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Fujiyama Power Systems Limited is a manufacturer and solutions provider in the rooftop solar industry, offering a comprehensive range of products including on-grid, off-grid, and hybrid solar systems. Under its 'UTL Solar' and 'Fujiyama Solar' brands, the company produces solar inverters, solar panels, and both lead-acid and lithium-ion batteries. With four manufacturing facilities and a strong in-house R&D team, Fujiyama has developed patented technologies like rMPPT to enhance energy efficiency. The company serves customers through a pan-India network of distributors, dealers, and exclusive 'Shoppe' franchisees, positioning itself as a one-stop-shop for rooftop solar solutions.
Nov 13, 2025
Nov 17, 2025
Nov 20, 2025
Mainboard
Closed
828 Cr
600 Cr
228 Cr
₹216 - ₹228
65
The net proceeds of the Fresh Issue are proposed to be utilised in the following manner:
Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India, to increase production capabilities by 2 GW for solar panels and inverters, and 2 GWh for Lithium-ion batteries.
Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by the company to reduce debt and improve the debt-equity ratio.
General corporate purposes, which may include funding growth opportunities, strategic initiatives, and meeting working capital requirements.
16.09
—
39.4%
41.01%
39.4%
—
10.15%
16.13%
16.09
Diversified portfolio of over 522 SKUs in solar products and solutions, serving as a 'one-stop shop'.
Proven track record of technological development and product innovation, including patented rMPPT technology.
Robust pan-India distribution network with over 725 distributors, 5,546 dealers, and 1,100 exclusive 'Shoppe' franchisees.
Quality-centric and large-scale manufacturing infrastructure with four advanced facilities and multiple ISO certifications.
Geographical concentration of all existing manufacturing facilities in northern India, exposing operations to region-specific risks.
Significant dependence on imports for key raw materials like solar cells and lithium-ion cells, particularly from China.
Majority of Directors do not have prior experience in directorship of listed entities, which may affect compliance.
Recorded negative cash flow from operating activities in the three months ended June 30, 2025.
Capitalizing on government initiatives like 'PM Suryaghar: Muft Bijli Yojna' to boost rooftop solar demand.
Expanding manufacturing base and market reach into western and southern India with a new facility in Ratlam.
Growing demand from the EV sector for chargers and lithium-ion batteries, alongside railway electrification projects.
Increasing export sales by leveraging international quality standards and tapping into new and existing global markets.
Intense competition from domestic manufacturers and low-cost international suppliers, especially from China.
Vulnerability to fluctuations in foreign exchange rates and global raw material prices impacting cost structures.
Potential adverse changes in government policies, subsidies, and tax benefits for the renewable energy sector.
Global supply chain disruptions due to geopolitical tensions, trade policies, or natural disasters affecting material availability.