Fujiyama Power Systems Approves 1.2 GW TopCon Solar Cell Facility at Ratlam, Madhya Pradesh

Fujiyama Power Systems Approves 1.2 GW TopCon Solar Cell Facility at Ratlam, Madhya Pradesh​

Fujiyama Power Systems Limited, a leading provider of rooftop solar solutions in India, announced that its Board has approved the setting up of a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam Plant in Madhya Pradesh. The expansion significantly boosts the company's integrated manufacturing capabilities across the solar value chain.

The company, which specializes in solar panels, inverters, batteries, chargers, and power-electronics systems, currently operates a 1 GW Mono PERC solar cell manufacturing facility at its Dadri plant in Uttar Pradesh. The addition of 1.2 GW of TopCon capacity at Ratlam will substantially enhance Fujiyama's production capacity.

Investment and Timeline Details​

The estimated investment for the new TopCon project is Rs. 350 crore, which will be funded through a blend of debt and internal accruals. The commercial operations at the Ratlam facility are projected to commence in the first quarter (Q1) of the fiscal year 2028.

Key details of the operational expansion include:

Strategic Rationale and Market Position​

The TopCon Solar Cell project is integral to the company's strategy of backward integration and technology upgradation. Management stated that the expansion aims to reduce cost volatility, improve gross margins, and ensure the timely availability of DCR-compliant solar cells.

Furthermore, the implementation of the Approved List Manufacturers Model II (ALMM-II) for Solar PV Cells, effective from June 1, 2026, is expected to boost domestic demand for DCR solar panels and domestically manufactured solar cells, supporting the rationale behind the proposed growth.

Pawan Kumar Garg, Chairman and Joint Managing Director, noted that the Ratlam facility represents a crucial milestone for the company's growth. He stated that the expansion strengthens backward integration, enhances cost control, and ensures a consistent supply of DCR-compliant solar cells. With the recent inclusion in the MNRE's ALMM-II list for solar cells, Fujiyama is well-positioned to meet domestic demand, particularly through schemes like the Pradhan Mantri Surya Ghar Muft Bijli Yojna, solidifying its competitive position in the on-grid rooftop solar market.

Company Overview​

Fujiyama Power Systems Limited has been operating for 30 years and is recognized as one of India's leading providers of rooftop solar solutions. The company maintains a predominantly B2C business model, serving Indian households through a deep distribution and service network comprising more than 8,900 channel partners, including distributors, dealers, and service engineers.

Fujiyama operates an integrated manufacturing model across four facilities in Himachal Pradesh, Uttar Pradesh, and Haryana. The company has a total of 2 GW of fully integrated Solar Power Generating System (SPGS) expansion underway at Ratlam. With 1 GW of Mono PERC solar cell capacity commissioned and the 1.2 GW TOPCon cell expansion progressing, Fujiyama is set to capitalize on the accelerating DCR solar panels market mandated by various government-supported schemes.

UTLSOLAR Stock Price Movement​

Shares of FUJIYAMA POWER SYSTEMS LIMITED are gaining momentum in the pre-open session at 9:10 AM, trading at ₹267, up 0.95%. The stock sees active pre-market participation, with 1,044 shares traded so far as the market prepares for the official opening bell.