SJP ULTRASONICS LIMITED IPO

SJP ULTRASONICS LIMITED IPO closed on 5 Oct 2026. Allotment 6 Oct 2026, listing 8 Oct 2026. Price band ₹67–₹67, lot 2000 shares, GMP +₹0 (0%). Track allotment on Allotly.

About SJP ULTRASONICS LIMITED

SJP Ultrasonics is a provider of plastic joining and automation solutions, primarily serving the automotive, medical, electrical, electronics, textile, FMCG, toys, food and packaging, defence, and educational industries. Its business is divided into three segments: plastic joining solutions, industrial automation, and laser technology solutions. The company manufactures machinery, tools, and automated processes and also coordinates the procurement of ultrasonic and vibration welding machines through associations with international manufacturers. Its design and engineering team works on machinery design and feasibility studies for customer requirements. The company operates a manufacturing facility at Vasai East, Palghar, Maharashtra, where its design and quality teams are also based. It also has offices and demonstration centres in Vasai and Pune in Maharashtra, Gurugram in Haryana, and…

Strengths

• The company provides end-to-end plastic welding solutions, covering design and engineering, equipment supply, testing, installation, commissioning, and maintenance. It also undertakes feasibility studies and machinery design based on customers’ production requirements.
• The company offers a range of specialised machinery and tools across three product categories. These include ultrasonic, vibration, hot plate, spin and heat staking welding machines; robotics, pick-and-place, rotary, conveyor and assembly-line automation; and laser marking, welding and cutting machines.
• The company is ISO 9001:2015 certified for the manufacture and supply of plastic welding machines. It also states that it conducts quality tests on raw materials, semi-finished and finished products, along with trial runs of equipment at its manufacturing facility before delivery.
• The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 15.21 crore in FY24 to Rs 21.06 crore in FY25 and Rs 26.56 crore in FY26. PAT increased from Rs 3.40 crore in FY24 to Rs 4.17 crore in FY25 and Rs 5.24 crore in FY26.

Risks

• The company had outstanding financial indebtedness of Rs 6.49 crore as of September 10, 2026. Failure to service or repay its borrowings on time could adversely affect the company’s business, financial condition, and cash flows.
• The company had trade receivables of Rs 9.78 crore as of March 31, 2026. Delay or failure in collecting these receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.
• The company derives a significant portion of its revenue from plastic joining solutions and industrial automation. These segments contributed Rs 12.35 crore (46.52%) and Rs 13.40 crore (50.48%), respectively, of revenue in FY26. A decline in revenue from these segments due to higher competition, pricing pressures, changes in demand or supply, or technological changes could hurt the company’s business, results of operations and financial condition.
• The company was not registered under the Employees Provident Fund and Miscellaneous Provisions Act, 1952, until June 15, 2024, despite having more than 20 employees in the past. It also failed to make applicable EPF contributions during the period of non-compliance. Although no fine or penalty has been imposed by the EPF authorities to date, the company may be subject to increased contributions, fines, penalties or other action, including potential punishment for its directors, which could hurt its financial position and operations.
• The company derives a significant portion of its revenue from a limited number of large customers. Its top 10 customers contributed Rs 14.68 crore (55.28%) of total revenue in FY26, while its top five customers contributed Rs 10.23 crore (38.52%). Any loss of key customers, reduction in orders, inability to maintain customer relationships, or decline in demand could adversely affect the company’s revenue, margins, financial condition and cash flows. Further, the company generally relies on individual purchase orders rather than long-term agreements, which may increase uncertainty around future sales and limit its ability to seek compensation if customers terminate orders or fail to make payments.
• The company does not have long-term contractual agreements with its raw material and equipment suppliers, exposing it to fluctuations in input prices and supply availability. Its top 10 suppliers accounted for Rs 10.94 crore (88.64%) of total purchases in FY26, while the top five suppliers accounted for Rs 9.52 crore (77.18%). Any increase in raw material and equipment costs, supply disruption, inability to procure inputs from alternate suppliers on acceptable terms, or failure to pass higher costs to customers could adversely affect the company’s operations and profit margins.
• The company derives a significant portion of its revenue from Maharashtra, which contributed 31.60%, 53.90% and 44.05% of total revenue from operations in FY24, FY25 and FY26, respectively. Its entire manufacturing operations are also carried out from its manufacturing unit in Vasai, Maharashtra. Any adverse social, political, economic or environmental developments, civil disruptions, or changes in government policies in the state could disrupt its manufacturing operations, affect its ability to meet customer orders and adversely impact its business, financial condition and results of operations.
• The company, its directors and promoters are involved in outstanding legal proceedings. Any adverse decisions in these matters could result in financial liabilities relating to demand amounts, interest or penalties, divert management time and attention, and adversely affect the company’s business, prospects, results of operations and financial condition.
• The company has recorded negative cash flows from operating and investing activities in recent years. Cash flow from operating activities was negative at Rs 2.88 crore in FY25 and Rs 2.70 crore in FY26, primarily due to an increase in trade receivables in FY26 and inventories in FY25, while cash flow from investing activities was negative at Rs 0.02 crore, Rs 0.59 crore and Rs 0.34 crore in FY24, FY25 and FY26, respectively, primarily due to the purchase of fixed assets. Sustained negative cash flows could adversely affect the company’s operations and growth plans.

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