SJP Ultrasonics Ltd. IPO

SJP Ultrasonics 

• SJP Ultrasonics is coming out with an initial public offering (IPO) of 35,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share.
• The issue will open on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 6.70 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Khandwala Securities.
• Compliance Officer for the issue is Jamshed Kokab Khan.

Profile of the company

SJP Ultrasonics is an end-to-end plastic joining and automation solution providers, offering specialised solutions mainly in the Automotive industry and industries related to Medical, Electrical, Electronics, Textile, FMCG, Toys, Gift & Stationery, Food & Packaging, Defence & Educational Institutes. Its expertise lies in technical innovation by manufacturing machinery, tools and automated processes for its customers, offering targeted solutions in various industries. Owing to its customised offerings, the company has curated the following major revenue streams and business segments: i) Plastic joining solutions, ii) Industrial automation and iii) Laser technology solutions.

Over the years, it has designed a distinctive integrated procurement system, by developing association with international manufacturers engaged in manufacturing of ultrasonic plastic welding equipment. Through its association with renowned manufacturers, it has the capabilities of coordinating and procuring Ultrasonic welding machines & Vibration welding machines for its customers within the timeline prescribed. Its long-standing association with international manufacturers helps it in unlocking key competencies to deliver the project from conceptualization to completion, increases cashflow within the company and gives it control over the quality of the equipment that it manufactures and supplies to its customers. It has over the years employed and groomed design and engineering team to design tools and machinery and conduct a detailed feasibility study of the capex plan of its customers. Its design team has the ability of creating an adaptable design of the desired machinery that encompasses future production planning, while meeting the implementation and qualification requirement of its customers. Its designs also assist its customers in ensuring compliance with the requirements of the leading and renowned end users and achieve efficient and less rejection in their manufacturing operations.

Since incorporation, it has been the company’s vision and focus to manufacture and supply superior quality products to its customers, which has enabled it to expand its business operations. It ensures quality checks through in-process inspections carried out by line operators and supervisors, monitoring critical parameters, identification of deviations and timely corrections. To ensure quality management of equipment and materials procured, the purchase department conducts assessment of vendors at regular intervals and inspections of equipment and materials on receipt from such vendors. The sale of its products and services is majorly made to manufacturers engaged in various industries, which makes its model business to business (B2B) in nature. Owing to the diverse application of its products and services, it has a track record of serving various industries, such as automotive, medical, electrical, electronics, gift and stationery, textile, food cutting, agriculture, defence, educational institution, furniture, among others. Its diverse customer base and product portfolio enables it to cater to multiple industries on a pan-India basis. 

Proceed is being used for:

• Funding capital expenditure towards the purchase of machineries 
• Funding working capital requirements of the company
• General corporate purpose

Industry Overview

India’s industrial automation solutions industry is expected to witness robust growth beyond FY 2026, driven by broader adoption across diverse sectors and increasing digital maturity among mid-sized enterprises. While core industries like automotive, electronics, and pharmaceuticals have already established automation as a strategic pillar, emerging sectors such as FMCG, textiles, food processing, and intralogistics are now accelerating adoption to enhance productivity and maintain competitiveness. The next phase of growth will be marked by demand for scalable and cost-effective automation platforms tailored for Indian manufacturing conditions, especially among MSMEs. India’s industrial automation solutions industry is projected to grow from $19.40 billion in FY 2026 to $29.43 billion by FY 2029, registering a strong CAGR of 14.9%. This robust growth reflects the accelerating adoption of automation technologies across manufacturing and infrastructure sectors, driven by digital transformation, rising demand for productivity, and increasing integration of smart systems. 

A key driver of this growth is the shift toward intelligent, decentralized systems that integrate AI, IoT, edge computing, and advanced analytics for real-time decision-making and predictive maintenance. As the country deepens its focus on electronics and semiconductor manufacturing, the need for high-precision automation tools like collaborative robots, vision systems, and motion controls - will intensify. Additionally, increased emphasis on sustainability and energy efficiency is pushing industries to invest in smart automation for monitoring resource consumption and reducing carbon footprints. Altogether, the market is expected to grow not only in size but also in sophistication, positioning India as a future-ready, automation-driven manufacturing hub. 

Meanwhile, Plastic Welding, also known as plastic joining, is a process of permanently bonding two thermoplastic parts by applying vibrations, heat, pressure or combination of any of them to their contact surfaces until they soften and fuse. Once the material cools and fuses, it forms a solid joint capable of withstanding physical stress, environmental exposure, and internal pressure, making it a reliable method for various engineering applications. The principle behind plastic welding relies on raising the temperature of the polymer just enough to enable the molecular chains from both parts to interlock without degrading the material’s integrity. A range of welding methods is available based on part geometry, material type, and production scale. Commonly adopted techniques include ultrasonic welding, laser welding, vibration welding, infrared welding, hot plate welding, and spin welding each tailored to different performance needs. For instance, laser and infrared welding allow for non-contact and precise joins, while vibration and hot plate welding are used for larger surface areas or thick-walled components.

Pros and strengths

Long standing relations with raw material and equipment suppliers: It has developed and maintained cordial relationships with raw material and equipment suppliers over the years. These long-standing associations have resulted in consistent supply and access to quality inputs. Its long-term associations reduce supply chain disruptions and ensure uninterrupted availability of raw materials and equipment, which is critical for smooth operations and meeting customer commitments. Its suppliers understand its business and quality standards, which ensures compliance with its specifications and performance benchmarks. Its established supplier network supports it in scaling up efficiently by ensuring the timely availability of increased quantities of materials resources. These longstanding relationships are built on mutual trust, sustained business volume, and consistent performance, and they play a critical role in enabling it to maintain operational efficiency, ensure product quality, and respond swiftly to market demand.

Provides a diverse range of specialised plastic products across varied industry segments: Its capacity to continuously diversify and develop its products, effectively supported by its strategically located manufacturing unit and branch offices, enables it to launch and market new products aligned to evolving consumer preferences. Its products broadly include plastics welding machines & tools, Industrial automation machines and laser technology machines, which cater to a diverse range of industries.

Quality standard certifications & quality tests: It has obtained ISO 9001: 2015 certification for manufacture and supply of plastic welding machines. Its products undergo stringent quality tests to meet industry standards before they are delivered to its clients. It undertakes various tests on the raw materials, semi-finished products and finished products. Additionally, it also undertakes trial runs on the equipment procured or manufactured by it in its manufacturing unit. These tests ensure that its products meet the industry standards required by its clients for safety, durability and environment. Wherever required by its clients, it also obtains third party testing on the products or obtains industry standard tests certificates from its suppliers for the raw materials used by it for specific products.

Risks and concerns

Revenue reliance on plastic joining solutions and industrial automation segments: It generates a significant portion of its revenue from providing solutions under two business segments viz., Plastic Joining Solutions and Industrial Automation which have contributed Rs 1,235.53 lakh aggregating to 46.52% and Rs 1,340.52 lakh aggregating to 50.48%, respectively, of its revenue for financial year ended March 31, 2026. Any decline in the revenue generated from these two segments on account of any reason including increased competition, pricing pressures or fluctuations in the demand for or supply may adversely affect its business, results of operations and financial condition. It cannot assure that it will be able to maintain the same levels of revenue generated from providing Plastic Joining Solutions and Industrial Automation in the future. Any inability on its end to anticipate and adapt to technological changes or evolving consumer preferences and/or any decrease in the demand for these solutions may adversely impact its business prospects and financial performance.

High revenue concentration among limited number of customers: A significant portion of its revenue is generated from its limited number of large customers. Its significant portion of revenue comes from top ten customers which contributed 55.28%, 54.46%, and 42.57% of its revenue from operations for the Fiscal 2026, 2025 and 2024, respectively. If it is unable to maintain its relationship with such customers or if there is a reduction in their demand for its services/ products, its business, results of operations and financial condition will be materially and adversely affected. Further, these large customers exercise substantial negotiating leverage with it, which could adversely impact its results of operations. 

Exposure to raw material costs and procurement risks: Cost of Materials consumed and purchases in stock in trade aggregated to 50.19%, 38.34% and 48.48% of revenue from operations for Financial Year ended March 31, 2024, March 31, 2025 and March 31, 2026 respectively. It is vulnerable to the risk of rising and fluctuating prices of raw materials which are determined by demand and supply conditions in the global and Indian markets. Any unexpected price fluctuations after placement of orders, shortage, delay in delivery, quality defects, or any factors beyond its control may result in an interruption in the supply of such materials and adversely affect its business, financial performance and cash flows. 

Outlook

SJP Ultrasonics is engaged in manufacturing of ultrasonic plastic welding equipment. It provides comprehensive start to finish solution like design, selection of appropriate plastic raw material, manufacturing of suitable welding technology machine & tools, installation, testing, commissioning, management and operational support for a wide range of customers primarily in the automotive industry and secondary in Medical, FMCG, White Goods, Textile, Electrical and Electronics, Toys and Stationery, Gift and Packaging, Food, EMS and Agriculture industry. On the concern side, it generates its considerable portion revenue from the state of Maharashtra. For the financial year ended March 31, 2024, March 31, 2025, and March 31, 2026 it derived considerable portion of its revenue from the state of Maharashtra i.e. 31.60%, 53.90% and 44.05% of total revenue from operations, respectively. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.

The company is coming out with an IPO of 35,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share to mobilize Rs 23.45 crore. On performance front, its revenue from operations increased by 26.12% to Rs 2,655.77 lakh for FY 2026 from Rs 2,105.73 lakh for FY 2025. Profit after tax has increased by 25.65% from Rs 417.25 lakh for FY 2025 to Rs 524.26 lakh for FY 2026.

Meanwhile, it intends to enhance its in-house manufacturing capabilities and increasing production efficiency by purchasing Milling Machines, CNC Lathe Machine, Compressor, CNC Bandsaw Machine, Overhead Crane, 6 Axis Robot, Co2 Laser Cutting Unit, Computers, NX Softwares, Solid Works Software, Diesel Generator, CMM Machine, Vibration Welders, Laser Plastic Welder to improve production throughout, enhanced product quality and increased operational capacity. Going forward, its strategy for expanding its customer base in the Industry Automation and Plastic Joining Solutions focuses on leveraging its marketing expertise, industry relationships and comprehensive understanding of the industry in which it operates. Its marketing efforts are driven by the consistent efforts of its Promoters and marketing team who oversee the marketing and sales of its products and possess a deep understanding of its customers’ requirements and the customization they need.

Tonbo Imaging India has debuted at Rs 1,162.00 on the BSE, up by 462.00 points or 66.00% from its issue price of Rs 700.

The scrip is currently trading at Rs. 1077.45, up by 377.45 points or 53.92% from its issue price.

It has touched a high and low of Rs. 1,209.85 and Rs. 1,075.15 respectively. So far 10.13 lakh shares were traded on the counter.

The offering, which was open for subscription from October 15, 2026 to October 19, 2026 was subscribed 132.81 times. The issue price was fixed at Rs 700 per share i.e. at upper end of price band of Rs 665-700 apiece.

Tonbo Imaging India is a global defence electronics original equipment manufacturer (OEM). It designs, develops and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting, and control.

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 7187.65 crore in index futures and options segments, as per Thursday’s data, October 22, 2026.

FIIs were net sellers of index futures to the tune of Rs 406.54 crore and net sellers of index options worth Rs 6781.11 crore. In the stock segment, FIIs were net buyers of stock futures worth Rs 1265.06 crore and they bought stock options worth Rs 28.94 crore.

Commerce and Industry Minister Piyush Goyal has assured global investors that India provides a stable and predictable business environment and emphasised that businesses investing and expanding in the country would not face the uncertainties seen in other parts of the world. He said that the world is fragmented today and trust is a scarce commodity. But India, he said, ensures a fair play for every investor, business person, and trader.

Goyal also said that India has finalised nine free trade agreements (FTAs), covering 38 countries, whose combined gross domestic product (GDP) exceeds $60 trillion. He noted that India, before 2014, entered into some free trade agreements, including with Singapore. But collectively, all those free trade agreements covered a GDP of $10 trillion.

The minister said India is negotiating FTAs with a host of countries and blocs, including Canada, Israel, the GCC (Gulf Cooperation Council), Mexico, the SACU (Southern African Customs Union) region, Brazil-led Mercosur, and Russia-led Eurasia. He said ‘all of these economies collectively will add $15 trillion. So I would have opened the doors of India and opened Indian businesses, getting opportunities in GDP of $85 trillion out of a global GDP of $115 trillion. That’s 76 per cent of global GDP that will be open to Indian businesses.’