Fujiyama Power Systems Ltd Q2 FY26: ₹568 Cr Quarterly Revenue, 97% PAT Jump, Debt Still Flexing — Desi Solar With IPO Steroids
1. At a Glance – Sun Upar, Numbers Bhi ☀️
₹5,982 Cr market cap. ₹195 stock price. Just listed in November 2025 and already behaving like that overconfident gym guy who got supplements on day one. Fujiyama Power Systems has reported ₹568 Cr quarterly sales with ₹62.9 Cr PAT, posting 72.6% YoY revenue growth and a 97.4% YoY profit jump. ROE is a spicy 49.1%, ROCE flexes at 38.9%, and promoter holding sits at a no-nonsense 86.8% — basically promoters saying “hum hi sab kuch hai”.
But pause the dhol. Debt is ₹730 Cr, debt-to-equity is 1.38, and EV/EBITDA is hovering near 26x. This is not a sleepy PSU solar EPC — this is a freshly listed, expansion-hungry, capex-addicted rooftop solar beast selling panels, inverters, batteries, UPS, EV chargers, and probably solar-powered alarm clocks next.
The stock P/E of 31.9x screams optimism, not value. Question is: is Fujiyama building a long-term solar ecosystem… or just running on IPO caffeine? Ready to find out, detective? 🔍
2. Introduction – IPO Ke Baad Confidence Unlimited
Fujiyama Power Systems Limited was founded in 2017, but don’t let that fool you. The company drags a 29-year legacy through its brands UTL Solar and Fujiyama Solar, which is corporate India’s polite way of saying: “New company, same old jugaad plus Excel sheets.”
The timing of the IPO was chef’s kiss. India is pushing rooftop solar harder than relatives pushing UPSC. Residential rooftops, MSMEs, EV charging, lithium-ion batteries — every buzzword imaginable is now part of Fujiyama’s PowerPoint deck. And investors clearly liked the story: ₹828 Cr raised, with ₹600 Cr fresh issue, listed on 20 Nov 2025, and instantly thrown into the midcap solar gladiator arena.
But here’s the catch. This is not a pure-play panel manufacturer like some peers. Fujiyama is a B2C-heavy (89.5%), distribution-driven company selling boxes, batteries, and backup power to the masses. That’s great for volume… and terrifying for working capital. Inventory days at 128, cash flows swinging like a pendulum, and borrowings ballooning post-expansion.
So is this a long-term rooftop solar compounder or a capital-hungry electronics seller with solar branding? Let’s open the inverter and check the wiring.
3. Business Model – WTF Do They Even Do?
Imagine explaining Fujiyama to your chacha who only trusts diesel generators. You’d say: “Solar panel bhi banate hain, inverter bhi, battery bhi, UPS bhi, aur fitting bhi kar dete hain.”
That’s Fujiyama in one sentence.
The company operates across on-grid, off-grid, and hybrid solar systems, manufacturing almost everything in-house — solar panels (40 Wp to 670 Wp), inverters (up to 136 KW), lithium-ion batteries (up to 48 kWh), tubular lead-acid batteries, UPS systems, EV chargers, and even marine chargers. Basically, if it uses electrons, Fujiyama wants to sell it.
The secret sauce is distribution muscle. As of June 2025: 725 distributors, 5,546 dealers, 1,100 exclusive UTL Shoppes, and 602 service engineers. This is FMCG-style reach in a capital goods business. That’s powerful — and dangerous. Because volume grows fast, but so does receivables, inventory, and debt-funded expansion.
Revenue mix FY25:
Solar Panels: 43%
Batteries: 20.5%
Inverters/UPS: 24%
Everything else: small but noisy
Exports? Just 2.5%. This is a hardcore domestic, subsidy-sensitive, policy-dependent rooftop solar play. If government sneezes, Fujiyama catches cold.
