SJP UltrasonicIPO Review — Financials, Valuation & Peers
A data-only look at the SJP Ultrasonic IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 15.22 | 3.4 | 5.43 | 6.73 | 16.97 | 2.01 | — |
| FY 2025 | 21.15 | 4.17 | 6.93 | 14.85 | 27.06 | 2.41 | 5.55 |
| FY 2026 | 26.63 | 5.24 | 8.32 | 20.09 | 35.2 | 5.78 | — |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 12.07x
- P/E (post-issue)
- 16.54x
- RoNW
- 28.1%
- RoE
- 38.86%
- RoCE
- 50.8%
- Debt / Equity
- 0.16
- EPS (pre-issue)
- ₹5.55
- EPS (post-issue)
- ₹4.05
- EBITDA Margin
- 32.47%
- PAT Margin
- 19.81%
- P/BV
- 4.26x
- NAV / share
- ₹15.73
- Market Cap
- ₹86.7 Cr
As of 31 Mar 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| SJP Ultrasonic | 6.75 | 15.73 | 12.07x | 28.1% | Restated |
| Rinco Ultrasonics India Private Limited | 75.56 | 597.93 | — | 12.64% | — |
| Unique Circle Automation Private Limited | 7,510.27 | 33,518.49 | — | 22.41% | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Jignesh Pravinchandra Parekh, Rupal Jignesh Parekh, Parth Jignesh Parekh, Parthvi Jignesh Parekh, Jignesh Pravinchandra Parekh (HUF)</p>
- Holding (pre-issue)
- 79.51%
- Holding (post-issue)
- 58%
- Dilution
- 21.51%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. SJP Ultrasonic operates at an EBITDA margin of 32.47% and a net (PAT) margin of 19.81% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 50.8% and a return on equity (RoE) of 38.86%. At the upper band, the post-issue market capitalisation works out to about ₹86.7 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding capital expenditure towards the purchase of machineries (₹13.22 crore), alongside funding working capital requirements of the company (₹4.92 crore). In all, 4 objects are disclosed.
Financials
In FY2026, SJP Ultrasonic reported revenue of ₹26.63 crore and a net profit of ₹5.24 crore. Revenue grew from ₹15.22 crore in FY2024 to ₹26.63 crore in FY2026 (+75.0%). Net worth stood at ₹20.09 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at 16.54× post-issue earnings and 4.26× book value, against a return on net worth of 28.1% and a debt-to-equity ratio of 0.16. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Jignesh Pravinchandra Parekh, Rupal Jignesh Parekh, Parth Jignesh Parekh, Parthvi Jignesh Parekh, Jignesh Pravinchandra Parekh (HUF)</p>. Promoter holding stands at 79.51% before the issue and comes down to 58% after listing.
Frequently asked questions
- What is the reservation split in the SJP Ultrasonic IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of SJP Ultrasonic and what is their holding?
- The promoters are <p>Jignesh Pravinchandra Parekh, Rupal Jignesh Parekh, Parth Jignesh Parekh, Parthvi Jignesh Parekh, Jignesh Pravinchandra Parekh (HUF)</p>. Promoter holding is 79.51% before the issue and 58% after listing.
- What is the P/E ratio of the SJP Ultrasonic IPO?
- At the upper price band, the SJP Ultrasonic IPO is valued at 12.07× pre-issue earnings and 16.54× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the SJP Ultrasonic IPO?
- The net proceeds go primarily toward funding capital expenditure towards the purchase of machineries, among 4 disclosed objects.