profile remains significant.
Of the FY2025-26 trade receivables:
The IPO disclosures had previously identified elevated receivables as a risk and explained that the company's increasing focus on OEM customers can result in longer credit periods.
Historical receivable cycles disclosed by the company were:
| Financial year |
Receivable cycle |
| FY2022-23 |
77 days |
| FY2023-24 |
87 days |
| FY2024-25 |
136 days |
The increase from 77 days to 136 days makes collection efficiency and receivable ageing important metrics to monitor after listing.
The SJP Ultrasonics IPO price is ₹67 per share. Based on the audited FY2025-26 EPS of ₹5.55, the issue can be examined from both a pre-issue and a simple post-issue diluted perspective.
Pre-Issue P/E
Using FY2025-26 EPS of ₹5.55:
₹67 ÷ ₹5.55 = approximately 12.1 times P/E
The SJP Ultrasonics IPO valuation therefore implies a pre-issue price-to-earnings multiple of approximately 12.1x based on audited FY2025-26 EPS.
Post-Issue Market Capitalisation
SJP Ultrasonics has approximately 94.40 lakh pre-issue shares.
The fresh issue adds another 35 lakh shares, taking the post-issue equity base to approximately:
129.40 lakh shares
At ₹67 per share, the implied post-issue market capitalisation is approximately:
129.40 lakh shares × ₹67 = ₹86.7 crore
Indicative Post-Issue Diluted P/E
If FY2025-26 PAT of approximately ₹5.24 crore is mechanically spread across the enlarged post-issue equity base of 129.40 lakh shares, the resulting diluted EPS would be approximately:
₹5.24 crore ÷ 129.40 lakh shares = approximately ₹4.05 per share
At the IPO price of ₹67:
₹67 ÷ ₹4.05 = approximately 16.5 times P/E
| Valuation metric |
Approximate value |
| IPO price |
₹67 |
| FY2025-26 audited EPS |
₹5.55 |
| Pre-issue P/E |
12.1x |
| Post-issue shares |
129.40 lakh |
| Post-issue market capitalisation |
₹86.7 crore |
| Simple diluted EPS |
₹4.05 |
| Indicative post-issue P/E |
16.5x |
These calculations are purely mechanical and use the ₹67 issue price, FY2025-26 earnings and the enlarged post-issue share count.
They do not assume any increase in profit from deployment of the IPO proceeds.
This distinction matters because issuing additional equity will initially dilute earnings per share unless the fresh capital subsequently generates enough incremental profit to offset that increase in the share base.
Before the latest FY2025-26 numbers, SJP Ultrasonics had reported strong historical return ratios.
For FY2024-25, the IPO disclosures reported:
These historical metrics will not necessarily remain directly comparable after the IPO because the company's equity and overall capital base will increase materially.
The relevant post-listing factor will therefore be how efficiently the company deploys the newly raised capital and whether earnings expand sufficiently to support returns on the enlarged capital base.
The promoters identified in the SJP Ultrasonics IPO disclosures are:
-
Jignesh Pravinchandra Parekh;
-
Rupal Jignesh Parekh;
-
Parth Jignesh Parekh;
-
Parthvi Jignesh Parekh; and
-
Jignesh Pravinchandra Parekh HUF.
As of 31 March 2026, the disclosed shareholdings included:
| Promoter |
Approximate holding |
| Jignesh P. Parekh |
36.01% |
| Rupal J. Parekh |
34.71% |
| Parthvi J. Parekh |
5.83% |
| Parth J. Parekh |
2.91% |
Jignesh P. Parekh and Rupal J. Parekh together accounted for the majority of the disclosed promoter holdings.
The SJP Ultrasonics IPO disclosures contain several risks that need to be considered alongside the company's growth in revenue and profitability.
1. Working-Capital Intensity
Large amounts of capital are tied up in inventory and receivables.
Inventory reached approximately ₹16.43 crore, while trade receivables stood at approximately ₹9.78 crore at 31 March 2026.
The working-capital requirement has already contributed to negative operating cash flow despite reported profitability.
2. Negative Operating Cash Flow
SJP Ultrasonics recorded negative operating cash flow of approximately ₹3.97 crore in FY2024-25 and approximately ₹3.51 crore in FY2025-26.
This makes profit-to-cash conversion an important financial risk and monitoring point.
3. Historical EPF Non-Compliance
The company disclosed that although it had employed more than the relevant employee threshold, it had previously failed to obtain registration under the Employees' Provident Fund framework.
SJP Ultrasonics subsequently obtained EPF registration on 15 June 2024.
Potential historical liabilities were still subject to determination according to the disclosed information.
4. Historical ESIC Non-Compliance
A similar historical issue existed in relation to Employees' State Insurance registration.
The company registered under ESIC on 15 June 2024 after the earlier period of non-compliance.
5. Delayed Corporate Filings
The offer disclosures identify past delays in filing statutory forms with the Registrar of Companies.
Some delays were substantial and included forms linked to earlier allotments and corporate actions.
The company stated that delayed filings had subsequently been regularised where applicable.
6. Potential Promoter-Group Business Conflict
A promoter-group entity named SJP Ultrasonics Advance Technology operates in a similar line of business.
The company disclosed that there is no non-compete agreement with that entity, although its current scale of operations was described as extremely limited.
This represents a potential conflict that forms part of the IPO disclosures.
7. Historical Debt-Servicing Delays
The FY2025-26 auditor's report recorded delays in three EMIs on a secured loan from Toyota Financial Services India Limited.
The delayed instalments related to:
-
September 2025;
-
October 2025; and
-
November 2025.
The auditor also stated that the company had not been declared a wilful defaulter.
8. No Directly Comparable Listed Peer
SJP Ultrasonics itself notes that its specialised business model makes meaningful direct peer comparison difficult.
Differences in products, margins, working-capital cycles and financial ratios can make simple valuation comparisons less informative.
9. SME Platform Liquidity Risk
The shares are proposed to list on the BSE SME platform.
SME shares can have lower market liquidity than typical Main Board companies, particularly where application amounts and trading lots are relatively large.
For SJP Ultrasonics, the minimum disclosed IPO application is 4,000 shares, requiring ₹2.68 lakh at the ₹67 issue price.
The company's official disclosures show several positive operating and financial trends.
Revenue from operations increased from approximately ₹11.45 crore in FY2022-23 to ₹26.56 crore in FY2025-26, while PAT grew from around ₹1.41 crore to ₹5.24 crore over the same broad period.
Other factors visible in the disclosures include:
-
operations in specialised industrial technologies rather than a purely commodity-oriented business;
-
historically high manufacturing capacity utilisation of around 89% to 90%;
-
the IPO being primarily growth capital rather than promoter monetisation;
-
machinery investment intended to expand operating capability; and
-
potential for additional equipment to support more sophisticated and customised manufacturing projects.
The machinery expansion is particularly relevant because existing manufacturing utilisation has historically remained high.
The principal counterpoint to SJP Ultrasonics' reported profitability is its cash conversion.
A company reporting ₹5.24 crore of PAT while generating negative ₹3.51 crore of operating cash flow requires careful examination of the amount of capital being absorbed by day-to-day operations.
At 31 March 2026, inventory had reached ₹16.43 crore, while short-term borrowings had risen to approximately ₹5.68 crore.
Receivables also remain significant, including approximately ₹3.12 crore outstanding for more than one year and around ₹69 lakh outstanding for more than three years.
The post-IPO question is therefore whether the fresh equity capital can create a structural improvement in operating cash generation as the company grows, or whether an expanded business will continue to require proportionately high amounts of working capital.
Historical statutory and corporate-compliance delays also remain material diligence points within the IPO disclosures.
The success of the expansion programme cannot be evaluated solely from revenue growth. Several operating and financial metrics will provide a clearer picture of how effectively SJP Ultrasonics uses its enlarged capital base.
Revenue Growth
Investors can track whether the proposed machinery investments translate into additional sales and a larger operating scale.
EBITDA and PAT Margins
Historical margins have been strong but have fluctuated. Margin performance will indicate whether profitability remains sustainable as the company scales.
Operating Cash Flow
Operating cash flow is arguably one of the most important metrics for SJP Ultrasonics because the company has reported negative operating cash flow for two consecutive years despite generating profits.
Inventory Days
The company's disclosed raw-material holding periods have historically been very long. Any sustained moderation could reduce the amount of cash tied up in production.
Receivable Days and Ageing
Collection efficiency is important, particularly because receivables have included balances outstanding for more than one year and more than three years.
Working-Capital Borrowings
Short-term borrowings increased sharply in FY2025-26. The future trajectory of working-capital debt will help show whether IPO proceeds reduce dependence on short-term financing.
Capacity Utilisation
Investors can monitor whether new machinery results in meaningful incremental production and revenue rather than creating unused capacity.
Return on Capital
The company's equity and capital base will be materially larger following the IPO. Future ROCE and return-on-net-worth trends will therefore indicate how effectively the fresh capital is being deployed.
No SJP Ultrasonics IPO GMP figure is included in the supplied official company disclosures and financial data used for this analysis.
Accordingly, no grey market premium has been assumed or used to assess the SJP Ultrasonics IPO valuation. The valuation analysis in this article is based strictly on the ₹67 issue price, audited FY2025-26 earnings, and disclosed post-issue share count.
Grey market activity is separate from the company's audited financial performance and the formal valuation calculations presented above.
Interested in applying for the SJP Ultrasonics IPO? Apply online through Zerodha.
SJP Ultrasonics Limited is approaching the public market after a period of substantial business expansion.
FY2025-26 revenue from operations reached approximately ₹26.56 crore, while PAT was approximately ₹5.24 crore. At the issue price of ₹67, the enlarged post-issue equity base implies an approximate market capitalisation of ₹86.7 crore.
The company's growth case centres on whether approximately ₹23 crore of fresh equity capital can help it scale a specialised industrial-engineering business through additional machinery and improved working-capital availability.
Its high historical manufacturing utilisation provides context for the proposed expansion. Revenue and PAT have also increased substantially since FY2022-23.
However, the balance sheet and cash-flow statement show the financial cost of this growth.
Inventory reached approximately ₹16.43 crore, receivables remained sizeable, short-term borrowings increased sharply and operating cash flow remained negative for a second consecutive year.
The IPO disclosures additionally identify historical EPF and ESIC non-compliance, delayed statutory filings, delays in three loan instalments and a promoter-group entity operating in a similar business without a non-compete agreement.
At the ₹67 SJP Ultrasonics IPO price, FY2025-26 audited EPS implies a pre-issue P/E of approximately 12.1x. When the same FY2025-26 profit is mechanically spread across the enlarged post-issue share base, the indicative diluted P/E rises to approximately 16.5x.
Those valuation multiples are most meaningful when considered together with the company's cash-flow quality, working-capital requirements and ability to generate adequate returns from the larger post-IPO capital base.
The central issue in the SJP Ultrasonics IPO analysis is therefore not only whether reported profits continue to grow. The more important financial test is whether a greater proportion of those profits can be converted into operating cash and whether the fresh capital raised through the IPO can generate enough additional earnings to justify the enlarged equity base.
Want to compare SJP Ultrasonics with other SME offerings on pricing, issue size and minimum application requirements? Check the latest SME IPO details for recent issues.
1. What is the SJP Ultrasonics IPO price and issue size?
The SJP Ultrasonics IPO price is ₹67 per equity share. The company is offering 35 lakh shares, resulting in a total SJP Ultrasonics IPO issue size of ₹23.45 crore. Of this, 1.76 lakh shares are reserved for the market maker, leaving a net issue of 33.24 lakh shares worth approximately ₹22.27 crore.
2. What are the SJP Ultrasonics IPO dates?
The SJP Ultrasonics IPO opens on 30 September 2026 and closes on 5 October 2026. Tentative allotment is scheduled for 6 October 2026, while the tentative BSE SME listing date is 8 October 2026.
3. What is the minimum investment in the SJP Ultrasonics IPO?
The disclosed trading lot is 2,000 shares, but the minimum IPO application is 4,000 shares. At the fixed issue price of ₹67 per share, the minimum application amount is ₹2.68 lakh.
4. What is the SJP Ultrasonics IPO valuation?
Based on audited FY2025-26 EPS of ₹5.55, the ₹67 issue price implies a pre-issue P/E of approximately 12.1x. After the issue, the share count is expected to increase from 94.40 lakh to approximately 129.40 lakh shares. If FY2025-26 PAT of ₹5.24 crore is mechanically divided by that enlarged share base, diluted EPS would be around ₹4.05 and the indicative post-issue P/E would be approximately 16.5x. The implied post-issue market capitalisation is approximately ₹86.7 crore.
5. What are the key risks in the SJP Ultrasonics IPO?
The main disclosed risks include high working-capital requirements, negative operating cash flow, large inventory, ageing receivables, higher short-term borrowings, historical EPF and ESIC non-compliance, delayed corporate filings, three delayed loan EMIs, a potential promoter-group business conflict and BSE SME liquidity risk. Operating cash flow was negative by approximately ₹3.51 crore in FY2025-26 despite PAT of ₹5.24 crore, making cash conversion a particularly important metric to monitor.
Source Note
Primary references used for this SJP Ultrasonics IPO analysis include SJP Ultrasonics Limited's official Investor Section, IPO and addendum disclosures and audited FY2025-26 Annual Report.
The company's investor page hosts its Draft Prospectus, IPO addendum, final Prospectus and abridged prospectus.
This article is for informational and research purposes only and does not constitute investment advice. Investors should read the final Prospectus and all exchange disclosures carefully before making an investment decision.