Fujiyama Power Systems Ltd

Fujiyama Power Systems Limited, formerly Fujiyama Power Systems Private Limited, announced an investment of Rs 5,00,57,469 in Zayo Energy Private Limited through the subscription of 833 Compulsorily Convertible Debentures, according to a regulatory filing on September 4, 2026. The investment, made on an arm’s length basis, will enable backward integration and strengthen the company’s value chain, as Zayo Energy Private Limited is engaged in the manufacturing of solar panel components and is considered an associate company.

Fujiyama Power Systems Ltd announced today that it has received rating actions from Moody's Investors Service, Japan Credit Rating Agency (JCR), and Rating and Investment Information, Inc. (R&I) concerning its ¥10 billion senior unsecured notes due November 20, 2028, and ¥15 billion senior unsecured notes due November 20, 2033; Moody's has affirmed the senior unsecured notes due November 20, 2028 at A3 and the senior unsecured notes due November 20, 2033 at A2, while simultaneously withdrawing both ratings; JCR has affirmed the ¥10 billion senior unsecured notes due November 20, 2028 at A and the ¥15 billion senior unsecured notes due November 20, 2033 at A, and has also withdrawn both ratings; finally, R&I has affirmed the ¥10 billion senior unsecured notes due November 20, 2028 at A+ and the ¥15 billion senior unsecured notes due November 20, 2033 at A+, and has withdrawn both ratings as well.

Fujiyama Power Systems announced that its board has approved the proposal for setting up a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh. Currently, the company operates a 1 GW Mono PERC solar cell manufacturing facility at its Dadri plant, Uttar Pradesh. With the addition of 1.2 GW TopCon capacity at Ratlam, Fujiyama will substantially strengthen its integrated manufacturing capabilities across the solar value chain. The commercial operations of the Ratlam TopCon facility are expected to commence from Q1 of FY2028. The estimated investment for the project is Rs. 350 crore, which will be funded through a combination of debt and internal accruals. The TopCon Solar Cell project forms a key part of the Company's backward integration and technology upgradation strategy. The expansion is aimed at reducing cost volatility, ensuring timely availability of DCR compliant solar cells, improving gross margins and strengthening the Company's competitive position in the B2C rooftop solar market. Furthermore, the implementation of ALMM-II for Solar PV Cells with effect from 1st June 2026 is expected to accelerate domestic demand for DCR solar panels and domestically manufactured solar cells, thereby supporting the strategic rationale for the proposed expansion.

Net profit of Fujiyama Power Systems rose 107.49% to Rs 106.32 crore in the quarter ended March 2026 as against Rs 51.24 crore during the previous quarter ended March 2025. Sales rose 87.52% to Rs 900.77 crore in the quarter ended March 2026 as against Rs 480.35 crore during the previous quarter ended March 2025. For the full year,net profit rose 94.53% to Rs 304.13 crore in the year ended March 2026 as against Rs 156.34 crore during the previous year ended March 2025. Sales rose 72.29% to Rs 2654.51 crore in the year ended March 2026 as against Rs 1540.68 crore during the previous year ended March 2025. ParticularsQuarter EndedYear EndedMar. 2026Mar. 2025% Var.Mar. 2026Mar. 2025% Var. Sales900.77480.35 88 2654.511540.68 72 OPM %19.0316.46 -18.4716.13 - PBDT164.7177.31 113 452.23231.12 96 PBT144.1171.77 101 408.04213.13 91 NP106.3251.24 107 304.13156.34 95 Powered by Capital Market - Live

Fujiyama Power Systems will hold a meeting of the Board of Directors of the Company on 14 May 2026.

Fujiyama Power Systems has granted 4 lakh stock options under ESOP on 25 April 2026.

The brokerage cited strong growth prospects driven by rising demand for rooftop solar, ongoing capacity expansion and supportive government policies. It noted that the company is well positioned to benefit from increasing adoption of solar solutions in the residential segment, supported by policy initiatives and expanding manufacturing capabilities. Fujiyama Power Systems is a rooftop solar solutions provider with a wide portfolio of over 500 products, including panels, inverters and batteries. Its business is largely B2C, supported by a strong network of over 8,200 channel partners, with a focus on Tier-2 and Tier-3 markets. On a standalone basis, Fujiyama Power Systems' net profit surged 124.29% to Rs 67.31 crore while net sales rose 73.80% to Rs 588.48 crore in Q3 December 2025 over Q3 December 2024.

Net profit of Fujiyama Power Systems rose 124.29% to Rs 67.31 crore in the quarter ended December 2025 as against Rs 30.01 crore during the previous quarter ended December 2024. Sales rose 73.80% to Rs 588.48 crore in the quarter ended December 2025 as against Rs 338.60 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales588.48338.60 74 OPM %18.6815.45 - PBDT98.1044.87 119 PBT89.3640.36 121 NP67.3130.01 124 Powered by Capital Market - Live

Fujiyama Power Systems will hold a meeting of the Board of Directors of the Company on 31 January 2026.Powered by Capital Market - Live

Profit before tax (PBT) soared 100.41% YoY to Rs 846.18 crore in Q2 FY26. EBITDA stood at Rs 1,030 crore, recording the growth of 105.7% compared with Rs 501 crore posted in corresponding quarter last year. EBITDA margin improved to 18.1% in Q2 FY26 as against 15.2% in Q2 FY25. As on 30th September 2025, total debt stood at Rs 674 crore. On first half basis, the company's standalone net profit jumped 73.76% to Rs 130.48 crore in H1 FY26 compared with Rs 75.09 crore in H1 FY25. Revenue from operations increased 61.45% YoY to Rs 1165.25 crore in H1 FY26. Pawan Kumar Garg, chairman and joint managing director, said: 'Following the successful completion of our IPO, Fujiyvama has entered a new phase of growth, supported by strong financial strength and a clear roadmap for expansion. We are positioned to accelerate our expansion plans, deepening backward integration and broadening our nationwide footprint. With India's renewable-energy transition gaining momentum and rooftop adoption rising meaningfully across Tier-2 and Tier-3 cities, we remain well placed to serve a growing share of the residential and distributed-solar market through our integrated and high-quality product ecosystem. Our distribution network remains one of our biggest strengths and continues to deepen across India's high-demand regions. In Q2 FY26, we added more than 70 distributors, over 350 dealers and more than 20 exclusive Shoppes. With more than 7,500 channel partners and a strong team of service engineers, we are able to reach households across diverse geographies and deliver a seamless customer experience from product selection to installation and after-sales service. On the product mix, solar panels accounted for 45.4% of total revenue in H1 FY26, compared to 36.5% in H1 FY25. A large part of this growth has been driven by the off-grid category, highlighting our strong positioning in power-backup led rooftop solar. Our B2C business contributed 91.7% to revenue in H1 FY26, compared to 90.3% last year, reflecting the deepening retail franchise and the effectiveness of our customer engagement initiatives.' Shares of Fujiyama Power Systems entered into the stock market on 29 November 2025. The counter listed at Rs 218.40, reflecting a 4.21% discount to the issue price. IPO was subscribed 2.14 times. The issue opened for bidding on 13 November 2025, and it closed on 17 November 2025. Fujiyama Power Systems is a manufacturer of products and a solution provider in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems. It manufactures solar panels, solar inverters (covering on-grid, hybrid, and off-grid solutions), and both lead-acid and lithium-ion batteries. Its portfolio is marketed under two brands: UTL Solar and Fujiyama Solar.Powered by Capital Market - Live