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HomeIPOFujiyama Power Systems

About Fujiyama Power Systems

Established in 2017, Fujiyama Power Systems Limited produces products and solutions for the rooftop solar sector, such as on-grid, off-grid, and hybrid solar systems. The company has created a vast product portfolio of more than 500 SKUs, ranging from solar inverters, panels, and batteries, designed to minimize customer dependence on other OEMs.The Company serve customers through a large distribution network of more than 480 distributors, 3,600 dealers, and 1,000 exclusive 'Shoppe' franchisees who are trained to read customer requirements and provide tailor-made solar systems. We also have more than 400 experienced service engineers delivering maintenance and technical support.The company deals with a broad portfolio of products such as solar PCUs, off-grid, on-grid, and hybrid inverters, solar panels, PWM chargers, other battery chargers, lithium-ion and tubular batteries, online and offline UPS systems, solar management units, and charge controllers. The company has three production units in Greater Noida, Uttar Pradesh, Parwanoo, Himachal Pradesh and Bawal, Haryana.The production systems of the company are certified to ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Occupational Health and Safety).The products of the company are exported to nations like the USA and various countries in Asia, including Bangladesh and the UAE.The company had 1,808 full-time employees as of September 30, 2024.

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Issue Size22561.57 Cr
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17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Fujiyama Power Systems

Fujiyama Power Systems

Open Date

13 Nov 2025

Close Date

17 Nov 2025

listed

Min Investment

₹14820

Lot Size

65 Shares

Issue Size

₹828 Cr

Price Range

₹216 - ₹228

Listing Date

Nov 20, 2025

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹1(+0.44%)GMP
0.44%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Fujiyama Power Systems IPO - Issue Objectives

₹180 crore will partially finance the establishment of a manufacturing facility in Madhya Pradesh. ₹275 crore is intended for the repayment of certain outstanding company borrowings. Part of the IPO proceeds will be used for general corporate purposes.

Investment in manufacturing facility

30%

Repayment of loans

45.83%

General corporate purposes

24.17%

1

Investment in manufacturing facility

₹180 crore will partially finance the establishment of a manufacturing facility in Madhya Pradesh.

30.00%
2

Repayment of loans

₹275 crore is intended for the repayment of certain outstanding company borrowings.

45.83%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes.

24.17%

IPO Subscription Status

Total
2.14x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Fujiyama Power Systems

In Cr.

Key Performance Indicator30-Jun-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue597.791,550.09927.20665.33
EBITDA105.89248.5298.6451.60
Expenses
Profit After Tax67.59156.3445.3024.37
Assets1,243.881,013.96609.64514.56
Net Worth464.34396.82239.54193.08
Reserves436.33368.81215.0070.55
Borrowing432.83346.22200.19211.14

Fujiyama Power Systems - Promoter(s)

Pawan Kumar Garg

Yogesh Dua

Sunil Kumar

Pre Issue Share Holding

99.67%

Post Issue Share Holding

87.88%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Diversified product portfolio

The company offers over 522 SKUs across solar panels, inverters, batteries, and EV chargers, positioning it as a one-stop solar solutions provider in India. The company holds a 15.5% market share in the Indian solar battery market and has supplied 1.64 GW of solar inverters, accounting for 9.6% of India’s rooftop solar capacity as of March 2025. This broad product mix and presence across off-grid, on-grid, and hybrid segments help mitigate category risks and ensure steady revenue visibility.

02

R&D strength and technology edge

With 65 R&D professionals, 500 engineers, and a 29-year innovation track record, Fujiyama has pioneered several industry-first technologies, such as single-card online UPS, rMPPT solar optimisation technology (patented in 2024), and integrated hybrid inverters. The company has its own in-house Battery Management System (BMS) and upgraded its production setup to manufacture the latest technology in solar panels.

03

Extensive distribution and service network

The company operates through 725 distributors, 5,546 dealers, and 1,100 exclusive “UTL Solar Shoppe” outlets, supported by 602 service engineers nationwide. It has built a pan-India presence operating through its brands “UTL Solar” and “Fujiyama Solar”. This network ensures strong market penetration and customer service capability.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Dependence on Northern-India manufacturing base

All of Fujiyama’s four operational plants are at Parwanoo, Greater Noida, Bawal, and Dadri are located in Northern India, exposing the company to region-specific risks such as floods, power shortages, or political unrest. Any local disruption could materially impact production, logistics, and deliveries.

02

Reliance on imports from China

A significant 92.03% of imported raw materials are sourced from China in Q1FY26, including solar cells and lithium-ion components. Imported materials constituted 29.08% of total purchases in Q1FY26, and changes in tariffs, such as the current 25% Basic Customs Duty on cells and 40% on modules, could inflate costs. Any geopolitical tension, policy restriction, or supply disruption from China could affect margins and project timelines.

Contact Details

Fujiyama Power Systems

53A/6, Near NDPL Grid Office, Near Metro Station Sat Guru Ram Singh Marg Delhi, New Delhi, 110015

+911141055305
investor@utlsolarfujiyama.com
https://www.utlsolarfujiyama.com/

Registrar Contact Details

MUFG Intime India Pvt.Ltd

+91-22-4918 6270
fujiyamapower.ipo@linkintime.co.in
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Fujiyama Power Systems IPO - FAQs

Fujiyama Power Systems IPO is a Mainboard IPO. The issue is priced at ₹216-228 per equity share. The minimum order quantity is 65 Shares. The IPO opens on 13 Nov, and closes on 17 Nov. MUFG Intime India Pvt.Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2025-11-11
  • Bidding Starts2025-11-13
  • Bidding Ends2025-11-17
  • Allotment Finalisation2025-11-18
  • Release of Funds2025-11-19
  • Demat Transfer2025-11-19
  • Listing2025-11-20
04

Scalable manufacturing infrastructure

The company operates advanced manufacturing facilities across Greater Noida, Parwanoo, Bawal, and Dadri, with an installed capacity of 2,182 MW across solar products and 1,363 MWh of batteries as of FY25. The facilities are ISO 9001:2015, 14001:2015, and 45001:2015 certified, integrating automation and quality control systems like TQM, KAIZEN, and 5S. Ongoing capacity expansions include a 1 GW solar cell line at Dadri and a new integrated Ratlam facility, which are set to double capacity and enhance backward integration, improving cost efficiency and margins.

03

Regional concentration in retail sales

Uttar Pradesh alone contributed 42.18% of total retail sales in Q1FY26 and 35.61% in FY25, making Fujiyama’s growth highly sensitive to regional demand. The company’s top five states contributed 77.10% of total retail sales in Q1FY26. Any decline in demand, regulatory changes, or competition in these regions can impact the business operations and revenue.

04

Concentrated supplier base

Procurement from the top 10 suppliers accounts for 47.06% of total purchases, with no long-term contracts in place. The company relies on a purchase order system, exposing it to volatility in raw material pricing and supply continuity. Any disruption from key suppliers or a surge in global commodity or freight costs could directly affect production and profitability.