Fujiyama Power Systems Limited has informed the Exchange regarding a press release dated May 22, 2026, titled "1.2 GW TopCon Solar Cell Manufacturing Facility at Ratlam, Madhya Pradesh".
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Fujiyama Power Systems has announced approval for a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh. The project requires an investment of Rs. 350 crore, funded through a combination of debt and internal accruals, with commercial operations targeted to start in Q1 of FY2028. This expands the company's existing 1 GW Mono PERC capacity at its Dadri plant in Uttar Pradesh. The facility is part of a backward integration strategy aimed at reducing cost volatility, ensuring timely availability of DCR-compliant solar cells, and improving gross margins. The move is supported by the upcoming ALMM-II for Solar PV Cells from June 1, 2026, which is expected to boost domestic demand for DCR solar panels. The company serves the B2C rooftop solar market, particularly under the Pradhan Mantri Surya Ghar Muft Bijli Yojna scheme.
The facility positions Fujiyama to capture growing domestic DCR solar demand, but since operations start in Q1 FY2028, there is no near-term revenue impact. The Rs. 350 crore capex could increase debt levels in the interim.