Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Fujiyama Power Systems Ltd (NSE: UTLSOLAR) Q4 2026 Earnings Call dated May. 15, 2026
Corporate Participants:
Pawan Kumar Garg — Chairman and Joint Managing Director
Prashant Gupta — Chief Financial Officer
Analysts:
Sumant Kumar — Analyst
Anuj Upadhyay — Analyst
Apurva Bahadur — Analyst
Unidentified Participant
Himanshu Bisani — Analyst
Presentation:
Operator
Ladies and gentlemen. Good day and welcome to Fujiyama Power System 4Q FY26 earnings conference call hosted by Motila Loswal Financial Services Limited as a reminder, all participant lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference Vodomsa Suman Kumar from Motilal Oswal.
Thank you and over to you sir.
Sumant Kumar — Analyst
Thank you. Good evening everyone and a very warm welcome to Fujiyama Power System Limited 4Q FY26 posting call hosted by Motila Losal Financial Services Limited on the call today we have management team being represented by Mr. Pawan Kumar, Chairman as Joint Managing Director, Mr. Yogesh Dua, CEO and Joint Managing Director Mr. Soil Kumar, Non Executive Director and Mr. Prasanth Gupta, CFO. We will begin the call with key thoughts from the management team. Thereafter we will open the floor for Q and A.
I would now like to request the management to share their perspective on the performance of the company through thank you and over to you Sir.
Pawan Kumar Garg — Chairman and Joint Managing Director
Good afternoon, this is Pawan Gar. Good afternoon everyone and thank you for joining us today. It is pleasure to address you as we conclude our first full financial year. Post listing and share update on our performance fourth quarter and year ended the 31st March 2026 let me begin with thanking all our stakeholders for their continuous support through their import this important year. The past 12 months have been significant for Fujiyama as we transition into listed company while continuing scale our operations, expand our manufacturing footprint and and strengthen our distribution network.
Over the years we have built a unique position in rooftop solar market by focusing off grid and hybrid solutions. Our systems are largely adopted as reliable backup for households facing inconsistent grid supply rather than being driven by subsidies. This approach has helped us build a strong customer base especially in tier 2 tier 3 cities that see solar as a necessary rather than an optional purchase allowing us grow consistently across the market cycles. Now coming to our performance, the March quarter marked a strong finish to the year.
Revenue from operations for the quarter is Rupees 9,008 million, reflecting year on year growth of 87.5% EBITDA for the quarter more than double year on year to rupees 1,715 million. For the fourth full year, revenue from operations reached rupees 26,545 million representing a growth of 72.3 year on year basis. EBITDA for the year was rupees 4,903 million with margin expanding to 18.5% as compared to 16.1% of last financial year. We have added 4 lakh plus households during this financial year considering number of inverters sold during this period.
This performance reflects the strength of our integrated model supported by manufacturing, distribution and after sale capabilities. A key contribution to this growth has been our continued focus on distribution. During the quarter we added over 80 distributors, more than 450 dealers and 30 exclusive soapies outlet. With this our total channel partner Network has crossed 8,900 as on March 2026. This expansion has allowed us to deepen our presence in existing market while also entering new regions.
On the manufacturing front, we have achieved an important milestone with commissioning of our 2000 megawatt solar panel manufacturing facility at Raklan. This plant strengthens our ability to meet growing demand and improves our overall supply readiness. At the same location the commissioning of power electronics and battery capacities sharpen delayed as we incorporated the latest advancements in lithium ion battery technology earlier. We are using 100 Ah cells but in coming time 300 Ah and more capacity cells will be becoming more common in lithium ion batteries.
We have ordered our lines considering future technology demands. It is also worth to mention that we could manage the total cost of the line within our target coast while adopting more flexibility along with future ready technology requirements ensuring our products remain relevant and competitive as the market evolves. In addition, certain geopolitical developments had an impact on supply timelines of plant and machinery during the execution phase. With these factors now largely addressed, the inverter manufacturing line machinery already received at the facility and expected to be commissioned in first quarter of 2027.
Furthermore, the batteries machinery ordered have been placed and commissioning is expected in the second quarter of 2027. Further strengthening our backward integration strategy. We are also setting up 1,200 megawatt solar cell manufacturing facility at Ratlam. This addition will further enable us to address on grid solar rooftop market more effectively as we look ahead. The demand environment for solar solutions in India continue to remain favorable with over 7 million installations still untapped under PM Surya Garyojana.
This represents close to 25 gigawatt of incremental opportunity with our existing 1000 megawatt Monopark solar cell capacity and planned additional 1200 megawatt facility. We are well positioned to address the emerging demand under the A11.2 framework. I would also like to update everyone on the unfortunate fire incident that occurred our Bawel manufacturing facility. We are relieved to share that there were no casualties or injuries and the safety and wellness of our employees and workers remain our highest priority.
The effective facility had a lead acid battery manufacturing capacity of 1.3 gigawatt and the company maintains comprehensive insurance coverage for the plant inventory and related assets. Operations at the facility have been temporarily suspended while the exact cause of the incident remains under investigations. In parallel, the company is facilitating the employees to other manufacturing facilities to ensure the continuity of employment. To ensure uninterrupted customer supplies and overall business continuity, we have already activated alternate manufacturing agreement through third party partners.
Further, all critical business system and operations continue to remain fully functional and secure. All critical business operations and ERP system continue to remain fully functional and secure, ensuring uninterrupted business continuity with no loss of centralized digital data. The management remains confident that incident will not have any material long term impact on the Company’s overall business operations. Regarding the growth of the rooftop solar industry, with electricity demand continuing to rise and conventional energy sources facing challenges, solar is becoming a preferred alternative.
This shift is particularly visible in regions experiencing grid instability where consumers are actively seeking more reliable and long term energy solutions. Our focus remains clear as we move into next year. We will continue to expand our distribution network, complete our ongoing capacity additions. At the same time, maintaining service quality and strengthening customer relationship will remain priority as we scale. Before I conclude, I would like to thank our employees for their dedication and consistent efforts across functions which have enabled us to deliver this performance.
I would also like to thank our shareholders for their continued confidence in Fujiyama as we build a business focused on long term value creation while contributing to India’s transition towards the reliable and clean energy. Thank you very much. I will now hand over to our CFO who will take you through the detailed financial after that we will be happy to take your queries. Thank you.
Prashant Gupta — Chief Financial Officer
Thank you Prabhanji. Good afternoon everyone. I will take you through the financial performance for the quarter and year ended March 31, 2026. Let me begin with the quarterly performance during Q4FY26, revenue from operations was Rupees 9,008 million compared to Rupees 4,803 million in Q4 last year. Reflecting a year on year growth of 87.5%, EBITDA for the quarter was Rupees 1715 million with EBITDA margins improving to 19% from 16.5% in the corresponding period last year. Profit after tax for the quarter was Rupees 1063 million with fat margins improving to 11.8% compared to 10.7% in Q4FY25.
The improvement in profitability on a year on year basis was mainly supported by better material margin which expanded by 2.1%. This was driven by continued backward integration and higher captive manufacturing across solar panels, batteries and power electronics. During the year, solar panel manufacturing capacity increased from 1,039 megawatts to 1,639 megawatts, power electronics capacity expanded from 1,143 megawatts to 2,180 megawatts and lithium battery manufacturing capacity increased from 45 megawatt hours to 545 megawatt hours.
The higher scale of operations also supported better absorption of fixed cost and improved manufacturing efficiency during the quarter. We also saw increased participation in the on grid solar segment, particularly under the Pradhan Mantri Surlegar Mukht Bijni OJNA which supported volume growth during the period. Employee and other operating costs remained broadly stable overall with increases in certain expenses had substantially offset by efficiencies and savings across other costs. Let me now discuss the sequential performance on a quarter.
On quarter basis, revenue from operations increased by 53.1% compared to Q3FY26. EBITDA increased by 56% while CAT increased by 58%. Sequentially, PAT margins improved from 11.4% in Q3FY26 to 11.8% in Q4FY26.
Anuj Upadhyay — Analyst
Despite the significant increase in volumes during the quarter, material margins remained broadly stable with only a margin movement sequentially
Prashant Gupta — Chief Financial Officer
Reflecting stable operating
Anuj Upadhyay — Analyst
Performance. The improvement in PAT margins were also supported by lower finance costs following repayment of debt through utilization of IPO 50.
Prashant Gupta — Chief Financial Officer
This was partly offset by a moderate increase in other operating expenses during the quarter. Moving to the full year performance for FY26 revenue from operations was rupees 26,545 million compared to rupees 15,407 million in FY25 representing a growth of 72.3%. EBITDA for the year was rupees 4,903 million, up by 97.3% year on year with EBITDA margins improving to 18.5% from 16.1% in FY25. Profit after tax was rupees 3,041 million compared to rupees 1,563 million last year while tax margins improved to 11.5% from 10.1% in FY25.
The improvement in full year profitability was mainly driven by a 1.6% extension in material margin supported by backward integration initiatives and operating leverage benefits across manufacturing operations. Employee cost optimization and scale efficiencies also supported margin improvement during the year. Other operating cost remains under control overall with increase in certain expenses categories largely offset by savings and other operating efficiencies across the business. Let me now briefly touch upon the balance sheet.
As of March 31, 2026, our total assets were rupees 23,436 million compared to rupees 10,140 million in FY25. Total equity increased to rupees 12,734 million from rupees 3,968 million in the previous year. Supported by the IPO proceeds and profit generated during the year. Total gross debt was Rupees 4615 million compared to Rupees 3462 million in FY25. Despite the increase in borrowings towards ongoing capacity expansion and manufacturing investment, the balance sheet position improved during the year.
Net debt to equity ratio improved to 0.25 as of March 26 compared to 0.85 in FY25, reflecting the benefit of equity infusion through the IPO and repayment of debt using IPO proceeds. On the working capital front, net working Capital days increased to 83 days in FY26 compared to 71 days in FY25. The increase was primarily on account of higher inventory levels maintained during the year to support expanding operations. That concludes my remarks on financial performance. We can now open the floor for question and answer.
Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
Apurva Bahadur
The first question is from the line of Apurva Bahadur from IFL Capital. Please go ahead.
Anuj Upadhyay
Hi sir. Congratulations on very good set of numbers and thank you for taking my question. Sir, it would be great if you can provide some color as to why the inventory increased very sharply this year.
Prashant Gupta
Thank you for your question. So, as you know that our capacity has been increased in the last year from when we talk about panel it increased from 1039 megawatt to 1639 megawatt. And power electronics from 1143 megawatt to 2180 megawatt. So and in battery also when we talk about lithium battery manufacturing capacity increased from 45 megawatt hours to 545 megawatt hours. Now to support this expansion, while we are increasing our sales, we need to keep the inventory, right? So I would like to highlight one point.
The increase in inventory that you are seeing is mainly in the raw material side. If you see in terms of fixed goods, the inventory days it is close to the last year. But since we are opening new locations as we did in Dadri, in Noida, also in last year and recently in the plant. So that’s why we are keeping the raw materials there to sustain to supply along with the increased demand.
Anuj Upadhyay
Can you. Can you provide a split between raw material and finish course inventory?
Prashant Gupta
Sure, Just allow me a second. So out of 900 crore inventory, 500 plus belongs to RAW material and rest is my WIP and finished goods.
Anuj Upadhyay
Okay. And the next office 400 curves of finished good inventory. Is it possible to provide a breakdown into solar panels and batteries and other equipment?
Prashant Gupta
Right now this information is not readily available with us. But generally we consider inventory as a SP in total package solar power generating system. And we also do not give the segmentation in our financials also.
Anuj Upadhyay
Understood.
Pawan Kumar Garg
One thing is one thing to note here. Because per watt cost or solar panel is higher than the battery and inverter. So most likely total inventory for panel will be higher side in comparison to inverter and battery. If we store 10 megawatt for inverter, 10 megawatt for battery, 10 megawatt for panel then panel portion higher side.
Anuj Upadhyay
Okay, okay, understood. And then you have also mentioned about the plan to install a 1.2 gigawatt Topcon headline with a capital expenditure of 350 crores. So sir. Yeah. Can. Can you provide help us with. If. If this line, the equipment and all that have we already ordered and are these like absolutely new coming from the OEMs?
Pawan Kumar Garg
Actually we have taken the quotations and we have compared that and we have like we will give the order now because now we have taken the letter to like in the director meeting. Then we have passed the regulation and now we will give the order. We will place the order. We have taken the potential basically and
Anuj Upadhyay
This is the all inclusive cost for this opportunity. 350 crores.
Pawan Kumar Garg
Yes sir.
Anuj Upadhyay
Okay. Okay. That’s existing line which we commissioned this year. What is the exit utilization that you saw like towards the end.
Pawan Kumar Garg
Now at present we are running around 65% but we are jumping up and we expect in a month or two it will be at around 80%.
Anuj Upadhyay
Okay sir. Sir, last question if I may ask. In your notes to accounts you have mentioned two instances of vis Caesars. Can you help us understand like sir, what exactly did they pertain to? And which equipment was in the sense that were it inverters or solar panels or batteries.
Pawan Kumar Garg
Okay. We have around 500 SKU and like a few of the SKU in like inverter and battery. These were under like question from the BIS department and as per our submission to the department BIS was not mandatory on those SKU and their solution was that it is required. But we have filed the reply to them out of 500. I think around 10 to 15 SKU are there in the question.
Anuj Upadhyay
Okay. Largely related to inverters and batteries.
Pawan Kumar Garg
Yes.
Anuj Upadhyay
Okay sir. Thank you. That’s. That’s all from my side. All the best.
Operator
Thank you. Ladies and gentlemen. In order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two per participation. Should you have a follow up question, please rejoin the queue. We will take our next question from the. From the lineup. Anuj Apadhya from Investec. Please go ahead.
Anuj Upadhyay
Yeah. Hi sir. Thanks for the opportunity and congratulations on a stellar performance. My first questions belong to your Atlant capacity, the 2 gigabyte module which have recently ramped up. So how much revenue can this contribute to? And similarly on the 1.2 gigawatt of thin line which has been planned out here. So what sort of revenue contribution as well as the margin expansion can we expect from this facility, sir?
Pawan Kumar Garg
Okay. In the plant facility we have. We have two gigawatt integrated facilities including solar panel inverters and batteries, lithium ion batteries. We can extract total revenue peak revenue from this facility when all the line will be fully operational and fully utilized. Around 5000 crore. We can go up to 5000 crore in terms of revenue regarding this top one line. Because 112 is coming very soon to continue our rooftop business. That is mandatory part for our business to to accommodate all the 112 requirements.
Basically that’s why we have to go for additional like top one cell line of 1.2 gigawatt.
Anuj Upadhyay
Okay, so for this 5000 crore you mentioned is including the cell revenue or sell as a separate set of revenue. I mean like it can contribute separately
Pawan Kumar Garg
Actually sell regarding the cell, cell will not add the revenue because it is backward integration only. Integration improves the margins, not the revenue, sir.
Anuj Upadhyay
Okay. Okay. And the next question is basically how we have already reached 8,900 plus kind of a channel partner. And in the last call you had mentioned that we are seeking to cater to other geographies as well. So any targeted channel partner number which we have in mind over next one or two years so that we can cover other market as well. And just a follow up on if you can quantify how much of gigawatt in terms of rooftop we sold in the current fixed or megawatt whatever number is.
Pawan Kumar Garg
Okay, we can we have that twin brand strategy. Basically. So we are expecting double our channel partners, even our second brand and 50% of our like 80 area is untapped. Basically it is starting phase. But if we go for fully operational all over the India then we can, we can like around.
Apurva Bahadur
So we are expecting double channel partners in next three years.
Anuj Upadhyay
That’s very helpful sir. And lastly sir, which I was asking on the gigabyte part or megabot, how much sales we have done? If you can modify that.
Pawan Kumar Garg
Okay. Now in last financial year basically just gone. So we have done 1 GW plus like integrated SPGS sale in like 20, 25, 26,
Anuj Upadhyay
1026 megawatt,
Pawan Kumar Garg
1000 megawatt color including in. Actually we, we had decided not to declare the assignment wise. But you can take aggregate 1 GW SPGS sales.
Anuj Upadhyay
That’s helpful sir. I rejoin the queue for further questions. Thank you sir.
Operator
Thank you. Next question is from the line of Aniket Madhwani on St. Trade Capital. Please go ahead.
Anuj Upadhyay
Yeah, I’m audible. So I just wanted the clarification on your B facility. So I mean recently the fire broke out on the facility. So is it operational right now?
Pawan Kumar Garg
Right now it is not operational sir. It is suspended. Basically
Operator
We have lost the connection. For the current participants we will take the next question from the line of Sahil Said from Ananthrati Institutional Equity. Please go ahead.
Anuj Upadhyay
Hi sir. Congratulations on the great set of numbers. If you can share what would be a revenue mix in terms of year one, tier two and tier three cities. And where do you see more opportunity in the coming years?
Pawan Kumar Garg
Okay. Our major sale is in towns and villages basically in tier 2. Tier 3 cities and towns and villages basically in tier 1. Like we are now because we are adding one grid solar cells now. So now tier 1 will be added basically now onwards tier 1 we will focus tier 1 also. But in the past mostly our sale is tier 2, tier 3 towns and villages. And our focus will remain for like towns and villages in the in the future also because mainly we are into like backup based systems mostly for like on grid also we have hybrid system which can be which can be used as a off grid as well as on grid which has the both of like uses.
Okay. It can export the electricity to grid also and it can give the backup in case of power failure. So mostly our focus is in that area where power power fluctuations are there, power outage are there. But along with that business we are also focusing on on grid business also There no power shortage is there.
Anuj Upadhyay
Got it sir. And such a follow up to a previous question where you said that new 2 GW red plant capacity will contribute around 5000 crores of revenue. I When do you see
Pawan Kumar Garg
That is that will be peak revenue. When it will be fully utilized
Anuj Upadhyay
By when do you expect it the capacity to be fully utilized?
Pawan Kumar Garg
We are expecting in the end of next financial year that will be fully utilized Next next financial year by end
Anuj Upadhyay
Of FY20.
Pawan Kumar Garg
Yeah. Q4 28 we can expect K fully utilized.
Anuj Upadhyay
My last question would be as you mentioned that you have just placed orders for your new 1.2 gigawatt Topcon line for the equipment. Equipment? Yes
Pawan Kumar Garg
Sir.
Anuj Upadhyay
What would be and is the land for the same in the existing Ratlam city Or has it been acquired or even in process of being acquired?
Pawan Kumar Garg
Same land sir. Which was already taken sir.
Anuj Upadhyay
In the same facility.
Pawan Kumar Garg
Yes and
Anuj Upadhyay
Would and the 350 crore capex amount would be excluding the land cost.
Pawan Kumar Garg
Actually land cost is was around 18 crores. Basically including earlier like phase one project and phase two project and some land will be even we have extra land. So land post is not very high in this cell line. But it is excluding of land. Basically sir. Land very marginal but that is excluding of landfill.
Anuj Upadhyay
Do we have any plans to upgrade our existing monopuck cell line to topcon?
Pawan Kumar Garg
Still till now we have no such planning. After this ramp up of top one whatever will be the market situation we will decide. I think we are not required to change at present. We think we are not required to change sir.
Anuj Upadhyay
Got it sir. This was very helpful and all the best. Thank you.
Pawan Kumar Garg
Thank you.
Operator
Thank you. Next question is from the line of Archit Agrawal from Stratford Capital. Please go ahead.
Anuj Upadhyay
Hello. Hello. Yes sir.
Operator
You are audible sir.
Anuj Upadhyay
Yes. Congratulations on good chat of numbers. So I have two questions. The first question is about the Bawal facility. So the fire incident happened in the Bawel facility. So does it affect the capacity or is it operation?
Pawan Kumar Garg
Yes, temporary. It affects the facility Capacity. But we have made already made the alternate arrangement. Luckily at this time for the lead acid battery especially there is huge capacity in the market. Basically extra available when we decided for this starting of this facility at that time like extra capacity in the market was not available in the season time mainly and you can see this is our main season time and we are experiencing we can achieve even more than what we require from the market from third party.
Basically we have made third party arrangements and that is done immediately. Because extra capacities are available in lead acid battery. Because market is shifting towards lead acid to lithium ion battery.
Anuj Upadhyay
Okay, so will it affect the margin?
Pawan Kumar Garg
Margins will have slightly different effect but we will cover through top line. Basically adding extra top line because like extra capacities are available in the market. There is marginal difference if we go for third party because we. We. We could able to achieve good prices from third party.
Anuj Upadhyay
Okay, and the second question is about can you give the revenue bifurcation for this quarter?
Pawan Kumar Garg
Largely you can consider because panel prices are higher size comparatively in for whatever. If we see panel prices are higher side but our electronics share is comparatively high then we can just estimate like 40, 40, 20% in percent like 40% solar panel, 40% electric and 20% battery largely.
Sumant Kumar
Okay, that’s all from my side. Thank you.
Pawan Kumar Garg
Because we are adding new areas like we are extending existing areas depending on geographical situations and like electricity like fluctuations basically these ratios deviate time to time. But largely at this time we can consider 40, 40, 20.
Operator
Thank you. Next question is from the line of Himanshu Dasani from Pinpoint X Capital. Please go ahead.
Anuj Upadhyay
Hi sir, thanks for the opportunity and congratulations on the great set of numbers. So if you could bifurcate your growth in revenue in realization and volume perspective that would be radio
Pawan Kumar Garg
For next year because of current year. Repeat sir, please question.
Anuj Upadhyay
Sir, the current year your revenue grew by 70%. Can you bypass that growth in volume and realization terms
Pawan Kumar Garg
Means you want to know like that or what
Anuj Upadhyay
Does this rooftop system that you have been.
Prashant Gupta
So are you asking the forward realization?
Anuj Upadhyay
Yeah, per word or from a system perspective whatever. So growth from a price increase perspective and from a volume perspective is what I’m asking
Pawan Kumar Garg
Largely if you take a. Like some of the components prices gone up and some of the component prices come down. And if you see if you want to. If we go for like in terms of gigawatt like if our revenue is going up 70% then in gigawatt also it is around 70% up sir.
Anuj Upadhyay
So it is mostly volume bad is what you are saying?
Pawan Kumar Garg
Yes, yes. Volume Volume increase.
Anuj Upadhyay
Okay, so on the competitive side so there are so many players who have announced or ported into rooftop solar market. How do you see, how do you see the competitive intensity? And also sir, do you see a similar peer who has an integrated facility from you know, cell panels to power electronics and also have a distribution as wide as ours.
Pawan Kumar Garg
Actually sir, there is huge demand and huge opportunity in the market. If many people are coming because we alone cannot cater this opportunity. Because like you can see China is adding 60 gigawatt every year in rooftop solar. And we even don’t touch like even that number, cumulative number. And our population is more than China. And our requirements are more than China because we have power outage also here and like we have prices of power is higher side and in rooftop solar like if we consider this is the answer to like crisis.
Because if power is not there, if fan is not running, if light is not there, that is the necessity basically not the ROI condition. Basically even along with meeting the emergency, it is giving good return also. So this is good. A lot of opportunity. Actually awareness was not there because of subsidy linked business awareness is there. And because of that awareness subsidy business is increased and non subsidy business also increased a lot. There is huge opportunity in the market. If good good companies are coming and good services they will provide to customers, there is huge opportunity.
He’s taking care of marketing. He will also like to add
Anuj Upadhyay
Something. So we are catering more towards tier 2 and tier 3 segments of Indian markets. And we have been there in this market from very long time. So making network here, making dealers, distributors, service engineers and the sales network, it really takes time. So everyone is coming and everyone is welcomed. But making proper arrangements for sales and service in tier 2 and tier 3 areas, it’s really challenging. And we wish
Pawan Kumar Garg
Everyone the best of luck. And because there is good opportunity so everyone can do business.
Anuj Upadhyay
Understood. So you’re saying that opportunity is wide enough for. Even so then the competition is not that high right now.
Pawan Kumar Garg
Yes, if more number of people will come like more number of customers will be like awareness will be there sir. Basically if more companies are coming, they will advertise and more awareness will be there sir. And requirements will be more.
Anuj Upadhyay
And just to continue on that sir, that you’re saying that it is such a big opportunity. And you know government also has some ambitious targets of rapidly scaling rooftop market. How do you see your revenues and what is our guidance for coming in the medium term and for the current year? Next current year?
Pawan Kumar Garg
Yes, in current year our guidance is 50% in revenue, sir.
Anuj Upadhyay
50% in revenue.
Pawan Kumar Garg
Yes, sir.
Anuj Upadhyay
Okay, so just to consider that. So your existing facility that we have managed what is the top line potential completely that it can generate?
Pawan Kumar Garg
Like we have 1.5. We had 1.5 gigawatt like integrated capacities across battery panel and like inverters. And rasalam is adding 2 gigawatt additional capacity in integrated like inverter, solar panel. And that is so we can achieve easily. Basically what is our guidance of 50% upstairs.
Anuj Upadhyay
Okay.
Pawan Kumar Garg
Even we have the infrastructure for more more revenue, sir.
Anuj Upadhyay
Understood, sir. Thank you so much. And I joined back in the queue. Thank you.
Pawan Kumar Garg
Thank you.
Operator
Thank you. Next question is from the line of Vinay Lakera from Ratna Tria Capital. Please go ahead.
Anuj Upadhyay
Kamil. Yeah. Hi sir. I had two main questions. One is on the capacity utilization side. Can you please mention the approximate utilization we had in FY26 for all the five categories? We have main like panels, power electronics and others.
Prashant Gupta
It is generally 70 to 8. Just to give you a range on each side it is generally 70 to 80% of the available capacity. In the lithium batteries we are catching up. But in the rest of the segment it is 70 to 80%.
Anuj Upadhyay
Okay, 70 to 80. For all the other side
Prashant Gupta
I’m giving you a range because all the products are in there. That range only catching up to that number.
Anuj Upadhyay
So in terms of a new facility, Ratnam facility, how will it ramp up this capacity utilization? Can you just throw some light on that for the next few years? What could be the capacity utilization for these capacities?
Pawan Kumar Garg
Ratlam facility in coming year we are expecting 50% utilization. And for next financial year by renting them in last quarter we are expecting around 80% utilization.
Anuj Upadhyay
That is for all the categories, right?
Pawan Kumar Garg
Yes, all the categories.
Anuj Upadhyay
Okay. And my next question is on the receivable side. So from where are we getting this account receivable part? Like yeah, can you just split it in terms of the customer? Because for the retail it would be upfront, right? The payment.
Prashant Gupta
So we supply to the distributors and distributor for the suppliers, to the dealers and then dealers and our shopping supplies to the end customers. So we get our receivables from distributors only. Now I. I think you are asking that whether the end consumers directly pay the. So that is not the case. The end consumer pays to the dealers and dealers pay to the distributors. And we receive the fund from the distributors. And our cycle revenue cycle is around 14 days at for this year.
Anuj Upadhyay
Okay. And like who reaches the customer? So for example, if I’m the customer of a. Like if I’m the Customer. How will I decide which with which brand should I go
Prashant Gupta
With?
Anuj Upadhyay
Do you have like any push in terms of marketing or all those things to the main point here is that if I have someone who has installed solar system nearby my house or any relatives or my friend has installed. So I will check whether this system is working well then I will ask the brand and then I will decide that I should go for this main reason behind this is that this is huge investment for a person who is living in tier two, tier three city. So they check the references and then decide upon the brand.
Unidentified Participant
On the customer side. Do we have any long term contract with these purpose players? Amin?
Anuj Upadhyay
Yes. See once a distributor is added so that continues to do business with us because we are having a stack of 500 SKUs and this is a need he mostly has because he has a wide range of customers living in villages, towns, cities, industrial customers and their business customers. So we have all range together his needs. So he never generally leaves
Pawan Kumar Garg
Us.
Anuj Upadhyay
Comes under distributor only.
Pawan Kumar Garg
Yes. Yes sir. Agreements are piece of paper only. It is relationship sir. Basically if our relationship, many of the distributors are from starting 15 year, 20 or 25 years. So it is a relationship, sir. Basically.
Apurva Bahadur
Thanks a lot.
Operator
Thank you. Next question is from the line of Sagar Shah from Spark twm. Please go ahead.
Sumant Kumar
Yeah. First of all congratulations to the entire team of Fujiyama for posting such great set of numbers. Hello Pawanji. Hello Prashantji. Hope you’re doing well.
Himanshu Bisani
Thank you.
Sumant Kumar
Yeah. So sir, my first question was to our atlant facility. Sorry to harp on again on this one. So on in this quarter sir, how much revenue of the total revenue that we generated in this quarter of around 901 crores, how much was from Ratlam? Sir, I think we have commissioned the solar panel here.
Pawan Kumar Garg
Sir. This is just commissioned basically and it will contribute in this quarter sir, not last quarter.
Sumant Kumar
Okay. So right now the growth that we had got in this particular quarter, such healthy sequential growth as well as yoy growth. So can you highlight that which of the facilities actually contributed to this growth? Was it Dadri, was it rotten or greater Noida? Which which actually capacity and which product line did very well actually for you to clock such healthy growth in the revenue terms as well as in the bottom line. Actually
Pawan Kumar Garg
Actually sir, most like we can say it is Noda factory. But basically it is integrated factory. Basically. Lithium ion battery are there like inverters? All the range of inverters off grid on grid are there. And some of the solar panel lines also there. So if we can say so number one is no. And then if we can say then number two will be Dadri, basically.
Sumant Kumar
Okay, so is this safe to assume, sir, that we are at these numbers, we are running at optimum capacity utilization. The four plants that we had, this is the best capacity utilization numbers?
Pawan Kumar Garg
Yes, sir. If you, if you can see, last quarter we have done 900 and in March alone we have done 400. So if we consider the mass, it is fully utilized or more than fully utilized? It is more than. Yes, sir.
Sumant Kumar
Okay. Okay. So my second question was related to the southern region. The, the new facility, the PLUM facility that will be ramping up in FY27, FY28. And the growth will be largely visible from these, from this factory actually, and also from the Topcon cell facility which is naturally integrated in the modules. But what I wanted to understand that the new states that you are venturing into with the help of this facility, I’m talking of Karnataka, Andhra Pradesh, Telangana. So basically the what is the status now?
Have you done that demand feasibility there? How is the demand supply situation? How are the competitors placed there? Because in the. This is a different geography. As what, as compared to what we were in UP in Noida. These are very mature states for you because you have a very strong position here. But these are new states for you wherein already competitors are there. So the pricing pressure will also be there. So what I wanted to understand that how should we look in the southern region? Actually, can you explain the demand supply dynamics, some somewhat feasibility there?
Anuj Upadhyay
Yes sir. Actually if you see our growth from last year to this year, it is a growth on every state. It is not only in some states. UP is our best state and still it is growing on. See, the demand in UP is really high because of the population, because of the conditions there. Still if we study the turnover increase, if we study the number of distributors, number of dealers and number of shopee increase, it’s everywhere equal. So everywhere we are expanding and also towards geographical expansion.
We are working and from last year to this year we have added Odisha as well as Andhra Pradesh. From special focus to growing right now. And Assam was a potential state for us. Now it is our special focus state. So it is growing geographical as well. Demand there is mostly for southern states. The demand is for on grid or hybrid kind of systems. And in Assam and West Bengal the demand is towards hybrid and as well as off grid. So we have done studies there and we are also distributors there.
Sumant Kumar
Okay, so but how is the consumer demand, sir? Means how is the demand that you are actually witnessing there. Is it the same as UP means? Can you explain a little bit more about that
Anuj Upadhyay
Demand, sir? On grid demand is given by the subsidy given by the central government and state governments. And because of this awareness the demand of hybrid as well as the off grid is also there. So we have studied these demands. We have mapped the distributors we can appoint in areas. We are working on that. So we are pretty confident that the proposed turnover is easily achievable.
Sumant Kumar
Okay, and for the inventory number that you.
Operator
I’ll come back
Sumant Kumar
In the future.
Operator
Next question is from the line of Saksham from Diamond Asia. Please go ahead.
Anuj Upadhyay
Yeah, thank you for the opportunity and congratulations to the management for an extremely good quarter. So I have just one question. How do you see. How do you see the same production ramp up? I know you have already explained but if you could highlight more on the profitability front that would be really helpful. You have already mentioned about the production banter. Could you more highlight for profitability how the company will be profitable
Sumant Kumar
Because of this production ramp?
Pawan Kumar Garg
If you could quantify on
Sumant Kumar
The numbers.
Pawan Kumar Garg
Okay sir. Actually it is definitely because like DCR was main challenge for the company. If we see the past because cells were not available and definitely in house production of cells like good margins are there but like we are not totally focusing on margin. We are more focusing on customer acquisition. You can see number of distributors and number of dealers. We are acquiring quarter on quarter basis because we are passing some of the margins to distribute customers also basically. So definitely margins for the DCR is higher side.
But we are not keeping all the margins in our pocket. We are diverting that margin to customers so that we can acquire more and more customers. Basically alm2 is coming and because of that alm2 alm2 means for other than rooftop business own grid connected systems will require DCR solar cell. Because of that I think some margins are likely to be increased and we are expecting like. But there are other variables also in the market. Like. Like we can see inflation is increasing and other like we can see non DCR margins on non DCR side is slightly decreasing.
So we can take a. We will like stable to improve. We will go for stable to improve side overall margins. Basically.
Sumant Kumar
Understood sir. All the best for the next user using follow to it.
Operator
Thank you. Next question is from the line of Flourish from Bowman Capital. Please go ahead.
Anuj Upadhyay
Hi. Thank you for the opportunity. Am I audible?
Himanshu Bisani
Yes,
Operator
You are.
Anuj Upadhyay
So my question is pertaining to the BI inspection. I know you answered it earlier but my question is slightly different. So given the inspections that we had. What are the nature of penalties that the biscuits department could apply if any? And also are there any similar inspections that have been taken place at your peers or competitors?
Pawan Kumar Garg
Okay sir, actually this will be decided by the court now. And provisions. We have checked with the legal team and the provisions are maximum. What. What is the penalty? Maximum is equal to figure value, sir. Basically maximum penalty. But our. In our case it is. It will not go up to that level. Because the questions and our submissions are fair enough to settle down the situations and we hope we will not face any penalty. Basically.
Anuj Upadhyay
And sir, have similar inspection occurred at other facilities of your competitors?
Pawan Kumar Garg
Not. We have not such information anymore.
Anuj Upadhyay
And so just one high level question also. Does this inspection impact our ability to ramp up the new facilities that we have in Dadri and Ratlam? And also does this impact our participation in the PM Suryapur scheme?
Pawan Kumar Garg
No sir. Because there is no such. Because out of 500 SKU only 10 to 15 SKU are in their post chunk. Basically. So it will not affect anyway sir.
Anuj Upadhyay
So just to. Yeah. So just to summarize. This means that even if in the worst case scenario it will not have a material impact on your operations.
Pawan Kumar Garg
Yes
Himanshu Bisani
Sir. Yes sir.
Anuj Upadhyay
Got it. Thank you sir.
Operator
Thank you. Next question is from the line of Dashiell Zaveri from Crown Capital. Please go ahead.
Anuj Upadhyay
Hello. Good evening sir. Thank you so much for taking my question. Sir. Firstly sir, congratulations on a great set of results, sir. Sir, 50 growth guidance.
Pawan Kumar Garg
Last quarter. If we bifurcate like next year so we can consider like K1 900 around K2 800. K3 800 then 1500.
Anuj Upadhyay
Okay. Okay. Okay. Fair enough. Okay. Okay. Capacity ramp up 19 the better. We want to acquire customers. So margins. Maintain. The margins. I am asking that key. We are right Now I think FY26 we did around 18% margin. So we want to maintain that only or because of all the, you know, leverage. We should be able to do better sir.
Pawan Kumar Garg
It. It will be sustained to improving sir. Basically.
Anuj Upadhyay
Okay, okay, okay, okay. Fair enough sir. And sir, just wanted to understand competition capacities. FY27 online. Any kind of, you know, price competition. What do you feel about competition? Sir,
Pawan Kumar Garg
This competition that is mostly ground mounted business basically. And in rooftops like in product mix like inverters, solar panels, DCR cells and like batteries. We don’t think so sir. Basically because if any of the product is facing challenges due to competition, any other product also giving good premium. Sir, we have product mix. Very good product for portfolio and a very big range of products. Few of the products anytime give more competition. But few of the products give good margins. Also we have a few of the products which are like.
Like that is only with us. No one has those products. Few of the products are like that. And like our range of Sigma, that is a hybrid solar pcu, those are proprietary items for the company. So those products are. And we are also working for coming requirements like residential and industrial based systems systems. So those systems, we are working on those systems which are future requirements. So market is changing every time, applications are changing every time and we are working in advance. So it will, it will give us well comfort to maintain our margins.
Anuj Upadhyay
Okay. Okay, fair enough sir. And so just two questions last from my end. I’m sorry to
Operator
Interrupt. Darshil, you may please rejoin the three for more questions.
Anuj Upadhyay
Okay,
Operator
Thank you. Next question is from the line of Ashish from LEO Capital. Please go ahead.
Anuj Upadhyay
Thank you sir for taking my question. Sir, could you explain how Fujiyama’s market share measured as a percentage of the solar rooftop segment in megawatt has evolved from let’s say FY21 to last year. FY26
Pawan Kumar Garg
There are two segments. One is on grid or one is off grid. Basically on grid data are available with government agencies but off grid data is not available with government agencies. And overall when there was like care research during the industry research basically that our market share in inverters was around like more than 10% and we hope we are sustaining or improving that market share.
Anuj Upadhyay
Okay, so off grid you don’t have exact numbers?
Pawan Kumar Garg
Yes, there is not exact with any of research agency or like exact numbers are not there.
Anuj Upadhyay
Can you give your sales volume from FY21 in solar Solar panels in FY26.
Pawan Kumar Garg
We don’t have the like in house capacity at in 21. I think I have to cross check also.
Anuj Upadhyay
No, but general sales.
Pawan Kumar Garg
Yes sir. So at that time very little contribution was from the solar panel because solar panel prices were very high at that time. Gradually our like in house manufacturing capacity ramp up and solar panel prices are coming down. So like this contribution of solar panel increased time time to time basically. And. Even at present our like electronics volume in terms of gigawatt is just double from the solar panel. If we consider a number of like how many many gigawatt solar panel we sold and how many gigawatt inverter we sold.
Our inverter gigawatt is double basically.
Anuj Upadhyay
But sales volume in FY26 of solar panels
Pawan Kumar Garg
Revenue for solar panel is higher size because per watt solar panel cost is higher inverter cost is lower in general.
Anuj Upadhyay
So I think, I mean so in megawatt sales, KFI 26.
Pawan Kumar Garg
Because of competition, basically. Integrated solutions. Okay sir,
Anuj Upadhyay
Thank you. There’s a room for everyone to grow. So I, I think from the investor community, if you could share a little more data around sales volume, it would be better.
Pawan Kumar Garg
Newcomers.
Anuj Upadhyay
All right. Thank you sir.
Pawan Kumar Garg
Thank you sir.
Operator
Thank you. Next question is from the line of Sanjay from Mipresson. Please go ahead.
Unidentified Participant
Yes sir. Can you hear me?
Anuj Upadhyay
Yes sir.
Unidentified Participant
Yeah. Two quick questions. One again regarding that which has gone up, is that kind of an indication of the kind of revenue growth that you are looking at? Because day wise it is up almost 60% but at the same time you are not really looking at a higher revenue in quarter one compared to quarter four.
Prashant Gupta
So part of the of your question is correct. We are as another investor also asked the same questions at the start of the call. So if you see our inventory days, it has gone up in the raw material size. So part of your question is correct that we are building our raw material inventory to scale up to meet the demand in the coming quarters. So because on the FG side if you see our inventory days are on similar lines of the previous and apart from that we have new location in current year we have opened a new location including our cell plant in Daddy which is mainly backward integration.
If you see and 1.2 gigawatt line is there in the for solar panel in the itself. Apart from that this there is our capability extension in the Noida as well. And recently we are also started purchasing inventory for the plan as well. So that’s why the inventory with all
Unidentified Participant
These things once it gets over will your inventory day which has gone up from some 120 to 180, should one expect that to go back to 120 days or not?
Pawan Kumar Garg
Yes, definitely it will come down sir, along with time. Basically when we go for in the history we we have seen whenever we go for backward integration our inventory then gone up because we have to take care of raw material. We, we have to take care of FG also like if we consider solar cell, we have to take care of raw material for solar cell and we have to take care of like solar cell imported from China. So we have to maintain both the, both the inventory. But later on when it is fully ramp up and it is fully utilized, it come down in history we have seen the trend sir.
And for the Kalam facility like whatever inventory we have collected in March, basically that is like because line are not started in March. So that Is additional inventory and when line will be started like number of inventory there will be down automatically.
Unidentified Participant
Understood. I’m sorry to interrupt, Sanjay.
Operator
I’m really sorry. You may please rejoin the key for more questions. We have other participants waiting for the turn. Thank you. Next question is from the line of Dikshan from the DB wells. Please go ahead.
Anuj Upadhyay
Hi sir. Congratulations on the numbers. My first question. Yes sir. So my first question is basically what is the sort of profitability that we can look on exact percentage terms. Right now we are around at 11.45, 11.5% part margins for this year. So what kind of part margins are we hoping for? I’m talking in the terms of 12 months, 24 months, 36 months. What you can guide us
Pawan Kumar Garg
Coming year. You can consider the guidance 11% to 13% basically for fat margin. The reason is if like in any case like because. Because we have DTR cell we can earn more margin. But we. We don’t think we will keep in pocket. We will transfer the margins to customer to acquire more customers. Because we are giving integrated system not alone cell or not alone panel. We. We are providing a integrated system comprising of like solar panel, inverter batteries and like our. We have big distributor distribution network.
So we have to take care of every partners basically like distributors and dealers are also partner.
Prashant Gupta
So
Pawan Kumar Garg
If like if we are carrying the margins, we can increase our distribution network. Basically sir,
Anuj Upadhyay
So I completely get it. And I mean what we are doing is showing results. So kudos to you on that. But like we are thinking that we can get 11 to 13% margin but once our moats are stronger in terms of distribution, let’s say 24 months from now or 36 months from now, then do we see an improving and accelerated trend of our margins? What I mean to say that. Let’s say that in 36 months do we think that the peak margins is going to be 13%, 14% or what? What do you think? What’s your aspiration? That’s one part of the question.
And second is on promoter holding. Do you in the next 12 to 24 months think that you are going to raise some money and sell promoter holding? That’s it for myself.
Pawan Kumar Garg
Okay. Regarding second question. In next 12 months we have no proposal for like promoter holding to reduce promoter holding or raise any money in next 12 months. In first question, sir. Because that margins depends on many things. Mainly it is demand and supply basically which. Which drives the margin. If like. But in our case we are not just like equipment manufacturer or suppliers. We are the solutions Provider basically so integrated system along with the services from our network it can maintain this margin definitely because including offer item batteries and solar panel all together along with services of installation and after sales service we see margin definitely we are in in a general view it seems improving time to time.
Basically just
Anuj Upadhyay
For clarity you’re saying in 36 months are going to be more than 13%, 14% or do you think that this is we are a 12 to 13% margin business because competition will also come. Our moat will also be there, new product mix will be there. You will perform great. But overall the way that we are modeling our business what kind of margins do you think that for a longer term our business can fetch us?
Pawan Kumar Garg
Expenses, Expenses, expenses. So definitely. Generally industry standard. Manufacturing capacity. Bottom line. Manufacturing facilities. Absolute terms. Industry tre.
Anuj Upadhyay
Thank you so much for the clarity sir and amazing execution, sir. All the best to the team.
Pawan Kumar Garg
Thank you sir. Thank you.
Operator
Thank you. We will take that as a last question for today. I would now like to hand over the call back to the management for closing comments.
Pawan Kumar Garg
Thank you once again for joining us today and for giving continued interest in Fujiyama. Many questions provide deep insight and we have noted those two words. Again, we appreciate the confidence you place in our country. If you have any additional questions, please feel free to reach out our Investor Relationship Advisors, Chatgate Partners and we will be glad to assist you. Thank you very much for your time and support. Thank you. Thank you. Thank you. Thank you very much.
Operator
Thank you very much on behalf of Motilal OSWAL Financial Services Ltd. That concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.