Fujiyama Power Systems Approves Major Solar Expansion and Updates on Bawal Fire Incident
Fujiyama Power Systems Limited announced key decisions regarding its solar manufacturing future, confirming the establishment of a 1.2 GW 'TOPCON' solar cell facility and detailing the commissioning of its 2 GW solar panel line at Ratlam, Madhya Pradesh. The company also provided an operational update following the recent fire incident at its Bawal facility in Haryana.The Board of Directors met on May 14, 2026, and reviewed, among other approvals, the audited financial results for the quarter and financial year ended March 31, 2026.
Expansion and Manufacturing Milestones
The company's integrated solar manufacturing expansion continues to strengthen its capacity across India.Ratlam Facility Expansion:
Fujiyama Power Systems Limited has successfully commissioned its 2,000 MW solar panel manufacturing facility at Ratlam, Madhya Pradesh. This facility is part of a large-scale greenfield project aiming to enhance the company’s integrated solar manufacturing capabilities.
With this commissioning, the company's total solar panel manufacturing capacity has increased to 3,568 MW. Initially, the plant will operate at an annualized capacity of approximately 1,000 MW using a single shift operation. A gradual ramp-up through double shift operations is planned to achieve full capacity utilization by Q4 of FY 2026-27.
Further commissioning timelines were provided for other power electronics segments at the same location:
- Inverter Manufacturing: Expected to be commissioned in the first quarter of FY 2026-27.
- Battery Manufacturing: Machinery orders have been placed, with commissioning expected in the second quarter of FY 2026-27.
TOPCON Solar Cell Project:
The company also approved the setup of a 1.2 GW 'TOPCON' solar cell manufacturing facility at Ratlam, Madhya Pradesh.
The current strategy involves expanding backward integration and technology upgrading, moving from the existing ~1 GW 'Mono PERC' facility at its Dadri plant, Uttar Pradesh, to the proposed ~1.2 GW 'TopCon' facility. This expansion, which is crucial for reducing cost volatility and improving gross margins, is estimated to require an investment budget of ~¥350 crore. The commercial operation for this proposed capacity is expected to begin in Q1 of FY 2027-28.
Update on Bawal Fire Incident
The Board's meeting also addressed the fire incident that occurred on May 6, 2026, at the manufacturing facility in Bawal Industrial Area, Rewari, Haryana.The fire resulted in damage to building structures, machinery, and inventory, with an estimated carrying value of Rs. 1,576.30 million. The company confirmed that the affected facility, which was primarily engaged in lead-acid battery manufacturing, had an installed capacity of 1.3 GW.
The company has taken several operational steps in response, including temporarily suspending operations at the Bawal facility. To ensure continuity of supply, the company has engaged third-party manufacturers and placed necessary orders. Management stated that core business operations and ERP systems remain fully functional, and the incident is not expected to have any material long-term impact.
Financial Performance Review
The company released its audited financial results for the quarter and year ended March 31, 2026. The statutory auditors issued an opinion affirming that the standalone financial results give a true and fair view of the company's net profit and total comprehensive income.The key financial data for the company is presented below:
Statement of Assets and Liabilities (Amounts in Rs. million)
| Particulars | As at 31 March 2026 (Audited) | As at 31 March 2025 (Audited) |
|---|---|---|
| Total non-current assets | 9,341.52 | 4,468.40 |
| Total current assets | 1,785.58 | 5,671.19 |
| Total assets | 23,435.56 | 10,139.59 |
| Total equity | 12,733.56 | 3,968.24 |
| Total non-current liabilities | 2,510.72 | 1,652.65 |
| Total current liabilities | 8,191.28 | 4,518.70 |
| Total equity and liabilities | 23,435.56 | 10,139.59 |
Statement of Cash Flows (Amounts in Rs. million)
| Particulars | Year ended 31 March 2026 | Year ended 31 March 2025 |
|---|---|---|
| Net cashflow generated from operations | 1,095.90 | 617.68 |
| Net cashflow generated from investing activities | (5,196.98) | (1,181.25) |
| Net cashflow generated from financing activities | 6,538.18 | 1,039.99 |
| Net increase in cash and cash equivalents | 1,312.33 | 40.11 |
The company also noted that the total comprehensive income for the period ended March 31, 2026, was 1,061.13 (all amounts in Rs. million).
UTLSOLAR Stock Price Movement
On Thursday, Fujiyama Power Systems Limited shares edged higher, gaining 5.00% to settle at ₹273.1. The stock finished the day with a considerable trading interest, recording a total volume of 299,365 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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