Fujiyama Power Systems Ltd(UTLSOLAR)

NSE: UTLSOLARBSE: 544613

₹ 363.7+0.59%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 11,162 crWebsite: www.utlsolarfujiyama.comUpdated: 27 Oct 2026

About

Fujiyama Power Systems Ltd manufactures and sells integrated solar power generation systems - solar panels, power electronics (inverters/chargers/UPS), and batteries - primarily to B2C customers across India's Tier 2, Tier 3, and rural markets. In FY26 the company reported revenue of Rs. 2,654.51 crore, with manufacturing spanning sites at Noida, Dadri and Ratlam. It distributes through a network of over 10,100 channel partners across 23 states as of Q1 FY27.^[1]

Products and segments

Solar panels contributed ~45 - 47% of Q3 FY26 revenue (Rs. 2,980 million of Rs. 5,884 million); power electronics contributed Rs. 1,600 million and batteries Rs. 1,000 million in the same quarter.^[2]
Solar panel revenue share rose to 45.4% of H1 FY26 revenue from 36.5% in H1 FY25, driven by in-house capacity expansion and growth in off-grid power-backup rooftop solar.^[3]
B2C revenues were 91.7% of total revenue in H1 FY26 vs 90.3% in H1 FY25; management said ~90% B2C concentration remained in Q1 FY27.^[3]
Integrated solar power generation system volume sold exceeded 1 GW in FY26.^[4]

Manufacturing capacity

Total solar panel manufacturing capacity stood at 3,568 MW as of Q1 FY27, following commissioning of the 2 GW Ratlam panel facility in May 2026.^[5]
Total power electronics manufacturing capacity reached 4,180 MW after a 2 GW power electronics facility at Ratlam was commissioned in August 2026.^[5]
The 1 GW Mono-PERC DCR solar cell plant at Dadri, Uttar Pradesh was commissioned in January 2026 at ~Rs. 300 crore, under its Rs. 400 crore budget; output is for captive use only.^[2]
A 2,000 MWh lithium-ion battery facility at Ratlam is targeted for commissioning by Q2 FY27 (by September 2026).^[5]
Operations at the Bawal facility, which held 1.3 GW of lead-acid battery capacity, were temporarily suspended after a fire on 6 May 2026; insurance coverage is in place.^[4]

Capacity utilisation

Dadri DCR solar cell plant ran at 80%+ utilisation in Q1 FY27, up from ~65% at the Q4 FY26 call and ~40% in Q3 FY26.^[5]
Solar panel plants (excluding the new Ratlam line) ran at 70 - 80% utilisation in Q1 FY27.^[5]
The Ratlam power electronics facility started at ~40 - 50% utilisation in its Q1 FY27 start-up phase.^[5]

Key operating numbers

Solar panel volume sold was 302 MW in H1 FY26; inverter/charger/UPS volume was 900 MW in 9M FY26.^[3]
Net working capital days rose to 83 days in FY26 from 71 days in FY25, mainly from raw material inventory build across Dadri, Noida and Ratlam.^[4]
Raw material price increases (silver, aluminium, cells) are passed through to customers at ~Rs. 0.25/watt/week over ~8 weeks, as stated in Q3 FY26.^[2]

Distribution and customers

Channel partner network exceeded 10,100 as of Q1 FY27, after adding 80+ distributors, 1,000+ dealers and 30+ exclusive Shoppes in the quarter.^[5]
Network spans 23 states; Odisha and Uttarakhand moved from 'growing' to 'covered' (one distributor and one service engineer per district) in Q1 FY27.^[5]
Core customers are Tier 2, Tier 3 and rural B2C buyers; the company is expanding into Tier 1 cities via on-grid hybrid systems using its DCR cell capacity.^[3]

Expansion and capex

A 1,200 MW TOPCon solar cell facility at Ratlam is board-approved at Rs. 350 crore capex on existing land; building complete, machines ordered, commissioning targeted in Q1 FY28.^[4]
Gross block (including CWIP) is targeted at Rs. 1,300 crore by end of FY27; the incremental ~Rs. 500 crore covers Ratlam completion, the 1.2 GW TOPCon cell plant and solar park/BESS additions.^[5]
FY27 capex is to be funded by Rs. 200 crore of debt, Rs. 100 crore of IPO proceeds and Rs. 200 crore of internal accruals; no equity dilution is planned in FY27.^[5]
Stakes in Zayo Energy (aluminium frames, PV ribbon, busbar, solder wire) and Zayo Cables (junction box, solar cable, EVA sheet) rose from 19% to 50% each in Q1 FY27; combined capex Rs. 180 - 200 crore.^[5]
Channel partner network is targeted to reach 15,000+ by end of FY28 via a twin-brand strategy.^[5]

Recent developments

A fire at the Bawal tubular battery plant on 6 May 2026 damaged assets with a net carrying value of Rs. 1,436 million; a post-tax impact of Rs. 1,074 million was booked as an exceptional item in Q1 FY27.^[5]
FY27 revenue growth guidance was raised from 50% to 70% YoY at the Q1 FY27 earnings call.^[5]
FY26 AGM notice proposes amending the Articles so Joint Managing Directors become liable to retire by rotation.^[6]
M/s Raghav Bansal & Associates proposed as Secretarial Auditor for five years, FY2026-27 to FY2030-31.^[6]
Director Sunil Kumar, related to Mr. Yogesh Dua and holding 13,750,000 shares, attended 1 of 9 board meetings last year and is retiring by rotation, seeking re-appointment.^[6]

Market Cap

₹11,162 Cr

High / Low

₹494 / 171

Stock P/E

36.9

Price / Book

8.5

Book Value

₹42

EPS

₹9.9

No. of Shares

30.64 Cr

ROCE

25.3%

ROE

23.9%

OPM

17.0%

Debt / Equity

0.36

Sales

₹2,655 Cr

Net Profit

₹304 Cr

Promoter holding

86.6%

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