Fujiyama Power Systems Posts Strong FY26 Results, Scales Solar Manufacturing at Ratlam
Fujiyama Power Systems Limited, a leading provider of rooftop solar solutions, has released its audited annual financial results and limited reviewed quarterly financial results for the period ending March 31, 2026. The company reported robust year-on-year growth across key financial metrics, alongside significant operational expansions in its manufacturing and distribution networks.The company specializes in solar panels, inverters, lithium and tubular batteries, chargers, and power-electronics systems, serving the B2C segment through a deep network of channel partners.
Financial Performance Snapshot
The company's financial results show strong growth across the board for both the quarter ending March 31, 2026 (Q4 FY26), and the full financial year (FY26).The following table details the key financial metrics for the comparison period:
| Rs.Mn | Q4 FY26 | Q4 FY25 | Y-o-Y | Q3 FY26 | Q-o-Q | FY26 | FY25 | Y-o-Y |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 9,008 | 4,803 | 87.5% | 5,885 | 53.1% | 26,545 | 15,407 | 72.3% |
| EBITDA | 1,715 | 790 | 116.9% | 1,099 | 56.0% | 4,903 | 2,485 | 97.3% |
| EBITDA Margin% | 19.0% | 16.5% | 18.7% | 18.5% | 16.1% | |||
| PAT | 1,063 | 512 | 107.5% | 673 | 58.0% | 3,041 | 1,563 | 94.5% |
| PAT Margin% | 11.8% | 10.7% | 11.4% | 11.5% | 10.1% | |||
| EPS | 3.58 | 1.83 | 2.37 | 10.24 | 5.59 |
Operational and Expansion Highlights
According to the company, major operational strides were made during the reporting period, enhancing its capacity and market reach.Key business highlights include:
- Adding over 80 distributors, 450 dealers, and 30 exclusive Shoppes in Q4 FY2026.
- Commissioning 2,000 MW solar panel manufacturing capacity at Ratlam, Madhya Pradesh.
- Setting up a 1,200 MW TOPCon solar cell manufacturing facility at Ratlam, Madhya Pradesh, with an investment of around Rs. 350 crore.
As of March 31, 2026, the company maintained a total of more than 8,900 channel partners.
Leadership Commentary
Pawan Kumar Garg, Chairman and Joint Managing Director, commented that FY2026 marked the company’s first full year of financial reporting post-listing, representing a major milestone in its growth journey.Garg stated that the demand for residential rooftop solar and power-backup solutions remained robust, driven by increasing adoption in Tier-2 and Tier-3 cities and supportive government policies. The improvement in profitability, which saw EBITDA margins increase to 18.5% (from 16.1% last year), reflected higher operating scale and improved utilization across manufacturing facilities.
On the commissioning front, the company noted that while the Inverter manufacturing line is expected to be commissioned by Q1FY27 (with machinery already received), and machinery orders for Batteries were placed for commissioning by Q2FY27, certain delays were incorporated to ensure the inclusion of the latest advancements in lithium-ion battery technology.
The company plans to leverage its backward integration by expanding its capacity. With 1 GW of Mono PERC solar cell capacity commissioned and the additional 1.2 GW TOPCon solar cell expansion underway, Fujiyama is positioned to capture India's growing solar market, particularly opportunities linked to Direct Benefit Transfer (DBT) subsidy-linked residential installations.
About Fujiyama Power Systems
Fujiyama Power Systems Limited is among India's leading rooftop solar solutions providers. The company maintains a strong physical presence, leveraging an integrated manufacturing model across four facilities in Himachal Pradesh, Uttar Pradesh, and Haryana. Through its business-to-consumer (B2C) model, it services Indian households via its deep distribution and service network, providing seamless delivery, installation, and after-sales support.UTLSOLAR Stock Price Movement
Shares of Fujiyama Power Systems Limited are edging higher to ₹282.25 as of 12:19 PM today, climbing 3.35% in live trading. The stock is seeing robust buying interest, trading on a high volume of 1.09 million 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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