Fujiyama channel base exceeds 10,200 after Q2 additions

Fujiyama Power Systems Limited exceeded 10,200 channel partners by September 30, 2026, after adding more than 30 distributors and 100 dealers during Q2 FY2027. Fujiyama’s network spans more than 25 states and Union Territories and supports a consumer-led solar and power-backup business in which business-to-consumer revenue accounts for about 85% or more.

How large is Fujiyama’s channel network?

Fujiyama’s channel base was above 10,200 partners at September 30, 2026, with more than 30 distributors and 100 dealers added in Q2 FY2027, according to management. The company identifies distribution reach as a key part of its residential rooftop-solar model, covering dealers, distributors and shops that serve consumer customers.

The presentation separately lists more than 1,050 distributors, more than 1,200 shops and more than 8,000 dealers. It also lists more than 1,000 service engineers who provide in-person sales support to dealers and shops, adding a service layer to the product-distribution network.

Fujiyama says it has served more than 1.4 million end customers over the last five financial years. Its residential portfolio includes inverters and power-conditioning units, lithium-ion and tubular batteries, and Mono PERC and TOPCon solar panels for off-grid, hybrid and on-grid applications.

Where is Fujiyama expanding its rooftop-solar reach?

Fujiyama is expanding across markets classified in H1 FY2027 as 13 covered, five growing, four special-focus, three potential and 11 untapped areas. The presentation does not identify the individual states within these classifications, but it describes them as part of an ongoing pan-India distribution expansion.

The company’s market map cites 637 gigawatts of rooftop-solar potential across listed states, covering both urban and rural demand. Uttar Pradesh has the largest listed combined potential at 89 gigawatts, comprising 43 gigawatts urban and 46 gigawatts rural, followed by West Bengal at 56 gigawatts and Odisha at 53 gigawatts.

Fujiyama links this market opportunity to PM Surya Ghar Muft Bijli Yojana, under which the presentation says more than 6 million households had been covered and more than 19 gigawatts had been installed. As of October 31, 2026, the company estimates that more than 3.5 million households remained to be covered, representing more than 10 gigawatts of incremental opportunity.

How does Fujiyama connect leads, dealers and service engineers?

Fujiyama passes sales conversions generated through its lead-management system to dealers, distributors and shops. The system gathers leads from multiple channels, uses telemarketing follow-up and artificial-intelligence-powered WhatsApp messages, then routes conversions into the channel network.

The company uses its more than 1,000 service engineers for service and dealer engagement. Engineers use an app to identify dealers while travelling to service locations and make on-route dealer visits, while service-engineer feedback is sent to Fujiyama’s research and development team of more than 80 engineers.

The product range gives channel partners multiple customer entry points. Fujiyama lists solar-panel ratings from 40 watts to 670 watts, on-grid inverter ratings from 1 kilowatt to 136 kilowatts, and lithium-ion battery capacities from 1.2 kilowatt-hours to 48 kilowatt-hours, alongside off-grid inverters, hybrid systems, uninterruptible power supplies and e-rickshaw chargers.

What financial performance accompanied the channel expansion?

Fujiyama reported revenue from operations of Rs 1,306.8 crore in Q2 FY2027, up 130.1% from Rs 567.9 crore in Q2 FY2026. Management attributed the increase to higher sales volumes, support from its pan-India service-engineer network and competitive pricing intended to pass cost benefits to customers and expand market share.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 116.4% year on year to Rs 222.9 crore in Q2 FY2027 from Rs 103 crore. EBITDA margin declined to 17.1% from 18.1% in Q2 FY2026 and 18.9% in Q1 FY2027; management said Q2 absorbed Ratlam-facility overheads before production ramp-up in the recently commissioned panel and inverter division.

For the first half (H1) of FY2027, revenue rose 127.6% to Rs 2,652.5 crore and EBITDA increased 128.7% to Rs 477.7 crore. Profit after tax (PAT) was Rs 298.1 crore, up 128.4% from Rs 130.5 crore in H1 FY2026, excluding a Rs 107.4 crore net-of-tax exceptional provision relating to the Bawal fire loss; PAT margin was unchanged at 11.2%.

How is manufacturing intended to support Fujiyama’s channel strategy?

Fujiyama commissioned a 2,000-megawatt power-electronics facility at Ratlam during Q2 FY2027, increasing total power-electronics capacity to 4,180 megawatts. The Ratlam facility manufactures solar inverters, uninterruptible power supply systems and related power-electronics products that form part of the company’s channel offering.

The company has 1,000 megawatts of Mono PERC solar-cell capacity at Dadri and has announced a 1,200-megawatt TOPCon solar-cell facility at Ratlam. Management said the TOPCon line remains on track for commissioning in Q1 FY2028 and would complement existing cell capacity for participation in the domestic-content-requirement segment of subsidy-linked on-grid demand.

Fujiyama expects 3,000 megawatt-hours of lithium-ion battery capacity at Ratlam to come online in the coming quarter, supplementing 545 megawatt-hours at Greater Noida. A proposed 1,000-megawatt-hour tubular-battery facility at Hathras is expected in Q3 FY2027 as a replacement for the earlier 1,300-megawatt-hour Bawal capacity damaged in a May 2026 fire.

Conclusion

Fujiyama’s 10,200-plus channel-partner base combines distributors, dealers, shops and more than 1,000 service engineers to support a business that derives about 85% or more of revenue from consumers. The Q2 FY2027 additions coincided with revenue growth of 130.1% year on year, while the network offers products across solar panels, inverters, batteries and power-backup systems.

The next disclosed milestones are the expected commissioning of 3,000 megawatt-hours of Ratlam lithium-ion capacity in the coming quarter, the planned 1,000-megawatt-hour Hathras tubular-battery facility in Q3 FY2027 and the 1,200-megawatt TOPCon cell line in Q1 FY2028. Management is also evaluating PM Surya Ghar 2.0, battery energy-storage systems and further upstream manufacturing, none of which is presented as a committed expansion outcome.