SJP Ultrasonic IPO Analysis: GMP, Financials, Valuation & Risks

Summary

SJP Ultrasonic IPO is an SME issue on BSE SME and is open now. The issue is a fixed price issue at ₹67 per share, with an issue size of approximately ₹23.45 crore.

The company has reported revenue growth across FY24, FY25 and FY26, and its valuation metrics show a P/E ratio of 12.07 and EPS of 5.55 (Basic). The unofficial grey market premium is not available.

For the latest IPO details page, see SJP Ultrasonic IPO analysis page. For the broader list, see All IPOs.

IPO snapshot

Market lot

Dates

Business

The company’s public information in this page is limited. The issue is a 100% fresh issue, and the stated use of proceeds is for capex, working capital and general corporate purposes.

The business has moderate borrowings, mainly working capital debt, and no debt repayment is proposed from the issue.

The promoter group listed is Jignesh Pravinchandra Parekh, Rupal Jignesh Parekh, Parth Jignesh Parekh, Parthvi Jignesh Parekh and Jignesh Pravinchandra Parekh (HUF).

Financials

The numbers show steady growth in revenue, profit and assets over the three reported periods.

Valuation

At the issue price of 67 Per Share, the P/E ratio of 12.07 suggests a moderate valuation based on the published EPS. The return ratios are also strong on paper, but the business is still an SME issue and execution remains important.

GMP

The unofficial grey market premium is not available at this time.

Since GMP is an unofficial grey market indication, it should be treated separately from exchange data and not as an official price signal.

Strengths

• Revenue expanded across FY24, FY25 and FY26 while the company stayed profitable.
• The company has a 64-order order book worth ₹2,118.56 lakh as of FY26 end.
• Installed-capacity utilisation was high at 89%-90%.
• International revenue rose from nil in FY24 to ₹366.97 lakh in FY26.
• The company has a presence across multiple Indian states with offices/demo centres in Maharashtra, Haryana and Tamil Nadu.

Risks

• Revenue is concentrated in two segments, so earnings may be sensitive to demand or pricing changes.
• Trade receivables are high relative to revenue, which may create collection and working-capital strain.
• EPF and ESIC registration were obtained only in June 2024, with alleged past non-compliance exposure.
• Statutory filing delays and lapses point to governance and compliance weaknesses.
• Outstanding tax and criminal proceedings, though limited, create contingent liability and reputational risk.
• The shares are unlisted now, so post-listing price and volume volatility may be high.
• Future equity issuances or promoter/shareholder sales may dilute value and pressure the stock price.

Important dates

Who may find this IPO relevant

This IPO may be relevant for readers looking at SME issues with a fixed price structure, a fresh issue only structure, and published profitability metrics.

It may also interest readers who track issues with a moderate issue size, visible order book data and strong reported return ratios. At the same time, the compliance and concentration risks mean the issue needs careful reading.

FAQs

What is the issue size of SJP Ultrasonic IPO?

The issue size is Approx 23.45 Crores.

What is the price band of the IPO?

The price band is 67 Per Share.

What is the lot size for retail investors?

The retail lot size is 2, with 4000 shares and an amount of 2,68,000.

What is the current GMP?

The unofficial grey market premium is not available.

When is the listing date?

The listing date is October 8, 2026.

Sources

• Red Herring Prospectus (RHP)
• Draft Red Herring Prospectus (DRHP)
• BSE: public issues
• ipowatch: IPO details and unofficial GMP
• ipowatch: IPO subscription status