Fujiyama Power Systems IPO

About Fujiyama Power IPO

The Fujiyama Power IPO opens on Thursday, 13 November 2025 and closes on Monday, 17 November 2025. The allotment of shares will take place on Tuesday, 18 November 2025. The credit of shares to the demat account will take place on Wednesday, 19 November 2025. The initiation of refunds will take place on Wednesday, 19 November 2025. The listing of shares will take place on Thursday, 20 November 2025.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 2,63,15,789 shares (aggregating up to ₹600.00 crores). The offer for sale portion includes 1,00,00,000 shares of ₹1 (aggregating up to ₹228.00 crores). The total number of shares is 3,63,15,789 and aggregate amount is ₹828.00 crores.

Fujiyama Power Systems operates in the Indian rooftop solar industry, manufacturing and supplying a comprehensive range of solar products, including solar panels, inverters, and batteries. With a focus on innovation and R&D, the company has a history of developing various technologies, including its patented rMPPT technology, and offers a wide product portfolio of over 522 SKUs under the "UTL Solar" and "Fujiyama Solar" brands.

Objectives of Fujiyama Power IPO

• Part-financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India (the “Project”).
  
• Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by the Company.
  
• General corporate purposes.
  

Industry Outlook

Solar energy is a key player in India’s shift to renewables. India’s solar capacity has grown rapidly, from 35 GW in 2019 to 94 GW in 2024, and is projected to hit 365 GW by 2032. This growth has been driven by strong government policies at both state and national levels.

The rooftop solar market is also picking up pace and is expected to reach nearly 100 GW. Alongside this, the demand for batteries is set to rise, especially with the increasing adoption of electric vehicles. As solar power, EVs, and energy storage evolve together, they point toward a future where economic progress and sustainability go hand in hand.

Fujiyama Power Systems Company Information

Fujiyama Power Systems is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. The Company strives to excel in solar panel manufacturing, solar inverter manufacturing (covering on-grid, hybrid, and off-grid solutions), and both lead acid and lithium-ion battery production (Source: CARE Report).

They have built a brand recall and reputation in the industry through their brands 'UTL Solar', which has a legacy of 29 years, and 'Fujiyama Solar'. They have developed four domestic manufacturing facilities and R&D capabilities, and have a track record as one of the few Indian companies to pioneer products like single card Online UPS, Combo UPS with AVR, high frequency online UPS, and single card SMT inverters.

Strengths of Fujiyama Power IPO

• A well-rounded leader in the rooftop solar industry with its diversified portfolio of solar products and solutions.
• A track record of technological development and product innovation.
• A robust distribution network and post-sale service capabilities driving strong brand recognition.
• Quality-centric and precision-driven large-scale manufacturing infrastructure driving production efficiency.
• Experienced promoters and senior management and a committed employee base.
• Robust financial performance and growth.

Risks of Fujiyama Power IPO

• Any disruption in operations or shutdown of their existing manufacturing facilities or future manufacturing facilities, or any other operational problems caused by unforeseen events.
• Region-specific risks with the geographical concentration of their manufacturing facilities in northern India.
• Restrictions on or import duties relating to materials and equipment imported for their manufacturing operations, as well as restrictions on or import duties levied on their products in their export markets.
• Any adverse change in the demand for their products in Uttar Pradesh.
• Any disruptions in the supply or availability of materials and components of the appropriate quality standards and fluctuation in their prices.
• Slowdown of demand for their major product categories.
• Exchange rate fluctuations.
• Intense competition in the industry from other solar products’ manufacturers.

• Source for industry peer information included above: All financial information for listed peer mentioned above is on a consolidated basis and is sourced from the financial statements (restated/latest) for the fiscal ended March 31, 2025, submitted to Stock Exchange/SEBI.

Notes for listed peers:

*Financials for the fiscal ended March 31, 2025 166 **P/E ratio for the peer are computed based on closing market price as on October 10, 2025, at BSE divided by Diluted EPS based on the annual report of the company for the Fiscal 2025. *** RoNW is calculated as profit after taxation for the company divided by the sum of the net worth and non-controlling interest attributable to the equity shareholders of the company for that fiscal. #Net asset value per equity share represents net worth as at the year end including non-controlling interest if any, as restated, divided by the number of equity shares outstanding at the end of the year.

(1) Market Capitalisation to revenue from operations for peer are computed based on market capitalization as on October 10, 2025, at BSE divided by revenue from operations based on the annual report of the Company for Fiscal 2025.

(2) Market Capitalisation to Tangible Assets for peer are computed based on market capitalization as on October 10, 2025, at BSE divided by Tangible Assets of the Company for Fiscal 2025 which is calculated as mentioned below. Tangible Assets = Total Assets less (Right of Use Assets, Other Intangible Assets, Intangible Assets under development, Goodwill and deferred tax assets)

(3) Enterprise Value to EBITDA for peer are computed as Enterprise Value (mentioned below) divided by EBITDA of the Company for Fiscal 2025 where EBITDA is calculated as the sum of profit before tax, depreciation and amortization expenses and finance costs after deducting other income . The Enterprise Value has been computed as the Market Capitalization as on October 10, 2025 (as per BSE), plus Current Borrowings and Non-Current Borrowings as on March 31, 2025, less Cash and Cash Equivalents and Bank Balances as on March 31, 2025.

Anchor Investor Bidding Date: 12-Nov-2025

*The company, in consultation with the BRLMs, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations.

• Registrar: MUFG Intime India Private Limited
  
• Book Running Lead Managers:
  
• Motilal Oswal Investment Advisors Limited
  
• SBI Capital Markets Limited
  

Fujiyama Power Systems Business Model

The company earns its revenue through the following: Manufacturing and supplying a comprehensive range of solar products, including solar panels, inverters, and batteries. They are primarily a B2C company, and they sell their products through their expansive network of distributors, who further sell to dealers and franchisees.

Fujiyama Power Systems Growth Trajectory

The total income of Fujiyama Power Systems increased by 67.18% from ₹927.20 crores for fiscal 2024 to ₹1,550.09 crores for fiscal 2025.

Their revenue from operations increased by 66.62% from ₹924.69 crores for fiscal 2024 to ₹1,540.68 crores for fiscal 2025.

Their restated profit for the year increased significantly by 245.09% from ₹45.30 crores in fiscal 2024 to ₹156.34 crores in fiscal 2025.

Their EBITDA increased significantly by 151.96% from ₹98.64 crores in fiscal 2024 to ₹248.52 crores in fiscal 2025.

Fujiyama Power Systems Market Position

As of 30 June 2025, the company operates four manufacturing facilities and a distribution network across India with more than 725 distributors, 5,546 dealers, and 1,100 exclusive "Shoppe" franchisees.

Fujiyama Power Systems was the first Indian company to develop an SMT-based inverter with a single card in the year 2000 (Source: CARE Report). They have designed and developed an extensive product portfolio of more than 522 SKUs, which includes a full range of solar inverters, solar panels, and batteries.

Fujiyama Power Systems Awards and Recognitions Include:

• Recognised as India’s “largest company in off-grid inverter” at the Solar Applications and Innovation conference by Sigma Summit in 2019.
  
• Recognised as India’s “most preferred smart city brand” by UBM India in 2019.
  
• Recognised as India’s “most preferred solar energy brand” by Informa Market in 2020.
  
• Received the ‘Renewable Energy Excellence Award - Solar Battery Manufacturing’ at the 5th Green Urja & Energy Efficiency Awards 2025 by the Indian Chamber of Commerce in February 2025.
  
• Received the ‘Most Trusted Brand of India 5th Edition’ by Marksmen Daily in the rooftop solar category in April 2025.
  
• Received the ‘Brand of the Decade 2025’ under the ‘Solar Energy Solutions’ category by BARC Asia.
  

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹1550.092 crores, ₹156.335 crores, and ₹248.523 crores, respectively.

How to apply for Fujiyama Power Systems IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
  

Check Fujiyama Power Systems IPO Allotment Status