FUJIYAMA POWER SYSTEMS L

Manufactures and sells rooftop solar systems — solar panels, cells, inverters and batteries — to Indian households through a network of distributors, dealers and exclusive 'Shoppes'. Manufacturing spans a 2,000 MW solar panel line and a planned 1,200 MW TOPCon cell line at Ratlam (Madhya Pradesh), a 1 GW Mono PERC solar cell facility at Dadri (Uttar Pradesh), and a 1.3 GW lead-acid battery plant at Bawal that was suspended after a fire incident in May 2026, with third-party sourcing arrangements activated in the interim. Fujiyama Power Systems Limited added 4,00,000+ households in FY26 and the channel partner network crossed 8,900. The Ratlam panel line is initially running at ~1,000 MW under single-shift and is planned to ramp to full capacity by Q4 FY27, taking total solar panel capacity to 3,568 MW. FY26 revenue was Rs 2,654.506 crore, with EBITDA margin at 18.6785% and materials accounting for 79.5% of revenue. Demand is anchored to India's rooftop solar uptake, including schemes like PM Surya Ghar Muft Bijli Yojna, with the broader opportunity sized at ~25 GW of incremental rooftop capacity.