NSE: UTLSOLAR · BSE: 544613
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar panels, Solar cells, Inverters, Batteries. Asset-heavy, vertically-integrating solar manufacturer serving the B2C rooftop market
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 1,346 |
| Profit before tax | 78 |
| Net profit | 58 |
| EPS (₹) | 1.88 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Newspaper publication of Postal Ballot Notice filed | compliance | minimal | — | — |
| 21 Oct 2026 · China export curbs seen unlikely to affect 1.2 GW solar cell expansion | business updates | medium | — | — |
| 21 Oct 2026 · Postal ballot notice to seek approval for raising up to Rs 1,200 cr via QIP | fund raising | high | — | — |
| 15 Oct 2026 · Board okays Rs 1,200 cr QIP and allots 4.11 lakh ESOP shares | capital market events | low | — | — |
| 15 Oct 2026 · Board approves Rs 1,200 crore QIP and ESOP share allotment | fund raising | high | — | — |
| 14 Oct 2026 · BIS penalty order - INR 9 Lakh total paid, seized goods worth INR 2.52 Cr to be released | regulatory legal | high | — | — |
| 12 Oct 2026 · Board to consider fund raising on Oct 15 for minimum public shareholding | fund raising | medium | — | — |
| 9 Oct 2026 · Fujiyama Power Systems confirms full demat holding for Sept 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Fujiyama Power Systems AGM 2026 results: All 6 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Fujiyama Power Systems Limited has informed the Exchange regarding the Trading Window Closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.