SJP Ultrasonics Limited combines custom projects and laser sales

SJP Ultrasonics Limited operates two customer-specific engineering businesses alongside a procurement-led laser-machine distribution business. Plastic joining solutions and industrial automation together produced 95.67% of revenue from operations in FY2024, while laser technology solutions accounted for the remaining 4.33%, demonstrating three distinct execution models.

Why does SJP Ultrasonics have three revenue models?

SJP Ultrasonics divides revenue into plastic joining solutions, industrial automation and laser technology solutions. In FY2024, plastic joining generated Rs 8.4587 crore, or 55.61% of revenue from operations; industrial automation generated Rs 6.0930 crore, or 40.06%; and laser technology generated Rs 65.90 lakh, or 4.33%. Total segment revenue was Rs 15.2107 crore.

The revenue mix changed across the three disclosed financial years ended March 31. Industrial automation was the largest segment in FY2022, producing Rs 13.4052 crore and 50.48% of revenue, while plastic joining became the largest in FY2023 at Rs 15.6724 crore and 74.43%. In FY2024, plastic joining revenue declined by Rs 7.2137 crore from FY2023, while industrial automation revenue increased by Rs 92.79 lakh from Rs 5.1651 crore.

SJP Ultrasonics therefore does not report a single standard-machine sales model. The plastic joining and automation segments both involve feasibility work, customer approvals, procurement, manufacturing or assembly, trials and installation. Laser technology follows a shorter route in which SJP Ultrasonics selects, procures, tests and installs standardised machines supplied by external vendors.

How does SJP Ultrasonics execute plastic joining projects?

SJP Ultrasonics delivers plastic joining solutions from a request for quote, or RFQ, through installation, commissioning and customer training. An RFQ includes component drawings, plastic raw-material details, joining requirements and post-weld testing requirements; SJP Ultrasonics then studies the component, recommends a joining technology and conducts a joint-design feasibility assessment before submitting its commercial proposal.

The segment covers ultrasonic, vibration, hot-plate, spin and heat-staking welding. Ultrasonic welding uses mechanical vibrations typically ranging from 20 kilohertz to 40 kilohertz to generate localised heat at the interface of plastic parts. Hot-plate welding instead uses a heated platen, generally operating between 180°C and 350°C, before the parts are aligned and joined under pressure.

SJP Ultrasonics imports certain ultrasonic plastic-welding and vibration-welding machines from international manufacturers. It manufactures ultrasonic tools as well as hot-plate, spin and heat-staking machines and related tools. After receiving an order and advance payment, the company conducts a design approval process, or DAP, before detailed design, procurement, machining, quality verification, assembly, customer trials, balance-payment collection, dispatch and site installation.

The segment is mainly directed at automotive Tier 1 suppliers, which supply original equipment manufacturers, or OEMs. Automotive accounted for Rs 11.8944 crore, or 44.79%, of SJP Ultrasonics' FY2026 revenue, compared with 56.95% in FY2025. Packaging produced Rs 4.3409 crore and pharmaceutical customers produced Rs 3.0953 crore in FY2026, showing that the customer base also included non-automotive applications.

Why is industrial automation a custom engineering business?

SJP Ultrasonics supplies industrial automation through special-purpose machines, or SPMs, designed around a customer's manufacturing process. The offerings include robotic, pick-and-place, rotary, conveyor and assembly-line automation for automotive, medical, food and beverages, fast-moving consumer goods, packaging, electrical and electronics customers.

The industrial automation process requires concept approval before manufacturing begins. Following an RFQ, SJP Ultrasonics prepares a rough SPM concept drawing and then develops a three-dimensional concept after customer confirmation. Once the customer approves the concept and commercial proposal, the company receives the purchase order and advance payment before beginning its DAP.

The manufacturing stage includes detailed SPM design, procurement of materials and bought-out parts, machining, quality checks, mechanical assembly, electrical-panel construction and programmable logic controller, or PLC, programming. A PLC is an industrial control system that runs a machine's programmed sequence. Customer trials, final approval, balance-payment collection, dispatch, installation and training complete the disclosed process.

The equipment specifications illustrate the customised nature of the segment. SJP Ultrasonics offers three-axis and six-axis pick-and-place systems using robots with payloads from 5 kilograms to 35 kilograms, while its rotary machines can have 4 to 16 stations. Industrial automation revenue was Rs 6.0930 crore in FY2024, compared with Rs 5.1651 crore in FY2023 and Rs 13.4052 crore in FY2022, making order conversion and customer acceptance material to this revenue line.

How does laser distribution change execution and supplier dependence?

SJP Ultrasonics operates laser technology as a procurement, distribution and installation activity rather than as an in-house manufacturing process. The company procures and distributes fibre, ultraviolet and carbon-dioxide laser marking machines; laser welding machines; and fibre and carbon-dioxide laser cutting machines. These standardised machines are used on materials including plastic, metal, acrylic, glass, wood and textiles.

The laser workflow does not include the DAP or manufacturing stages used for plastic joining and industrial automation. After receiving an RFQ, SJP Ultrasonics recommends a marking, welding or cutting technology and an appropriate model, while its marketing team quotes from a price list. Following the order and advance payment, the purchase team procures the machine from the relevant supplier; quality testing, balance payment, dispatch, installation and training then follow.

Laser technology revenue rose to Rs 65.90 lakh in FY2024 from Rs 21.98 lakh in FY2023, but remained below Rs 79.72 lakh recorded in FY2022. Its FY2024 share increased to 4.33% from 1.04% in FY2023, although it remained much smaller than the two project segments. The model depends on supplier availability, model selection and the testing of delivered machines rather than internal machine fabrication.

Supplier concentration affects all three lines because SJP Ultrasonics purchases specialised equipment and inputs for manufactured systems. Its top 10 suppliers accounted for Rs 10.9383 crore, or 68.23%, of purchases in FY2026, compared with 58.76% in FY2025; its top five suppliers represented 59.41% in FY2026. SJP Ultrasonics states that it uses alternate suppliers, vendor assessments and buffer inventory, but its delivery process still requires timely procurement and receipt inspection.

Conclusion

SJP Ultrasonics combines two design-led project activities with a third distribution-led machinery activity. Plastic joining and industrial automation require customer-specific design, approval, manufacturing or assembly, validation and installation, whereas laser technology moves from application assessment to supplier procurement, testing and installation. The FY2024 split of 55.61% for plastic joining, 40.06% for automation and 4.33% for laser technology makes these operational differences central to revenue generation.

The disclosed item to watch is execution of the Rs 21.1856 crore order book across 64 purchase orders as of March 31, 2026, excluding Goods and Services Tax. SJP Ultrasonics also proposes to use Rs 13.2164 crore of issue proceeds for machinery capital expenditure to enhance in-house manufacturing capability and production efficiency; the effect depends on implementation and conversion of confirmed orders into completed projects.