SJP Ultrasonics: Packaging and Pharma Reach 28% of FY2026 Revenue

SJP Ultrasonics recorded a marked FY2026 revenue-mix change as packaging and pharma contributed 28.01%, or Rs 7.44 crore, of total revenue. Automotive remained the largest disclosed sector at 44.79%, or Rs 11.89 crore, but its share fell from 56.95% in FY2025 as packaging and pharma revenue increased.

How did SJP Ultrasonics’ FY2026 revenue mix change?

SJP Ultrasonics’ FY2026 mix shifted principally because packaging and pharma became material revenue categories. Total revenue rose to Rs 26.56 crore in the financial year ended March 31, 2026, from Rs 21.06 crore in FY2025 and Rs 15.21 crore in FY2024. Packaging generated Rs 4.34 crore, or 16.35% of FY2026 revenue, compared with Rs 39.41 lakh, or 1.87%, in FY2025.

Pharma generated Rs 3.10 crore, or 11.66% of FY2026 revenue, after contributing Rs 13,000, or 0.01%, in FY2025. SJP Ultrasonics reported no pharma revenue in FY2024. Packaging and pharma together therefore accounted for 28.01% in FY2026, compared with 1.88% in FY2025 and 0.95% in FY2024, when packaging was the only one of the two categories with reported revenue.

The combined packaging and pharma contribution increased by 26.13 percentage points from FY2025 to FY2026. Their combined revenue increased from Rs 39.54 lakh in FY2025 to Rs 7.44 crore in FY2026. The reported change reflects both growth in those sectors and a larger company revenue base, rather than a reclassification disclosed by SJP Ultrasonics.

Why did automotive fall below 45% of SJP Ultrasonics’ revenue?

SJP Ultrasonics’ automotive share fell below 45% because automotive revenue declined slightly while total revenue, packaging revenue and pharma revenue increased. Automotive revenue was Rs 11.89 crore in FY2026, down Rs 9.84 lakh from Rs 11.99 crore in FY2025. Its share fell 12.16 percentage points to 44.79% from 56.95%, after representing 52.00% of FY2024 revenue.

Automotive nevertheless remained SJP Ultrasonics’ largest disclosed industry in FY2026. Its Rs 11.89 crore of FY2026 automotive revenue exceeded packaging revenue of Rs 4.34 crore and pharma revenue of Rs 3.10 crore. The company describes automotive as a primary customer industry while also serving medical, electrical, electronics, food, packaging and other sectors.

The FY2026 figures show lower automotive exposure in proportional terms, not an exit from automotive. For the changed mix to persist, packaging and pharma orders would need to remain substantial relative to automotive orders, because SJP Ultrasonics’ process requires a customer request for quote, design review, order receipt, trials and customer approval before dispatch and installation.

Which sectors changed beyond packaging and pharma in FY2026?

SJP Ultrasonics also reported higher FY2026 revenue from electrical, electronics and white goods, while medical, household, stationery and toys declined from FY2025 levels. Electrical revenue increased to Rs 1.55 crore, or 5.85% of FY2026 revenue, from Rs 57.75 lakh, or 2.74%, in FY2025. Electronics revenue increased to Rs 1.58 crore, or 5.94%, from Rs 83.24 lakh, or 3.95%.

White goods revenue rose to Rs 1.69 crore in FY2026 from Rs 1.59 crore in FY2025, although its revenue share fell to 6.38% from 7.56% as total revenue increased. Fabrication contributed Rs 65.82 lakh, or 2.48%, in FY2026, compared with Rs 67.50 lakh, or 0.32%, in FY2025. The percentage change in fabrication reflects the much larger FY2026 revenue total despite a small decline in reported revenue.

Medical revenue fell to Rs 14.94 lakh, or 0.56%, in FY2026 from Rs 1.63 crore, or 7.75%, in FY2025. Household revenue declined to Rs 72.07 lakh from Rs 1.57 crore, stationery to Rs 37.44 lakh from Rs 1.31 crore, and toys to Rs 14.10 lakh from Rs 58.77 lakh. These movements mean the FY2026 change was not limited to a lower automotive share; several prior contributors also represented less of total revenue.

What products support SJP Ultrasonics’ industry diversification?

SJP Ultrasonics can address several sectors through plastic joining technology, industrial automation and laser technology machines. Its plastic joining range includes ultrasonic plastic welding, vibration welding, hot-plate welding, spin welding and heat-staking machines and tools. The company lists automotive, medical, electrical, electronics, packaging, agriculture, defence, food cutting, toys, gift and stationery among the industries these products can serve.

Industrial automation offerings include robotics, pick-and-place, rotary, conveyor and assembly-line automation. SJP Ultrasonics also lists laser marking, laser welding and laser cutting technologies for sectors including fabrication, furniture, shipping, aerospace, railways, automotive, medical and packaging. The disclosed industry applicability identifies potential markets, but does not itself establish future revenue from any category.

For plastic-welding and industrial-automation orders, SJP Ultrasonics describes a 10-step process that includes a request for quote, design approval process, manufacturing, trials, balance payment, dispatch and installation. A design approval process is the customer meeting at which manufacturing proceeds after design confirmation. Industrial automation projects also involve mechanical assembly, electrical-panel work and programmable logic controller programming before trials, which makes customer approval and execution relevant to revenue conversion.

Does concentration still matter despite the broader sector mix?

SJP Ultrasonics’ wider industry mix did not remove customer concentration in FY2026. Its top 10 customers generated Rs 14.68 crore, or 55.28%, of FY2026 revenue, compared with 54.46% in FY2025 and 42.57% in FY2024. Its top five customers generated Rs 10.23 crore, or 38.52%, of FY2026 revenue, down from 41.58% in FY2025.

Supplier purchases were also concentrated in FY2026. The top 10 suppliers represented Rs 10.94 crore, or 68.23%, of total purchases, while the top five represented Rs 9.52 crore, or 59.41%. The corresponding FY2025 shares were 58.76% for the top 10 suppliers and 40.66% for the top five suppliers.

SJP Ultrasonics says it maintains alternate domestic suppliers for key raw materials, evaluates suppliers on quality, delivery timelines, pricing stability and financial strength, and keeps buffer inventory based on projected requirements and lead times. Those measures describe the company’s procurement approach, while the FY2026 figures show that a relatively small supplier group still accounted for most reported purchases.

Conclusion

SJP Ultrasonics’ FY2026 industry data shows a measurable diversification of revenue: packaging and pharma rose from 1.88% in FY2025 to 28.01%, while automotive declined from 56.95% to 44.79%. Automotive remained the largest disclosed industry by revenue, but the reported mix became less dependent on it in percentage terms as packaging and pharma expanded.

The next point to watch is whether packaging and pharma retain their FY2026 contribution as SJP Ultrasonics pursues its disclosed plan to use Rs 13.22 crore of issue net proceeds to purchase machinery. Customer concentration, with the top 10 customers contributing 55.28% of FY2026 revenue, and supplier concentration, with the top 10 suppliers accounting for 68.23% of purchases, remain relevant to how that expansion is executed.