About Fujiyama Power Systems Ltd.
Fujiyama Power Systems Ltd. (NSE: UTLSOLAR; BSE: 544613) is an Indian renewable energy and clean-technology company primarily active in the rooftop solar solutions sector. It manufactures and supplies a wide range of products including solar panels, inverters (on-grid, off-grid, hybrid), batteries (lead-acid and lithium-ion), solar PCUs, UPS units, solar charge controllers, and related power equipment. The company operates multiple manufacturing facilities in India and has a broad distribution network with hundreds of distributors, dealers, and exclusive retail outlets across the country. Fujiyama’s offerings aim to support residential, commercial, and industrial solar deployments with an extensive portfolio of more than 522 product variants (SKUs).
The company went public in November 2025 via an ₹828 crore IPO and is now listed on major Indian stock exchanges. Its stock ticker on the National Stock Exchange (NSE) is UTLSOLAR and it also trades on the Bombay Stock Exchange (BSE) under 544613.
Business Highlights
Commissioned a 1 GW solar cell manufacturing facility at Dadri, Uttar Pradesh with an investment of around ₹300 crore. Added over 60 distributors, 400 dealers and 20 exclusive Shoppes in Q3 FY2026. GW Ratlam fully integrated SPGS (Solar Power Generating System) manufacturing facility advanced as planned, with commissioning targeted for Q4 FY26.
Integrated Business Model with a Strong B2C Focus
Fujiyama Power Systems operates an integrated business model with a clear B2C orientation, while also maintaining a presence in the B2B segment. In FY2025, a majority of the company’s revenue was derived from the B2C channel, reflecting its deep engagement with end consumers, complemented by institutional and project-based B2B sales.
With nearly 29 years of experience, Fujiyama has positioned itself as a trusted energy solutions provider to Indian households. The company functions as a one-stop solution provider, supplying the three core components of Solar Power Generating Systems (SPGS), solar modules, inverters, and batteries. These systems are customized based on customer needs and geographical conditions, with a strategic focus on Tier-2 and Tier-3 cities, where demand for reliable power and rooftop solar solutions is growing rapidly.
Raw Material Sourcing and Backward Integration
In FY2025, approximately 9% of raw materials were procured domestically, while 91% were sourced internationally, with a significant portion imported from China and the remainder from other countries. To enhance value capture and reduce supply-chain risks, Fujiyama has pursued backward integration in power electronics, manufacturing key components in-house such as sheet metal cabinets, EMS (PCBs), wire harnesses, transformers, and coils. This integration supports higher margins, better quality control, and improved supply-chain resilience.
While the company continues to import certain critical inputs, primarily solar cells and lithium cells, the commissioning of its 1 GW DCR solar cell manufacturing facility is expected to significantly reduce dependence on imported solar cells. This strategic move strengthens domestic sourcing, improves cost visibility, and aligns Fujiyama more closely with India’s push for local manufacturing.
Q3 and 9M FY26 Financial Performance
During Q3 FY26, Revenue from Operations stood at ₹5,885 million, registering a strong 73.8% year-on-year growth. EBITDA for the quarter increased to ₹1,099 million, up 110.1% YoY, with EBITDA margins expanding to 18.7% compared to 15.5% in the corresponding period last year. Profit After Tax (PAT) rose sharply to ₹673 million, reflecting a 124.3% YoY increase, while PAT margin improved to 11.4% from 8.9%. Earnings per Share (EPS) for the quarter increased to ₹2.37, compared to ₹1.07 in Q3 FY25.
For the nine-month period ended FY26, Revenue from Operations grew 65.4% YoY to ₹17,537 million. EBITDA increased 88.1% year-on-year to ₹3,188 million, with margins improving to 18.2% from 16.0% in the previous year. PAT for the period rose 88.2% YoY to ₹1,978 million, with PAT margins expanding to 11.3% versus 9.9% in 9M FY25. EPS for the nine-month period stood at ₹6.96, up from ₹3.75 in the corresponding period last year.
Q3 and 9M FY26 – Management Comment
Mr. Pawan Kumar Garg, Chairman and Joint Managing Director, highlighted that following a successful listing, Fujiyama is progressing steadily on its growth trajectory, supported by scale expansion, deeper manufacturing integration, and a stronger nationwide footprint. The demand outlook for rooftop solar remains favourable, driven by rising residential adoption, policy support for domestic manufacturing, and increasing power-backup needs in Tier-2 and Tier-3 cities.
In Q3 FY2026, Revenue from operations grew 73.8% YoY to ₹5,885 million, while EBITDA more than doubled, with margins expanding to 18.7%. For 9M FY2026, revenue increased 65.4% YoY to ₹17,537 million, and EBITDA rose 88.1% YoY to ₹3,188 million, with margins improving to 18.2%, reflecting benefits from higher operating scale and backward integration.
The company significantly expanded its distribution network during the quarter, adding 60+ distributors, 400 dealers, and 20 exclusive Shoppes, taking the total channel partner base to over 8,200, strengthening reach and service responsiveness in key residential markets.
Strategically, Fujiyama commissioned a 1 GW Mono PERC solar cell manufacturing facility at Dadri, Uttar Pradesh, with an investment of around ₹300 crore. This facility complements the company’s existing 1.6 GW solar panel capacity and will be fully utilized for captive consumption, enhancing supply-chain reliability, reducing import dependence, improving cost control, and enabling participation in subsidy-linked demand through DCR-compliant cells.
Outlook
Looking ahead, company remains optimistic about sustained demand for residential and distributed solar solutions and is focused on capacity expansion, deeper backward integration, distribution strengthening, and operational efficiency, with a continued commitment to delivering high-quality solar solutions and long-term stakeholder value.